iShares Trust


		OCTOBER 31, 2021

2021 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Core Dividend Growth ETF | DGRO | NYSE Arca

iShares Core High Dividend ETF | HDV | NYSE Arca

iShares International Select Dividend ETF | IDV | Cboe BZX

iShares Select Dividend ETF | DVY | NASDAQ

iShares U.S. Dividend and Buyback ETF | DIVB | Cboe BZX

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of October 31, 2021 was a remarkable period of adaptation and recovery, as the global economy dealt with the implications of the coronavirus (or “COVID-19”) pandemic. The United States began the reporting period as the initial reopening-led economic rebound was beginning to slow. Nonetheless, the economy continued to grow at a solid pace for the reporting period, eventually regaining the output lost from the pandemic. However, a rapid rebound in consumer spending pushed up against supply constraints and led to elevated inflation.

Equity prices rose with the broader economy, as the implementation of mass vaccination campaigns and passage of two additional fiscal stimulus packages further boosted stocks, and many equity indices neared or surpassed all-time highs late in the reporting period. In the United States, returns of small-capitalization stocks, which benefited the most from the resumption of in-person activities, outpaced large-capitalization stocks. International equities also gained, as both developed and emerging markets continued to recover from the effects of the pandemic.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) had fallen sharply prior to the beginning of the reporting period, which meant bonds were priced for extreme risk avoidance and economic disruption. Despite expectations of doom and gloom, the economy expanded rapidly, stoking inflation concerns in early 2021, which led to higher yields and a negative overall return for most U.S. Treasuries. In the corporate bond market, support from the U.S. Federal Reserve (the “Fed”) assuaged credit concerns and led to solid returns for high-yield corporate bonds, outpacing investment-grade corporate bonds.

The Fed remained committed to accommodative monetary policy by maintaining near-zero interest rates and by reiterating that inflation could exceed its 2% target for a sustained period without triggering a rate increase. In response to rising inflation late in the period, the Fed changed its market guidance, raising the possibility of higher rates in 2022 and reducing bond purchasing beginning in late 2021.

Looking ahead, we believe that the global expansion will continue to broaden as Europe and other developed market economies gain momentum, although the Delta variant of the coronavirus remains a threat, particularly in emerging markets. While we expect inflation to remain elevated in the medium-term as the expansion continues, we believe the recent uptick owes more to temporary supply disruptions than a lasting change in fundamentals. The change in Fed policy also means that moderate inflation is less likely to be followed by interest rate hikes that could threaten the economic expansion.

Overall, we favor a moderately positive stance toward risk, with an overweight in equities. Sectors that are better poised to manage the transition to a lower-carbon world, such as technology and health care, are particularly attractive in the long-term. U.S. small-capitalization stocks and European equities are likely to benefit from the continuing vaccine-led restart, while Chinese equities stand to gain from a more accommodative monetary and fiscal environment as the Chinese economy slows. We are underweight long-term credit, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities. We believe that international diversification and a focus on sustainability can help provide portfolio resilience, and the disruption created by the coronavirus appears to be accelerating the shift toward sustainable investments.

In this environment, our view is that investors need to think globally, extend their scope across a broad array of asset classes, 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,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2021
	6-Month		12-Month
U.S. large cap equities (S&P 500 Index)		10.91%		42.91%
U.S. small cap equities (Russell 2000 Index)		1.85		50.80
International equities (MSCI Europe, Australasia, Far East Index)		4.14		34.18
Emerging market equities (MSCI Emerging Markets Index)		(4.87)		16.96
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.01		0.06
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		1.59		(4.77)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		1.06		(0.48)
Tax-exempt municipal bonds (S&P Municipal Bond Index)		0.33		2.76
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.36		10.53

Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.


2		T H I S P A G E I S N O T P A R T O F Y O U R F U N D R E P O R T

Table of Contents


	Page
The Markets in Review		2
Fund Summary		4
About Fund Performance		9
Shareholder Expenses		9
Schedules of Investments		10
Financial Statements
Statements of Assets and Liabilities		32
Statements of Operations		34
Statements of Changes in Net Assets		36
Financial Highlights		39
Notes to Financial Statements		44
Board Review and Approval of Investment Advisory Contract		52
Supplemental Information		58
General Information		59
Glossary of Terms Used in this Report		60


Fund Summary as of October 31, 2021		iShares^® Core Dividend Growth ETF

Investment Objective

The iShares Core Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities with a history of consistently growing dividends, as represented by the Morningstar U.S. Dividend Growth IndexSM (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


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		7.59	%		39.48	%		17.04	%		13.35	%		39.48	%		119.60	%		152.56	%
Fund Market		7.52			39.36			17.03			13.35			39.36			119.56			152.59
Index		7.60			39.58			17.12			13.42			39.58			120.41			153.61

The inception date of the Fund was 6/10/14. The first day of secondary market trading was 6/12/14.

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

Past performance is no guarantee 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” on page 9 for more information.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,075.90	$ 0.42			$ 1,000.00	$ 1,024.80	$ 0.41		0.08	%

^(a)

Expenses are calculated using the Fund’s annualized expense ratio (as disclosed in the table), multiplied by the average account value for the period, multiplied by the number of days in the period (184 days) and divided by the number of days in the year (365 days). 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 “Shareholder Expenses” on page 9 for more information.

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments^(a)

Financials		20.1%
Information Technology		19.5
Health Care		16.6
Industrials		12.2
Consumer Staples		9.3
Consumer Discretionary		7.7
Utilities		7.1
Communication Services		4.2
Materials		3.2
Energy		0.1

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)

Microsoft Corp.		3.3%
JPMorgan Chase & Co.		2.9
Apple Inc.		2.8
Verizon Communications Inc.		2.6
Johnson & Johnson		2.6
Procter & Gamble Co. (The)		2.6
Pfizer Inc.		2.5
Home Depot Inc. (The)		2.4
Merck & Co. Inc.		2.4
Bank of America Corp.		1.9


4		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		iShares^® Core High Dividend ETF

Investment Objective

The iShares Core High Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Morningstar Dividend Yield Focus IndexSM (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


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.59	%		31.03	%		8.29	%		10.31	%		31.03	%		48.94	%		166.68	%
Fund Market		4.61			31.01			8.29			10.30			31.01			48.95			166.64
Index		4.61			31.15			8.38			10.50			31.15			49.51			171.38

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,045.90	$ 0.41			$ 1,000.00	$ 1,024.80	$ 0.41		0.08	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments^(a)

Health Care		20.6%
Energy		19.0
Consumer Staples		16.4
Communication Services		12.7
Information Technology		9.3
Utilities		8.0
Financials		5.9
Industrials		4.8
Consumer Discretionary		2.9
Materials		0.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)

Exxon Mobil Corp.		9.4%
AT&T Inc.		7.2
Chevron Corp.		6.6
Johnson & Johnson		5.6
Verizon Communications Inc.		5.3
AbbVie Inc.		5.1
Procter & Gamble Co. (The)		4.5
Merck & Co. Inc.		4.1
Philip Morris International Inc.		3.6
Coca-Cola Co. (The)		3.5


F U N D S U M M A R Y		5


Fund Summary as of October 31, 2021		iShares^® International Select Dividend ETF

Investment Objective

The iShares International Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying equities in non-U.S. developed markets, as represented by the Dow Jones EPAC Select Dividend 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


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.68	)%		35.98	%		7.13	%		5.16	%		35.98	%		41.14	%		65.44	%
Fund Market		(0.46	)		36.00			7.16			5.27			36.00			41.34			67.17
Index		(0.78	)		35.11			7.16			5.25			35.11			41.34			66.86

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 993.20	$ 2.66			$ 1,000.00	$ 1,022.50	$ 2.70		0.53	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments^(a)

Financials		31.8%
Utilities		21.2
Materials		10.4
Energy		7.7
Communication Services		7.6
Industrials		6.1
Real Estate		5.3
Consumer Staples		5.0
Consumer Discretionary		2.3
Health Care		2.2
Information Technology		0.4

^(a)

Excludes money market funds.

TEN LARGEST GEOGRAPHIC ALLOCATION



Country/Geographic Region	Percent of Total Investments^(a)

United Kingdom		14.6%
Australia		11.5
Canada		11.0
Hong Kong		10.1
Spain		9.3
Italy		7.6
South Korea		7.5
France		5.4
Switzerland		4.5
Japan		4.5


6		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2021		iShares^® Select Dividend ETF

Investment Objective

The iShares Select Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Dow Jones U.S. Select Dividend 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


				Average Annual Total Returns									Cumulative Total Returns
	6 Months			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.40	%		47.29	%		10.89	%		12.34	%		47.29	%		67.68	%		220.13	%
Fund Market		1.50			47.15			10.89			12.34			47.15			67.68			220.04
Index		1.55			47.99			11.33			12.76			47.99			71.05			232.46

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,014.00	$1 1.93			$ 1,000.00	$ 11,023.30	$ 1.94		0.38	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments^(a)

Utilities		26.3%
Financials		23.7
Energy		9.3
Consumer Staples		8.2
Materials		6.8
Communication Services		6.8
Information Technology		5.5
Consumer Discretionary		5.1
Health Care		4.3
Industrials		4.0

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)

ONEOK Inc.		2.8%
Altria Group Inc.		2.1
Exxon Mobil Corp.		2.0
PPL Corp.		1.9
Prudential Financial Inc.		1.8
AT&T Inc.		1.8
Philip Morris International Inc.		1.8
Pfizer Inc.		1.7
International Business Machines Corp.		1.6
Edison International		1.6


F U N D S U M M A R Y		7


Fund Summary as of October 31, 2021		iShares^® U.S. Dividend and Buyback ETF

Investment Objective

The iShares U.S. Dividend and Buyback ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. stocks with a history of dividend payments and/or share buybacks, as represented by the Morningstar US Dividend and Buyback Index^SM (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


				Average Annual Total Returns						Cumulative Total Returns
	6 Months			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		8.60	%		51.28	%		16.00	%		51.28	%		80.65	%
Fund Market		8.62			51.80			16.01			51.80			80.68
Index		8.74			51.73			16.33			51.73			82.58

The inception date of the Fund was 11/7/17. The first day of secondary market trading was 11/9/17.

Expense Example


Actual					Hypothetical 5% Return

	Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/21)	Ending Account Value (10/31/21)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio
	$ 1,000.00	$ 1,086.00	$ 1.31			$ 1,000.00	$ 1,023.90	$ 1.28		0.25	%

^(a)

Portfolio Information

ALLOCATION BY SECTOR



Sector	Percent of Total Investments^(a)

Information Technology		23.2%
Financials		21.7
Health Care		12.6
Communication Services		8.9
Consumer Staples		7.7
Industrials		7.5
Consumer Discretionary		7.1
Energy		5.6
Materials		2.5
Utilities		1.8
Real Estate		1.4

^(a)

Excludes money market funds.

TEN LARGEST HOLDINGS



Security	Percent of Total Investments^(a)

Microsoft Corp.		4.7%
Apple Inc.		4.6
JPMorgan Chase & Co.		3.0
Bank of America Corp.		2.3
Exxon Mobil Corp.		1.9
Procter & Gamble Co. (The)		1.8
Berkshire Hathaway Inc., Class B		1.8
AT&T Inc.		1.8
Alphabet Inc., Class A		1.7
Intel Corp.		1.7


8		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

About Fund Performance

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 by 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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. 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.

Shareholder Expenses

As a shareholder of your Fund, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of fund shares and (2) ongoing costs, including management fees and other fund expenses. The expense example, which is based on an investment of $1,000 invested at the beginning of the period (or from the commencement of operations if less than 6 months) and held through the end of the period, is intended to help you understand your ongoing costs (in dollars and cents) of investing in your Fund and to compare these costs with the ongoing costs of investing in other funds.

Actual Expenses – The table provides information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. To estimate the expenses that you paid on your account over the period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

Hypothetical Example for Comparison Purposes – The table also provides information about hypothetical account values and hypothetical expenses based on your Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. You may use this information to compare the ongoing costs of investing in your Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


A B O U T F U N D P E R F O R M A N C E / S H A R E H O L D E R E X P E N S E S		9

Schedule of Investments (unaudited)

October 31, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.7%
BWX Technologies Inc.		90,110	$	5,112,841
General Dynamics Corp.		342,368		69,415,112
HEICO Corp.		4,619		643,843
HEICO Corp., Class A		6,984		877,749
Huntington Ingalls Industries Inc.		59,136		11,988,641
L3Harris Technologies Inc.		231,991		53,483,205
Lockheed Martin Corp.		464,432		154,340,042
Northrop Grumman Corp.		167,033		59,667,528
Raytheon Technologies Corp.		2,393,381		212,675,836


				568,204,797

Air Freight & Logistics — 1.1%
CH Robinson Worldwide Inc.		195,851		18,995,588
Expeditors International of Washington Inc.		101,822		12,550,580
United Parcel Service Inc., Class B		973,315		207,773,553


				239,319,721

Auto Components — 0.1%
Gentex Corp.		240,787		8,521,452
LCI Industries		44,882		6,267,322


				14,788,774

Automobiles — 0.0%
Thor Industries Inc.		52,928		5,396,539


Banks — 9.7%
Atlantic Union Bankshares Corp.		162,473		5,827,907
Bank of America Corp.		8,543,872		408,226,204
Bank of Hawaii Corp.		90,550		7,651,475
Bank OZK		215,725		9,636,436
BOK Financial Corp.		48,890		4,946,201
Cadence Bank		102,960		2,987,899
Cathay General Bancorp		150,442		6,347,148
Citigroup Inc.		3,863,449		267,196,133
Commerce Bancshares Inc.		103,178		7,275,081
Community Bank System Inc.		53,253		3,816,643
Cullen/Frost Bankers Inc.		97,172		12,583,774
CVB Financial Corp.		298,724		5,980,454
First Financial Bankshares Inc.		122,505		6,213,454
First Republic Bank/CA		50,385		10,899,787
Fulton Financial Corp.		379,614		6,111,785
Glacier Bancorp. Inc.		153,064		8,462,909
Hilltop Holdings Inc.		63,662		2,256,181
Home BancShares Inc./AR		253,968		6,034,280
Independent Bank Corp.		34,417		2,908,237
Independent Bank Group Inc.		47,907		3,463,197
JPMorgan Chase & Co.		3,640,452		618,476,390
PNC Financial Services Group Inc. (The)		711,509		150,149,744
Popular Inc.		126,585		10,309,082
Prosperity Bancshares Inc.		171,623		12,924,928
Regions Financial Corp.		1,967,125		46,581,520
ServisFirst Bancshares Inc.		35,138		2,821,933
Simmons First National Corp., Class A		180,133		5,384,175
South State Corp.		132,902		10,378,317
Synovus Financial Corp.		307,974		14,348,509
Truist Financial Corp.		2,978,412		189,039,810
U.S. Bancorp		2,642,027		159,499,170
UMB Financial Corp.		41,016		4,053,201
United Community Banks Inc./GA		94,831		3,303,912
Webster Financial Corp.		191,123		10,695,243
Wintrust Financial Corp.		61,608		5,452,308


Security	Shares		Value

Banks (continued)
Zions Bancorp. NA		283,495	$	17,857,350


				2,050,100,777

Beverages — 2.1%
Brown-Forman Corp., Class A		37,998		2,433,012
Brown-Forman Corp., Class B, NVS		117,100		7,949,919
Constellation Brands Inc., Class A		152,323		33,025,150
PepsiCo Inc.		2,432,634		393,113,654


				436,521,735

Biotechnology — 1.2%
Amgen Inc.		1,175,188		243,228,660


Building Products — 0.5%
A O Smith Corp.		124,810		9,119,867
AAON Inc.		15,787		1,131,139
Advanced Drainage Systems Inc.		11,582		1,306,450
Allegion PLC		57,528		7,380,842
Carlisle Companies Inc.		35,461		7,904,966
Fortune Brands Home & Security Inc.		96,717		9,807,104
Lennox International Inc.		24,765		7,411,669
Masco Corp.		263,743		17,288,354
Owens Corning		74,477		6,956,897
Simpson Manufacturing Co. Inc.		25,414		2,696,171
Trane Technologies PLC		186,668		33,773,841
UFP Industries Inc.		33,791		2,765,117


				107,542,417

Capital Markets — 6.0%
Ameriprise Financial Inc.		125,238		37,838,157
Bank of New York Mellon Corp. (The)		1,329,786		78,723,331
BlackRock Inc.^(a)		162,683		153,484,903
Charles Schwab Corp. (The)		968,927		79,481,082
CME Group Inc.		428,282		94,457,595
Cohen & Steers Inc.		33,111		3,141,903
Evercore Inc., Class A		53,099		8,062,552
FactSet Research Systems Inc.		20,768		9,218,708
Goldman Sachs Group Inc. (The)		431,379		178,310,510
Houlihan Lokey Inc.		63,607		7,129,073
Intercontinental Exchange Inc.		398,839		55,223,248
MarketAxess Holdings Inc.		14,283		5,837,034
Moody’s Corp.		67,222		27,167,771
Morgan Stanley		2,582,291		265,407,869
MSCI Inc.		33,450		22,240,236
Nasdaq Inc.		80,423		16,878,375
Northern Trust Corp.		327,081		40,244,046
Raymond James Financial Inc.		134,200		13,230,778
S&P Global Inc.		105,890		50,208,802
SEI Investments Co.		97,075		6,119,608
State Street Corp.		532,704		52,497,979
T Rowe Price Group Inc.		290,088		62,914,285


				1,267,817,845

Chemicals — 2.4%
Air Products & Chemicals Inc.		318,314		95,433,720
Albemarle Corp.		48,942		12,258,503
Ashland Global Holdings Inc.		46,074		4,423,565
Avient Corp.		105,366		5,677,120
Balchem Corp.		8,001		1,224,873
Cabot Corp.		99,196		5,292,107
Celanese Corp.		130,402		21,061,227
Eastman Chemical Co.		221,765		23,070,213
Ecolab Inc.		132,908		29,534,816


10		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
HB Fuller Co.		34,895	$	2,460,446
Innospec Inc.		20,622		1,868,559
International Flavors & Fragrances Inc.		325,022		47,924,494
Linde PLC		454,255		144,998,196
NewMarket Corp.		9,998		3,399,420
PPG Industries Inc.		238,231		38,252,752
Quaker Chemical Corp.		5,177		1,272,714
RPM International Inc.		157,153		13,703,742
Scotts Miracle-Gro Co. (The)		44,609		6,622,652
Sensient Technologies Corp.		46,802		4,474,271
Sherwin-Williams Co. (The)		114,119		36,131,217
Stepan Co.		15,352		1,842,547
Valvoline Inc.		186,921		6,347,837
Westlake Chemical Corp.		31,228		3,039,733


				510,314,724

Commercial Services & Supplies — 0.6%
ABM Industries Inc.		68,620		3,019,966
Brady Corp., Class A, NVS		53,929		2,809,162
Cintas Corp.		54,162		23,457,562
Healthcare Services Group Inc.		150,139		2,881,167
MSA Safety Inc.		25,028		3,830,035
Republic Services Inc.		184,790		24,872,734
Tetra Tech Inc.		18,292		3,213,173
Waste Management Inc.		370,843		59,420,174


				123,503,973

Communications Equipment — 2.0%
Cisco Systems Inc.		6,820,682		381,753,572
Motorola Solutions Inc.		125,772		31,265,661


				413,019,233

Construction Materials — 0.1%
Martin Marietta Materials Inc.		26,582		10,442,473
Vulcan Materials Co.		72,032		13,694,724


				24,137,197

Consumer Finance — 0.8%
Ally Financial Inc.		478,395		22,838,577
American Express Co.		452,083		78,562,984
Discover Financial Services		330,874		37,494,642
FirstCash Inc.		35,276		3,120,868
Synchrony Financial		670,234		31,132,369


				173,149,440

Containers & Packaging — 0.4%
AptarGroup Inc.		49,084		5,928,366
Avery Dennison Corp.		64,565		14,057,092
International Paper Co.		882,450		43,831,291
Silgan Holdings Inc.		68,730		2,762,946
Sonoco Products Co.		180,281		10,447,284


				77,026,979

Distributors — 0.2%
Genuine Parts Co.		252,780		33,141,986
Pool Corp.		16,604		8,553,716


				41,695,702

Diversified Consumer Services — 0.0%
Service Corp. International		143,138		9,803,522


Diversified Telecommunication Services — 2.6%
Verizon Communications Inc.		10,437,474		553,081,747


Electric Utilities — 4.3%
ALLETE Inc.		124,912		7,687,084


Security	Shares		Value

Electric Utilities (continued)
Alliant Energy Corp.		424,090	$	23,990,771
American Electric Power Co. Inc.		1,047,097		88,699,587
Duke Energy Corp.		1,846,438		188,355,140
Edison International		1,093,027		68,784,189
Entergy Corp.		425,225		43,806,680
Evergy Inc.		461,401		29,414,314
Eversource Energy		576,846		48,974,225
Exelon Corp.		1,905,103		101,332,429
IDACORP Inc.		85,173		8,885,247
MGE Energy Inc.		43,804		3,324,286
NextEra Energy Inc.		2,242,450		191,348,259
Pinnacle West Capital Corp.		315,426		20,341,823
PNM Resources Inc.		145,139		7,220,665
Portland General Electric Co.		192,536		9,493,950
Xcel Energy Inc.		909,979		58,775,544


				900,434,193

Electrical Equipment — 1.0%
Eaton Corp. PLC		476,181		78,455,582
Emerson Electric Co.		754,577		73,201,515
Hubbell Inc.		69,260		13,808,366
nVent Electric PLC		230,394		8,167,467
Regal Rexnord Corp.		23,233		3,539,083
Rockwell Automation Inc.		100,272		32,026,877


				209,198,890

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		295,069		22,652,447
Badger Meter Inc.		15,159		1,550,008
CDW Corp./DE		72,005		13,439,733
Cognex Corp.		30,995		2,714,852
Corning Inc.		1,221,822		43,460,208
Littelfuse Inc.		12,434		3,662,435
TE Connectivity Ltd.		287,495		41,974,270
Vishay Intertechnology Inc.		155,599		2,990,613


				132,444,566

Entertainment — 0.1%
Activision Blizzard Inc.		292,584		22,877,143


Food & Staples Retailing — 1.6%
Casey’s General Stores Inc.		17,245		3,303,107
Costco Wholesale Corp.		192,511		94,626,857
Kroger Co. (The)		878,712		35,166,054
Walmart Inc.		1,314,546		196,419,464


				329,515,482

Food Products — 1.7%
Archer-Daniels-Midland Co.		884,415		56,814,820
Flowers Foods Inc.		444,955		11,012,636
Hershey Co. (The)		192,115		33,687,365
Hormel Foods Corp.		417,133		17,653,068
Ingredion Inc.		126,048		12,003,551
JM Smucker Co. (The)		229,074		28,144,032
Kellogg Co.		593,196		36,362,915
Lancaster Colony Corp.		21,531		3,660,270
McCormick & Co. Inc./MD, NVS		246,552		19,780,867
Mondelez International Inc., Class A		1,866,235		113,355,114
Tyson Foods Inc., Class A		443,021		35,428,389


				367,903,027

Gas Utilities — 0.4%
Atmos Energy Corp.		215,187		19,823,026
National Fuel Gas Co.		203,555		11,690,164


S C H E D U L E O F I N V E S T M E N T S		11

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Gas Utilities (continued)
New Jersey Resources Corp.		219,567	$	8,301,828
ONE Gas Inc.		110,777		7,455,292
Southwest Gas Holdings Inc.		123,739		8,568,926
Spire Inc.		131,872		8,276,287
UGI Corp.		398,485		17,298,234


				81,413,757

Health Care Equipment & Supplies — 2.9%
Abbott Laboratories		1,590,248		204,967,065
Baxter International Inc.		437,798		34,568,530
Becton Dickinson and Co.		235,199		56,351,328
Danaher Corp.		103,841		32,374,509
DENTSPLY SIRONA Inc.		99,145		5,672,085
Hill-Rom Holdings Inc.		27,040		4,188,496
Medtronic PLC		1,609,580		192,924,259
ResMed Inc.		52,898		13,907,413
STERIS PLC		46,077		10,770,038
Stryker Corp.		188,844		50,245,723


				605,969,446

Health Care Providers & Services — 2.8%
AmerisourceBergen Corp.		134,692		16,435,118
Anthem Inc.		191,043		83,128,541
Cardinal Health Inc.		685,440		32,770,886
Chemed Corp.		3,314		1,598,176
Encompass Health Corp.		88,856		5,647,687
Ensign Group Inc. (The)		9,932		774,795
Humana Inc.		55,942		25,910,097
McKesson Corp.		92,832		19,297,916
Quest Diagnostics Inc.		131,915		19,362,484
UnitedHealth Group Inc.		845,565		389,357,316


				594,283,016

Hotels, Restaurants & Leisure — 2.0%
Domino’s Pizza Inc.		18,001		8,801,949
McDonald’s Corp.		1,035,436		254,251,310
Starbucks Corp.		1,153,028		122,301,680
Yum! Brands Inc.		292,771		36,578,808


				421,933,747

Household Durables — 0.2%
DR Horton Inc.		184,680		16,486,384
Leggett & Platt Inc.		311,027		14,571,615
Whirlpool Corp.		104,369		22,004,116


				53,062,115

Household Products — 3.7%
Church & Dwight Co. Inc.		188,345		16,453,819
Clorox Co. (The)		217,450		35,446,524
Colgate-Palmolive Co.		1,256,421		95,726,716
Energizer Holdings Inc.		113,433		4,136,902
Kimberly-Clark Corp.		698,002		90,384,279
Procter & Gamble Co. (The)		3,780,110		540,517,929
WD-40 Co.		11,038		2,505,626


				785,171,795

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		1,068,326		26,847,032


Industrial Conglomerates — 1.8%
3M Co.		1,172,042		209,420,465
Honeywell International Inc.		738,870		161,531,759
Roper Technologies Inc.		31,571		15,402,544


				386,354,768


Security	Shares		Value

Insurance — 3.5%
Aflac Inc.		972,169	$	52,176,310
Allstate Corp. (The)		469,266		58,034,126
American Equity Investment Life Holding Co.		54,277		1,729,808
American Financial Group Inc./OH		64,940		8,834,438
Aon PLC, Class A		102,764		32,876,259
Arthur J Gallagher & Co.		175,112		29,361,029
Assurant Inc.		61,132		9,861,203
Assured Guaranty Ltd.		89,864		4,994,641
Axis Capital Holdings Ltd.		178,735		9,306,731
Brown & Brown Inc.		95,060		5,999,237
Chubb Ltd.		506,264		98,913,860
Cincinnati Financial Corp.		201,956		24,525,537
CNO Financial Group Inc.		188,239		4,544,089
Erie Indemnity Co., Class A, NVS		37,814		7,782,499
Everest Re Group Ltd.		60,699		15,872,789
Fidelity National Financial Inc.		564,493		27,044,860
First American Financial Corp.		190,616		13,941,654
Globe Life Inc.		51,880		4,618,358
Hanover Insurance Group Inc. (The)		46,483		5,856,858
Hartford Financial Services Group Inc. (The)		468,965		34,201,617
Kinsale Capital Group Inc.		3,518		658,394
Lincoln National Corp.		293,611		21,184,034
Marsh & McLennan Companies Inc.		439,531		73,313,771
MetLife Inc.		1,503,456		94,417,037
Primerica Inc.		32,322		5,437,853
Reinsurance Group of America Inc.		109,505		12,930,350
RenaissanceRe Holdings Ltd.		29,913		4,241,663
RLI Corp.		25,247		2,734,503
Selective Insurance Group Inc.		47,008		3,684,017
Travelers Companies Inc. (The)		358,430		57,664,218
W R Berkley Corp.		63,155		5,027,138


				731,768,881

IT Services — 2.8%
Accenture PLC, Class A		421,902		151,374,219
Automatic Data Processing Inc.		495,190		111,165,203
Broadridge Financial Solutions Inc.		100,013		17,843,319
Fidelity National Information Services Inc.		476,526		52,770,489
Jack Henry & Associates Inc.		50,722		8,444,199
Mastercard Inc., Class A		281,473		94,439,821
TTEC Holdings Inc.		8,972		846,867
Visa Inc., Class A		606,589		128,457,352
Western Union Co. (The)		1,152,548		20,999,425


				586,340,894

Leisure Products — 0.2%
Brunswick Corp./DE		71,685		6,673,156
Hasbro Inc.		228,168		21,849,368
Polaris Inc.		80,924		9,302,214


				37,824,738

Life Sciences Tools & Services — 0.1%
Agilent Technologies Inc.		84,759		13,348,695
West Pharmaceutical Services Inc.		6,744		2,899,111


				16,247,806

Machinery — 2.4%
AGCO Corp.		24,290		2,968,481
Barnes Group Inc.		42,150		1,767,771
Caterpillar Inc.		754,828		153,992,460
Cummins Inc.		232,372		55,732,100
Donaldson Co. Inc.		117,585		7,056,276
Dover Corp.		105,882		17,902,529


12		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Franklin Electric Co. Inc.		19,593	$	1,692,443
Graco Inc.		104,654		7,867,888
Hillenbrand Inc.		97,469		4,430,941
IDEX Corp.		47,729		10,623,044
Illinois Tool Works Inc.		379,364		86,445,675
ITT Inc.		51,688		4,862,290
Lincoln Electric Holdings Inc.		57,575		8,198,680
Nordson Corp.		28,968		7,363,955
Oshkosh Corp.		52,788		5,648,316
Otis Worldwide Corp.		274,824		22,071,115
PACCAR Inc.		368,892		33,060,101
Pentair PLC		110,816		8,197,059
Snap-on Inc.		76,657		15,579,002
Stanley Black & Decker Inc.		154,457		27,760,557
Timken Co. (The)		73,813		5,237,032
Toro Co. (The)		66,949		6,391,621
Watts Water Technologies Inc., Class A		10,092		1,917,682
Xylem Inc./NY		95,998		12,536,379


				509,303,397

Marine — 0.0%
Matson Inc.		39,097		3,255,998


Media — 1.5%
Cable One Inc.		1,949		3,335,148
Comcast Corp., Class A		4,892,173		251,604,458
John Wiley & Sons Inc., Class A		67,430		3,652,683
Nexstar Media Group Inc., Class A		52,840		7,922,301
Omnicom Group Inc.		532,725		36,267,918
Sirius XM Holdings Inc.		701,543		4,272,397


				307,054,905

Metals & Mining — 0.3%
Nucor Corp.		277,829		31,019,608
Reliance Steel & Aluminum Co.		76,141		11,128,769
Royal Gold Inc.		45,662		4,521,451
Steel Dynamics Inc.		203,832		13,469,219
Worthington Industries Inc.		46,717		2,537,667


				62,676,714

Multi-Utilities — 2.0%
Ameren Corp.		409,003		34,474,863
Black Hills Corp.		130,310		8,649,978
CMS Energy Corp.		500,768		30,221,349
Consolidated Edison Inc.		887,458		66,914,333
DTE Energy Co.		443,749		50,298,949
MDU Resources Group Inc.		348,122		10,697,789
NiSource Inc.		880,564		21,723,514
NorthWestern Corp.		123,227		7,006,687
Public Service Enterprise Group Inc.		1,032,625		65,881,475
Sempra Energy		664,095		84,758,445
WEC Energy Group Inc.		567,719		51,128,773


				431,756,155

Multiline Retail — 0.7%
Dollar General Corp.		113,918		25,235,115
Target Corp.		464,383		120,563,115


				145,798,230

Oil, Gas & Consumable Fuels — 0.1%
DTE Midstream LLC^(b)		325,433		15,607,767


Paper & Forest Products — 0.0%
Sylvamo Corp.^(b)		79,899		2,249,956


Security	Shares		Value

Personal Products — 0.2%
Estee Lasuder Companies Inc. (The), Class A		93,921	$	30,461,398
Nu Skin Enterprises Inc., Class A		98,745		3,964,612


				34,426,010

Pharmaceuticals — 9.6%
Bristol-Myers Squibb Co.		4,328,000		252,755,200
Eli Lilly & Co.		681,491		173,616,647
Johnson & Johnson		3,368,649		548,685,549
Merck & Co. Inc.		5,605,917		493,600,992
Perrigo Co. PLC		182,714		8,249,537
Pfizer Inc.		12,048,360		526,995,266
Zoetis Inc.		145,874		31,537,959


				2,035,441,150

Professional Services — 0.2%
Booz Allen Hamilton Holding Corp.		155,796		13,532,440
Exponent Inc.		22,933		2,632,708
Insperity Inc.		37,249		4,656,125
ManpowerGroup Inc.		73,764		7,129,291
Robert Half International Inc.		107,651		12,172,099


				40,122,663

Road & Rail — 1.4%
CSX Corp.		1,708,017		61,778,975
JB Hunt Transport Services Inc.		36,392		7,176,139
Landstar System Inc.		15,437		2,713,979
Ryder System Inc.		103,291		8,774,570
Union Pacific Corp.		847,633		204,618,606
Werner Enterprises Inc.		37,179		1,684,952


				286,747,221

Semiconductors & Semiconductor Equipment — 6.8%
Analog Devices Inc.		582,075		100,984,192
Broadcom Inc.		763,174		405,756,721
CMC Materials Inc.		26,359		3,383,705
Intel Corp.		6,723,571		329,454,979
KLA Corp.		122,402		45,626,570
Lam Research Corp.		81,381		45,863,890
Microchip Technology Inc.		399,055		29,565,985
Power Integrations Inc.		19,807		2,044,280
QUALCOMM Inc.		1,381,474		183,791,301
Skyworks Solutions Inc.		133,862		22,372,356
Texas Instruments Inc.		1,280,699		240,105,448
Xilinx Inc.		156,794		28,222,920


				1,437,172,347

Software — 4.3%
Dolby Laboratories Inc., Class A		38,775		3,425,771
Intuit Inc.		73,060		45,734,830
Microsoft Corp.		2,074,950		688,094,919
Oracle Corp.		1,667,781		160,006,909


				897,262,429

Specialty Retail — 3.6%
Best Buy Co. Inc.		359,871		43,990,631
Dick’s Sporting Goods Inc.		47,465		5,895,628
Group 1 Automotive Inc.		9,277		1,668,005
Home Depot Inc. (The)		1,358,110		504,863,811
Lithia Motors Inc.		8,303		2,650,484
Lowe’s Companies Inc.		711,247		166,303,773
Penske Automotive Group Inc.		42,692		4,527,487
Tractor Supply Co.		77,358		16,799,837
Williams-Sonoma Inc.		66,006		12,259,294


				758,958,950


S C H E D U L E O F I N V E S T M E N T S		13

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 3.1%
Apple Inc.		3,864,031	$	578,831,844
Hewlett Packard Enterprise Co.		2,772,145		40,611,924
NetApp Inc.		320,013		28,577,161


				648,020,929

Textiles, Apparel & Luxury Goods — 0.6%
Nike Inc., Class B		560,099		93,698,961
VF Corp.		566,285		41,270,851


				134,969,812

Thrifts & Mortgage Finance — 0.0%
Washington Federal Inc.		129,670		4,585,131


Trading Companies & Distributors — 0.4%
Air Lease Corp.		113,199		4,533,620
Applied Industrial Technologies Inc.		38,462		3,749,276
Fastenal Co.		764,184		43,619,623
GATX Corp.		51,428		4,877,946
MSC Industrial Direct Co. Inc., Class A		110,932		9,326,053
WW Grainger Inc.		43,612		20,197,153


				86,303,671

Water Utilities — 0.2%
American States Water Co.		35,967		3,267,242
American Water Works Co. Inc.		149,125		25,974,592
California Water Service Group		45,717		2,783,251
Essential Utilities Inc.		303,844		14,301,937


Security	Shares		Value

Water Utilities (continued)
SJW Group		33,967	$	2,239,105


				48,566,127

Wireless Telecommunication Services — 0.0%
Shenandoah Telecommunications Co.		36,633		1,012,536


Total Common Stocks — 99.7% (Cost: $16,232,507,002)				21,039,537,176


Short-Term Investments

Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(c)		59,510,000		59,510,000


Total Short-Term Investments — 0.3% (Cost: $59,510,000)				59,510,000


Total Investments in Securities — 100.0% (Cost: $16,292,017,002)				21,099,047,176


Other Assets, Less Liabilities — (0.0)%				(9,417,661	)


Net Assets — 100.0%			$	21,089,629,515

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

^(c)	Annualized 7-day yield as of period end.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2021 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 04/30/21		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	56,230,000	$	3,280,000	^(a)	$	—		$	—	$	—	$	59,510,000		59,510,000	$	1,185	$	—
BlackRock Inc.		130,088,454		19,547,468			(15,744,335	)		3,254,632		16,338,684		153,484,903		162,683		1,364,246		—

									$	3,254,632	$	16,338,684	$	212,994,903			$	1,365,431	$	—

^(a)

Represents net amount purchased (sold).

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

209

12/17/21

48,039

1,765,808


14		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core Dividend Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:



	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	1,765,808

^(a)

Net cumulative appreciation (depreciation) on futures contracts 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 October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	7,132,495


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(36,403	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	47,923,710

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.



	Level 1		Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	21,039,537,176	$	—	$	—	$	21,039,537,176
Money Market Funds		59,510,000		—		—		59,510,000


	$	21,099,047,176	$	—	$	—	$	21,099,047,176

Derivative financial instruments^(a)
Assets
Futures Contracts	$	1,765,808	$	—	$	—	$	1,765,808

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


S C H E D U L E O F I N V E S T M E N T S		15

Schedule of Investments (unaudited)

October 31, 2021

iShares^® Core High Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.8%
General Dynamics Corp.		209,997	$	42,576,892
Lockheed Martin Corp.		285,111		94,748,087


				137,324,979

Banks — 2.9%
Truist Financial Corp.		1,828,181		116,034,648
U.S. Bancorp		1,621,201		97,871,905


				213,906,553

Beverages — 6.7%
Coca-Cola Co. (The)		4,551,957		256,593,816
PepsiCo Inc.		1,493,375		241,329,400


				497,923,216

Biotechnology — 8.8%
AbbVie Inc.		3,278,459		375,940,893
Amgen Inc.		721,439		149,316,230
Gilead Sciences Inc.		1,952,101		126,652,313


				651,909,436

Capital Markets — 2.4%
Artisan Partners Asset Management Inc., Class A		188,510		9,338,785
Blackstone Inc., NVS		588,211		81,420,167
Carlyle Group Inc. (The)		94,221		5,290,509
Cohen & Steers Inc.		19,193		1,821,224
Franklin Resources Inc.		384,417		12,105,291
Invesco Ltd.		413,295		10,501,826
Janus Henderson Group PLC		242,300		11,266,950
Moelis & Co., Class A		94,200		6,852,108
T Rowe Price Group Inc.		177,830		38,567,771


				177,164,631

Communications Equipment — 3.2%
Cisco Systems Inc.		4,187,165		234,355,625


Containers & Packaging — 0.4%
Amcor PLC		2,317,947		27,977,620


Distributors — 0.3%
Genuine Parts Co.		154,644		20,275,375


Diversified Telecommunication Services — 12.6%
AT&T Inc.		21,197,531		535,449,633
Cogent Communications Holdings Inc.		72,236		5,532,555
Verizon Communications Inc.		7,455,256		395,054,016


				936,036,204

Electric Utilities — 5.6%
Alliant Energy Corp.		259,759		14,694,567
American Electric Power Co. Inc.		642,637		54,437,780
Avangrid Inc.		89,966		4,741,208
Duke Energy Corp.		1,133,513		115,629,661
Evergy Inc.		282,535		18,011,606
Exelon Corp.		1,169,528		62,207,194
PNM Resources Inc.		89,311		4,443,222
Portland General Electric Co.		116,205		5,730,069
Southern Co. (The)		1,635,691		101,936,263
Xcel Energy Inc.		559,806		36,157,870


				417,989,440

Electronic Equipment, Instruments & Components — 0.1%
National Instruments Corp.		133,704		5,678,409


Gas Utilities — 0.1%
National Fuel Gas Co.		125,109		7,185,010


Security	Shares		Value

Hotels, Restaurants & Leisure — 2.1%
McDonald’s Corp.		635,647	$	156,083,121


Household Products — 6.0%
Colgate-Palmolive Co.		771,245		58,761,157
Kimberly-Clark Corp.		428,409		55,474,682
Procter & Gamble Co. (The)		2,320,580		331,819,734
Reynolds Consumer Products Inc.		71,280		1,923,134


				447,978,707

Industrial Conglomerates — 1.7%
3M Co.		719,508		128,561,690


Insurance — 0.6%
Erie Indemnity Co., Class A, NVS		23,255		4,786,112
Mercury General Corp.		45,658		2,487,904
Travelers Companies Inc. (The)		219,698		35,345,014


				42,619,030

IT Services — 0.7%
Paychex Inc.		297,575		36,685,046
Western Union Co. (The)		706,328		12,869,296


				49,554,342

Leisure Products — 0.2%
Hasbro Inc.		139,696		13,377,289


Machinery — 0.6%
Cummins Inc.		142,953		34,285,847
Snap-on Inc.		46,708		9,492,467


				43,778,314

Multi-Utilities — 2.1%
CMS Energy Corp.		306,259		18,482,731
NiSource Inc.		542,024		13,371,732
Public Service Enterprise Group Inc.		633,251		40,401,414
Sempra Energy		407,558		52,016,628
WEC Energy Group Inc.		349,256		31,453,995


				155,726,500

Oil, Gas & Consumable Fuels — 19.0%
Chevron Corp.		4,233,926		484,742,188
Coterra Energy Inc.		374,314		7,980,374
EOG Resources Inc.		564,672		52,209,573
Exxon Mobil Corp.		10,737,914		692,273,316
ONEOK Inc.		1,253,686		79,759,503
Williams Companies Inc. (The)		3,170,974		89,072,660


				1,406,037,614

Personal Products — 0.0%
Medifast Inc.		11,100		2,178,597


Pharmaceuticals — 11.8%
Bristol-Myers Squibb Co.		2,656,927		155,164,537
Johnson & Johnson		2,558,816		416,779,950
Merck & Co. Inc.		3,441,430		303,017,911


				874,962,398

Semiconductors & Semiconductor Equipment — 5.3%
Broadcom Inc.		468,506		249,090,585
Texas Instruments Inc.		786,211		147,398,838


				396,489,423

Textiles, Apparel & Luxury Goods — 0.3%
VF Corp.		348,973		25,433,152


Thrifts & Mortgage Finance — 0.1%
Radian Group Inc.		187,377		4,472,689


16		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core High Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Thrifts & Mortgage Finance (continued)
TFS Financial Corp.		109,618	$	2,133,166


				6,605,855

Tobacco — 3.6%
Philip Morris International Inc.		2,842,472		268,727,303


Trading Companies & Distributors — 0.6%
Fastenal Co.		470,653		26,864,873
MSC Industrial Direct Co. Inc., Class A		67,368		5,663,628
Watsco Inc.		35,626		10,316,577


				42,845,078

Water Utilities — 0.1%
Essential Utilities Inc.		186,005		8,755,255


Total Common Stocks — 99.7% (Cost: $6,745,203,578)				7,397,440,166


Security	Shares		Value

Short-Term Investments

Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(a)(b)		11,570,000	$	11,570,000


Total Short-Term Investments — 0.2% (Cost: $11,570,000)				11,570,000


Total Investments in Securities — 99.9% (Cost: $6,756,773,578)				7,409,010,166

Other Assets, Less Liabilities — 0.1%				7,767,470


Net Assets — 100.0%			$	7,416,777,636

^(a)	Affiliate of the Fund.

^(b)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	16,210,000	$	—	$	(4,640,000	)^(a)	$	—	$	—	$	11,570,000		11,570,000	$	305	$	—

^(a)

Represents net amount purchased (sold).

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
DIJA Mini e-CBOT Index		37		12/17/21	$	6,605	$	38,117
E-Mini Consumer Staples Index		119		12/17/21		8,512		41,157
E-Mini Energy Select Sector Index		59		12/17/21		3,524		(45,993	)


							$	33,281

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Equity Contracts
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	79,274


S C H E D U L E O F I N V E S T M E N T S		17

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® Core High Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure (continued)


	Equity Contracts
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	45,993

^(a)

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts
Net Realized Gain (Loss) from:
Futures contracts	$	3,170,200


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(550,837	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	15,998,220

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


	Level 1			Level 2		Level 3		Total
Investments
Assets
Common Stocks	$	7,397,440,166		$	—	$	—	$	7,397,440,166
Money Market Funds		11,570,000			—		—		11,570,000


	$	7,409,010,166		$	—	$	—	$	7,409,010,166

Derivative financial instruments^(a)
Assets
Futures Contracts	$	79,274		$	—	$	—	$	79,274
Liabilities
Futures Contracts		(45,993	)		—		—		(45,993	)


	$	33,281		$	—	$	—	$	33,281

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


18		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

October 31, 2021

iShares^® International Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Australia — 11.4%
APA Group		3,352,619	$	20,801,819
AusNet Services Ltd.		3,436,083		6,389,911
Fortescue Metals Group Ltd.		7,283,275		75,891,994
JB Hi-Fi Ltd.		1,340,937		51,196,132
Magellan Financial Group Ltd.		1,847,866		48,610,116
Perpetual Ltd.		681,573		19,481,098
Rio Tinto PLC		4,254,190		265,254,976
Suncorp Group Ltd.		1,284,640		11,367,577


				498,993,623

Austria — 0.4%
Oesterreichische Post AG		390,728		16,486,375


Belgium — 2.0%
Ageas SA/NV		1,083,236		52,696,929
Proximus SADP		1,934,772		36,434,769


				89,131,698

Canada — 10.9%
Bank of Montreal		707,836		76,851,910
Bank of Nova Scotia (The)		817,641		53,606,489
Canadian Imperial Bank of Commerce		855,617		103,820,301
Canadian Utilities Ltd., Class A, NVS		1,496,683		43,354,950
Emera Inc.		1,363,437		63,434,633
Great-West Lifeco Inc.		947,643		27,879,510
IGM Financial Inc.		944,700		37,510,147
Labrador Iron Ore Royalty Corp.		756,578		21,903,838
Manulife Financial Corp.		744,275		14,499,410
Power Corp. of Canada		983,574		32,759,309


				475,620,497

China — 0.6%
BOC Aviation Ltd.^(a)		2,649,300		23,183,420
Gemdale Properties & Investment Corp. Ltd.		13,298,000		1,294,267


				24,477,687

Finland — 3.2%
Fortum OYJ		1,600,802		47,607,954
Sampo OYJ, Class A		941,854		50,070,199
UPM-Kymmene OYJ		1,209,726		42,692,348


				140,370,501

France — 5.3%
APERAM SA		622,295		37,103,475
Bouygues SA		1,171,731		47,473,038
Gaztransport Et Technigaz SA		296,893		24,541,338
Nexity SA		600,899		27,471,414
Orange SA		1,705,806		18,601,728
TotalEnergies SE		1,565,566		78,395,638


				233,586,631

Hong Kong — 9.9%
BOC Hong Kong Holdings Ltd.		6,880,500		21,803,234
CK Hutchison Holdings Ltd.		9,745,500		65,337,923
CK Infrastructure Holdings Ltd.		7,748,000		46,712,640
Hang Seng Bank Ltd.		4,993,200		94,885,430
Henderson Land Development Co. Ltd.		10,969,000		45,929,176
Hysan Development Co. Ltd.		7,789,000		27,079,551
Kerry Properties Ltd.		8,117,000		22,944,315
New World Development Co. Ltd.		10,536,750		45,702,406
PCCW Ltd.		15,356,000		7,905,718
Swire Pacific Ltd., Class A		6,611,000		41,560,633


Security	Shares		Value

Hong Kong (continued)
VTech Holdings Ltd.		2,064,000	$	15,893,753


				435,754,779

Italy — 7.5%
A2A SpA		8,798,111		18,514,283
Anima Holding SpA^(a)		3,166,038		16,822,557
Azimut Holding SpA		1,398,108		40,263,134
Enel SpA		7,006,035		58,653,000
Eni SpA		5,849,053		83,831,202
Italgas SpA		6,187,205		39,310,300
Snam SpA		9,256,306		52,425,764
UnipolSai Assicurazioni SpA		5,725,792		16,580,175


				326,400,415

Japan — 4.5%
Haseko Corp.		2,388,400		31,099,453
Idemitsu Kosan Co. Ltd.		2,107,800		57,568,862
MS&AD Insurance Group Holdings Inc.		1,569,700		50,712,834
Sojitz Corp.		313,580		5,173,771
Sumitomo Mitsui Financial Group Inc.		1,599,100		51,890,209


				196,445,129

Netherlands — 3.4%
Flow Traders^(a)		466,134		15,820,661
NN Group NV		1,091,787		58,363,395
Royal Dutch Shell PLC, Class A		2,250,532		51,557,156
SBM Offshore NV		1,385,860		21,880,336


				147,621,548

New Zealand — 1.6%
Spark New Zealand Ltd.		21,619,712		70,775,853


Portugal — 1.0%
EDP - Energias de Portugal SA		7,956,702		44,896,805


South Korea — 7.4%
BNK Financial Group Inc.		1,903,453		14,350,188
DB Insurance Co. Ltd.		618,272		31,420,426
DGB Financial Group Inc.		1,948,424		17,264,642
Hana Financial Group Inc.		1,750,889		67,513,976
Industrial Bank of Korea		2,032,694		19,238,690
KB Financial Group Inc.		1,311,954		63,503,672
Meritz Securities Co. Ltd.		3,039,477		12,145,385
Samsung Securities Co. Ltd.		802,158		32,610,525
Shinhan Financial Group Co. Ltd.		1,616,245		52,765,417
Woori Financial Group Inc.		1,310,546		14,898,483


				325,711,404

Spain — 9.2%
ACS Actividades de Construccion y Servicios SA		3,382,573		88,655,937
Cia. de Distribucion Integral Logista Holdings SA		966,210		20,592,537
Enagas SA		2,488,715		55,845,439
Mapfre SA		4,469,678		9,463,620
Naturgy Energy Group SA		4,408,377		115,833,972
Red Electrica Corp. SA		4,109,181		85,560,313
Telefonica SA		6,392,297		27,765,952


				403,717,770

Sweden — 1.3%
Telia Co. AB		14,722,669		57,990,311


Switzerland — 4.5%
Swiss Prime Site AG, Registered		166,144		16,891,244
Swiss Re AG		174,658		16,920,082
Swisscom AG, Registered		187,321		102,000,839


S C H E D U L E O F I N V E S T M E N T S		19

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® International Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Switzerland (continued)
Zurich Insurance Group AG		137,572	$	60,974,737


				196,786,902

United Kingdom — 14.5%
Abrdn PLC		2,299,637		7,993,761
BP PLC		3,431,387		16,439,434
British American Tobacco PLC		5,810,257		202,106,398
Centamin PLC		5,803,044		7,414,086
Drax Group PLC		3,202,642		23,292,245
GlaxoSmithKline PLC		4,530,974		94,066,778
IG Group Holdings PLC		2,493,784		27,081,122
Legal & General Group PLC		2,871,642		11,325,132
National Grid PLC		4,167,114		53,353,898
Phoenix Group Holdings PLC		2,953,078		26,514,288
SSE PLC		4,189,840		94,353,494
Tesco PLC		3,966,223		14,644,352
United Utilities Group PLC		3,429,507		48,744,056
Vodafone Group PLC		4,262,565		6,282,386


				633,611,430


Total Common Stocks — 98.6% (Cost: $3,912,741,617)				4,318,379,358


Preferred Stocks

Germany — 0.4%
Schaeffler AG, Preference Shares, NVS		2,150,337		17,086,873


Security	Shares		Value

Italy — 0.1%
Telecom Italia SpA/Milano, Preference Shares, NVS		9,117,714	$	3,466,315


Total Preferred Stocks — 0.5% (Cost: $22,929,685)				20,553,188


Short-Term Investments

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 0.00%^(b)(c)	2,270,000		2,270,000


Total Short-Term Investments — 0.1% (Cost: $2,270,000)				2,270,000


Total Investments in Securities — 99.2% (Cost: $3,937,941,302)				4,341,202,546

Other Assets, Less Liabilities — 0.8%				36,086,683


Net Assets — 100.0%			$	4,377,289,229

^(a)	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may be resold in transactions exempt from registration to qualified institutional investors.

^(b)	Affiliate of the Fund.

^(c)	Annualized 7-day yield as of period end.

Affiliates


Affiliated Issuer	Value at 04/30/21		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/21		Shares Held at 10/31/21		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—	$	(1,302	)^(b)	$	1,302	$	—	$	—		—	$	989,236	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,930,000		—		(660,000	)^(b)		—		—		2,270,000		2,270,000		92			—


								$	1,302	$	—	$	2,270,000			$	989,328		$	—

^(a)

As of period end, the entity is no longer held.

^(b)

Represents net amount purchased (sold).

^(c)

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
SPI 200 Index		59		12/16/21	$	8,117	$	(27,342	)


20		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® International Select Dividend ETF

Futures Contracts (continued)


Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Euro STOXX 50 Index		154		12/17/21	$	7,551	$	269,631
FTSE 100 Index		212		12/17/21		20,956		527,698


							$	769,987

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:


	Equity Contracts

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	797,329


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	27,342

^(a)

For the period ended October 31, 2021, the effect of derivative financial instruments in the Statements of Operations was as follows:


	Equity Contracts

Net Realized Gain (Loss) from:
Futures contracts	$	1,718,665


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	(27,742	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts:
Average notional value of contracts — long	$	37,751,667

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


S C H E D U L E O F I N V E S T M E N T S		21

Schedule of Investments (unaudited) (continued)

October 31, 2021

iShares^® International Select Dividend ETF

Fair Value Hierarchy as of Period End (continued)


	Level 1		Level 2			Level 3		Total
Investments
Assets
Common Stocks	$	677,922,178	$	3,640,457,180		$	—	$	4,318,379,358
Preferred Stocks		—		20,553,188			—		20,553,188
Money Market Funds		2,270,000		—			—		2,270,000


	$	680,192,178	$	3,661,010,368		$	—	$	4,341,202,546

Derivative financial instruments^(a)
Assets
Futures Contracts	$	—	$	797,329		$	—	$	797,329
Liabilities
Futures Contracts		—		(27,342	)		—		(27,342	)


	$	—	$	769,987		$	—	$	769,987

^(a)

Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


22		2 0 2 1 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

October 31, 2021

iShares^® Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
Lockheed Martin Corp.		496,244	$	164,911,806


Banks — 12.0%
Citizens Financial Group Inc.		4,322,178		204,784,794
Comerica Inc.		2,839,531		241,615,693
Fifth Third Bancorp		4,398,274		191,456,867
First Horizon Corp.		11,022,206		187,046,836
FNB Corp.		6,269,955		73,044,976
Huntington Bancshares Inc./OH		12,847,108		202,213,480
KeyCorp		9,325,104		216,995,170
People’s United Financial Inc.		8,741,088		149,822,248
Regions Financial Corp.		7,506,834		177,761,829
Truist Financial Corp.		2,886,170		183,185,210
U.S. Bancorp		3,355,178		202,552,096
United Bankshares Inc./WV		2,522,764		93,317,040
Valley National Bancorp		7,616,406		100,993,543


				2,224,789,782

Beverages — 1.1%
Coca-Cola Co. (The)		3,580,348		201,824,217


Biotechnology — 1.4%
Gilead Sciences Inc.		3,886,678		252,167,669


Capital Markets — 3.4%
Federated Hermes Inc.		1,712,834		57,054,501
Franklin Resources Inc.		5,277,833		166,198,961
Invesco Ltd.		5,902,417		149,980,416
Janus Henderson Group PLC		3,321,097		154,431,010
Lazard Ltd., Class A		2,190,217		107,298,731


				634,963,619

Chemicals — 2.6%
CF Industries Holdings Inc.		2,883,289		163,770,815
Huntsman Corp.		4,018,539		130,924,001
LyondellBasell Industries NV, Class A		2,009,103		186,484,940


				481,179,756

Containers & Packaging — 3.1%
International Paper Co.		4,059,571		201,638,892
Packaging Corp. of America		1,155,660		158,753,014
Sonoco Products Co.		2,020,969		117,115,153
Westrock Co.		1,872,206		90,053,109


				567,560,168

Distributors — 1.0%
Genuine Parts Co.		1,443,039		189,196,843


Diversified Consumer Services — 0.5%
H&R Block Inc.		3,632,435		83,800,275


Diversified Telecommunication Services — 4.2%
AT&T Inc.		13,354,740		337,340,733
Lumen Technologies Inc.		18,520,240		219,650,046
Verizon Communications Inc.		4,270,333		226,284,946


				783,275,725

Electric Utilities — 15.8%