LOGO

  MARCH 31, 2022

 

   2022 Annual Report

 

iShares Trust

 

·  

iShares Core S&P 500 ETF  |  IVV  |  NYSE Arca

·  

iShares Core S&P Mid-Cap ETF  |  IJH  |  NYSE Arca

·  

iShares Core S&P Small-Cap ETF  |  IJR  |  NYSE Arca

·  

iShares Core S&P Total U.S. Stock Market ETF  |  ITOT  |  NYSE Arca

·  

iShares Core S&P U.S. Growth ETF  |  IUSG  |  NASDAQ

·  

iShares Core S&P U.S. Value ETF  |  IUSV  |  NASDAQ


The Markets in Review

Dear Shareholder,

The 12-month reporting period as of March 31, 2022 saw a continuation of the resurgent growth that followed the initial coronavirus (or “COVID-19”) pandemic reopening, albeit at a slower pace. The global economy weathered the emergence of several variant strains and the resulting peaks and troughs in infections amid optimism that increasing vaccinations and economic adaptation could help contain the pandemic’s disruptions. However, rapid changes in consumer spending led to supply constraints and elevated inflation. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the invasion has presented challenges for both investors and policymakers.

Equity prices were mixed, as persistently high inflation drove investors’ expectations for higher interest rates, which particularly weighed on relatively high valuation growth stocks and economically sensitive small-capitalization stocks. Overall, small-capitalization U.S. stocks declined, while large-capitalization U.S. stocks posted a strong advance. International equities from developed markets gained slightly, although emerging market stocks declined, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield (which is inversely related to bond prices) rose during the reporting period as the economy expanded rapidly and inflation reached its highest annualized reading in decades. The corporate bond market also faced inflationary headwinds, although the improving economy assuaged credit concerns and high-yield corporate bonds consequently declined less than investment-grade corporate bonds.

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation is growing faster than expected, raised interest rates in March 2022, the first increase of this business cycle. Furthermore, the Fed wound down its bond-buying programs and raised the prospect of reversing the flow and reducing its balance sheet. Continued high inflation and the Fed’s new tone led many analysts to anticipate that the Fed will continue to raise interest rates multiple times throughout the year.

Looking ahead, however, the horrific war in Ukraine has significantly clouded the outlook for the global economy, leading to major volatility in energy and metal markets. Sanctions on Russia, Europe’s top energy supplier, and general wartime disruption are likely to drive already-high commodity prices even higher. Sharp increases in energy prices will exacerbate inflationary pressure while also constraining economic growth. Combating inflation without stifling a recovery, while buffering against ongoing supply and price shocks amid the ebb and flow of the pandemic, will be an especially challenging environment for setting effective monetary policy. Despite the likelihood of more rate increases on the horizon, we believe the Fed will err on the side of protecting employment, even at the expense of higher inflation.

In this environment, we favor an overweight to equities, as valuations have become more attractive and inflation-adjusted interest rates remain low. 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. We favor U.S. equities due to strong earnings momentum, while Japanese equities should benefit from supportive monetary and fiscal policy. We are underweight credit overall, but inflation-protected U.S. Treasuries, Asian fixed income, and emerging market local-currency bonds offer potential opportunities for additional yield. We believe that international diversification and a focus on sustainability and quality can help provide portfolio resilience.

Overall, 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 March 31, 2022

 

     6-Month     12-Month  
   

U.S. large cap equities
(S&P 500® Index)

    5.92%   15.65%
   

U.S. small cap equities (Russell 2000® Index)

  (5.55)   (5.79)
   

International equities
(MSCI Europe, Australasia, Far East Index)

  (3.38)   1.16
   

Emerging market equities
(MSCI Emerging Markets Index)

  (8.20)   (11.37)
   

3-month Treasury bills
(ICE BofA 3-Month
U.S. Treasury Bill Index)

  0.05   0.07
   

U.S. Treasury securities
(ICE BofA 10-Year
U.S. Treasury Index)

  (6.04)   (3.31)
   

U.S. investment grade bonds
(Bloomberg U.S. Aggregate Bond Index)

  (5.92)   (4.15)
   

Tax-exempt municipal bonds
(Bloomberg Municipal Bond Index)

  (5.55)   (4.47)
   

U.S. high yield bonds
(Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)

  (4.16)   (0.66)
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  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Market Overview

     4  

Fund Summary

     5  

About Fund Performance

     17  

Shareholder Expenses

     17  

Schedules of Investments

     18  

Financial Statements

  

Statements of Assets and Liabilities

     115  

Statements of Operations

     117  

Statements of Changes in Net Assets

     119  

Financial Highlights

     122  

Notes to Financial Statements

     128  

Report of Independent Registered Public Accounting Firm

     141  

Important Tax Information (Unaudited)

     142  

Statement Regarding Liquidity Risk Management Program

     143  

Supplemental Information

     144  

Trustee and Officer Information

     146  

General Information

     149  

Glossary of Terms Used in this Report

     150  

 

 

 


Market Overview

 

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2022 (“reporting period”), when the Russell 3000® Index, a broad measure of U.S. equity market performance, returned 11.92%. The strengthening economy supported equities, as high consumer spending drove robust growth, and most remaining coronavirus pandemic-related restrictions were eased. Increased economic activity led to strong corporate earnings as companies reaped the benefits of the recovery. Nonetheless, significant challenges emerged, particularly during the second half of the reporting period, including high inflation, rising interest rates, and the impacts of Russia’s invasion of Ukraine.

The U.S. economic recovery was powered primarily by consumers, who were supported by strong household balance sheets. Prior to the beginning of the reporting period, fiscal stimulus and business closures led to record-high personal savings rates. This allowed consumers to spend at an elevated level throughout much of the reporting period, as pent-up demand was released. The ensuing acceleration in economic activity allowed the U.S. to reach and then surpass its pre-pandemic output level. Hiring increased as businesses restored capacity, and unemployment decreased substantially, falling to 3.6% in March 2022.

The growing economy and rapid increases in consumer spending drove a significant rise in inflation. Supply chains for many goods were disrupted by the pandemic and were unable to quickly adapt to the rapid rebound in demand. In one prominent example of this dynamic, a global shortage of semiconductors created bottlenecks in the production of many goods, including automobiles. Consequently, the price of used cars rose sharply during the reporting period and was a notable factor in overall inflation. Oil prices also rose significantly as demand increased, and the supply of oil was constrained by a lack of investment. The strong job market led to higher wages, particularly at the lower end of the market. These factors led to higher prices in many areas of the economy. By the end of the reporting period the consumer price index, a widely used measure of prices in the U.S., grew at the fastest rate since 1982.

Rising inflation led to a shift in policy from the U.S. Federal Reserve Bank (“Fed”). As the reporting period began, the Fed was using accommodative monetary policy to stimulate the economy. Short-term interest rates were kept at near zero levels, and the Fed used bond-buying programs to stabilize debt markets. However, rising prices led the Fed to tighten monetary policy in the second half of the reporting period in an attempt to prevent runaway inflation. The Fed slowed and then ended its bond-buying activities and discussed plans to begin reducing its balance sheet by selling bonds later in 2022. In March 2022, it raised short-term interest rates and indicated that further increases could be necessary. Interest rates rose significantly in anticipation of further tightening, leading to higher borrowing costs for businesses.

Russia’s invasion of Ukraine in late February 2022 raised the prospect of substantial disruptions to the global economy and increased uncertainty in financial markets. The invasion was met with widespread condemnation and sanctions imposed by many countries on the Russian state, businesses, and individuals. This led to sharp volatility in energy markets, as Russia is a top producer of both oil and natural gas. Furthermore, both Russia and Ukraine are notable exporters of wheat, and the war’s disruption led to concerns surrounding food prices.

 

 

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Fund Summary as of March 31, 2022    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

 

    Average Annual Total Returns           Cumulative Total Returns  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    15.61      15.95      14.59       15.61      109.60      290.29

Fund Market

    15.55        15.97        14.60         15.55        109.76        290.70  

Index

    15.65        15.99        14.64               15.65        109.94        291.97  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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 17 for more information.

Expense Example

 

Actual           Hypothetical 5% Return         
 

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
    

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,059.00        $ 0.15             $ 1,000.00        $ 1,024.80        $ 0.15        0.03

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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 “Shareholder Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of March 31, 2022  (continued)    iShares® Core S&P 500 ETF

 

Portfolio Management Commentary

Large-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, as large companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry gained amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits, as demand for these products outstripped supply. Increased sales of services, such as digital downloads and payment processing, also boosted the industry.

The software and services industry was another source of strength, reflecting continued growth in demand for cloud computing services and operating system software amid a rapid increase in personal computer sales. Businesses continued the migration of their processes to cloud providers, moving away from more expensive in-house platforms. Elevated demand allowed for product price increases, which further boosted stock prices in the industry.

The healthcare sector contributed notably to the Index’s performance, buoyed by earnings growth as pharmaceuticals companies produced new products in response to the coronavirus pandemic. The widespread adoption of COVID-19 vaccines and development of antiviral medications and antibody therapies to treat COVID-19 generated significant sales. Elective medical procedures, which represent an important source of revenue for care providers and services, also increased from pandemic-induced lows.

The energy sector contributed to the Index’s return amid higher prices for energy commodities. As the global economy rebounded, demand for energy accelerated while supply remained constrained, leading to higher prices. The war in Ukraine drove further price gains. Rising prices drove increased cash flow in the oil, gas, and consumable fuels industry, allowing companies to reduce their debt loads while minimizing investment spending.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Information Technology

    28.0

Health Care

    13.6  

Consumer Discretionary

    12.0  

Financials

    11.1  

Communication Services

    9.4  

Industrials

    7.9  

Consumer Staples

    6.1  

Energy

    3.9  

Utilities

    2.7  

Real Estate

    2.7  

Materials

    2.6  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Apple Inc.

    7.1

Microsoft Corp.

    6.0  

Amazon.com Inc.

    3.7  

Tesla Inc.

    2.4  

Alphabet Inc., Class A

    2.2  

Alphabet Inc., Class C

    2.0  

NVIDIA Corp.

    1.8  

Berkshire Hathaway Inc., Class B

    1.7  

Meta Platforms Inc, Class A

    1.3  

UnitedHealth Group Inc.

    1.3  

 

 

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Fund Summary as of March 31, 2022    iShares® Core S&P Mid-Cap ETF

 

Investment Objective

The iShares Core S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the S&P MidCap 400® (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  
     1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    4.51      11.04      12.13        4.51      68.82      214.11

Fund Market

    4.44        11.04        12.13          4.44        68.83        214.18  

Index

    4.59        11.10        12.20                4.59        69.28        216.29  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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 17 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,027.00        $ 0.25             $ 1,000.00        $ 1,024.70        $ 0.25          0.05

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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 “Shareholder Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  7


Fund Summary as of March 31, 2022  (continued)    iShares® Core S&P Mid-Cap ETF

 

Portfolio Management Commentary

Mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The real estate sector was the top contributor to the Index’s return amid a nationwide rise in both residential and commercial property prices and historically low borrowing costs. As the COVID-19 vaccination program accelerated, workers began to return to the office, driving strong investment in commercial property, which reached a record high in 2021. Specialized real estate investment trusts that invest in data centers benefited from strong demand for data storage and services.

Stocks in the financials sector contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. Premiums and income grew in the insurance industry, as many insurers were able to increase insurance rates in an environment of higher inflation. Regional banks also advanced amid growth in loans, lower probability of loan defaults, and higher interest rates, which allowed banks to charge more for loans.

The energy sector also contributed to the Index’s performance amid higher prices for energy commodities as demand for energy accelerated while supply remained constrained. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

On the downside, stocks in the consumer discretionary sector detracted from the Index’s return despite an overall increase in consumer spending. The specialty retail industry faced headwinds from supply chain difficulties, competition from online retailers, and an inflation-induced increase in the wholesale cost of goods. The consumer durables and apparel industry declined as higher input costs led to reduced profits despite rising sales.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Industrials

    18.7

Financials

    14.2  

Information Technology

    14.1  

Consumer Discretionary

    14.0  

Real Estate

    10.1  

Health Care

    9.2  

Materials

    7.4  

Consumer Staples

    3.6  

Energy

    3.6  

Utilities

    3.4  

Communication Services

    1.7  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Targa Resources Corp.

    0.7

Camden Property Trust

    0.7  

Alcoa Corp.

    0.7  

Steel Dynamics Inc.

    0.7  

Cleveland-Cliffs Inc.

    0.7  

Wolfspeed Inc.

    0.6  

Cognex Corp.

    0.6  

Darling Ingredients Inc.

    0.6  

Carlisle Companies Inc.

    0.6  

Medical Properties Trust Inc.

    0.5  

 

 

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Fund Summary as of March 31, 2022    iShares® Core S&P Small-Cap ETF

 

Investment Objective

The iShares Core S&P Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the S&P SmallCap 600® (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  
     1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    1.12      10.86      12.53        1.12      67.42      225.50

Fund Market

    0.90        10.87        12.52          0.90        67.51        225.33  

Index

    1.23        10.89        12.56                1.23        67.70        226.39  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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 17 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 996.30        $ 0.30             $ 1,000.00        $ 1,024.60        $ 0.30          0.06

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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 “Shareholder Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  9


Fund Summary as of March 31, 2022  (continued)    iShares® Core S&P Small-Cap ETF

 

Portfolio Management Commentary

Small-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The energy sector was the leading contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded, demand for energy accelerated while supply remained constrained. Consequently, the prices of oil, natural gas, and coal all rose notably during the reporting period. The war in Ukraine drove further gains in oil prices. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

The real estate sector was another significant contributor to the Index’s return amid a nationwide rise in both commercial and residential property prices. The return to in-person work drove strong investment in commercial property, which reached a record high in 2021. As younger workers moved out of family homes, rents and occupancy rates increased, benefiting residential property companies.

On the downside, stocks in the consumer discretionary sector detracted from the Index’s performance despite an overall increase in consumer spending. The restaurants industry led the decline despite rebounding consumer demand. Labor shortages, higher wages, and rising prices for food and linens cut into restaurant profits. The household durables industry declined amid investor expectations of a downturn in the housing market.

The healthcare sector also detracted, as the stocks of many smaller companies in the sector declined. The pharmaceuticals, biotechnology, and life sciences industry declined amid stiff competition from companies working to develop new treatments in similar areas and a reduction in merger and acquisition activity. Healthcare facilities faced headwinds from high rates of employee illness and labor shortages.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Financials

    17.7

Industrials

    16.3  

Information Technology

    13.4  

Consumer Discretionary

    11.9  

Health Care

    11.9  

Real Estate

    8.7  

Energy

    6.0  

Materials

    5.5  

Consumer Staples

    4.8  

Utilities

    2.0  

Communication Services

    1.8  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Southwestern Energy Co.

    0.8

Matador Resources Co.

    0.6  

Independence Realty Trust Inc.

    0.6  

Omnicell Inc.

    0.6  

Exponent Inc.

    0.6  

Innovative Industrial Properties Inc.

    0.5  

Rogers Corp.

    0.5  

Matson Inc.

    0.5  

AMN Healthcare Services Inc.

    0.5  

UFP Industries Inc.

    0.5  

 

 

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Fund Summary as of March 31, 2022    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 IndexTM (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  
     1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    11.70      15.31      14.25        11.70      103.90      278.83

Fund Market

    11.61        15.31        14.25          11.61        103.90        279.01  

Index

    11.67        15.31        14.29                11.67        103.87        280.10  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

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 IndexTM.

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 17 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,032.70        $ 0.15             $ 1,000.00        $ 1,024.80        $ 0.15          0.03

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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 “Shareholder Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  11


Fund Summary as of March 31, 2022  (continued)    iShares® Core S&P Total U.S. Stock Market ETF

 

Portfolio Management Commentary

U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry was the top contributor amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry. The semiconductors and semiconductor equipment industry also gained, as a global shortage of semiconductors helped support profits in the industry. Consumer demand was high for products that use semiconductors, including personal computers, video cards, and automobiles. In response to high demand, makers of semiconductors ramped up production to record highs, boosting revenues.

The energy sector was a notable contributor to the Index’s return amid higher prices for energy commodities as demand for energy accelerated while supply remained constrained. The war in Ukraine led to increased uncertainty surrounding supply, driving further gains in oil prices. The oil, gas, and consumable fuels industry benefited, as rising prices drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

Stocks in the financials sector contributed to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The capital markets industry advanced amid growing assets under management and low interest rates, which facilitated borrowing to finance acquisitions.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Information Technology

    27.1

Health Care

    13.4  

Consumer Discretionary

    11.9  

Financials

    11.7  

Industrials

    8.8  

Communication Services

    8.6  

Consumer Staples

    5.6  

Energy

    3.9  

Real Estate

    3.5  

Materials

    2.9  

Utilities

    2.6  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Apple Inc.

    5.9

Microsoft Corp.

    5.1  

Amazon.com Inc.

    3.1  

Tesla Inc.

    2.0  

Alphabet Inc., Class A

    1.8  

Alphabet Inc., Class C

    1.7  

NVIDIA Corp.

    1.5  

Berkshire Hathaway Inc., Class B

    1.4  

Meta Platforms Inc, Class A

    1.1  

UnitedHealth Group Inc.

    1.1  

 

 

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Fund Summary as of March 31, 2022    iShares® Core S&P U.S. Growth ETF

 

Investment Objective

The iShares Core S&P U.S. Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 900 Growth IndexTM (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  
     1 Year      5 Years      10 Years             1 Year      5 Years      10 Years  

Fund NAV

    17.03      19.31      16.13        17.03      141.81      346.30

Fund Market

    17.17        19.35        16.16          17.17        142.13        347.24  

Index

    17.09        19.39        16.24                17.09        142.56        350.24  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Index performance through January 22, 2017 reflects the performance of the Russell 3000® Growth Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Growth IndexTM.

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 17 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
           

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,033.40        $ 0.20             $ 1,000.00        $ 1,024.70        $ 0.20          0.04

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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 “Shareholder Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  13


Fund Summary as of March 31, 2022  (continued)    iShares® Core S&P U.S. Growth ETF

 

Portfolio Management Commentary

Growth-oriented large- and mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. The information technology sector contributed the most to the Index’s return, driven primarily by the strong performance of the largest companies in the sector. These companies benefited from network effects, which allowed them to use existing products and services to make their offerings more attractive to new customers. The technology hardware and equipment industry was the top contributor amid strong growth in sales and profits. Increased sales of smartphones with 5G capability drove profits, as demand for these products outstripped supply, helped by discounts from wireless carriers. Increased sales of services, such as digital downloads and payment processing, also boosted the industry.

The software and services industry was another source of strength, reflecting continued growth in demand for cloud computing services and operating system software amid a rapid increase in personal computer sales. Businesses continued their migration from more expensive in-house platforms to cloud providers. Elevated demand allowed for product price increases, which further boosted stock prices in the industry.

A strong rebound in consumer spending supported the consumer discretionary sector, which was a contributor to the Index’s return. The automobile manufacturing industry led the advance amid strong demand for electric vehicles. Despite semiconductor shortages that constrained production, electric car shipments continued to grow. Plans for additional manufacturing facilities also helped the industry amid strong growth in revenues and profits.

The healthcare sector contributed to the Index’s performance, buoyed by earnings growth and a partial return to normalcy in medical care as the coronavirus pandemic abated. Elective medical procedures, which represent an important source of revenue for makers of medical supplies and equipment, increased from pandemic-induced lows.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Information Technology

    42.7

Consumer Discretionary

    17.1  

Communication Services

    11.5  

Health Care

    11.0  

Financials

    6.9  

Industrials

    4.0  

Real Estate

    2.5  

Materials

    1.6  

Consumer Staples

    1.5  

Energy

    1.1  

Utilities

    0.1  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Apple Inc.

    13.2

Microsoft Corp.

    11.3  

Amazon.com Inc.

    7.0  

Tesla Inc.

    4.4  

Alphabet Inc., Class A

    4.1  

Alphabet Inc., Class C

    3.8  

NVIDIA Corp.

    3.3  

Meta Platforms Inc, Class A

    2.5  

Home Depot Inc. (The)

    1.2  

Thermo Fisher Scientific Inc.

    1.1  

 

 

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Fund Summary as of March 31, 2022    iShares® Core S&P U.S. Value ETF

 

Investment Objective

The iShares Core S&P U.S. Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 900 Value IndexTM (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  
     1 Year      5 Years      10 Years            1 Year      5 Years      10 Years  

Fund NAV

    12.33      11.07      12.02       12.33      69.07      211.24

Fund Market

    12.30        11.08        12.04         12.30        69.15        211.58  

Index

    12.37        11.08        12.10               12.37        69.10        213.35  

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

 

LOGO

Index performance through January 22, 2017 reflects the performance of the Russell 3000® Value Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Value IndexTM.

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 17 for more information.

Expense Example

 

Actual           Hypothetical 5% Return           
 

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period 
 
 
(a) 
           

Beginning
Account Value
(10/01/21)
 
 
 
      

Ending
Account Value
(03/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
 (a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00        $ 1,080.30        $ 0.21             $ 1,000.00        $ 1,024.70        $ 0.20          0.04

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/365 (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 “Shareholder Expenses” for more information.

 

 

 

F U N D   S U M M A R Y

  15


Fund Summary as of March 31, 2022  (continued)    iShares® Core S&P U.S. Value ETF

 

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks advanced for the reporting period amid strong economic growth and robust consumer spending. Stocks in the financials sector contributed the most to the Index’s return, as the strengthening economy and higher interest rates drove earnings growth. The diversified financials industry was the top contributor, led by the strong gains of a multisector holding company. The rebounding economy helped the value-oriented firms represented in this company’s holdings, which included notable investments in the information technology sector. Robust investment banking activity, especially initial public offerings and existing equity capital financings, drove gains in the capital markets industry. The insurance industry advanced amid growth in premiums and income, as many insurers were able to increase insurance rates in an environment of higher inflation.

The energy sector was a significant contributor to the Index’s return amid higher prices for energy commodities. As the global economy rebounded, demand for energy accelerated while supply remained constrained, leading to higher prices. The war in Ukraine drove further gains in oil prices. The oil, gas, and consumable fuels industry benefited directly from rising oil and gas prices, which drove increased cash flow, allowing companies to reduce their debt loads while minimizing investment spending.

The healthcare sector was also a strong contributor to the Index’s return. The widespread adoption of COVID-19 vaccines and development of successful COVID-19 treatments generated billions of dollars in sales for pharmaceuticals companies. Meanwhile, elective medical procedures, which represent an important source of revenue for care providers, increased from pandemic-induced lows. On the downside, the communication services sector detracted slightly from the Index’s performance, as disruptions from the Delta and Omicron coronavirus variants weighed on the earnings of the entertainment industry.

Portfolio Information

 

ALLOCATION BY SECTOR

 

   
Sector    
Percent of
Total Investments
 
(a) 

Health Care

    15.8

Financials

    15.8  

Industrials

    13.0  

Information Technology

    11.5  

Consumer Staples

    10.4  

Consumer Discretionary

    7.1  

Energy

    6.6  

Communication Services

    6.3  

Utilities

    5.5  

Materials

    4.2  

Real Estate

    3.8  

 

  (a)

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

   
Security    
Percent of
Total Investments
 
(a) 

Berkshire Hathaway Inc., Class B

    3.2

Johnson & Johnson

    2.3  

Procter & Gamble Co. (The)

    1.8  

Exxon Mobil Corp.

    1.7  

Chevron Corp.

    1.6  

UnitedHealth Group Inc.

    1.4  

Walt Disney Co. (The)

    1.3  

Coca-Cola Co. (The)

    1.2  

JPMorgan Chase & Co.

    1.1  

Verizon Communications Inc.

    1.1  

 

 

16  

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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 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.

Shareholder 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 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 a 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.

 

 

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

  17


Schedule of Investments

March 31, 2022

  

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 1.6%  

Boeing Co. (The)(a)(b)

    4,751,414     $ 909,895,781  

General Dynamics Corp.

    1,998,196       481,924,911  

Howmet Aerospace Inc.

    3,247,505       116,715,330  

Huntington Ingalls Industries Inc.

    340,752       67,959,579  

L3Harris Technologies Inc.

    1,699,224       422,206,187  

Lockheed Martin Corp.

    2,101,540       927,619,756  

Northrop Grumman Corp.

    1,271,845       568,794,521  

Raytheon Technologies Corp.

    12,948,068       1,282,765,097  

Textron Inc.(b)

    1,934,414       143,881,713  

TransDigm Group Inc.(a)(b)

    458,870       298,972,160  
   

 

 

 
      5,220,735,035  
Air Freight & Logistics — 0.6%  

CH Robinson Worldwide Inc.

    1,129,706       121,680,633  

Expeditors International of Washington Inc.

    1,453,572       149,950,488  

FedEx Corp.

    2,115,055       489,402,576  

United Parcel Service Inc., Class B

    6,326,473       1,356,775,400  
   

 

 

 
      2,117,809,097  
Airlines — 0.2%  

Alaska Air Group Inc.(a)(b)

    1,070,272       62,086,479  

American Airlines Group Inc.(a)(b)

    5,579,702       101,829,561  

Delta Air Lines Inc.(a)(b)

    5,486,126       217,086,006  

Southwest Airlines Co.(a)(b)

    5,204,664       238,373,611  

United Airlines Holdings Inc.(a)(b)

    2,803,378       129,964,604  
   

 

 

 
      749,340,261  
Auto Components — 0.1%  

Aptiv PLC(a)

    2,347,097       280,970,982  

BorgWarner Inc.

    2,024,350       78,747,215  
   

 

 

 
      359,718,197  
Automobiles — 2.7%  

Ford Motor Co.

    34,127,692       577,099,272  

General Motors Co.(a)

    12,660,064       553,751,199  

Tesla Inc.(a)(b)

    7,263,393       7,827,032,297  
   

 

 

 
      8,957,882,768  
Banks — 3.8%  

Bank of America Corp.

    61,675,771       2,542,275,281  

Citigroup Inc.

    17,210,339       919,032,103  

Citizens Financial Group Inc.

    3,696,126       167,545,392  

Comerica Inc.

    1,132,639       102,424,545  

Fifth Third Bancorp.

    5,978,923       257,332,846  

First Republic Bank/CA

    1,551,381       251,478,860  

Huntington Bancshares Inc./OH

    12,314,766       180,041,879  

JPMorgan Chase & Co.

    25,641,046       3,495,387,391  

KeyCorp

    8,057,701       180,331,348  

M&T Bank Corp.

    1,129,915       191,520,592  

People’s United Financial Inc.

    3,702,066       74,004,299  

PNC Financial Services Group Inc. (The)

    3,652,998       673,795,481  

Regions Financial Corp.

    8,151,777       181,458,556  

Signature Bank/New York NY

    542,544       159,231,239  

SVB Financial Group(a)(b)

    509,599       285,095,160  

Truist Financial Corp.

    11,570,893       656,069,633  

U.S. Bancorp.

    11,704,942       622,117,667  

Wells Fargo & Co.

    33,714,675       1,633,813,150  

Zions Bancorp. N.A.

    1,275,926       83,649,709  
   

 

 

 
          12,656,605,131  
Beverages — 1.5%  

Brown-Forman Corp., Class B, NVS

    1,629,618       109,216,998  

Coca-Cola Co. (The)

    33,729,234       2,091,212,508  
Security   Shares     Value  
Beverages (continued)  

Constellation Brands Inc., Class A

    1,422,148     $ 327,549,128  

Molson Coors Beverage Co., Class B

    1,639,450       87,513,841  

Monster Beverage Corp.(a)(b)

    3,269,170       261,206,683  

PepsiCo Inc.

    12,003,340       2,009,119,049  
   

 

 

 
      4,885,818,207  
Biotechnology — 1.9%  

AbbVie Inc.

    15,338,798       2,486,572,544  

Amgen Inc.

    4,887,130       1,181,805,777  

Biogen Inc.(a)

    1,272,115       267,907,419  

Gilead Sciences Inc.

    10,882,628       646,972,235  

Incyte Corp.(a)

    1,608,487       127,746,037  

Moderna Inc.(a)(b)

    3,072,474       529,264,371  

Regeneron Pharmaceuticals Inc.(a)

    927,042       647,464,674  

Vertex Pharmaceuticals Inc.(a)

    2,210,990       577,002,060  
   

 

 

 
      6,464,735,117  
Building Products — 0.4%  

A O Smith Corp.

    1,125,751       71,924,231  

Allegion PLC

    802,264       88,072,542  

Carrier Global Corp.

    7,444,548       341,481,417  

Fortune Brands Home & Security Inc.

    1,183,792       87,932,070  

Johnson Controls International PLC

    6,081,089       398,737,006  

Masco Corp.

    2,035,333       103,801,983  

Trane Technologies PLC

    2,025,388       309,276,747  
   

 

 

 
      1,401,225,996  
Capital Markets — 2.9%  

Ameriprise Financial Inc.

    957,887       287,710,939  

Bank of New York Mellon Corp. (The)

    6,437,746       319,505,334  

BlackRock Inc.(c)

    1,236,319       944,757,890  

Cboe Global Markets Inc.

    911,197       104,259,161  

Charles Schwab Corp. (The)

    13,043,935       1,099,734,160  

CME Group Inc.

    3,127,397       743,882,650  

FactSet Research Systems Inc.

    330,657       143,554,737  

Franklin Resources Inc.

    2,447,432       68,332,302  

Goldman Sachs Group Inc. (The)

    2,945,307       972,245,841  

Intercontinental Exchange Inc.

    4,874,851       644,065,314  

Invesco Ltd.

    2,955,170       68,146,220  

MarketAxess Holdings Inc.

    326,370       111,031,074  

Moody’s Corp.

    1,403,287       473,483,067  

Morgan Stanley

    12,299,619       1,074,986,701  

MSCI Inc.

    707,180       355,626,678  

Nasdaq Inc.

    1,015,609       180,981,524  

Northern Trust Corp.

    1,791,624       208,634,615  

Raymond James Financial Inc.

    1,621,088       178,173,782  

S&P Global Inc.

    3,073,084       1,260,517,595  

State Street Corp.

    3,160,220       275,318,366  

T Rowe Price Group Inc.

    1,994,448       301,540,593  
   

 

 

 
          9,816,488,543  
Chemicals — 1.7%  

Air Products and Chemicals Inc.

    1,929,673       482,244,579  

Albemarle Corp.

    1,006,230       222,527,765  

Celanese Corp.

    951,433       135,931,233  

CF Industries Holdings Inc.

    1,854,205       191,094,367  

Corteva Inc.

    6,328,499       363,762,123  

Dow Inc.

    6,376,432       406,306,247  

DuPont de Nemours Inc.

    4,442,161       326,854,206  

Eastman Chemical Co.

    1,112,574       124,675,042  

Ecolab Inc.

    2,158,191       381,050,203  

FMC Corp.

    1,120,641       147,442,736  

International Flavors & Fragrances Inc.

    2,202,556       289,261,680  

 

18  

2 0 2 2   I S H A R E S   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  (continued)

March 31, 2022

  

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Chemicals (continued)  

Linde PLC

    4,447,139     $ 1,420,549,611  

LyondellBasell Industries NV, Class A

    2,287,698       235,221,108  

Mosaic Co. (The)

    3,256,227       216,539,096  

PPG Industries Inc.

    2,045,048       268,044,441  

Sherwin-Williams Co. (The)

    2,091,606       522,106,690  
   

 

 

 
      5,733,611,127  
Commercial Services & Supplies — 0.4%  

Cintas Corp.

    769,159       327,192,547  

Copart Inc.(a)

    1,872,502       234,942,826  

Republic Services Inc.

    1,823,337       241,592,153  

Rollins Inc.

    1,916,959       67,189,413  

Waste Management Inc.

    3,348,895       530,799,857  
   

 

 

 
      1,401,716,796  
Communications Equipment — 0.9%  

Arista Networks Inc.(a)(b)

    1,952,192       271,315,644  

Cisco Systems Inc.

    36,593,551       2,040,456,404  

F5 Inc.(a)

    513,931       107,385,883  

Juniper Networks Inc.

    2,760,367       102,575,238  

Motorola Solutions Inc.

    1,469,707       355,963,035  
   

 

 

 
          2,877,696,204  
Construction & Engineering — 0.1%  

Quanta Services Inc.(b)

    1,233,795       162,379,760  
   

 

 

 
Construction Materials — 0.1%  

Martin Marietta Materials Inc.

    542,835       208,931,763  

Vulcan Materials Co.

    1,150,559       211,357,688  
   

 

 

 
      420,289,451  
Consumer Finance — 0.6%  

American Express Co.

    5,346,397       999,776,239  

Capital One Financial Corp.

    3,586,202       470,832,460  

Discover Financial Services

    2,506,136       276,151,126  

Synchrony Financial

    4,507,707       156,913,281  
   

 

 

 
      1,903,673,106  
Containers & Packaging — 0.3%  

Amcor PLC

    12,966,378       146,909,063  

Avery Dennison Corp.

    725,323       126,184,442  

Ball Corp.

    2,809,613       252,865,170  

International Paper Co.

    3,337,787       154,038,870  

Packaging Corp. of America

    817,090       127,555,920  

Sealed Air Corp.

    1,327,993       88,922,411  

Westrock Co.

    2,267,892       106,658,961  
   

 

 

 
      1,003,134,837  
Distributors — 0.1%  

Genuine Parts Co.

    1,241,688       156,477,522  

LKQ Corp.

    2,353,190       106,858,358  

Pool Corp.

    347,513       146,945,872  
   

 

 

 
      410,281,752  
Diversified Financial Services — 1.7%  

Berkshire Hathaway Inc., Class B(a)(b)

    15,889,726       5,607,643,203  
   

 

 

 
Diversified Telecommunication Services — 1.0%  

AT&T Inc.

    61,958,052       1,464,068,769  

Lumen Technologies Inc.

    7,976,108       89,890,737  

Verizon Communications Inc.

    36,423,479       1,855,412,020  
   

 

 

 
      3,409,371,526  
Electric Utilities — 1.7%  

Alliant Energy Corp.

    2,214,864       138,384,703  

American Electric Power Co. Inc.

    4,395,473       438,536,341  

Constellation Energy Corp.

    2,845,781       160,075,181  
Security   Shares     Value  
Electric Utilities (continued)  

Duke Energy Corp.

    6,674,016     $ 745,220,626  

Edison International

    3,267,357       229,041,726  

Entergy Corp.

    1,722,265       201,074,439  

Evergy Inc.

    1,952,458       133,430,980  

Eversource Energy

    2,991,506       263,820,914  

Exelon Corp.

    8,479,655       403,885,968  

FirstEnergy Corp.

    4,912,943       225,307,566  

NextEra Energy Inc.

    17,024,254       1,442,124,556  

NRG Energy Inc.

    2,079,249       79,759,992  

Pinnacle West Capital Corp.

    946,884       73,951,640  

PPL Corp.

    6,621,037       189,096,817  

Southern Co. (The)

    9,195,266       666,748,738  

Xcel Energy Inc.

    4,673,748       337,304,393  
   

 

 

 
      5,727,764,580  
Electrical Equipment — 0.5%  

AMETEK Inc.

    1,995,859       265,808,502  

Eaton Corp. PLC

    3,450,889       523,706,915  

Emerson Electric Co.

    5,140,498       504,025,829  

Generac Holdings Inc.(a)(b)

    555,766       165,207,001  

Rockwell Automation Inc.

    1,008,184       282,321,765  
   

 

 

 
      1,741,070,012  
Electronic Equipment, Instruments & Components — 0.6%  

Amphenol Corp., Class A

    5,211,038       392,651,713  

CDW Corp./DE

    1,193,079       213,429,902  

Corning Inc.

    6,500,311       239,926,479  

IPG Photonics Corp.(a)

    298,191       32,729,444  

Keysight Technologies Inc.(a)

    1,585,550       250,469,334  

TE Connectivity Ltd.

    2,822,679       369,714,495  

Teledyne Technologies Inc.(a)(b)

    402,784       190,367,802  

Trimble Inc.(a)

    2,173,069       156,765,198  

Zebra Technologies Corp., Class A(a)

    465,536       192,592,243  
   

 

 

 
      2,038,646,610  
Energy Equipment & Services — 0.3%  

Baker Hughes Co.

    7,880,954       286,945,535  

Halliburton Co.

    7,796,370       295,248,532  

Schlumberger NV

    12,176,284       503,002,292  
   

 

 

 
      1,085,196,359  
Entertainment — 1.4%  

Activision Blizzard Inc.

    6,752,203       540,918,982  

Electronic Arts Inc.

    2,425,687       306,873,662  

Live Nation Entertainment Inc.(a)(b)

    1,174,956       138,221,824  

Netflix Inc.(a)

    3,851,978       1,442,912,439  

Take-Two Interactive Software Inc.(a)(b)

    1,008,489       155,045,099  

Walt Disney Co. (The)(a)

    15,796,484       2,166,645,746  
   

 

 

 
          4,750,617,752  
Equity Real Estate Investment Trusts (REITs) — 2.6%  

Alexandria Real Estate Equities Inc.

    1,266,520       254,887,150  

American Tower Corp.

    3,958,475       994,448,089  

AvalonBay Communities Inc.

    1,204,245       299,098,331  

Boston Properties Inc.

    1,220,952       157,258,618  

Crown Castle International Corp.

    3,748,139       691,906,459  

Digital Realty Trust Inc.

    2,455,984       348,258,531  

Duke Realty Corp.

    3,279,351       190,399,119  

Equinix Inc.

    779,732       578,264,846  

Equity Residential

    2,991,165       268,965,557  

Essex Property Trust Inc.

    566,020       195,548,590  

Extra Space Storage Inc.

    1,164,601       239,441,966  

Federal Realty Investment Trust

    594,163       72,529,477  

Healthpeak Properties Inc.

    4,607,543       158,176,951  

 

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  (continued)

March 31, 2022

  

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Equity Real Estate Investment Trusts (REITs) (continued)  

Host Hotels & Resorts Inc.

    6,213,363     $ 120,725,643  

Iron Mountain Inc.

    2,566,134       142,189,485  

Kimco Realty Corp.

    5,343,476       131,983,857  

Mid-America Apartment Communities Inc.

    1,003,633       210,210,932  

Prologis Inc.

    6,432,394       1,038,702,983  

Public Storage

    1,323,599       516,574,218  

Realty Income Corp.

    4,896,005       339,293,146  

Regency Centers Corp.

    1,327,430       94,698,856  

SBA Communications Corp.

    950,836       327,182,667  

Simon Property Group Inc.

    2,869,203       377,472,347  

UDR Inc.

    2,602,353       149,296,992  

Ventas Inc.

    3,427,392       211,675,730  

Vornado Realty Trust

    1,345,418       60,974,344  

Welltower Inc.

    3,802,244       365,547,738  

Weyerhaeuser Co.

    6,468,681       245,163,010  
   

 

 

 
          8,780,875,632  
Food & Staples Retailing — 1.5%  

Costco Wholesale Corp.

    3,847,399       2,215,524,714  

Kroger Co. (The)

    5,765,074       330,742,295  

Sysco Corp.

    4,406,398       359,782,397  

Walgreens Boots Alliance Inc.

    6,207,869       277,926,295  

Walmart Inc.

    12,274,311       1,827,890,394  
   

 

 

 
      5,011,866,095  
Food Products — 1.0%  

Archer-Daniels-Midland Co.

    4,842,833       437,114,106  

Campbell Soup Co.

    1,712,361       76,319,930  

Conagra Brands Inc.

    4,117,473       138,223,569  

General Mills Inc.

    5,208,721       352,734,586  

Hershey Co. (The)

    1,260,352       273,030,054  

Hormel Foods Corp.(b)

    2,418,457       124,647,274  

JM Smucker Co. (The)

    930,090       125,943,487  

Kellogg Co.

    2,267,939       146,259,386  

Kraft Heinz Co. (The)

    6,227,218       245,290,117  

Lamb Weston Holdings Inc.

    1,238,782       74,215,430  

McCormick & Co. Inc./MD, NVS

    2,192,045       218,766,091  

Mondelez International Inc., Class A

    12,064,558       757,412,951  

Tyson Foods Inc., Class A

    2,544,894       228,098,849  
   

 

 

 
      3,198,055,830  
Gas Utilities — 0.0%  

Atmos Energy Corp.

    1,178,494       140,818,248  
   

 

 

 
Health Care Equipment & Supplies — 2.9%  

Abbott Laboratories

    15,342,368       1,815,922,676  

ABIOMED Inc.(a)(b)

    387,973       128,512,176  

Align Technology Inc.(a)

    637,413       277,912,068  

Baxter International Inc.

    4,332,757       335,961,978  

Becton Dickinson and Co.

    2,473,928       658,064,848  

Boston Scientific Corp.(a)

    12,363,795       547,592,481  

Cooper Companies Inc. (The)(b)

    423,124       176,692,351  

DENTSPLY SIRONA Inc.

    1,894,648       93,254,575  

Dexcom Inc.(a)(b)

    840,917       430,213,137  

Edwards Lifesciences Corp.(a)

    5,409,991       636,864,140  

Hologic Inc.(a)(b)

    2,153,422       165,425,878  

IDEXX Laboratories Inc.(a)(b)

    737,529       403,472,615  

Intuitive Surgical Inc.(a)(b)

    3,101,455       935,646,944  

Medtronic PLC

    11,665,888       1,294,330,274  

ResMed Inc.

    1,274,190       309,003,817  

STERIS PLC

    879,418       212,616,890  

Stryker Corp.

    2,911,921       778,502,079  
Security   Shares     Value  
Health Care Equipment & Supplies (continued)  

Teleflex Inc.

    401,501     $ 142,464,600  

Zimmer Biomet Holdings Inc.

    1,802,652       230,559,191  
   

 

 

 
      9,573,012,718  
Health Care Providers & Services — 3.0%  

AmerisourceBergen Corp.

    1,316,608       203,692,424  

Anthem Inc.

    2,105,013       1,034,024,486  

Cardinal Health Inc.

    2,406,935       136,473,215  

Centene Corp.(a)

    5,050,792       425,226,178  

Cigna Corp.

    2,810,241       673,361,846  

CVS Health Corp.

    11,397,036       1,153,494,014  

DaVita Inc.(a)(b)

    533,747       60,372,123  

HCA Healthcare Inc.

    2,083,978       522,286,566  

Henry Schein Inc.(a)(b)

    1,202,133       104,813,976  

Humana Inc.

    1,111,849       483,843,329  

Laboratory Corp. of America Holdings(a)

    810,139       213,601,249  

McKesson Corp.

    1,303,522       399,047,190  

Molina Healthcare Inc.(a)(b)

    506,670       169,020,045  

Quest Diagnostics Inc.

    1,035,471       141,714,561  

UnitedHealth Group Inc.

    8,171,840       4,167,393,245  

Universal Health Services Inc., Class B(b)

    653,089       94,665,251  
   

 

 

 
          9,983,029,698  
Health Care Technology — 0.1%  

Cerner Corp.

    2,560,263       239,538,206  
   

 

 

 
Hotels, Restaurants & Leisure — 1.9%  

Booking Holdings Inc.(a)

    356,227       836,581,298  

Caesars Entertainment Inc.(a)(b)

    1,891,416       146,319,942  

Carnival Corp.(a)(b)

    7,134,423       144,258,033  

Chipotle Mexican Grill Inc.(a)(b)

    244,134       386,227,312  

Darden Restaurants Inc.

    1,103,879       146,760,713  

Domino’s Pizza Inc.

    320,905       130,611,544  

Expedia Group Inc.(a)

    1,307,274       255,794,304  

Hilton Worldwide Holdings Inc.(a)

    2,413,646       366,246,644  

Las Vegas Sands Corp.(a)

    2,979,999       115,832,561  

Marriott International Inc./MD, Class A(a)(b)

    2,373,131       417,077,773  

McDonald’s Corp.

    6,483,360       1,603,205,261  

MGM Resorts International

    3,272,657       137,255,235  

Norwegian Cruise Line Holdings Ltd.(a)(b)

    3,627,649       79,372,960  

Penn National Gaming Inc.(a)(b)

    1,506,961       63,925,286  

Royal Caribbean Cruises Ltd.(a)(b)

    1,943,440       162,821,403  

Starbucks Corp.

    9,997,537       909,475,941  

Wynn Resorts Ltd.(a)(b)

    886,060       70,654,424  

Yum! Brands Inc.

    2,499,116       296,220,219  
   

 

 

 
      6,268,640,853  
Household Durables — 0.3%  

DR Horton Inc.

    2,800,714       208,681,200  

Garmin Ltd.

    1,345,957       159,643,960  

Lennar Corp., Class A

    2,262,375       183,636,979  

Mohawk Industries Inc.(a)(b)

    487,795       60,584,139  

Newell Brands Inc.

    3,245,107       69,477,741  

NVR Inc.(a)(b)

    28,386       126,807,926  

PulteGroup Inc.

    2,111,819       88,485,216  

Whirlpool Corp.

    502,840       86,880,695  
   

 

 

 
      984,197,856  
Household Products — 1.3%  

Church & Dwight Co. Inc.

    2,097,674       208,466,842  

Clorox Co. (The)

    1,071,731       149,002,761  

Colgate-Palmolive Co.

    7,294,134       553,114,181  

Kimberly-Clark Corp.

    2,912,808       358,741,433  

 

20  

2 0 2 2   I S H A R E S   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  (continued)

March 31, 2022

  

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Household Products (continued)  

Procter & Gamble Co. (The)

    20,797,871     $ 3,177,914,689  
   

 

 

 
      4,447,239,906  
Independent Power and Renewable Electricity Producers — 0.0%  

AES Corp. (The)

    5,696,025       146,558,723  
   

 

 

 
Industrial Conglomerates — 1.0%  

3M Co.

    4,947,577       736,595,264  

General Electric Co.

    9,538,117       872,737,705  

Honeywell International Inc.

    5,957,862       1,159,280,788  

Roper Technologies Inc.

    915,209       432,189,146  
   

 

 

 
          3,200,802,903  
Insurance — 2.1%  

Aflac Inc.

    5,218,240       336,002,474  

Allstate Corp. (The)

    2,441,735       338,204,715  

American International Group Inc.

    7,189,019       451,254,723  

Aon PLC, Class A

    1,862,261       606,408,049  

Arthur J Gallagher & Co.

    1,816,998       317,247,851  

Assurant Inc.

    482,903       87,806,252  

Brown & Brown Inc.

    2,075,036       149,962,852  

Chubb Ltd.

    3,732,742       798,433,514  

Cincinnati Financial Corp.

    1,301,922       177,009,315  

Everest Re Group Ltd.

    341,267       102,851,048  

Globe Life Inc.

    834,978       83,998,787  

Hartford Financial Services Group Inc. (The)

    2,901,227       208,337,111  

Lincoln National Corp.

    1,422,290       92,960,874  

Loews Corp.

    1,702,823       110,376,987  

Marsh & McLennan Companies Inc.

    4,377,430       746,001,621  

MetLife Inc.

    6,074,236       426,897,306  

Principal Financial Group Inc.

    2,105,620       154,573,564  

Progressive Corp. (The)

    5,057,760       576,534,062  

Prudential Financial Inc.

    3,273,108       386,783,172  

Travelers Companies Inc. (The)

    2,098,886       383,529,439  

W R Berkley Corp.

    1,803,742       120,111,180  

Willis Towers Watson PLC

    1,062,115       250,892,805  
   

 

 

 
      6,906,177,701  
Interactive Media & Services — 5.7%  

Alphabet Inc., Class A(a)

    2,609,488       7,257,899,449  

Alphabet Inc., Class C, NVS(a)

    2,409,968       6,731,016,524  

Match Group Inc.(a)(b)

    2,453,214       266,762,490  

Meta Platforms Inc, Class A(a)

    20,034,468       4,454,864,305  

Twitter Inc.(a)(b)

    6,894,646       266,753,854  
   

 

 

 
      18,977,296,622  
Internet & Direct Marketing Retail — 3.9%  

Amazon.com Inc.(a)

    3,796,806       12,377,397,720  

eBay Inc.

    5,419,974       310,347,711  

Etsy Inc.(a)(b)

    1,081,329       134,387,568  
   

 

 

 
      12,822,132,999  
IT Services — 4.3%  

Accenture PLC, Class A

    5,483,464       1,849,188,565  

Akamai Technologies Inc.(a)(b)

    1,413,861       168,800,865  

Automatic Data Processing Inc.

    3,644,464       829,261,338  

Broadridge Financial Solutions Inc.

    1,015,831       158,175,045  

Cognizant Technology Solutions Corp., Class A

    4,557,272       408,650,580  

DXC Technology Co.(a)

    2,094,830       68,354,303  

EPAM Systems Inc.(a)

    493,636       146,417,374  

Fidelity National Information Services Inc.

    5,271,360       529,349,971  

Fiserv Inc.(a)(b)

    5,155,584       522,776,218  

FleetCor Technologies Inc.(a)

    714,366       177,919,996  

Gartner Inc.(a)

    711,776       211,724,889  
Security   Shares     Value  
IT Services (continued)  

Global Payments Inc.

    2,477,854     $ 339,069,541  

International Business Machines Corp.

    7,778,194       1,011,320,784  

Jack Henry & Associates Inc.

    623,883       122,936,145  

Mastercard Inc., Class A

    7,488,242       2,676,147,926  

Paychex Inc.

    2,785,781       380,175,533  

PayPal Holdings Inc.(a)(b)

    10,108,021       1,168,992,629  

VeriSign Inc.(a)(b)

    844,975       187,973,138  

Visa Inc., Class A

    14,389,148       3,191,081,352  
   

 

 

 
      14,148,316,192  
Leisure Products — 0.0%  

Hasbro Inc.

    1,100,782       90,176,061  
   

 

 

 
Life Sciences Tools & Services — 1.8%  

Agilent Technologies Inc.

    2,608,397       345,169,175  

Bio-Rad Laboratories Inc., Class A(a)

    188,260       106,033,680  

Bio-Techne Corp.(b)

    335,535       145,300,076  

Charles River Laboratories International Inc.(a)

    429,428       121,944,669  

Danaher Corp.

    5,521,224       1,619,540,636  

Illumina Inc.(a)(b)

    1,360,098       475,218,241  

IQVIA Holdings Inc.(a)

    1,648,452       381,138,587  

Mettler-Toledo International Inc.(a)(b)

    199,462       273,899,224  

PerkinElmer Inc.(b)

    1,109,278       193,524,640  

Thermo Fisher Scientific Inc.(b)

    3,418,927       2,019,389,233  

Waters Corp.(a)

    527,475       163,722,965  

West Pharmaceutical Services Inc.

    639,116       262,491,332  
   

 

 

 
          6,107,372,458  
Machinery — 1.5%  

Caterpillar Inc.

    4,692,314       1,045,541,405  

Cummins Inc.

    1,229,941       252,273,198  

Deere & Co.

    2,434,096       1,011,269,524  

Dover Corp.

    1,246,547       195,583,224  

Fortive Corp.

    3,110,412       189,517,403  

IDEX Corp.

    652,783       125,158,085  

Illinois Tool Works Inc.

    2,477,185       518,722,539  

Ingersoll Rand Inc.(b)

    3,507,456       176,600,410  

Nordson Corp.

    468,410       106,366,543  

Otis Worldwide Corp.

    3,703,382       284,975,245  

PACCAR Inc.

    2,989,631       263,296,802  

Parker-Hannifin Corp.

    1,115,087       316,417,087  

Pentair PLC

    1,458,037       79,040,186  

Snap-on Inc.

    468,906       96,350,805  

Stanley Black & Decker Inc.

    1,413,002       197,523,550  

Westinghouse Air Brake Technologies Corp.

    1,635,417       157,278,053  

Xylem Inc./NY

    1,562,195       133,192,746  
   

 

 

 
      5,149,106,805  
Media — 1.0%  

Charter Communications Inc., Class A(a)(b)

    1,033,449       563,767,099  

Comcast Corp., Class A

    39,250,096       1,837,689,495  

Discovery Inc., Class A(a)(b)

    1,437,669       35,826,711  

Discovery Inc., Class C, NVS(a)

    2,747,547       68,606,249  

DISH Network Corp., Class A(a)(b)

    2,161,172       68,401,094  

Fox Corp., Class A, NVS

    2,695,169       106,324,417  

Fox Corp., Class B

    1,188,269       43,110,399  

Interpublic Group of Companies Inc. (The)

    3,367,363       119,373,018  

News Corp., Class A, NVS

    3,321,688       73,575,389  

News Corp., Class B

    1,093,142       24,617,558  

Omnicom Group Inc.

    1,818,626       154,364,975  

Paramount Global, Class B, NVS

    5,340,556       201,926,422  
   

 

 

 
      3,297,582,826  

 

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  (continued)

March 31, 2022

  

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Metals & Mining — 0.5%            

Freeport-McMoRan Inc.

    12,777,663     $ 635,560,958  

Newmont Corp.

    6,905,636       548,652,780  

Nucor Corp.

    2,366,913       351,841,617  
   

 

 

 
          1,536,055,355  
Multi-Utilities — 0.8%  

Ameren Corp.

    2,238,755       209,905,669  

CenterPoint Energy Inc.

    5,552,220       170,120,021  

CMS Energy Corp.

    2,510,363       175,574,788  

Consolidated Edison Inc.

    3,062,052       289,915,083  

Dominion Energy Inc.

    7,027,842       597,155,735  

DTE Energy Co.

    1,699,309       224,665,643  

NiSource Inc.

    3,417,230       108,667,914  

Public Service Enterprise Group Inc.

    4,398,340       307,883,800  

Sempra Energy

    2,770,714       465,812,437  

WEC Energy Group Inc.

    2,742,311       273,710,061  
   

 

 

 
      2,823,411,151  
Multiline Retail — 0.5%  

Dollar General Corp.

    2,002,577       445,833,718  

Dollar Tree Inc.(a)(b)

    1,947,827       311,944,494  

Target Corp.

    4,164,318       883,751,566  
   

 

 

 
      1,641,529,778  
Oil, Gas & Consumable Fuels — 3.5%  

APA Corp.

    3,147,896       130,102,542  

Chevron Corp.

    16,725,366       2,723,391,346  

ConocoPhillips

    11,288,146       1,128,814,600  

Coterra Energy Inc.

    7,058,942       190,379,666  

Devon Energy Corp.

    5,457,333       322,692,100  

Diamondback Energy Inc.

    1,499,689       205,577,368  

EOG Resources Inc.

    5,076,490       605,269,903  

Exxon Mobil Corp.

    36,732,071       3,033,701,744  

Hess Corp.

    2,420,240       259,062,490  

Kinder Morgan Inc.

    16,972,132       320,943,016  

Marathon Oil Corp.

    6,816,754       171,168,693  

Marathon Petroleum Corp.

    5,009,878       428,344,569  

Occidental Petroleum Corp.

    7,687,004       436,160,607  

ONEOK Inc.

    3,841,771       271,344,286  

Phillips 66

    4,056,600       350,449,674  

Pioneer Natural Resources Co.

    1,969,416       492,413,082  

Valero Energy Corp.

    3,524,528       357,880,573  

Williams Companies Inc. (The)

    10,564,628       352,964,221  
   

 

 

 
      11,780,660,480  
Personal Products — 0.2%  

Estee Lauder Companies Inc. (The), Class A

    2,022,514       550,771,012  
   

 

 

 
Pharmaceuticals — 3.9%  

Bristol-Myers Squibb Co.

    18,912,057       1,381,147,523  

Catalent Inc.(a)(b)

    1,558,516       172,839,425  

Eli Lilly & Co.

    6,888,801       1,972,745,942  

Johnson & Johnson

    22,841,420       4,048,184,867  

Merck & Co. Inc.

    21,916,058       1,798,212,559  

Organon & Co.

    2,199,912       76,842,926  

Pfizer Inc.

    48,699,425       2,521,169,232  

Viatris Inc.

    10,361,889       112,737,352  

Zoetis Inc.

    4,100,254       773,266,902  
   

 

 

 
      12,857,146,728  
Professional Services — 0.3%  

Equifax Inc.

    1,050,696       249,120,021  

Jacobs Engineering Group Inc.

    1,131,465       155,927,192  

Leidos Holdings Inc.

    1,221,196       131,913,592  
Security   Shares     Value  
Professional Services (continued)  

Nielsen Holdings PLC

    3,133,891     $ 85,367,191  

Robert Half International Inc.

    941,088       107,453,428  

Verisk Analytics Inc.

    1,402,382       300,993,249  
   

 

 

 
      1,030,774,673  
Real Estate Management & Development — 0.1%  

CBRE Group Inc., Class A(a)(b)

    2,896,405       265,078,986  
   

 

 

 
Road & Rail — 1.0%  

CSX Corp.

    19,210,528       719,434,274  

JB Hunt Transport Services Inc.

    730,373       146,651,595  

Norfolk Southern Corp.

    2,078,692       592,884,532  

Old Dominion Freight Line Inc.

    812,077       242,551,158  

Union Pacific Corp.

    5,525,967       1,509,749,444  
   

 

 

 
      3,211,271,003  
Semiconductors & Semiconductor Equipment — 6.0%  

Advanced Micro Devices Inc.(a)

    14,184,226       1,550,903,271  

Analog Devices Inc.

    4,551,295       751,782,908  

Applied Materials Inc.

    7,702,722       1,015,218,760  

Broadcom Inc.

    3,582,261       2,255,678,107  

Enphase Energy Inc.(a)(b)

    1,153,350       232,722,963  

Intel Corp.

    35,330,218       1,750,965,604  

KLA Corp.

    1,311,339       480,028,754  

Lam Research Corp.

    1,210,690       650,879,051  

Microchip Technology Inc.

    4,838,116       363,536,036  

Micron Technology Inc.

    9,702,318       755,713,549  

Monolithic Power Systems Inc.

    376,850       183,028,508  

NVIDIA Corp.

    21,690,978       5,918,600,257  

NXP Semiconductors NV

    2,301,610       425,981,979  

Qorvo Inc.(a)(b)

    959,659       119,093,682  

QUALCOMM Inc.

    9,778,303       1,494,320,264  

Skyworks Solutions Inc.

    1,423,722       189,753,668  

SolarEdge Technologies Inc.(a)(b)

    460,456       148,437,201  

Teradyne Inc.(b)

    1,431,698       169,269,655  

Texas Instruments Inc.

    8,013,078       1,470,239,551  
   

 

 

 
          19,926,153,768  
Software — 8.9%  

Adobe Inc.(a)

    4,092,674       1,864,704,128  

ANSYS Inc.(a)

    758,473       240,928,948  

Autodesk Inc.(a)(b)

    1,908,574       409,102,837  

Cadence Design Systems Inc.(a)

    2,410,256       396,390,702  

Ceridian HCM Holding Inc.(a)(b)

    1,152,890       78,811,560  

Citrix Systems Inc.

    1,079,159       108,887,143  

Fortinet Inc.(a)

    1,170,723       400,082,878  

Intuit Inc.

    2,456,858       1,181,355,601  

Microsoft Corp.

    65,045,670       20,054,230,518  

NortonLifeLock Inc.

    5,043,948       133,765,501  

Oracle Corp.

    13,669,921       1,130,912,564  

Paycom Software Inc.(a)

    416,976       144,432,147  

PTC Inc.(a)

    906,099       97,604,984  

salesforce.com Inc.(a)

    8,546,249       1,814,539,588  

ServiceNow Inc.(a)(b)

    1,734,759       966,069,939  

Synopsys Inc.(a)

    1,335,925       445,223,725  

Tyler Technologies Inc.(a)(b)

    354,835       157,862,543  
   

 

 

 
      29,624,905,306  
Specialty Retail — 2.0%  

Advance Auto Parts Inc.

    529,977       109,684,040  

AutoZone Inc.(a)(b)

    179,549       367,102,294  

Bath & Body Works Inc.

    2,182,867       104,341,043  

Best Buy Co. Inc.

    1,865,369       169,562,042  

 

22  

2 0 2 2   I S H A R E S   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  (continued)

March 31, 2022

  

iShares® Core S&P 500 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Specialty Retail (continued)  

CarMax Inc.(a)(b)

    1,416,550     $ 136,668,744  

Home Depot Inc. (The)

    9,060,230       2,711,998,646  

Lowe’s Companies Inc.

    5,845,689       1,181,939,859  

O’Reilly Automotive Inc.(a)(b)

    588,070       402,804,427  

Ross Stores Inc.

    3,053,051       276,178,993  

TJX Companies Inc. (The)

    10,340,789       626,444,998  

Tractor Supply Co.

    980,372       228,789,414  

Ulta Salon Cosmetics & Fragrance Inc.(a)

    474,514       188,960,965  
   

 

 

 
      6,504,475,465  
Technology Hardware, Storage & Peripherals — 7.4%  

Apple Inc.

    134,514,070       23,487,501,763  

Hewlett Packard Enterprise Co.

    11,134,694       186,060,737  

HP Inc.

    9,421,764       342,010,033  

NetApp Inc.

    1,920,679       159,416,357  

Seagate Technology Holdings PLC

    1,726,482       155,210,732  

Western Digital Corp.(a)

    2,763,693       137,217,357  
   

 

 

 
          24,467,416,979  
Textiles, Apparel & Luxury Goods — 0.6%  

Nike Inc., Class B

    11,073,572       1,490,059,848  

PVH Corp.(b)

    633,043       48,497,424  

Ralph Lauren Corp.

    402,774       45,690,683  

Tapestry Inc.

    2,231,179       82,888,300  

Under Armour Inc., Class A(a)(b)

    1,700,606       28,944,314  

Under Armour Inc., Class C, NVS(a)

    1,866,225       29,038,461  

VF Corp.

    2,781,906       158,179,175  
   

 

 

 
      1,883,298,205  
Tobacco — 0.6%  

Altria Group Inc.

    15,844,362       827,867,914  

Philip Morris International Inc.

    13,446,937       1,263,205,262  
   

 

 

 
      2,091,073,176  
Trading Companies & Distributors — 0.2%  

Fastenal Co.

    4,993,695       296,625,483  

United Rentals Inc.(a)(b)

    635,490       225,732,403  
Security   Shares     Value  
Trading Companies & Distributors (continued)  

WW Grainger Inc.

    380,487     $ 196,251,390  
   

 

 

 
      718,609,276  
Water Utilities — 0.1%  

American Water Works Co. Inc.

    1,560,644       258,333,401  
   

 

 

 
Wireless Telecommunication Services — 0.2%  

T-Mobile U.S. Inc.(a)(b)

    5,094,182       653,838,260  
   

 

 

 

Total Common Stocks — 99.8%
(Cost: $ 267,494,772,652)

 

    332,201,052,761  
   

 

 

 

Short-Term Investments

   
Money Market Funds — 0.5%  

BlackRock Cash Funds: Institutional,
SL Agency Shares, 0.34%(c)(d)(e)

    1,352,848,082       1,352,577,512  

BlackRock Cash Funds: Treasury,
SL Agency Shares, 0.25%(c)(d)

    533,120,000       533,120,000  
   

 

 

 
      1,885,697,512  
   

 

 

 

Total Short-Term Investments — 0.5%
(Cost: $ 1,885,254,734)

 

    1,885,697,512  
   

 

 

 

Total Investments in Securities — 100.3%
(Cost: $ 269,380,027,386)

 

    334,086,750,273  

Other Assets, Less Liabilities — (0.3)%

 

    (1,120,927,507
   

 

 

 

Net Assets — 100.0%

 

  $   332,965,822,766  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

All or a portion of this security is on loan.

(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

 

 

   
       Affiliated Issuer   Value at
03/31/21
    Purchases
at Cost
    Proceeds
from Sales
    Net Realized
Gain (Loss)
    Change in
Unrealized
Appreciation
(Depreciation)
    Value at
03/31/22
   

Shares

Held at
03/31/22

    Income    

Capital

Gain

Distributions

from

Underlying

Funds

      
 

 

   
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $ 1,546,440,574     $     $ (192,972,328 )(a)    $ (356,014   $ (534,720   $ 1,352,577,512       1,352,848,082     $ 1,972,666 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    211,170,000       321,950,000 (a)                        533,120,000       533,120,000       132,472          
 

BlackRock Inc.

    834,197,931       352,075,319       (240,170,120     112,985,456       (114,330,696     944,757,890       1,236,319       20,087,655          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ 112,629,442     $ (114,865,416   $ 2,830,455,402       $ 22,192,793     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (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.

 

 

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

  23


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Core S&P 500 ETF

 

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

     3,345          06/17/22          $757,768        $ 42,833,042  
                 

 

 

 

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)

   $ 42,833,042  
  

 

 

 

 

  (a)

Net cumulative unrealized 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 March 31, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:

 

      Equity
Contracts
 

Net Realized Gain (Loss) from:

  

Futures contracts

   $ 50,904,519  
  

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on:

  

Futures contracts

   $ 38,678,492  
  

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

Futures contracts:

        

Average notional value of contracts — long

   $ 636,932,461  

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

   $ 332,201,052,761        $        $        $ 332,201,052,761  

Money Market Funds

     1,885,697,512                            1,885,697,512  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 334,086,750,273        $        $        $ 334,086,750,273  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative financial instruments(a)

                 

Assets

                 

Futures Contracts

   $ 42,833,042        $                     —        $                     —        $ 42,833,042  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

24  

2 0 2 2   I S H A R E S   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

March 31, 2022

  

iShares® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 1.4%  

Axon Enterprise Inc.(a)(b)

    1,942,846     $ 267,588,180  

Curtiss-Wright Corp.

    1,110,522       166,755,984  

Hexcel Corp.(b)

    2,374,553       141,214,667  

Mercury Systems Inc.(a)(b)

    1,610,834       103,818,251  

Woodward Inc.

    1,790,220       223,616,380  
   

 

 

 
      902,993,462  
Air Freight & Logistics — 0.3%  

GXO Logistics Inc.(a)(b)

    2,799,452       199,712,906  
   

 

 

 
Airlines — 0.2%  

JetBlue Airways Corp.(a)(b)

    9,044,384       135,213,541  
   

 

 

 
Auto Components — 1.4%  

Adient PLC(a)(b)

    2,689,737       109,660,577  

Dana Inc.

    4,100,102       72,038,792  

Fox Factory Holding Corp.(a)(b)

    1,191,616       116,718,787  

Gentex Corp.

    6,716,397       195,917,301  

Goodyear Tire & Rubber Co. (The)(a)(b)

    7,955,679       113,686,653  

Lear Corp.

    1,694,490       241,617,329  

Visteon Corp.(a)(b)

    793,159       86,557,442  
   

 

 

 
      936,196,881  
Automobiles — 0.5%  

Harley-Davidson Inc.

    4,354,680       171,574,392  

Thor Industries Inc.

    1,580,676       124,399,201  
   

 

 

 
      295,973,593  
Banks — 6.7%  

Associated Banc-Corp.

    4,253,985       96,820,699  

Bank of Hawaii Corp.

    1,140,847       95,739,880  

Bank OZK

    3,435,971       146,715,962  

Cadence Bank

    4,482,419       131,155,580  

Cathay General Bancorp.

    2,150,031       96,213,887  

Commerce Bancshares Inc.

    3,136,976       224,576,112  

Cullen/Frost Bankers Inc.

    1,617,297       223,850,078  

East West Bancorp. Inc.

    4,026,311       318,159,095  

First Financial Bankshares Inc.

    3,643,033       160,730,616  

First Horizon Corp.

    15,151,113       355,899,644  

FNB Corp.

    9,644,589       120,075,133  

Fulton Financial Corp.

    4,579,204       76,106,370  

Glacier Bancorp. Inc.

    3,082,215       154,973,770  

Hancock Whitney Corp.

    2,457,201       128,143,032  

Home BancShares Inc./AR

    4,273,305       96,576,693  

International Bancshares Corp.

    1,506,385       63,584,511  

Old National Bancorp./IN

    8,391,774       137,457,258  

PacWest Bancorp.

    3,394,599       146,409,055  

Pinnacle Financial Partners Inc.

    2,161,596       199,039,760  

Prosperity Bancshares Inc.

    2,617,425       181,596,947  

Synovus Financial Corp.

    4,117,435       201,754,315  

Texas Capital Bancshares Inc.(a)

    1,433,494       82,153,541  

UMB Financial Corp.

    1,225,808       119,099,505  

Umpqua Holdings Corp.

    6,131,566       115,641,335  

United Bankshares Inc./WV

    3,875,893       135,191,148  

Valley National Bancorp.

    11,962,276       155,748,834  

Webster Financial Corp.

    5,103,518       286,409,430  

Wintrust Financial Corp.

    1,613,180       149,912,817  
   

 

 

 
          4,399,735,007  
Beverages — 0.2%  

Boston Beer Co. Inc. (The), Class A, NVS(a)(b)

    266,114       103,377,306  
   

 

 

 
Security   Shares     Value  
Biotechnology — 1.5%            

Arrowhead Pharmaceuticals Inc.(a)(b)

    2,993,920     $ 137,690,381  

Exelixis Inc.(a)(b)

    8,985,537       203,702,124  

Halozyme Therapeutics Inc.(a)(b)

    3,984,773       158,912,747  

Neurocrine Biosciences Inc.(a)

    2,692,234       252,396,937  

United Therapeutics Corp.(a)(b)

    1,278,368       229,352,003  
   

 

 

 
      982,054,192  
Building Products — 2.4%  

Builders FirstSource Inc.(a)(b)

    5,433,436       350,673,959  

Carlisle Companies Inc.

    1,483,469       364,814,697  

Lennox International Inc.

    955,518       246,389,871  

Owens Corning

    2,851,148       260,880,042  

Simpson Manufacturing Co. Inc.

    1,229,743       134,091,177  

Trex Co. Inc.(a)(b)

    3,267,634       213,474,529  
   

 

 

 
      1,570,324,275  
Capital Markets — 1.9%  

Affiliated Managers Group Inc.

    1,150,449       162,155,786  

Evercore Inc., Class A

    1,104,240       122,923,997  

Federated Hermes Inc.

    2,747,468       93,578,760  

Interactive Brokers Group Inc., Class A

    2,472,889       162,988,114  

Janus Henderson Group PLC

    4,798,543       168,044,976  

Jefferies Financial Group Inc.

    5,492,077       180,414,729  

SEI Investments Co.

    2,986,524       179,818,610  

Stifel Financial Corp.

    2,966,194       201,404,573  
   

 

 

 
      1,271,329,545  
Chemicals — 2.5%  

Ashland Global Holdings Inc.

    1,502,353       147,846,559  

Avient Corp.

    2,590,539       124,345,872  

Cabot Corp.

    1,605,392       109,824,867  

Chemours Co. (The)

    4,541,768       142,974,857  

Ingevity Corp.(a)(b)

    1,116,039       71,504,619  

Minerals Technologies Inc.(b)

    947,691       62,689,760  

NewMarket Corp.

    194,640       63,137,323  

Olin Corp.

    4,005,903       209,428,609  

RPM International Inc.

    3,679,276       299,640,237  

Scotts Miracle-Gro Co. (The)

    1,152,990       141,771,650  

Sensient Technologies Corp.

    1,191,599       100,034,736  

Valvoline Inc.

    5,090,768       160,664,638  
   

 

 

 
      1,633,863,727  
Commercial Services & Supplies — 1.5%  

Brink’s Co. (The)

    1,393,664       94,769,152  

Clean Harbors Inc.(a)

    1,417,589       158,259,636  

IAA Inc.(a)(b)

    3,832,433       146,590,562  

MillerKnoll Inc.

    2,147,136       74,205,020  

MSA Safety Inc.

    1,036,849       137,589,862  

Stericycle Inc.(a)(b)

    2,611,183       153,850,903  

Tetra Tech Inc.

    1,530,237       252,397,291  
   

 

 

 
          1,017,662,426  
Communications Equipment — 1.0%  

Calix Inc.(a)(b)

    1,561,035       66,984,012  

Ciena Corp.(a)(b)

    4,394,792       266,456,239  

Lumentum Holdings Inc.(a)(b)

    2,046,133       199,702,581  

Viasat Inc.(a)(b)

    2,111,484       103,040,419  
   

 

 

 
      636,183,251  
Construction & Engineering — 1.7%  

AECOM

    4,010,306       308,031,604  

Dycom Industries Inc.(a)(b)

    856,621       81,601,717  

EMCOR Group Inc.

    1,516,194       170,768,930  

Fluor Corp.(a)(b)

    4,015,144       115,194,481  

 

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

  25


Schedule of Investments  (continued)

March 31, 2022

  

iShares® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Construction & Engineering (continued)  

MasTec Inc.(a)(b)

    1,670,350     $ 145,487,485  

MDU Resources Group Inc.

    5,754,638       153,361,103  

Valmont Industries Inc.

    601,250       143,458,250  
   

 

 

 
          1,117,903,570  
Construction Materials — 0.2%  

Eagle Materials Inc.

    1,121,119       143,906,835  
   

 

 

 
Consumer Finance — 0.5%  

FirstCash Holdings Inc.

    1,145,019       80,540,637  

Navient Corp.

    4,370,955       74,481,073  

PROG Holdings Inc.(a)

    1,620,430       46,619,771  

SLM Corp.

    7,916,556       145,347,968  
   

 

 

 
      346,989,449  
Containers & Packaging — 0.8%  

AptarGroup Inc.

    1,868,584       219,558,620  

Greif Inc., Class A, NVS

    758,424       49,343,065  

Silgan Holdings Inc.

    2,377,798       109,925,602  

Sonoco Products Co.

    2,783,039       174,106,920  
   

 

 

 
      552,934,207  
Diversified Consumer Services — 0.9%  

Graham Holdings Co., Class B

    113,442       69,366,380  

Grand Canyon Education Inc.(a)(b)

    1,124,622       109,212,042  

H&R Block Inc.

    4,670,069       121,608,597  

Service Corp. International

    4,679,026       307,973,491  
   

 

 

 
      608,160,510  
Diversified Financial Services — 0.3%  

Voya Financial Inc.

    3,054,135       202,641,857  
   

 

 

 
Diversified Telecommunication Services — 0.2%  

Iridium Communications Inc.(a)(b)

    3,741,387       150,852,724  
   

 

 

 
Electric Utilities — 1.1%  

ALLETE Inc.

    1,487,803       99,653,045  

Hawaiian Electric Industries Inc.

    3,102,447       131,264,533  

IDACORP Inc.

    1,435,373       165,584,629  

OGE Energy Corp.

    5,681,454       231,689,694  

PNM Resources Inc.

    2,431,885       115,927,958  
   

 

 

 
      744,119,859  
Electrical Equipment — 1.9%  

Acuity Brands Inc.(b)

    993,866       188,138,834  

EnerSys

    1,170,794       87,306,109  

Hubbell Inc.

    1,543,736       283,692,365  

nVent Electric PLC

    4,760,994       165,587,371  

Regal Rexnord Corp.

    1,922,514       286,031,633  

Sunrun Inc.(a)(b)

    5,879,792       178,569,283  

Vicor Corp.(a)(b)

    604,304       42,633,647  
   

 

 

 
      1,231,959,242  
Electronic Equipment, Instruments & Components — 3.2%  

Arrow Electronics Inc.(a)(b)

    1,931,947       229,186,873  

Avnet Inc.

    2,811,790       114,130,556  

Belden Inc.

    1,271,160       70,422,264  

Cognex Corp.

    5,016,287       387,006,542  

Coherent Inc.(a)(b)

    703,097       192,198,596  

II-VI Inc.(a)(b)

    3,017,863       218,764,889  

Jabil Inc.

    4,072,038       251,366,906  

Littelfuse Inc.

    699,733       174,520,407  

National Instruments Corp.

    3,732,697       151,510,171  

TD SYNNEX Corp.

    1,176,451       121,421,508  

Vishay Intertechnology Inc.

    3,757,896       73,654,761  
Security   Shares     Value  
Electronic Equipment, Instruments & Components (continued)  

Vontier Corp.(b)

    4,811,520     $ 122,164,493  
   

 

 

 
          2,106,347,966  
Energy Equipment & Services — 0.5%  

ChampionX Corp.(a)

    5,721,646       140,065,894  

NOV Inc.

    11,145,638       218,565,961  
   

 

 

 
      358,631,855  
Entertainment — 0.1%  

World Wrestling Entertainment Inc., Class A(b)

    1,242,196       77,562,718  
   

 

 

 
Equity Real Estate Investment Trusts (REITs) — 9.6%  

American Campus Communities Inc.

    3,950,027       221,083,011  

Apartment Income REIT Corp.

    4,455,427       238,187,127  

Brixmor Property Group Inc.

    8,453,379       218,181,712  

Camden Property Trust

    2,899,626       481,917,841  

Corporate Office Properties Trust

    3,178,855       90,724,522  

Cousins Properties Inc.

    4,207,800       169,532,262  

Douglas Emmett Inc.

    4,985,634       166,619,888  

EastGroup Properties Inc.

    1,154,738       234,735,141  

EPR Properties

    2,117,011       115,821,672  

First Industrial Realty Trust Inc.

    3,698,129       228,951,166  

Healthcare Realty Trust Inc.

    4,175,541       114,743,867  

Highwoods Properties Inc.

    2,976,956       136,165,967  

Hudson Pacific Properties Inc.

    4,319,159       119,856,662  

JBG SMITH Properties

    3,239,585       94,660,674  

Kilroy Realty Corp.

    2,981,229       227,825,520  

Kite Realty Group Trust

    6,227,544       141,801,177  

Lamar Advertising Co., Class A

    2,463,298       286,185,962  

Life Storage Inc.

    2,327,171       326,804,624  

Macerich Co. (The)

    6,029,077       94,294,764  

Medical Properties Trust Inc.

    16,933,315       357,970,279  

National Retail Properties Inc.

    4,984,990       224,025,451  

National Storage Affiliates Trust

    2,321,168       145,676,504  

Omega Healthcare Investors Inc.

    6,784,693       211,411,034  

Park Hotels & Resorts Inc.(b)

    6,726,046       131,359,678  

Pebblebrook Hotel Trust(b)

    3,718,224       91,022,123  

Physicians Realty Trust

    6,234,297       109,349,569  

PotlatchDeltic Corp.

    1,960,227       103,362,770  

PS Business Parks Inc.

    570,020       95,808,962  

Rayonier Inc.

    4,126,015       169,661,737  

Rexford Industrial Realty Inc.

    4,547,065       339,165,578  

Sabra Health Care REIT Inc.

    6,489,076       96,622,342  

SL Green Realty Corp.

    1,819,487       147,705,955  

Spirit Realty Capital Inc.

    3,624,470       166,798,109  

STORE Capital Corp.

    6,967,597       203,662,860  
   

 

 

 
      6,301,696,510  
Food & Staples Retailing — 1.3%  

BJ’s Wholesale Club Holdings Inc.(a)

    3,858,436       260,868,858  

Casey’s General Stores Inc.

    1,053,287       208,729,885  

Grocery Outlet Holding Corp.(a)(b)

    2,472,795       81,058,220  

Performance Food Group Co.(a)(b)

    4,393,779       223,687,289  

Sprouts Farmers Market Inc.(a)(b)

    3,184,627       101,844,371  
   

 

 

 
      876,188,623  
Food Products — 1.7%  

Darling Ingredients Inc.(a)(b)

    4,590,957       369,021,124  

Flowers Foods Inc.

    5,649,432       145,246,897  

Hain Celestial Group Inc. (The)(a)(b)

    2,592,125       89,169,100  

Ingredion Inc.

    1,883,034       164,106,413  

Lancaster Colony Corp.

    563,114       83,988,453  

Pilgrim’s Pride Corp.(a)

    1,371,213       34,417,446  

 

26  

2 0 2 2   I S H A R E S   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  (continued)

March 31, 2022

  

iShares® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Food Products (continued)  

Post Holdings Inc.(a)

    1,615,298     $ 111,875,539  

Sanderson Farms Inc.

    601,077       112,695,927  
   

 

 

 
          1,110,520,899  
Gas Utilities — 1.4%  

National Fuel Gas Co.

    2,595,452       178,307,552  

New Jersey Resources Corp.

    2,730,397       125,216,006  

ONE Gas Inc.

    1,516,433       133,810,048  

Southwest Gas Holdings Inc.

    1,869,364       146,352,508  

Spire Inc.

    1,468,529       105,381,641  

UGI Corp.

    5,954,562       215,674,236  
   

 

 

 
      904,741,991  
Health Care Equipment & Supplies — 2.9%  

Envista Holdings Corp.(a)(b)

    4,580,432       223,112,843  

Globus Medical Inc., Class A(a)(b)

    2,236,915       165,039,589  

Haemonetics Corp.(a)(b)

    1,450,679       91,711,926  

ICU Medical Inc.(a)(b)

    565,017       125,795,385  

Integra LifeSciences Holdings Corp.(a)(b)

    2,062,616       132,543,704  

LivaNova PLC(a)(b)

    1,506,489       123,275,995  

Masimo Corp.(a)(b)

    1,442,252       209,905,356  

Neogen Corp.(a)(b)

    3,066,573       94,573,111  

NuVasive Inc.(a)(b)

    1,469,166       83,301,712  

Penumbra Inc.(a)(b)

    997,209       221,510,035  

Quidel Corp.(a)(b)

    1,076,584       121,072,637  

STAAR Surgical Co.(a)(b)

    1,347,116       107,648,040  

Tandem Diabetes Care Inc.(a)(b)

    1,804,034       209,791,114  
   

 

 

 
      1,909,281,447  
Health Care Providers & Services — 2.6%  

Acadia Healthcare Co. Inc.(a)(b)

    2,554,881       167,421,352  

Amedisys Inc.(a)(b)

    926,626       159,648,394  

Chemed Corp.(b)

    437,051       221,388,184  

Encompass Health Corp.

    2,825,073       200,890,941  

HealthEquity Inc.(a)(b)

    2,373,715       160,083,340  

LHC Group Inc.(a)(b)

    897,124       151,255,106  

Option Care Health Inc.(a)(b)

    3,931,134       112,273,187  

Patterson Companies Inc.

    2,472,387       80,031,167  

Progyny Inc.(a)(b)

    1,976,888       101,612,043  

R1 RCM Inc.(a)(b)

    3,777,150       101,076,534  

Tenet Healthcare Corp.(a)

    3,039,467       261,272,583  
   

 

 

 
      1,716,952,831  
Hotels, Restaurants & Leisure — 2.8%  

Boyd Gaming Corp.

    2,330,750       153,316,735  

Choice Hotels International Inc.

    928,919       131,683,557  

Churchill Downs Inc.

    977,212       216,726,077  

Cracker Barrel Old Country Store Inc.

    667,105       79,205,377  

Marriott Vacations Worldwide Corp.

    1,209,593       190,752,816  

Papa John’s International Inc.

    918,866       96,738,212  

Scientific Games Corp./DE, Class A(a)(b)

    2,742,332       161,112,005  

Six Flags Entertainment Corp.(a)

    2,193,383       95,412,161  

Texas Roadhouse Inc.

    1,978,926       165,695,474  

Travel + Leisure Co.

    2,453,703       142,167,552  

Wendy’s Co. (The)

    4,999,856       109,846,836  

Wingstop Inc.

    844,110       99,056,309  

Wyndham Hotels & Resorts Inc.

    2,644,759       223,984,640  
   

 

 

 
      1,865,697,751  
Household Durables — 1.5%  

Helen of Troy Ltd.(a)(b)

    686,096       134,365,041  

KB Home

    2,430,807       78,709,531  

Leggett & Platt Inc.

    3,792,578       131,981,714  

Taylor Morrison Home Corp.(a)(b)

    3,483,230       94,813,520  
Security   Shares     Value  
Household Durables (continued)  

Tempur Sealy International Inc.

    5,470,591     $ 152,738,901  

Toll Brothers Inc.

    3,190,108       149,998,878  

TopBuild Corp.(a)(b)

    935,197       169,635,384  

Tri Pointe Homes Inc.(a)(b)

    3,160,935       63,471,575  
   

 

 

 
      975,714,544  
Household Products — 0.1%  

Energizer Holdings Inc.

    1,860,494       57,228,795  
   

 

 

 
Insurance — 4.0%  

Alleghany Corp.(a)(b)

    388,680       329,211,960