SEPTEMBER
30,
2023
2023
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
Core
S&P
500
ETF
|
IVV
|
NYSE
Arca
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
|
ITOT
|
NYSE
Arca
Dear
Shareholder,
The
combination
of
continued
economic
growth
and
moderating
inflation
provided
a
supportive
backdrop
for
investors
during
the
12-month
reporting
period
ended
September
30,
2023.
Significantly
tighter
monetary
policy
helped
to
rein
in
inflation
while
the
economy
proved
more
resilient
than
many
investors
anticipated.
A
moderating
labor
market
also
helped
ease
inflationary
pressure,
although
wages
continued
to
grow
and
unemployment
rates
touched
the
lowest
levels
in
decades.
This
robust
labor
market
powered
further
growth
in
consumer
spending,
backstopping
the
economy.
On
October
7,
2023,
Hamas
launched
a
horrific
attack
on
Israel.
The
ensuing
war
will
have
a
significant
humanitarian
impact
and
could
lead
to
heightened
economic
and
market
volatility.
We
see
geopolitics
as
a
structural
market
risk
going
forward.
See
our
geopolitical
risk
dashboard
at
blackrock.com
for
more
details.
Equity
returns
were
substantial,
as
the
durability
of
consumer
sentiment
and
spending
mitigated
investors’
concerns
about
the
economy’s
trajectory.
The
U.S.
economy
resumed
growth
in
the
third
quarter
of
2022
and
continued
to
expand
thereafter.
All
major
classes
of
equities
rose,
although
large-capitalization
U.S.
stocks
posted
significantly
higher
returns
than
small-capitalization
U.S.
stocks
due
primarily
to
the
performance
of
large
technology
companies.
International
developed
market
equities
also
advanced
strongly,
and
emerging
market
equities
posted
solid
gains.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
benefited
from
improving
economic
sentiment,
although
high-yield
corporate
bond
prices
fared
significantly
better
than
investment-grade
bonds
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
attempting
to
manage
persistent
inflation,
raised
interest
rates
six
times
during
the
12-month
period.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
However,
the
Fed
declined
to
raise
interest
rates
at
two
of
its
meetings
late
in
the
period.
Supply
constraints
appear
to
have
become
an
embedded
feature
of
the
new
macroeconomic
environment,
making
it
difficult
for
developed
economies
to
increase
production
without
sparking
higher
inflation.
Geopolitical
fragmentation
and
an
aging
population
risk
further
exacerbating
these
constraints,
keeping
the
labor
market
tight
and
wage
growth
high.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
recently
opted
for
two
pauses,
we
believe
that
the
new
economic
regime
means
that
the
Fed
will
need
to
maintain
high
rates
for
an
extended
period
to
keep
inflation
under
control.
Furthermore,
ongoing
structural
changes
may
mean
that
the
Fed
will
be
hesitant
to
cut
interest
rates
in
the
event
of
faltering
economic
activity
lest
inflation
accelerate
again.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt.
While
we
favor
an
overweight
position
in
developed
market
equities
in
the
long
term,
we
prefer
an
underweight
stance
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
macroeconomic
constraints.
Nevertheless,
we
are
overweight
on
Japanese
stocks
in
the
near
term
as
shareholder-friendly
policies
generate
increased
investor
interest.
We
also
believe
that
stocks
with
an
AI
tilt
should
benefit
from
an
investment
cycle
that
is
set
to
support
revenues
and
margins.
In
credit,
there
are
selective
opportunities
in
the
near
term
despite
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
attractive
investments
in
short-term
U.S.
Treasuries,
U.S.
inflation-linked
bonds,
euro
area
government
bonds
and
gilts,
U.S.
mortgage-backed
securities,
and
hard-
currency
emerging
market
bonds.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
September
30,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
5.18
%
21.62
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(0.19
)
8.93
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(1.28
)
25.65
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(2.05
)
11.70
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.50
4.47
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(6.98
)
(2.90
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(4.05
)
0.64
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(4.05
)
2.66
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
2.22
10.28
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
6
Disclosure
of Expenses
...................................................................................................
6
Schedules
of
Investments
.................................................................................................
7
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
41
Statements
of
Operations
................................................................................................
42
Statements
of
Changes
in
Net
Assets
........................................................................................
43
Financial
Highlights
.....................................................................................................
44
Notes
to
Financial
Statements
...............................................................................................
46
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
53
Supplemental
Information
.................................................................................................
57
General
Information
.....................................................................................................
58
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
59
Fund
Summary
as
of
September
30,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
4
iShares
®
Core
S&P
500
ETF
Investment
Objective
The
iShares
Core
S&P
500
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
large-capitalization
U.S.
equities,
as
represented
by
the
S&P
500
®
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.18‌%
21.59‌%
9.88‌%
11.87‌%
21.59‌%
60.21‌%
207.05‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.27‌
21.69‌
9.90‌
11.87‌
21.69‌
60.30‌
207.10‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
5.18‌
21.62‌
9.92‌
11.91‌
21.62‌
60.44‌
208.21‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,051.80‌
$
0.15‌
$
1,000.00‌
$
1,024.85‌
$
0.15‌
0.03‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
27.4‌
%
Health
Care
....................................
13.4‌
Financials
......................................
12.8‌
Consumer
Discretionary
............................
10.7‌
Communication
Services
............................
8.9‌
Industrials
......................................
8.3‌
Consumer
Staples
................................
6.6‌
Energy
........................................
4.7‌
Materials
......................................
2.4‌
Utilities
........................................
2.4‌
Real
Estate
.....................................
2.4‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Apple,
Inc.
......................................
7.0‌
%
Microsoft
Corp.
...................................
6.5‌
Amazon.com,
Inc.
.................................
3.2‌
NVIDIA
Corp.
....................................
3.0‌
Alphabet,
Inc.,
Class
A
..............................
2.2‌
Tesla,
Inc.
.......................................
1.9‌
Meta
Platforms,
Inc.,
Class
A
..........................
1.9‌
Alphabet,
Inc.,
Class
C,
NVS
..........................
1.9‌
Berkshire
Hathaway,
Inc.,
Class
B
......................
1.8‌
Exxon
Mobil
Corp.
.................................
1.3‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2023
5
Fund
Summary
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Investment
Objective
The
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
a
broad-based
index
composed
of
U.S.
equities,
as
represented
by
the
S&P
Total
Market
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
December
20,
2015
reflects
the
performance
of
the
S&P
Composite
1500
®
.
Index
performance
beginning
on
December
21,
2015
reflects
the
performance
of
the
S&P
Total
Market
Index
TM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4.84‌%
20.50‌%
9.01‌%
11.32‌%
20.50‌%
53.94‌%
192.29‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4.83‌
20.37‌
9.01‌
11.32‌
20.37‌
53.94‌
192.11‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
4.83‌
20.49‌
9.01‌
11.34‌
20.49‌
53.93‌
192.75‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/23)
Ending
Account
Value
(09/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,048.40‌
$
0.15‌
$
1,000.00‌
$
1,024.85‌
$
0.15‌
0.03‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/366
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
26.1‌
%
Financials
......................................
13.2‌
Health
Care
....................................
13.2‌
Consumer
Discretionary
............................
10.8‌
Industrials
......................................
9.8‌
Communication
Services
............................
8.2‌
Consumer
Staples
................................
6.1‌
Energy
........................................
4.8‌
Real
Estate
.....................................
2.8‌
Materials
......................................
2.7‌
Utilities
........................................
2.3‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Apple,
Inc.
......................................
6.0‌
%
Microsoft
Corp.
...................................
5.6‌
Amazon.com,
Inc.
.................................
2.8‌
NVIDIA
Corp.
....................................
2.6‌
Alphabet,
Inc.,
Class
A
..............................
1.8‌
Tesla,
Inc.
.......................................
1.6‌
Meta
Platforms,
Inc.,
Class
A
..........................
1.6‌
Alphabet,
Inc.,
Class
C,
NVS
..........................
1.6‌
Berkshire
Hathaway,
Inc.,
Class
B
......................
1.5‌
Exxon
Mobil
Corp.
.................................
1.1‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
2023
iShares
Semi-Annual
Report
To
Shareholders
6
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
Core
S&P
500
ETF
Schedules
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.5%
Axon
Enterprise,
Inc.
(a)(b)
..............
664,650
$
132,258,704
Boeing
Co.
(The)
(b)
..................
5,362,447
1,027,873,841
General
Dynamics
Corp.
..............
2,143,221
473,587,544
Howmet
Aerospace,
Inc.
..............
3,703,347
171,279,799
Huntington
Ingalls
Industries,
Inc.
........
377,117
77,150,596
L3Harris
Technologies,
Inc.
............
1,788,796
311,465,160
Lockheed
Martin
Corp.
...............
2,119,815
866,919,542
Northrop
Grumman
Corp.
.............
1,345,126
592,111,014
RTX
Corp.
.......................
13,765,088
990,673,383
Textron,
Inc.
(a)
.....................
1,873,236
146,374,661
TransDigm
Group,
Inc.
(b)
..............
521,922
440,048,096
5,229,742,340
Air
Freight
&
Logistics
—
0.6%
CH
Robinson
Worldwide,
Inc.
(a)
.........
1,100,968
94,826,374
Expeditors
International
of
Washington,
Inc.
(a)
1,398,690
160,331,835
FedEx
Corp.
......................
2,188,381
579,745,894
United
Parcel
Service,
Inc.,
Class
B
......
6,840,208
1,066,183,221
1,901,087,324
Automobile
Components
—
0.1%
Aptiv
plc
(b)
........................
2,674,576
263,686,448
BorgWarner,
Inc.
...................
2,223,008
89,742,833
353,429,281
Automobiles
—
2.2%
Ford
Motor
Co.
....................
37,179,880
461,774,109
General
Motors
Co.
.................
13,012,369
429,017,806
Tesla,
Inc.
(b)
.......................
26,114,936
6,534,479,286
7,425,271,201
Banks
—
3.0%
Bank
of
America
Corp.
...............
65,380,887
1,790,128,686
Citigroup,
Inc.
.....................
18,211,736
749,048,702
Citizens
Financial
Group,
Inc.
..........
4,466,439
119,700,565
Comerica,
Inc.
.....................
1,246,061
51,773,834
Fifth
Third
Bancorp
.................
6,439,473
163,111,851
Huntington
Bancshares,
Inc.
...........
13,692,773
142,404,839
JPMorgan
Chase
&
Co.
..............
27,483,394
3,985,641,798
KeyCorp
.........................
8,851,346
95,240,483
M&T
Bank
Corp.
...................
1,568,972
198,396,509
PNC
Financial
Services
Group,
Inc.
(The)
..
3,766,318
462,390,861
Regions
Financial
Corp.
..............
8,874,463
152,640,764
Truist
Financial
Corp.
................
12,596,619
360,389,270
US
Bancorp
......................
14,724,418
486,789,259
Wells
Fargo
&
Co.
..................
34,602,054
1,413,839,926
Zions
Bancorp
NA
..................
1,400,929
48,878,413
10,220,375,760
Beverages
—
1.6%
Brown-Forman
Corp.,
Class
B,
NVS
......
1,730,371
99,825,103
Coca-Cola
Co.
(The)
................
36,806,521
2,060,429,046
Constellation
Brands,
Inc.,
Class
A
.......
1,525,497
383,403,161
Keurig
Dr
Pepper,
Inc.
...............
9,514,101
300,360,169
Molson
Coors
Beverage
Co.,
Class
B
.....
1,755,518
111,633,390
Monster
Beverage
Corp.
(a)(b)
............
7,033,670
372,432,826
PepsiCo,
Inc.
.....................
13,018,585
2,205,869,042
5,533,952,737
Biotechnology
—
2.1%
AbbVie,
Inc.
......................
16,692,277
2,488,150,810
Amgen,
Inc.
......................
5,058,799
1,359,602,819
Biogen,
Inc.
(a)(b)
....................
1,369,506
351,976,737
Gilead
Sciences,
Inc.
................
11,783,766
883,075,424
Incyte
Corp.
(b)
.....................
1,761,621
101,768,845
Security
Shares
Shares
Value
Biotechnology
(continued)
Moderna,
Inc.
(a)(b)
...................
3,131,356
$
323,437,761
Regeneron
Pharmaceuticals,
Inc.
(b)
.......
1,009,606
830,865,354
Vertex
Pharmaceuticals,
Inc.
(b)
..........
2,440,974
848,824,299
7,187,702,049
Broadline
Retail
—
3.3%
Amazon.com,
Inc.
(b)
.................
85,868,027
10,915,543,592
eBay,
Inc.
........................
5,032,746
221,893,771
Etsy,
Inc.
(a)(b)
......................
1,163,247
75,122,492
11,212,559,855
Building
Products
—
0.4%
Allegion
plc
.......................
830,023
86,488,397
AO
Smith
Corp.
....................
1,178,234
77,916,614
Carrier
Global
Corp.
.................
7,921,645
437,274,804
Johnson
Controls
International
plc
.......
6,433,842
342,344,733
Masco
Corp.
......................
2,127,149
113,696,114
Trane
Technologies
plc
...............
2,159,966
438,278,701
1,495,999,363
Capital
Markets
—
2.8%
Ameriprise
Financial,
Inc.
.............
970,536
319,966,308
Bank
of
New
York
Mellon
Corp.
(The)
.....
7,365,131
314,122,837
BlackRock,
Inc.
(c)
...................
1,327,406
858,154,704
Blackstone,
Inc.
....................
6,712,304
719,156,251
CBOE
Global
Markets,
Inc.
............
997,955
155,890,551
Charles
Schwab
Corp.
(The)
...........
14,062,781
772,046,677
CME
Group,
Inc.,
Class
A
.............
3,402,107
681,169,864
FactSet
Research
Systems,
Inc.
.........
360,838
157,780,024
Franklin
Resources,
Inc.
..............
2,689,660
66,111,843
Goldman
Sachs
Group,
Inc.
(The)
.......
3,117,652
1,008,778,658
Intercontinental
Exchange,
Inc.
.........
5,412,780
595,514,056
Invesco
Ltd.
......................
4,242,647
61,603,234
MarketAxess
Holdings,
Inc.
............
356,137
76,085,109
Moody's
Corp.
.....................
1,492,467
471,873,291
Morgan
Stanley
....................
12,066,135
985,441,245
MSCI,
Inc.
.......................
747,943
383,754,594
Nasdaq,
Inc.
......................
3,206,078
155,783,330
Northern
Trust
Corp.
.................
1,957,564
136,011,547
Raymond
James
Financial,
Inc.
.........
1,777,598
178,524,167
S&P
Global,
Inc.
...................
3,077,412
1,124,517,119
State
Street
Corp.
..................
3,013,487
201,783,089
T.
Rowe
Price
Group,
Inc.
.............
2,121,352
222,466,184
9,646,534,682
Chemicals
—
1.7%
Air
Products
&
Chemicals,
Inc.
..........
2,100,790
595,363,886
Albemarle
Corp.
(a)
..................
1,109,822
188,714,133
Celanese
Corp.
....................
946,648
118,823,257
CF
Industries
Holdings,
Inc.
............
1,824,800
156,458,352
Corteva,
Inc.
......................
6,712,434
343,408,123
Dow,
Inc.
........................
6,649,169
342,831,154
DuPont
de
Nemours,
Inc.
.............
4,341,256
323,814,285
Eastman
Chemical
Co.
...............
1,121,334
86,028,744
Ecolab,
Inc.
......................
2,399,054
406,399,748
FMC
Corp.
.......................
1,179,507
78,991,584
International
Flavors
&
Fragrances,
Inc.
....
2,413,945
164,558,631
Linde
plc
........................
4,614,719
1,718,290,620
LyondellBasell
Industries
NV,
Class
A
.....
2,422,304
229,392,189
Mosaic
Co.
(The)
...................
3,142,451
111,871,255
PPG
Industries,
Inc.
.................
2,227,189
289,089,132
Sherwin-Williams
Co.
(The)
............
2,237,355
570,637,393
5,724,672,486
Commercial
Services
&
Supplies
—
0.5%
Cintas
Corp.
......................
818,016
393,473,876
Copart,
Inc.
(a)(b)
....................
8,217,879
354,108,406
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
500
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Republic
Services,
Inc.
...............
1,944,351
$
277,089,461
Rollins,
Inc.
.......................
2,655,271
99,121,266
Waste
Management,
Inc.
..............
3,486,079
531,417,883
1,655,210,892
Communications
Equipment
—
0.9%
Arista
Networks,
Inc.
(a)(b)
..............
2,371,369
436,165,900
Cisco
Systems,
Inc.
.................
38,538,524
2,071,831,050
F5,
Inc.
(a)(b)
.......................
560,788
90,365,378
Juniper
Networks,
Inc.
...............
3,039,038
84,454,866
Motorola
Solutions,
Inc.
..............
1,579,369
429,967,417
3,112,784,611
Construction
&
Engineering
—
0.1%
Quanta
Services,
Inc.
(a)
...............
1,372,999
256,846,923
Construction
Materials
—
0.1%
Martin
Marietta
Materials,
Inc.
..........
584,555
239,948,136
Vulcan
Materials
Co.
................
1,256,523
253,842,777
493,790,913
Consumer
Finance
—
0.4%
American
Express
Co.
...............
5,502,382
820,900,371
Capital
One
Financial
Corp.
............
3,607,306
350,089,047
Discover
Financial
Services
............
2,363,818
204,777,553
Synchrony
Financial
.................
3,954,820
120,898,848
1,496,665,819
Consumer
Staples
Distribution
&
Retail
—
1.8%
Costco
Wholesale
Corp.
..............
4,190,960
2,367,724,762
Dollar
General
Corp.
................
2,074,486
219,480,619
Dollar
Tree,
Inc.
(a)(b)
.................
1,980,130
210,784,838
Kroger
Co.
(The)
...................
6,244,729
279,451,623
Sysco
Corp.
......................
4,777,002
315,520,982
Target
Corp.
......................
4,365,098
482,648,886
Walgreens
Boots
Alliance,
Inc.
..........
6,776,197
150,702,621
Walmart,
Inc.
......................
13,497,289
2,158,621,430
6,184,935,761
Containers
&
Packaging
—
0.2%
Amcor
plc
........................
13,915,942
127,470,029
Avery
Dennison
Corp.
................
762,103
139,213,355
Ball
Corp.
(a)
.......................
2,979,658
148,327,375
International
Paper
Co.
...............
3,272,149
116,063,125
Packaging
Corp.
of
America
...........
850,483
130,591,665
Sealed
Air
Corp.
...................
1,364,572
44,839,836
WestRock
Co.
.....................
2,423,822
86,772,827
793,278,212
Distributors
—
0.1%
Genuine
Parts
Co.
..................
1,328,271
191,775,767
LKQ
Corp.
.......................
2,530,208
125,270,598
Pool
Corp.
(a)
......................
369,256
131,492,062
448,538,427
Diversified
Telecommunication
Services
—
0.7%
AT&T,
Inc.
........................
67,609,752
1,015,498,475
Verizon
Communications,
Inc.
..........
39,758,402
1,288,569,809
2,304,068,284
Electric
Utilities
—
1.6%
Alliant
Energy
Corp.
.................
2,390,187
115,804,560
American
Electric
Power
Co.,
Inc.
........
4,872,182
366,485,530
Constellation
Energy
Corp.
............
3,041,538
331,770,965
Duke
Energy
Corp.
.................
7,288,719
643,302,339
Edison
International
.................
3,624,755
229,410,744
Entergy
Corp.
.....................
1,999,765
184,978,263
Evergy,
Inc.
.......................
2,172,426
110,141,998
Security
Shares
Shares
Value
Electric
Utilities
(continued)
Eversource
Energy
.................
3,301,389
$
191,975,770
Exelon
Corp.
......................
9,412,078
355,682,428
FirstEnergy
Corp.
..................
4,880,013
166,798,844
NextEra
Energy,
Inc.
................
19,138,844
1,096,464,373
NRG
Energy,
Inc.
...................
2,166,647
83,459,243
PG&E
Corp.
(a)(b)
....................
19,777,410
319,009,623
Pinnacle
West
Capital
Corp.
...........
1,071,430
78,942,962
PPL
Corp.
.......................
6,970,779
164,231,553
Southern
Co.
(The)
.................
10,313,691
667,502,082
Xcel
Energy,
Inc.
...................
5,216,120
298,466,386
5,404,427,663
Electrical
Equipment
—
0.6%
AMETEK,
Inc.
(a)
....................
2,181,745
322,374,641
Eaton
Corp.
plc
....................
3,773,519
804,816,132
Emerson
Electric
Co.
................
5,404,641
521,926,182
Generac
Holdings,
Inc.
(a)(b)
.............
588,634
64,137,561
Rockwell
Automation,
Inc.
.............
1,086,092
310,481,120
2,023,735,636
Electronic
Equipment,
Instruments
&
Components
—
0.6%
Amphenol
Corp.,
Class
A
.............
5,640,678
473,760,545
CDW
Corp.
.......................
1,267,784
255,788,100
Corning,
Inc.
......................
7,260,063
221,214,120
Keysight
Technologies,
Inc.
(a)(b)
..........
1,686,759
223,175,083
TE
Connectivity
Ltd.
.................
2,968,972
366,757,111
Teledyne
Technologies,
Inc.
(a)(b)
.........
445,194
181,897,365
Trimble,
Inc.
(a)(b)
....................
2,348,497
126,490,048
Zebra
Technologies
Corp.,
Class
A
(a)(b)
.....
485,640
114,868,429
1,963,950,801
Energy
Equipment
&
Services
—
0.4%
Baker
Hughes
Co.,
Class
A
............
9,548,363
337,248,181
Halliburton
Co.
....................
8,497,625
344,153,812
Schlumberger
NV
..................
13,440,616
783,587,913
1,464,989,906
Entertainment
—
1.3%
Activision
Blizzard,
Inc.
...............
6,765,679
633,470,525
Electronic
Arts,
Inc.
.................
2,331,502
280,712,841
Live
Nation
Entertainment,
Inc.
(a)(b)
.......
1,340,672
111,329,403
Netflix,
Inc.
(b)
......................
4,190,950
1,582,502,720
Take-Two
Interactive
Software,
Inc.
(a)(b)
....
1,493,637
209,691,698
Walt
Disney
Co.
(The)
(b)
..............
17,304,595
1,402,537,425
Warner
Bros
Discovery,
Inc.
(a)(b)
.........
20,976,192
227,801,445
4,448,046,057
Financial
Services
—
4.3%
Berkshire
Hathaway,
Inc.,
Class
B
(a)(b)
.....
17,246,831
6,041,564,899
Fidelity
National
Information
Services,
Inc.
..
5,603,123
309,684,608
Fiserv,
Inc.
(b)
......................
5,765,191
651,235,976
FleetCor
Technologies,
Inc.
(a)(b)
..........
699,424
178,590,924
Global
Payments,
Inc.
...............
2,458,832
283,724,625
Jack
Henry
&
Associates,
Inc.
..........
689,027
104,139,541
Mastercard,
Inc.,
Class
A
..............
7,868,654
3,115,278,805
PayPal
Holdings,
Inc.
(a)(b)
..............
10,384,333
607,068,107
Visa,
Inc.,
Class
A
(a)
.................
15,195,703
3,495,163,647
14,786,451,132
Food
Products
—
1.0%
Archer-Daniels-Midland
Co.
............
5,069,892
382,371,255
Bunge
Ltd.
.......................
1,424,752
154,229,404
Campbell
Soup
Co.
.................
1,860,532
76,430,655
Conagra
Brands,
Inc.
................
4,519,399
123,921,921
General
Mills,
Inc.
..................
5,534,348
354,142,928
Hershey
Co.
(The)
..................
1,417,087
283,530,767
Hormel
Foods
Corp.
.................
2,737,925
104,123,288
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
500
ETF
Schedules
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
J
M
Smucker
Co.
(The)
...............
965,723
$
118,697,014
Kellogg
Co.
.......................
2,492,960
148,356,050
Kraft
Heinz
Co.
(The)
................
7,550,677
254,004,774
Lamb
Weston
Holdings,
Inc.
...........
1,378,909
127,493,926
McCormick
&
Co.,
Inc.,
NVS
...........
2,374,866
179,634,864
Mondelez
International,
Inc.,
Class
A
......
12,865,621
892,874,097
Tyson
Foods,
Inc.,
Class
A
............
2,700,462
136,346,326
3,336,157,269
Gas
Utilities
—
0.0%
Atmos
Energy
Corp.
.................
1,403,874
148,712,373
Ground
Transportation
—
0.8%
CSX
Corp.
.......................
18,974,257
583,458,403
JB
Hunt
Transport
Services,
Inc.
(a)
.......
772,227
145,580,234
Norfolk
Southern
Corp.
...............
2,146,838
422,776,807
Old
Dominion
Freight
Line,
Inc.
(a)
........
847,210
346,627,499
Union
Pacific
Corp.
.................
5,763,714
1,173,665,082
2,672,108,025
Health
Care
Equipment
&
Supplies
—
2.6%
Abbott
Laboratories
.................
16,411,753
1,589,478,278
Align
Technology,
Inc.
(a)(b)
..............
672,968
205,470,590
Baxter
International,
Inc.
..............
4,789,294
180,747,956
Becton
Dickinson
&
Co.
..............
2,743,658
709,317,903
Boston
Scientific
Corp.
(b)
..............
13,847,391
731,142,245
Cooper
Cos.,
Inc.
(The)
..............
468,014
148,833,132
Dentsply
Sirona,
Inc.
................
2,002,181
68,394,503
Dexcom,
Inc.
(a)(b)
...................
3,668,173
342,240,541
Edwards
Lifesciences
Corp.
(a)(b)
.........
5,749,191
398,303,952
GE
HealthCare
Technologies,
Inc.
(a)
......
3,699,287
251,699,488
Hologic,
Inc.
(b)
.....................
2,316,470
160,763,018
IDEXX
Laboratories,
Inc.
(a)(b)
...........
784,886
343,207,101
Insulet
Corp.
(a)(b)
....................
660,438
105,333,257
Intuitive
Surgical,
Inc.
(b)
...............
3,322,749
971,206,305
Medtronic
plc
.....................
12,589,065
986,479,133
ResMed,
Inc.
.....................
1,389,715
205,497,157
STERIS
plc
.......................
933,045
204,728,734
Stryker
Corp.
.....................
3,196,456
873,495,531
Teleflex,
Inc.
......................
444,423
87,289,121
Zimmer
Biomet
Holdings,
Inc.
..........
1,976,054
221,752,780
8,785,380,725
Health
Care
Providers
&
Services
—
3.0%
Cardinal
Health,
Inc.
.................
2,407,943
209,057,611
Cencora,
Inc.
.....................
1,576,478
283,718,746
Centene
Corp.
(a)(b)
..................
5,121,032
352,736,684
Cigna
Group
(The)
..................
2,799,043
800,722,231
CVS
Health
Corp.
..................
12,146,825
848,091,322
DaVita,
Inc.
(a)(b)
....................
509,257
48,140,064
Elevance
Health,
Inc.
................
2,228,443
970,308,651
HCA
Healthcare,
Inc.
................
1,903,527
468,229,571
Henry
Schein,
Inc.
(b)
.................
1,235,051
91,702,537
Humana,
Inc.
.....................
1,171,889
570,147,436
Laboratory
Corp.
of
America
Holdings
.....
837,986
168,477,085
McKesson
Corp.
(a)
..................
1,275,654
554,718,142
Molina
Healthcare,
Inc.
(a)(b)
.............
551,441
180,811,990
Quest
Diagnostics,
Inc.
...............
1,061,489
129,353,050
UnitedHealth
Group,
Inc.
..............
8,760,346
4,416,878,850
Universal
Health
Services,
Inc.,
Class
B
...
587,677
73,888,629
10,166,982,599
Health
Care
REITs
—
0.2%
Healthpeak
Properties,
Inc.
............
5,173,667
94,988,526
Ventas,
Inc.
......................
3,805,462
160,324,114
Security
Shares
Shares
Value
Health
Care
REITs
(continued)
Welltower,
Inc.
.....................
4,905,752
$
401,879,204
657,191,844
Hotel
&
Resort
REITs
—
0.0%
Host
Hotels
&
Resorts,
Inc.
............
6,729,818
108,148,175
Hotels,
Restaurants
&
Leisure
—
2.1%
Airbnb,
Inc.,
Class
A
(a)(b)
...............
4,032,180
553,255,418
Booking
Holdings,
Inc.
(b)
..............
337,480
1,040,771,446
Caesars
Entertainment,
Inc.
(a)(b)
.........
2,035,946
94,366,097
Carnival
Corp.
(a)(b)
...................
9,526,644
130,705,556
Chipotle
Mexican
Grill,
Inc.
(b)
...........
260,789
477,721,114
Darden
Restaurants,
Inc.
.............
1,143,141
163,720,654
Domino's
Pizza,
Inc.
.................
331,924
125,729,492
Expedia
Group,
Inc.
(a)(b)
...............
1,303,584
134,360,403
Hilton
Worldwide
Holdings,
Inc.
(a)
........
2,473,298
371,439,893
Las
Vegas
Sands
Corp.
..............
3,108,744
142,504,825
Marriott
International,
Inc.,
Class
A
.......
2,369,148
465,679,731
McDonald's
Corp.
..................
6,892,026
1,815,635,329
MGM
Resorts
International
(a)
...........
2,654,667
97,585,559
Norwegian
Cruise
Line
Holdings
Ltd.
(a)(b)
...
4,023,214
66,302,567
Royal
Caribbean
Cruises
Ltd.
(b)
.........
2,228,733
205,355,458
Starbucks
Corp.
....................
10,832,203
988,655,168
Wynn
Resorts
Ltd.
..................
915,992
84,646,821
Yum!
Brands,
Inc.
..................
2,650,019
331,093,374
7,289,528,905
Household
Durables
—
0.3%
DR
Horton,
Inc.
(a)
...................
2,879,295
309,437,834
Garmin
Ltd.
.......................
1,448,376
152,369,155
Lennar
Corp.,
Class
A
................
2,388,050
268,010,851
Mohawk
Industries,
Inc.
(b)
.............
499,679
42,877,455
NVR,
Inc.
(a)(b)
......................
30,884
184,170,557
PulteGroup,
Inc.
...................
2,075,452
153,687,221
Whirlpool
Corp.
....................
518,531
69,327,595
1,179,880,668
Household
Products
—
1.3%
Church
&
Dwight
Co.,
Inc.
.............
2,327,080
213,230,341
Clorox
Co.
(The)
...................
1,171,136
153,489,084
Colgate-Palmolive
Co.
...............
7,818,019
555,939,331
Kimberly-Clark
Corp.
................
3,198,152
386,496,669
Procter
&
Gamble
Co.
(The)
...........
22,293,485
3,251,727,722
4,560,883,147
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
AES
Corp.
(The)
...................
6,332,836
96,259,107
Industrial
Conglomerates
—
0.8%
3M
Co.
..........................
5,220,384
488,732,350
General
Electric
Co.
.................
10,292,915
1,137,881,753
Honeywell
International,
Inc.
...........
6,279,402
1,160,056,726
2,786,670,829
Industrial
REITs
—
0.3%
Prologis,
Inc.
......................
8,737,025
980,381,575
Insurance
—
2.2%
Aflac,
Inc.
........................
5,112,553
392,388,443
Allstate
Corp.
(The)
.................
2,473,791
275,605,055
American
International
Group,
Inc.
.......
6,732,559
407,993,075
Aon
plc,
Class
A
...................
1,918,633
622,059,191
Arch
Capital
Group
Ltd.
(a)(b)
............
3,527,057
281,141,713
Arthur
J
Gallagher
&
Co.
..............
2,037,952
464,510,399
Assurant,
Inc.
.....................
501,927
72,066,679
Brown
&
Brown,
Inc.
.................
2,226,128
155,472,780
Chubb
Ltd.
.......................
3,884,504
808,676,043
Cincinnati
Financial
Corp.
.............
1,483,260
151,722,665
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
500
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Everest
Group
Ltd.
..................
410,528
$
152,580,942
Globe
Life,
Inc.
....................
822,423
89,422,053
Hartford
Financial
Services
Group,
Inc.
(The)
2,892,114
205,079,804
Loews
Corp.
(a)
.....................
1,748,726
110,711,843
Marsh
&
McLennan
Cos.,
Inc.
..........
4,671,313
888,950,864
MetLife,
Inc.
......................
5,974,000
375,824,340
Principal
Financial
Group,
Inc.
..........
2,102,916
151,557,156
Progressive
Corp.
(The)
..............
5,535,751
771,130,114
Prudential
Financial,
Inc.
..............
3,432,899
325,747,786
Travelers
Cos.,
Inc.
(The)
.............
2,165,021
353,569,580
Willis
Towers
Watson
plc
..............
973,930
203,512,413
WR
Berkley
Corp.
(a)
.................
1,923,922
122,149,808
7,381,872,746
Interactive
Media
&
Services
—
5.9%
(b)
Alphabet,
Inc.,
Class
A
...............
56,109,530
7,342,493,096
Alphabet,
Inc.,
Class
C,
NVS
(a)
..........
47,729,217
6,293,097,261
Match
Group,
Inc.
(a)
.................
2,630,071
103,033,032
Meta
Platforms,
Inc.,
Class
A
...........
21,019,429
6,310,242,780
20,048,866,169
IT
Services
—
1.2%
Accenture
plc,
Class
A
...............
5,965,670
1,832,116,914
Akamai
Technologies,
Inc.
(a)(b)
...........
1,437,649
153,167,124
Cognizant
Technology
Solutions
Corp.,
Class
A
4,776,342
323,549,407
DXC
Technology
Co.
(a)(b)
..............
1,938,629
40,381,642
EPAM
Systems,
Inc.
(a)(b)
..............
548,291
140,192,526
Gartner,
Inc.
(a)(b)
....................
745,490
256,157,819
International
Business
Machines
Corp.
....
8,615,690
1,208,781,307
VeriSign,
Inc.
(a)(b)
...................
848,388
171,824,022
4,126,170,761
Leisure
Products
—
0.0%
Hasbro,
Inc.
......................
1,233,486
81,582,764
Life
Sciences
Tools
&
Services
—
1.5%
Agilent
Technologies,
Inc.
.............
2,793,431
312,361,454
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)(b)
....
197,315
70,727,562
Bio-Techne
Corp.
...................
1,489,002
101,356,366
Charles
River
Laboratories
International,
Inc.
(a)
(b)
...........................
485,017
95,053,632
Danaher
Corp.
....................
6,214,504
1,541,818,442
Illumina,
Inc.
(a)(b)
....................
1,496,955
205,501,982
IQVIA
Holdings,
Inc.
(a)(b)
...............
1,731,766
340,724,961
Mettler-Toledo
International,
Inc.
(a)(b)
......
206,779
229,125,607
Revvity,
Inc.
......................
1,174,007
129,962,575
Thermo
Fisher
Scientific,
Inc.
(a)
..........
3,650,037
1,847,539,228
Waters
Corp.
(a)(b)
...................
558,902
153,256,517
West
Pharmaceutical
Services,
Inc.
(a)
.....
698,532
262,096,192
5,289,524,518
Machinery
—
1.8%
Caterpillar,
Inc.
....................
4,824,583
1,317,111,159
Cummins,
Inc.
.....................
1,339,439
306,008,234
Deere
&
Co.
......................
2,578,546
973,091,690
Dover
Corp.
......................
1,322,687
184,528,063
Fortive
Corp.
(a)
.....................
3,329,244
246,896,735
IDEX
Corp.
.......................
714,987
148,731,596
Illinois
Tool
Works,
Inc.
...............
2,602,391
599,356,671
Ingersoll
Rand,
Inc.
(a)
................
3,824,519
243,698,351
Nordson
Corp.
.....................
511,966
114,255,452
Otis
Worldwide
Corp.
................
3,893,888
312,718,145
PACCAR,
Inc.
.....................
4,944,115
420,348,657
Parker-Hannifin
Corp.
................
1,213,161
472,550,473
Pentair
plc
.......................
1,561,372
101,098,837
Snap-on,
Inc.
.....................
500,589
127,680,230
Stanley
Black
&
Decker,
Inc.
...........
1,449,012
121,108,423
Security
Shares
Shares
Value
Machinery
(continued)
Westinghouse
Air
Brake
Technologies
Corp.
.
1,694,182
$
180,040,721
Xylem,
Inc.
.......................
2,277,418
207,313,361
6,076,536,798
Media
—
0.8%
Charter
Communications,
Inc.,
Class
A
(a)(b)
..
962,641
423,388,765
Comcast
Corp.,
Class
A
..............
38,923,074
1,725,849,101
Fox
Corp.,
Class
A,
NVS
..............
2,399,088
74,851,546
Fox
Corp.,
Class
B
..................
1,245,799
35,978,675
Interpublic
Group
of
Cos.,
Inc.
(The)
......
3,640,327
104,331,772
News
Corp.,
Class
A,
NVS
............
3,602,725
72,270,663
News
Corp.,
Class
B
................
1,097,138
22,897,270
Omnicom
Group,
Inc.
................
1,868,590
139,172,583
Paramount
Global,
Class
B,
NVS
(a)
.......
4,560,357
58,828,605
2,657,568,980
Metals
&
Mining
—
0.4%
Freeport-McMoRan,
Inc.
..............
13,558,179
505,584,495
Newmont
Corp.
....................
7,515,837
277,710,177
Nucor
Corp.
......................
2,352,148
367,758,340
Steel
Dynamics,
Inc.
.................
1,472,634
157,895,817
1,308,948,829
Multi-Utilities
—
0.7%
Ameren
Corp.
.....................
2,485,061
185,957,115
CenterPoint
Energy,
Inc.
..............
5,969,220
160,273,557
CMS
Energy
Corp.
..................
2,758,970
146,528,897
Consolidated
Edison,
Inc.
.............
3,261,882
278,988,767
Dominion
Energy,
Inc.
................
7,913,357
353,489,657
DTE
Energy
Co.
...................
1,949,936
193,589,646
NiSource,
Inc.
.....................
3,908,131
96,452,673
Public
Service
Enterprise
Group,
Inc.
.....
4,720,064
268,618,842
Sempra
.........................
5,951,566
404,885,035
WEC
Energy
Group,
Inc.
..............
2,983,151
240,292,813
2,329,077,002
Office
REITs
—
0.1%
Alexandria
Real
Estate
Equities,
Inc.
......
1,472,818
147,429,082
Boston
Properties,
Inc.
...............
1,364,858
81,181,754
228,610,836
Oil,
Gas
&
Consumable
Fuels
—
4.3%
APA
Corp.
.......................
2,905,847
119,430,312
Chevron
Corp.
.....................
16,779,556
2,829,368,733
ConocoPhillips
....................
11,324,839
1,356,715,712
Coterra
Energy,
Inc.
.................
7,163,333
193,768,158
Devon
Energy
Corp.
.................
6,059,373
289,032,092
Diamondback
Energy,
Inc.
.............
1,691,284
261,946,066
EOG
Resources,
Inc.
................
5,506,641
698,021,813
EQT
Corp.
(a)
......................
3,420,150
138,789,687
Exxon
Mobil
Corp.
..................
37,859,160
4,451,480,033
Hess
Corp.
.......................
2,613,623
399,884,319
Kinder
Morgan,
Inc.
.................
18,332,910
303,959,648
Marathon
Oil
Corp.
..................
5,728,202
153,229,403
Marathon
Petroleum
Corp.
............
3,781,360
572,271,022
Occidental
Petroleum
Corp.
............
6,274,881
407,114,279
ONEOK,
Inc.
......................
5,513,802
349,740,461
Phillips
66
........................
4,211,122
505,966,308
Pioneer
Natural
Resources
Co.
.........
2,204,936
506,143,059
Targa
Resources
Corp.
...............
2,115,591
181,348,460
Valero
Energy
Corp.
.................
3,339,549
473,247,489
Williams
Cos.,
Inc.
(The)
..............
11,504,069
387,572,085
14,579,029,139
Passenger
Airlines
—
0.2%
Alaska
Air
Group,
Inc.
(b)
...............
1,203,076
44,610,058
American
Airlines
Group,
Inc.
(a)(b)
........
6,178,906
79,151,786
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
500
ETF
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Passenger
Airlines
(continued)
Delta
Air
Lines,
Inc.
.................
6,084,841
$
225,139,117
Southwest
Airlines
Co.
...............
5,633,124
152,488,667
United
Airlines
Holdings,
Inc.
(a)(b)
.........
3,101,662
131,200,302
632,589,930
Personal
Care
Products
—
0.2%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
2,192,793
316,968,228
Kenvue,
Inc.
......................
16,298,739
327,278,679
644,246,907
Pharmaceuticals
—
4.1%
Bristol-Myers
Squibb
Co.
..............
19,756,922
1,146,691,753
Catalent,
Inc.
(a)(b)
...................
1,704,728
77,616,266
Eli
Lilly
&
Co.
.....................
7,541,256
4,050,634,835
Johnson
&
Johnson
.................
22,772,928
3,546,883,536
Merck
&
Co.,
Inc.
...................
23,998,028
2,470,596,983
Organon
&
Co.
....................
2,416,872
41,956,898
Pfizer,
Inc.
.......................
53,394,945
1,771,110,326
Viatris,
Inc.
.......................
11,344,360
111,855,389
Zoetis,
Inc.,
Class
A
.................
4,353,270
757,381,914
13,974,727,900
Professional
Services
—
0.8%
Automatic
Data
Processing,
Inc.
.........
3,896,136
937,332,399
Broadridge
Financial
Solutions,
Inc.
......
1,116,912
199,983,094
Ceridian
HCM
Holding,
Inc.
(a)(b)
..........
1,471,776
99,860,002
Equifax,
Inc.
(a)
.....................
1,160,581
212,595,227
Jacobs
Solutions,
Inc.
................
1,190,852
162,551,298
Leidos
Holdings,
Inc.
................
1,299,031
119,718,697
Paychex,
Inc.
.....................
3,034,634
349,984,339
Paycom
Software,
Inc.
(a)
..............
465,744
120,753,447
Robert
Half,
Inc.
...................
1,012,774
74,216,079
Verisk
Analytics,
Inc.
(a)
...............
1,371,401
323,979,772
2,600,974,354
Real
Estate
Management
&
Development
—
0.1%
(a)(b)
CBRE
Group,
Inc.,
Class
A
............
2,930,376
216,437,571
CoStar
Group,
Inc.
..................
3,861,665
296,923,422
513,360,993
Residential
REITs
—
0.3%
AvalonBay
Communities,
Inc.
..........
1,343,212
230,683,229
Camden
Property
Trust
...............
1,009,885
95,514,923
Equity
Residential
..................
3,261,836
191,502,392
Essex
Property
Trust,
Inc.
.............
606,938
128,725,480
Invitation
Homes,
Inc.
................
5,440,279
172,402,442
Mid-America
Apartment
Communities,
Inc.
..
1,103,597
141,977,754
UDR,
Inc.
........................
2,866,857
102,260,789
1,063,067,009
Retail
REITs
—
0.3%
Federal
Realty
Investment
Trust
.........
693,977
62,895,135
Kimco
Realty
Corp.
.................
5,862,267
103,117,277
Realty
Income
Corp.
.................
6,703,086
334,752,115
Regency
Centers
Corp.
..............
1,554,042
92,372,256
Simon
Property
Group,
Inc.
............
3,094,331
334,280,578
927,417,361
Semiconductors
&
Semiconductor
Equipment
—
7.4%
Advanced
Micro
Devices,
Inc.
(b)
.........
15,279,567
1,571,045,079
Analog
Devices,
Inc.
.................
4,742,122
830,298,141
Applied
Materials,
Inc.
...............
7,941,612
1,099,516,181
Broadcom,
Inc.
....................
3,902,901
3,241,671,513
Enphase
Energy,
Inc.
(a)(b)
..............
1,289,433
154,925,375
First
Solar,
Inc.
(a)(b)
..................
1,010,442
163,277,323
Intel
Corp.
.......................
39,606,861
1,408,023,909
KLA
Corp.
........................
1,292,824
592,966,656
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Lam
Research
Corp.
................
1,260,463
$
790,020,394
Microchip
Technology,
Inc.
.............
5,147,772
401,783,605
Micron
Technology,
Inc.
...............
10,358,363
704,679,435
Monolithic
Power
Systems,
Inc.
.........
451,661
208,667,382
NVIDIA
Corp.
.....................
23,359,174
10,161,007,098
NXP
Semiconductors
NV
.............
2,438,251
487,455,140
ON
Semiconductor
Corp.
(a)(b)
...........
4,081,053
379,333,876
Qorvo,
Inc.
(a)(b)
.....................
925,817
88,387,749
QUALCOMM,
Inc.
..................
10,554,299
1,172,160,447
Skyworks
Solutions,
Inc.
..............
1,507,454
148,619,890
SolarEdge
Technologies,
Inc.
(a)(b)
........
534,592
69,235,010
Teradyne,
Inc.
(a)
....................
1,456,640
146,334,054
Texas
Instruments,
Inc.
...............
8,586,886
1,365,400,743
25,184,809,000
Software
—
10.1%
Adobe,
Inc.
(b)
......................
4,310,744
2,198,048,366
ANSYS,
Inc.
(a)(b)
....................
820,899
244,258,497
Autodesk,
Inc.
(a)(b)
...................
2,021,135
418,193,043
Cadence
Design
Systems,
Inc.
(a)(b)
.......
2,570,383
602,240,737
Fair
Isaac
Corp.
(a)(b)
.................
235,136
204,222,670
Fortinet,
Inc.
(a)(b)
....................
6,164,391
361,726,464
Gen
Digital,
Inc.
....................
5,321,542
94,084,863
Intuit,
Inc.
........................
2,648,616
1,353,283,859
Microsoft
Corp.
....................
70,264,910
22,186,145,332
Oracle
Corp.
......................
14,888,273
1,576,965,876
Palo
Alto
Networks,
Inc.
(a)(b)
............
2,892,468
678,110,198
PTC,
Inc.
(b)
.......................
1,123,908
159,235,285
Roper
Technologies,
Inc.
..............
1,009,327
488,796,880
Salesforce,
Inc.
(b)
...................
9,211,236
1,867,854,436
ServiceNow,
Inc.
(b)
..................
1,929,439
1,078,479,223
Synopsys,
Inc.
(a)(b)
..................
1,439,135
660,519,791
Tyler
Technologies,
Inc.
(a)(b)
............
397,929
153,656,304
34,325,821,824
Specialized
REITs
—
1.1%
American
Tower
Corp.
...............
4,408,637
725,000,355
Crown
Castle,
Inc.
..................
4,101,308
377,443,375
Digital
Realty
Trust,
Inc.
..............
2,862,679
346,441,412
Equinix,
Inc.
......................
884,953
642,705,966
Extra
Space
Storage,
Inc.
.............
1,998,167
242,937,144
Iron
Mountain,
Inc.
..................
2,760,131
164,089,788
Public
Storage
.....................
1,496,454
394,345,558
SBA
Communications
Corp.
...........
1,025,141
205,202,474
VICI
Properties,
Inc.
.................
9,584,330
278,904,003
Weyerhaeuser
Co.
..................
6,910,748
211,883,534
3,588,953,609
Specialty
Retail
—
2.1%
AutoZone,
Inc.
(a)(b)
..................
171,760
436,268,682
Bath
&
Body
Works,
Inc.
..............
2,164,742
73,168,280
Best
Buy
Co.,
Inc.
..................
1,836,784
127,601,384
CarMax,
Inc.
(a)(b)
....................
1,496,119
105,820,497
Home
Depot,
Inc.
(The)
..............
9,508,058
2,872,954,805
Lowe's
Cos.,
Inc.
...................
5,541,697
1,151,786,304
O'Reilly
Automotive,
Inc.
(a)(b)
............
571,250
519,186,275
Ross
Stores,
Inc.
...................
3,221,669
363,887,514
TJX
Cos.,
Inc.
(The)
.................
10,868,700
966,010,056
Tractor
Supply
Co.
..................
1,029,090
208,956,725
Ulta
Beauty,
Inc.
(b)
..................
471,089
188,176,501
7,013,817,023
Technology
Hardware,
Storage
&
Peripherals
—
7.2%
Apple,
Inc.
.......................
138,984,763
23,795,581,273
Hewlett
Packard
Enterprise
Co.
.........
12,214,020
212,157,527
HP,
Inc.
.........................
8,205,526
210,882,018
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
500
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Technology
Hardware,
Storage
&
Peripherals
(continued)
NetApp,
Inc.
......................
1,993,875
$
151,295,235
Seagate
Technology
Holdings
plc
........
1,824,126
120,301,110
Western
Digital
Corp.
(a)(b)
..............
3,025,882
138,070,996
24,628,288,159
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
NIKE,
Inc.,
Class
B
.................
11,585,861
1,107,840,029
Ralph
Lauren
Corp.,
Class
A
...........
381,826
44,326,180
Tapestry,
Inc.
......................
2,192,114
63,023,278
VF
Corp.
........................
3,124,520
55,210,268
1,270,399,755
Tobacco
—
0.6%
Altria
Group,
Inc.
...................
16,782,803
705,716,866
Philip
Morris
International,
Inc.
..........
14,680,935
1,359,160,962
2,064,877,828
Trading
Companies
&
Distributors
—
0.3%
Fastenal
Co.
......................
5,403,089
295,224,783
United
Rentals,
Inc.
(a)
................
645,869
287,133,981
WW
Grainger,
Inc.
..................
420,999
291,263,948
873,622,712
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
(a)
........
1,841,069
227,979,574
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
—
0.2%
T-Mobile
US,
Inc.
(b)
..................
4,895,300
$
685,586,765
Total
Long-Term
Investments
—
99.7%
(Cost:
$322,265,964,519)
..........................
339,865,662,601
Short-Term
Securities
Money
Market
Funds
—
1.4%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(e)
............
2,585,817,195
2,586,851,522
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
2,096,000,405
2,096,000,405
Total
Short-Term
Securities
—
1.4%
(Cost:
$4,681,289,626)
...........................
4,682,851,927
Total
Investments
—
101.1%
(Cost:
$326,947,254,145
)
..........................
344,548,514,528
Liabilities
in
Excess
of
Other
Assets
—
(1.1)%
............
(3,863,295,816)
Net
Assets
—
100.0%
..............................
$
340,685,218,712
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
2,493,216,128
$
93,332,777
(a)
$
—
$
325,030
$
(22,413)
$
2,586,851,522
2,585,817,195
$
3,135,662
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
528,291,394
1,567,709,011
(a)
—
—
—
2,096,000,405
2,096,000,405
15,645,546
—
BlackRock,
Inc.
............
889,552,216
150,792,197
(150,864,398)
793,281
(32,118,592)
858,154,704
1,327,406
13,604,045
—
$
1,118,311
$
(32,141,005)
$
5,541,006,631
$
32,385,253
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
500
ETF
Schedules
of
Investments
13
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
3,730
12/15/23
$
806,706
$
(29,519,884)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
29,519,884
$
—
$
—
$
—
$
29,519,884
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
September
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
95,737,447
$
—
$
—
$
—
$
95,737,447
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(70,579,018)
$
—
$
—
$
—
$
(70,579,018)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
857,227,157
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
500
ETF
14
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
339,865,662,601
$
—
$
—
$
339,865,662,601
Short-Term
Securities
Money
Market
Funds
......................................
4,682,851,927
—
—
4,682,851,927
$
344,548,514,528
$
—
$
—
$
344,548,514,528
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(29,519,884)
$
—
$
—
$
(29,519,884)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
15
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.5%
AAR
Corp.
(a)
......................
36,162
$
2,152,724
AeroVironment,
Inc.
(a)(b)
...............
26,227
2,925,097
AerSale
Corp.
(a)
....................
33,184
495,769
Air
Industries
Group
(a)
................
2
6
Archer
Aviation,
Inc.,
Class
A
(a)(b)
.........
167,125
845,652
Astra
Space,
Inc.
(a)(b)
.................
10,466
19,362
Astronics
Corp.
(a)
...................
35,095
556,607
Axon
Enterprise,
Inc.
(a)
...............
72,806
14,487,666
Boeing
Co.
(The)
(a)
..................
587,850
112,679,088
BWX
Technologies,
Inc.
..............
90,493
6,785,165
Cadre
Holdings,
Inc.
.................
25,245
672,779
Curtiss-Wright
Corp.
.................
40,257
7,875,477
Ducommun,
Inc.
(a)(b)
.................
14,434
628,023
General
Dynamics
Corp.
..............
233,876
51,679,580
HEICO
Corp.
(b)
....................
43,286
7,009,302
HEICO
Corp.,
Class
A
................
76,834
9,928,489
Hexcel
Corp.
......................
90,113
5,869,961
Howmet
Aerospace,
Inc.
..............
408,490
18,892,662
Huntington
Ingalls
Industries,
Inc.
........
39,772
8,136,556
Kaman
Corp.
.....................
27,427
538,941
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
.
153,485
2,305,345
L3Harris
Technologies,
Inc.
............
195,289
34,003,721
Leonardo
DRS,
Inc.
(a)(b)
...............
48,197
804,890
Lockheed
Martin
Corp.
...............
231,035
94,484,074
Mercury
Systems,
Inc.
(a)
..............
59,770
2,216,869
Momentus,
Inc.
(a)(b)
..................
2
4
Moog,
Inc.,
Class
A
.................
29,473
3,329,270
National
Presto
Industries,
Inc.
..........
8,370
606,490
Northrop
Grumman
Corp.
.............
146,718
64,583,796
Parsons
Corp.
(a)
....................
40,673
2,210,578
Rocket
Lab
USA,
Inc.
(a)(b)
..............
263,311
1,153,302
RTX
Corp.
.......................
1,509,607
108,646,416
SIFCO
Industries,
Inc.
(a)(b)
.............
614
2,253
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
(a)
.
109,100
1,760,874
Textron,
Inc.
......................
206,670
16,149,194
TransDigm
Group,
Inc.
(a)
..............
57,292
48,304,604
Triumph
Group,
Inc.
(a)
................
95,990
735,283
V2X,
Inc.
(a)
.......................
13,744
710,015
Virgin
Galactic
Holdings,
Inc.,
Class
C
(a)(b)
...
431,046
775,883
VirTra,
Inc.
(a)
......................
9
50
Woodward,
Inc.
....................
62,665
7,786,753
642,748,570
Air
Freight
&
Logistics
—
0.5%
Air
Transport
Services
Group,
Inc.
(a)(b)
.....
57,970
1,209,834
CH
Robinson
Worldwide,
Inc.
..........
121,257
10,443,865
Expeditors
International
of
Washington,
Inc.
.
152,388
17,468,236
FedEx
Corp.
......................
239,265
63,386,084
Forward
Air
Corp.
..................
28,421
1,953,660
GXO
Logistics,
Inc.
(a)(b)
...............
123,883
7,265,738
Hub
Group,
Inc.,
Class
A
(a)
.............
33,557
2,635,567
United
Parcel
Service,
Inc.,
Class
B
......
749,259
116,787,000
221,149,984
Automobile
Components
—
0.2%
Adient
plc
(a)
.......................
97,568
3,580,746
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
147,030
1,067,438
Aptiv
plc
(a)
........................
295,347
29,118,261
Autoliv,
Inc.
.......................
77,653
7,491,961
BorgWarner,
Inc.
...................
241,409
9,745,681
Dana,
Inc.
........................
139,986
2,053,595
Dorman
Products,
Inc.
(a)
..............
28,147
2,132,417
Fox
Factory
Holding
Corp.
(a)
............
44,221
4,381,417
Garrett
Motion,
Inc.
(a)(b)
...............
163,617
1,289,302
Security
Shares
Shares
Value
Automobile
Components
(continued)
Gentex
Corp.
.....................
241,495
$
7,858,247
Gentherm,
Inc.
(a)
...................
34,161
1,853,576
Goodyear
Tire
&
Rubber
Co.
(The)
(a)(b)
.....
301,734
3,750,554
LCI
Industries
.....................
25,730
3,021,217
Lear
Corp.
.......................
61,156
8,207,135
Luminar
Technologies,
Inc.,
Class
A
(a)(b)
....
301,215
1,370,528
Mobileye
Global,
Inc.,
Class
A
(a)(b)
........
79,096
3,286,439
Modine
Manufacturing
Co.
(a)(b)
..........
55,290
2,529,517
Motorcar
Parts
of
America,
Inc.
(a)
........
36
291
Patrick
Industries,
Inc.
(b)
..............
23,770
1,784,176
Phinia,
Inc.
.......................
48,260
1,292,885
QuantumScape
Corp.,
Class
A
(a)(b)
.......
398,293
2,664,580
Solid
Power,
Inc.,
Class
A
(a)(b)
...........
210,710
425,634
Standard
Motor
Products,
Inc.
..........
25,709
864,337
Stoneridge,
Inc.
(a)
...................
27,549
552,908
Visteon
Corp.
(a)
....................
28,967
3,999,474
XPEL,
Inc.
(a)(b)(c)
....................
23,575
1,817,868
106,140,184
Automobiles
—
1.9%
Arcimoto,
Inc.
(a)
....................
45
38
Fisker,
Inc.,
Class
A
(a)(b)
...............
192,132
1,233,487
Ford
Motor
Co.
....................
4,069,331
50,541,091
General
Motors
Co.
.................
1,427,507
47,064,906
Harley-Davidson,
Inc.
................
134,917
4,460,356
Lucid
Group,
Inc.
(a)(b)
.................
952,141
5,322,468
Mullen
Automotive,
Inc.
(a)(b)
............
882,086
400,467
Rivian
Automotive,
Inc.,
Class
A
(a)(b)
.......
698,272
16,954,044
Tesla,
Inc.
(a)
.......................
2,858,666
715,295,406
Thor
Industries,
Inc.
(b)
................
55,820
5,310,157
Winnebago
Industries,
Inc.
............
31,415
1,867,622
848,450,042
Banks
—
3.3%
1st
Source
Corp.
...................
19,118
804,677
Amalgamated
Financial
Corp.
..........
27,868
479,887
Amerant
Bancorp,
Inc.,
Class
A
.........
29,900
521,456
American
National
Bankshares,
Inc.
......
19,461
738,350
Ameris
Bancorp
....................
67,309
2,583,993
Arrow
Financial
Corp.
................
29,861
508,234
Associated
Banc-Corp.
...............
169,430
2,898,947
Atlantic
Union
Bankshares
Corp.
........
76,721
2,208,030
Axos
Financial,
Inc.
(a)
................
54,819
2,075,447
Banc
of
California,
Inc.
...............
60,049
743,407
BancFirst
Corp.
....................
18,965
1,644,834
Bancorp,
Inc.
(The)
(a)(b)
...............
33,772
1,165,134
Bank
First
Corp.
(b)
..................
9,249
713,560
Bank
of
America
Corp.
...............
7,156,524
195,945,627
Bank
of
Hawaii
Corp.
................
40,854
2,030,035
Bank
of
Marin
Bancorp
...............
28,803
526,519
Bank
OZK
.......................
105,352
3,905,399
BankUnited,
Inc.
...................
54,708
1,241,872
Banner
Corp.
.....................
19,279
817,044
Bar
Harbor
Bankshares
..............
25,813
609,961
BayCom
Corp.
....................
26,826
515,327
Berkshire
Hills
Bancorp,
Inc.
...........
41,358
829,228
BOK
Financial
Corp.
.................
30,248
2,419,235
Bridgewater
Bancshares,
Inc.
(a)
.........
50,975
483,243
Brookline
Bancorp,
Inc.
(b)
..............
55,340
504,147
Business
First
Bancshares,
Inc.
.........
25,374
476,016
Byline
Bancorp,
Inc.
.................
29,433
580,124
Cadence
Bank
....................
126,467
2,683,630
Cambridge
Bancorp
.................
11,609
723,125
Camden
National
Corp.
..............
26,590
750,370
Capital
City
Bank
Group,
Inc.
...........
15,716
468,808
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Capitol
Federal
Financial,
Inc.
..........
135,172
$
644,770
Capstar
Financial
Holdings,
Inc.
.........
37,136
526,960
Carter
Bankshares,
Inc.
(a)
.............
43,271
542,186
Cathay
General
Bancorp
..............
76,390
2,655,316
CB
Financial
Services,
Inc.
............
34,360
744,925
Citigroup,
Inc.
.....................
1,998,631
82,203,693
Citizens
Financial
Group,
Inc.
..........
489,160
13,109,488
City
Holding
Co.
...................
11,974
1,081,851
CNB
Financial
Corp.
.................
33,670
609,764
Coastal
Financial
Corp.
(a)
.............
15,900
682,269
Colony
Bankcorp,
Inc.
...............
67,729
676,951
Columbia
Banking
System,
Inc.
.........
228,389
4,636,297
Columbia
Financial,
Inc.
(a)(b)
............
33,997
534,093
Comerica,
Inc.
.....................
139,231
5,785,048
Commerce
Bancshares,
Inc.
...........
117,579
5,641,440
Community
Bank
System,
Inc.
..........
43,616
1,841,031
Community
Trust
Bancorp,
Inc.
.........
19,280
660,533
ConnectOne
Bancorp,
Inc.
............
53,489
953,709
CrossFirst
Bankshares,
Inc.
(a)(b)
.........
72,154
728,034
Cullen/Frost
Bankers,
Inc.
.............
68,878
6,282,362
Customers
Bancorp,
Inc.
(a)
.............
30,402
1,047,349
CVB
Financial
Corp.
.................
134,337
2,225,964
Dime
Community
Bancshares,
Inc.
.......
43,319
864,647
Eagle
Bancorp
Montana,
Inc.
...........
44,619
527,397
Eagle
Bancorp,
Inc.
.................
21,314
457,185
East
West
Bancorp,
Inc.
..............
147,393
7,769,085
Eastern
Bankshares,
Inc.
.............
220,798
2,768,807
Enterprise
Financial
Services
Corp.
......
45,736
1,715,100
Equity
Bancshares,
Inc.,
Class
A
........
26,344
634,100
Esquire
Financial
Holdings,
Inc.
.........
17,577
803,093
Evans
Bancorp,
Inc.
(b)
................
23,325
625,110
Farmers
National
Banc
Corp.
...........
70,302
812,691
FB
Financial
Corp.
..................
50,907
1,443,723
Fifth
Third
Bancorp
.................
707,886
17,930,752
First
Bancorp
.....................
180,966
3,173,340
First
Bancshares,
Inc.
(The)
............
31,002
836,124
First
Busey
Corp.
...................
78,634
1,511,345
First
Citizens
BancShares,
Inc.,
Class
A
....
12,408
17,124,281
First
Commonwealth
Financial
Corp.
......
43,678
533,308
First
Community
Bankshares,
Inc.
.......
17,863
526,065
First
Financial
Bancorp
...............
65,509
1,283,976
First
Financial
Bankshares,
Inc.
.........
143,319
3,600,173
First
Financial
Corp.
.................
18,238
616,627
First
Foundation,
Inc.
................
72,534
441,007
First
Hawaiian,
Inc.
.................
164,648
2,971,896
First
Horizon
Corp.
..................
591,019
6,513,029
First
Interstate
BancSystem,
Inc.,
Class
A
..
91,378
2,278,967
First
Merchants
Corp.
................
91,611
2,548,618
First
Mid
Bancshares,
Inc.
.............
25,436
675,580
First
of
Long
Island
Corp.
(The)
.........
45,713
526,157
First
Savings
Financial
Group,
Inc.
.......
31,794
475,320
First
US
Bancshares,
Inc.
.............
9
77
First
Western
Financial,
Inc.
(a)(b)
.........
25,802
468,306
Flushing
Financial
Corp.
..............
42,448
557,342
FNB
Corp.
.......................
383,528
4,138,267
Franklin
Financial
Services
Corp.
........
26,822
764,427
Fulton
Financial
Corp.
................
170,218
2,061,340
German
American
Bancorp,
Inc.
.........
43,517
1,178,876
Glacier
Bancorp,
Inc.
(b)
...............
119,347
3,401,390
Glen
Burnie
Bancorp
................
598
3,899
Great
Southern
Bancorp,
Inc.
...........
9,307
445,991
Hancock
Whitney
Corp.
..............
89,588
3,313,860
HarborOne
Bancorp,
Inc.
.............
67,231
640,039
Hawthorn
Bancshares,
Inc.
............
9
146
Heartland
Financial
USA,
Inc.
..........
46,574
1,370,673
Security
Shares
Shares
Value
Banks
(continued)
Heritage
Commerce
Corp.
.............
77,761
$
658,636
Heritage
Financial
Corp.
..............
33,744
550,365
Hilltop
Holdings,
Inc.
.................
51,785
1,468,623
Hingham
Institution
for
Savings
(The)
(b)
....
2,445
456,604
Home
BancShares,
Inc.
..............
202,641
4,243,303
Home
Federal
Bancorp,
Inc.
of
Louisiana
...
506
7,666
HomeTrust
Bancshares,
Inc.
...........
22,883
495,875
Hope
Bancorp,
Inc.
.................
84,527
748,064
Horizon
Bancorp,
Inc.
................
65,656
701,206
Huntington
Bancshares,
Inc.
...........
1,513,396
15,739,318
Independent
Bank
Corp.
..............
57,488
2,135,223
Independent
Bank
Group,
Inc.
..........
36,432
1,440,886
International
Bancshares
Corp.
.........
54,356
2,355,789
John
Marshall
Bancorp,
Inc.
...........
25,274
451,141
JPMorgan
Chase
&
Co.
..............
3,007,910
436,207,108
Kearny
Financial
Corp.
...............
82,941
574,781
Kentucky
First
Federal
Bancorp
.........
844
4,338
KeyCorp
.........................
975,356
10,494,831
Lake
Shore
Bancorp,
Inc.
.............
652
6,690
Lakeland
Bancorp,
Inc.
...............
120,736
1,523,688
Lakeland
Financial
Corp.
..............
24,513
1,163,387
Live
Oak
Bancshares,
Inc.
(b)
............
36,845
1,066,663
M&T
Bank
Corp.
...................
173,826
21,980,298
Macatawa
Bank
Corp.
...............
60,543
542,465
Mercantile
Bank
Corp.
...............
17,930
554,216
Metropolitan
Bank
Holding
Corp.
(a)
.......
13,071
474,216
Mid
Penn
Bancorp,
Inc.
...............
26,684
537,149
Midland
States
Bancorp,
Inc.
...........
25,410
521,921
MidWestOne
Financial
Group,
Inc.
.......
27,899
567,187
National
Bank
Holdings
Corp.,
Class
A
....
37,993
1,130,672
NBT
Bancorp,
Inc.
..................
59,867
1,897,185
New
York
Community
Bancorp,
Inc.
......
749,641
8,500,929
Nicolet
Bankshares,
Inc.
(b)
.............
14,130
985,991
Northeast
Bank
....................
16,025
706,703
Northeast
Community
Bancorp,
Inc.
......
47,930
707,447
Northfield
Bancorp,
Inc.
..............
41,144
388,811
Northwest
Bancshares,
Inc.
............
93,733
958,889
Norwood
Financial
Corp.
..............
22,023
567,312
OceanFirst
Financial
Corp.
............
99,763
1,443,571
OFG
Bancorp
.....................
35,052
1,046,653
Ohio
Valley
Banc
Corp.
...............
21,521
526,188
Old
National
Bancorp
................
299,880
4,360,255
Old
Second
Bancorp,
Inc.
.............
42,613
579,963
Origin
Bancorp,
Inc.
.................
36,754
1,061,088
Pacific
Premier
Bancorp,
Inc.
...........
80,724
1,756,554
PacWest
Bancorp
(b)
.................
121,414
960,385
Park
National
Corp.
.................
19,586
1,851,269
Pathward
Financial,
Inc.
(b)
.............
25,864
1,192,072
Patriot
National
Bancorp,
Inc.
(a)
.........
59
420
PCB
Bancorp
.....................
39,543
610,939
Peapack-Gladstone
Financial
Corp.
......
38,047
975,906
Peoples
Bancorp
of
North
Carolina,
Inc.
(b)
..
26,923
605,229
Peoples
Bancorp,
Inc.
...............
36,146
917,385
Peoples
Financial
Services
Corp.
........
9
361
Pinnacle
Financial
Partners,
Inc.
.........
82,297
5,517,191
PNC
Financial
Services
Group,
Inc.
(The)
..
411,557
50,526,853
Ponce
Financial
Group,
Inc.
(a)(b)
.........
81,204
635,015
Popular,
Inc.
......................
74,904
4,719,701
Premier
Financial
Corp.
..............
43,957
749,906
Princeton
Bancorp,
Inc.
(b)
.............
18,374
532,662
Prosperity
Bancshares,
Inc.
............
94,133
5,137,779
Provident
Financial
Services,
Inc.
........
61,828
945,350
QCR
Holdings,
Inc.
.................
24,650
1,196,018
Red
River
Bancshares,
Inc.
............
10,447
480,144
Regions
Financial
Corp.
..............
989,396
17,017,611
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Renasant
Corp.
....................
43,757
$
1,145,996
Republic
Bancorp,
Inc.,
Class
A
.........
12,894
567,981
S&T
Bancorp,
Inc.
..................
18,799
509,077
Sandy
Spring
Bancorp,
Inc.
............
53,194
1,139,947
Seacoast
Banking
Corp.
of
Florida
.......
87,834
1,928,835
ServisFirst
Bancshares,
Inc.
...........
49,374
2,575,842
Shore
Bancshares,
Inc.
...............
66,665
701,316
Simmons
First
National
Corp.,
Class
A
....
111,564
1,892,125
SmartFinancial,
Inc.
.................
35,726
763,465
Sound
Financial
Bancorp,
Inc.
..........
15,987
587,682
South
Plains
Financial,
Inc.
............
35,651
942,612
Southern
Missouri
Bancorp,
Inc.
.........
13,563
524,752
Southside
Bancshares,
Inc.
............
22,724
652,179
SouthState
Corp.
...................
79,888
5,381,256
Stellar
Bancorp,
Inc.
.................
43,836
934,584
Stock
Yards
Bancorp,
Inc.
.............
31,281
1,229,031
Synovus
Financial
Corp.
..............
157,687
4,383,699
Texas
Capital
Bancshares,
Inc.
(a)
........
56,456
3,325,258
Tompkins
Financial
Corp.
.............
12,835
628,787
Towne
Bank
......................
79,021
1,811,952
TriCo
Bancshares
..................
36,737
1,176,686
Triumph
Financial,
Inc.
(a)
..............
21,235
1,375,816
Truist
Financial
Corp.
................
1,385,160
39,629,428
Trustmark
Corp.
...................
60,524
1,315,187
UMB
Financial
Corp.
................
45,532
2,825,261
United
Bancorp,
Inc.
.................
9
104
United
Bankshares,
Inc.
..............
138,066
3,809,241
United
Community
Banks,
Inc.
..........
95,674
2,431,076
Univest
Financial
Corp.
...............
32,794
569,960
US
Bancorp
......................
1,610,540
53,244,452
Valley
National
Bancorp
..............
441,040
3,775,302
Veritex
Holdings,
Inc.
................
32,479
582,998
Village
Bank
and
Trust
Financial
Corp.
....
113
5,145
Virginia
National
Bankshares
Corp.
(b)
......
18,788
570,216
Washington
Federal,
Inc.
..............
66,416
1,701,578
Washington
Trust
Bancorp,
Inc.
.........
24,430
643,242
Webster
Financial
Corp.
..............
184,503
7,437,316
Wells
Fargo
&
Co.
..................
3,791,743
154,930,619
WesBanco,
Inc.
....................
65,051
1,588,545
Westamerica
Bancorp
...............
18,527
801,293
Western
Alliance
Bancorp
.............
112,728
5,182,106
Wintrust
Financial
Corp.
..............
68,202
5,149,251
WSFS
Financial
Corp.
...............
60,818
2,219,857
Zions
Bancorp
NA
..................
159,159
5,553,058
1,423,747,992
Beverages
—
1.4%
Alkaline
Water
Co.,
Inc.
(The)
(a)
.........
13
5
Boston
Beer
Co.,
Inc.
(The),
Class
A
(a)
.....
9,428
3,672,489
Brown-Forman
Corp.,
Class
A
..........
56,356
3,274,284
Brown-Forman
Corp.,
Class
B,
NVS
......
189,687
10,943,043
Celsius
Holdings,
Inc.
(a)(b)
..............
51,347
8,811,145
Coca-Cola
Co.
(The)
................
4,036,156
225,944,013
Coca-Cola
Consolidated,
Inc.
...........
4,883
3,107,151
Constellation
Brands,
Inc.,
Class
A
.......
166,321
41,801,457
Duckhorn
Portfolio,
Inc.
(The)
(a)
.........
52,479
538,434
Eastside
Distilling,
Inc.
(a)
..............
424
521
Keurig
Dr
Pepper,
Inc.
...............
1,046,195
33,028,376
MGP
Ingredients,
Inc.
(b)
...............
15,827
1,669,432
Molson
Coors
Beverage
Co.,
Class
B
.....
191,230
12,160,316
Monster
Beverage
Corp.
(a)
.............
763,085
40,405,351
National
Beverage
Corp.
(a)
.............
24,013
1,129,091
PepsiCo,
Inc.
.....................
1,420,085
240,619,202
Vita
Coco
Co.,
Inc.
(The)
(a)(b)
...........
34,475
897,729
Security
Shares
Shares
Value
Beverages
(continued)
Willamette
Valley
Vineyards,
Inc.
(a)
.......
794
$
4,661
628,006,700
Biotechnology
—
2.6%
4D
Molecular
Therapeutics,
Inc.
(a)(b)
.......
42,915
546,308
89bio,
Inc.
(a)
......................
74,170
1,145,185
Aadi
Bioscience,
Inc.
(a)
...............
18
87
AbbVie,
Inc.
......................
1,826,306
272,229,172
Abeona
Therapeutics,
Inc.
(a)(b)
..........
1,142
4,808
ACADIA
Pharmaceuticals,
Inc.
(a)
.........
129,397
2,696,633
ACELYRIN,
Inc.
(a)
...................
53,110
540,129
Achieve
Life
Sciences,
Inc.
(a)(b)
..........
154
662
Acorda
Therapeutics,
Inc.
(a)
............
389
5,668
ADMA
Biologics,
Inc.
(a)
...............
247,576
886,322
Adverum
Biotechnologies,
Inc.
(a)(b)
........
108
162
Agenus,
Inc.
(a)(b)
....................
381,641
431,254
AgeX
Therapeutics,
Inc.
(a)(b)
............
7,657
5,207
Agios
Pharmaceuticals,
Inc.
(a)
..........
69,689
1,724,803
AIM
ImmunoTech,
Inc.
(a)(b)
.............
9,313
4,237
Akero
Therapeutics,
Inc.
(a)(b)
............
59,547
3,011,887
Alaunos
Therapeutics,
Inc.
(a)(b)
..........
279
37
Aldeyra
Therapeutics,
Inc.
(a)(b)
...........
75,826
506,518
Alector,
Inc.
(a)(b)
....................
93,940
608,731
Alkermes
plc
(a)
.....................
175,997
4,929,676
Allogene
Therapeutics,
Inc.
(a)(b)
..........
174,210
552,246
Alnylam
Pharmaceuticals,
Inc.
(a)(b)
........
130,771
23,159,544
Alpine
Immune
Sciences,
Inc.
(a)(b)
........
48,421
554,420
Amgen,
Inc.
......................
553,713
148,815,906
Amicus
Therapeutics,
Inc.
(a)
............
265,668
3,230,523
AnaptysBio,
Inc.
(a)(b)
.................
25,343
455,160
Anavex
Life
Sciences
Corp.
(a)(b)
.........
86,485
566,477
Anika
Therapeutics,
Inc.
(a)
.............
38,948
725,601
Annovis
Bio,
Inc.
(a)(b)
.................
9
85
Apellis
Pharmaceuticals,
Inc.
(a)(b)
.........
103,080
3,921,163
Apogee
Therapeutics,
Inc.
(a)(b)
..........
26,446
563,300
Applied
Molecular
Transport,
Inc.
(a)(b)
......
16,792
2,636
Aprea
Therapeutics,
Inc.
(a)(b)
............
726
3,042
Aptevo
Therapeutics,
Inc.
(a)
............
1,033
341
AquaBounty
Technologies,
Inc.
(a)(b)
.......
108
26
Aravive,
Inc.
(a)
.....................
1,635
216
Arbutus
Biopharma
Corp.
(a)
............
331,615
673,178
ARCA
biopharma,
Inc.
(a)(b)
.............
48
96
Arcellx,
Inc.
(a)
.....................
33,172
1,190,211
Arcturus
Therapeutics
Holdings,
Inc.
(a)(b)
....
24,195
618,182
Arcus
Biosciences,
Inc.
(a)
..............
63,966
1,148,190
Arcutis
Biotherapeutics,
Inc.
(a)(b)
.........
75,925
403,162
Ardelyx,
Inc.
(a)(b)
....................
248,630
1,014,410
Armata
Pharmaceuticals,
Inc.
(a)
.........
5
15
Arrowhead
Pharmaceuticals,
Inc.
(a)(b)
......
112,716
3,028,679
Assembly
Biosciences,
Inc.
(a)
...........
54
48
Atreca,
Inc.,
Class
A
(a)(b)
...............
45
12
Avalo
Therapeutics,
Inc.
(a)(b)
............
4,885
590
Avid
Bioservices,
Inc.
(a)(b)
..............
65,531
618,613
Avidity
Biosciences,
Inc.
(a)(b)
............
71,558
456,540
Avita
Medical,
Inc.
(a)(b)
................
35,464
518,129
Avrobio,
Inc.
(a)
.....................
45
69
Beam
Therapeutics,
Inc.
(a)
.............
90,937
2,187,035
Biocept,
Inc.
(a)(b)
....................
6
8
BioCryst
Pharmaceuticals,
Inc.
(a)(b)
.......
208,583
1,476,768
Biogen,
Inc.
(a)
.....................
150,374
38,647,622
Biohaven
Ltd.
(a)
....................
66,132
1,720,093
BioMarin
Pharmaceutical,
Inc.
(a)
.........
198,303
17,545,849
Biomea
Fusion,
Inc.
(a)(b)
...............
36,123
497,052
Bio-Path
Holdings,
Inc.
(a)
..............
260
96
Bluebird
Bio,
Inc.
(a)(b)
.................
144,611
439,617
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Blueprint
Medicines
Corp.
(a)
............
66,005
$
3,314,771
Bridgebio
Pharma,
Inc.
(a)
..............
126,719
3,341,580
Cabaletta
Bio,
Inc.
(a)
.................
43,471
661,629
CareDx,
Inc.
(a)(b)
....................
74,513
521,591
Caribou
Biosciences,
Inc.
(a)
............
124,932
597,175
Catalyst
Biosciences,
Inc.
.............
7,816
3,770
Catalyst
Pharmaceuticals,
Inc.
(a)
.........
102,702
1,200,586
Celldex
Therapeutics,
Inc.
(a)(b)
...........
48,477
1,334,087
Cellectar
Biosciences,
Inc.
(a)(b)
..........
5
13
CEL-SCI
Corp.
(a)(b)
..................
63
79
Cerevel
Therapeutics
Holdings,
Inc.
(a)(b)
....
81,575
1,780,782
Cibus,
Inc.
(a)(b)
.....................
3
55
Cogent
Biosciences,
Inc.
(a)
.............
98,968
964,938
Cohbar,
Inc.
(a)(c)
....................
9
28
Coherus
Biosciences,
Inc.
(a)(b)
...........
134,547
503,206
ContraFect
Corp.
(a)(b)
.................
208
120
Corbus
Pharmaceuticals
Holdings,
Inc.
(a)
...
9
61
Crinetics
Pharmaceuticals,
Inc.
(a)
........
45,192
1,344,010
CRISPR
Therapeutics
AG
(a)(b)
...........
84,244
3,823,835
Cullinan
Oncology,
Inc.
(a)(b)
.............
51,085
462,319
Cyclacel
Pharmaceuticals,
Inc.
(a)
.........
4,308
1,495
Cyclerion
Therapeutics,
Inc.
(a)(b)
.........
831
2,825
Cytokinetics,
Inc.
(a)(b)
.................
107,403
3,164,092
CytomX
Therapeutics,
Inc.
(a)(b)
..........
180
232
Day
One
Biopharmaceuticals,
Inc.
(a)(b)
.....
67,248
825,133
Deciphera
Pharmaceuticals,
Inc.
(a)
.......
55,678
708,224
Denali
Therapeutics,
Inc.
(a)(b)
...........
142,788
2,945,716
DermTech,
Inc.
(a)(b)
..................
36
52
Dianthus
Therapeutics,
Inc.
(a)(b)
..........
10,673
145,897
Disc
Medicine,
Inc.
(a)
.................
15,573
731,620
Dominari
Holdings,
Inc.
(a)(b)
............
2,453
5,912
Dynavax
Technologies
Corp.
(a)(b)
.........
139,853
2,065,629
Dyne
Therapeutics,
Inc.
(a)
.............
60,902
545,682
Editas
Medicine,
Inc.
(a)
...............
123,036
959,681
Eledon
Pharmaceuticals,
Inc.
(a)
..........
17
23
Enanta
Pharmaceuticals,
Inc.
(a)
.........
38,524
430,313
EQRx,
Inc.
(a)
......................
366,904
814,527
Equillium,
Inc.
(a)(b)
...................
6,015
4,451
Erasca,
Inc.
(a)(b)
....................
202,487
398,899
Eterna
Therapeutics,
Inc.
(a)(b)
...........
958
2,165
Exact
Sciences
Corp.
(a)(b)
..............
187,572
12,796,162
Exelixis,
Inc.
(a)
.....................
344,968
7,537,551
Exicure,
Inc.
(a)
.....................
7,261
5,228
First
Wave
BioPharma,
Inc.
(a)(b)
..........
376
109
Forte
Biosciences,
Inc.
(a)
..............
7,304
4,835
Fresh
Tracks
Therapeutics,
Inc.
(a)(b)
.......
21
20
Galera
Therapeutics,
Inc.
(a)(b)
...........
11,871
2,079
Genelux
Corp.
(a)(b)
..................
22,787
558,054
Geron
Corp.
(a)(b)
....................
465,816
987,530
Gilead
Sciences,
Inc.
................
1,291,372
96,775,418
Halozyme
Therapeutics,
Inc.
(a)
..........
139,287
5,320,763
Harpoon
Therapeutics,
Inc.
(a)
...........
2
8
Homology
Medicines,
Inc.
(a)(b)
...........
54
63
Horizon
Therapeutics
plc
(a)
............
238,606
27,604,328
iBio,
Inc.
(a)
........................
126
38
Ideaya
Biosciences,
Inc.
(a)(b)
............
62,890
1,696,772
IGM
Biosciences,
Inc.
(a)
...............
9
75
ImmuCell
Corp.
(a)
...................
736
3,798
ImmunityBio,
Inc.
(a)(b)
.................
278,036
469,881
ImmunoGen,
Inc.
(a)
..................
243,318
3,861,457
Immunovant,
Inc.
(a)
..................
61,805
2,372,694
Incyte
Corp.
(a)
.....................
194,754
11,250,939
Inhibrx,
Inc.
(a)
.....................
33,789
620,028
Insmed,
Inc.
(a)(b)
....................
149,369
3,771,567
Intellia
Therapeutics,
Inc.
(a)(b)
...........
92,796
2,934,210
Security
Shares
Shares
Value
Biotechnology
(continued)
Intercept
Pharmaceuticals,
Inc.
(a)
........
50,257
$
931,765
Ionis
Pharmaceuticals,
Inc.
(a)
...........
155,038
7,032,524
Iovance
Biotherapeutics,
Inc.
(a)
..........
241,141
1,097,192
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(a)
..
158,572
1,527,048
iTeos
Therapeutics,
Inc.
(a)
.............
43,177
472,788
KalVista
Pharmaceuticals,
Inc.
(a)
.........
42,932
413,435
Karuna
Therapeutics,
Inc.
(a)(b)
...........
37,925
6,412,738
Keros
Therapeutics,
Inc.
(a)
.............
29,737
948,016
Kineta,
Inc.
(b)
......................
46
157
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(a)
....
27,754
482,087
Kinnate
Biopharma,
Inc.
(a)
.............
18
25
Kronos
Bio,
Inc.
(a)(b)
.................
63
82
Krystal
Biotech,
Inc.
(a)
................
26,304
3,051,264
Kura
Oncology,
Inc.
(a)(b)
...............
99,993
911,936
Kymera
Therapeutics,
Inc.
(a)(b)
..........
41,658
579,046
Larimar
Therapeutics,
Inc.
(a)
............
1,212
4,787
Lisata
Therapeutics,
Inc.
(a)(b)
............
556
1,162
Lumos
Pharma,
Inc.
(a)
................
2,356
7,775
Lyell
Immunopharma,
Inc.
(a)(b)
...........
271,039
398,427
MacroGenics,
Inc.
(a)
.................
94,734
441,460
Madrigal
Pharmaceuticals,
Inc.
(a)
........
15,407
2,250,038
MannKind
Corp.
(a)
..................
295,827
1,221,766
Marker
Therapeutics,
Inc.
(a)
............
9
41
Matinas
BioPharma
Holdings,
Inc.
(a)
......
243
32
MEI
Pharma,
Inc.
(a)(b)
................
9
63
MiMedx
Group,
Inc.
(a)
................
123,987
903,865
MiNK
Therapeutics,
Inc.
(a)(b)
............
3,482
4,074
Mirati
Therapeutics,
Inc.
(a)(b)
............
67,176
2,926,187
Mirum
Pharmaceuticals,
Inc.
(a)(b)
.........
40,453
1,278,315
Moderna,
Inc.
(a)
....................
345,588
35,695,785
Molecular
Templates,
Inc.
(a)
............
4
25
Moleculin
Biotech,
Inc.
(a)
..............
7,386
3,158
Morphic
Holding,
Inc.
(a)(b)
..............
43,924
1,006,299
Mustang
Bio,
Inc.
(a)
..................
6
12
Myriad
Genetics,
Inc.
(a)
...............
86,572
1,388,615
NanoViricides,
Inc.
(a)(b)
................
1,651
2,212
Natera,
Inc.
(a)
.....................
114,134
5,050,430
Navidea
Biopharmaceuticals,
Inc.
(a)(b)
......
7,668
688
Neoleukin
Therapeutics,
Inc.
(a)(b)
.........
10
40
NeuBase
Therapeutics,
Inc.
(a)
...........
356
310
Neurocrine
Biosciences,
Inc.
(a)
..........
103,617
11,656,913
NightHawk
Biosciences,
Inc.
(a)(b)
.........
12,420
6,545
Novavax,
Inc.
(a)(b)
...................
127,838
925,547
Nurix
Therapeutics,
Inc.
(a)(b)
............
77,778
611,335
Nuvalent,
Inc.,
Class
A
(a)(b)
.............
29,291
1,346,507
Olema
Pharmaceuticals,
Inc.
(a)(b)
.........
51,227
632,653
Oncternal
Therapeutics,
Inc.
(a)
..........
90
27
Oragenics,
Inc.
(a)
...................
994
2,952
Organovo
Holdings,
Inc.
(a)(b)
............
5,153
6,287
ORIC
Pharmaceuticals,
Inc.
(a)(b)
.........
65,683
397,382
PDL
BioPharma,
Inc.
(a)(d)
..............
135,868
1
Pieris
Pharmaceuticals,
Inc.
(a)
..........
108
32
Point
Biopharma
Global,
Inc.
(a)(b)
.........
108,188
721,614
Praxis
Precision
Medicines,
Inc.
(a)(b)
.......
351
600
Prelude
Therapeutics,
Inc.
(a)
............
9
28
Prime
Medicine,
Inc.
(a)(b)
..............
51,891
495,040
Protagonist
Therapeutics,
Inc.
(a)(b)
........
57,921
966,122
Prothena
Corp.
plc
(a)
.................
42,069
2,029,829
PTC
Therapeutics,
Inc.
(a)
..............
83,026
1,860,613
Qualigen
Therapeutics,
Inc.
(a)(b)
..........
57
58
Quince
Therapeutics,
Inc.
(a)(b)
...........
27
30
RAPT
Therapeutics,
Inc.
(a)(b)
............
31,335
520,788
Recursion
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
182,890
1,399,109
Regeneron
Pharmaceuticals,
Inc.
(a)
.......
110,548
90,976,582
REGENXBIO,
Inc.
(a)(b)
................
53,349
878,125
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Regulus
Therapeutics,
Inc.
(a)
...........
45
$
62
Relay
Therapeutics,
Inc.
(a)(b)
............
94,138
791,701
Replimune
Group,
Inc.
(a)(b)
.............
65,855
1,126,779
REVOLUTION
Medicines,
Inc.
(a)(b)
........
107,993
2,989,246
Rhythm
Pharmaceuticals,
Inc.
(a)(b)
........
57,548
1,319,288
Rocket
Pharmaceuticals,
Inc.
(a)
..........
70,862
1,451,962
Roivant
Sciences
Ltd.
(a)
...............
342,997
4,006,205
Sage
Therapeutics,
Inc.
(a)(b)
............
53,437
1,099,733
Salarius
Pharmaceuticals,
Inc.
(a)
.........
32
21
Sana
Biotechnology,
Inc.
(a)(b)
...........
137,388
531,692
Sarepta
Therapeutics,
Inc.
(a)(b)
..........
96,883
11,744,157
Savara,
Inc.
(a)(b)
....................
136,384
515,532
Seagen,
Inc.
(a)
.....................
146,258
31,028,635
SELLAS
Life
Sciences
Group,
Inc.
(a)(b)
.....
2
3
Seres
Therapeutics,
Inc.
(a)(b)
............
170,521
405,840
Soleno
Therapeutics,
Inc.
(a)
............
39
1,151
Soligenix,
Inc.
(a)
....................
1,115
619
SpringWorks
Therapeutics,
Inc.
(a)(b)
.......
63,522
1,468,629
Sutro
Biopharma,
Inc.
(a)
...............
101,530
352,309
Syndax
Pharmaceuticals,
Inc.
(a)
.........
76,709
1,113,815
Synlogic,
Inc.
(a)
....................
249
700
Syros
Pharmaceuticals,
Inc.
(a)(b)
.........
18
71
Tango
Therapeutics,
Inc.
(a)
.............
57,613
648,722
Tempest
Therapeutics,
Inc.
(a)
...........
88
28
TG
Therapeutics,
Inc.
(a)(b)
..............
150,525
1,258,389
Theriva
Biologics,
Inc.
(a)(b)
.............
109
59
Tonix
Pharmaceuticals
Holding
Corp.
(a)(b)
...
6,376
3,475
Tracon
Pharmaceuticals,
Inc.
(a)(b)
.........
6,571
1,170
Travere
Therapeutics,
Inc.
(a)
............
92,462
826,610
Trevena,
Inc.
(a)
.....................
4,088
2,465
Twist
Bioscience
Corp.
(a)(b)
.............
64,593
1,308,654
Ultragenyx
Pharmaceutical,
Inc.
(a)
........
79,246
2,825,120
uniQure
NV
(a)
.....................
70,151
470,713
United
Therapeutics
Corp.
(a)
............
48,489
10,952,210
Vaccinex,
Inc.
(a)
....................
173
195
Vaxcyte,
Inc.
(a)(b)
....................
90,746
4,626,231
VBI
Vaccines,
Inc.
(a)
.................
9
6
Vera
Therapeutics,
Inc.,
Class
A
(a)(b)
.......
43,168
591,833
Veracyte,
Inc.
(a)(b)
...................
77,049
1,720,504
Vericel
Corp.
(a)
.....................
52,624
1,763,956
Vertex
Pharmaceuticals,
Inc.
(a)
..........
267,552
93,038,532
Verve
Therapeutics,
Inc.
(a)(b)
............
63,075
836,375
Viking
Therapeutics,
Inc.
(a)(b)
............
111,229
1,231,305
Vir
Biotechnology,
Inc.
(a)
..............
108,251
1,014,312
Viridian
Therapeutics,
Inc.
(a)(b)
...........
45,911
704,275
vTv
Therapeutics,
Inc.,
Class
A
(a)(b)
.......
8,985
4,295
Xencor,
Inc.
(a)
.....................
67,131
1,352,690
Yield10
Bioscience,
Inc.
(a)
.............
7
2
Zentalis
Pharmaceuticals,
Inc.
(a)(b)
........
69,920
1,402,595
1,134,606,505
Broadline
Retail
—
2.9%
Amazon.com,
Inc.
(a)
.................
9,397,975
1,194,670,582
Dillard's,
Inc.,
Class
A
................
3,515
1,162,797
eBay,
Inc.
........................
557,741
24,590,801
Etsy,
Inc.
(a)
.......................
128,006
8,266,628
Groupon,
Inc.
(a)(b)
...................
41,255
632,027
Kohl's
Corp.
......................
121,276
2,541,945
Macy's,
Inc.
......................
280,771
3,259,751
Nordstrom,
Inc.
....................
112,821
1,685,546
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)(b)
....
63,980
4,937,976
Savers
Value
Village,
Inc.
(a)
............
27,696
517,084
1,242,265,137
Security
Shares
Shares
Value
Building
Products
—
0.7%
AAON,
Inc.
(b)
......................
69,461
$
3,950,247
Advanced
Drainage
Systems,
Inc.
(b)
......
72,332
8,233,551
Allegion
plc
.......................
90,425
9,422,285
American
Woodmark
Corp.
(a)
...........
18,050
1,364,760
AO
Smith
Corp.
....................
129,682
8,575,871
Apogee
Enterprises,
Inc.
..............
26,482
1,246,773
Armstrong
World
Industries,
Inc.
.........
45,341
3,264,552
AZEK
Co.,
Inc.
(The),
Class
A
(a)
.........
159,176
4,733,894
AZZ,
Inc.
........................
37,172
1,694,300
Builders
FirstSource,
Inc.
(a)
............
130,098
16,195,900
Carlisle
Cos.,
Inc.
..................
51,912
13,458,705
Carrier
Global
Corp.
.................
867,889
47,907,473
CSW
Industrials,
Inc.
................
16,770
2,938,775
Fortune
Brands
Innovations,
Inc.
........
130,470
8,110,015
Gibraltar
Industries,
Inc.
(a)
.............
34,707
2,343,070
Griffon
Corp.
......................
51,187
2,030,588
Hayward
Holdings,
Inc.
(a)(b)
.............
144,077
2,031,486
Insteel
Industries,
Inc.
................
21,681
703,765
Janus
International
Group,
Inc.
(a)
........
88,348
945,324
JELD-WEN
Holding,
Inc.
(a)
.............
107,435
1,435,332
Jewett-Cameron
Trading
Co.
Ltd.
(a)
.......
566
2,660
Johnson
Controls
International
plc
.......
703,739
37,445,952
Lennox
International,
Inc.
.............
32,887
12,314,208
Masco
Corp.
......................
229,307
12,256,459
Masonite
International
Corp.
(a)(b)
.........
23,611
2,201,017
Masterbrand,
Inc.
(a)
.................
137,062
1,665,303
Owens
Corning
....................
93,125
12,703,181
PGT
Innovations,
Inc.
(a)
...............
65,338
1,813,129
Quanex
Building
Products
Corp.
.........
36,295
1,022,430
Resideo
Technologies,
Inc.
(a)(b)
..........
172,831
2,730,730
Simpson
Manufacturing
Co.,
Inc.
........
44,611
6,683,174
Tecnoglass,
Inc.
....................
20,708
682,536
Trane
Technologies
plc
...............
235,149
47,714,084
Trex
Co.,
Inc.
(a)(b)
...................
113,546
6,997,840
UFP
Industries,
Inc.
.................
64,177
6,571,725
Zurn
Elkay
Water
Solutions
Corp.
........
153,448
4,299,613
297,690,707
Capital
Markets
—
2.9%
Affiliated
Managers
Group,
Inc.
.........
35,309
4,602,175
Ameriprise
Financial,
Inc.
.............
105,545
34,796,076
Ares
Management
Corp.,
Class
A
........
170,566
17,546,124
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
67,425
2,523,043
Ashford,
Inc.
(a)(b)
....................
329
2,027
AssetMark
Financial
Holdings,
Inc.
(a)
......
21,745
545,365
Avantax,
Inc.
(a)
.....................
45,598
1,166,397
B
Riley
Financial,
Inc.
................
17,335
710,562
Bank
of
New
York
Mellon
Corp.
(The)
.....
802,913
34,244,239
BGC
Group,
Inc.,
Class
A
.............
385,581
2,035,868
BlackRock,
Inc.
(e)
...................
145,408
94,004,818
Blackstone,
Inc.
....................
735,051
78,753,364
Blue
Owl
Capital,
Inc.,
Class
A
..........
426,961
5,533,415
Bridge
Investment
Group
Holdings,
Inc.,
Class
A
...........................
61,687
567,520
Brightsphere
Investment
Group,
Inc.
......
52,783
1,023,462
Carlyle
Group,
Inc.
(The)
..............
223,271
6,733,853
CBOE
Global
Markets,
Inc.
............
109,191
17,056,726
Charles
Schwab
Corp.
(The)
...........
1,539,678
84,528,322
CME
Group,
Inc.,
Class
A
.............
372,057
74,493,253
Cohen
&
Steers,
Inc.
................
30,896
1,936,870
Coinbase
Global,
Inc.,
Class
A
(a)(b)
........
176,780
13,272,642
Diamond
Hill
Investment
Group,
Inc.
......
5,325
897,635
Donnelley
Financial
Solutions,
Inc.
(a)
......
27,418
1,543,085
Evercore,
Inc.,
Class
A
...............
36,845
5,080,189
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Capital
Markets
(continued)
FactSet
Research
Systems,
Inc.
.........
38,913
$
17,015,098
Federated
Hermes,
Inc.,
Class
B
........
86,678
2,935,784
Franklin
Resources,
Inc.
..............
314,067
7,719,767
GCM
Grosvenor,
Inc.,
Class
A
..........
65,609
509,126
Goldman
Sachs
Group,
Inc.
(The)
.......
340,252
110,095,340
Hamilton
Lane,
Inc.,
Class
A
...........
40,299
3,644,642
Houlihan
Lokey,
Inc.,
Class
A
...........
51,846
5,553,743
Interactive
Brokers
Group,
Inc.,
Class
A
....
108,858
9,422,748
Intercontinental
Exchange,
Inc.
.........
592,862
65,226,677
Invesco
Ltd.
......................
468,197
6,798,220
Janus
Henderson
Group
plc
...........
136,663
3,528,639
Jefferies
Financial
Group,
Inc.
..........
183,264
6,712,960
KKR
&
Co.,
Inc.
....................
670,043
41,274,649
Lazard
Ltd.,
Class
A
.................
118,298
3,668,421
LPL
Financial
Holdings,
Inc.
............
79,141
18,807,859
MarketAxess
Holdings,
Inc.
............
38,980
8,327,687
Moelis
&
Co.,
Class
A
................
67,479
3,045,327
Moody's
Corp.
.....................
163,634
51,736,162
Morgan
Stanley
....................
1,318,711
107,699,127
Morningstar,
Inc.
...................
26,977
6,319,092
MSCI,
Inc.
.......................
81,781
41,960,195
Nasdaq,
Inc.
......................
351,145
17,062,136
Northern
Trust
Corp.
.................
216,183
15,020,395
Open
Lending
Corp.,
Class
A
(a)(b)
........
100,103
732,754
P10,
Inc.,
Class
A
..................
70,929
826,323
Perella
Weinberg
Partners,
Class
A
.......
67,446
686,600
Piper
Sandler
Cos.
..................
16,435
2,388,170
PJT
Partners,
Inc.,
Class
A
............
24,331
1,932,855
Raymond
James
Financial,
Inc.
.........
193,047
19,387,710
Robinhood
Markets,
Inc.,
Class
A
(a)
.......
598,569
5,871,962
S&P
Global,
Inc.
...................
336,744
123,049,625
Sculptor
Capital
Management,
Inc.,
Class
A
.
39,989
463,872
SEI
Investments
Co.
.................
105,477
6,352,880
Siebert
Financial
Corp.
(a)(b)
.............
45
90
State
Street
Corp.
..................
329,158
22,040,420
StepStone
Group,
Inc.,
Class
A
.........
52,343
1,652,992
Stifel
Financial
Corp.
................
109,405
6,721,843
StoneX
Group,
Inc.
(a)
................
17,806
1,725,758
T.
Rowe
Price
Group,
Inc.
.............
230,965
24,221,300
TPG,
Inc.,
Class
A
..................
62,824
1,892,259
Tradeweb
Markets,
Inc.,
Class
A
.........
119,457
9,580,451
Victory
Capital
Holdings,
Inc.,
Class
A
.....
38,114
1,270,721
Virtu
Financial,
Inc.,
Class
A
............
93,175
1,609,132
Virtus
Investment
Partners,
Inc.
.........
8,026
1,621,172
WisdomTree,
Inc.
...................
118,823
831,761
1,272,541,474
Chemicals
—
1.7%
AdvanSix,
Inc.
.....................
28,388
882,299
Air
Products
&
Chemicals,
Inc.
..........
229,472
65,032,365
Albemarle
Corp.
(b)
..................
121,491
20,658,330
American
Vanguard
Corp.
.............
42,427
463,727
Ashland,
Inc.
......................
54,093
4,418,316
Aspen
Aerogels,
Inc.
(a)(b)
..............
82,260
707,436
Avient
Corp.
......................
98,681
3,485,413
Axalta
Coating
Systems
Ltd.
(a)
..........
243,438
6,548,482
Balchem
Corp.
....................
34,564
4,287,319
Cabot
Corp.
......................
57,896
4,010,456
Celanese
Corp.
....................
101,961
12,798,145
CF
Industries
Holdings,
Inc.
............
198,416
17,012,188
Chase
Corp.
......................
8,955
1,139,345
Chemours
Co.
(The)
.................
155,485
4,361,354
Corteva,
Inc.
......................
736,929
37,701,288
Dow,
Inc.
........................
727,667
37,518,510
DuPont
de
Nemours,
Inc.
.............
476,142
35,515,432
Security
Shares
Shares
Value
Chemicals
(continued)
Eastman
Chemical
Co.
...............
122,708
$
9,414,158
Ecolab,
Inc.
......................
262,058
44,392,625
Ecovyst,
Inc.
(a)
.....................
125,245
1,232,411
Element
Solutions,
Inc.
...............
231,721
4,544,049
FMC
Corp.
.......................
129,570
8,677,303
Ginkgo
Bioworks
Holdings,
Inc.,
Class
A
(a)(b)
.
1,455,748
2,634,904
Hawkins,
Inc.
.....................
18,582
1,093,551
HB
Fuller
Co.
.....................
55,816
3,829,536
Huntsman
Corp.
...................
181,998
4,440,751
Ingevity
Corp.
(a)
....................
36,240
1,725,386
Innospec,
Inc.
.....................
26,951
2,754,392
International
Flavors
&
Fragrances,
Inc.
....
267,970
18,267,515
Koppers
Holdings,
Inc.
...............
18,757
741,839
Linde
plc
........................
504,359
187,798,074
Livent
Corp.
(a)(b)
....................
187,947
3,460,104
LSB
Industries,
Inc.
(a)(b)
...............
70,045
716,560
LyondellBasell
Industries
NV,
Class
A
.....
263,908
24,992,088
Mativ
Holdings,
Inc.
.................
53,218
758,889
Minerals
Technologies,
Inc.
............
36,642
2,006,516
Mosaic
Co.
(The)
...................
343,860
12,241,416
NewMarket
Corp.
...................
7,038
3,202,571
Olin
Corp.
........................
131,483
6,571,520
Orion
SA
........................
63,345
1,347,982
Perimeter
Solutions
SA
(a)(b)
............
152,025
690,193
PPG
Industries,
Inc.
.................
244,245
31,703,001
PureCycle
Technologies,
Inc.
(a)(b)
.........
147,614
828,115
Quaker
Chemical
Corp.
..............
14,929
2,388,640
RPM
International,
Inc.
...............
133,585
12,665,194
Scotts
Miracle-Gro
Co.
(The)
...........
44,876
2,319,192
Sensient
Technologies
Corp.
...........
46,063
2,693,764
Sherwin-Williams
Co.
(The)
............
243,806
62,182,720
Stepan
Co.
.......................
23,349
1,750,474
Trinseo
plc
.......................
55,785
455,763
Tronox
Holdings
plc
.................
126,271
1,697,082
Westlake
Corp.
....................
31,329
3,905,786
726,664,469
Commercial
Services
&
Supplies
—
0.6%
ABM
Industries,
Inc.
.................
71,894
2,876,479
ACCO
Brands
Corp.
.................
102,618
589,027
ACV
Auctions,
Inc.,
Class
A
(a)
...........
153,077
2,323,709
Aqua
Metals,
Inc.
(a)(b)
................
81
92
Brady
Corp.,
Class
A,
NVS
............
47,783
2,624,242
BrightView
Holdings,
Inc.
(a)
............
54,529
422,600
Brink's
Co.
(The)
...................
47,815
3,473,282
Casella
Waste
Systems,
Inc.,
Class
A
(a)(b)
...
59,444
4,535,577
CECO
Environmental
Corp.
(a)(b)
.........
33,945
542,102
Cimpress
plc
(a)
.....................
21,720
1,520,617
Cintas
Corp.
......................
88,946
42,783,915
Clean
Harbors,
Inc.
(a)(b)
...............
51,403
8,602,806
CompX
International,
Inc.
.............
257
4,778
Copart,
Inc.
(a)
.....................
899,121
38,743,124
CoreCivic,
Inc.
(a)
...................
138,382
1,556,797
Deluxe
Corp.
......................
46,827
884,562
Driven
Brands
Holdings,
Inc.
(a)
..........
65,074
819,282
DSS,
Inc.
(a)
.......................
90
17
Ennis,
Inc.
.......................
27,187
576,908
Enviri
Corp.
(a)
.....................
83,140
600,271
GEO
Group,
Inc.
(The)
(a)
..............
146,891
1,201,568
Healthcare
Services
Group,
Inc.
.........
74,440
776,409
Heritage-Crystal
Clean,
Inc.
(a)
...........
17,831
808,636
HNI
Corp.
........................
62,848
2,176,426
Interface,
Inc.
(b)
....................
55,275
542,248
JanOne,
Inc.
(a)
.....................
173
71
LanzaTech
Global,
Inc.
(a)(b)
.............
84,465
394,452
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Liquidity
Services,
Inc.
(a)
..............
34,149
$
601,705
Matthews
International
Corp.,
Class
A
.....
37,372
1,454,145
MillerKnoll,
Inc.
....................
77,988
1,906,807
Montrose
Environmental
Group,
Inc.
(a)
.....
26,892
786,860
MSA
Safety,
Inc.
...................
39,139
6,170,263
OPENLANE,
Inc.
(a)
..................
122,411
1,826,372
RB
Global,
Inc.
(b)
...................
186,655
11,665,937
Republic
Services,
Inc.
...............
210,201
29,955,745
Rollins,
Inc.
.......................
253,313
9,456,174
SP
Plus
Corp.
(a)
....................
18,425
665,143
Steelcase,
Inc.,
Class
A
..............
100,681
1,124,607
Stericycle,
Inc.
(a)
...................
96,576
4,317,913
Tetra
Tech,
Inc.
....................
54,948
8,353,744
UniFirst
Corp.
.....................
14,840
2,419,068
Viad
Corp.
(a)
......................
29,521
773,450
VSE
Corp.
.......................
15,563
784,998
Waste
Management,
Inc.
..............
380,057
57,935,889
259,578,817
Communications
Equipment
—
0.8%
ADTRAN
Holdings,
Inc.
..............
78,100
642,763
Arista
Networks,
Inc.
(a)
...............
259,250
47,683,852
Aviat
Networks,
Inc.
(a)(b)
...............
15,050
469,560
BK
Technologies
Corp.
...............
4
50
Calix,
Inc.
(a)(b)
......................
63,391
2,905,843
Ciena
Corp.
(a)(b)
....................
152,658
7,214,617
Cisco
Systems,
Inc.
.................
4,217,721
226,744,681
Clearfield,
Inc.
(a)
....................
16,951
485,816
ClearOne,
Inc.
.....................
9
7
CommScope
Holding
Co.,
Inc.
(a)
.........
210,284
706,554
Digi
International,
Inc.
(a)
...............
45,154
1,219,158
Extreme
Networks,
Inc.
(a)
..............
135,870
3,289,413
F5,
Inc.
(a)
........................
61,258
9,871,114
Harmonic,
Inc.
(a)
....................
115,962
1,116,714
Infinera
Corp.
(a)(b)
...................
223,135
932,704
Juniper
Networks,
Inc.
...............
334,144
9,285,862
KVH
Industries,
Inc.
(a)
................
18
92
Lumentum
Holdings,
Inc.
(a)(b)
...........
70,732
3,195,672
Motorola
Solutions,
Inc.
..............
172,223
46,885,990
NETGEAR,
Inc.
(a)(b)
..................
36,504
459,585
NetScout
Systems,
Inc.
(a)
.............
86,875
2,434,237
Optical
Cable
Corp.
(a)
................
9
27
Ribbon
Communications,
Inc.
(a)(b)
........
164,355
440,471
Ubiquiti,
Inc.
......................
4,732
687,560
Viasat,
Inc.
(a)(b)
.....................
79,275
1,463,416
Viavi
Solutions,
Inc.
(a)
................
232,461
2,124,694
Vislink
Technologies,
Inc.
(a)
............
1
4
370,260,456
Construction
&
Engineering
—
0.3%
AECOM
.........................
143,852
11,945,470
Ameresco,
Inc.,
Class
A
(a)(b)
............
38,396
1,480,550
API
Group
Corp.
(a)
..................
214,168
5,553,376
Arcosa,
Inc.
......................
50,772
3,650,507
Argan,
Inc.
.......................
18,583
845,898
Comfort
Systems
USA,
Inc.
............
36,611
6,238,881
Construction
Partners,
Inc.,
Class
A
(a)(b)
....
47,324
1,730,165
Dycom
Industries,
Inc.
(a)(b)
.............
29,515
2,626,835
EMCOR
Group,
Inc.
.................
48,341
10,170,463
Fluor
Corp.
(a)
......................
146,457
5,374,972
Granite
Construction,
Inc.
.............
45,269
1,721,127
Great
Lakes
Dredge
&
Dock
Corp.
(a)(b)
.....
95,239
759,055
IES
Holdings,
Inc.
(a)
.................
9,287
611,735
MasTec,
Inc.
(a)
.....................
62,560
4,502,443
MDU
Resources
Group,
Inc.
...........
212,009
4,151,136
Security
Shares
Shares
Value
Construction
&
Engineering
(continued)
MYR
Group,
Inc.
(a)(b)
.................
17,303
$
2,331,752
Northwest
Pipe
Co.
(a)
................
14,230
429,319
Primoris
Services
Corp.
..............
61,102
1,999,869
Quanta
Services,
Inc.
................
150,000
28,060,500
Sterling
Infrastructure,
Inc.
(a)
...........
31,138
2,288,020
Tutor
Perini
Corp.
(a)
.................
79,266
620,653
Valmont
Industries,
Inc.
...............
21,268
5,108,786
WillScot
Mobile
Mini
Holdings
Corp.
(a)
.....
204,452
8,503,159
110,704,671
Construction
Materials
—
0.2%
Eagle
Materials,
Inc.
(b)
................
37,886
6,308,777
Knife
River
Corp.
(a)
..................
53,029
2,589,406
Martin
Marietta
Materials,
Inc.
..........
64,646
26,535,890
Summit
Materials,
Inc.,
Class
A
(a)
........
123,350
3,841,119
Vulcan
Materials
Co.
................
137,328
27,743,002
67,018,194
Consumer
Finance
—
0.5%
Ally
Financial,
Inc.
..................
285,415
7,614,872
American
Express
Co.
...............
602,093
89,826,255
Atlanticus
Holdings
Corp.
(a)
............
9
273
Bread
Financial
Holdings,
Inc.
..........
48,318
1,652,476
Capital
One
Financial
Corp.
............
397,898
38,616,001
Credit
Acceptance
Corp.
(a)(b)
............
6,703
3,084,184
Discover
Financial
Services
............
260,805
22,593,537
Encore
Capital
Group,
Inc.
(a)(b)
..........
24,093
1,150,682
Enova
International,
Inc.
(a)
.............
30,601
1,556,673
EZCORP,
Inc.,
Class
A,
NVS
(a)
..........
55,036
454,047
FirstCash
Holdings,
Inc.
..............
38,615
3,876,174
Green
Dot
Corp.,
Class
A
(a)
............
39,318
547,700
LendingClub
Corp.
(a)
.................
114,578
698,926
Navient
Corp.
.....................
97,355
1,676,453
Nelnet,
Inc.,
Class
A
.................
18,512
1,653,492
NerdWallet,
Inc.,
Class
A
(a)(b)
...........
55,833
496,355
OneMain
Holdings,
Inc.
...............
125,777
5,042,400
PRA
Group,
Inc.
(a)
..................
46,000
883,660
PROG
Holdings,
Inc.
(a)
...............
49,954
1,658,972
SLM
Corp.
.......................
243,042
3,310,232
SoFi
Technologies,
Inc.
(a)(b)
............
995,269
7,952,199
Synchrony
Financial
.................
431,429
13,188,784
Upstart
Holdings,
Inc.
(a)(b)
..............
73,813
2,106,623
World
Acceptance
Corp.
(a)
.............
3,884
493,501
210,134,471
Consumer
Staples
Distribution
&
Retail
—
1.7%
Albertsons
Cos.,
Inc.,
Class
A
..........
403,585
9,181,559
Andersons,
Inc.
(The)
................
33,417
1,721,310
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
......
139,951
9,988,303
Casey's
General
Stores,
Inc.
...........
38,050
10,331,336
Chefs'
Warehouse,
Inc.
(The)
(a)
.........
35,039
742,126
Costco
Wholesale
Corp.
..............
458,547
259,060,713
Dollar
General
Corp.
................
226,637
23,978,194
Dollar
Tree,
Inc.
(a)
...................
218,236
23,231,222
Grocery
Outlet
Holding
Corp.
(a)(b)
.........
99,021
2,856,756
Ingles
Markets,
Inc.,
Class
A
...........
14,784
1,113,679
Kroger
Co.
(The)
...................
678,204
30,349,629
Performance
Food
Group
Co.
(a)
.........
164,417
9,677,584
PriceSmart,
Inc.
....................
27,212
2,025,389
SpartanNash
Co.
...................
43,406
954,932
Sprouts
Farmers
Market,
Inc.
(a)(b)
........
109,080
4,668,624
Sysco
Corp.
......................
518,439
34,242,896
Target
Corp.
......................
476,979
52,739,568
United
Natural
Foods,
Inc.
(a)
............
59,895
846,915
US
Foods
Holding
Corp.
(a)(b)
............
240,181
9,535,186
Walgreens
Boots
Alliance,
Inc.
..........
752,197
16,728,861
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Staples
Distribution
&
Retail
(continued)
Walmart,
Inc.
......................
1,476,034
$
236,062,118
Weis
Markets,
Inc.
..................
17,231
1,085,553
741,122,453
Containers
&
Packaging
—
0.3%
Amcor
plc
........................
1,562,345
14,311,080
AptarGroup,
Inc.
...................
67,200
8,402,688
Avery
Dennison
Corp.
................
83,377
15,230,477
Ball
Corp.
........................
327,485
16,302,203
Berry
Global
Group,
Inc.
..............
122,361
7,575,369
Crown
Holdings,
Inc.
................
125,003
11,060,265
Eightco
Holdings,
Inc.
(a)
...............
402
227
Graphic
Packaging
Holding
Co.
.........
314,886
7,015,660
Greif,
Inc.,
Class
A,
NVS
..............
20,551
1,373,012
Greif,
Inc.,
Class
B
..................
9,176
610,755
International
Paper
Co.
...............
359,966
12,767,994
Myers
Industries,
Inc.
................
43,089
772,586
O-I
Glass,
Inc.
(a)
....................
157,507
2,635,092
Packaging
Corp.
of
America
...........
91,652
14,073,165
Pactiv
Evergreen,
Inc.
...............
70,352
571,962
Sealed
Air
Corp.
...................
148,919
4,893,478
Silgan
Holdings,
Inc.
.................
86,118
3,712,547
Sonoco
Products
Co.
................
97,965
5,324,398
TriMas
Corp.
......................
56,638
1,402,357
WestRock
Co.
.....................
269,831
9,659,950
137,695,265
Distributors
—
0.1%
Educational
Development
Corp.
(a)
........
1,390
1,474
Genuine
Parts
Co.
..................
145,132
20,954,158
Greenlane
Holdings,
Inc.,
Class
A
(a)
......
36
26
LKQ
Corp.
.......................
275,530
13,641,490
Pool
Corp.
.......................
40,234
14,327,327
48,924,475
Diversified
Consumer
Services
—
0.1%
ADT,
Inc.
........................
235,607
1,413,642
Adtalem
Global
Education,
Inc.
(a)
........
45,005
1,928,464
Bright
Horizons
Family
Solutions,
Inc.
(a)(b)
...
60,302
4,912,201
Carriage
Services,
Inc.
...............
18,260
515,845
Chegg,
Inc.
(a)
......................
128,430
1,145,596
Coursera,
Inc.
(a)
....................
118,704
2,218,578
Duolingo,
Inc.,
Class
A
(a)
..............
37,052
6,145,815
European
Wax
Center,
Inc.,
Class
A
(a)
.....
35,621
577,060
Frontdoor,
Inc.
(a)
....................
83,439
2,552,399
Graham
Holdings
Co.,
Class
B
..........
3,708
2,161,764
Grand
Canyon
Education,
Inc.
(a)
.........
30,113
3,519,607
H&R
Block,
Inc.
....................
160,175
6,897,135
Laureate
Education,
Inc.
..............
131,658
1,856,378
Mister
Car
Wash,
Inc.
(a)(b)
..............
81,354
448,261
OneSpaWorld
Holdings
Ltd.
(a)
..........
110,753
1,242,649
Perdoceo
Education
Corp.
.............
65,112
1,113,415
Regis
Corp.
(a)(b)
....................
36
25
Rover
Group,
Inc.,
Class
A
(a)
...........
117,322
734,436
Service
Corp.
International
............
156,647
8,950,810
Strategic
Education,
Inc.
(b)
.............
24,821
1,867,780
Stride,
Inc.
(a)
......................
41,219
1,856,092
Udemy,
Inc.
(a)
.....................
121,620
1,155,390
Universal
Technical
Institute,
Inc.
(a)
.......
81,468
682,702
WW
International,
Inc.
(a)(b)
.............
91,620
1,014,233
XWELL,
Inc.
(a)(b)
....................
4
8
54,910,285
Diversified
REITs
—
0.1%
Alexander
&
Baldwin,
Inc.
.............
144,039
2,409,772
American
Assets
Trust,
Inc.
............
53,736
1,045,165
Security
Shares
Shares
Value
Diversified
REITs
(continued)
Armada
Hoffler
Properties,
Inc.
.........
64,653
$
662,047
Broadstone
Net
Lease,
Inc.
............
199,542
2,853,451
CTO
Realty
Growth,
Inc.
..............
30,033
486,835
Empire
State
Realty
Trust,
Inc.,
Class
A
....
128,387
1,032,231
Essential
Properties
Realty
Trust,
Inc.
.....
158,007
3,417,691
Gladstone
Commercial
Corp.
...........
53,852
654,840
Global
Net
Lease,
Inc.
...............
201,485
1,936,271
One
Liberty
Properties,
Inc.
............
32,864
620,144
WP
Carey,
Inc.
....................
215,848
11,673,060
26,791,507
Diversified
Telecommunication
Services
—
0.6%
Anterix,
Inc.
(a)(b)
....................
27,264
855,544
AST
SpaceMobile,
Inc.,
Class
A
(a)(b)
.......
130,048
494,182
AT&T,
Inc.
........................
7,423,418
111,499,738
ATN
International,
Inc.
...............
18,790
593,012
Charge
Enterprises,
Inc.
(a)(b)
............
144
72
Cogent
Communications
Holdings,
Inc.
....
44,137
2,732,080
EchoStar
Corp.,
Class
A
(a)(b)
............
46,204
773,917
Frontier
Communications
Parent,
Inc.
(a)(b)
...
229,494
3,591,581
Globalstar,
Inc.
(a)(b)
..................
770,720
1,009,643
IDT
Corp.,
Class
B
(a)
.................
21,091
465,057
Iridium
Communications,
Inc.
...........
129,327
5,883,085
Liberty
Global
plc,
Class
A
(a)
............
179,250
3,068,760
Liberty
Global
plc,
Class
C,
NVS
(a)(b)
......
226,278
4,199,720
Liberty
Latin
America
Ltd.,
Class
A
(a)
......
54,564
445,242
Liberty
Latin
America
Ltd.,
Class
C,
NVS
(a)(b)
.
155,208
1,266,498
Lumen
Technologies,
Inc.
(a)
............
1,225,542
1,740,270
Ooma,
Inc.
(a)
......................
45,069
586,348
Verizon
Communications,
Inc.
..........
4,343,910
140,786,123
279,990,872
Electric
Utilities
—
1.4%
ALLETE,
Inc.
.....................
63,527
3,354,226
Alliant
Energy
Corp.
.................
248,450
12,037,403
American
Electric
Power
Co.,
Inc.
........
527,222
39,657,639
Avangrid,
Inc.
.....................
75,438
2,275,965
Constellation
Energy
Corp.
............
334,098
36,443,410
Duke
Energy
Corp.
.................
795,671
70,225,922
Edison
International
.................
398,683
25,232,647
Entergy
Corp.
.....................
217,708
20,137,990
Evergy,
Inc.
.......................
238,111
12,072,228
Eversource
Energy
.................
363,334
21,127,872
Exelon
Corp.
......................
1,034,103
39,078,752
FirstEnergy
Corp.
..................
541,960
18,524,193
Hawaiian
Electric
Industries,
Inc.
........
126,891
1,562,028
IDACORP,
Inc.
....................
49,788
4,662,646
MGE
Energy,
Inc.
...................
37,835
2,592,076
NextEra
Energy,
Inc.
................
2,097,507
120,166,176
NRG
Energy,
Inc.
...................
238,847
9,200,386
OGE
Energy
Corp.
..................
213,560
7,117,955
Otter
Tail
Corp.
....................
43,272
3,285,210
PG&E
Corp.
(a)
.....................
2,177,727
35,126,737
Pinnacle
West
Capital
Corp.
...........
116,380
8,574,878
PNM
Resources,
Inc.
................
91,089
4,063,480
Portland
General
Electric
Co.
...........
98,753
3,997,521
PPL
Corp.
.......................
783,285
18,454,195
Southern
Co.
(The)
.................
1,125,213
72,823,785
Xcel
Energy,
Inc.
...................
573,268
32,802,395
624,597,715
Electrical
Equipment
—
0.8%
Acuity
Brands,
Inc.
..................
32,217
5,486,877
Advent
Technologies
Holdings,
Inc.
(a)
......
72
28
Allient,
Inc.
.......................
19,845
613,607
AMETEK,
Inc.
.....................
239,190
35,342,714
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electrical
Equipment
(continued)
Array
Technologies,
Inc.
(a)(b)
............
146,837
$
3,258,313
Atkore,
Inc.
(a)(b)
.....................
39,290
5,861,675
Babcock
&
Wilcox
Enterprises,
Inc.
(a)
......
94,336
397,155
Bloom
Energy
Corp.,
Class
A
(a)(b)
........
232,482
3,082,711
Capstone
Green
Energy
Corp.
(a)
.........
1,371
972
ChargePoint
Holdings,
Inc.,
Class
A
(a)(b)
....
364,529
1,811,709
Eaton
Corp.
plc
....................
412,633
88,006,366
Emerson
Electric
Co.
................
589,542
56,932,071
Encore
Wire
Corp.
(b)
.................
16,644
3,036,864
Energous
Corp.
(a)(b)
..................
2,684
4,294
Energy
Focus,
Inc.
(a)(b)
................
2
4
EnerSys
.........................
43,273
4,096,655
Enovix
Corp.
(a)(b)
....................
145,484
1,825,824
Eos
Energy
Enterprises,
Inc.,
Class
A
(a)(b)
...
171,175
368,026
Fluence
Energy,
Inc.,
Class
A
(a)(b)
........
45,298
1,041,401
FuelCell
Energy,
Inc.
(a)(b)
..............
426,498
545,917
Generac
Holdings,
Inc.
(a)(b)
.............
65,010
7,083,490
GrafTech
International
Ltd.
............
221,865
849,743
Heliogen,
Inc.
(a)
....................
7
27
Hubbell,
Inc.
......................
55,092
17,266,384
Ideal
Power,
Inc.
(a)(b)
.................
636
6,227
LSI
Industries,
Inc.
..................
31,464
499,648
NEXTracker,
Inc.,
Class
A
(a)(b)
...........
53,704
2,156,753
NuScale
Power
Corp.,
Class
A
(a)
.........
88,812
435,179
nVent
Electric
plc
...................
172,137
9,121,540
Ocean
Power
Technologies,
Inc.
(a)
.......
15
6
Pineapple
Energy,
Inc.
(a)
..............
18
16
Pioneer
Power
Solutions,
Inc.
(a)(b)
........
9
56
Plug
Power,
Inc.
(a)(b)
.................
565,610
4,298,636
Powell
Industries,
Inc.
................
9,285
769,727
Preformed
Line
Products
Co.
...........
3,377
549,033
Regal
Rexnord
Corp.
................
68,193
9,743,416
Rockwell
Automation,
Inc.
.............
118,566
33,894,462
Sensata
Technologies
Holding
plc
........
157,567
5,959,184
Servotronics,
Inc.
(a)
..................
113
1,244
SES
AI
Corp.,
Class
A
(a)
..............
210,937
478,827
Shoals
Technologies
Group,
Inc.,
Class
A
(a)(b)
177,999
3,248,482
Stem,
Inc.
(a)(b)
.....................
153,014
648,779
SunPower
Corp.
(a)(b)
.................
83,631
516,003
Sunrun,
Inc.
(a)(b)
....................
222,922
2,799,900
Sunworks,
Inc.
(a)(b)
..................
45
23
Thermon
Group
Holdings,
Inc.
(a)
.........
45,493
1,249,693
Ultralife
Corp.
(a)
....................
9
88
Vertiv
Holdings
Co.,
Class
A
...........
364,983
13,577,368
Vicor
Corp.
(a)
......................
25,159
1,481,614
328,348,731
Electronic
Equipment,
Instruments
&
Components
—
0.8%
ADDvantage
Technologies
Group,
Inc.
(a)
...
9
3
Advanced
Energy
Industries,
Inc.
(b)
.......
39,289
4,051,482
AEye,
Inc.,
Class
A
(a)(b)
...............
252
53
Amphenol
Corp.,
Class
A
.............
618,316
51,932,361
Arlo
Technologies,
Inc.
(a)
..............
99,718
1,027,095
Arrow
Electronics,
Inc.
(a)
..............
55,679
6,973,238
Astrotech
Corp.
(a)
...................
48
484
Avnet,
Inc.
.......................
91,681
4,418,107
Badger
Meter,
Inc.
(b)
.................
30,170
4,340,558
Bel
Fuse,
Inc.,
Class
B,
NVS
...........
14,337
684,162
Belden,
Inc.
(b)
.....................
45,508
4,393,797
Benchmark
Electronics,
Inc.
...........
47,067
1,141,845
CDW
Corp.
.......................
138,933
28,031,122
Cemtrex,
Inc.
(a)
....................
23
112
ClearSign
Technologies
Corp.
(a)
.........
7,262
7,916
Cognex
Corp.
.....................
183,544
7,789,607
Coherent
Corp.
(a)
...................
138,821
4,531,117
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Corning,
Inc.
......................
795,037
$
24,224,777
Crane
NXT
Co.
....................
49,137
2,730,543
CTS
Corp.
.......................
39,297
1,640,257
Data
I/O
Corp.
(a)
....................
9
34
ePlus,
Inc.
(a)
......................
27,652
1,756,455
Evolv
Technologies
Holdings,
Inc.
(a)
.......
100,704
489,421
Fabrinet
(a)(b)
.......................
37,052
6,173,604
Frequency
Electronics,
Inc.
............
9
63
Insight
Enterprises,
Inc.
(a)(b)
............
31,631
4,602,311
IPG
Photonics
Corp.
(a)
...............
32,971
3,347,875
Itron,
Inc.
(a)
.......................
46,732
2,831,025
Jabil,
Inc.
........................
134,941
17,122,664
Keysight
Technologies,
Inc.
(a)
...........
185,191
24,502,621
Kimball
Electronics,
Inc.
(a)(b)
............
29,731
814,035
Knowles
Corp.
(a)
...................
138,064
2,044,728
LGL
Group,
Inc.
(The)
(a)
..............
449
1,926
Lightwave
Logic,
Inc.
(a)(b)
..............
120,015
536,467
Littelfuse,
Inc.
.....................
26,105
6,456,289
Methode
Electronics,
Inc.
.............
37,166
849,243
MicroVision,
Inc.
(a)(b)
.................
279,845
612,861
Mirion
Technologies,
Inc.,
Class
A
(a)
......
218,376
1,631,269
M-Tron
Industries,
Inc.
(a)(b)
.............
224
3,964
Napco
Security
Technologies,
Inc.
.......
31,915
710,109
National
Instruments
Corp.
............
136,937
8,164,184
Neonode,
Inc.
(a)
....................
2,003
3,205
nLight,
Inc.
(a)
......................
65,628
682,531
Novanta,
Inc.
(a)
....................
37,703
5,408,118
OSI
Systems,
Inc.
(a)
.................
16,549
1,953,444
PAR
Technology
Corp.
(a)(b)
.............
33,062
1,274,210
PC
Connection,
Inc.
.................
16,613
886,802
Plexus
Corp.
(a)
.....................
27,515
2,558,345
Rogers
Corp.
(a)
....................
18,054
2,373,559
Sanmina
Corp.
(a)
...................
58,206
3,159,422
ScanSource,
Inc.
(a)
..................
29,114
882,445
SmartRent,
Inc.,
Class
A
(a)
.............
253,184
660,810
TD
SYNNEX
Corp.
..................
49,456
4,938,676
TE
Connectivity
Ltd.
.................
323,249
39,930,949
Teledyne
Technologies,
Inc.
(a)
...........
48,802
19,939,521
Trimble,
Inc.
(a)
.....................
258,267
13,910,261
TTM
Technologies,
Inc.
(a)
..............
104,192
1,341,993
Vishay
Intertechnology,
Inc.
............
130,443
3,224,551
Vishay
Precision
Group,
Inc.
(a)
..........
15,747
528,784
Vontier
Corp.
......................
165,769
5,125,578
Vuzix
Corp.
(a)(b)
....................
165,513
600,812
Zebra
Technologies
Corp.,
Class
A
(a)(b)
.....
53,685
12,698,113
352,651,913
Energy
Equipment
&
Services
—
0.6%
Archrock,
Inc.
.....................
138,858
1,749,611
Atlas
Energy
Solutions,
Inc.,
Class
A
......
21,259
472,588
Baker
Hughes
Co.,
Class
A
............
1,049,583
37,071,272
Bristow
Group,
Inc.
(a)
................
27,303
769,125
Cactus,
Inc.,
Class
A
................
66,564
3,342,178
ChampionX
Corp.
..................
205,217
7,309,830
Core
Laboratories,
Inc.
(b)
..............
46,010
1,104,700
Diamond
Offshore
Drilling,
Inc.
(a)
.........
121,262
1,780,126
DMC
Global,
Inc.
(a)
..................
23,165
566,848
Dril-Quip,
Inc.
(a)(b)
...................
35,381
996,683
ENGlobal
Corp.
(a)
...................
17,848
6,045
Enservco
Corp.
(a)(b)
..................
36
14
Expro
Group
Holdings
NV
(a)
............
99,198
2,304,370
Geospace
Technologies
Corp.
(a)
.........
18
233
Halliburton
Co.
....................
925,109
37,466,914
Helix
Energy
Solutions
Group,
Inc.
(a)
......
166,987
1,865,245
Helmerich
&
Payne,
Inc.
..............
107,099
4,515,294
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
Independence
Contract
Drilling,
Inc.
(a)(b)
....
1,071
$
3,213
Liberty
Energy,
Inc.,
Class
A
...........
161,318
2,987,609
Mammoth
Energy
Services,
Inc.
(a)
........
27
125
MIND
Technology,
Inc.
(a)
..............
9,919
5,049
Nabors
Industries
Ltd.
(a)
..............
11,498
1,415,864
Natural
Gas
Services
Group,
Inc.
(a)
.......
38,913
566,573
Newpark
Resources,
Inc.
(a)
............
102,971
711,530
Nine
Energy
Service,
Inc.
(a)
............
18
74
Noble
Corp.
plc
....................
105,270
5,331,925
NOV,
Inc.
........................
419,908
8,776,077
Oceaneering
International,
Inc.
(a)
........
110,092
2,831,566
Oil
States
International,
Inc.
(a)
...........
71,990
602,556
Patterson-UTI
Energy,
Inc.
............
355,744
4,923,497
ProPetro
Holding
Corp.
(a)
..............
84,772
901,126
RPC,
Inc.
........................
85,491
764,290
Schlumberger
NV
..................
1,466,840
85,516,772
SEACOR
Marine
Holdings,
Inc.
(a)(b)
.......
46,714
648,390
Select
Water
Solutions,
Inc.,
Class
A
......
102,355
813,722
Smart
Sand,
Inc.
(a)
..................
144
334
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
..
52,399
558,573
Superior
Drilling
Products,
Inc.
(a)
.........
9
7
TechnipFMC
plc
....................
464,002
9,437,801
TETRA
Technologies,
Inc.
(a)(b)
...........
137,221
875,470
Tidewater,
Inc.
(a)
...................
51,540
3,662,948
Transocean
Ltd.
(a)(b)
.................
728,436
5,980,460
US
Silica
Holdings,
Inc.
(a)
.............
72,227
1,014,067
Valaris
Ltd.
(a)
......................
63,074
4,729,288
Weatherford
International
plc
(a)
..........
73,893
6,674,755
251,054,737
Entertainment
—
1.3%
Activision
Blizzard,
Inc.
...............
737,564
69,058,117
AMC
Entertainment
Holdings,
Inc.,
Class
A
(a)(b)
62,711
501,061
Atlanta
Braves
Holdings,
Inc.,
Class
A
(a)(b)
...
13,298
519,553
Atlanta
Braves
Holdings,
Inc.,
Class
C,
NVS
(a)
43,420
1,551,396
Chicken
Soup
For
The
Soul
Entertainment,
Inc.
(a)(b)
........................
4,116
1,420
Cinemark
Holdings,
Inc.
(a)(b)
............
110,679
2,030,960
Cineverse
Corp.
(a)(b)
.................
4,534
5,214
CuriosityStream,
Inc.,
Class
A
(a)
.........
63
45
Electronic
Arts,
Inc.
.................
255,555
30,768,822
Endeavor
Group
Holdings,
Inc.,
Class
A
....
188,974
3,760,583
Gaia,
Inc.,
Class
A
(a)
.................
18
49
Kartoon
Studios,
Inc.
(a)(b)
..............
43
60
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
(a)
......................
24,665
1,394,559
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(a)(b)
.................
214,676
13,374,315
Liberty
Media
Corp.-Liberty
Live,
Class
A
(a)
..
20,248
646,316
Liberty
Media
Corp.-Liberty
Live,
Class
C,
NVS
(a)
........................
49,938
1,603,010
Lions
Gate
Entertainment
Corp.,
Class
A
(a)(b)
.
58,299
494,376
Lions
Gate
Entertainment
Corp.,
Class
B,
NVS
(a)
........................
144,421
1,136,593
Live
Nation
Entertainment,
Inc.
(a)(b)
.......
146,012
12,124,836
LiveOne,
Inc.
(a)
....................
90
86
Madison
Square
Garden
Entertainment
Corp.
(a)
(b)
...........................
42,160
1,387,485
Madison
Square
Garden
Sports
Corp.
.....
16,991
2,995,513
Marcus
Corp.
(The)
(b)
................
59,020
914,810
Netflix,
Inc.
(a)
......................
458,581
173,160,186
Playtika
Holding
Corp.
(a)
..............
88,138
848,769
PodcastOne,
Inc.
(a)(b)
.................
5
10
ROBLOX
Corp.,
Class
A
(a)(b)
............
504,945
14,623,207
Roku,
Inc.,
Class
A
(a)
................
128,082
9,041,308
Security
Shares
Shares
Value
Entertainment
(continued)
Sciplay
Corp.,
Class
A
(a)
..............
25,480
$
580,180
Sphere
Entertainment
Co.,
Class
A
(a)(b)
.....
26,475
983,811
Take-Two
Interactive
Software,
Inc.
(a)
......
162,679
22,838,505
TKO
Group
Holdings,
Inc.
.............
53,302
4,480,566
Walt
Disney
Co.
(The)
(a)
..............
1,893,212
153,444,832
Warner
Bros
Discovery,
Inc.
(a)
..........
2,298,417
24,960,809
Warner
Music
Group
Corp.,
Class
A
......
142,109
4,462,223
553,693,585
Financial
Services
—
4.1%
Affirm
Holdings,
Inc.,
Class
A
(a)(b)
.........
224,714
4,779,667
Alerus
Financial
Corp.
...............
27,037
491,533
A-Mark
Precious
Metals,
Inc.
...........
21,010
616,223
Apollo
Global
Management,
Inc.
.........
453,551
40,710,738
AvidXchange
Holdings,
Inc.
(a)(b)
..........
205,034
1,943,722
Berkshire
Hathaway,
Inc.,
Class
B
(a)
......
1,885,151
660,368,395
Block,
Inc.,
Class
A
(a)
................
574,712
25,436,753
Cannae
Holdings,
Inc.
(a)(b)
.............
83,401
1,554,595
Cantaloupe,
Inc.
(a)
..................
86,666
541,662
Cass
Information
Systems,
Inc.
.........
18,154
676,236
Enact
Holdings,
Inc.
.................
38,224
1,040,839
Equitable
Holdings,
Inc.
..............
338,210
9,601,782
Essent
Group
Ltd.
..................
110,857
5,242,428
Euronet
Worldwide,
Inc.
(a)
.............
49,740
3,948,361
EVERTEC,
Inc.
....................
72,056
2,679,042
Federal
Agricultural
Mortgage
Corp.,
Class
C,
NVS
.........................
12,212
1,884,312
Fidelity
National
Information
Services,
Inc.
..
615,340
34,009,842
Fiserv,
Inc.
(a)
......................
630,376
71,207,273
FleetCor
Technologies,
Inc.
(a)(b)
..........
76,744
19,595,813
FlexShopper,
Inc.
(a)
.................
9
9
Flywire
Corp.
(a)(b)
...................
113,013
3,603,985
Global
Payments,
Inc.
...............
269,127
31,054,565
I3
Verticals,
Inc.,
Class
A
(a)
.............
25,789
545,179
International
Money
Express,
Inc.
(a)
.......
39,823
674,203
Jack
Henry
&
Associates,
Inc.
..........
75,906
11,472,433
Jackson
Financial,
Inc.,
Class
A
.........
60,329
2,305,774
LM
Funding
America,
Inc.
(a)(b)
...........
2,949
1,439
Marqeta,
Inc.,
Class
A
(a)(b)
.............
453,821
2,713,850
Mastercard,
Inc.,
Class
A
..............
860,637
340,734,795
Merchants
Bancorp
.................
31,198
864,809
MGIC
Investment
Corp.
..............
305,424
5,097,527
Mr
Cooper
Group,
Inc.
(a)
..............
68,987
3,694,944
NewtekOne,
Inc.
...................
32,511
479,537
NMI
Holdings,
Inc.,
Class
A
(a)
...........
90,155
2,442,299
Payoneer
Global,
Inc.
(a)
...............
201,006
1,230,157
PayPal
Holdings,
Inc.
(a)
...............
1,137,061
66,472,586
Paysign,
Inc.
(a)(b)
....................
36
70
PennyMac
Financial
Services,
Inc.
.......
32,707
2,178,286
Radian
Group,
Inc.
..................
165,839
4,164,217
Remitly
Global,
Inc.
(a)
................
141,315
3,563,964
Repay
Holdings
Corp.,
Class
A
(a)(b)
.......
92,421
701,475
Rocket
Cos.,
Inc.,
Class
A
(a)(b)
...........
150,348
1,229,847
Shift4
Payments,
Inc.,
Class
A
(a)(b)
........
59,236
3,279,897
TFS
Financial
Corp.
.................
64,949
767,697
Toast,
Inc.,
Class
A
(a)(b)
...............
382,294
7,160,367
UWM
Holdings
Corp.,
Class
A
..........
94,045
456,118
Velocity
Financial,
Inc.
(a)
..............
54,237
612,878
Visa,
Inc.,
Class
A
..................
1,662,363
382,360,114
Voya
Financial,
Inc.
.................
106,524
7,078,520
Walker
&
Dunlop,
Inc.
................
37,278
2,767,519
Waterstone
Financial,
Inc.
.............
44,154
483,486
Western
Union
Co.
(The)
.............
310,014
4,085,985
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Financial
Services
(continued)
WEX,
Inc.
(a)
.......................
44,691
$
8,405,930
1,789,013,677
Food
Products
—
1.0%
Alico,
Inc.
........................
20,891
521,439
Archer-Daniels-Midland
Co.
............
552,506
41,670,003
B&G
Foods,
Inc.
...................
81,495
805,986
Beyond
Meat,
Inc.
(a)(b)
................
85,933
826,675
Bunge
Ltd.
.......................
155,411
16,823,241
Calavo
Growers,
Inc.
................
19,900
502,077
Cal-Maine
Foods,
Inc.
................
40,834
1,977,182
Campbell
Soup
Co.
.................
201,460
8,275,977
Conagra
Brands,
Inc.
................
493,592
13,534,293
Darling
Ingredients,
Inc.
(a)
.............
166,553
8,694,067
Flowers
Foods,
Inc.
.................
210,847
4,676,586
Fresh
Del
Monte
Produce,
Inc.
..........
42,166
1,089,569
Freshpet,
Inc.
(a)
....................
49,701
3,274,302
General
Mills,
Inc.
..................
605,948
38,774,613
Hain
Celestial
Group,
Inc.
(The)
(a)
........
92,719
961,496
Hershey
Co.
(The)
..................
153,585
30,729,287
Hormel
Foods
Corp.
.................
304,105
11,565,113
Hostess
Brands,
Inc.,
Class
A
(a)
.........
137,993
4,596,547
Ingredion,
Inc.
.....................
68,928
6,782,515
J
&
J
Snack
Foods
Corp.
..............
17,119
2,801,524
J
M
Smucker
Co.
(The)
...............
105,948
13,022,069
John
B
Sanfilippo
&
Son,
Inc.
...........
10,192
1,006,970
Kellogg
Co.
.......................
271,173
16,137,505
Kraft
Heinz
Co.
(The)
................
835,752
28,114,697
Lamb
Weston
Holdings,
Inc.
...........
150,305
13,897,200
Lancaster
Colony
Corp.
..............
20,820
3,435,925
McCormick
&
Co.,
Inc.,
NVS
...........
260,862
19,731,602
Mission
Produce,
Inc.
(a)(b)
..............
52,616
509,323
Mondelez
International,
Inc.,
Class
A
......
1,404,277
97,456,824
Pilgrim's
Pride
Corp.
(a)
...............
46,025
1,050,751
Post
Holdings,
Inc.
(a)(b)
................
50,484
4,328,498
RiceBran
Technologies
(a)
..............
915
393
Rocky
Mountain
Chocolate
Factory,
Inc.
(a)
..
9
43
S&W
Seed
Co.
(a)
...................
45
50
Seaboard
Corp.
(b)
...................
260
975,780
Simply
Good
Foods
Co.
(The)
(a)
.........
92,289
3,185,816
Sovos
Brands,
Inc.
(a)(b)
...............
71,050
1,602,177
Tootsie
Roll
Industries,
Inc.
............
18,782
560,831
TreeHouse
Foods,
Inc.
(a)(b)
.............
51,880
2,260,930
Tyson
Foods,
Inc.,
Class
A
............
294,703
14,879,554
Utz
Brands,
Inc.,
Class
A
(b)
............
76,078
1,021,728
Vital
Farms,
Inc.
(a)
..................
42,129
487,854
Whole
Earth
Brands,
Inc.,
Class
A
(a)
......
63
227
422,549,239
Gas
Utilities
—
0.1%
Atmos
Energy
Corp.
.................
148,862
15,768,952
Chesapeake
Utilities
Corp.
............
19,093
1,866,341
National
Fuel
Gas
Co.
...............
95,480
4,956,367
New
Jersey
Resources
Corp.
...........
99,064
4,024,970
Northwest
Natural
Holding
Co.
..........
50,068
1,910,595
ONE
Gas,
Inc.
.....................
54,877
3,747,002
Southwest
Gas
Holdings,
Inc.
..........
63,667
3,846,123
Spire,
Inc.
........................
53,775
3,042,589
UGI
Corp.
........................
219,673
5,052,479
44,215,418
Ground
Transportation
—
1.0%
ArcBest
Corp.
.....................
24,781
2,518,989
Avis
Budget
Group,
Inc.
(a)(b)
............
20,897
3,754,982
Covenant
Logistics
Group,
Inc.,
Class
A
....
10,188
446,744
CSX
Corp.
.......................
2,067,243
63,567,722
Security
Shares
Shares
Value
Ground
Transportation
(continued)
FTAI
Infrastructure,
Inc.
...............
156,651
$
504,416
Heartland
Express,
Inc.
...............
48,563
713,390
Hertz
Global
Holdings,
Inc.
(a)(b)
..........
145,623
1,783,882
JB
Hunt
Transport
Services,
Inc.
........
84,421
15,915,047
Knight-Swift
Transportation
Holdings,
Inc.
..
168,859
8,468,279
Landstar
System,
Inc.
................
36,394
6,439,554
Lyft,
Inc.,
Class
A
(a)
..................
365,981
3,857,440
Marten
Transport
Ltd.
................
67,179
1,324,098
Norfolk
Southern
Corp.
...............
234,440
46,168,269
Old
Dominion
Freight
Line,
Inc.
(b)
........
93,161
38,115,892
RXO,
Inc.
(a)(b)
......................
142,388
2,809,315
Ryder
System,
Inc.
..................
45,210
4,835,209
Saia,
Inc.
(a)(b)
......................
27,601
11,003,139
Schneider
National,
Inc.,
Class
B
........
46,518
1,288,083
Uber
Technologies,
Inc.
(a)
.............
2,117,604
97,388,608
U-Haul
Holding
Co.
(a)
................
9,859
538,006
U-Haul
Holding
Co.,
NVS
(b)
............
102,029
5,345,299
Union
Pacific
Corp.
.................
630,738
128,437,179
Werner
Enterprises,
Inc.
..............
69,976
2,725,565
XPO,
Inc.
(a)
.......................
120,092
8,966,069
456,915,176
Health
Care
Equipment
&
Supplies
—
2.5%
Abbott
Laboratories
.................
1,796,414
173,982,696
Aethlon
Medical,
Inc.
(a)
...............
415
95
Align
Technology,
Inc.
(a)
...............
73,902
22,563,759
Alphatec
Holdings,
Inc.
(a)(b)
.............
84,535
1,096,419
AngioDynamics,
Inc.
(a)
...............
67,811
495,698
Artivion,
Inc.
(a)(b)
....................
55,096
835,255
Aspira
Women's
Health,
Inc.
(a)
..........
1
5
AtriCure,
Inc.
(a)(b)
...................
52,688
2,307,734
Atrion
Corp.
......................
1,560
644,545
Avanos
Medical,
Inc.
(a)
...............
52,204
1,055,565
Axonics,
Inc.
(a)(b)
....................
56,538
3,172,913
Baxter
International,
Inc.
..............
532,890
20,111,269
Becton
Dickinson
&
Co.
..............
299,956
77,547,625
Bioventus,
Inc.,
Class
A
(a)(b)
............
117
386
Boston
Scientific
Corp.
(a)
..............
1,513,622
79,919,242
Cerus
Corp.
(a)
.....................
280,246
453,999
Co-Diagnostics,
Inc.
(a)(b)
...............
36
38
CONMED
Corp.
....................
31,349
3,161,547
Cooper
Cos.,
Inc.
(The)
(b)
.............
51,300
16,313,913
Dentsply
Sirona,
Inc.
................
221,629
7,570,847
Dexcom,
Inc.
(a)
....................
401,042
37,417,219
Eargo,
Inc.
(a)(b)
.....................
9
20
Edwards
Lifesciences
Corp.
(a)
..........
629,212
43,591,807
Ekso
Bionics
Holdings,
Inc.
(a)
...........
18
13
Electromed,
Inc.
(a)
..................
9
93
Embecta
Corp.
....................
57,760
869,288
Enovis
Corp.
(a)
.....................
54,293
2,862,870
Envista
Holdings
Corp.
(a)
..............
175,873
4,903,339
GE
HealthCare
Technologies,
Inc.
.......
406,442
27,654,314
Glaukos
Corp.
(a)(b)
...................
51,007
3,838,277
Globus
Medical,
Inc.,
Class
A
(a)
.........
123,782
6,145,776
Haemonetics
Corp.
(a)(b)
...............
51,648
4,626,628
Helius
Medical
Technologies,
Inc.
(a)(b)
......
38
361
Hologic,
Inc.
(a)
.....................
255,603
17,738,848
ICU
Medical,
Inc.
(a)(b)
.................
20,410
2,428,994
IDEXX
Laboratories,
Inc.
(a)(b)
...........
85,803
37,519,078
Impact
BioMedical,
I
nc.,
(Acquired
07/07/23
,
cost
$2)
(a)(f)
.....................
360
2
Inari
Medical,
Inc.
(a)(b)
................
54,185
3,543,699
Inspire
Medical
Systems,
Inc.
(a)
.........
30,377
6,028,012
Insulet
Corp.
(a)
.....................
72,319
11,534,157
Integer
Holdings
Corp.
(a)
..............
34,969
2,742,619
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Integra
LifeSciences
Holdings
Corp.
(a)
.....
73,188
$
2,795,050
Intuitive
Surgical,
Inc.
(a)
...............
363,714
106,309,965
InVivo
Therapeutics
Holdings
Corp.
(a)
.....
1
1
iRhythm
Technologies,
Inc.
(a)(b)
..........
32,153
3,030,742
Kewaunee
Scientific
Corp.
(a)
...........
262
4,637
Lantheus
Holdings,
Inc.
(a)
.............
71,552
4,971,433
LeMaitre
Vascular,
Inc.
...............
22,246
1,211,962
LENSAR,
Inc.
(a)
....................
9
28
LivaNova
plc
(a)
.....................
56,524
2,988,989
LogicMark,
Inc.
(a)
...................
2
4
Masimo
Corp.
(a)
....................
46,999
4,120,872
Medtronic
plc
.....................
1,378,679
108,033,286
Merit
Medical
Systems,
Inc.
(a)
...........
58,579
4,043,123
Microbot
Medical,
Inc.
(a)
..............
17
24
Motus
GI
Holdings,
Inc.
(a)(b)
............
530
243
Neogen
Corp.
(a)
....................
209,369
3,881,701
NeuroMetrix,
Inc.
(a)
..................
10
7
Neuronetics,
Inc.
(a)(b)
.................
36
49
Nevro
Corp.
(a)
.....................
38,623
742,334
Novocure
Ltd.
(a)
....................
108,211
1,747,608
Omnicell,
Inc.
(a)
....................
47,362
2,133,184
OraSure
Technologies,
Inc.
(a)
...........
98,788
585,813
Orthofix
Medical,
Inc.
(a)
...............
41,903
538,873
OrthoPediatrics
Corp.
(a)(b)
..............
16,106
515,392
Outset
Medical,
Inc.
(a)(b)
...............
49,651
540,203
Owlet,
Inc.
(a)
......................
11
49
Paragon
28,
Inc.
(a)
..................
61,032
765,952
PAVmed,
Inc.
(a)(b)
...................
126
37
Penumbra,
Inc.
(a)
...................
39,657
9,593,425
Predictive
Oncology,
Inc.
(a)
.............
1
3
PROCEPT
BioRobotics
Corp.
(a)(b)
........
51,003
1,673,408
Pulmonx
Corp.
(a)(b)
..................
55,274
570,980
QuidelOrtho
Corp.
(a)
.................
52,372
3,825,251
ResMed,
Inc.
.....................
152,424
22,538,937
RxSight,
Inc.
(a)(b)
....................
27,400
764,186
Senseonics
Holdings,
Inc.
(a)(b)
...........
833,017
503,059
Shockwave
Medical,
Inc.
(a)
.............
37,893
7,544,496
SI-BONE,
Inc.
(a)(b)
...................
45,880
974,491
Silk
Road
Medical,
Inc.
(a)(b)
.............
44,051
660,324
SiNtx
Technologies,
Inc.
(a)
.............
1
1
STAAR
Surgical
Co.
(a)(b)
...............
51,641
2,074,935
STERIS
plc
.......................
103,016
22,603,771
Strata
Skin
Sciences,
Inc.
(a)(b)
...........
1,191
709
Stryker
Corp.
.....................
349,779
95,584,107
Surmodics,
Inc.
(a)
...................
14,366
461,005
Tandem
Diabetes
Care,
Inc.
(a)
..........
69,639
1,446,402
Teleflex,
Inc.
......................
48,678
9,560,846
ThermoGenesis
Holdings,
Inc.
(a)
.........
1
1
TransMedics
Group,
Inc.
(a)(b)
............
33,594
1,839,271
Treace
Medical
Concepts,
Inc.
(a)(b)
........
59,125
775,129
UFP
Technologies,
Inc.
(a)
..............
7,506
1,211,844
Vapotherm,
Inc.
(a)
...................
5
13
Varex
Imaging
Corp.
(a)
...............
62,821
1,180,407
Venus
Concept,
Inc.
(a)
................
1,053
2,159
Xtant
Medical
Holdings,
Inc.
(a)
..........
143
157
Zimmer
Biomet
Holdings,
Inc.
..........
216,515
24,297,313
1,083,327,155
Health
Care
Providers
&
Services
—
2.8%
23andMe
Holding
Co.,
Class
A
(a)(b)
.......
513,574
502,121
Acadia
Healthcare
Co.,
Inc.
(a)
...........
97,941
6,886,232
Accolade,
Inc.
(a)(b)
...................
72,982
772,150
AdaptHealth
Corp.
(a)
.................
78,459
713,977
Addus
HomeCare
Corp.
(a)
.............
16,793
1,430,596
agilon
health,
Inc.
(a)(b)
................
317,870
5,645,371
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
Alignment
Healthcare,
Inc.
(a)
...........
133,626
$
927,364
Amedisys,
Inc.
(a)(b)
..................
35,032
3,271,989
AMN
Healthcare
Services,
Inc.
(a)(b)
.......
41,072
3,498,513
Apollo
Medical
Holdings,
Inc.
(a)(b)
.........
44,654
1,377,576
Brookdale
Senior
Living,
Inc.
(a)(b)
.........
192,332
796,254
Cardinal
Health,
Inc.
.................
264,762
22,986,637
Castle
Biosciences,
Inc.
(a)
.............
28,046
473,697
Cencora,
Inc.
.....................
171,538
30,871,694
Centene
Corp.
(a)
...................
561,314
38,663,308
Chemed
Corp.
.....................
15,401
8,003,900
Cigna
Group
(The)
..................
306,214
87,598,639
Clover
Health
Investments
Corp.
(a)(b)
......
493,596
533,084
Community
Health
Systems,
Inc.
(a)
.......
163,856
475,182
CorVel
Corp.
(a)
.....................
9,389
1,846,347
Cross
Country
Healthcare,
Inc.
(a)(b)
.......
36,140
895,911
CVS
Health
Corp.
..................
1,328,992
92,790,221
DaVita,
Inc.
(a)(b)
....................
55,506
5,246,982
DocGo,
Inc.
(a)
.....................
100,739
536,939
Elevance
Health,
Inc.
................
243,567
106,053,943
Encompass
Health
Corp.
.............
103,125
6,925,875
Enhabit,
Inc.
(a)(b)
....................
51,327
577,429
Ensign
Group,
Inc.
(The)
(b)
.............
55,883
5,193,207
Fulgent
Genetics,
Inc.
(a)(b)
.............
30,474
814,875
Guardant
Health,
Inc.
(a)
...............
126,949
3,762,768
HCA
Healthcare,
Inc.
................
207,607
51,067,170
HealthEquity,
Inc.
(a)
..................
89,255
6,520,078
Henry
Schein,
Inc.
(a)
.................
136,129
10,107,578
Hims
&
Hers
Health,
Inc.,
Class
A
(a)(b)
.....
180,341
1,134,345
Humana,
Inc.
.....................
127,840
62,196,717
Laboratory
Corp.
of
America
Holdings
.....
90,512
18,197,438
LifeStance
Health
Group,
Inc.
(a)(b)
........
98,672
677,877
McKesson
Corp.
...................
139,083
60,480,242
ModivCare,
Inc.
(a)(b)
..................
17,466
550,354
Molina
Healthcare,
Inc.
(a)
..............
60,305
19,773,406
National
HealthCare
Corp.
.............
18,386
1,176,336
National
Research
Corp.
..............
19,798
878,437
NeoGenomics,
Inc.
(a)(b)
...............
138,049
1,698,003
Ontrak,
Inc.
(a)(b)
....................
3
3
OPKO
Health,
Inc.
(a)
.................
432,370
691,792
Option
Care
Health,
Inc.
(a)
.............
184,904
5,981,644
Owens
&
Minor,
Inc.
(a)
................
84,943
1,372,679
Patterson
Cos.,
Inc.
.................
93,372
2,767,546
Pediatrix
Medical
Group,
Inc.
(a)
..........
92,901
1,180,772
Pennant
Group,
Inc.
(The)
(a)
............
38,189
425,044
PetIQ,
Inc.,
Class
A
(a)
................
31,511
620,767
Premier,
Inc.,
Class
A
................
130,861
2,813,511
Privia
Health
Group,
Inc.
(a)(b)
............
114,487
2,633,201
Progyny,
Inc.
(a)
.....................
89,342
3,039,415
Psychemedics
Corp.
................
9
36
Quest
Diagnostics,
Inc.
...............
113,241
13,799,548
R1
RCM,
Inc.
(a)(b)
...................
208,171
3,137,137
RadNet,
Inc.
(a)
.....................
77,185
2,175,845
Regional
Health
Properties,
Inc.
(a)
........
885
1,912
Select
Medical
Holdings
Corp.
..........
113,563
2,869,737
Star
Equity
Holdings,
Inc.
(a)
............
1,268
1,268
Surgery
Partners,
Inc.
(a)(b)
.............
73,626
2,153,560
Talkspace,
Inc.
(a)
...................
198
386
Tenet
Healthcare
Corp.
(a)(b)
.............
105,614
6,958,906
UnitedHealth
Group,
Inc.
..............
958,752
483,393,171
Universal
Health
Services,
Inc.,
Class
B
...
65,354
8,216,958
US
Physical
Therapy,
Inc.
.............
16,507
1,514,187
1,220,279,787
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
REITs
—
0.2%
CareTrust
REIT,
Inc.
.................
140,672
$
2,883,776
Community
Healthcare
Trust,
Inc.
........
41,158
1,222,393
Diversified
Healthcare
Trust
............
268,429
520,752
Global
Medical
REIT,
Inc.
.............
55,144
494,642
Healthcare
Realty
Trust,
Inc.,
Class
A
.....
390,659
5,965,363
Healthpeak
Properties,
Inc.
............
575,406
10,564,454
LTC
Properties,
Inc.
.................
52,469
1,685,829
Medical
Properties
Trust,
Inc.
(b)
..........
628,815
3,427,042
National
Health
Investors,
Inc.
..........
45,562
2,340,064
Omega
Healthcare
Investors,
Inc.
........
252,431
8,370,612
Physicians
Realty
Trust
...............
246,579
3,005,798
Sabra
Health
Care
REIT,
Inc.
...........
257,490
3,589,411
Universal
Health
Realty
Income
Trust
.....
12,436
502,787
Ventas,
Inc.
......................
420,711
17,724,554
Welltower,
Inc.
.....................
536,969
43,988,501
106,285,978
Health
Care
Technology
—
0.1%
American
Well
Corp.,
Class
A
(a)
.........
400,896
469,048
Certara,
Inc.
(a)(b)
....................
117,233
1,704,568
Definitive
Healthcare
Corp.,
Class
A
(a)(b)
....
79,372
634,182
Doximity,
Inc.,
Class
A
(a)(b)
.............
135,860
2,882,949
Evolent
Health,
Inc.,
Class
A
(a)(b)
.........
123,192
3,354,518
GoodRx
Holdings,
Inc.,
Class
A
(a)(b)
.......
101,374
570,736
Health
Catalyst,
Inc.
(a)
................
68,059
688,757
HealthStream,
Inc.
..................
26,986
582,358
LifeMD,
Inc.
(a)(b)
....................
45
281
Multiplan
Corp.,
Class
A
(a)(b)
............
339,408
570,206
NextGen
Healthcare,
Inc.
(a)
............
61,484
1,459,015
Phreesia,
Inc.
(a)(b)
...................
55,005
1,027,494
Schrodinger,
Inc.
(a)(b)
.................
57,042
1,612,577
SCWorx
Corp.
(a)
....................
5,858
1,206
Simulations
Plus,
Inc.
................
19,817
826,369
Teladoc
Health,
Inc.
(a)(b)
...............
170,730
3,173,871
Veeva
Systems,
Inc.,
Class
A
(a)(b)
........
151,005
30,721,967
Veradigm,
Inc.
(a)(b)
...................
129,472
1,701,262
51,981,364
Hotel
&
Resort
REITs
—
0.1%
Apple
Hospitality
REIT,
Inc.
............
218,935
3,358,463
Chatham
Lodging
Trust
...............
95,337
912,375
DiamondRock
Hospitality
Co.
...........
279,279
2,242,610
Host
Hotels
&
Resorts,
Inc.
............
739,952
11,891,029
Park
Hotels
&
Resorts,
Inc.
............
233,565
2,877,521
Pebblebrook
Hotel
Trust
(b)
.............
134,396
1,826,442
RLJ
Lodging
Trust
..................
175,465
1,717,802
Ryman
Hospitality
Properties,
Inc.
.......
61,538
5,124,885
Service
Properties
Trust
..............
178,484
1,372,542
Sotherly
Hotels,
Inc.
(a)
................
9
15
Summit
Hotel
Properties,
Inc.
...........
103,404
599,743
Sunstone
Hotel
Investors,
Inc.
..........
230,181
2,152,192
Xenia
Hotels
&
Resorts,
Inc.
...........
103,409
1,218,158
35,293,777
Hotels,
Restaurants
&
Leisure
—
2.2%
Accel
Entertainment,
Inc.,
Class
A
(a)
......
64,158
702,530
Airbnb,
Inc.,
Class
A
(a)(b)
...............
441,524
60,581,508
Allied
Gaming
&
Entertainment,
Inc.
(a)
.....
9
8
Aramark
.........................
269,629
9,356,126
Ark
Restaurants
Corp.
...............
295
4,537
Bally's
Corp.
(a)(b)
....................
40,733
534,010
BJ's
Restaurants,
Inc.
(a)
...............
26,974
632,810
Bloomin'
Brands,
Inc.
................
90,820
2,233,264
Booking
Holdings,
Inc.
(a)
..............
36,873
113,714,488
Bowlero
Corp.,
Class
A
(a)(b)
.............
53,829
517,835
Boyd
Gaming
Corp.
.................
70,771
4,305,000
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Brinker
International,
Inc.
(a)
............
48,405
$
1,529,114
Caesars
Entertainment,
Inc.
(a)(b)
.........
223,968
10,380,917
Carnival
Corp.
(a)(b)
...................
1,043,924
14,322,637
Cava
Group,
Inc.
(a)(b)
.................
17,864
547,174
Cheesecake
Factory,
Inc.
(The)
.........
55,862
1,692,619
Chipotle
Mexican
Grill,
Inc.
(a)
...........
28,531
52,263,942
Choice
Hotels
International,
Inc.
(b)
........
23,528
2,882,415
Churchill
Downs,
Inc.
................
70,699
8,203,912
Chuy's
Holdings,
Inc.
(a)
...............
23,842
848,298
Cracker
Barrel
Old
Country
Store,
Inc.
.....
25,114
1,687,661
Darden
Restaurants,
Inc.
.............
127,748
18,296,069
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
42,366
1,570,508
Denny's
Corp.
(a)
....................
66,060
559,528
Dine
Brands
Global,
Inc.
..............
18,249
902,413
Domino's
Pizza,
Inc.
.................
36,208
13,715,228
DoorDash,
Inc.,
Class
A
(a)
.............
315,386
25,063,725
DraftKings,
Inc.,
Class
A
(a)
.............
480,262
14,138,913
Dutch
Bros,
Inc.,
Class
A
(a)
............
47,662
1,108,142
Everi
Holdings,
Inc.
(a)
................
109,919
1,453,129
Expedia
Group,
Inc.
(a)
................
144,059
14,848,161
Fiesta
Restaurant
Group,
Inc.
(a)
.........
65,004
549,934
First
Watch
Restaurant
Group,
Inc.
(a)(b)
.....
37,556
649,343
Flanigan's
Enterprises,
Inc.
............
198
6,534
GAN
Ltd.
(a)
.......................
63
73
Golden
Entertainment,
Inc.
............
22,668
774,792
Hilton
Grand
Vacations,
Inc.
(a)
..........
71,569
2,912,858
Hilton
Worldwide
Holdings,
Inc.
.........
268,385
40,306,059
Hyatt
Hotels
Corp.,
Class
A
(b)
...........
47,841
5,074,973
Jack
in
the
Box,
Inc.
.................
21,618
1,492,939
Krispy
Kreme,
Inc.
(b)
.................
102,838
1,282,390
Kura
Sushi
USA,
Inc.,
Class
A
(a)(b)
........
7,846
518,778
Las
Vegas
Sands
Corp.
..............
339,821
15,577,395
Life
Time
Group
Holdings,
Inc.
(a)(b)
........
57,519
874,864
Light
&
Wonder,
Inc.,
Class
A
(a)
..........
96,295
6,868,722
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
53,518
385,330
Marriott
International,
Inc.,
Class
A
.......
258,355
50,782,259
Marriott
Vacations
Worldwide
Corp.
.......
34,696
3,491,459
McDonald's
Corp.
..................
751,988
198,103,719
MGM
Resorts
International
(b)
...........
292,935
10,768,291
Monarch
Casino
&
Resort,
Inc.
..........
13,686
849,901
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
.....
444,570
7,326,514
Papa
John's
International,
Inc.
..........
36,285
2,475,363
Penn
Entertainment,
Inc.
(a)(b)
...........
158,702
3,642,211
Planet
Fitness,
Inc.,
Class
A
(a)
..........
88,413
4,348,151
Playa
Hotels
&
Resorts
NV
(a)
...........
141,804
1,026,661
Portillo's,
Inc.,
Class
A
(a)(b)
.............
49,700
764,883
Rave
Restaurant
Group,
Inc.
(a)
..........
3,285
7,785
RCI
Hospitality
Holdings,
Inc.
...........
9,390
569,597
Red
Rock
Resorts,
Inc.,
Class
A
.........
50,327
2,063,407
Royal
Caribbean
Cruises
Ltd.
(a)
.........
246,560
22,718,038
Rush
Street
Interactive,
Inc.,
Class
A
(a)(b)
...
88,462
408,694
Sabre
Corp.
(a)
.....................
331,886
1,490,168
SeaWorld
Entertainment,
Inc.
(a)(b)
........
40,570
1,876,363
Shake
Shack,
Inc.,
Class
A
(a)
...........
39,949
2,319,838
Six
Flags
Entertainment
Corp.
(a)
.........
75,587
1,777,050
Soho
House
&
Co.,
Inc.,
Class
A
(a)
.......
66,750
462,578
Starbucks
Corp.
....................
1,183,784
108,043,966
Sweetgreen,
Inc.,
Class
A
(a)(b)
...........
108,705
1,277,284
Target
Hospitality
Corp.
(a)(b)
............
31,207
495,567
Texas
Roadhouse,
Inc.
...............
68,861
6,617,542
Travel
+
Leisure
Co.
.................
81,446
2,991,512
Vacasa,
Inc.,
Class
A
(a)(b)
..............
135
62
Vail
Resorts,
Inc.
...................
39,367
8,735,144
Wendy's
Co.
(The)
..................
175,608
3,584,159
Wingstop,
Inc.
.....................
30,773
5,534,216
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Wyndham
Hotels
&
Resorts,
Inc.
........
89,565
$
6,228,350
Wynn
Resorts
Ltd.
..................
103,139
9,531,075
Xponential
Fitness,
Inc.,
Class
A
(a)(b)
......
26,168
405,604
Yum!
Brands,
Inc.
..................
285,905
35,720,971
962,309,987
Household
Durables
—
0.5%
Beazer
Homes
USA,
Inc.
(a)
............
29,700
739,827
Cavco
Industries,
Inc.
(a)
...............
9,106
2,419,100
Century
Communities,
Inc.
............
29,216
1,951,044
Cricut,
Inc.,
Class
A
.................
59,527
553,006
DR
Horton,
Inc.
....................
315,131
33,867,129
Dream
Finders
Homes,
Inc.,
Class
A
(a)
.....
24,363
541,590
Emerson
Radio
Corp.
(a)
...............
18
10
Ethan
Allen
Interiors,
Inc.
.............
29,596
884,920
Flexsteel
Industries,
Inc.
..............
26,750
555,330
Garmin
Ltd.
.......................
158,607
16,685,456
GoPro,
Inc.,
Class
A
(a)
................
230,237
722,944
Green
Brick
Partners,
Inc.
(a)
............
29,239
1,213,711
Hamilton
Beach
Brands
Holding
Co.,
Class
A
28
347
Helen
of
Troy
Ltd.
(a)(b)
................
24,389
2,842,782
Hovnanian
Enterprises,
Inc.,
Class
A
(a)(b)
...
6,370
647,574
Installed
Building
Products,
Inc.
.........
23,946
2,990,616
iRobot
Corp.
(a)
.....................
27,907
1,057,675
KB
Home
........................
84,397
3,905,893
La-Z-Boy,
Inc.
.....................
47,022
1,452,039
Leggett
&
Platt,
Inc.
.................
138,943
3,530,542
Lennar
Corp.,
Class
A
................
251,338
28,207,664
Lennar
Corp.,
Class
B
(b)
..............
22,969
2,348,121
LGI
Homes,
Inc.
(a)(b)
.................
21,363
2,125,405
M/I
Homes,
Inc.
(a)
...................
28,184
2,368,583
MDC
Holdings,
Inc.
.................
62,942
2,595,099
Meritage
Homes
Corp.
...............
36,954
4,522,800
Mohawk
Industries,
Inc.
(a)
.............
54,332
4,662,229
Nephros,
Inc.
(a)
....................
4,131
6,176
Newell
Brands,
Inc.
.................
414,352
3,741,599
Nova
Lifestyle,
Inc.
(a)
................
558
1,334
NVR,
Inc.
(a)
.......................
3,287
19,601,367
PulteGroup,
Inc.
...................
222,207
16,454,428
Skyline
Champion
Corp.
(a)
.............
56,240
3,583,613
Sonos,
Inc.
(a)(b)
.....................
146,928
1,896,840
Taylor
Morrison
Home
Corp.
(a)
..........
111,677
4,758,557
Tempur
Sealy
International,
Inc.
.........
176,784
7,661,819
Toll
Brothers,
Inc.
...................
113,723
8,410,953
TopBuild
Corp.
(a)
...................
32,855
8,266,318
TRI
Pointe
Homes,
Inc.
(a)
..............
107,941
2,952,186
Vizio
Holding
Corp.,
Class
A
(a)
..........
146,266
791,299
Whirlpool
Corp.
....................
56,229
7,517,817
Yunhong
Green
CTI
Ltd.
(a)
.............
230
603
209,036,345
Household
Products
—
1.2%
Central
Garden
&
Pet
Co.
(a)
............
9
397
Central
Garden
&
Pet
Co.,
Class
A,
NVS
(a)
..
54,650
2,190,919
Church
&
Dwight
Co.,
Inc.
.............
254,803
23,347,599
Clorox
Co.
(The)
...................
129,559
16,980,002
Colgate-Palmolive
Co.
...............
854,964
60,796,490
Energizer
Holdings,
Inc.
..............
66,976
2,145,911
Kimberly-Clark
Corp.
................
346,736
41,903,045
Procter
&
Gamble
Co.
(The)
...........
2,438,752
355,716,367
Reynolds
Consumer
Products,
Inc.
.......
60,006
1,537,954
Spectrum
Brands
Holdings,
Inc.
.........
38,925
3,049,774
WD-40
Co.
(b)
......................
14,097
2,865,074
510,533,532
Security
Shares
Shares
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Corp.
(The)
...................
724,713
$
11,015,638
Altus
Power,
Inc.,
Class
A
(a)
............
80,460
422,415
Clearway
Energy,
Inc.,
Class
A
..........
36,364
724,371
Clearway
Energy,
Inc.,
Class
C
.........
90,118
1,906,897
Montauk
Renewables,
Inc.
(a)
...........
80,739
735,532
Ormat
Technologies,
Inc.
(b)
............
54,311
3,797,425
Sunnova
Energy
International,
Inc.
(a)(b)
.....
108,681
1,137,890
Vistra
Corp.
......................
359,808
11,938,429
31,678,597
Industrial
Conglomerates
—
0.7%
3M
Co.
..........................
572,527
53,599,978
General
Electric
Co.
(b)
................
1,127,588
124,654,853
Honeywell
International,
Inc.
...........
687,067
126,928,758
305,183,589
Industrial
REITs
—
0.4%
Americold
Realty
Trust,
Inc.
............
262,348
7,978,003
EastGroup
Properties,
Inc.
............
44,756
7,453,217
First
Industrial
Realty
Trust,
Inc.
.........
125,297
5,962,884
Innovative
Industrial
Properties,
Inc.
......
29,133
2,204,203
LXP
Industrial
Trust
.................
302,295
2,690,425
Plymouth
Industrial
REIT,
Inc.
..........
37,462
784,829
Prologis,
Inc.
......................
953,410
106,982,136
Rexford
Industrial
Realty,
Inc.
..........
206,396
10,185,643
STAG
Industrial,
Inc.
................
173,634
5,992,109
Terreno
Realty
Corp.
................
76,749
4,359,343
154,592,792
Insurance
—
2.3%
Aflac,
Inc.
........................
562,947
43,206,182
Allstate
Corp.
(The)
.................
272,401
30,348,195
Ambac
Financial
Group,
Inc.
(a)
..........
44,585
537,695
American
Equity
Investment
Life
Holding
Co.
66,745
3,580,202
American
Financial
Group,
Inc.
.........
69,960
7,812,433
American
International
Group,
Inc.
.......
735,918
44,596,631
AMERISAFE,
Inc.
..................
19,769
989,834
Aon
plc,
Class
A
...................
210,617
68,286,244
Arch
Capital
Group
Ltd.
(a)
.............
387,683
30,902,212
Argo
Group
International
Holdings
Ltd.
....
38,758
1,156,539
Arthur
J
Gallagher
&
Co.
..............
222,607
50,738,814
Assurant,
Inc.
.....................
54,690
7,852,390
Assured
Guaranty
Ltd.
...............
64,054
3,876,548
Atlantic
American
Corp.
..............
749
1,453
Axis
Capital
Holdings
Ltd.
.............
81,431
4,590,265
Brighthouse
Financial,
Inc.
(a)
...........
75,068
3,673,828
Brown
&
Brown,
Inc.
.................
246,393
17,208,087
BRP
Group,
Inc.,
Class
A
(a)(b)
...........
68,244
1,585,308
Chubb
Ltd.
.......................
425,251
88,528,753
Cincinnati
Financial
Corp.
.............
163,883
16,763,592
CNA
Financial
Corp.
.................
27,646
1,087,870
CNO
Financial
Group,
Inc.
.............
131,484
3,120,115
Conifer
Holdings,
Inc.
(a)
...............
833
1,058
Donegal
Group,
Inc.,
Class
A
...........
45,444
647,804
Employers
Holdings,
Inc.
..............
20,055
801,197
Enstar
Group
Ltd.
(a)
.................
14,636
3,541,912
Erie
Indemnity
Co.,
Class
A,
NVS
........
26,356
7,743,129
Everest
Group
Ltd.
..................
44,431
16,513,670
F&G
Annuities
&
Life,
Inc.
.............
19,285
541,137
FG
Financial
Group,
Inc.
(a)
.............
9
13
Fidelity
National
Financial,
Inc.,
Class
A
....
259,364
10,711,733
First
American
Financial
Corp.
..........
106,364
6,008,502
Genworth
Financial,
Inc.,
Class
A
(a)
.......
415,737
2,436,219
Globe
Life,
Inc.
....................
90,194
9,806,794
Goosehead
Insurance,
Inc.,
Class
A
(a)(b)
....
23,848
1,777,391
Hanover
Insurance
Group,
Inc.
(The)
.....
38,937
4,321,228
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Hartford
Financial
Services
Group,
Inc.
(The)
318,192
$
22,562,995
HCI
Group,
Inc.
....................
9,323
506,146
Horace
Mann
Educators
Corp.
..........
20,403
599,440
Kemper
Corp.
.....................
65,139
2,737,792
Kinsale
Capital
Group,
Inc.
............
22,658
9,383,358
Lemonade,
Inc.
(a)(b)
..................
78,071
907,185
Lincoln
National
Corp.
...............
164,472
4,060,814
Loews
Corp.
......................
193,774
12,267,832
Markel
Group,
Inc.
(a)
.................
13,897
20,463,194
Marsh
&
McLennan
Cos.,
Inc.
..........
510,905
97,225,222
MBIA,
Inc.
(a)
......................
73,714
531,478
Mercury
General
Corp.
...............
29,965
839,919
MetLife,
Inc.
......................
657,228
41,346,213
National
Western
Life
Group,
Inc.,
Class
A
(b)
.
2,379
1,040,789
Old
Republic
International
Corp.
.........
277,699
7,481,211
Oscar
Health,
Inc.,
Class
A
(a)
...........
170,718
950,899
Palomar
Holdings,
Inc.
(a)
..............
25,371
1,287,578
Primerica,
Inc.
.....................
37,700
7,314,177
Principal
Financial
Group,
Inc.
..........
227,776
16,415,816
ProAssurance
Corp.
.................
35,192
664,777
Progressive
Corp.
(The)
..............
606,765
84,522,365
Prudential
Financial,
Inc.
..............
382,841
36,327,783
Reinsurance
Group
of
America,
Inc.
......
69,731
10,124,244
RenaissanceRe
Holdings
Ltd.
..........
53,930
10,673,826
RLI
Corp.
........................
41,713
5,668,380
Ryan
Specialty
Holdings,
Inc.,
Class
A
(a)(b)
..
103,016
4,985,974
Safety
Insurance
Group,
Inc.
...........
11,527
786,026
Selective
Insurance
Group,
Inc.
.........
64,170
6,620,419
SiriusPoint
Ltd.
(a)
...................
84,708
861,480
Skyward
Specialty
Insurance
Group,
Inc.
(a)
..
39,816
1,089,366
Stewart
Information
Services
Corp.
.......
16,242
711,400
Tiptree,
Inc.
......................
36,203
606,762
Travelers
Cos.,
Inc.
(The)
.............
236,888
38,686,179
Trupanion,
Inc.
(a)(b)
..................
34,956
985,759
United
Fire
Group,
Inc.
...............
22,023
434,954
Unum
Group
......................
194,443
9,564,651
White
Mountains
Insurance
Group
Ltd.
(b)
...
2,585
3,866,359
Willis
Towers
Watson
plc
..............
109,146
22,807,148
WR
Berkley
Corp.
..................
217,272
13,794,599
996,999,486
Interactive
Media
&
Services
—
5.2%
Alphabet,
Inc.,
Class
A
(a)
..............
6,137,971
803,214,885
Alphabet,
Inc.,
Class
C,
NVS
(a)
..........
5,227,067
689,188,784
Bumble,
Inc.,
Class
A
(a)
...............
123,826
1,847,484
Cargurus,
Inc.,
Class
A
(a)
..............
94,244
1,651,155
Cars.com,
Inc.
(a)
....................
73,725
1,243,004
Eventbrite,
Inc.,
Class
A
(a)(b)
............
103,573
1,021,230
fuboTV,
Inc.
(a)(b)
....................
324,038
865,181
IAC,
Inc.
(a)(b)
......................
75,022
3,780,359
IZEA
Worldwide,
Inc.
(a)
...............
1
2
Liberty
TripAdvisor
Holdings,
Inc.,
Class
A
(a)
.
72
35
Match
Group,
Inc.
(a)
.................
289,070
11,324,317
Meta
Platforms,
Inc.,
Class
A
(a)
..........
2,300,882
690,747,785
Nextdoor
Holdings,
Inc.,
Class
A
(a)
.......
266,984
485,911
Pinterest,
Inc.,
Class
A
(a)
..............
603,648
16,316,605
QuinStreet,
Inc.
(a)
...................
64,979
582,862
Rumble,
Inc.
(a)(b)
....................
95,652
487,825
Shutterstock,
Inc.
...................
24,687
939,340
Snap,
Inc.,
Class
A,
NVS
(a)(b)
...........
1,063,909
9,479,429
Super
League
Enterprise,
Inc.
(a)(b)
........
43,528
75,739
Travelzoo
(a)
.......................
9
53
TripAdvisor,
Inc.
(a)
..................
129,622
2,149,133
Vimeo,
Inc.
(a)
......................
160,567
568,407
Yelp,
Inc.
(a)
.......................
75,044
3,121,080
Security
Shares
Shares
Value
Interactive
Media
&
Services
(continued)
Ziff
Davis,
Inc.
(a)(b)
...................
49,826
$
3,173,418
ZipRecruiter,
Inc.,
Class
A
(a)
............
90,711
1,087,625
ZoomInfo
Technologies,
Inc.
(a)
..........
323,838
5,310,943
2,248,662,591
IT
Services
—
1.4%
Accenture
plc,
Class
A
...............
652,779
200,474,959
Akamai
Technologies,
Inc.
(a)
............
156,101
16,631,001
BigCommerce
Holdings,
Inc.
(a)(b)
.........
89,587
884,224
Cloudflare,
Inc.,
Class
A
(a)(b)
............
305,654
19,268,428
Cognizant
Technology
Solutions
Corp.,
Class
A
522,429
35,389,340
DigitalOcean
Holdings,
Inc.
(a)(b)
..........
58,004
1,393,836
DXC
Technology
Co.
(a)(b)
..............
220,800
4,599,264
Edgio,
Inc.
(a)
......................
162
138
EPAM
Systems,
Inc.
(a)
................
60,216
15,396,629
Fastly,
Inc.,
Class
A
(a)(b)
...............
126,308
2,421,324
Gartner,
Inc.
(a)
.....................
81,019
27,838,939
GoDaddy,
Inc.,
Class
A
(a)(b)
.............
152,337
11,346,060
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)
....
65,260
794,867
Hackett
Group,
Inc.
(The)
.............
27,080
638,817
Inpixon
(a)
........................
1
—
International
Business
Machines
Corp.
....
941,921
132,151,516
Kyndryl
Holdings,
Inc.
(a)
...............
244,802
3,696,510
MongoDB,
Inc.,
Class
A
(a)
.............
73,528
25,430,394
Okta,
Inc.,
Class
A
(a)(b)
................
161,140
13,134,521
Perficient,
Inc.
(a)
....................
36,777
2,127,917
Snowflake,
Inc.,
Class
A
(a)
.............
337,921
51,624,191
Squarespace,
Inc.,
Class
A
(a)
...........
51,246
1,484,597
Thoughtworks
Holding,
Inc.
(a)(b)
..........
142,983
583,371
Twilio,
Inc.,
Class
A
(a)
................
189,775
11,107,531
VeriSign,
Inc.
(a)(b)
...................
92,030
18,638,836
597,057,210
Leisure
Products
—
0.1%
Acushnet
Holdings
Corp.
(b)
............
33,354
1,769,096
Brunswick
Corp.
...................
72,396
5,719,284
Hasbro,
Inc.
......................
136,047
8,998,149
Johnson
Outdoors,
Inc.,
Class
A
.........
8,566
468,475
Malibu
Boats,
Inc.,
Class
A
(a)
...........
21,724
1,064,910
MasterCraft
Boat
Holdings,
Inc.
(a)
........
27,244
605,362
Mattel,
Inc.
(a)
......................
372,449
8,205,051
Peloton
Interactive,
Inc.,
Class
A
(a)(b)
......
344,312
1,738,776
Polaris,
Inc.
.......................
55,043
5,732,178
Smith
&
Wesson
Brands,
Inc.
...........
55,119
711,586
Sturm
Ruger
&
Co.,
Inc.
..............
22,673
1,181,717
Topgolf
Callaway
Brands
Corp.
(a)
........
159,012
2,200,726
Vista
Outdoor,
Inc.
(a)
.................
67,304
2,229,108
YETI
Holdings,
Inc.
(a)(b)
...............
89,413
4,311,495
44,935,913
Life
Sciences
Tools
&
Services
—
1.5%
10X
Genomics,
Inc.,
Class
A
(a)(b)
.........
110,974
4,577,677
Adaptive
Biotechnologies
Corp.
(a)(b)
.......
110,488
602,160
Agilent
Technologies,
Inc.
.............
307,338
34,366,535
Applied
DNA
Sciences,
Inc.
(a)
...........
366
450
Avantor,
Inc.
(a)(b)
....................
708,891
14,943,422
Azenta,
Inc.
(a)
.....................
64,898
3,257,231
BioLife
Solutions,
Inc.
(a)
...............
38,363
529,793
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
......
22,074
7,912,425
Bio-Techne
Corp.
...................
163,824
11,151,500
Bruker
Corp.
......................
102,979
6,415,592
Champions
Oncology,
Inc.
(a)
............
9
56
Charles
River
Laboratories
International,
Inc.
(a)
(b)
...........................
53,394
10,464,156
ChromaDex
Corp.
(a)(b)
................
81
118
CryoPort,
Inc.
(a)(b)
...................
51,524
706,394
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Cytek
Biosciences,
Inc.
(a)
..............
96,404
$
532,150
Danaher
Corp.
....................
680,309
168,784,663
Fortrea
Holdings,
Inc.
(a)
...............
91,940
2,628,565
Illumina,
Inc.
(a)
.....................
167,038
22,930,977
IQVIA
Holdings,
Inc.
(a)
................
190,398
37,460,806
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
(a)
(b)
...........................
121,537
1,215,370
MaxCyte,
Inc.
(a)
....................
173,133
540,175
Medpace
Holdings,
Inc.
(a)
.............
24,477
5,926,616
Mesa
Laboratories,
Inc.
..............
5,155
541,636
Mettler-Toledo
International,
Inc.
(a)
.......
22,856
25,326,048
Nautilus
Biotechnology,
Inc.
(a)
...........
129,474
409,138
OmniAb
Operations,
Inc.,
12.50
Earnout
Shares,
NVS
(a)(d)
.................
7,100
—
OmniAb
Operations,
Inc.,
15.00
Earnout
Shares,
NVS
(a)(d)
.................
7,100
—
OmniAb,
Inc.
(a)(b)
...................
105,747
548,827
Pacific
Biosciences
of
California,
Inc.
(a)(b)
...
238,944
1,995,182
PhenomeX,
Inc.
(a)
...................
90
90
Quanterix
Corp.
(a)
...................
33,614
912,284
Repligen
Corp.
(a)(b)
..................
53,639
8,529,137
Revvity,
Inc.
......................
129,975
14,388,233
SomaLogic,
Inc.,
Class
A
(a)(b)
...........
243,135
581,093
Sotera
Health
Co.
(a)(b)
................
112,076
1,678,898
Thermo
Fisher
Scientific,
Inc.
...........
399,485
202,207,322
Waters
Corp.
(a)
....................
61,455
16,851,576
West
Pharmaceutical
Services,
Inc.
......
76,333
28,640,905
637,557,200
Machinery
—
2.0%
3D
Systems
Corp.
(a)(b)
................
152,631
749,418
AGCO
Corp.
......................
64,038
7,574,415
Alamo
Group,
Inc.
..................
10,582
1,829,205
Albany
International
Corp.,
Class
A
.......
35,796
3,088,479
Allison
Transmission
Holdings,
Inc.
.......
86,713
5,121,270
Astec
Industries,
Inc.
................
22,494
1,059,692
Barnes
Group,
Inc.
..................
63,432
2,154,785
Blue
Bird
Corp.
(a)(b)
..................
24,071
513,916
Caterpillar,
Inc.
....................
527,709
144,064,557
Chart
Industries,
Inc.
(a)(b)
..............
43,238
7,312,411
CIRCOR
International,
Inc.
(a)
...........
22,721
1,266,696
CNH
Industrial
NV
..................
1,005,286
12,163,961
Columbus
McKinnon
Corp.
............
37,050
1,293,415
Crane
Co.
........................
52,086
4,627,320
Cummins,
Inc.
.....................
146,190
33,398,567
Deere
&
Co.
......................
281,737
106,321,909
Desktop
Metal,
Inc.,
Class
A
(a)(b)
.........
338,108
493,638
Donaldson
Co.,
Inc.
.................
122,229
7,289,738
Douglas
Dynamics,
Inc.
..............
26,388
796,390
Dover
Corp.
......................
143,932
20,079,953
Energy
Recovery,
Inc.
(a)(b)
.............
65,982
1,399,478
Enerpac
Tool
Group
Corp.,
Class
A
.......
58,642
1,549,908
EnPro
Industries,
Inc.
................
22,328
2,705,930
Esab
Corp.
.......................
61,061
4,287,703
ESCO
Technologies,
Inc.
.............
27,701
2,893,092
Federal
Signal
Corp.
................
64,078
3,827,379
Flowserve
Corp.
...................
140,577
5,590,747
Fortive
Corp.
......................
362,475
26,881,146
Franklin
Electric
Co.,
Inc.
.............
41,735
3,724,014
Gates
Industrial
Corp.
plc
(a)
............
164,622
1,911,261
Gorman-Rupp
Co.
(The)
..............
30,924
1,017,400
Graco,
Inc.
.......................
173,880
12,672,374
Greenbrier
Cos.,
Inc.
(The)
............
36,513
1,460,520
Helios
Technologies,
Inc.
..............
37,056
2,055,867
Hillenbrand,
Inc.
...................
74,573
3,155,184
Security
Shares
Shares
Value
Machinery
(continued)
Hillman
Solutions
Corp.
(a)(b)
............
248,634
$
2,051,230
Hyster-Yale
Materials
Handling,
Inc.
......
13,783
614,446
IDEX
Corp.
.......................
76,618
15,938,076
Illinois
Tool
Works,
Inc.
...............
282,808
65,133,510
Ingersoll
Rand,
Inc.
.................
415,280
26,461,642
ITT,
Inc.
.........................
85,140
8,336,057
John
Bean
Technologies
Corp.
..........
34,398
3,616,606
Kadant,
Inc.
(b)
.....................
13,399
3,022,144
Kennametal,
Inc.
...................
83,596
2,079,868
Lincoln
Electric
Holdings,
Inc.
..........
59,244
10,769,967
Lindsay
Corp.
.....................
13,023
1,532,547
LiqTech
International,
Inc.
(a)(b)
...........
1,453
5,623
Luxfer
Holdings
plc
.................
49,281
643,117
Manitowoc
Co.,
Inc.
(The)
(a)(b)
...........
45,191
680,125
Markforged
Holding
Corp.
(a)
............
117
170
Microvast
Holdings,
Inc.
(a)(b)
............
295,356
558,223
Middleby
Corp.
(The)
(a)
...............
56,087
7,179,136
Miller
Industries,
Inc.
................
13,044
511,455
Mueller
Industries,
Inc.
...............
57,671
4,334,552
Mueller
Water
Products,
Inc.,
Class
A
.....
165,892
2,103,511
Nikola
Corp.
(a)(b)
....................
955,608
1,500,305
Nordson
Corp.
.....................
55,204
12,319,877
Omega
Flex,
Inc.
(b)
..................
5,308
417,899
Oshkosh
Corp.
....................
68,115
6,500,214
Otis
Worldwide
Corp.
................
422,389
33,922,061
PACCAR,
Inc.
.....................
541,176
46,010,784
Parker-Hannifin
Corp.
................
132,242
51,510,904
Pentair
plc
.......................
169,924
11,002,579
Proto
Labs,
Inc.
(a)(b)
..................
27,561
727,610
RBC
Bearings,
Inc.
(a)(b)
...............
30,184
7,066,980
REV
Group,
Inc.
...................
50,005
800,080
Shyft
Group,
Inc.
(The)
...............
36,721
549,713
Snap-on,
Inc.
.....................
54,266
13,841,086
SPX
Technologies,
Inc.
(a)(b)
.............
46,585
3,792,019
Standex
International
Corp.
............
14,411
2,099,539
Stanley
Black
&
Decker,
Inc.
...........
159,209
13,306,688
Symbotic,
Inc.,
Class
A
(a)(b)
.............
16,463
550,358
Tennant
Co.
......................
19,638
1,456,158
Terex
Corp.
.......................
69,532
4,006,434
Timken
Co.
(The)
...................
67,326
4,947,788
Titan
International,
Inc.
(a)
..............
46,041
618,331
Toro
Co.
(The)
.....................
107,344
8,920,286
Trinity
Industries,
Inc.
................
92,252
2,246,336
Wabash
National
Corp.
...............
49,006
1,035,007
Watts
Water
Technologies,
Inc.,
Class
A
....
27,775
4,800,075
Westinghouse
Air
Brake
Technologies
Corp.
.
185,213
19,682,586
Xylem,
Inc.
.......................
247,502
22,530,107
868,065,547
Marine
Transportation
—
0.0%
Genco
Shipping
&
Trading
Ltd.
..........
51,309
717,813
Kirby
Corp.
(a)
......................
63,324
5,243,227
Matson,
Inc.
......................
36,330
3,223,198
9,184,238
Media
—
0.9%
Altice
USA,
Inc.,
Class
A
(a)(b)
............
224,467
734,007
AMC
Networks,
Inc.,
Class
A
(a)
..........
42,498
500,626
Boston
Omaha
Corp.,
Class
A
(a)
.........
46,415
760,742
Cable
One,
Inc.
....................
5,073
3,123,142
Cardlytics,
Inc.
(a)(b)
..................
38,690
638,385
Charter
Communications,
Inc.,
Class
A
(a)(b)
..
104,970
46,167,905
Clear
Channel
Outdoor
Holdings,
Inc.
(a)(b)
...
430,845
680,735
Comcast
Corp.,
Class
A
..............
4,259,894
188,883,700
Cumulus
Media,
Inc.,
Class
A
(a)
.........
45
229
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Media
(continued)
Daily
Journal
Corp.
(a)(b)
...............
3,356
$
986,664
DISH
Network
Corp.,
Class
A
(a)(b)
........
258,722
1,516,111
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)
....
86,653
474,858
Fox
Corp.,
Class
A,
NVS
..............
255,297
7,965,266
Fox
Corp.,
Class
B
..................
138,269
3,993,209
Gannett
Co.,
Inc.
(a)(b)
.................
186,284
456,396
Gray
Television,
Inc.
.................
85,408
591,023
iHeartMedia,
Inc.,
Class
A
(a)(b)
...........
143,133
452,300
Integral
Ad
Science
Holding
Corp.
(a)
......
50,720
603,061
Interpublic
Group
of
Cos.,
Inc.
(The)
......
400,822
11,487,559
John
Wiley
&
Sons,
Inc.,
Class
A
........
46,202
1,717,328
Liberty
Broadband
Corp.,
Class
A
(a)(b)
......
18,531
1,684,653
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)
..
117,327
10,714,302
Liberty
Media
Corp.-Liberty
SiriusXM,
NVS
(a)
163,174
4,154,410
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A,
NVS
(a)
........................
76,852
1,955,883
Magnite,
Inc.
(a)
.....................
129,566
976,928
Mediaco
Holding,
Inc.,
Class
A
(a)(b)
........
858
626
National
CineMedia,
Inc.
(a)(b)
............
115,211
517,297
New
York
Times
Co.
(The),
Class
A
.......
168,158
6,928,110
News
Corp.,
Class
A,
NVS
............
394,394
7,911,544
News
Corp.,
Class
B
................
119,262
2,488,998
Nexstar
Media
Group,
Inc.
.............
34,050
4,881,749
Omnicom
Group,
Inc.
................
203,119
15,128,303
Paramount
Global,
Class
B,
NVS
(b)
.......
525,422
6,777,944
PubMatic,
Inc.,
Class
A
(a)(b)
.............
48,508
586,947
Saga
Communications,
Inc.,
Class
A
......
9
193
Scholastic
Corp.,
NVS
...............
31,445
1,199,312
Sinclair,
Inc.,
Class
A
(b)
...............
45,310
508,378
Sirius
XM
Holdings,
Inc.
(b)
.............
721,572
3,261,505
Stagwell,
Inc.,
Class
A
(a)(b)
.............
114,819
538,501
TechTarget,
Inc.
(a)
...................
28,813
874,763
TEGNA,
Inc.
......................
214,319
3,122,628
Thryv
Holdings,
Inc.
(a)
................
31,800
596,886
Trade
Desk,
Inc.
(The),
Class
A
(a)(b)
.......
461,459
36,063,021
Urban
One,
Inc.,
Class
A
(a)
.............
233
1,170
WideOpenWest,
Inc.
(a)(b)
..............
72,583
555,260
383,162,557
Metals
&
Mining
—
0.5%
5E
Advanced
Materials,
Inc.
(a)
..........
36
81
Alcoa
Corp.
.......................
185,991
5,404,899
Alpha
Metallurgical
Resources,
Inc.
......
12,148
3,155,200
Arch
Resources,
Inc.,
Class
A
..........
19,505
3,328,723
ATI,
Inc.
(a)(b)
.......................
136,394
5,612,613
Carpenter
Technology
Corp.
...........
52,963
3,559,643
Century
Aluminum
Co.
(a)(b)
.............
99,214
713,349
Cleveland-Cliffs,
Inc.
(a)
...............
530,375
8,289,761
Coeur
Mining,
Inc.
(a)(b)
................
368,715
818,547
Commercial
Metals
Co.
...............
113,845
5,625,081
Compass
Minerals
International,
Inc.
......
37,446
1,046,616
Freeport-McMoRan,
Inc.
..............
1,494,987
55,748,065
Golden
Minerals
Co.
(a)
...............
3,703
2,364
Haynes
International,
Inc.
.............
10,943
509,068
Hecla
Mining
Co.
(b)
..................
600,956
2,349,738
Kaiser
Aluminum
Corp.
...............
19,218
1,446,347
Materion
Corp.
....................
22,452
2,288,083
MP
Materials
Corp.,
Class
A
(a)(b)
.........
158,945
3,035,850
Newmont
Corp.
....................
825,205
30,491,325
Nucor
Corp.
......................
255,885
40,007,620
Olympic
Steel,
Inc.
..................
9,794
550,521
Paramount
Gold
Nevada
Corp.
(a)
........
153
43
Piedmont
Lithium,
Inc.
(a)(b)
.............
17,858
708,963
Reliance
Steel
&
Aluminum
Co.
.........
59,394
15,574,889
Royal
Gold,
Inc.
....................
67,589
7,186,738
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Ryerson
Holding
Corp.
...............
31,449
$
914,851
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
27,620
769,217
Steel
Dynamics,
Inc.
.................
158,485
16,992,762
SunCoke
Energy,
Inc.
................
101,913
1,034,417
TimkenSteel
Corp.
(a)
.................
52,948
1,150,031
United
States
Steel
Corp.
.............
229,766
7,462,800
Warrior
Met
Coal,
Inc.
................
55,828
2,851,694
Worthington
Industries,
Inc.
............
32,597
2,015,147
230,645,046
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
AGNC
Investment
Corp.
..............
613,093
5,787,598
Annaly
Capital
Management,
Inc.
........
503,711
9,474,804
Apollo
Commercial
Real
Estate
Finance,
Inc.
131,882
1,335,965
Arbor
Realty
Trust,
Inc.
...............
190,696
2,894,765
Ares
Commercial
Real
Estate
Corp.
......
55,889
532,063
ARMOUR
Residential
REIT,
Inc.
.........
395,910
1,682,618
Blackstone
Mortgage
Trust,
Inc.,
Class
A
...
160,107
3,482,327
BrightSpire
Capital,
Inc.,
Class
A
........
119,454
747,782
Chimera
Investment
Corp.
.............
262,356
1,432,464
Claros
Mortgage
Trust,
Inc.
............
125,271
1,388,003
Dynex
Capital,
Inc.
..................
47,983
572,917
Ellington
Financial,
Inc.
...............
70,506
879,210
Franklin
BSP
Realty
Trust,
Inc.
..........
92,990
1,231,188
Granite
Point
Mortgage
Trust,
Inc.
.......
117,998
575,830
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
....................
108,652
2,303,422
Invesco
Mortgage
Capital,
Inc.
..........
59,908
599,679
KKR
Real
Estate
Finance
Trust,
Inc.
......
67,354
799,492
Ladder
Capital
Corp.,
Class
A
..........
116,320
1,193,443
Manhattan
Bridge
Capital,
Inc.
..........
879
4,219
MFA
Financial,
Inc.
..................
154,386
1,483,649
New
York
Mortgage
Trust,
Inc.
..........
95,721
812,671
Orchid
Island
Capital,
Inc.
.............
58,989
501,996
PennyMac
Mortgage
Investment
Trust
.....
89,754
1,112,950
Ready
Capital
Corp.
.................
165,538
1,673,589
Redwood
Trust,
Inc.
.................
113,182
806,988
Rithm
Capital
Corp.
.................
487,670
4,530,454
Starwood
Property
Trust,
Inc.
...........
277,293
5,365,620
TPG
RE
Finance
Trust,
Inc.
............
72,034
484,789
Two
Harbors
Investment
Corp.
..........
110,552
1,463,709
55,154,204
Multi-Utilities
—
0.6%
Ameren
Corp.
.....................
264,309
19,778,242
Avista
Corp.
......................
69,253
2,241,720
Black
Hills
Corp.
...................
67,492
3,414,420
CenterPoint
Energy,
Inc.
..............
651,856
17,502,334
CMS
Energy
Corp.
..................
296,559
15,750,249
Consolidated
Edison,
Inc.
.............
356,472
30,489,050
Dominion
Energy,
Inc.
................
873,818
39,033,450
DTE
Energy
Co.
...................
211,361
20,983,920
NiSource,
Inc.
.....................
432,170
10,665,956
Northwestern
Energy
Group,
Inc.
........
61,388
2,950,307
Public
Service
Enterprise
Group,
Inc.
.....
515,913
29,360,609
Sempra
.........................
656,100
44,634,483
Unitil
Corp.
.......................
22,257
950,596
WEC
Energy
Group,
Inc.
..............
321,707
25,913,499
263,668,835
Office
REITs
—
0.1%
Alexandria
Real
Estate
Equities,
Inc.
......
163,131
16,329,413
Boston
Properties,
Inc.
...............
147,573
8,777,642
Brandywine
Realty
Trust
..............
182,767
829,762
COPT
Defense
Properties
.............
117,202
2,792,924
Cousins
Properties,
Inc.
..............
159,318
3,245,308
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Office
REITs
(continued)
Douglas
Emmett,
Inc.
................
171,842
$
2,192,704
Easterly
Government
Properties,
Inc.
.....
93,799
1,072,123
Equity
Commonwealth
...............
112,610
2,068,646
Highwoods
Properties,
Inc.
............
110,720
2,281,939
Hudson
Pacific
Properties,
Inc.
..........
156,113
1,038,151
JBG
SMITH
Properties
...............
99,361
1,436,760
Kilroy
Realty
Corp.
..................
111,354
3,519,900
Orion
Office
REIT,
Inc.
...............
131,041
682,724
Paramount
Group,
Inc.
...............
195,144
901,565
Peakstone
Realty
Trust,
Class
E,
NVS
(b)
...
55,797
928,462
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
..
127,597
717,095
Postal
Realty
Trust,
Inc.,
Class
A
........
47,192
637,092
SL
Green
Realty
Corp.
(b)
..............
70,750
2,638,975
Vornado
Realty
Trust
................
167,452
3,797,811
55,888,996
Oil,
Gas
&
Consumable
Fuels
—
4.2%
Antero
Midstream
Corp.
..............
383,696
4,596,678
Antero
Resources
Corp.
(a)
.............
291,903
7,408,498
APA
Corp.
.......................
318,992
13,110,571
Barnwell
Industries,
Inc.
..............
9
24
Berry
Corp.
.......................
79,686
653,425
California
Resources
Corp.
............
66,539
3,726,849
Callon
Petroleum
Co.
(a)(b)
..............
63,345
2,478,056
Camber
Energy,
Inc.
(a)
...............
1
—
Centrus
Energy
Corp.,
Class
A
(a)(b)
.......
14,423
818,650
Cheniere
Energy,
Inc.
................
248,980
41,320,721
Chesapeake
Energy
Corp.
(b)
...........
115,026
9,918,692
Chevron
Corp.
.....................
1,834,891
309,399,320
Chord
Energy
Corp.
.................
41,529
6,730,605
Civitas
Resources,
Inc.
...............
86,080
6,961,290
Clean
Energy
Fuels
Corp.
(a)(b)
...........
236,243
904,811
CNX
Resources
Corp.
(a)(b)
.............
174,087
3,930,884
Comstock
Resources,
Inc.
.............
95,968
1,058,527
ConocoPhillips
....................
1,241,843
148,772,791
CONSOL
Energy,
Inc.
................
29,575
3,102,713
Coterra
Energy,
Inc.
.................
790,231
21,375,749
Crescent
Energy,
Inc.,
Class
A
..........
89,675
1,133,492
CVR
Energy,
Inc.
...................
34,107
1,160,661
Delek
US
Holdings,
Inc.
..............
75,213
2,136,801
Denbury,
Inc.
(a)
....................
52,379
5,133,666
Devon
Energy
Corp.
.................
671,305
32,021,249
Diamondback
Energy,
Inc.
.............
184,739
28,612,376
Dorian
LPG
Ltd.
....................
33,923
974,608
DT
Midstream,
Inc.
..................
101,020
5,345,978
Earthstone
Energy,
Inc.,
Class
A
(a)(b)
......
64,734
1,310,216
EOG
Resources,
Inc.
................
603,522
76,502,449
EQT
Corp.
(b)
......................
375,083
15,220,868
Equitrans
Midstream
Corp.
............
449,354
4,210,447
Excelerate
Energy,
Inc.,
Class
A
(b)
........
32,674
556,765
Exxon
Mobil
Corp.
..................
4,142,457
487,070,094
Gevo,
Inc.
(a)(b)
.....................
478,205
569,064
Green
Plains,
Inc.
(a)(b)
................
22,860
688,086
Gulfport
Energy
Corp.
(a)
..............
11,534
1,368,624
Harvest
Natural
Resources,
Inc.,
NVS
(a)(d)
...
8,626
—
Hess
Corp.
.......................
287,553
43,995,609
HF
Sinclair
Corp.
...................
148,989
8,481,944
Houston
American
Energy
Corp.
(a)
.......
18
35
International
Seaways,
Inc.
............
41,713
1,877,085
Kinder
Morgan,
Inc.
.................
2,010,381
33,332,117
Kinetik
Holdings,
Inc.,
Class
A
..........
27,273
920,464
Kosmos
Energy
Ltd.
(a)
................
486,335
3,978,220
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
189,132
4,333,014
Marathon
Oil
Corp.
..................
639,444
17,105,127
Marathon
Petroleum
Corp.
............
412,221
62,385,526
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Matador
Resources
Co.
..............
115,664
$
6,879,695
Murphy
Oil
Corp.
...................
153,100
6,943,085
New
Fortress
Energy,
Inc.,
Class
A
.......
70,726
2,318,398
NextDecade
Corp.
(a)(b)
................
101,343
518,876
Northern
Oil
&
Gas,
Inc.
..............
84,854
3,413,676
Occidental
Petroleum
Corp.
............
687,503
44,605,195
ONEOK,
Inc.
......................
592,321
37,570,921
Overseas
Shipholding
Group,
Inc.,
Class
A
(a)(b)
114,654
503,331
Ovintiv,
Inc.
.......................
253,903
12,078,166
Par
Pacific
Holdings,
Inc.
(a)
............
64,492
2,317,843
PBF
Energy,
Inc.,
Class
A
.............
112,492
6,021,697
Peabody
Energy
Corp.
...............
120,753
3,138,371
Permian
Resources
Corp.,
Class
A
.......
271,600
3,791,536
Phillips
66
........................
460,190
55,291,829
Pioneer
Natural
Resources
Co.
.........
242,052
55,563,037
Range
Resources
Corp.
..............
254,095
8,235,219
REX
American
Resources
Corp.
(a)
.......
20,413
831,217
SandRidge
Energy,
Inc.
..............
25,931
406,079
SilverBow
Resources,
Inc.
(a)(b)
..........
19,391
693,616
Sitio
Royalties
Corp.,
Class
A
...........
81,437
1,971,590
SM
Energy
Co.
....................
128,398
5,090,981
Southwestern
Energy
Co.
(a)
............
1,134,058
7,314,674
Talos
Energy,
Inc.
(a)(b)
................
111,684
1,836,085
Targa
Resources
Corp.
...............
233,147
19,985,361
Tellurian,
Inc.
(a)(b)
...................
612,406
710,391
Texas
Pacific
Land
Corp.
..............
6,534
11,915,141
Uranium
Energy
Corp.
(a)(b)
.............
400,864
2,064,450
US
Energy
Corp.
...................
18
24
VAALCO
Energy,
Inc.
................
143,638
630,571
Valero
Energy
Corp.
.................
364,295
51,624,244
Vertex
Energy,
Inc.
(a)(b)
...............
106,519
474,010
Vital
Energy,
Inc.
(a)(b)
.................
18,346
1,016,735
Vitesse
Energy,
Inc.
.................
22,308
510,630
W&T
Offshore,
Inc.
(a)(b)
...............
144,490
632,866
Williams
Cos.,
Inc.
(The)
..............
1,262,794
42,543,530
World
Kinect
Corp.
..................
74,583
1,672,897
1,827,809,406
Paper
&
Forest
Products
—
0.0%
Clearwater
Paper
Corp.
(a)
.............
18,387
666,529
Louisiana-Pacific
Corp.
...............
69,297
3,830,045
Mercer
International,
Inc.
..............
67,694
580,814
Sylvamo
Corp.
....................
36,750
1,614,795
6,692,183
Passenger
Airlines
—
0.2%
Alaska
Air
Group,
Inc.
(a)
...............
133,340
4,944,247
Allegiant
Travel
Co.
.................
16,818
1,292,632
American
Airlines
Group,
Inc.
(a)(b)
........
676,777
8,669,513
Delta
Air
Lines,
Inc.
.................
662,526
24,513,462
Frontier
Group
Holdings,
Inc.
(a)(b)
.........
89,300
432,212
Hawaiian
Holdings,
Inc.
(a)(b)
............
67,334
426,224
JetBlue
Airways
Corp.
(a)(b)
.............
335,030
1,541,138
Joby
Aviation,
Inc.,
Class
A
(a)(b)
..........
394,511
2,544,596
SkyWest,
Inc.
(a)
....................
47,645
1,998,231
Southwest
Airlines
Co.
...............
621,026
16,811,174
Spirit
Airlines,
Inc.
..................
112,277
1,852,571
Sun
Country
Airlines
Holdings,
Inc.
(a)
......
38,897
577,232
United
Airlines
Holdings,
Inc.
(a)
..........
340,460
14,401,458
Wheels
Up
Experience,
Inc.
(a)(b)
.........
19
39
80,004,729
Personal
Care
Products
—
0.2%
Beauty
Health
Co.
(The),
Class
A
(a)(b)
......
108,910
655,638
BellRing
Brands,
Inc.
(a)
...............
136,978
5,647,603
Coty,
Inc.,
Class
A
(a)(b)
................
377,221
4,138,114
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Personal
Care
Products
(continued)
Edgewell
Personal
Care
Co.
...........
55,857
$
2,064,475
elf
Beauty,
Inc.
(a)
...................
56,554
6,211,326
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
240,274
34,731,607
Herbalife
Ltd.
(a)(b)
...................
111,155
1,555,058
Inter
Parfums,
Inc.
..................
19,808
2,661,007
Kenvue,
Inc.
......................
1,792,454
35,992,476
Mannatech,
Inc.
....................
256
2,650
Medifast,
Inc.
.....................
12,340
923,649
Natural
Alternatives
International,
Inc.
(a)
....
880
5,711
Nu
Skin
Enterprises,
Inc.,
Class
A
........
55,770
1,182,882
Olaplex
Holdings,
Inc.
(a)
..............
203,335
396,503
United-Guardian,
Inc.
................
18
136
USANA
Health
Sciences,
Inc.
(a)
.........
18,166
1,064,709
97,233,544
Pharmaceuticals
—
3.7%
AcelRx
Pharmaceuticals,
Inc.
(a)(b)
........
9
5
Acer
Therapeutics,
Inc.
(a)(b)
.............
18
15
Aclaris
Therapeutics,
Inc.
(a)
............
87,376
598,526
Agile
Therapeutics,
Inc.
(a)
.............
295
711
Amneal
Pharmaceuticals,
Inc.,
Class
A
(a)
...
126,591
534,214
Amphastar
Pharmaceuticals,
Inc.
(a)
.......
39,550
1,818,904
Amylyx
Pharmaceuticals,
Inc.
(a)
.........
40,894
748,769
ANI
Pharmaceuticals,
Inc.
(a)
............
22,905
1,329,864
Arvinas,
Inc.
(a)
.....................
66,048
1,297,183
Atea
Pharmaceuticals,
Inc.
(a)
...........
153,532
460,596
Athira
Pharma,
Inc.
(a)
................
45
91
Avenue
Therapeutics,
Inc.
(a)
............
513
361
Axsome
Therapeutics,
Inc.
(a)(b)
..........
41,462
2,897,779
Aytu
BioPharma,
Inc.
(a)(b)
..............
1,266
3,418
Baudax
Bio,
Inc.
(a)
..................
2
1
Bristol-Myers
Squibb
Co.
..............
2,164,428
125,623,401
Cassava
Sciences,
Inc.
(a)(b)
............
43,540
724,506
Catalent,
Inc.
(a)
....................
189,133
8,611,225
cbdMD,
Inc.
(a)
.....................
3
3
Collegium
Pharmaceutical,
Inc.
(a)
........
36,319
811,730
Corcept
Therapeutics,
Inc.
(a)
...........
98,525
2,684,314
Cumberland
Pharmaceuticals,
Inc.
(a)
......
9
17
Cymabay
Therapeutics,
Inc.
(a)(b)
.........
110,306
1,644,662
Dare
Bioscience,
Inc.
(a)(b)
..............
99
46
DMK
Pharmaceuticals
Corp.
(a)
..........
795
548
Elanco
Animal
Health,
Inc.
(a)
............
529,226
5,948,500
Eli
Lilly
&
Co.
.....................
825,306
443,296,612
Eloxx
Pharmaceuticals,
Inc.
(a)
...........
1,131
5,384
Evoke
Pharma,
Inc.
(a)
................
9
12
Evolus,
Inc.
(a)(b)
....................
58,915
538,483
Harmony
Biosciences
Holdings,
Inc.
(a)(b)
....
36,822
1,206,657
Harrow,
Inc.
(a)(b)
....................
30,146
433,198
Hoth
Therapeutics,
Inc.
(a)
..............
1
1
Innoviva,
Inc.
(a)(b)
...................
68,432
888,932
Intra-Cellular
Therapies,
Inc.
(a)
..........
93,496
4,870,207
Jaguar
Health,
Inc.
(a)
.................
9
2
Jazz
Pharmaceuticals
plc
(a)
............
66,261
8,576,824
Johnson
&
Johnson
.................
2,491,534
388,056,420
KALA
BIO,
Inc.
(a)(b)
..................
9
80
Kiora
Pharmaceuticals,
Inc.
(a)
...........
1
1
Ligand
Pharmaceuticals,
Inc.
(a)
..........
18,999
1,138,420
Lipocine,
Inc.
(a)(b)
...................
7
21
Liquidia
Corp.
(a)
....................
68,831
436,389
Marinus
Pharmaceuticals,
Inc.
(a)(b)
........
75,519
607,928
Merck
&
Co.,
Inc.
...................
2,627,612
270,512,655
MyMD
Pharmaceuticals,
Inc.
(a)(b)
.........
2
1
NGM
Biopharmaceuticals,
Inc.
(a)
.........
54
58
NovaBay
Pharmaceuticals,
Inc.
(a)
........
20
9
Ocular
Therapeutix,
Inc.
(a)(b)
............
126,926
398,548
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Ocuphire
Pharma,
Inc.
(a)(b)
.............
27
$
90
Onconova
Therapeutics,
Inc.
(a)
..........
3
2
Organon
&
Co.
....................
271,261
4,709,091
Pacira
BioSciences,
Inc.
(a)
.............
56,162
1,723,050
Perrigo
Co.
plc
....................
140,554
4,490,700
Pfizer,
Inc.
.......................
5,842,513
193,796,156
Phathom
Pharmaceuticals,
Inc.
(a)(b)
.......
44,251
458,883
Phibro
Animal
Health
Corp.,
Class
A
......
38,639
493,420
Pliant
Therapeutics,
Inc.
(a)(b)
............
61,790
1,071,439
Prestige
Consumer
Healthcare,
Inc.
(a)
.....
55,367
3,166,439
Pulmatrix,
Inc.
(a)
....................
1
2
Revance
Therapeutics,
Inc.
(a)(b)
..........
100,298
1,150,418
Royalty
Pharma
plc,
Class
A
...........
419,371
11,381,729
RVL
Pharmaceuticals
plc
(a)
............
12,604
1,091
Scilex
Holding
Co.,
(Acquired
01/06/23
,
cost
$526,994)
(a)(b)(f)
..................
50,286
69,168
SCYNEXIS,
Inc.
(a)
..................
45
103
Seelos
Therapeutics,
Inc.
(a)(b)
...........
117
21
Sonoma
Pharmaceuticals,
Inc.
(a)
.........
609
470
Supernus
Pharmaceuticals,
Inc.
(a)
........
77,982
2,149,964
Tarsus
Pharmaceuticals,
Inc.
(a)(b)
.........
40,264
715,491
TFF
Pharmaceuticals,
Inc.
(a)
............
18,034
6,312
Theravance
Biopharma,
Inc.
(a)
..........
79,851
689,114
Titan
Pharmaceuticals,
Inc.
(a)
...........
60
28
Ventyx
Biosciences,
Inc.
(a)(b)
............
52,304
1,816,518
Viatris,
Inc.
.......................
1,247,623
12,301,563
WaVe
Life
Sciences
Ltd.
(a)(b)
............
86,529
497,542
Xeris
Biopharma
Holdings,
Inc.
(a)
........
219,927
409,064
Zoetis,
Inc.,
Class
A
.................
476,023
82,818,482
1,600,622,581
Professional
Services
—
1.0%
Alight,
Inc.,
Class
A
(a)(b)
...............
386,962
2,743,561
ASGN,
Inc.
(a)
......................
49,719
4,061,048
Automatic
Data
Processing,
Inc.
.........
426,165
102,526,776
Barrett
Business
Services,
Inc.
..........
8,964
808,911
Booz
Allen
Hamilton
Holding
Corp.
.......
134,971
14,748,281
Broadridge
Financial
Solutions,
Inc.
......
122,783
21,984,296
CACI
International,
Inc.,
Class
A
(a)
.......
23,483
7,372,018
CBIZ,
Inc.
(a)
.......................
51,346
2,664,857
Ceridian
HCM
Holding,
Inc.
(a)(b)
..........
163,018
11,060,771
Clarivate
plc
(a)(b)
....................
461,606
3,097,376
Concentrix
Corp.
(b)
..................
43,745
3,504,412
Conduent,
Inc.
(a)(b)
..................
183,565
638,806
CRA
International,
Inc.
...............
9,210
928,000
CSG
Systems
International,
Inc.
.........
42,724
2,184,051
Dun
&
Bradstreet
Holdings,
Inc.
.........
268,190
2,679,218
Equifax,
Inc.
......................
128,010
23,448,872
ExlService
Holdings,
Inc.
(a)(b)
...........
171,972
4,822,095
Exponent,
Inc.
.....................
52,780
4,517,968
First
Advantage
Corp.
................
70,028
965,686
Forrester
Research,
Inc.
(a)
.............
17,569
507,744
Franklin
Covey
Co.
(a)
................
17,713
760,242
FTI
Consulting,
Inc.
(a)(b)
...............
35,446
6,323,921
GEE
Group,
Inc.
(a)(b)
.................
802
475
Genpact
Ltd.
......................
178,891
6,475,854
Heidrick
&
Struggles
International,
Inc.
....
31,069
777,346
Huron
Consulting
Group,
Inc.
(a)
..........
19,797
2,062,056
ICF
International,
Inc.
................
18,577
2,244,287
Insperity,
Inc.
......................
36,400
3,552,640
Jacobs
Solutions,
Inc.
................
130,131
17,762,882
KBR,
Inc.
........................
139,628
8,229,674
Kelly
Services,
Inc.,
Class
A,
NVS
.......
46,986
854,675
Kforce,
Inc.
.......................
22,615
1,349,211
Korn
Ferry
.......................
55,885
2,651,184
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
Legalzoom.com,
Inc.
(a)
...............
111,416
$
1,218,891
Leidos
Holdings,
Inc.
................
143,145
13,192,243
ManpowerGroup,
Inc.
................
52,598
3,856,485
Maximus,
Inc.
.....................
62,151
4,641,437
NV5
Global,
Inc.
(a)
..................
17,074
1,643,031
Paychex,
Inc.
.....................
329,281
37,975,978
Paycom
Software,
Inc.
...............
51,541
13,363,035
Paycor
HCM,
Inc.
(a)(b)
................
74,760
1,706,771
Paylocity
Holding
Corp.
(a)
.............
45,088
8,192,490
Planet
Labs
PBC,
Class
A
(a)(b)
...........
188,236
489,414
Resources
Connection,
Inc.
............
36,984
551,432
Robert
Half,
Inc.
...................
111,363
8,160,681
Science
Applications
International
Corp.
...
55,554
5,863,169
SS&C
Technologies
Holdings,
Inc.
.......
221,463
11,635,666
Sterling
Check
Corp.
(a)(b)
..............
40,876
515,855
TransUnion
.......................
200,215
14,373,435
TriNet
Group,
Inc.
(a)
.................
35,584
4,144,824
TrueBlue,
Inc.
(a)
....................
37,912
556,169
TTEC
Holdings,
Inc.
.................
34,123
894,705
Upwork,
Inc.
(a)
.....................
138,281
1,570,872
Verisk
Analytics,
Inc.
.................
149,118
35,227,636
Verra
Mobility
Corp.,
Class
A
(a)(b)
.........
178,020
3,328,974
441,412,387
Real
Estate
Management
&
Development
—
0.2%
Altisource
Portfolio
Solutions
SA
(a)
.......
18
72
Anywhere
Real
Estate,
Inc.
(a)
...........
117,902
758,110
Avalon
GloboCare
Corp.
(a)
.............
2,501
1,991
CBRE
Group,
Inc.,
Class
A
(a)(b)
..........
319,407
23,591,401
Compass,
Inc.,
Class
A
(a)(b)
............
377,085
1,093,546
Comstock
Holding
Cos.,
Inc.,
Class
A
(a)
....
285
1,339
CoStar
Group,
Inc.
(a)
.................
424,198
32,616,584
Cushman
&
Wakefield
plc
(a)
............
163,287
1,244,247
DigitalBridge
Group,
Inc.,
Class
A
(b)
.......
153,015
2,690,004
Doma
Holdings,
Inc.
(a)(b)
...............
7
36
eXp
World
Holdings,
Inc.
(b)
.............
79,596
1,292,639
Forestar
Group,
Inc.
(a)
................
22,750
612,885
FRP
Holdings,
Inc.
(a)
.................
8,554
461,659
Howard
Hughes
Holdings,
Inc.
(a)(b)
........
35,249
2,613,008
InterGroup
Corp.
(The)
(a)(b)
.............
126
3,846
Jones
Lang
LaSalle,
Inc.
(a)
.............
49,686
7,014,669
JW
Mays,
Inc.
(a)
....................
106
5,022
Kennedy-Wilson
Holdings,
Inc.
..........
137,856
2,031,997
Marcus
&
Millichap,
Inc.
..............
27,097
795,026
Newmark
Group,
Inc.,
Class
A
..........
163,287
1,049,935
Opendoor
Technologies,
Inc.
(a)(b)
.........
622,279
1,642,817
RE/MAX
Holdings,
Inc.,
Class
A
.........
37,761
488,627
Redfin
Corp.
(a)(b)
....................
109,344
769,782
RMR
Group,
Inc.
(The),
Class
A
.........
21,968
538,655
Seritage
Growth
Properties,
Class
A
(a)
.....
57,747
446,962
St.
Joe
Co.
(The)
...................
40,135
2,180,535
Tejon
Ranch
Co.
(a)
..................
37,862
614,122
WeWork,
Inc.
(a)(b)
...................
45,089
135,718
Zillow
Group,
Inc.,
Class
A
(a)(b)
..........
59,768
2,677,009
Zillow
Group,
Inc.,
Class
C,
NVS
(a)(b)
......
165,119
7,621,893
94,994,136
Residential
REITs
—
0.4%
ACRE
Realty
Investors,
Inc.,
NVS
(a)(d)
.....
2,715
—
American
Homes
4
Rent,
Class
A
........
326,996
11,016,495
Apartment
Income
REIT
Corp.
..........
152,941
4,695,289
Apartment
Investment
&
Management
Co.,
Class
A
(a)
......................
155,542
1,057,686
AvalonBay
Communities,
Inc.
..........
145,440
24,977,866
Camden
Property
Trust
...............
106,337
10,057,353
Security
Shares
Shares
Value
Residential
REITs
(continued)
Centerspace
......................
17,504
$
1,054,791
Elme
Communities
..................
89,894
1,226,154
Equity
LifeStyle
Properties,
Inc.
.........
185,894
11,843,307
Equity
Residential
..................
355,649
20,880,153
Essex
Property
Trust,
Inc.
.............
66,314
14,064,536
Independence
Realty
Trust,
Inc.
.........
225,924
3,178,751
Invitation
Homes,
Inc.
................
598,066
18,952,711
Mid-America
Apartment
Communities,
Inc.
..
117,210
15,079,066
NexPoint
Residential
Trust,
Inc.
.........
29,259
941,555
Sun
Communities,
Inc.
...............
129,037
15,270,238
UDR,
Inc.
........................
312,107
11,132,857
UMH
Properties,
Inc.
................
68,055
954,131
Veris
Residential,
Inc.
................
92,532
1,526,778
167,909,717
Retail
REITs
—
0.3%
Acadia
Realty
Trust
.................
72,063
1,034,104
Agree
Realty
Corp.
.................
88,123
4,867,915
Alexander's,
Inc.
...................
2,331
424,778
Brixmor
Property
Group,
Inc.
...........
307,251
6,384,676
CBL
&
Associates
Properties,
Inc.
........
35,498
744,748
Federal
Realty
Investment
Trust
.........
76,036
6,891,143
Getty
Realty
Corp.
..................
44,103
1,222,976
InvenTrust
Properties
Corp.
............
66,809
1,590,722
Kimco
Realty
Corp.
.................
636,768
11,200,749
Kite
Realty
Group
Trust
...............
238,868
5,116,553
Macerich
Co.
(The)
.................
221,283
2,414,198
NETSTREIT
Corp.
..................
72,470
1,129,083
NNN
REIT,
Inc.
....................
189,916
6,711,631
Phillips
Edison
&
Co.,
Inc.
.............
119,956
4,023,324
Realty
Income
Corp.
.................
732,568
36,584,446
Regency
Centers
Corp.
..............
172,073
10,228,019
Retail
Opportunity
Investments
Corp.
.....
126,560
1,566,813
RPT
Realty
.......................
88,337
932,839
Saul
Centers,
Inc.
..................
23,251
820,063
Simon
Property
Group,
Inc.
............
339,531
36,679,534
SITE
Centers
Corp.
.................
190,261
2,345,918
Spirit
Realty
Capital,
Inc.
..............
143,626
4,815,780
Tanger
Factory
Outlet
Centers,
Inc.
.......
116,312
2,628,651
Urban
Edge
Properties
...............
158,416
2,417,428
Wheeler
REIT,
Inc.
(a)
.................
73
239
Whitestone
REIT
...................
90,569
872,179
153,648,509
Semiconductors
&
Semiconductor
Equipment
—
6.7%
ACM
Research,
Inc.,
Class
A
(a)
..........
53,392
966,662
Advanced
Micro
Devices,
Inc.
(a)
.........
1,672,366
171,952,672
Aehr
Test
Systems
(a)(b)
................
28,528
1,303,730
Allegro
MicroSystems,
Inc.
(a)
...........
75,323
2,405,817
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.....
28,040
836,714
Ambarella,
Inc.
(a)
...................
40,557
2,150,738
Amkor
Technology,
Inc.
...............
108,817
2,459,264
Analog
Devices,
Inc.
.................
517,929
90,684,189
Applied
Materials,
Inc.
...............
868,193
120,201,321
Axcelis
Technologies,
Inc.
(a)
............
33,805
5,511,905
Broadcom,
Inc.
....................
427,025
354,678,424
CEVA,
Inc.
(a)
......................
31,223
605,414
Cirrus
Logic,
Inc.
(a)(b)
.................
56,742
4,196,638
Cohu,
Inc.
(a)
......................
68,973
2,375,430
Credo
Technology
Group
Holding
Ltd.
(a)
....
123,161
1,878,205
Diodes,
Inc.
(a)
.....................
48,200
3,800,088
Enphase
Energy,
Inc.
(a)
...............
142,182
17,083,167
Entegris,
Inc.
(b)
....................
154,858
14,542,715
First
Solar,
Inc.
(a)
...................
111,208
17,970,101
FormFactor,
Inc.
(a)
..................
82,983
2,899,426
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Ichor
Holdings
Ltd.
(a)
.................
30,830
$
954,497
Impinj,
Inc.
(a)
......................
22,112
1,216,823
indie
Semiconductor,
Inc.,
Class
A
(a)(b)
.....
158,078
995,891
Intel
Corp.
.......................
4,334,962
154,107,899
KLA
Corp.
........................
141,126
64,728,851
Kulicke
&
Soffa
Industries,
Inc.
..........
58,496
2,844,660
Lam
Research
Corp.
................
137,853
86,402,125
Lattice
Semiconductor
Corp.
(a)(b)
.........
143,434
12,325,284
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
54,412
4,438,931
Marvell
Technology,
Inc.
..............
890,339
48,194,050
MaxLinear,
Inc.
(a)
...................
79,525
1,769,431
Meta
Materials,
Inc.
(a)(b)
...............
432
92
Microchip
Technology,
Inc.
.............
562,155
43,876,198
Micron
Technology,
Inc.
...............
1,133,340
77,101,120
MKS
Instruments,
Inc.
...............
65,893
5,702,380
Monolithic
Power
Systems,
Inc.
.........
49,642
22,934,604
Navitas
Semiconductor
Corp.
(a)
.........
141,706
984,857
NVE
Corp.
.......................
6,476
531,939
NVIDIA
Corp.
.....................
2,556,875
1,112,215,056
NXP
Semiconductors
NV
.............
265,743
53,127,341
ON
Semiconductor
Corp.
(a)
............
445,901
41,446,498
Onto
Innovation,
Inc.
(a)
...............
51,434
6,558,864
PDF
Solutions,
Inc.
(a)
................
33,904
1,098,490
Peraso,
Inc.
(a)
.....................
293
55
Photronics,
Inc.
(a)
...................
74,163
1,498,834
Power
Integrations,
Inc.
..............
59,193
4,517,018
Qorvo,
Inc.
(a)
......................
100,096
9,556,165
QUALCOMM,
Inc.
..................
1,154,321
128,198,890
Rambus,
Inc.
(a)
....................
112,372
6,269,234
Semtech
Corp.
(a)
...................
63,762
1,641,872
Silicon
Laboratories,
Inc.
(a)
.............
33,169
3,843,955
SiTime
Corp.
(a)(b)
...................
17,660
2,017,655
Skyworks
Solutions,
Inc.
..............
164,710
16,238,759
SMART
Global
Holdings,
Inc.
(a)
..........
50,942
1,240,438
SolarEdge
Technologies,
Inc.
(a)(b)
........
58,779
7,612,468
Synaptics,
Inc.
(a)(b)
..................
42,613
3,811,307
Teradyne,
Inc.
(b)
....................
160,898
16,163,813
Texas
Instruments,
Inc.
...............
936,839
148,966,769
Trio-Tech
International
(a)
..............
311
2,177
Ultra
Clean
Holdings,
Inc.
(a)
............
46,788
1,388,200
Universal
Display
Corp.
..............
45,566
7,153,406
Veeco
Instruments,
Inc.
(a)
.............
71,365
2,006,070
Wolfspeed,
Inc.
(a)(b)
..................
130,532
4,973,269
2,929,158,855
Software
—
10.0%
8x8,
Inc.
(a)(b)
.......................
178,677
450,266
A10
Networks,
Inc.
..................
72,185
1,084,941
ACI
Worldwide,
Inc.
(a)
................
119,582
2,697,770
Adeia,
Inc.
.......................
109,378
1,168,157
Adobe,
Inc.
(a)
......................
471,591
240,464,251
Agilysys,
Inc.
(a)
....................
20,836
1,378,510
Akerna
Corp.
(a)
....................
605
133
Alarm.com
Holdings,
Inc.
(a)
............
51,756
3,164,362
Alkami
Technology,
Inc.
(a)(b)
............
53,273
970,634
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
55,980
3,502,109
Alteryx,
Inc.,
Class
A
(a)(b)
..............
64,616
2,435,377
American
Software,
Inc.,
Class
A
........
50,920
583,543
Amplitude,
Inc.,
Class
A
(a)(b)
............
99,763
1,154,258
ANSYS,
Inc.
(a)
.....................
89,775
26,712,551
Appfolio,
Inc.,
Class
A
(a)
..............
20,609
3,763,822
Appian
Corp.,
Class
A
(a)(b)
.............
43,654
1,991,059
AppLovin
Corp.,
Class
A
(a)(b)
............
142,061
5,676,758
Asana,
Inc.,
Class
A
(a)(b)
...............
79,893
1,462,841
Aspen
Technology,
Inc.
(a)
..............
29,884
6,104,106
Security
Shares
Shares
Value
Software
(continued)
Atlassian
Corp.,
Class
A
(a)(b)
............
157,660
$
31,770,067
Aurora
Innovation,
Inc.,
Class
A
(a)(b)
.......
803,925
1,889,224
Autodesk,
Inc.
(a)
....................
220,109
45,542,753
AvePoint,
Inc.,
Class
A
(a)(b)
.............
95,069
638,864
Aware,
Inc.
(a)
......................
18
25
Bentley
Systems,
Inc.,
Class
B
(b)
.........
239,538
12,015,226
BILL
Holdings,
Inc.
(a)(b)
................
101,935
11,067,083
Blackbaud,
Inc.
(a)
...................
44,370
3,120,098
BlackLine,
Inc.
(a)
...................
52,609
2,918,221
Box,
Inc.,
Class
A
(a)
.................
151,231
3,661,303
Braze,
Inc.,
Class
A
(a)
................
51,322
2,398,277
C3.ai,
Inc.,
Class
A
(a)(b)
...............
92,355
2,356,900
Cadence
Design
Systems,
Inc.
(a)
........
279,655
65,523,166
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)(b)
..
215,332
2,874,682
Cerence,
Inc.
(a)(b)
...................
44,114
898,602
Cleanspark,
Inc.
(a)(b)
.................
190,554
726,011
Clear
Secure,
Inc.,
Class
A
............
83,821
1,595,952
Clearwater
Analytics
Holdings,
Inc.,
Class
A
(a)(b)
98,123
1,897,699
CommVault
Systems,
Inc.
(a)
............
46,425
3,138,794
Confluent,
Inc.,
Class
A
(a)(b)
............
223,091
6,605,725
Consensus
Cloud
Solutions,
Inc.
(a)
.......
22,471
565,820
CoreCard
Corp.
(a)(b)
.................
9
180
Couchbase,
Inc.
(a)
..................
37,319
640,394
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
232,166
38,859,945
Datadog,
Inc.,
Class
A
(a)(b)
.............
311,530
28,377,268
Digimarc
Corp.
(a)(b)
..................
20,066
651,944
Digital
Turbine,
Inc.
(a)(b)
...............
91,648
554,470
DocuSign,
Inc.
(a)
...................
209,638
8,804,796
Dolby
Laboratories,
Inc.,
Class
A
........
60,361
4,784,213
Domo,
Inc.,
Class
B
(a)(b)
...............
45,931
450,583
DoubleVerify
Holdings,
Inc.
(a)(b)
..........
131,558
3,677,046
Dropbox,
Inc.,
Class
A
(a)(b)
.............
268,843
7,320,595
Dynatrace,
Inc.
(a)
...................
249,581
11,662,920
E2open
Parent
Holdings,
Inc.,
Class
A
(a)(b)
..
205,259
931,876
Elastic
NV
(a)
......................
82,201
6,678,009
EngageSmart,
Inc.
(a)
.................
52,182
938,754
Envestnet,
Inc.
(a)
...................
47,342
2,084,468
Everbridge,
Inc.
(a)
...................
49,954
1,119,969
Fair
Isaac
Corp.
(a)
...................
25,515
22,160,543
Five9,
Inc.
(a)
......................
76,304
4,906,347
Fortinet,
Inc.
(a)
.....................
673,510
39,521,567
Freshworks,
Inc.,
Class
A
(a)
............
166,000
3,306,720
Gen
Digital,
Inc.
....................
586,359
10,366,827
Gitlab,
Inc.,
Class
A
(a)(b)
...............
84,135
3,804,585
Greenidge
Generation
Holdings,
Inc.
(a)
.....
687
2,810
Guidewire
Software,
Inc.
(a)(b)
............
83,625
7,526,250
HashiCorp,
Inc.,
Class
A
(a)
.............
109,823
2,507,259
HubSpot,
Inc.
(a)
....................
51,583
25,404,627
Informatica,
Inc.,
Class
A
(a)(b)
...........
41,128
866,567
Instructure
Holdings,
Inc.
(a)(b)
...........
20,914
531,216
Intapp,
Inc.
(a)(b)
.....................
28,835
966,549
InterDigital,
Inc.
....................
28,547
2,290,611
Intuit,
Inc.
........................
289,881
148,111,798
Inuvo,
Inc.
(a)(b)
.....................
19,435
4,159
Issuer
Direct
Corp.
(a)
.................
318
5,978
Jamf
Holding
Corp.
(a)(b)
...............
74,390
1,313,727
LivePerson,
Inc.
(a)(b)
.................
116,592
453,543
LiveRamp
Holdings,
Inc.
(a)
.............
67,954
1,959,793
Manhattan
Associates,
Inc.
(a)
...........
63,940
12,638,380
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
177,735
1,510,748
Marin
Software,
Inc.
(a)
................
3,737
1,588
Matterport,
Inc.,
Class
A
(a)(b)
............
490,043
1,063,393
MeridianLink,
Inc.
(a)
.................
35,258
601,501
Microsoft
Corp.
....................
7,690,079
2,428,142,444
MicroStrategy,
Inc.,
Class
A
(a)(b)
..........
12,710
4,172,439
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Mitek
Systems,
Inc.
(a)(b)
...............
66,791
$
716,000
Model
N,
Inc.
(a)(b)
...................
34,469
841,388
N-able,
Inc.
(a)
......................
72,259
932,141
nCino,
Inc.
(a)(b)
.....................
68,332
2,172,958
NCR
Corp.
(a)
......................
147,469
3,977,239
New
Relic,
Inc.
(a)
...................
57,326
4,908,252
Nutanix,
Inc.,
Class
A
(a)
...............
246,771
8,607,372
Oblong,
Inc.
(a)
.....................
75
32
Olo,
Inc.,
Class
A
(a)
..................
137,263
831,814
ON24,
Inc.
.......................
90,883
575,289
OneSpan,
Inc.
(a)
....................
48,448
520,816
Oracle
Corp.
......................
1,627,672
172,403,018
PagerDuty,
Inc.
(a)(b)
..................
103,838
2,335,317
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
1,985,584
31,769,344
Palo
Alto
Networks,
Inc.
(a)(b)
............
315,993
74,081,399
Pegasystems,
Inc.
(b)
.................
44,080
1,913,513
PowerSchool
Holdings,
Inc.,
Class
A
(a)(b)
...
59,229
1,342,129
Procore
Technologies,
Inc.
(a)(b)
..........
93,151
6,084,623
Progress
Software
Corp.
..............
42,842
2,252,632
PROS
Holdings,
Inc.
(a)(b)
..............
45,421
1,572,475
PTC,
Inc.
(a)
.......................
122,265
17,322,505
Q2
Holdings,
Inc.
(a)(b)
.................
64,730
2,088,837
Qualys,
Inc.
(a)
.....................
37,599
5,735,727
Rapid7,
Inc.
(a)(b)
....................
65,468
2,997,125
Red
Violet,
Inc.
(a)
...................
23,832
476,878
Rekor
Systems,
Inc.
(a)(b)
...............
54
152
Remark
Holdings,
Inc.
(a)(b)
.............
5,339
2,662
RingCentral,
Inc.,
Class
A
(a)(b)
...........
93,681
2,775,768
Riot
Platforms,
Inc.
(a)(b)
...............
194,353
1,813,313
Roper
Technologies,
Inc.
..............
109,551
53,053,358
Salesforce,
Inc.
(a)
...................
1,007,798
204,361,278
Samsara,
Inc.,
Class
A
(a)(b)
.............
159,621
4,024,045
SEMrush
Holdings,
Inc.,
Class
A
(a)
.......
53,307
453,110
SentinelOne,
Inc.,
Class
A
(a)
............
245,555
4,140,057
ServiceNow,
Inc.
(a)
..................
210,847
117,855,039
Smartsheet,
Inc.,
Class
A
(a)
............
138,718
5,612,530
SolarWinds
Corp.
(a)
.................
61,009
575,925
SoundHound
AI,
Inc.,
Class
A
(a)(b)
........
284,686
572,219
Splunk,
Inc.
(a)
.....................
158,473
23,176,676
Sprinklr,
Inc.,
Class
A
(a)(b)
..............
116,909
1,618,021
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
50,951
2,541,436
SPS
Commerce,
Inc.
(a)
...............
36,800
6,278,448
SRAX,
Inc.,
NVS
(a)(b)
.................
10,903
654
Synopsys,
Inc.
(a)
...................
156,948
72,034,424
Tenable
Holdings,
Inc.
(a)(b)
.............
119,971
5,374,701
Teradata
Corp.
(a)
...................
106,737
4,805,300
Tyler
Technologies,
Inc.
(a)
.............
43,711
16,878,566
UiPath,
Inc.,
Class
A
(a)(b)
..............
423,317
7,242,954
Unity
Software,
Inc.
(a)(b)
...............
253,438
7,955,419
Varonis
Systems,
Inc.
(a)
...............
114,826
3,506,786
Verb
Technology
Co.,
Inc.
(a)
............
3,053
2,138
Verint
Systems,
Inc.
(a)
................
78,806
1,811,750
Vertex,
Inc.,
Class
A
(a)(b)
...............
45,088
1,041,533
Viant
Technology,
Inc.,
Class
A
(a)
.........
18
101
VMware,
Inc.,
Class
A
(a)
..............
226,679
37,737,520
Workday,
Inc.,
Class
A
(a)
..............
212,169
45,584,510
Workiva,
Inc.,
Class
A
(a)(b)
.............
48,391
4,903,944
Xperi,
Inc.
(a)(b)
.....................
76,786
757,110
Yext,
Inc.
(a)(b)
......................
116,187
735,464
Zeta
Global
Holdings
Corp.,
Class
A
(a)
.....
178,209
1,488,045
Zoom
Video
Communications,
Inc.,
Class
A
(a)
263,278
18,413,663
Zscaler,
Inc.
(a)(b)
....................
91,452
14,229,017
Zuora,
Inc.,
Class
A
(a)
................
135,492
1,116,454
4,368,582,252
Security
Shares
Shares
Value
Specialized
REITs
—
1.0%
American
Tower
Corp.
...............
482,252
$
79,306,341
Crown
Castle,
Inc.
..................
450,676
41,475,712
CubeSmart
.......................
231,625
8,831,861
Digital
Realty
Trust,
Inc.
..............
313,140
37,896,203
EPR
Properties
....................
83,421
3,465,308
Equinix,
Inc.
......................
96,863
70,347,722
Extra
Space
Storage,
Inc.
.............
217,350
26,425,413
Farmland
Partners,
Inc.
..............
71,946
738,166
Four
Corners
Property
Trust,
Inc.
........
99,538
2,208,748
Gaming
&
Leisure
Properties,
Inc.
.......
270,261
12,310,389
Gladstone
Land
Corp.
...............
46,510
661,837
Iron
Mountain,
Inc.
..................
298,710
17,758,310
Lamar
Advertising
Co.,
Class
A
.........
88,908
7,421,151
National
Storage
Affiliates
Trust
.........
86,039
2,730,878
Outfront
Media,
Inc.
.................
147,823
1,493,012
PotlatchDeltic
Corp.
.................
83,125
3,773,044
Power
REIT
(a)
.....................
239
277
Public
Storage
.....................
161,887
42,660,462
Rayonier,
Inc.
.....................
140,715
4,004,749
Safehold,
Inc.
(b)
....................
61,951
1,102,728
SBA
Communications
Corp.
...........
111,912
22,401,425
Uniti
Group,
Inc.
...................
266,306
1,256,964
VICI
Properties,
Inc.
.................
1,038,286
30,214,123
Weyerhaeuser
Co.
..................
761,301
23,341,489
441,826,312
Specialty
Retail
—
2.1%
Abercrombie
&
Fitch
Co.,
Class
A
(a)
.......
55,153
3,108,975
Academy
Sports
&
Outdoors,
Inc.
(b)
.......
78,088
3,691,220
Advance
Auto
Parts,
Inc.
..............
60,960
3,409,493
American
Eagle
Outfitters,
Inc.
..........
196,396
3,262,138
America's
Car-Mart,
Inc.
(a)(b)
............
7,251
659,768
Arhaus,
Inc.,
Class
A
(a)(b)
..............
50,751
471,984
Arko
Corp.
.......................
86,829
620,827
Asbury
Automotive
Group,
Inc.
(a)(b)
........
21,358
4,913,835
AutoNation,
Inc.
(a)(b)
.................
27,805
4,209,677
AutoZone,
Inc.
(a)
...................
18,763
47,657,832
Bath
&
Body
Works,
Inc.
..............
236,747
8,002,049
Best
Buy
Co.,
Inc.
..................
201,360
13,988,479
Boot
Barn
Holdings,
Inc.
(a)(b)
............
30,497
2,476,051
Buckle,
Inc.
(The)
..................
32,193
1,074,924
Build-A-Bear
Workshop,
Inc.
...........
15,743
463,002
Burlington
Stores,
Inc.
(a)
..............
67,534
9,137,350
Caleres,
Inc.
......................
39,120
1,125,091
Camping
World
Holdings,
Inc.,
Class
A
....
53,830
1,098,670
CarMax,
Inc.
(a)(b)
....................
163,749
11,581,967
Carvana
Co.,
Class
A
(a)(b)
..............
103,876
4,360,714
Chewy,
Inc.,
Class
A
(a)(b)
..............
127,390
2,326,141
Chico's
FAS,
Inc.
(a)
..................
136,887
1,023,915
Children's
Place,
Inc.
(The)
(a)
...........
18,422
497,947
Conn's,
Inc.
(a)
.....................
27
107
Designer
Brands,
Inc.,
Class
A
..........
56,588
716,404
Dick's
Sporting
Goods,
Inc.
............
65,392
7,100,263
EVgo,
Inc.,
Class
A
(a)(b)
...............
138,489
468,093
Five
Below,
Inc.
(a)(b)
..................
58,299
9,380,309
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
109,937
9,949,298
Foot
Locker,
Inc.
...................
81,180
1,408,473
GameStop
Corp.,
Class
A
(a)(b)
...........
285,758
4,703,577
Gap,
Inc.
(The)
....................
223,124
2,371,808
Genesco,
Inc.
(a)(b)
...................
15,691
483,597
GNC
Holdings,
Inc.,
NVS
(a)(d)
...........
83,651
1
Group
1
Automotive,
Inc.
(b)
.............
15,053
4,044,892
Guess?,
Inc.
......................
38,390
830,760
Haverty
Furniture
Cos.,
Inc.
............
16,931
487,274
Hibbett,
Inc.
......................
16,727
794,700
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Home
Depot,
Inc.
(The)
..............
1,039,482
$
314,089,881
Kirkland's,
Inc.
(a)(b)
..................
18
31
Leslie's,
Inc.
(a)(b)
....................
205,133
1,161,053
Lithia
Motors,
Inc.
..................
28,856
8,522,042
Lowe's
Cos.,
Inc.
...................
606,218
125,996,349
MarineMax,
Inc.
(a)
...................
26,400
866,448
Monro,
Inc.
.......................
36,161
1,004,191
Murphy
USA,
Inc.
(b)
.................
19,443
6,644,256
National
Vision
Holdings,
Inc.
(a)
.........
82,951
1,342,147
ODP
Corp.
(The)
(a)
..................
41,712
1,925,009
O'Reilly
Automotive,
Inc.
(a)
.............
62,045
56,390,219
Overstock.com,
Inc.
(a)(b)
...............
46,416
734,301
Penske
Automotive
Group,
Inc.
(b)
........
20,662
3,451,794
Petco
Health
&
Wellness
Co.,
Inc.
(a)(b)
.....
136,415
557,937
PetMed
Express,
Inc.
................
67,259
689,405
Revolve
Group,
Inc.,
Class
A
(a)(b)
.........
40,626
552,920
RH
(a)(b)
..........................
16,482
4,357,181
Ross
Stores,
Inc.
...................
355,356
40,137,460
Sally
Beauty
Holdings,
Inc.
(a)(b)
..........
109,986
921,683
Shift
Technologies,
Inc.
(a)(b)
.............
18
29
Shoe
Carnival,
Inc.
..................
25,486
612,429
Signet
Jewelers
Ltd.
(b)
................
47,662
3,422,608
Sleep
Number
Corp.
(a)(b)
..............
25,013
615,070
Sonic
Automotive,
Inc.,
Class
A
.........
17,260
824,338
Stitch
Fix,
Inc.,
Class
A
(a)(b)
.............
144,044
496,952
TJX
Cos.,
Inc.
(The)
.................
1,188,693
105,651,034
Tractor
Supply
Co.
..................
112,979
22,940,386
Ulta
Beauty,
Inc.
(a)
..................
51,922
20,740,243
Upbound
Group,
Inc.
................
54,231
1,597,103
Urban
Outfitters,
Inc.
(a)
...............
63,108
2,063,000
Valvoline,
Inc.
(b)
....................
144,196
4,648,879
Victoria's
Secret
&
Co.
(a)(b)
.............
87,932
1,466,706
Warby
Parker,
Inc.,
Class
A
(a)(b)
..........
97,441
1,282,324
Wayfair,
Inc.,
Class
A
(a)(b)
..............
94,837
5,744,277
Williams-Sonoma,
Inc.
...............
66,290
10,301,466
Winmark
Corp.
....................
2,925
1,091,405
Xcel
Brands,
Inc.
(a)
..................
315
343
Zumiez,
Inc.
(a)
.....................
28,171
501,444
925,245,948
Technology
Hardware,
Storage
&
Peripherals
—
6.3%
Apple,
Inc.
.......................
15,215,080
2,604,973,847
Avid
Technology,
Inc.
(a)
...............
40,008
1,075,015
Corsair
Gaming,
Inc.
(a)(b)
..............
45,108
655,419
Dell
Technologies,
Inc.,
Class
C
.........
261,672
18,029,201
Hewlett
Packard
Enterprise
Co.
.........
1,342,896
23,326,104
HP,
Inc.
.........................
897,382
23,062,717
IonQ,
Inc.
(a)(b)
......................
179,329
2,668,415
NetApp,
Inc.
......................
218,764
16,599,812
Pure
Storage,
Inc.,
Class
A
(a)
...........
301,048
10,723,330
Quantum
Corp.
(a)
...................
108
66
Seagate
Technology
Holdings
plc
........
200,948
13,252,521
Super
Micro
Computer,
Inc.
(a)(b)
..........
47,175
12,936,328
Western
Digital
Corp.
(a)
...............
336,530
15,355,864
Xerox
Holdings
Corp.
................
120,537
1,891,226
2,744,549,865
Textiles,
Apparel
&
Luxury
Goods
—
0.6%
Capri
Holdings
Ltd.
(a)
................
121,752
6,405,373
Carter's,
Inc.
......................
40,640
2,810,256
Columbia
Sportswear
Co.
.............
37,829
2,803,129
Crocs,
Inc.
(a)
......................
63,675
5,618,045
Culp,
Inc.
(a)
.......................
13
72
Deckers
Outdoor
Corp.
(a)
..............
26,488
13,617,216
Figs,
Inc.,
Class
A
(a)(b)
................
135,413
798,937
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
G-III
Apparel
Group
Ltd.
(a)(b)
............
37,653
$
938,313
Hanesbrands,
Inc.
..................
370,928
1,468,875
Jerash
Holdings
US,
Inc.
..............
1,955
5,885
Kontoor
Brands,
Inc.
.................
52,065
2,286,174
Levi
Strauss
&
Co.,
Class
A
............
99,578
1,352,269
Lululemon
Athletica,
Inc.
(a)
.............
119,899
46,234,253
Movado
Group,
Inc.
.................
21,042
575,499
NIKE,
Inc.,
Class
B
.................
1,268,389
121,283,356
Oxford
Industries,
Inc.
...............
16,152
1,552,692
PVH
Corp.
.......................
66,199
5,064,885
Ralph
Lauren
Corp.,
Class
A
...........
42,357
4,917,224
Skechers
USA,
Inc.,
Class
A
(a)
..........
139,957
6,850,895
Steven
Madden
Ltd.
.................
77,382
2,458,426
Tapestry,
Inc.
......................
239,883
6,896,636
Under
Armour,
Inc.,
Class
A
(a)(b)
.........
194,499
1,332,318
Under
Armour,
Inc.,
Class
C,
NVS
(a)
......
201,228
1,283,835
VF
Corp.
........................
352,419
6,227,244
Vince
Holding
Corp.
(a)
................
896
1,405
Wolverine
World
Wide,
Inc.
............
84,777
683,303
243,466,515
Tobacco
—
0.5%
22nd
Century
Group,
Inc.
(a)(b)
...........
135,912
132,895
Altria
Group,
Inc.
...................
1,838,263
77,298,959
Philip
Morris
International,
Inc.
..........
1,604,325
148,528,408
Turning
Point
Brands,
Inc.
.............
24,584
567,645
Universal
Corp.
....................
25,369
1,197,670
Vector
Group
Ltd.
..................
143,187
1,523,510
229,249,087
Trading
Companies
&
Distributors
—
0.5%
Air
Lease
Corp.,
Class
A
..............
110,469
4,353,583
Alta
Equipment
Group,
Inc.,
Class
A
......
43,903
529,470
Applied
Industrial
Technologies,
Inc.
......
39,690
6,136,471
Beacon
Roofing
Supply,
Inc.
(a)
..........
56,791
4,382,561
BlueLinx
Holdings,
Inc.
(a)(b)
.............
8,946
734,377
Boise
Cascade
Co.
.................
40,457
4,168,689
Core
&
Main,
Inc.,
Class
A
(a)(b)
..........
100,699
2,905,166
Custom
Truck
One
Source,
Inc.
(a)(b)
.......
100,725
624,495
Distribution
Solutions
Group,
Inc.
(a)
.......
17,554
456,404
DXP
Enterprises,
Inc.
(a)
...............
17,881
624,762
Fastenal
Co.
......................
589,377
32,203,559
Ferguson
plc
......................
210,706
34,654,816
FTAI
Aviation
Ltd.
...................
101,714
3,615,933
GATX
Corp.
......................
37,113
4,039,008
Global
Industrial
Co.
.................
18,767
628,695
GMS,
Inc.
(a)
.......................
43,224
2,765,039
H&E
Equipment
Services,
Inc.
..........
34,741
1,500,464
Herc
Holdings,
Inc.
..................
30,160
3,587,230
Hudson
Technologies,
Inc.
(a)(b)
..........
50,709
674,430
McGrath
RentCorp
..................
28,271
2,833,885
MRC
Global,
Inc.
(a)
..................
85,562
877,011
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
49,133
4,822,404
NOW,
Inc.
(a)
......................
110,388
1,310,306
Rush
Enterprises,
Inc.,
Class
A
.........
54,049
2,206,821
Rush
Enterprises,
Inc.,
Class
B
.........
22,332
1,011,416
SiteOne
Landscape
Supply,
Inc.
(a)(b)
.......
46,531
7,605,492
Titan
Machinery,
Inc.
(a)
...............
25,298
672,421
Transcat,
Inc.
(a)(b)
...................
8,983
880,065
United
Rentals,
Inc.
.................
70,460
31,324,402
Veritiv
Corp.
......................
15,175
2,563,057
Watsco,
Inc.
......................
34,624
13,078,177
WESCO
International,
Inc.
.............
46,545
6,694,102
WW
Grainger,
Inc.
..................
45,785
31,675,894
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
Xometry,
Inc.,
Class
A
(a)(b)
.............
47,715
$
810,201
216,950,806
Water
Utilities
—
0.1%
American
States
Water
Co.
............
37,900
2,981,972
American
Water
Works
Co.,
Inc.
.........
201,898
25,001,029
Artesian
Resources
Corp.,
Class
A,
NVS
...
14,154
594,327
California
Water
Service
Group
.........
61,057
2,888,607
Consolidated
Water
Co.
Ltd.
...........
14,729
418,893
Essential
Utilities,
Inc.
................
251,103
8,620,366
Middlesex
Water
Co.
................
19,254
1,275,578
SJW
Group
.......................
29,340
1,763,627
York
Water
Co.
(The)
................
21,509
806,372
44,350,771
Wireless
Telecommunication
Services
—
0.2%
Gogo,
Inc.
(a)(b)
.....................
71,508
853,090
Shenandoah
Telecommunications
Co.
.....
48,827
1,006,325
Telephone
&
Data
Systems,
Inc.
.........
108,889
1,993,758
T-Mobile
US,
Inc.
(a)
..................
534,179
74,811,769
United
States
Cellular
Corp.
(a)
..........
14,762
634,323
79,299,265
Total
Common
Stocks
—
99.7%
(Cost:
$35,311,068,303)
...........................
43,428,675,015
Rights
Biotechnology
—
0.0%
(a)
Aeglea
BioTherapeutics,
Inc.,
CVR
.......
33,740
506
Catalyst
Biosciences,
Inc.,
CVR
(b)(d)
.......
7,839
—
Contra
Aduro
Biotech
I,
CVR
(d)
..........
4,142
10,517
Contra
Miragen
Therape,
CVR
(d)
.........
119
—
Dianthus
Therapeutics,
Inc.,
CVR
........
19,942
977
Disc
Medicine,
Inc.,
CVR
(b)(d)
...........
47,740
—
Oncternal
Therapeutics,
Inc.,
CVR
(b)(d)
.....
722
740
Qualigen
Therapeutics,
Inc.,
CVR
(b)(d)
.....
14,465
978
Sting
Agonist,
CVR
(d)
................
11,084
3,768
Sting
Antagonist,
CVR
(d)
..............
11,084
4,434
21,920
Chemicals
—
0.0%
Ikonics
Corp.,
CVR
(a)
................
237
156
Diversified
Telecommunication
Services
—
0.0%
Contra
Communications,
CVR
(a)(d)
........
2,058
5,092
Financial
Services
—
0.0%
Contra
Costa
County
Board
of
Education,
CVR
(a)(d)
.......................
266
37
Pharmaceuticals
—
0.0%
(a)
Contra
CVR
Bioblast
PH,
CVR
(b)(d)
........
167,980
2
Contra
Spectrum
Pharmaals,
Inc.,
CVR
(d)
...
146,012
10,330
Contran
Corp.,
CVR
(b)
................
97
3
Seelos
Therapeutics,
Inc.,
CVR
(d)
........
43
23
10,358
Total
Rights
—
0.0%
(Cost:
$14,271)
................................
37,563
Security
Shares
Shares
Value
Warrants
Biotechnology
—
0.0%
Salarius
Pharmaceuticals,
Inc.
(Issued/
Exercisable
07/02/21,
1
Share
for
1
Warrant,
Expires
01/20/25,
Strike
Price
USD
15.17)
(a)
(b)
...........................
19,965
$
—
Total
Warrants
—
0.0%
(Cost:
$—)
....................................
—
Total
Long-Term
Investments
—
99.7%
(Cost:
$35,311,082,574)
...........................
43,428,712,578
Short-Term
Securities
Money
Market
Funds
—
2.7%
(e)(g)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.54%
(h)
............
877,707,647
878,058,730
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
5.31%
..................
274,898,510
274,898,510
Total
Short-Term
Securities
—
2.7%
(Cost:
$1,152,325,630)
...........................
1,152,957,240
Total
Investments
—
102.4%
(Cost:
$36,463,408,204
)
...........................
44,581,669,818
Liabilities
in
Excess
of
Other
Assets
—
(2.4)%
............
(1,040,037,142)
Net
Assets
—
100.0%
..............................
$
43,541,632,676
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Affiliate
of
the
Fund.
(f)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$69,170,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$526,996.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
39
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the six
months
ended
September
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
03/31/23
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/23
Shares
Held
at
09/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
1,047,232,697
$
—
$
(169,253,620)
(a)
$
41,073
$
38,580
$
878,058,730
877,707,647
$
5,454,395
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
84,512,098
190,386,412
(a)
—
—
—
274,898,510
274,898,510
2,169,078
—
BlackRock,
Inc.
............
101,971,881
2,737,935
(7,628,997)
(1,693,266)
(1,382,735)
94,004,818
145,408
1,539,965
—
$
(1,652,193)
$
(1,344,155)
$
1,246,962,058
$
9,163,438
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
.......................................................
440
12/15/23
$
95,161
$
(3,331,804)
S&P
Midcap
400
E-Mini
Index
.................................................
36
12/15/23
9,073
(254,001)
$
(3,585,805)
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
$
—
$
—
$
3,585,805
$
—
$
—
$
—
$
3,585,805
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts,
if
any,
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
For
the
period
ended
September
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
12,393,744
$
—
$
—
$
—
$
12,393,744
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(9,376,149)
$
—
$
—
$
—
$
(9,376,149)
2023
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2023
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
40
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
109,970,155
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
43,428,605,189
$
69,824
$
2
$
43,428,675,015
Rights
................................................
—
1,642
35,921
37,563
Warrants
..............................................
—
—
—
—
Short-Term
Securities
Money
Market
Funds
......................................
1,152,957,240
—
—
1,152,957,240
$
44,581,562,429
$
71,466
$
35,923
$
44,581,669,818
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(3,585,805)
$
—
$
—
$
(3,585,805)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities
(unaudited)

September
30,
2023
41
Financial
Statements
See
notes
to
financial
statements.
iShares
Core
S&P
500
ETF
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
339,007,507,897‌
$
43,334,707,760‌
Investments,
at
value
—
affiliated
(c)
...........................................................................
5,541,006,631‌
1,246,962,058‌
Cash  
..............................................................................................
—‌
4,811,652‌
Cash
pledged:
Futures
contracts
.....................................................................................
41,617,000‌
5,117,790‌
Receivables:
–‌
–‌
Securities
lending
income
—
affiliated
.......................................................................
386,669‌
510,409‌
Capital
shares
sold
....................................................................................
2,635,080‌
1,386,524‌
Dividends
—
unaffiliated
................................................................................
227,105,263‌
30,214,582‌
Dividends
—
affiliated
..................................................................................
3,386,928‌
418,741‌
Total
assets
..........................................................................................
344,823,645,468‌
44,624,129,516‌
LIABILITIES
Bank
overdraft
.........................................................................................
82,424‌
—‌
Collateral
on
securities
loaned
..............................................................................
2,584,445,285‌
877,832,822‌
Payables:
–‌
–‌
Income
dividend
distributions
.............................................................................
1,543,082,455‌
203,398,859‌
Investment
advisory
fees
................................................................................
8,570,944‌
1,100,358‌
Variation
margin
on
futures
contracts
........................................................................
2,245,648‌
164,801‌
Total
liabilities
.........................................................................................
4,138,426,756‌
1,082,496,840‌
Commitments
and
contingent
liabilities
—‌
—‌
NET
ASSETS
.........................................................................................
$
340,685,218,712‌
$
43,541,632,676‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
321,888,707,483‌
$
36,466,641,708‌
Accumulated
earnings
...................................................................................
18,796,511,229‌
7,074,990,968‌
NET
ASSETS
.........................................................................................
$
340,685,218,712‌
$
43,541,632,676‌
NET
ASSET
VALUE
Shares
outstanding
.....................................................................................
793,800,000‌
462,200,000‌
Net
asset
value
........................................................................................
$
429.18‌
$
94.21‌
Shares
authorized
......................................................................................
Unlimited
Unlimited
Par
value
............................................................................................
None
None
(a)
  Investments,
at
cost
—
unaffiliated
.........................................................................
$
321,363,856,985‌
$
35,229,445,846‌
(b)
  Securities
loaned,
at
value
...............................................................................
$
2,529,862,169‌
$
852,693,583‌
(c)
  Investments,
at
cost
—
affiliated
...........................................................................
$
5,583,397,160‌
$
1,233,962,358‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
September
30,
2023
2023
iShares
Semi-Annual
Report
to
Shareholders
42
See
notes
to
financial
statements.
iShares
Core
S&P
500
ETF
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
2,601,558,931‌
$
336,407,133‌
Dividends
—
affiliated
..................................................................................
29,249,591‌
3,709,043‌
Interest
—
unaffiliated
..................................................................................
1,116,599‌
160,952‌
Securities
lending
income
—
affiliated
—
net
..................................................................
3,135,662‌
5,454,395‌
Foreign
taxes
withheld
.................................................................................
(722,222‌)
(102,394‌)
Total
investment
income
..................................................................................
2,634,338,561‌
345,629,129‌
EXPENSES
Investment
advisory
...................................................................................
49,511,984‌
6,537,940‌
Total
expenses
........................................................................................
49,511,984‌
6,537,940‌
Net
investment
income
...................................................................................
2,584,826,577‌
339,091,189‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
12,383,741,917‌
$
1,652,722,863‌
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
............................................................................
(837,927,693‌)
(318,717,390‌)
Investments
—
affiliated
..............................................................................
(20,317,219‌)
(1,884,002‌)
Foreign
currency
transactions
..........................................................................
65,787‌
7,114‌
Futures
contracts
...................................................................................
95,737,447‌
12,393,744‌
In-kind
redemptions
—
unaffiliated
(a)
......................................................................
10,709,964,061‌
115,735,260‌
In-kind
redemptions
—
affiliated
(a)
........................................................................
21,435,530‌
231,809‌
9,968,957,913‌
(192,233,465‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
............................................................................
2,517,504,026‌
1,855,676,632‌
Investments
—
affiliated
..............................................................................
(32,141,005‌)
(1,344,155‌)
Futures
contracts
...................................................................................
(70,579,018‌)
(9,376,149‌)
2,414,784,003‌
1,844,956,328‌
Net
realized
and
unrealized
gain
............................................................................
12,383,741,916‌
1,652,722,863‌
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................................................
$
14,968,568,493‌
$
1,991,814,052‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets

43
Financial
Statements
See
notes
to
financial
statements.
iShares
Core
S&P
500
ETF
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................
$
2,584,826,577‌
$
4,950,343,117‌
$
339,091,189‌
$
662,684,610‌
Net
realized
gain
(loss)
............................................
9,968,957,913‌
19,401,982,816‌
(192,233,465‌)
2,688,837,892‌
Net
change
in
unrealized
appreciation
(depreciation)
........................
2,414,784,003‌
(49,592,599,433‌)
1,844,956,328‌
(7,151,239,861‌)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................
14,968,568,493‌
(25,240,273,500‌)
1,991,814,052‌
(3,799,717,359‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................
(2,533,021,159‌)
(4,916,354,006‌)
(332,874,020‌)
(664,521,474‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.................
22,594,125,891‌
2,846,350,227‌
689,223,073‌
915,103,627‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................
35,029,673,225‌
(27,310,277,279‌)
2,348,163,105‌
(3,549,135,206‌)
Beginning
of
period
................................................
305,655,545,487‌
332,965,822,766‌
41,193,469,571‌
44,742,604,777‌
End
of
period
....................................................
$
340,685,218,712‌
$
305,655,545,487‌
$
43,541,632,676‌
$
41,193,469,571‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Semi-Annual
Report
to
Shareholders
44
iShares
Core
S&P
500
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
period
................
$
411.24
‌
$
453.38
‌
$
397.36
‌
$
258.44
‌
$
284.57
‌
$
265.21
‌
Net
investment
income
(a)
........................
3.40
‌
6.66
‌
5.98
‌
5.60
‌
5.90
‌
5.38
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............
17.87
‌
(42.24
)
55.94
‌
139.01
‌
(25.20
)
19.43
‌
Net
increase
(decrease)
from
investment
operations
.......
21.27
‌
(35.58
)
61.92
‌
144.61
‌
(19.30
)
24.81
‌
Distributions
from
net
investment
income
(c)
..............
(3.33
)
(6.56
)
(5.90
)
(5.69
)
(6.83
)
(5.45
)
Net
asset
value,
end
of
period
.....................
$
429.18
‌
$
411.24
‌
$
453.38
‌
$
397.36
‌
$
258.44
‌
$
284.57
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
5.18
%
(e)
(7.76
)%
15.61
%
56.31
%
(7.01
)%
9.46
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.03
%
(g)
0.03
%
0.03
%
0.03
%
0.04
%
0.04
%
Net
investment
income
...........................
1.57
%
(g)
1.67
%
1.35
%
1.64
%
1.96
%
1.95
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
340,685,219
‌
$
305,655,545
‌
$
332,965,823
‌
$
261,940,015
‌
$
162,018,956
‌
$
169,347,166
‌
Portfolio
turnover
rate
(h)
...........................
2
%
3
%
3
%
5
%
4
%
5
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
45
Financial
Highlights
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
Six
Months
Ended
09/30/23
(unaudited)
Year
Ended
03/31/23
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Net
asset
value,
beginning
of
period
................
$
90.56
‌
$
100.92
‌
$
91.51
‌
$
57.19
‌
$
64.40
‌
$
60.42
‌
Net
investment
income
(a)
........................
0.75
‌
1.43
‌
1.29
‌
1.20
‌
1.27
‌
1.19
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............
3.63
‌
(10.35
)
9.41
‌
34.37
‌
(7.09
)
4.00
‌
Net
increase
(decrease)
from
investment
operations
.......
4.38
‌
(8.92
)
10.70
‌
35.57
‌
(5.82
)
5.19
‌
Distributions
from
net
investment
income
(c)
..............
(0.73
)
(1.44
)
(1.29
)
(1.25
)
(1.39
)
(1.21
)
Net
asset
value,
end
of
period
.....................
$
94.21
‌
$
90.56
‌
$
100.92
‌
$
91.51
‌
$
57.19
‌
$
64.40
‌
Total
Return
(d)
—
—
—
—
—
—
Based
on
net
asset
value
.........................
4.84
%
(e)
(8.76
)%
11.70
%
62.58
%
(9.28
)%
8.68
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.03
%
(g)
0.03
%
0.03
%
0.03
%
0.03
%
0.03
%
Net
investment
income
...........................
1.56
%
(g)
1.62
%
1.29
%
1.54
%
1.88
%
1.90
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
43,541,633
‌
$
41,193,470
‌
$
44,742,605
‌
$
36,065,476
‌
$
21,439,033
‌
$
18,750,686
‌
Portfolio
turnover
rate
(h)
...........................
2
%
4
%
4
%
5
%
4
%
6
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2023
iShares
Semi-Annual
Report
to
Shareholders
46
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. Interest
income,
including
amortization
and
accretion
of
premiums
and
discounts
on
debt
securities,
is
recognized
daily
on
an
accrual
basis.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
September
30,
2023
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes. 
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
 (the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
iShares
ETF
Diversification
Classification
Core
S&P
500
.......................................................................................................
Diversified
Core
S&P
Total
U.S.
Stock
Market
.........................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
47
Notes
to
Financial
Statements
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock.
Securities
Lending:
 Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
48
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency. 
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Core
S&P
500
Barclays
Bank
PLC
.....................................
$
196,113,921‌
$
(196,113,921‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
5,727,902‌
(5,727,902‌)
–‌
–‌
BNP
Paribas
SA
.......................................
113,600,530‌
(113,600,530‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
155,510,632‌
(155,510,632‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
23,284,255‌
(23,284,255‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
143,758,901‌
(143,758,901‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
137,036,362‌
(137,036,362‌)
–‌
–‌
HSBC
Bank
PLC
......................................
30,065,386‌
(30,065,386‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
173,841,624‌
(173,841,624‌)
–‌
–‌
Jefferies
LLC
.........................................
7,647,022‌
(7,647,022‌)
–‌
–‌
Morgan
Stanley
.......................................
205,795,554‌
(205,795,554‌)
–‌
–‌
National
Financial
Services
LLC
............................
91,652‌
(91,652‌)
–‌
–‌
Natixis
SA
...........................................
19,021,477‌
(19,021,477‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
15,378‌
(15,378‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
210,713,516‌
(210,713,516‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
151,116,133‌
(151,116,133‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
17,188,571‌
(17,188,571‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
328,048,915‌
(328,048,915‌)
–‌
–‌
UBS
AG
............................................
255,878,896‌
(255,878,896‌)
–‌
–‌
UBS
Securities
LLC
....................................
4,667,903‌
(4,667,903‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
32,992,678‌
(32,992,678‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
316,649,201‌
(316,649,201‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
1,095,760‌
(1,095,760‌)
–‌
–‌
$
2,529,862,169‌
$
(2,529,862,169‌)
$
–‌
$
–‌
Core
S&P
Total
U.S.
Stock
Market
Barclays
Bank
PLC
.....................................
$
51,419,626‌
$
(51,419,626‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
5,231,758‌
(5,231,758‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
548,392‌
(548,392‌)
–‌
–‌
BNP
Paribas
SA
.......................................
79,416,110‌
(79,416,110‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
48,765,064‌
(48,765,064‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
2,928,388‌
(2,928,388‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
93,996,247‌
(93,996,247‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
1,066,717‌
(1,066,717‌)
–‌
–‌
Deutsche
Bank
Securities,
Inc.
.............................
3,147‌
–‌
–‌
3,147‌
Goldman
Sachs
&
Co.
LLC
...............................
81,543,676‌
(81,543,676‌)
–‌
–‌
HSBC
Bank
PLC
......................................
8,828,938‌
(8,828,938‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
156,967‌
(156,967‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
98,018,435‌
(98,018,435‌)
–‌
–‌
Jefferies
LLC
.........................................
5,816,191‌
(5,816,191‌)
–‌
–‌
Mizuho
Securities
USA
LLC
...............................
486,137‌
(486,137‌)
–‌
–‌
Morgan
Stanley
.......................................
101,200,885‌
(101,200,885‌)
–‌
–‌
National
Financial
Services
LLC
............................
16,222,859‌
(16,222,859‌)
–‌
–‌
Natixis
SA
...........................................
8,711,237‌
(8,711,237‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
395,522‌
(395,522‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
32,514,798‌
(32,514,798‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
99,328,830‌
(99,328,830‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
4,383,296‌
(4,383,296‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
3,262,524‌
(3,262,524‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
27,725,461‌
(27,725,461‌)
–‌
–‌
UBS
AG
............................................
54,083,100‌
(54,083,100‌)
–‌
–‌
UBS
Securities
LLC
....................................
1,403,207‌
(1,403,207‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
4,777,460‌
(4,777,460‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
16,722,296‌
(16,722,296‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
3,736,315‌
(3,736,315‌)
–‌
–‌
$
852,693,583‌
$
(852,690,436‌)
$
–‌
$
3,147‌
Notes
to
Financial
Statements
(unaudited)
(continued)
49
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
 Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
iShares
ETF
Investment
Advisory
Fees
Core
S&P
500
....................................................................................................
0.03‌
%
Core
S&P
Total
U.S.
Stock
Market
......................................................................................
0.03‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
50
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by each
Fund
is
shown
as
securities
lending
income
–
affiliated
–
net
in
its
Statements
of
Operations.
For
the six
months ended
September
30,
2023,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the six
months ended September
30,
2023,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months ended
September
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
September
30,
2023,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
September
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of
March
31,
2023,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
iShares
ETF
Amounts
Core
S&P
500
...........................................................................................................
$
1,214,901‌
Core
S&P
Total
U.S.
Stock
Market
.............................................................................................
1,474,471‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Core
S&P
500
........................................................................
$
1,787,742,224‌
$
626,486,056‌
$
(275,673,487‌)
Core
S&P
Total
U.S.
Stock
Market
..........................................................
127,179,717‌
96,127,018‌
(64,105,305‌)
iShares
ETF
Purchases
Sales
Core
S&P
500
........................................................................................
$
5,654,619,824‌
$
5,541,083,290‌
Core
S&P
Total
U.S.
Stock
Market
..........................................................................
948,947,778‌
923,562,732‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Core
S&P
500
........................................................................................
$
52,132,313,459‌
$
29,601,185,143‌
Core
S&P
Total
U.S.
Stock
Market
..........................................................................
928,107,846‌
243,205,811‌
iShares
ETF
Non-Expiring
Capital
Loss
Carryforwards
Core
S&P
500
.......................................................................................................
$
7,049,586,471‌
Core
S&P
Total
U.S.
Stock
Market
.........................................................................................
662,909,533‌
Notes
to
Financial
Statements
(unaudited)
(continued)
51
Notes
to
Financial
Statements
As
of
September
30,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs
may
significantly
impact
the
resulting
fair
value
and
therefore
each
Fund’s
results
of
operations.
As
a
result,
the
price
received
upon
the
sale
of
an
investment
may
be
less
than
the
value
ascribed
by
each
Fund,
and
each
Fund
could
realize
a
greater
than
expected
loss
or
lesser
than
expected
gain
upon
the
sale
of
the
investment.
Each
Fund’s
ability
to
value
its
investments
may
also
be
impacted
by
technological
issues
and/or
errors
by
pricing
services
or
other
third-party
service
providers.
Counterparty
Credit
Risk:
 The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Geographic/Asset
Class
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Core
S&P
500
...................................................
$
328,689,204,415‌
$
41,934,163,939‌
$
(26,104,373,710‌)
$
15,829,790,229‌
Core
S&P
Total
U.S.
Stock
Market
......................................
36,655,607,979‌
11,057,596,447‌
(3,135,120,413‌)
7,922,476,034‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
52
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
of
issuers
located
in
the
United
States.
A
decrease
in
imports
or
exports,
changes
in
trade
regulations,
inflation
and/or
an
economic
recession
in
the
United
States
may
have
a
material
adverse
effect
on
the
U.S.
economy
and
the
securities
listed
on
U.S.
exchanges.
Proposed
and
adopted
policy
and
legislative
changes
in
the
United
States
may
also
have
a
significant
effect
on
U.S.
markets
generally,
as
well
as
on
the
value
of
certain
securities.
Governmental
agencies
project
that
the
United
States
will
continue
to
maintain
elevated
public
debt
levels
for
the
foreseeable
future
which
may
constrain
future
economic
growth.
Circumstances
could
arise
that
could
prevent
the
timely
payment
of
interest
or
principal
on
U.S.
government
debt,
such
as
reaching
the
legislative
“debt
ceiling.”
Such
non-payment
would
result
in
substantial
negative
consequences
for
the
U.S.
economy
and
the
global
financial
system.
If
U.S.
relations
with
certain
countries
deteriorate,
it
could
adversely
affect
issuers
that
rely
on
the
United
States
for
trade.
The
United
States
has
also
experienced
increased
internal
unrest
and
discord.
If
these
trends
were
to
continue,
they
may
have
an
adverse
impact
on
the
U.S.
economy
and
the
issuers
in
which
the Funds
invest. 
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
09/30/23
Year
Ended
03/31/23
iShares
ETF
Shares
Amount
Shares
Amount
Core
S&P
500
Shares
sold
118,650,000‌
$
52,287,217,488‌
165,050,000‌
$
66,040,882,304‌
Shares
redeemed
(68,100,000‌)
(29,693,091,597‌)
(156,200,000‌)
(63,194,532,077‌)
50,550,000‌
$
22,594,125,891‌
8,850,000‌
$
2,846,350,227‌
Core
S&P
Total
U.S.
Stock
Market
Shares
sold
9,850,000‌
$
933,947,288‌
96,250,000‌
$
8,153,486,233‌
Shares
redeemed
(2,550,000‌)
(244,724,215‌)
(84,700,000‌)
(7,238,382,606‌)
7,300,000‌
$
689,223,073‌
11,550,000‌
$
915,103,627‌
Board
Review
and
Approval
of
Investment
Advisory
Contract
53
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
Core
S&P
500
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
2,
2023
and
May
15,
2023,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
7-8,
2023,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“
Broadridge
”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2022,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
54
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust's
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
the
approval
of
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
55
Board
Review
and
Approval
of
Investment
Advisory
Contract
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
2,
2023
and
May
15,
2023,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
7-8,
2023,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions,
Inc.
(“
Broadridge
”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
other
fund(s)
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
any
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2022,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
ongoing
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund,
including
related
programs
implemented
pursuant
to
regulatory
requirements.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies
provided
at
the
May
2,
2023
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program
and
other
compliance
programs
and
services.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2023
iShares
Semi-Annual
Report
to
Shareholders
56
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability
(as
discussed
above),
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities,
as
applicable
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
further
considered
other
direct
benefits
that
might
accrue
to
BFA,
including
the
potential
for
reduction
in
the
Fund’s
expenses
that
are
borne
by
BFA
under
the
“all-inclusive”
management
fee
arrangement,
due
in
part
to
the
size
and
scope
of
BFA’s
investment
operations
servicing
the
Fund
(and
other
funds
in
the
iShares
complex)
as
well
as
in
response
to
a
changing
market
environment.
The
Board
also
reviewed
and
considered
information
provided
by
BFA
concerning
authorized
participant
primary
market
order
processing
services
that
are
provided
by
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
and
paid
for
by
authorized
participants
under
the
ETF
Servicing
Platform.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
In
dependent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
57
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
September
30,
2023
Tailored
Shareholder
Reports
for
Open-End
Mutual
Funds
and
ETFs
Effective
January
24,
2023,
the
SEC
adopted
rule
and
form
amendments
to
require
open-end
mutual
funds
and
ETFs
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
to
shareholders
that
highlight
key
information.
Other
information,
including
financial
statements,
will
no
longer
appear
in
a
streamlined
shareholder
report
but
must
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
At
this
time,
management
is
evaluating
the
impact
of
these
amendments
on
the
shareholder
reports
for
the
Funds.
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Core
S&P
500
........................
$
3.325541‌
$
—‌
$
—‌
$
3.325541‌
100‌%
—‌%
—‌%
100‌%
General
Information
2023
iShares
Semi-Annual
Report
to
Shareholders
58
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrol
led,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
59
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
MSCI
Morgan
Stanley
Capital
International
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
iS-SAR-319-0923
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by S&P
Dow
Jones
Indices
LLC,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.