iSHARES TRUST


		SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

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

iShares Core S&P Small-Cap ETF | IJR | 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 combination of continued economic growth and moderating inflation provided a supportive backdrop for investors during the 12-month reporting period ended September 30, 2023. Significantly tighter monetary policy helped to rein in inflation while the economy proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were substantial, as the durability of consumer sentiment and spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. All major classes of equities rose, although large-capitalization U.S. stocks posted significantly higher returns than small-capitalization U.S. stocks due primarily to the performance of large technology companies. International developed market equities also advanced strongly, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at two of its meetings late in the period.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2023

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	5.18%	21.62%

U.S. small cap equities (Russell 2000^® Index)	(0.19)	8.93

International equities (MSCI Europe, Australasia, Far East Index)	(1.28)	25.65

Emerging market equities (MSCI Emerging Markets Index)	(2.05)	11.70

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.50	4.47

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.98)	(2.90)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.05)	0.64

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.05)	2.66

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.22	10.28

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


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

Table of Contents


		Page

The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		60
Statements of Operations		61
Statements of Changes in Net Assets		62
Financial Highlights		64
Notes to Financial Statements		68
Board Review and Approval of Investment Advisory Contract		77
Supplemental Information		81
General Information		82
Glossary of Terms Used in this Report		83


		3


Fund Summary as of September 30, 2023		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


	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		0.43	%		15.49	%		6.01	%		8.88	%		15.49	%		33.91	%		134.13	%
Fund Market		0.43			15.54			6.01			8.88			15.54			33.87			134.12
Index		0.45			15.51			6.06			8.94			15.51			34.20			135.50

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 1,004.30	$ 0.25			$ 1,000.00	$ 1,024.75	$ 0.25		0.05	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Industrials	22.4	%
Consumer Discretionary	14.6
Financials	14.5
Information Technology	10.5
Health Care	8.4
Real Estate	7.3
Materials	7.0
Energy	5.9
Consumer Staples	4.3
Utilities	3.4
Communication Services	1.7

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Hubbell, Inc.	0.7	%
Jabil, Inc.	0.7
Builders FirstSource, Inc.	0.7
Reliance Steel & Aluminum Co.	0.7
Deckers Outdoor Corp.	0.6
Carlisle Cos., Inc.	0.6
Watsco, Inc.	0.6
Super Micro Computer, Inc.	0.6
Graco, Inc.	0.5
Owens Corning	0.5

^(a)

Excludes money market funds.


4		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2023		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


	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		(1.71	)%		10.04	%		3.16	%		8.11	%		10.04	%		16.81	%		118.03	%
Fund Market		(1.62	)		9.96			3.15			8.11			9.96			16.78			118.06
Index		(1.71	)		10.08			3.21			8.15			10.08			17.11			118.87

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 982.90	$ 0.30			$ 1,000.00	$ 1,024.70	$ 0.30		0.06	%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector	Percent of Total Investments	^(a)

Industrials	17.5	%
Financials	17.1
Consumer Discretionary	14.0
Information Technology	13.0
Health Care	10.0
Real Estate	7.7
Energy	5.4
Materials	5.3
Consumer Staples	5.2
Communication Services	2.9
Utilities	1.9

TEN LARGEST HOLDINGS



Security	Percent of Total Investments	^(a)

Onto Innovation, Inc.	0.7	%
SPS Commerce, Inc.	0.6
Comfort Systems U.S.A., Inc.	0.6
Rambus, Inc.	0.6
Fabrinet	0.6
elf Beauty, Inc.	0.6
Applied Industrial Technologies, Inc.	0.6
Axcelis Technologies, Inc.	0.6
ATI, Inc.	0.5
Ensign Group, Inc. (The)	0.5

^(a)

Excludes money market funds.


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


Fund Summary as of September 30, 2023		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 Index™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		7.39	%		19.62	%		10.11	%		12.83	%		19.62	%		61.86	%		234.38%
Fund Market		7.48			19.71			10.12			12.83			19.71			61.90			234.41
Index		7.40			19.65			10.17			12.90			19.65			62.30			236.43

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 Index^TM.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

	$ 1,000.00	$ 1,073.90	$ 0.21			$ 1,000.00	$ 1,024.80	$ 0.20		0.04	%

^(a)

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Information Technology	33.8	%
Health Care	16.9
Consumer Discretionary	10.5
Financials	7.6
Communication Services	7.5
Energy	7.3
Industrials	6.3
Consumer Staples	6.2
Materials	2.3
Real Estate	1.0
Other (each representing less than 1%)	0.6


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Apple Inc.	12.1	%
Microsoft Corp.	6.5
NVIDIA Corp.	5.2
Alphabet, Inc., Class A	3.7
Tesla, Inc.	3.3
Alphabet, Inc., Class C, NVS	3.2
Amazon.com, Inc.	2.6
Exxon Mobil Corp.	2.3
UnitedHealth Group, Inc.	2.2
Eli Lilly & Co.	2.1

^(a)

Excludes money market funds.


6		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of September 30, 2023		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 Index™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns

	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years

Fund NAV		2.07	%		21.67	%		8.25	%		9.54	%		21.67	%		48.62	%		148.66%
Fund Market		2.11			21.65			8.25			9.54			21.65			48.64			148.67
Index		2.08			21.71			8.26			9.58			21.71			48.71			149.65

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 Index^TM.

Expense Example


	Actual				Hypothetical 5% Return


Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$ 1,000.00		$ 1,020.70	$ 0.20			$ 1,000.00	$ 1,024.80	$ 0.20		0.04	%

^(a)

Portfolio Information


SECTOR ALLOCATION

Sector	Percent of Total Investments	^(a)

Financials	19.4	%
Information Technology	17.6
Industrials	12.6
Consumer Discretionary	11.4
Communication Services	9.6
Health Care	8.4
Consumer Staples	6.7
Utilities	4.7
Real Estate	4.6
Materials	3.3
Energy	1.7


TEN LARGEST HOLDINGS

Security	Percent of Total Investments	^(a)

Microsoft Corp.	5.7	%
Meta Platforms, Inc., Class A	3.9
Berkshire Hathaway, Inc., Class B	3.7
Amazon.com, Inc.	3.6
JPMorgan Chase & Co.	2.4
Walmart, Inc.	1.3
Cisco Systems, Inc.	1.3
Salesforce, Inc.	1.2
Bank of America Corp.	1.1
Comcast Corp., Class A	1.1

^(a)

Excludes money market funds.


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

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.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.


8		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.2%
BWX Technologies, Inc.		2,860,621	$	214,489,362
Curtiss-Wright Corp.		1,197,998		234,364,349
Hexcel Corp.		2,641,694		172,079,947
Woodward, Inc.		1,889,587		234,800,081


				855,733,739

Air Freight & Logistics — 0.3%
GXO Logistics, Inc.^(a)(b)		3,719,752		218,163,455


Automobile Components — 1.7%
Adient PLC^(a)		2,929,145		107,499,621
Autoliv, Inc.		2,376,466		229,281,440
Fox Factory Holding Corp.^(a)(b)		1,325,069		131,287,837
Gentex Corp.		7,300,767		237,566,958
Goodyear Tire & Rubber Co. (The)^(a)(b)		8,865,811		110,202,031
Lear Corp.		1,837,326		246,569,149
Visteon Corp.^(a)(b)		881,930		121,768,075


				1,184,175,111

Automobiles — 0.4%
Harley-Davidson, Inc.		4,032,478		133,313,723
Thor Industries, Inc.^(b)		1,667,220		158,602,638


				291,916,361

Banks — 5.1%
Associated Banc-Corp.		4,720,090		80,760,740
Bank OZK		3,290,932		121,994,849
Cadence Bank		4,706,476		99,871,421
Columbia Banking System, Inc.		6,523,108		132,419,093
Commerce Bancshares, Inc.		3,549,020		170,281,980
Cullen/Frost Bankers, Inc.		2,005,462		182,918,189
East West Bancorp, Inc.		4,424,946		233,238,904
First Financial Bankshares, Inc.^(b)		4,017,833		100,927,965
First Horizon Corp.		17,432,219		192,103,053
FNB Corp.		11,222,213		121,087,678
Glacier Bancorp, Inc.		3,467,642		98,827,797
Hancock Whitney Corp.		2,693,611		99,636,671
Home BancShares, Inc.		5,892,265		123,384,029
International Bancshares Corp.		1,668,914		72,330,733
New York Community Bancorp, Inc., Class A		22,595,579		256,233,866
Old National Bancorp		9,150,791		133,052,501
Pinnacle Financial Partners, Inc.^(b)		2,400,656		160,939,978
Prosperity Bancshares, Inc.		2,931,178		159,983,695
SouthState Corp.		2,377,106		160,121,860
Synovus Financial Corp.		4,571,408		127,085,142
Texas Capital Bancshares, Inc.^(a)(b)		1,501,243		88,423,213
UMB Financial Corp.		1,365,699		84,741,623
United Bankshares, Inc.		4,220,124		116,433,221
Valley National Bancorp		13,336,181		114,157,709
Webster Financial Corp.		5,418,592		218,423,444
Wintrust Financial Corp.		1,914,420		144,538,710


				3,593,918,064

Beverages — 0.7%
Boston Beer Co., Inc. (The), Class A, NVS^(a)(b)		295,634		115,158,312
Celsius Holdings, Inc.^(a)(b)		1,539,062		264,103,039
Coca-Cola Consolidated, Inc.^(b)		146,576		93,269,241


				472,530,592

Biotechnology — 1.6%
Arrowhead Pharmaceuticals, Inc.^(a)(b)		3,352,487		90,081,326
Exelixis, Inc.^(a)(b)		9,957,442		217,570,108
Halozyme Therapeutics, Inc.^(a)(b)		4,125,861		157,607,890


Security	Shares		Value

Biotechnology (continued)
Neurocrine Biosciences, Inc.^(a)		3,054,090	$	343,585,125
United Therapeutics Corp.^(a)(b)		1,467,841		331,541,246


				1,140,385,695

Broadline Retail — 0.5%
Kohl’s Corp.		3,458,760		72,495,610
Macy’s, Inc.		8,523,441		98,957,150
Nordstrom, Inc.		3,030,458		45,275,043
Ollie’s Bargain Outlet Holdings, Inc.^(a)(b)		1,932,747		149,169,413


				365,897,216

Building Products — 3.9%
Advanced Drainage Systems, Inc.^(b)		2,165,778		246,530,510
Builders FirstSource, Inc.^(a)(b)		3,910,562		486,825,863
Carlisle Cos., Inc.		1,561,229		404,764,231
Fortune Brands Innovations, Inc.		3,968,546		246,684,819
Lennox International, Inc.		999,638		374,304,453
Owens Corning		2,809,580		383,254,808
Simpson Manufacturing Co., Inc.		1,334,608		199,937,625
Trex Co., Inc.^(a)(b)		3,395,334		209,254,434
UFP Industries, Inc.		1,934,843		198,127,923


				2,749,684,666

Capital Markets — 2.2%
Affiliated Managers Group, Inc.^(b)		1,096,103		142,866,065
Evercore, Inc., Class A		1,090,217		150,319,120
Federated Hermes, Inc., Class B		2,754,591		93,297,997
Interactive Brokers Group, Inc., Class A^(b)		3,345,575		289,592,972
Janus Henderson Group PLC		4,144,795		107,018,607
Jefferies Financial Group, Inc.		5,527,386		202,468,149
Morningstar, Inc.		813,749		190,612,566
SEI Investments Co.		3,146,041		189,486,049
Stifel Financial Corp.		3,266,667		200,704,021


				1,566,365,546

Chemicals — 2.2%
Ashland, Inc.		1,602,575		130,898,326
Avient Corp.		2,848,580		100,611,846
Axalta Coating Systems Ltd.^(a)		6,933,783		186,518,763
Cabot Corp.		1,749,443		121,183,917
Chemours Co. (The)		4,628,931		129,841,514
NewMarket Corp.		215,180		97,915,507
Olin Corp.^(b)		3,935,238		196,683,195
RPM International, Inc.		4,036,132		382,665,675
Scotts Miracle-Gro Co. (The)		1,299,656		67,166,222
Westlake Corp.^(b)		998,360		124,465,541


				1,537,950,506

Commercial Services & Supplies — 1.3%
Brink’s Co. (The)		1,451,984		105,472,118
Clean Harbors, Inc.^(a)(b)		1,575,035		263,597,858
MSA Safety, Inc.		1,155,399		182,148,652
Stericycle, Inc.^(a)(b)		2,892,157		129,308,340
Tetra Tech, Inc.		1,665,281		253,172,670


				933,699,638

Communications Equipment — 0.6%
Calix, Inc.^(a)		1,846,015		84,621,328
Ciena Corp.^(a)(b)		4,675,617		220,969,659
Lumentum Holdings, Inc.^(a)(b)		2,148,609		97,074,155


				402,665,142

Construction & Engineering — 1.8%
AECOM		4,338,720		360,287,309
EMCOR Group, Inc.		1,474,158		310,148,102
Fluor Corp.^(a)(b)		4,483,869		164,557,992


S C H E D U L E S O F I N V E S T M E N T S			9

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
MasTec, Inc.^(a)(b)		1,890,417	$	136,053,311
MDU Resources Group, Inc.		6,368,827		124,701,633
Valmont Industries, Inc.		657,187		157,862,889


				1,253,611,236

Construction Materials — 0.4%
Eagle Materials, Inc.^(b)		1,108,144		184,528,139
Knife River Corp.^(a)(b)		1,592,204		77,747,321


				262,275,460

Consumer Finance — 0.6%
Ally Financial, Inc.		8,456,167		225,610,535
FirstCash Holdings, Inc.		1,156,826		116,122,194
SLM Corp.		7,070,737		96,303,438


				438,036,167

Consumer Staples Distribution & Retail — 2.0%
BJ’s Wholesale Club Holdings, Inc.^(a)(b)		4,202,423		299,926,929
Casey’s General Stores, Inc.		1,169,381		317,510,329
Grocery Outlet Holding Corp.^(a)(b)		3,089,274		89,125,555
Performance Food Group Co.^(a)(b)		4,883,504		287,443,045
Sprouts Farmers Market, Inc.^(a)(b)		3,190,262		136,543,214
U.S. Foods Holding Corp.^(a)(b)		7,104,194		282,036,502


				1,412,585,574

Containers & Packaging — 1.9%
AptarGroup, Inc.		2,052,813		256,683,738
Berry Global Group, Inc.		3,693,606		228,671,147
Crown Holdings, Inc.^(b)		3,773,326		333,863,885
Graphic Packaging Holding Co.		9,608,098		214,068,423
Greif, Inc., Class A, NVS		796,674		53,225,790
Silgan Holdings, Inc.		2,613,326		112,660,484
Sonoco Products Co.		3,063,597		166,506,497


				1,365,679,964

Diversified Consumer Services — 0.9%
Graham Holdings Co., Class B		115,249		67,190,167
Grand Canyon Education, Inc.^(a)(b)		932,659		109,009,184
H&R Block, Inc.		4,762,719		205,082,680
Service Corp. International		4,718,089		269,591,605


				650,873,636

Diversified Telecommunication Services — 0.4%
Frontier Communications Parent, Inc.^(a)(b)		6,917,554		108,259,720
Iridium Communications, Inc.		3,911,000		177,911,390


				286,171,110

Electric Utilities — 1.0%
ALLETE, Inc.		1,795,136		94,783,181
IDACORP, Inc.		1,582,996		148,247,575
OGE Energy Corp.		6,264,024		208,779,920
PNM Resources, Inc.		2,684,510		119,755,991
Portland General Electric Co.		3,161,770		127,988,450


				699,555,117

Electrical Equipment — 2.4%
Acuity Brands, Inc.^(b)		975,537		166,143,706
EnerSys		1,283,536		121,512,353
Hubbell, Inc.		1,677,322		525,689,488
nVent Electric PLC		5,184,653		274,734,763
Regal Rexnord Corp.^(b)		2,073,892		296,317,689
Sensata Technologies Holding PLC		4,767,035		180,289,264
Sunrun, Inc.^(a)(b)		6,792,450		85,313,172
Vicor Corp.^(a)(b)		701,628		41,318,873


				1,691,319,308


Security	Shares		Value

Electronic Equipment, Instruments & Components — 3.6%
Arrow Electronics, Inc.^(a)(b)		1,740,874	$	218,027,060
Avnet, Inc.		2,857,128		137,684,998
Belden, Inc.^(b)		1,322,849		127,721,071
Cognex Corp.		5,388,505		228,688,152
Coherent Corp.^(a)(b)		4,069,936		132,842,711
Crane NXT Co.		1,509,889		83,904,532
IPG Photonics Corp.^(a)(b)		933,291		94,766,368
Jabil, Inc.^(b)		4,093,335		519,403,278
Littelfuse, Inc.		778,503		192,539,362
National Instruments Corp.		4,112,631		245,195,060
Novanta, Inc.^(a)(b)		1,119,904		160,639,030
TD SYNNEX Corp.		1,495,411		149,331,743
Vishay Intertechnology, Inc.		3,970,298		98,145,767
Vontier Corp.^(b)		4,837,271		149,568,419


				2,538,457,551

Energy Equipment & Services — 1.2%
ChampionX Corp.^(b)		6,148,149		218,997,067
NOV, Inc.		12,315,470		257,393,323
Valaris Ltd.^(a)(b)		1,990,033		149,212,674
Weatherford International PLC^(a)		2,254,163		203,618,544


				829,221,608

Entertainment — 0.2%
TKO Group Holdings, Inc., Class A		1,647,481		138,487,253


Financial Services — 1.4%
Essent Group Ltd.		3,346,075		158,235,887
Euronet Worldwide, Inc.^(a)(b)		1,475,442		117,120,586
MGIC Investment Corp.		8,829,657		147,366,975
Voya Financial, Inc.		3,308,295		219,836,203
Western Union Co. (The)		9,294,514		122,501,694
WEX, Inc.^(a)(b)		1,343,397		252,679,542


				1,017,740,887

Food Products — 1.2%
Darling Ingredients, Inc.^(a)(b)		4,988,119		260,379,812
Flowers Foods, Inc.		6,014,266		133,396,420
Ingredion, Inc.		2,068,544		203,544,729
Lancaster Colony Corp.		636,960		105,117,509
Pilgrim’s Pride Corp.^(a)(b)		1,257,039		28,698,200
Post Holdings, Inc.^(a)(b)		1,589,150		136,253,721


				867,390,391

Gas Utilities — 1.1%
National Fuel Gas Co.		2,871,661		149,067,922
New Jersey Resources Corp.		3,049,705		123,909,514
ONE Gas, Inc.		1,734,181		118,409,879
Southwest Gas Holdings, Inc.		1,877,787		113,437,113
Spire, Inc.		1,645,171		93,083,775
UGI Corp.		6,551,506		150,684,638


				748,592,841

Ground Transportation — 2.0%
Avis Budget Group, Inc.^(a)(b)		617,901		111,030,631
Hertz Global Holdings, Inc.^(a)(b)		4,185,894		51,277,201
Knight-Swift Transportation Holdings, Inc.		5,044,508		252,982,076
Landstar System, Inc.		1,124,220		198,919,487
Ryder System, Inc.		1,423,868		152,282,683
Saia, Inc.^(a)(b)		829,888		330,834,851
Werner Enterprises, Inc.		1,982,537		77,219,816
XPO, Inc.^(a)(b)		3,626,896		270,784,055


				1,445,330,800

Health Care Equipment & Supplies — 2.7%
Enovis Corp.^(a)(b)		1,549,303		81,694,747


10		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Envista Holdings Corp.^(a)(b)		5,123,635	$	142,846,944
Globus Medical, Inc., Class A^(a)(b)		3,670,681		182,249,312
Haemonetics Corp.^(a)(b)		1,586,030		142,076,567
ICU Medical, Inc.^(a)(b)		634,082		75,462,099
Inari Medical, Inc.^(a)(b)		1,596,391		104,403,971
Integra LifeSciences Holdings Corp.^(a)(b)		2,214,959		84,589,284
Lantheus Holdings, Inc.^(a)(b)		2,139,118		148,625,919
LivaNova PLC^(a)		1,685,204		89,113,587
Masimo Corp.^(a)(b)		1,387,592		121,664,067
Neogen Corp.^(a)(b)		6,154,462		114,103,725
Penumbra, Inc.^(a)(b)		1,202,126		290,806,301
QuidelOrtho Corp.^(a)(b)		1,545,789		112,904,429
Shockwave Medical, Inc.^(a)(b)		1,149,365		228,838,571


				1,919,379,523

Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc.^(a)(b)		2,882,701		202,682,707
Amedisys, Inc.^(a)(b)		1,020,605		95,324,507
Chemed Corp.^(b)		471,537		245,057,779
Encompass Health Corp.		3,134,749		210,529,743
HealthEquity, Inc.^(a)(b)		2,673,126		195,271,854
Option Care Health, Inc.^(a)(b)		5,625,696		181,991,266
Patterson Cos., Inc.		2,661,412		78,884,252
Progyny, Inc.^(a)(b)		2,595,946		88,314,083
R1 RCM, Inc.^(a)(b)		6,158,430		92,807,540
Tenet Healthcare Corp.^(a)		3,175,531		209,235,737


				1,600,099,468

Health Care REITs — 1.0%
Healthcare Realty Trust, Inc.		11,911,425		181,887,460
Medical Properties Trust, Inc.		18,715,103		101,997,311
Omega Healthcare Investors, Inc.		7,658,430		253,953,539
Physicians Realty Trust		7,457,706		90,909,436
Sabra Health Care REIT, Inc.		7,231,430		100,806,134


				729,553,880

Health Care Technology — 0.1%
Doximity, Inc., Class A^(a)(b)		3,925,480		83,298,686


Hotel & Resort REITs — 0.1%
Park Hotels & Resorts, Inc.		6,747,101		83,124,284


Hotels, Restaurants & Leisure — 3.4%
Aramark		8,164,401		283,304,715
Boyd Gaming Corp.		2,220,808		135,091,751
Choice Hotels International, Inc.^(b)		787,792		96,512,398
Churchill Downs, Inc.^(b)		2,130,807		247,258,844
Hilton Grand Vacations, Inc.^(a)(b)		2,271,553		92,452,207
Light & Wonder, Inc., Class A^(a)(b)		2,849,737		203,271,740
Marriott Vacations Worldwide Corp.		1,060,736		106,741,864
Penn Entertainment, Inc.^(a)(b)		4,723,718		108,409,328
Planet Fitness, Inc., Class A^(a)(b)		2,644,666		130,064,674
Texas Roadhouse, Inc.		2,087,560		200,614,516
Travel + Leisure Co.		2,311,991		84,919,429
Vail Resorts, Inc.		1,205,786		267,551,856
Wendy’s Co. (The)		5,301,881		108,211,391
Wingstop, Inc.^(b)		937,569		168,612,409
Wyndham Hotels & Resorts, Inc.		2,635,158		183,248,887


				2,416,266,009

Household Durables — 1.7%
Helen of Troy Ltd.^(a)(b)		753,702		87,851,505
KB Home		2,430,410		112,479,375
Leggett & Platt, Inc.		4,165,674		105,849,776
Taylor Morrison Home Corp., Class A^(a)(b)		3,421,465		145,788,624
Tempur Sealy International, Inc.		5,384,251		233,353,438


Security	Shares		Value

Household Durables (continued)
Toll Brothers, Inc.		3,419,697	$	252,920,790
TopBuild Corp.^(a)		993,208		249,891,133


				1,188,134,641

Independent Power and Renewable Electricity Producers — 0.7%
Ormat Technologies, Inc.^(b)		1,677,335		117,279,263
Vistra Corp.		10,806,089		358,546,033


				475,825,296

Industrial REITs — 1.3%
EastGroup Properties, Inc.		1,419,865		236,450,118
First Industrial Realty Trust, Inc.		4,136,276		196,845,375
Rexford Industrial Realty, Inc.		6,456,523		318,629,410
STAG Industrial, Inc.		5,619,035		193,912,898


				945,837,801

Insurance — 4.4%
American Financial Group, Inc.		2,070,231		231,182,696
Brighthouse Financial, Inc.^(a)(b)		2,048,591		100,258,043
CNO Financial Group, Inc.		3,534,008		83,862,010
Erie Indemnity Co., Class A, NVS		780,069		229,176,471
Fidelity National Financial, Inc., Class A		2,217,266		91,573,086
First American Financial Corp.		3,224,039		182,125,963
Hanover Insurance Group, Inc. (The)		1,118,215		124,099,501
Kemper Corp.		1,883,165		79,149,425
Kinsale Capital Group, Inc.^(b)		688,177		284,994,741
Old Republic International Corp.		8,279,119		223,039,466
Primerica, Inc.^(b)		1,118,621		217,023,660
Reinsurance Group of America, Inc.		2,070,796		300,658,871
RenaissanceRe Holdings Ltd.		1,600,729		316,816,284
RLI Corp.		1,254,903		170,528,769
Selective Insurance Group, Inc.		1,894,247		195,429,463
Unum Group		5,751,126		282,897,888


				3,112,816,337

Interactive Media & Services — 0.3%
Ziff Davis, Inc.^(a)(b)		1,453,767		92,590,420
ZoomInfo Technologies, Inc., Class A^(a)(b)		9,542,590		156,498,476


				249,088,896

IT Services — 0.6%
GoDaddy, Inc., Class A^(a)(b)		4,591,580		341,980,879
Kyndryl Holdings, Inc.^(a)(b)		7,158,652		108,095,645


				450,076,524

Leisure Products — 1.1%
Brunswick Corp.		2,184,075		172,541,925
Mattel, Inc.^(a)(b)		11,075,782		243,999,477
Polaris, Inc.		1,666,584		173,558,058
Topgolf Callaway Brands Corp.^(a)(b)		4,469,679		61,860,357
YETI Holdings, Inc.^(a)(b)		2,712,689		130,805,864


				782,765,681

Life Sciences Tools & Services — 1.1%
Azenta, Inc.^(a)		1,881,331		94,424,003
Bruker Corp.^(b)		3,077,218		191,710,681
Medpace Holdings, Inc.^(a)(b)		726,458		175,897,276
Repligen Corp.^(a)(b)		1,621,717		257,869,220
Sotera Health Co.^(a)(b)		3,093,609		46,342,263


				766,243,443

Machinery — 4.8%
AGCO Corp.		1,943,769		229,908,997
Chart Industries, Inc.^(a)(b)		1,312,716		222,006,530
Crane Co.^(b)		1,527,007		135,659,302
Donaldson Co., Inc.		3,791,873		226,147,306
Esab Corp.		1,771,538		124,397,398


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

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Flowserve Corp.		4,103,530	$	163,197,388
Graco, Inc.^(b)		5,285,297		385,192,445
ITT, Inc.		2,567,697		251,403,213
Lincoln Electric Holdings, Inc.		1,795,605		326,423,033
Middleby Corp. (The)^(a)		1,676,447		214,585,216
Oshkosh Corp.		2,042,304		194,897,071
RBC Bearings, Inc.^(a)(b)		908,733		212,761,657
Terex Corp.		2,107,951		121,460,137
Timken Co. (The)		2,044,078		150,219,292
Toro Co. (The)		3,249,685		270,048,824
Watts Water Technologies, Inc., Class A		855,992		147,932,538


				3,376,240,347

Marine Transportation — 0.2%
Kirby Corp.^(a)(b)		1,860,877		154,080,616


Media — 0.8%
Cable One, Inc.		142,422		87,680,680
New York Times Co. (The), Class A		5,115,316		210,751,019
Nexstar Media Group, Inc., Class A		1,041,891		149,375,913
TEGNA, Inc.		6,302,649		91,829,596


				539,637,208

Metals & Mining — 2.3%
Alcoa Corp.		5,581,066		162,185,778
Cleveland-Cliffs, Inc.^(a)(b)		15,909,151		248,660,030
Commercial Metals Co.		3,652,510		180,470,519
MP Materials Corp., Class A^(a)(b)		4,500,372		85,957,105
Reliance Steel & Aluminum Co.		1,831,384		480,243,827
Royal Gold, Inc.		2,054,439		218,448,499
United States Steel Corp.^(b)		6,973,252		226,491,225
Worthington Industries, Inc.		952,788		58,901,354


				1,661,358,337

Mortgage Real Estate Investment Trusts (REITs) — 0.7%
Annaly Capital Management, Inc.		15,447,091		290,559,782
Starwood Property Trust, Inc.		9,293,067		179,820,846


				470,380,628

Multi-Utilities — 0.3%
Black Hills Corp.		2,098,913		106,184,008
Northwestern Energy Group, Inc.		1,877,828		90,248,414


				196,432,422

Office REITs — 0.6%
COPT Defense Properties		3,519,559		83,871,091
Cousins Properties, Inc.		4,746,768		96,691,664
Kilroy Realty Corp.		3,334,941		105,417,485
Vornado Realty Trust		5,005,820		113,531,998


				399,512,238

Oil, Gas & Consumable Fuels — 4.7%
Antero Midstream Corp.		10,651,451		127,604,383
Antero Resources Corp.^(a)(b)		8,830,907		224,128,420
Chesapeake Energy Corp.		3,518,546		303,404,222
Chord Energy Corp.		1,298,892		210,511,426
Civitas Resources, Inc.		2,661,089		215,202,267
CNX Resources Corp.^(a)(b)		5,049,857		114,025,771
DT Midstream, Inc.		3,030,633		160,381,098
Equitrans Midstream Corp.		13,550,342		126,966,704
HF Sinclair Corp.		4,548,961		258,972,350
Matador Resources Co.^(b)		3,465,535		206,130,022
Murphy Oil Corp.		4,639,596		210,405,679
Ovintiv, Inc.		7,936,399		377,534,500
PBF Energy, Inc., Class A		3,440,262		184,157,225
Permian Resources Corp., Class A		8,683,576		121,222,721


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Range Resources Corp.^(b)		7,548,342	$	244,641,764
Southwestern Energy Co.^(a)(b)		34,448,519		222,192,948


				3,307,481,500

Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		2,007,096		110,932,196


Personal Care Products — 0.4%
BellRing Brands, Inc.^(a)		4,111,005		169,496,736
Coty, Inc., Class A^(a)(b)		11,202,001		122,885,951


				292,382,687

Pharmaceuticals — 0.5%
Jazz Pharmaceuticals PLC^(a)		1,974,562		255,587,305
Perrigo Co. PLC		4,234,574		135,294,640


				390,881,945

Professional Services — 3.0%
ASGN, Inc.^(a)(b)		1,513,722		123,640,813
CACI International, Inc., Class A^(a)(b)		713,044		223,845,903
Concentrix Corp.^(b)		1,351,267		108,249,999
ExlService Holdings, Inc.^(a)		5,415,526		151,851,349
Exponent, Inc.		1,589,537		136,064,367
FTI Consulting, Inc.^(a)(b)		1,064,265		189,875,519
Genpact Ltd.		5,213,463		188,727,361
Insperity, Inc.		1,133,255		110,605,688
KBR, Inc.		4,219,530		248,699,098
ManpowerGroup, Inc.		1,550,658		113,694,245
Maximus, Inc.		1,908,891		142,555,980
Paylocity Holding Corp.^(a)(b)		1,346,686		244,692,846
Science Applications International Corp.		1,678,949		177,196,277


				2,159,699,445

Real Estate Management & Development — 0.3%
Jones Lang LaSalle, Inc.^(a)(b)		1,491,266		210,536,934


Residential REITs — 0.9%
Apartment Income REIT Corp.		4,667,016		143,277,391
Equity LifeStyle Properties, Inc.		5,825,827		371,163,438
Independence Realty Trust, Inc.		7,018,633		98,752,167


				613,192,996

Retail REITs — 1.2%
Agree Realty Corp.		3,010,836		166,318,581
Brixmor Property Group, Inc.		9,401,118		195,355,232
Kite Realty Group Trust		6,857,838		146,894,890
NNN REIT, Inc.		5,704,948		201,612,862
Spirit Realty Capital, Inc.		4,420,161		148,207,998


				858,389,563

Semiconductors & Semiconductor Equipment — 2.4%
Allegro MicroSystems, Inc.^(a)(b)		2,226,144		71,103,039
Amkor Technology, Inc.		3,227,811		72,948,529
Cirrus Logic, Inc.^(a)(b)		1,711,068		126,550,589
Lattice Semiconductor Corp.^(a)(b)		4,310,885		370,434,348
MACOM Technology Solutions Holdings, Inc.^(a)(b)		1,677,224		136,827,934
MKS Instruments, Inc.		1,965,687		170,110,553
Power Integrations, Inc.		1,795,011		136,977,290
Silicon Laboratories, Inc.^(a)(b)		996,554		115,490,643
Synaptics, Inc.^(a)(b)		1,236,123		110,558,841
Universal Display Corp.		1,362,297		213,867,006
Wolfspeed, Inc.^(a)(b)		3,892,951		148,321,433


				1,673,190,205

Software — 2.9%
ACI Worldwide, Inc.^(a)(b)		3,396,335		76,621,318


12		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Software (continued)
Aspen Technology, Inc.^(a)(b)		887,110	$	181,201,089
Blackbaud, Inc.^(a)(b)		1,347,462		94,753,528
CommVault Systems, Inc.^(a)(b)		1,372,201		92,774,510
Dolby Laboratories, Inc., Class A		1,862,597		147,629,438
Dropbox, Inc., Class A^(a)(b)		8,065,102		219,612,727
Dynatrace, Inc.^(a)(b)		7,429,899		347,199,180
Envestnet, Inc.^(a)		1,426,567		62,811,745
Manhattan Associates, Inc.^(a)(b)		1,928,713		381,229,411
NCR Corp.^(a)(b)		4,186,347		112,905,779
Qualys, Inc.^(a)(b)		1,148,177		175,154,401
Teradata Corp.^(a)		3,122,893		140,592,643


				2,032,485,769

Specialized REITs — 1.8%
CubeSmart		7,030,955		268,090,314
EPR Properties		2,355,776		97,858,935
Gaming & Leisure Properties, Inc.		8,200,340		373,525,487
Lamar Advertising Co., Class A^(b)		2,737,834		228,527,004
National Storage Affiliates Trust		2,595,574		82,383,519
PotlatchDeltic Corp.		2,499,236		113,440,322
Rayonier, Inc.		4,266,177		121,415,397


				1,285,240,978

Specialty Retail — 2.8%
AutoNation, Inc.^(a)(b)		840,343		127,227,930
Dick’s Sporting Goods, Inc.		1,959,738		212,788,352
Five Below, Inc.^(a)(b)		1,740,905		280,111,614
GameStop Corp., Class A^(a)(b)		8,387,421		138,056,950
Gap, Inc. (The)		6,676,421		70,970,355
Lithia Motors, Inc., Class A^(b)		862,008		254,576,823
Murphy U.S.A., Inc.^(b)		610,562		208,647,352
Penske Automotive Group, Inc.		610,381		101,970,250
RH^(a)(b)		483,232		127,747,212
Valvoline, Inc.^(b)		4,336,719		139,815,821
Williams-Sonoma, Inc.^(b)		2,008,558		312,129,913


				1,974,042,572

Technology Hardware, Storage & Peripherals — 0.5%
Super Micro Computer, Inc.^(a)(b)		1,428,170		391,632,777


Textiles, Apparel & Luxury Goods — 1.9%
Capri Holdings Ltd.^(a)		3,630,023		190,975,510
Carter’s, Inc.		1,165,253		80,577,245


Security	Shares		Value


Textiles, Apparel & Luxury Goods (continued)
Columbia Sportswear Co.		1,093,323	$	81,015,234
Crocs, Inc.^(a)(b)		1,927,931		170,101,352
Deckers Outdoor Corp.^(a)(b)		817,347		420,189,919
PVH Corp.		1,961,489		150,073,523
Skechers U.S.A., Inc., Class A^(a)(b)		4,202,391		205,707,040
Under Armour, Inc., Class A^(a)(b)		5,901,794		40,427,289
Under Armour, Inc., Class C, NVS^(a)(b)		6,129,509		39,106,268


				1,378,173,380

Trading Companies & Distributors — 1.2%
GATX Corp.		1,107,143		120,490,373
MSC Industrial Direct Co., Inc., Class A		1,482,384		145,495,990
Watsco, Inc.		1,048,909		396,193,907
WESCO International, Inc.^(b)		1,382,329		198,806,557


				860,986,827

Water Utilities — 0.4%
Essential Utilities, Inc.		7,610,689		261,274,953


Total Long-Term Investments — 99.3% (Cost: $63,329,536,901)				70,359,091,626


Short-Term Securities

Money Market Funds — 6.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		3,733,299,806		3,734,793,126
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(d)		777,350,463		777,350,463


Total Short-Term Securities — 6.4% (Cost: $4,509,869,176)				4,512,143,589


Total Investments — 105.7% (Cost: $67,839,406,077)				74,871,235,215

Liabilities in Excess of Other Assets — (5.7)%				(4,066,581,769	)


Net Assets — 100.0%			$	70,804,653,446

^(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.


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

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Mid-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:




Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,068,703,325	$	—		$	(334,343,042	)^(a)	$	179,859	$	252,984	$	3,734,793,126		3,733,299,806	$	8,486,238	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		225,712,057		551,638,406	^(a)		—			—		—		777,350,463		777,350,463		5,628,797			—


									$	179,859	$	252,984	$	4,512,143,589			$	14,115,035		$	—

^(a)

Represents net amount purchased (sold).

^(b)

All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts




Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)


Long Contracts
S&P Mid 400 E-Mini Index		497		12/15/23	$	125,264	$	(835,170	)

OTC Total Return Swaps




Reference Entity	Payment Frequency	Counterparty^(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage


Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA^(b)		08/19/26	$	265,228,009	$	(10,247,014	)^(c)	$	255,341,230		0.4	%
	Monthly	HSBC Bank PLC^(d)		02/10/28		18,699,546		(119,882	)^(e)		18,576,656		0.0	^(f)
	Monthly	JPMorgan Chase Bank NA^(g)		02/08/24		28,216,137		534,935	^(h)		28,754,159		0.0	^(f)


							$	(9,831,961	)	$	302,672,045

^(a)

The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)

Amount includes $(360,235) of net dividends, payable for referenced securities purchased and financing fees.

^(e)

Amount includes $3,008 of net dividends, payable for referenced securities purchased and financing fees.

^(f)

Rounds to less than 0.1%.

^(h)

Amount includes $(3,087) of net dividends, payable for referenced securities purchased and financing fees.


14		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Mid-Cap ETF

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(e)	(g)
Range:	40 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Cadence Bank		349,121	$	7,408,347		2.9	%


Insurance
Fidelity National Financial, Inc.		5,869,426		242,407,294		94.9


Software
Envestnet, Inc.		125,496		5,525,589		2.2


Net Value of Reference Entity — Goldman Sachs Bank USA			$	255,341,230

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Cadence Bank		399,296	$	8,473,061		45.6	%




	Shares		Value		% of Basket Value


Consumer Finance
Fidelity National Financial, Inc.		33,719	$	899,623		4.8	%


Financial Services
Western Union Co. (The)		650,674		8,575,883		46.2


Specialized REITs
Gaming & Leisure Properties, Inc.		13,789		628,089		3.4


Net Value of Reference Entity — HSBC Bank PLC			$	18,576,656

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Cadence Bank		256,623	$	5,445,540		18.9	%


Financial Services
Western Union Co. (The)		1,768,484		23,308,619		81.1


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	28,754,159

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

OTC Swaps	$	—	$	—	$	534,935	$	(10,366,896	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Mid-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	—	$	—	$	534,935	$	—	$	—	$	—	$	534,935

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	835,170	$	—	$	—	$	—	$	835,170
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		10,366,896		—		—		—		10,366,896


	$	—	$	—	$	11,202,066	$	—	$	—	$	—	$	11,202,066

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	8,802,161		$	—	$	—	$	—	$	8,802,161
Swaps		—		—		(5,638,567	)		—		—		—		(5,638,567	)


	$	—	$	—	$	3,163,594		$	—	$	—	$	—	$	3,163,594

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(8,346,494	)	$	—	$	—	$	—	$	(8,346,494	)
Swaps		—		—		(7,431,220	)		—		—		—		(7,431,220	)


	$	—	$	—	$	(15,777,714	)	$	—	$	—	$	—	$	(15,777,714	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	169,850,195
Total return swaps
Average notional amount	$	185,601,755

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets		Liabilities

Derivative Financial Instruments
Futures contracts	$	—	$	546,700
Swaps — OTC^(a)		534,935		10,366,896

Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	534,935	$	10,913,596

Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(546,700	)

Total derivative assets and liabilities subject to an MNA	$	534,935	$	10,366,896

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.


16		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Mid-Cap ETF

The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:



Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)		Non- Cash Collateral Received^(b)		Cash Collateral Received^(b)			Net Amount of Derivative Assets^(c)

JPMorgan Chase Bank N.A.	$	534,935	$	—	$	—	$	(534,935	)	$	—



Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)		Non- Cash Collateral Pledged^(b)		Cash Collateral Pledged^(b)			Net Amount of Derivative Liabilities^(d)

Goldman Sachs Bank USA	$	10,247,014	$	—	$	—	$	(10,247,014	)	$	—
HSBC Bank PLC		119,882		—		—		(119,882	)		—


	$	10,366,896	$	—	$	—	$	(10,366,896	)	$	—

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)

Net amount represents the net amount payable due to the counterparty in the event of default.

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

Assets
Investments
Long-Term Investments
Common Stocks	$	70,359,091,626		$	—		$	—	$	70,359,091,626
Short-Term Securities
Money Market Funds		4,512,143,589			—			—		4,512,143,589


	$	74,871,235,215		$	—		$	—	$	74,871,235,215


Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	—		$	534,935		$	—	$	534,935
Liabilities
Equity Contracts		(835,170	)		(10,366,896	)		—		(11,202,066	)


	$	(835,170	)	$	(9,831,961	)	$	—	$	(10,667,131	)

^(a)	Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.2%
AAR Corp.^(a)(b)(c)		2,244,253	$	133,600,381
AeroVironment, Inc.^(a)(b)(c)		1,769,978		197,405,646
Kaman Corp.^(a)		1,911,813		37,567,125
Mercury Systems, Inc.^(a)(b)(c)		3,457,387		128,234,484
Moog, Inc., Class A^(a)		1,939,246		219,057,228
National Presto Industries, Inc.^(a)		358,197		25,954,955
Triumph Group, Inc.^(a)(b)(c)		4,076,599		31,226,748


				773,046,567

Air Freight & Logistics — 0.4%
Forward Air Corp.^(a)		1,734,929		119,259,019
Hub Group, Inc., Class A^(a)(b)(c)		2,121,068		166,588,681


				285,847,700

Automobile Components — 1.5%
American Axle & Manufacturing Holdings, Inc.^(a)(b)(c)		7,908,911		57,418,694
Dana, Inc.^(a)		8,673,296		127,237,252
Dorman Products, Inc.^(a)(b)(c)		1,913,397		144,958,957
Gentherm, Inc.^(a)(b)(c)		2,227,473		120,862,685
LCI Industries^(a)		1,709,820		200,767,064
Patrick Industries, Inc.^(a)		1,409,715		105,813,208
Phinia, Inc.^(a)		3,174,255		85,038,291
Standard Motor Products, Inc.^(a)		1,261,508		42,411,899
XPEL, Inc.^(a)(b)(c)		1,436,077		110,735,897


				995,243,947

Automobiles — 0.2%
Winnebago Industries, Inc.^(a)		2,039,772		121,264,445


Banks — 8.6%
Ameris Bancorp^(a)		4,388,018		168,456,011
Atlantic Union Bankshares Corp.^(a)		4,835,564		139,167,532
Axos Financial, Inc.^(a)(b)(c)		3,541,918		134,097,015
Banc of California, Inc.^(a)		3,537,836		43,798,410
BancFirst Corp.		978,628		84,876,406
Bancorp, Inc. (The)^(a)(b)(c)		3,664,987		126,442,051
Bank of Hawaii Corp.^(a)		2,678,398		133,089,597
BankUnited, Inc.^(a)		4,991,757		113,312,884
Banner Corp.^(a)		2,319,074		98,282,356
Berkshire Hills Bancorp, Inc.^(a)		2,953,723		59,222,146
Brookline Bancorp, Inc.^(a)		5,986,919		54,540,832
Capitol Federal Financial, Inc.^(a)		8,541,161		40,741,338
Cathay General Bancorp		3,421,989		118,948,338
Central Pacific Financial Corp.^(a)		1,597,517		26,646,584
City Holding Co.^(a)		1,013,316		91,553,101
Community Bank System, Inc.^(a)		3,589,821		151,526,344
Customers Bancorp, Inc.^(a)(b)(c)		1,901,405		65,503,402
CVB Financial Corp.^(a)		8,938,467		148,110,398
Dime Community Bancshares, Inc.^(a)		2,361,096		47,127,476
Eagle Bancorp, Inc.^(a)		2,019,153		43,310,832
FB Financial Corp.^(a)		2,370,555		67,228,940
First BanCorp/Puerto Rico^(a)		11,950,930		160,859,518
First Bancorp/Southern Pines NC^(a)		2,774,520		78,074,993
First Commonwealth Financial Corp.^(a)		6,914,751		84,429,110
First Financial Bancorp^(a)		6,423,117		125,893,093
First Hawaiian, Inc.^(a)		8,615,920		155,517,356
Fulton Financial Corp.^(a)		9,435,149		114,259,654
Hanmi Financial Corp.^(a)		2,058,503		33,409,504
Heritage Financial Corp.^(a)		2,349,768		38,324,716
Hilltop Holdings, Inc.		3,088,359		87,585,861
Hope Bancorp, Inc.^(a)		8,105,383		71,732,640
Independent Bank Corp.^(a)		2,962,999		145,453,621


Security	Shares		Value

Banks (continued)
Independent Bank Group, Inc.^(a)		2,425,143	$	95,914,406
Lakeland Financial Corp.^(a)		1,717,164		81,496,603
National Bank Holdings Corp., Class A^(a)		2,529,282		75,271,432
NBT Bancorp, Inc.^(a)		3,173,060		100,554,271
Northfield Bancorp, Inc.^(a)		2,672,944		25,259,321
Northwest Bancshares, Inc.^(a)		8,581,892		87,792,755
OFG Bancorp^(a)		3,182,158		95,019,238
Pacific Premier Bancorp, Inc.^(a)		6,475,515		140,907,206
PacWest Bancorp^(c)		5,547,720		43,882,465
Park National Corp.^(a)		970,643		91,745,176
Pathward Financial, Inc.^(a)(c)		1,770,856		81,618,753
Preferred Bank		626,312		38,987,922
Provident Financial Services, Inc.^(a)		5,100,613		77,988,373
Renasant Corp.^(a)		3,790,534		99,274,085
S&T Bancorp, Inc.^(a)		2,582,211		69,926,274
Seacoast Banking Corp. of Florida^(a)		5,745,254		126,165,778
ServisFirst Bancshares, Inc.^(a)		3,307,064		172,529,529
Simmons First National Corp., Class A^(a)		8,480,581		143,830,654
Southside Bancshares, Inc.^(a)		1,947,052		55,880,392
Stellar Bancorp, Inc.^(a)		3,167,734		67,536,089
Tompkins Financial Corp.^(a)		844,210		41,357,848
Triumph Financial, Inc.^(a)(b)(c)		1,461,526		94,692,270
TrustCo Bank Corp.^(a)		1,288,670		35,167,804
Trustmark Corp.^(a)		4,123,624		89,606,350
United Community Banks, Inc.^(a)		8,025,301		203,922,898
Veritex Holdings, Inc.^(a)		3,643,425		65,399,479
Washington Federal, Inc.^(a)		4,342,121		111,245,140
Westamerica BanCorp^(a)		1,799,266		77,818,254
WSFS Financial Corp.^(a)		4,109,647		150,002,115


				5,692,314,939

Beverages — 0.3%
MGP Ingredients, Inc.^(c)		1,055,342		111,317,474
National Beverage Corp.^(b)		1,575,750		74,091,765


				185,409,239

Biotechnology — 1.5%
Arcus Biosciences, Inc.^(b)(c)		3,621,803		65,011,364
Avid Bioservices, Inc.^(a)(b)(c)		4,237,170		39,998,885
Catalyst Pharmaceuticals, Inc.^(a)(b)(c)		6,764,405		79,075,894
Cytokinetics, Inc.^(a)(b)(c)		6,481,567		190,946,964
Dynavax Technologies Corp.^(a)(b)(c)		8,696,061		128,440,821
Ironwood Pharmaceuticals, Inc., Class A^(a)(b)(c)		9,276,758		89,335,180
iTeos Therapeutics, Inc.^(b)(c)		1,788,938		19,588,871
Myriad Genetics, Inc.^(a)(b)(c)		5,528,531		88,677,637
REGENXBIO, Inc.^(a)(b)(c)		2,730,585		44,945,429
Vericel Corp.^(a)(b)(c)		3,216,665		107,822,611
Vir Biotechnology, Inc.^(b)(c)		5,801,073		54,356,054
Xencor, Inc.^(a)(b)(c)		4,092,423		82,462,323


				990,662,033

Building Products — 2.0%
AAON, Inc.^(a)(c)		4,581,925		260,574,075
American Woodmark Corp.^(a)(b)(c)		1,105,732		83,604,397
Apogee Enterprises, Inc.^(a)		1,490,644		70,179,520
AZZ, Inc.^(a)(c)		1,688,809		76,975,914
Gibraltar Industries, Inc.^(a)(b)		2,054,155		138,676,004
Griffon Corp.^(a)		2,765,042		109,689,216
Hayward Holdings, Inc.^(b)		8,488,266		119,684,551
Insteel Industries, Inc.^(a)(c)		1,312,053		42,589,240
Masterbrand, Inc.^(a)(b)(c)		8,620,835		104,743,145
PGT Innovations, Inc.^(a)(b)(c)		3,939,713		109,327,036


18		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Building Products (continued)
Quanex Building Products Corp.^(a)(c)		2,224,890	$	62,675,151
Resideo Technologies, Inc.^(a)(b)(c)		9,969,185		157,513,123


				1,336,231,372

Capital Markets — 1.3%
Artisan Partners Asset Management, Inc., Class A		2,853,109		106,763,339
Avantax, Inc.^(a)(b)		2,483,784		63,535,195
B Riley Financial, Inc.		1,114,626		45,688,520
Brightsphere Investment Group, Inc.^(a)(c)		2,186,859		42,403,196
Donnelley Financial Solutions, Inc.^(a)(b)(c)		1,684,228		94,788,352
Moelis & Co., Class A		2,595,833		117,149,943
Piper Sandler Cos.^(a)		1,013,710		147,302,200
StoneX Group, Inc.^(a)(b)(c)		1,207,463		117,027,314
Virtus Investment Partners, Inc.^(a)		460,448		93,005,892
WisdomTree, Inc.^(a)		7,719,414		54,035,898


				881,699,849

Chemicals — 2.8%
AdvanSix, Inc.^(a)		1,837,336		57,104,403
American Vanguard Corp.^(a)(c)		1,840,976		20,121,868
Balchem Corp.^(a)		2,176,776		270,007,295
Hawkins, Inc.^(a)		1,296,458		76,296,553
HB Fuller Co.^(a)(c)		3,637,184		249,547,194
Ingevity Corp.^(a)(b)(c)		2,274,549		108,291,278
Innospec, Inc.^(a)		1,678,895		171,583,069
Koppers Holdings, Inc.^(a)(c)		1,409,312		55,738,290
Livent Corp.^(a)(b)(c)		12,133,959		223,386,185
Mativ Holdings, Inc.^(a)		3,694,806		52,687,934
Minerals Technologies, Inc.^(a)		2,197,292		120,323,710
Quaker Chemical Corp.^(a)(c)		935,639		149,702,240
Sensient Technologies Corp.^(a)		2,852,622		166,821,335
Stepan Co.^(a)		1,433,628		107,479,091


				1,829,090,445

Commercial Services & Supplies — 2.1%
ABM Industries, Inc.^(a)		4,466,026		178,685,700
Brady Corp., Class A, NVS		3,099,870		170,244,860
CoreCivic, Inc.^(a)(b)		7,670,303		86,290,909
Deluxe Corp.^(a)		2,944,886		55,628,897
Enviri Corp.^(a)(b)(c)		5,389,818		38,914,486
GEO Group, Inc. (The)^(a)(b)		8,514,099		69,645,330
Healthcare Services Group, Inc.^(a)		5,011,661		52,271,624
HNI Corp.^(a)		3,142,871		108,837,623
Interface, Inc., Class A^(a)(c)		3,925,715		38,511,264
Liquidity Services, Inc.^(b)(c)		1,513,760		26,672,451
Matthews International Corp., Class A^(a)(c)		2,057,116		80,042,384
MillerKnoll, Inc.^(a)		5,111,137		124,967,300
OPENLANE, Inc.^(a)(b)(c)		7,390,122		110,260,620
Pitney Bowes, Inc.		7,894,604		23,841,704
UniFirst Corp.^(a)(c)		1,019,787		166,235,479
Viad Corp.^(a)(b)(c)		1,411,013		36,968,541


				1,368,019,172

Communications Equipment — 1.1%
ADTRAN Holdings, Inc.^(a)		4,783,642		39,369,374
Clearfield, Inc.^(a)(b)(c)		877,588		25,151,672
Digi International, Inc.^(a)(b)(c)		2,428,522		65,570,094
Extreme Networks, Inc.^(b)(c)		5,838,562		141,351,586
Harmonic, Inc.^(a)(b)(c)		7,556,173		72,765,946
NetScout Systems, Inc.^(a)(b)(c)		4,871,261		136,492,733
Viasat, Inc.^(b)(c)		5,067,078		93,538,260
Viavi Solutions, Inc.^(a)(b)(c)		15,019,218		137,275,653


				711,515,318


Security	Shares		Value

Construction & Engineering — 1.6%
Arcosa, Inc.^(a)		3,292,302	$	236,716,514
Comfort Systems U.S.A., Inc.^(a)(c)		2,415,118		411,560,258
Dycom Industries, Inc.^(a)(b)(c)		1,979,955		176,215,995
Granite Construction, Inc.^(a)		2,965,367		112,743,253
MYR Group, Inc.^(a)(b)(c)		1,128,220		152,038,927


				1,089,274,947

Consumer Finance — 0.9%
Bread Financial Holdings, Inc.		1,781,705		60,934,311
Encore Capital Group, Inc.^(a)(b)(c)		1,585,642		75,730,262
Enova International, Inc.^(a)(b)(c)		2,078,661		105,741,485
EZCORP, Inc., Class A, NVS^(b)(c)		3,520,433		29,043,572
Green Dot Corp., Class A^(a)(b)(c)		3,019,896		42,067,151
Navient Corp.		5,911,379		101,793,946
PRA Group, Inc.^(a)(b)(c)		2,650,923		50,924,231
PROG Holdings, Inc.^(a)(b)(c)		3,086,222		102,493,433
World Acceptance Corp.^(b)(c)		230,390		29,273,353


				598,001,744

Consumer Staples Distribution & Retail — 0.6%
Andersons, Inc. (The)^(a)		2,126,125		109,516,699
Chefs’ Warehouse, Inc. (The)^(a)(b)(c)		2,383,523		50,483,017
PriceSmart, Inc.^(a)		1,739,973		129,506,190
SpartanNash Co.^(a)		2,345,666		51,604,652
United Natural Foods, Inc.^(a)(b)(c)		3,956,542		55,945,504


				397,056,062

Containers & Packaging — 0.3%
Myers Industries, Inc.^(a)		2,487,113		44,593,936
O-I Glass, Inc.^(a)(b)(c)		10,469,291		175,151,238


				219,745,174

Diversified Consumer Services — 0.9%
Adtalem Global Education, Inc.^(a)(b)(c)		2,804,947		120,191,979
Frontdoor, Inc.^(a)(b)		5,424,235		165,927,349
Mister Car Wash, Inc.^(b)(c)		6,123,363		33,739,730
Perdoceo Education Corp.^(a)		4,429,797		75,749,529
Strategic Education, Inc.^(a)		1,486,147		111,832,562
Stride, Inc.^(a)(b)(c)		2,731,467		122,997,959


				630,439,108

Diversified REITs — 0.8%
Alexander & Baldwin, Inc.^(a)		4,903,440		82,034,551
American Assets Trust, Inc.^(a)		3,279,978		63,795,572
Armada Hoffler Properties, Inc.^(a)		4,590,973		47,011,564
Essential Properties Realty Trust, Inc.^(a)		10,533,380		227,837,009
Global Net Lease, Inc.		8,365,926		80,396,549


				501,075,245

Diversified Telecommunication Services — 0.4%
ATN International, Inc.		716,850		22,623,786
Cogent Communications Holdings, Inc.^(a)		2,937,475		181,829,702
Consolidated Communications Holdings, Inc.^(b)(c)		5,042,638		17,245,822
Lumen Technologies, Inc.^(b)(c)		47,061,267		66,826,999


				288,526,309

Electric Utilities — 0.3%
Otter Tail Corp.^(a)		2,816,232		213,808,333


Electrical Equipment — 0.4%
Encore Wire Corp.^(a)(c)		1,134,637		207,025,867
Powell Industries, Inc.^(a)		616,624		51,118,130
SunPower Corp.^(b)(c)		5,801,353		35,794,348


				293,938,345


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

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components — 4.1%
Advanced Energy Industries, Inc.^(a)(c)		2,542,114	$	262,142,796
Arlo Technologies, Inc.^(a)(b)(c)		6,350,318		65,408,275
Badger Meter, Inc.^(a)(c)		1,979,490		284,789,226
Benchmark Electronics, Inc.^(a)		2,408,395		58,427,663
CTS Corp.^(a)		2,118,645		88,432,242
ePlus, Inc.^(a)(b)(c)		1,818,788		115,529,414
Fabrinet^(a)(b)(c)		2,450,699		408,335,467
Insight Enterprises, Inc.^(a)(b)(c)		2,041,542		297,044,361
Itron, Inc.^(a)(b)(c)		3,069,356		185,941,586
Knowles Corp.^(a)(b)(c)		6,153,799		91,137,763
Methode Electronics, Inc.^(a)		2,431,345		55,556,233
OSI Systems, Inc.^(a)(b)(c)		1,039,079		122,652,885
PC Connection, Inc.		762,561		40,705,506
Plexus Corp.^(a)(b)(c)		1,855,454		172,520,113
Rogers Corp.^(a)(b)(c)		1,131,218		148,721,230
Sanmina Corp.^(a)(b)(c)		3,863,837		209,729,072
ScanSource, Inc.^(a)(b)(c)		1,681,167		50,956,172
TTM Technologies, Inc.^(a)(b)(c)		7,013,099		90,328,715


				2,748,358,719

Energy Equipment & Services — 2.5%
Archrock, Inc.^(a)		9,298,503		117,161,138
Bristow Group, Inc.^(a)(b)(c)		1,618,076		45,581,201
Core Laboratories, Inc.^(a)(c)		3,151,698		75,672,269
Dril-Quip, Inc.^(a)(b)(c)		2,307,393		64,999,261
Helix Energy Solutions Group, Inc.^(a)(b)(c)		9,571,864		106,917,721
Helmerich & Payne, Inc.^(a)		6,713,095		283,024,085
Liberty Energy, Inc., Class A^(a)		10,469,137		193,888,417
Nabors Industries Ltd.^(a)(b)		605,785		74,596,365
Oceaneering International, Inc.^(a)(b)(c)		6,804,429		175,009,914
Oil States International, Inc.^(a)(b)(c)		4,316,292		36,127,364
Patterson-UTI Energy, Inc.^(a)(c)		21,648,510		299,615,378
ProPetro Holding Corp.^(a)(b)(c)		5,862,796		62,321,521
RPC, Inc.^(c)		5,750,190		51,406,699
U.S. Silica Holdings, Inc.^(a)(b)(c)		5,206,717		73,102,307


				1,659,423,640

Entertainment — 0.5%
Cinemark Holdings, Inc.^(a)(b)(c)		7,309,059		134,121,233
Madison Square Garden Sports Corp., Class A^(a)		1,124,831		198,307,705
Marcus Corp. (The)^(a)(c)		1,662,371		25,766,751


				358,195,689

Financial Services — 1.4%
EVERTEC, Inc.^(a)		4,363,732		162,243,556
Jackson Financial, Inc., Class A		1,405,238		53,708,196
Mr. Cooper Group, Inc.^(a)(b)(c)		4,476,926		239,784,157
NMI Holdings, Inc., Class A^(a)(b)		5,555,419		150,496,301
Payoneer Global, Inc.^(b)		14,803,769		90,599,066
Radian Group, Inc.		2,974,461		74,688,716
Walker & Dunlop, Inc.^(a)		2,251,375		167,142,080


				938,662,072

Food Products — 1.9%
B&G Foods, Inc.^(a)		4,884,563		48,308,328
Calavo Growers, Inc.^(a)		1,201,609		30,316,595
Cal-Maine Foods, Inc.^(a)		2,744,538		132,890,530
Fresh Del Monte Produce, Inc.		2,274,237		58,766,284
Hain Celestial Group, Inc. (The)^(a)(b)(c)		6,043,846		62,674,683
Hostess Brands, Inc., Class A^(a)(b)(c)		8,973,517		298,907,851
J & J Snack Foods Corp.^(a)		1,041,934		170,512,499
John B Sanfilippo & Son, Inc.^(a)		604,816		59,755,821
Simply Good Foods Co. (The)^(a)(b)		6,116,405		211,138,301


Security	Shares		Value

Food Products (continued)
Tootsie Roll Industries, Inc.^(c)		1,175,755	$	35,108,044
TreeHouse Foods, Inc.^(a)(b)(c)		3,463,982		150,960,336


				1,259,339,272

Gas Utilities — 0.3%
Chesapeake Utilities Corp.^(a)(c)		1,201,609		117,457,280
Northwest Natural Holding Co.^(a)		2,436,759		92,986,723


				210,444,003

Ground Transportation — 0.7%
ArcBest Corp.^(a)(c)		1,622,112		164,887,685
Heartland Express, Inc.^(c)		3,094,664		45,460,614
Marten Transport Ltd.^(c)		3,897,341		76,816,591
RXO, Inc.^(a)(b)(c)		7,898,354		155,834,524


				442,999,414

Health Care Equipment & Supplies — 2.5%
Artivion, Inc.^(a)(b)(c)		2,633,753		39,927,695
Avanos Medical, Inc.^(a)(b)(c)		3,164,722		63,990,679
CONMED Corp.^(a)(c)		2,075,496		209,313,772
Embecta Corp.^(a)		3,871,891		58,271,960
Glaukos Corp.^(a)(b)(c)		3,284,738		247,176,534
Integer Holdings Corp.^(a)(b)(c)		2,248,880		176,379,658
LeMaitre Vascular, Inc.^(a)		1,337,791		72,882,854
Merit Medical Systems, Inc.^(a)(b)(c)		3,891,389		268,583,669
Omnicell, Inc.^(a)(b)(c)		3,052,607		137,489,419
OraSure Technologies, Inc.^(a)(b)(c)		4,960,489		29,415,700
Orthofix Medical, Inc.^(a)(b)(c)		2,481,952		31,917,903
STAAR Surgical Co.^(a)(b)(c)		3,274,599		131,573,388
Tandem Diabetes Care, Inc.^(a)(b)(c)		4,393,890		91,261,095
UFP Technologies, Inc.^(a)(b)(c)		474,820		76,659,689
Varex Imaging Corp.^(a)(b)(c)		2,727,675		51,253,013


				1,686,097,028

Health Care Providers & Services — 3.1%
AdaptHealth Corp.^(b)(c)		5,517,327		50,207,676
Addus HomeCare Corp.^(a)(b)(c)		1,094,793		93,265,416
Agiliti, Inc.^(b)(c)		2,378,962		15,439,463
AMN Healthcare Services, Inc.^(a)(b)(c)		2,564,866		218,475,286
Apollo Medical Holdings, Inc.^(a)(b)(c)		2,842,463		87,689,984
Community Health Systems, Inc.^(a)(b)(c)		8,595,953		24,928,264
CorVel Corp.^(b)(c)		612,412		120,430,820
Cross Country Healthcare, Inc.^(a)(b)(c)		2,272,268		56,329,524
Enhabit, Inc.^(a)(b)(c)		3,383,975		38,069,719
Ensign Group, Inc. (The)^(a)(c)		3,794,573		352,629,669
Fulgent Genetics, Inc.^(b)(c)		1,373,990		36,740,493
ModivCare, Inc.^(a)(b)(c)		834,386		26,291,503
NeoGenomics, Inc.^(a)(b)(c)		8,613,750		105,949,125
Owens & Minor, Inc.^(a)(b)		5,167,168		83,501,435
Pediatrix Medical Group, Inc.^(a)(b)(c)		5,589,935		71,048,074
Premier, Inc., Class A^(a)		8,039,870		172,857,205
Privia Health Group, Inc.^(a)(b)(c)		6,893,949		158,560,827
RadNet, Inc.^(b)(c)		3,215,114		90,634,064
Select Medical Holdings Corp.^(a)		7,039,211		177,880,862
U.S. Physical Therapy, Inc.^(a)		1,011,885		92,820,211


				2,073,749,620

Health Care REITs — 0.5%
CareTrust REIT, Inc.^(a)		6,716,374		137,685,667
Community Healthcare Trust, Inc.^(a)		1,668,094		49,542,392
LTC Properties, Inc.^(a)		2,795,825		89,829,857
Universal Health Realty Income Trust^(a)		859,328		34,742,631


				311,800,547

Health Care Technology — 0.7%
Certara, Inc.^(b)(c)		7,227,740		105,091,340


20		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Technology (continued)
HealthStream, Inc.^(a)(c)		1,636,898	$	35,324,259
NextGen Healthcare, Inc.^(a)(b)(c)		3,665,141		86,973,796
Schrodinger, Inc.^(a)(b)(c)		3,683,943		104,145,069
Simulations Plus, Inc.^(a)(c)		1,076,345		44,883,587
Veradigm, Inc.^(a)(b)(c)		7,376,957		96,933,215


				473,351,266

Hotel & Resort REITs — 1.2%
Apple Hospitality REIT, Inc.^(a)		14,366,635		220,384,181
Chatham Lodging Trust^(a)		3,301,157		31,592,072
DiamondRock Hospitality Co.^(a)(c)		14,153,487		113,652,501
Pebblebrook Hotel Trust^(a)(c)		8,135,997		110,568,199
Service Properties Trust^(a)		11,171,759		85,910,827
Summit Hotel Properties, Inc.^(a)		7,268,666		42,158,263
Sunstone Hotel Investors, Inc.^(a)		13,988,626		130,793,653
Xenia Hotels & Resorts, Inc.^(a)		7,241,982		85,310,548


				820,370,244

Hotels, Restaurants & Leisure — 2.1%
BJ’s Restaurants, Inc.^(a)(b)		1,593,023		37,372,320
Bloomin’ Brands, Inc.^(a)		5,880,581		144,603,487
Brinker International, Inc.^(a)(b)(c)		2,990,821		94,480,035
Cheesecake Factory, Inc. (The)^(a)		3,185,065		96,507,469
Chuy’s Holdings, Inc.^(a)(b)(c)		1,218,269		43,346,011
Cracker Barrel Old Country Store, Inc.^(a)		1,495,647		100,507,478
Dave & Buster’s Entertainment, Inc.^(a)(b)(c)		2,319,854		85,996,988
Dine Brands Global, Inc.^(a)		1,049,953		51,920,176
Golden Entertainment, Inc.^(a)		1,461,780		49,963,640
Jack in the Box, Inc.^(a)		1,357,638		93,758,480
Monarch Casino & Resort, Inc.		904,779		56,186,776
Papa John’s International, Inc.^(a)(c)		2,210,323		150,788,235
Sabre Corp.^(a)(b)(c)		22,438,168		100,747,374
Shake Shack, Inc., Class A^(a)(b)(c)		2,531,161		146,984,519
Six Flags Entertainment Corp.^(a)(b)		4,835,887		113,691,703


				1,366,854,691

Household Durables — 3.1%
Cavco Industries, Inc.^(a)(b)(c)		544,841		144,742,460
Century Communities, Inc.^(a)		1,924,102		128,491,532
Ethan Allen Interiors, Inc.^(a)		1,540,757		46,068,634
Green Brick Partners, Inc.^(b)(c)		1,715,763		71,221,322
Installed Building Products, Inc.^(a)		1,592,145		198,842,989
iRobot Corp.^(a)(b)(c)		1,863,066		70,610,201
La-Z-Boy, Inc.^(a)		2,924,535		90,309,641
LGI Homes, Inc.^(a)(b)(c)		1,383,099		137,604,520
M/I Homes, Inc.^(a)(b)(c)		1,876,924		157,736,693
MDC Holdings, Inc.^(a)		4,026,538		166,014,162
Meritage Homes Corp.^(a)		2,482,293		303,807,840
Newell Brands, Inc.^(a)		25,728,592		232,329,186
Sonos, Inc.^(a)(b)(c)		8,664,364		111,856,939
Tri Pointe Homes, Inc.^(a)(b)(c)		6,683,850		182,803,297


				2,042,439,416

Household Products — 0.7%
Central Garden & Pet Co.^(a)(b)(c)		643,834		28,418,833
Central Garden & Pet Co., Class A, NVS^(b)		2,767,946		110,966,955
Energizer Holdings, Inc.^(a)		4,488,636		143,815,897
WD-40 Co.^(a)(c)		915,743		186,115,607


				469,317,292

Industrial REITs — 0.5%
Innovative Industrial Properties, Inc.^(a)		1,893,194		143,239,058
LXP Industrial Trust^(a)		19,756,083		175,829,139


				319,068,197


Security	Shares		Value

Insurance — 2.6%
Ambac Financial Group, Inc.^(b)(c)		2,217,455	$	26,742,507
American Equity Investment Life Holding Co.^(a)(b)		4,176,339		224,018,824
AMERISAFE, Inc.^(a)		1,294,976		64,839,448
Assured Guaranty Ltd.^(a)		3,756,918		227,368,677
Employers Holdings, Inc.^(a)		1,726,870		68,988,456
Genworth Financial, Inc., Class A^(a)(b)(c)		29,816,208		174,722,979
Goosehead Insurance, Inc., Class A^(a)(b)(c)		1,614,471		120,326,524
HCI Group, Inc.		406,511		22,069,482
Horace Mann Educators Corp.^(a)		2,732,195		80,271,889
James River Group Holdings Ltd.^(a)		2,544,137		39,052,503
Lincoln National Corp.		7,525,199		185,797,163
Mercury General Corp.		1,794,465		50,298,854
Palomar Holdings, Inc.^(a)(b)(c)		1,670,511		84,778,433
ProAssurance Corp.^(a)		3,425,318		64,704,257
Safety Insurance Group, Inc.^(a)		998,712		68,102,171
SiriusPoint Ltd.^(b)(c)		5,973,873		60,754,288
Stewart Information Services Corp.^(a)		1,833,755		80,318,469
Trupanion, Inc.^(a)(b)(c)		2,402,248		67,743,394
United Fire Group, Inc.^(a)		1,432,376		28,289,426


				1,739,187,744

Interactive Media & Services — 0.9%
Cargurus, Inc., Class A^(a)(b)(c)		5,858,762		102,645,510
Cars.com, Inc.^(a)(b)(c)		4,173,589		70,366,711
QuinStreet, Inc.^(a)(b)(c)		3,473,753		31,159,564
Shutterstock, Inc.		1,632,083		62,100,758
TripAdvisor, Inc.^(a)(b)(c)		7,269,053		120,520,899
Yelp, Inc.^(a)(b)(c)		4,639,412		192,953,145


				579,746,587

IT Services — 0.2%
Perficient, Inc.^(a)(b)(c)		2,350,624		136,007,105


Leisure Products — 0.3%
Sturm Ruger & Co., Inc.^(a)		1,196,602		62,366,896
Vista Outdoor, Inc.^(a)(b)(c)		3,916,355		129,709,678


				192,076,574

Life Sciences Tools & Services — 0.4%
BioLife Solutions, Inc.^(a)(b)(c)		2,320,391		32,044,600
Cytek Biosciences, Inc.^(b)(c)		6,726,101		37,128,078
Fortrea Holdings, Inc.^(a)(b)(c)		5,982,062		171,027,153
Mesa Laboratories, Inc.^(a)(c)		345,682		36,320,808
OmniAb, Inc., 12.50 Earnout Shares^(d)		450,637		—
OmniAb, Inc., 15.00 Earnout Shares^(d)		450,637		—


				276,520,639

Machinery — 5.0%
3D Systems Corp.^(a)(b)(c)		9,018,673		44,281,684
Alamo Group, Inc.^(a)		697,420		120,556,021
Albany International Corp., Class A^(a)(c)		2,105,135		181,631,048
Astec Industries, Inc.^(a)		1,535,139		72,320,398
Barnes Group, Inc.^(a)		3,418,211		116,116,628
CIRCOR International, Inc.^(a)(b)		1,376,674		76,749,575
Enerpac Tool Group Corp., Class A^(a)(c)		3,787,995		100,116,708
EnPro Industries, Inc.^(a)		1,411,390		171,046,354
ESCO Technologies, Inc.^(a)		1,740,809		181,810,092
Federal Signal Corp.^(a)(c)		4,118,110		245,974,710
Franklin Electric Co., Inc.^(a)		2,686,158		239,685,878
Greenbrier Cos., Inc. (The)^(a)		2,086,780		83,471,200
Hillenbrand, Inc.^(a)		4,720,502		199,724,440
John Bean Technologies Corp.^(a)(c)		2,149,632		226,012,308
Kennametal, Inc.^(a)		5,381,891		133,901,448
Lindsay Corp.^(a)		743,298		87,471,309


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

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Mueller Industries, Inc.^(a)		3,833,596	$	288,133,075
Proto Labs, Inc.^(a)(b)(c)		1,761,847		46,512,761
SPX Technologies, Inc.^(a)(b)(c)		3,078,136		250,560,270
Standex International Corp.^(a)		800,015		116,554,185
Tennant Co.^(a)		1,254,674		93,034,077
Titan International, Inc.^(a)(b)(c)		3,472,841		46,640,255
Trinity Industries, Inc.^(a)		5,526,589		134,572,442
Wabash National Corp.^(a)(c)		3,173,239		67,018,808


				3,323,895,674

Marine Transportation — 0.3%
Matson, Inc.^(a)		2,382,635		211,387,377


Media — 0.6%
AMC Networks, Inc., Class A^(a)(b)(c)		2,055,336		24,211,858
DISH Network Corp., Class A^(a)(b)(c)		16,766,523		98,251,825
EW Scripps Co. (The), Class A, NVS^(a)(b)(c)		3,970,408		21,757,836
John Wiley & Sons, Inc., Class A^(a)		2,873,177		106,795,989
Scholastic Corp., NVS^(a)		1,882,282		71,790,235
TechTarget, Inc.^(a)(b)(c)		1,709,688		51,906,128
Thryv Holdings, Inc.^(a)(b)(c)		2,057,529		38,619,819


				413,333,690

Metals & Mining — 1.8%
ATI, Inc.^(a)(b)(c)		8,681,785		357,255,453
Carpenter Technology Corp.^(a)		3,279,265		220,399,401
Century Aluminum Co.^(b)(c)		3,495,659		25,133,788
Compass Minerals International, Inc.^(a)		2,277,616		63,659,367
Haynes International, Inc.^(a)		860,209		40,016,923
Kaiser Aluminum Corp.^(a)		1,081,152		81,367,500
Materion Corp.^(a)(c)		1,393,360		141,997,318
Olympic Steel, Inc.^(a)		665,485		37,406,912
SunCoke Energy, Inc.^(a)		5,654,948		57,397,722
TimkenSteel Corp.^(a)(b)(c)		2,611,212		56,715,525
Warrior Met Coal, Inc.^(c)		2,470,246		126,180,166


				1,207,530,075

Mortgage Real Estate Investment Trusts (REITs) — 1.9%
Apollo Commercial Real Estate Finance, Inc.^(a)		8,780,271		88,944,145
Arbor Realty Trust, Inc.^(c)		8,089,649		122,800,872
ARMOUR Residential REIT, Inc.^(a)		15,426,119		65,561,006
Blackstone Mortgage Trust, Inc., Class A^(a)		11,634,126		253,042,240
Ellington Financial, Inc.^(a)		4,592,288		57,265,831
Franklin BSP Realty Trust, Inc.^(a)		5,551,696		73,504,455
Hannon Armstrong Sustainable Infrastructure Capital, Inc.^(a)		7,233,157		153,342,928
Invesco Mortgage Capital, Inc.^(a)		3,009,888		30,128,979
KKR Real Estate Finance Trust, Inc.^(a)		3,919,424		46,523,563
New York Mortgage Trust, Inc.^(a)(c)		6,160,890		52,305,956
PennyMac Mortgage Investment Trust^(a)		5,857,781		72,636,484
Ready Capital Corp.^(a)		10,667,744		107,850,892
Redwood Trust, Inc.^(a)		7,708,927		54,964,650
Two Harbors Investment Corp.^(a)		6,492,861		85,965,480


				1,264,837,481

Multi-Utilities — 0.3%
Avista Corp.^(a)		5,167,191		167,261,973
Unitil Corp.^(a)		1,087,518		46,447,894


				213,709,867

Office REITs — 1.0%
Brandywine Realty Trust^(a)		11,631,073		52,805,071
Douglas Emmett, Inc.		8,150,864		104,005,025
Easterly Government Properties, Inc.^(a)		6,272,327		71,692,698
Highwoods Properties, Inc.^(a)		7,138,258		147,119,497
Hudson Pacific Properties, Inc.^(a)		8,539,940		56,790,601


Security	Shares		Value

Office REITs (continued)
JBG SMITH Properties^(a)		6,355,374	$	91,898,708
SL Green Realty Corp.^(a)(c)		4,315,743		160,977,214


				685,288,814

Oil, Gas & Consumable Fuels — 2.8%
California Resources Corp.^(a)		4,376,793		245,144,176
Callon Petroleum Co.^(a)(b)(c)		3,773,473		147,618,264
Comstock Resources, Inc.		6,204,736		68,438,238
CONSOL Energy, Inc.^(a)		1,943,600		203,903,076
CVR Energy, Inc.		1,968,390		66,984,312
Dorian LPG Ltd.^(a)		2,292,482		65,863,008
Green Plains, Inc.^(a)(b)(c)		3,655,598		110,033,500
Northern Oil & Gas, Inc.^(a)		5,652,633		227,405,426
Par Pacific Holdings, Inc.^(b)(c)		2,888,579		103,815,529
REX American Resources Corp.^(a)(b)(c)		1,022,092		41,619,586
SM Energy Co.^(a)		8,012,072		317,678,655
Talos Energy, Inc.^(a)(b)(c)		6,784,520		111,537,509
Vital Energy, Inc.^(a)(b)(c)		1,130,053		62,627,537
World Kinect Corp.^(a)		4,064,337		91,163,079


				1,863,831,895

Paper & Forest Products — 0.3%
Clearwater Paper Corp.^(a)(b)(c)		1,128,849		40,920,776
Mercer International, Inc.		2,966,658		25,453,926
Sylvamo Corp.^(a)		2,402,624		105,571,299


				171,946,001

Passenger Airlines — 0.5%
Allegiant Travel Co.^(a)		1,021,301		78,497,195
Hawaiian Holdings, Inc.^(a)(b)(c)		3,490,846		22,097,055
JetBlue Airways Corp.^(a)(b)(c)		22,500,168		103,500,773
SkyWest, Inc.^(a)(b)(c)		2,841,470		119,171,252
Sun Country Airlines Holdings, Inc.^(b)(c)		2,724,140		40,426,238


				363,692,513

Personal Care Products — 1.3%
Edgewell Personal Care Co.^(a)		3,430,702		126,798,746
elf Beauty, Inc.^(a)(b)(c)		3,676,823		403,825,470
Inter Parfums, Inc.		1,207,761		162,250,613
Medifast, Inc.^(a)		735,190		55,028,972
Nu Skin Enterprises, Inc., Class A^(a)		3,373,092		71,543,281
USANA Health Sciences, Inc.^(b)(c)		755,856		44,300,720


				863,747,802

Pharmaceuticals — 1.5%
Amphastar Pharmaceuticals, Inc.^(a)(b)(c)		2,574,298		118,391,965
ANI Pharmaceuticals, Inc.^(a)(b)(c)		1,082,577		62,854,421
Collegium Pharmaceutical, Inc.^(a)(b)(c)		2,345,124		52,413,521
Corcept Therapeutics, Inc.^(a)(b)(c)		6,092,894		166,000,897
Harmony Biosciences Holdings, Inc.^(b)(c)		2,268,578		74,341,301
Innoviva, Inc.^(a)(b)(c)		3,870,679		50,280,120
Ligand Pharmaceuticals, Inc.^(a)(b)(c)		1,101,453		65,999,064
Pacira BioSciences, Inc.^(a)(b)(c)		3,133,955		96,149,739
Phibro Animal Health Corp., Class A^(a)		1,374,179		17,548,266
Prestige Consumer Healthcare, Inc.^(a)(b)(c)		3,344,760		191,286,824
Supernus Pharmaceuticals, Inc.^(a)(b)(c)		3,685,976		101,622,358


				996,888,476

Professional Services — 1.2%
CSG Systems International, Inc.^(a)		2,053,540		104,976,965
Forrester Research, Inc.^(b)(c)		778,849		22,508,736
Heidrick & Struggles International, Inc.^(a)		1,351,967		33,826,214
Kelly Services, Inc., Class A, NVS^(c)		2,166,252		39,404,124
Korn Ferry^(a)		3,617,936		171,634,884
NV5 Global, Inc.^(a)(b)(c)		858,281		82,592,381
Resources Connection, Inc.^(a)		2,161,397		32,226,429


22		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Professional Services (continued)
TrueBlue, Inc.^(a)(b)		2,094,883	$	30,731,934
TTEC Holdings, Inc.		1,281,608		33,603,762
Verra Mobility Corp., Class A^(a)(b)(c)		11,460,297		214,307,554


				765,812,983

Real Estate Management & Development — 0.8%
Anywhere Real Estate, Inc.^(a)(b)(c)		7,561,500		48,620,445
Cushman & Wakefield PLC^(b)(c)		9,581,275		73,009,315
eXp World Holdings, Inc.^(c)		5,172,829		84,006,743
Kennedy-Wilson Holdings, Inc.^(a)		8,003,673		117,974,140
Marcus & Millichap, Inc.^(c)		1,644,864		48,260,310
St. Joe Co. (The)		2,404,092		130,614,318


				502,485,271

Residential REITs — 0.4%
Centerspace^(a)		1,009,632		60,840,424
Elme Communities^(a)		5,929,562		80,879,226
NexPoint Residential Trust, Inc.^(a)		1,532,940		49,330,009
Veris Residential, Inc.^(a)		5,407,909		89,230,498


				280,280,157

Retail REITs — 1.9%
Acadia Realty Trust^(a)		6,426,835		92,225,082
Getty Realty Corp.^(a)		3,102,819		86,041,171
Macerich Co. (The)^(a)		14,533,590		158,561,467
Phillips Edison & Co., Inc.^(a)		7,926,587		265,857,728
Retail Opportunity Investments Corp.^(a)		8,507,467		105,322,441
RPT Realty^(a)		5,393,684		56,957,303
Saul Centers, Inc.		873,551		30,810,144
SITE Centers Corp.		10,042,064		123,818,649
Tanger Factory Outlet Centers, Inc.^(a)(c)		7,101,509		160,494,103
Urban Edge Properties^(a)		7,942,756		121,206,457
Whitestone REIT^(a)		3,177,421		30,598,564


				1,231,893,109

Semiconductors & Semiconductor Equipment — 4.3%
Alpha & Omega Semiconductor Ltd.^(a)(b)		1,513,688		45,168,450
Axcelis Technologies, Inc.^(a)(b)(c)		2,215,734		361,275,429
CEVA, Inc.^(a)(b)(c)		1,597,115		30,968,060
Cohu, Inc.^(a)(b)(c)		3,213,765		110,682,067
Diodes, Inc.^(a)(b)(c)		3,088,873		243,526,747
FormFactor, Inc.^(a)(b)(c)		5,243,156		183,195,871
Ichor Holdings Ltd.^(a)(b)(c)		1,976,392		61,189,096
Kulicke & Soffa Industries, Inc.^(a)(c)		3,812,926		185,422,591
MaxLinear, Inc.^(a)(b)(c)		4,980,442		110,814,834
Onto Innovation, Inc.^(a)(b)(c)		3,312,836		422,452,847
PDF Solutions, Inc.^(a)(b)(c)		2,059,378		66,723,847
Photronics, Inc.^(a)(b)(c)		4,221,049		85,307,400
Rambus, Inc.^(a)(b)(c)		7,368,297		411,077,290
Semtech Corp.^(a)(b)(c)		4,318,283		111,195,787
SiTime Corp.^(a)(b)(c)		1,154,665		131,920,476
SMART Global Holdings, Inc.^(a)(b)(c)		3,380,455		82,314,079
Ultra Clean Holdings, Inc.^(a)(b)(c)		3,017,891		89,540,826
Veeco Instruments, Inc.^(a)(b)(c)		3,804,338		106,939,941


				2,839,715,638

Software — 2.7%
A10 Networks, Inc.^(a)		4,703,536		70,694,146
Adeia, Inc.^(a)		7,007,031		74,835,091
Agilysys, Inc.^(a)(b)(c)		1,369,467		90,603,937
Alarm.com Holdings, Inc.^(a)(b)(c)		3,369,542		206,013,798
Cerence, Inc.^(a)(b)(c)		2,723,151		55,470,586
Consensus Cloud Solutions, Inc.^(a)(b)(c)		1,238,482		31,184,977
Digital Turbine, Inc.^(a)(b)(c)		6,113,441		36,986,318
DoubleVerify Holdings, Inc.^(a)(b)(c)		8,477,011		236,932,457


Security	Shares		Value

Software (continued)
Ebix, Inc.^(a)(c)		1,667,153	$	16,471,472
InterDigital, Inc.^(a)		1,782,938		143,062,945
LiveRamp Holdings, Inc.^(a)(b)		4,468,987		128,885,585
N-able, Inc.^(b)(c)		4,682,756		60,407,552
OneSpan, Inc.^(a)(b)(c)		2,431,710		26,140,883
Progress Software Corp.^(a)		2,927,968		153,952,557
SPS Commerce, Inc.^(a)(b)(c)		2,474,598		422,191,165
Xperi, Inc.^(a)(b)(c)		2,926,174		28,852,076


				1,782,685,545

Specialized REITs — 0.6%
Four Corners Property Trust, Inc.^(a)		6,114,799		135,687,390
Outfront Media, Inc.^(a)		9,806,085		99,041,458
Safehold, Inc.^(b)(c)		3,023,348		53,815,594
Uniti Group, Inc.^(a)		16,152,014		76,237,506


				364,781,948

Specialty Retail — 4.7%
Abercrombie & Fitch Co., Class A^(a)(b)(c)		3,380,275		190,546,102
Academy Sports & Outdoors, Inc.^(a)(c)		5,162,073		244,011,191
Advance Auto Parts, Inc.^(a)		4,013,525		224,476,453
American Eagle Outfitters, Inc.^(a)		12,531,564		208,149,278
America’s Car-Mart, Inc.^(a)(b)(c)		405,220		36,870,968
Asbury Automotive Group, Inc.^(a)(b)(c)		1,389,181		319,608,873
Boot Barn Holdings, Inc.^(a)(b)(c)		2,024,990		164,408,938
Buckle, Inc. (The)		2,009,915		67,111,062
Caleres, Inc.^(a)(c)		2,302,040		66,206,670
Chico’s FAS, Inc.^(a)(b)(c)		8,341,670		62,395,692
Designer Brands, Inc., Class A^(a)(c)		3,324,771		42,091,601
Foot Locker, Inc.^(a)		5,517,105		95,721,772
Group 1 Automotive, Inc.^(a)(c)		948,694		254,923,565
Guess?, Inc.^(c)		1,844,726		39,919,871
Haverty Furniture Cos., Inc.^(a)		907,610		26,121,016
Hibbett, Inc.^(a)(c)		860,636		40,888,816
Leslie’s, Inc.^(a)(b)(c)		12,430,864		70,358,690
MarineMax, Inc.^(a)(b)(c)		1,346,156		44,180,840
Monro, Inc.^(a)(c)		2,121,243		58,906,918
National Vision Holdings, Inc.^(a)(b)(c)		5,277,012		85,382,054
ODP Corp. (The)^(a)(b)(c)		2,286,386		105,516,714
Sally Beauty Holdings, Inc.^(a)(b)(c)		7,281,743		61,021,006
Shoe Carnival, Inc.^(c)		1,218,912		29,290,455
Signet Jewelers Ltd.^(a)(c)		3,067,096		220,248,164
Sleep Number Corp.^(a)(b)(c)		1,425,895		35,062,758
Sonic Automotive, Inc., Class A		1,074,924		51,338,370
Upbound Group, Inc.^(a)		3,099,234		91,272,441
Urban Outfitters, Inc.^(b)(c)		3,817,831		124,804,895
Victoria’s Secret & Co.^(a)(b)(c)		5,208,892		86,884,319


				3,147,719,492

Technology Hardware, Storage & Peripherals — 0.3%
Avid Technology, Inc.^(a)(b)(c)		2,289,447		61,517,441
Corsair Gaming, Inc.^(b)(c)		2,914,584		42,348,906
Xerox Holdings Corp.		7,638,018		119,840,502


				223,706,849

Textiles, Apparel & Luxury Goods — 0.9%
G-III Apparel Group Ltd.^(a)(b)(c)		2,739,752		68,274,620
Hanesbrands, Inc.^(a)(c)		23,623,410		93,548,704
Kontoor Brands, Inc.^(a)		3,372,529		148,087,748
Movado Group, Inc.^(a)		1,055,268		28,861,580
Oxford Industries, Inc.^(a)		999,067		96,040,311
Steven Madden Ltd.^(a)		4,779,984		151,860,092
Wolverine World Wide, Inc.^(a)		5,374,029		43,314,674


				629,987,729


S C H E D U L E S O F I N V E S T M E N T S			23

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Tobacco — 0.3%
Universal Corp.^(a)		1,663,420	$	78,530,058
Vector Group Ltd.^(a)		8,955,283		95,284,211


				173,814,269

Trading Companies & Distributors — 1.7%
Applied Industrial Technologies, Inc.^(a)		2,609,837		403,506,899
Boise Cascade Co.^(a)		2,673,978		275,526,693
DXP Enterprises, Inc.^(a)(b)(c)		926,760		32,380,994
GMS, Inc.^(a)(b)(c)		2,752,967		176,107,299
NOW, Inc.^(a)(b)(c)		7,205,379		85,527,849
Veritiv Corp.^(a)		914,932		154,532,015


				1,127,581,749

Water Utilities — 0.9%
American States Water Co.^(a)		2,496,604		196,432,803
California Water Service Group^(a)		3,895,907		184,315,360
Middlesex Water Co.^(a)		1,198,295		79,387,044
SJW Group^(a)		1,951,916		117,329,671


				577,464,878

Wireless Telecommunication Services — 0.4%
Gogo, Inc.^(b)(c)		4,173,958		49,795,319
Shenandoah Telecommunications Co.^(a)(c)		3,395,925		69,990,014
Telephone & Data Systems, Inc.^(a)		6,610,359		121,035,673


				240,821,006


Total Long-Term Investments — 97.8% (Cost: $62,294,606,860)				64,975,060,340


Security	Shares		Value


Short-Term Securities

Money Market Funds — 8.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(a)(e)(f)		3,774,194,495	$	3,775,704,173
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(a)(e)		1,747,150,270		1,747,150,270


Total Short-Term Securities — 8.3% (Cost: $5,520,756,958)				5,522,854,443


Total Investments — 106.1% (Cost: $67,815,363,818)				70,497,914,783

Liabilities in Excess of Other Assets — (6.1)%				(4,021,880,738	)


Net Assets — 100.0%			$	66,476,034,045

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

^(c)	All or a portion of this security is on loan.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds


3D Systems Corp.	$	102,182,418	$	7,448,317	$	(10,980,399	)	$	(12,567,878	)	$	(41,800,774	)	$	44,281,684		9,018,673	$	—	$	—
8x8, Inc.^(a)		34,349,003		2,690,047		(24,464,675	)		(106,508,755	)		93,934,380			—		—		—		—
A10 Networks, Inc.		72,406,332		9,156,933		(8,737,981	)		442,406			(2,573,544	)		70,694,146		4,703,536		550,544		—
AAON, Inc.		296,224,899		23,023,791		(23,820,216	)		9,698,773			(44,553,172	)		260,574,075		4,581,925		728,993		—
AAR Corp.		130,130,171		11,871,670		(19,983,453	)		4,032,654			7,549,339			133,600,381		2,244,253		—		—
Aaron’s Co., Inc.^(a)		22,311,151		2,358,610		(25,150,477	)		(19,683,119	)		20,163,835			—		—		553,564		—
Abercrombie & Fitch Co., Class A		98,817,944		12,260,655		(21,267,504	)		7,420,138			93,314,869			190,546,102		3,380,275		—		—
ABM Industries, Inc.		216,184,140		18,108,701		(32,371,776	)		615,601			(23,850,966	)		178,685,700		4,466,026		2,075,466		—
Academy Sports & Outdoors, Inc.		371,182,519		26,571,275		(52,107,657	)		6,485,881			(108,120,827	)		244,011,191		5,162,073		997,205		—
Acadia Realty Trust		95,963,864		2,323,502		(9,225,017	)		(8,492,527	)		11,655,260			92,225,082		6,426,835		2,343,554		—
Addus HomeCare Corp.		125,019,590		10,197,449		(16,659,779	)		(659,487	)		(24,632,357	)		93,265,416		1,094,793		—		—
Adeia, Inc.		62,082,295		—		—			—			12,752,796			74,835,091		7,007,031		700,703		—
Adtalem Global Education, Inc.		127,926,317		11,369,743		(32,319,948	)		1,792,386			11,423,481			120,191,979		2,804,947		—		—
ADTRAN Holdings, Inc.		81,436,976		4,756,429		(7,928,939	)		(6,493,009	)		(32,402,083	)		39,369,374		4,783,642		922,309		—
Advance Auto Parts, Inc.		—		289,980,932		(16,001,178	)		(1,836,479	)		(47,666,822	)		224,476,453		4,013,525		—		—
Advanced Energy Industries, Inc.		266,681,030		23,783,974		(42,173,900	)		7,769,669			6,082,023			262,142,796		2,542,114		537,880		—
AdvanSix, Inc.		76,656,303		7,190,277		(12,491,138	)		579,903			(14,830,942	)		57,104,403		1,837,336		601,616		—
Aerojet Rocketdyne Holdings, Inc.^(a)		309,930,501		17,956,693		(337,322,963	)		113,289,725			(103,853,956	)		—		—		—		—
AeroVironment, Inc.		167,676,570		16,388,697		(21,982,441	)		5,526,521			29,796,299			197,405,646		1,769,978		—		—
Agilysys, Inc.		119,751,301		10,073,077		(15,779,586	)		4,422,329			(27,863,184	)		90,603,937		1,369,467		—		—


24		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds


Alamo Group, Inc.	$	138,123,499	$	12,004,206	$	(21,187,191	)	$	4,288,338		$	(12,672,831	)	$	120,556,021		697,420	$	323,165	$	—
Alarm.com Holdings, Inc.		182,914,919		17,115,262		(31,900,840	)		(7,555,572	)		45,440,029			206,013,798		3,369,542		—		—
Albany International Corp., Class A		202,299,869		17,853,661		(31,653,153	)		4,447,976			(11,317,305	)		181,631,048		2,105,135		1,112,506		—
Alexander & Baldwin, Inc.		99,630,606		8,713,820		(15,135,788	)		(2,287,797	)		(8,886,290	)		82,034,551		4,903,440		2,292,857		—
Allegiant Travel Co.		104,538,121		10,887,845		(21,333,346	)		(14,275,813	)		(1,319,612	)		78,497,195		1,021,301		666,274		—
Alpha & Omega Semiconductor Ltd.		43,950,060		4,843,172		(8,179,447	)		(1,731,877	)		6,286,542			45,168,450		1,513,688		—		—
AMC Networks, Inc., Class A		35,658,903		3,191,240		(2,844,263	)		(2,443,761	)		(9,350,261	)		24,211,858		2,055,336		—		—
American Assets Trust, Inc.		70,755,064		6,080,303		(14,386,973	)		(17,819,484	)		19,166,662			63,795,572		3,279,978		2,459,692		—
American Axle & Manufacturing Holdings, Inc.		65,189,406		6,224,170		(9,387,691	)		(4,870,460	)		263,269			57,418,694		7,908,911		—		—
American Eagle Outfitters, Inc.		170,730,968		18,050,517		(21,690,939	)		2,270,990			38,787,742			208,149,278		12,531,564		2,546,768		—
American Equity Investment Life Holding Co.		184,632,248		16,257,963		(55,560,046	)		10,957,994			67,730,665			224,018,824		4,176,339		—		—
American States Water Co.		239,487,349		19,208,676		(36,131,011	)		4,685,933			(30,818,144	)		196,432,803		2,496,604		2,187,927		—
American Vanguard Corp.		44,332,031		3,392,515		(6,066,450	)		(1,248,520	)		(20,287,708	)		20,121,868		1,840,976		113,526		—
American Woodmark Corp.		63,064,789		7,716,829		(15,274,030	)		(1,288,445	)		29,385,254			83,604,397		1,105,732		—		—
America’s Car-Mart, Inc.		33,227,486		3,749,455		(4,985,703	)		(460,158	)		5,339,888			36,870,968		405,220		—		—
Ameris Bancorp		173,814,150		3,872,977		(17,196,776	)		(3,258,635	)		11,224,295			168,456,011		4,388,018		1,335,996		—
AMERISAFE, Inc.		68,324,067		7,028,914		(12,252,496	)		(1,112,545	)		2,851,508			64,839,448		1,294,976		930,257		—
AMN Healthcare Services, Inc.		261,702,877		24,608,373		(83,013,021	)		7,122,444			8,054,613			218,475,286		2,564,866		—		—
Amphastar Pharmaceuticals, Inc.		102,744,038		11,298,575		(18,898,732	)		4,443,461			18,804,623			118,391,965		2,574,298		—		—
Andersons, Inc. (The)		93,462,493		9,472,848		(15,968,006	)		3,058,144			19,491,220			109,516,699		2,126,125		802,275		—
AngioDynamics, Inc.^(a)		29,484,283		2,522,880		(23,591,858	)		(31,724,349	)		23,309,044			—		—		—		—
ANI Pharmaceuticals, Inc.		35,360,373		14,741,820		(3,644,033	)		1,249,539			15,146,722			62,854,421		1,082,577		—		—
Anika Therapeutics, Inc.^(a)		30,577,724		2,113,876		(20,932,065	)		(23,274,993	)		11,515,458			—		—		—		—
Anywhere Real Estate, Inc.		43,897,144		4,836,409		(9,441,578	)		(8,567,404	)		17,895,874			48,620,445		7,561,500		—		—
Apogee Enterprises, Inc.		69,807,317		7,116,039		(12,855,377	)		799,104			5,312,437			70,179,520		1,490,644		762,349		—
Apollo Commercial Real Estate Finance, Inc.		88,167,627		8,592,308		(8,570,219	)		(13,012,740	)		13,767,169			88,944,145		8,780,271		6,272,364		—
Apollo Medical Holdings, Inc.		N/A		9,202,207		(9,561,010	)		(6,712,181	)		(115,716,812	)		87,689,984		2,842,463		—		—
Apple Hospitality REIT, Inc.		—		235,829,697		(3,097,499	)		(117,475	)		(12,230,542	)		220,384,181		14,366,635		1,141,258		—
Applied Industrial Technologies, Inc.		399,375,919		33,833,956		(63,380,434	)		15,135,472			18,541,986			403,506,899		2,609,837		1,934,813		—
ArcBest Corp.		162,821,305		14,845,611		(27,730,041	)		6,402,643			8,548,167			164,887,685		1,622,112		413,971		—
Archrock, Inc.		95,015,517		9,435,612		(8,269,291	)		(3,765,663	)		24,744,963			117,161,138		9,298,503		2,928,150		—
Arconic Corp.^(a)		194,186,802		11,920,916		(233,498,141	)		99,041,991			(71,651,568	)		—		—		—		—
Arcosa, Inc.		222,096,270		21,069,670		(37,554,872	)		8,992,611			22,112,835			236,716,514		3,292,302		345,152		—
Arcus Biosciences, Inc.^(b)		69,313,550		6,867,679		(10,516,052	)		(3,972,397	)		56,650,434			N/A		N/A		—		—
Arlo Technologies, Inc.		39,065,554		6,285,128		(7,086,828	)		1,698,909			25,445,512			65,408,275		6,350,318		—		—
Armada Hoffler Properties, Inc.		58,248,207		5,355,288		(7,182,349	)		(3,532,252	)		(5,877,330	)		47,011,564		4,590,973		1,821,189		—


S C H E D U L E S O F I N V E S T M E N T S			25

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds


ARMOUR Residential REIT, Inc.	$	62,319,873	$	34,051,324		$	(5,679,825	)	$	(10,084,138	)	$	(15,046,228	)	$	65,561,006		15,426,119	$	6,139,078		$	—
Artivion, Inc.		38,495,097		4,438,939			(8,945,753	)		(4,426,334	)		10,365,746			39,927,695		2,633,753		—			—
Asbury Automotive Group, Inc.		338,291,310		28,805,089			(77,883,192	)		18,692,383			11,703,283			319,608,873		1,389,181		—			—
Assured Guaranty Ltd.		219,398,891		21,038,764			(56,462,909	)		8,595,354			34,798,577			227,368,677		3,756,918		2,391,712			—
Astec Industries, Inc.		68,264,543		6,982,293			(12,569,702	)		(1,595,288	)		11,238,552			72,320,398		1,535,139		423,508			—
ATI, Inc.		371,755,383		31,064,442			(61,607,060	)		18,557,840			(2,515,152	)		357,255,453		8,681,785		—			—
Atlantic Union Bankshares Corp.		160,737,723		6,248,635			—			—			(27,818,826	)		139,167,532		4,835,564		2,878,255			—
Avanos Medical, Inc.		100,495,981		8,072,377			(12,818,711	)		(5,605,232	)		(26,153,736	)		63,990,679		3,164,722		—			—
Avantax, Inc.		76,349,477		6,445,023			(16,488,170	)		1,584,833			(4,355,968	)		63,535,195		2,483,784		—			—
Avid Bioservices, Inc.		84,935,412		6,521,609			(10,320,440	)		(7,392,872	)		(33,744,824	)		39,998,885		4,237,170		—			—
Avid Technology, Inc.		77,158,914		6,878,329			(10,102,266	)		(291,337	)		(12,126,199	)		61,517,441		2,289,447		—			—
Avista Corp.		225,297,559		1,563,455			(6,624,595	)		(2,011,852	)		(50,962,594	)		167,261,973		5,167,191		4,872,086			—
Axcelis Technologies, Inc.		317,914,779		32,047,064			(59,727,611	)		22,466,388			48,574,809			361,275,429		2,215,734		—			—
Axos Financial, Inc.		143,594,987		7,844,736			(22,133,292	)		302,941			4,487,643			134,097,015		3,541,918		—			—
AZZ, Inc.		74,597,593		7,611,238			(12,847,492	)		(1,515,016	)		9,129,591			76,975,914		1,688,809		605,509			—
B&G Foods, Inc.		80,873,267		6,543,289			(177,692	)		(18,017,359	)		(20,913,177	)		48,308,328		4,884,563		1,895,622			—
Badger Meter, Inc.		259,557,610		27,643,467			(50,794,331	)		15,159,472			33,223,008			284,789,226		1,979,490		1,037,713			—
Balchem Corp.		295,818,759		26,040,028			(48,039,388	)		5,165,121			(8,977,225	)		270,007,295		2,176,776		—			—
Banc of California, Inc.		50,130,563		499,131			(6,297,596	)		(3,443,373	)		2,909,685			43,798,410		3,537,836		773,660			—
Bancorp, Inc. (The)		110,908,893		1,633,883			(12,860,758	)		2,759,444			24,000,589			126,442,051		3,664,987		—			—
Bank of Hawaii Corp.		—		117,392,080			(11,888,747	)		1,645,871			25,940,393			133,089,597		2,678,398		1,939,431			—
BankUnited, Inc.		118,713,424		—			(6,338,465	)		124,226			813,699			113,312,884		4,991,757		2,820,675			—
Banner Corp.		131,055,405		1,544,299			(5,510,262	)		(2,634,077	)		(26,173,009	)		98,282,356		2,319,074		2,314,823			—
Barnes Group, Inc.		148,456,693		12,754,344			(22,929,487	)		(5,546,268	)		(16,618,654	)		116,116,628		3,418,211		1,162,585			—
Benchmark Electronics, Inc.		60,719,294		6,122,443			(9,805,107	)		(596,734	)		1,987,767			58,427,663		2,408,395		809,821			—
Berkshire Hills Bancorp, Inc.		77,475,120		—			(2,766,451	)		(982,884	)		(14,503,639	)		59,222,146		2,953,723		1,112,971			—
Big Lots, Inc.^(a)		22,968,269		841,911			(16,724,495	)		(54,047,106	)		46,961,421			—		—		—			—
BioLife Solutions, Inc.		54,067,629		4,773,213			(7,095,170	)		(10,249,522	)		(9,451,550	)		32,044,600		2,320,391		—			—
BJ’s Restaurants, Inc.		49,529,579		5,262,680			(8,181,102	)		(2,322,049	)		(6,916,788	)		37,372,320		1,593,023		—			—
BlackRock Cash Funds: Institutional, SL Agency Shares		4,009,427,142		—			(234,148,791	)^(c)		19,679			406,143			3,775,704,173		3,774,194,495		7,997,577	^(d)		—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,360,595,186		386,555,084	^(c)		—			—			—			1,747,150,270		1,747,150,270		32,061,323			—
Blackstone Mortgage Trust, Inc., Class A		—		276,200,562			(3,538,782	)		(147,460	)		(19,472,080	)		253,042,240		11,634,126		7,163,883			—
Bloomin’ Brands, Inc.		164,133,452		14,351,610			(27,940,381	)		2,657,217			(8,598,411	)		144,603,487		5,880,581		3,012,197			—
Boise Cascade Co.		181,861,713		19,590,983			(37,276,171	)		10,006,478			101,343,690			275,526,693		2,673,978		9,549,615			—
Boot Barn Holdings, Inc.		166,546,614		16,184,289			(28,014,386	)		4,036,754			5,655,667			164,408,938		2,024,990		—			—
Brandywine Realty Trust		59,150,320		2,779,355			(5,767,802	)		(11,732,988	)		8,376,186			52,805,071		11,631,073		4,659,485			—
Brightsphere Investment Group, Inc.		55,527,481		4,938,218			(8,462,383	)		1,537,965			(11,138,085	)		42,403,196		2,186,859		46,389			—
Brinker International, Inc.		122,025,676		10,664,581			(17,858,066	)		(644,204	)		(19,707,952	)		94,480,035		2,990,821		—			—
Bristow Group, Inc.		38,410,826		4,459,542			(6,953,219	)		(571,172	)		10,235,224			45,581,201		1,618,076		—			—
Brookline Bancorp, Inc.		61,759,068		3,575,678			(2,320,958	)		(2,441,915	)		(6,031,041	)		54,540,832		5,986,919		1,653,399			—
Calavo Growers, Inc.		36,920,281		4,019,749			(6,351,038	)		(7,026,092	)		2,753,695			30,316,595		1,201,609		244,825			—
Caleres, Inc.		56,132,878		6,266,961			(14,062,819	)		(300,459	)		18,170,109			66,206,670		2,302,040		358,546			—
California Resources Corp.		—		231,723,232			(45,250,793	)		8,135,060			50,536,677			245,144,176		4,376,793		1,408,854			—
California Water Service Group		232,582,390		18,403,325			(23,688,917	)		1,627,463			(44,608,901	)		184,315,360		3,895,907		2,062,769			—
Callon Petroleum Co.		124,618,741		17,745,392			(15,297,921	)		(2,889,459	)		23,441,511			147,618,264		3,773,473		—			—


26		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds

Cal-Maine Foods, Inc.	$	168,023,093	$	15,392,545	$	(16,259,505	)	$	524,991		$	(34,790,594	)	$	132,890,530		2,744,538	$	8,117,438	$	—
Capitol Federal Financial, Inc.		62,108,969		1,259,379		(5,210,872	)		(4,256,141	)		(13,159,997	)		40,741,338		8,541,161		1,542,108		—
Cara Therapeutics, Inc.^(a)		16,036,723		440,018		(10,905,795	)		(63,470,393	)		57,899,447			—		—		—		—
Cardiovascular Systems, Inc.^(a)		60,718,195		924,106		(62,068,808	)		(46,213,982	)		46,640,489			—		—		—		—
CareTrust REIT, Inc.		142,006,280		13,474,068		(22,723,262	)		(449,982	)		5,378,563			137,685,667		6,716,374		3,816,807		—
Cargurus, Inc., Class A		—		144,154,526		(13,268,214	)		(2,483,867	)		(25,756,935	)		102,645,510		5,858,762		—		—
Carpenter Technology Corp.		157,860,239		16,045,299		(31,022,921	)		9,159,615			68,357,169			220,399,401		3,279,265		1,397,239		—
Cars.com, Inc.		86,875,148		8,104,017		(13,817,653	)		1,446,379			(12,241,180	)		70,366,711		4,173,589		—		—
Catalyst Pharmaceuticals, Inc.		115,688,475		8,927,429		(11,735,600	)		(1,215,198	)		(32,589,212	)		79,075,894		6,764,405		—		—
Cavco Industries, Inc.		187,257,209		14,182,116		(26,353,135	)		5,092,686			(35,436,416	)		144,742,460		544,841		—		—
Centerspace		59,983,030		6,287,819		(9,700,954	)		(5,807,031	)		10,077,560			60,840,424		1,009,632		1,504,815		—
Central Garden & Pet Co.		28,991,932		2,709,073		(5,494,032	)		294,143			1,917,717			28,418,833		643,834		—		—
Central Pacific Financial Corp.		28,595,554		—		—			—			(1,948,970	)		26,646,584		1,597,517		830,709		—
Century Communities, Inc.		131,731,066		12,991,129		(22,225,398	)		4,996,464			998,271			128,491,532		1,924,102		935,782		—
Cerence, Inc.		82,103,671		7,681,675		(13,026,098	)		(1,026,769	)		(20,261,893	)		55,470,586		2,723,151		—		—
CEVA, Inc.		51,414,406		4,049,404		(6,149,108	)		(3,089,916	)		(15,256,726	)		30,968,060		1,597,115		—		—
Chatham Lodging Trust		37,098,924		3,104,349		(4,164,151	)		(4,785,137	)		338,087			31,592,072		3,301,157		472,299		—
Cheesecake Factory, Inc. (The)		122,152,475		10,782,834		(20,024,829	)		(3,154,714	)		(13,248,297	)		96,507,469		3,185,065		1,858,344		—
Chefs’ Warehouse, Inc. (The)		84,273,137		7,950,689		(10,475,650	)		(413,660	)		(30,851,499	)		50,483,017		2,383,523		—		—
Chesapeake Utilities Corp.		148,469,039		25,047,032		(19,168,624	)		34,207			(36,924,374	)		117,457,280		1,201,609		1,496,744		—
Chico’s FAS, Inc.		49,993,317		4,275,887		(7,836,050	)		(3,156,631	)		19,119,169			62,395,692		8,341,670		—		—
Children’s Place, Inc.^(a)		35,862,187		1,048,417		(19,068,334	)		(41,674,052	)		23,831,782			—		—		—		—
Chuy’s Holdings, Inc.		47,009,424		4,864,169		(8,276,134	)		1,192,949			(1,444,397	)		43,346,011		1,218,269		—		—
Cinemark Holdings, Inc.		115,204,324		12,079,109		(20,136,919	)		1,417,463			25,557,256			134,121,233		7,309,059		—		—
CIRCOR International, Inc.		46,173,646		6,839,363		(12,244,915	)		2,150,540			33,830,941			76,749,575		1,376,674		—		—
City Holding Co.		92,915,621		4,403,902		(5,250,508	)		(45,890	)		(470,024	)		91,553,101		1,013,316		1,373,277		—
Clearfield, Inc.		42,875,446		3,441,195		(5,132,121	)		(4,930,267	)		(11,102,581	)		25,151,672		877,588		—		—
Clearwater Paper Corp.		40,817,651		4,213,826		(7,419,113	)		(1,168,828	)		4,477,240			40,920,776		1,128,849		—		—
Cogent Communications Holdings, Inc.		198,455,621		16,537,959		(17,317,270	)		(5,965,857	)		(9,880,751	)		181,829,702		2,937,475		5,769,725		—
Coherus Biosciences, Inc.^(a)		32,171,147		6,249,728		(29,431,002	)		(56,521,692	)		47,531,819			—		—		—		—
Cohu, Inc.		133,262,362		11,735,290		(21,123,007	)		2,992,702			(16,185,280	)		110,682,067		3,213,765		—		—
Collegium Pharmaceutical, Inc.		58,685,154		5,534,232		(7,848,627	)		264,588			(4,221,826	)		52,413,521		2,345,124		—		—
Comfort Systems U.S.A., Inc.		379,972,122		33,397,018		(66,408,396	)		23,219,351			41,380,163			411,560,258		2,415,118		1,088,137		—
Community Bank System, Inc.		194,295,409		—		(4,832,633	)		(3,850,052	)		(34,086,380	)		151,526,344		3,589,821		3,294,397		—
Community Health Systems, Inc.		44,616,254		3,703,342		(5,385,225	)		(6,227,853	)		(11,778,254	)		24,928,264		8,595,953		—		—
Community Healthcare Trust, Inc.		62,746,198		6,140,752		(6,720,989	)		(1,572,245	)		(11,051,324	)		49,542,392		1,668,094		1,550,988		—
Compass Minerals International, Inc.		85,232,184		8,250,417		(14,496,473	)		(6,384,872	)		(8,941,889	)		63,659,367		2,277,616		732,116		—
Computer Programs & Systems, Inc.^(a)		31,093,648		2,177,403		(18,457,135	)		(15,712,646	)		898,730			—		—		—		—


S C H E D U L E S O F I N V E S T M E N T S			27

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds

Comtech Telecommunications Corp.^(a)	$	25,084,350	$	777,330	$	(17,701,564	)	$	(30,196,746	)	$	22,036,630		$	—		—	$	—	$	—
CONMED Corp.		230,448,099		22,982,458		(39,943,592	)		5,476,833			(9,650,026	)		209,313,772		2,075,496		872,236		—
Consensus Cloud Solutions, Inc.		43,749,197		4,143,713		(5,574,312	)		(3,213,467	)		(7,920,154	)		31,184,977		1,238,482		—		—
CONSOL Energy, Inc.		138,708,588		14,616,224		(53,043,119	)		20,045,162			83,576,221			203,903,076		1,943,600		2,590,501		—
Corcept Therapeutics, Inc.		150,882,325		15,108,479		(37,747,338	)		5,657,732			32,099,699			166,000,897		6,092,894		—		—
Core Laboratories, Inc.		74,716,271		7,385,095		(12,928,228	)		(784,803	)		7,283,934			75,672,269		3,151,698		66,722		—
CoreCivic, Inc.		76,866,984		7,327,308		(14,076,433	)		(180,149	)		16,353,199			86,290,909		7,670,303		—		—
Cracker Barrel Old Country Store, Inc.		183,548,518		13,330,368		(22,826,539	)		(5,221,229	)		(68,323,640	)		100,507,478		1,495,647		4,122,918		—
Cross Country Healthcare, Inc.		57,621,468		6,180,698		(14,219,298	)		2,238,144			4,508,512			56,329,524		2,272,268		—		—
CSG Systems International, Inc.		117,406,619		10,576,839		(17,479,058	)		536,827			(6,064,262	)		104,976,965		2,053,540		1,208,130		—
CTS Corp.		114,604,063		9,928,983		(18,354,825	)		2,712,126			(20,458,105	)		88,432,242		2,118,645		172,631		—
Customers Bancorp, Inc.		39,774,237		1,994,994		(9,647,807	)		(3,131,548	)		36,513,526			65,503,402		1,901,405		—		—
Cutera, Inc.^(a)		30,720,361		900,594		(22,352,140	)		(29,418,470	)		20,149,655			—		—		—		—
CVB Financial Corp.		159,788,194		2,882,120		(12,859,687	)		(6,325,479	)		4,625,250			148,110,398		8,938,467		3,742,294		—
Cytokinetics, Inc.		242,363,841		20,454,718		(34,826,651	)		(346,791	)		(36,698,153	)		190,946,964		6,481,567		—		—
Dana, Inc.		—		159,159,440		(12,414,887	)		(1,079,374	)		(18,427,927	)		127,237,252		8,673,296		913,154		—
Dave & Buster’s Entertainment, Inc.		112,342,054		9,989,287		(37,532,250	)		835,328			362,569			85,996,988		2,319,854		—		—
Deluxe Corp.		50,289,328		5,198,577		(8,802,045	)		(3,963,036	)		12,906,073			55,628,897		2,944,886		1,867,741		—
Designer Brands, Inc., Class A		32,039,144		3,609,498		(7,600,266	)		(4,278,620	)		18,321,845			42,091,601		3,324,771		183,267		—
DiamondRock Hospitality Co.		123,890,737		10,202,406		(18,750,853	)		(5,033,202	)		3,343,413			113,652,501		14,153,487		864,764		—
Digi International, Inc.		87,721,076		8,984,920		(14,710,193	)		2,627,662			(19,053,371	)		65,570,094		2,428,522		—		—
Digital Turbine, Inc.		81,070,266		6,619,394		(9,901,082	)		(6,442,230	)		(34,360,030	)		36,986,318		6,113,441		—		—
Dime Community Bancshares, Inc.		53,270,743		5,179,105		(4,691,116	)		(1,447,594	)		(5,183,662	)		47,127,476		2,361,096		1,156,181		—
Dine Brands Global, Inc.		77,056,638		7,499,359		(12,405,394	)		(3,452,688	)		(16,777,739	)		51,920,176		1,049,953		1,114,351		—
Diodes, Inc.		307,146,726		24,292,961		(42,396,395	)		6,734,507			(52,251,052	)		243,526,747		3,088,873		—		—
DISH Network Corp., Class A		—		121,257,358		(12,394,477	)		(343,693	)		(10,267,363	)		98,251,825		16,766,523		—		—
DMC Global, Inc.^(a)		29,701,199		883,675		(22,351,413	)		(48,650,426	)		40,416,965			—		—		—		—
Donnelley Financial Solutions, Inc.		74,519,324		8,387,850		(15,171,059	)		4,121,419			22,930,818			94,788,352		1,684,228		—		—
Dorian LPG Ltd.		46,315,296		6,155,483		(6,639,054	)		1,826,011			18,205,272			65,863,008		2,292,482		4,573,875		—
Dorman Products, Inc.		177,785,224		14,117,144		(25,960,134	)		(2,134,919	)		(18,848,358	)		144,958,957		1,913,397		—		—
DoubleVerify Holdings, Inc.		N/A		88,806,678		(24,234,013	)		1,898,926			(3,166,492	)		236,932,457		8,477,011		—		—
Douglas Elliman, Inc.^(a)		15,688,697		536,047		(12,803,138	)		(19,393,423	)		15,971,817			—		—		—		—
Dril-Quip, Inc.		70,712,501		6,230,630		(10,497,647	)		(2,184,002	)		737,779			64,999,261		2,307,393		—		—
DXP Enterprises, Inc.		30,708,102		3,241,769		(10,885,310	)		29,642			9,286,791			32,380,994		926,760		—		—
Dycom Industries, Inc.		201,762,838		18,103,884		(35,580,723	)		748,997			(8,819,001	)		176,215,995		1,979,955		—		—
Dynavax Technologies Corp.		84,578,740		14,119,271		(12,782,074	)		1,253,678			41,271,206			128,440,821		8,696,061		—		—
Eagle Bancorp, Inc.		74,581,737		349,668		(5,392,630	)		(7,390,393	)		(18,837,550	)		43,310,832		2,019,153		1,966,766		—
Eagle Pharmaceuticals, Inc.^(a)		21,589,598		1,001,987		(15,420,272	)		(24,836,854	)		17,665,541			—		—		—		—
Easterly Government Properties, Inc.		86,345,087		5,280,111		(138,033	)		(5,423,493	)		(14,370,974	)		71,692,698		6,272,327		3,330,633		—
Ebix, Inc.		22,609,137		3,214,824		(4,084,121	)		(3,618,291	)		(1,650,077	)		16,471,472		1,667,153		—		—


28		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds

Edgewell Personal Care Co.	$	158,589,503	$	13,844,677	$	(26,448,694	)	$	557,612		$	(19,744,352	)	$	126,798,746		3,430,702	$	1,100,996	$	—
elf Beauty, Inc.		303,507,266		46,183,594		(44,076,018	)		15,614,144			82,596,484			403,825,470		3,676,823		—		—
Ellington Financial, Inc.		56,245,609		8,626,163		(8,681,525	)		(985,593	)		2,061,177			57,265,831		4,592,288		4,073,533		—
Elme Communities		113,838,747		7,877,182		(6,692,308	)		(14,416,653	)		(19,727,742	)		80,879,226		5,929,562		2,170,557		—
Embecta Corp.		117,239,760		8,432,326		(14,456,417	)		(4,134,044	)		(48,809,665	)		58,271,960		3,871,891		1,233,359		—
Emergent BioSolutions, Inc.^(a)		33,542,448		2,202,347		(17,129,626	)		(113,500,689	)		94,885,520			—		—		—		—
Employers Holdings, Inc.		72,259,484		1,345,458		(1,656,837	)		(203,188	)		(2,756,461	)		68,988,456		1,726,870		968,836		—
Enanta Pharmaceuticals, Inc.^(a)		57,691,502		3,017,649		(21,610,614	)		(63,245,790	)		24,147,253			—		—		—		—
Encore Capital Group, Inc.		85,730,089		8,174,554		(13,425,728	)		9,781			(4,758,434	)		75,730,262		1,585,642		—		—
Encore Wire Corp.		247,802,148		19,047,495		(53,951,180	)		17,028,584			(22,901,180	)		207,025,867		1,134,637		51,728		—
Energizer Holdings, Inc.		—		156,116,767		(2,331,206	)		(84,568	)		(9,885,096	)		143,815,897		4,488,636		—		—
Enerpac Tool Group Corp., Class A		105,874,139		9,828,277		(19,562,334	)		1,585,223			2,391,403			100,116,708		3,787,995		—		—
Enhabit, Inc.		50,148,624		4,443,220		(7,231,954	)		(3,487,533	)		(5,802,638	)		38,069,719		3,383,975		—		—
Enova International, Inc.		100,809,360		10,208,634		(19,463,727	)		5,598,511			8,588,707			105,741,485		2,078,661		—		—
EnPro Industries, Inc.		157,140,897		15,295,017		(27,835,929	)		5,311,742			21,134,627			171,046,354		1,411,390		865,193		—
Ensign Group, Inc. (The)		387,611,799		34,327,715		(58,776,742	)		15,075,482			(25,608,585	)		352,629,669		3,794,573		442,241		—
Enviri Corp.^(e)		39,551,676		4,457,322		(7,695,044	)		(6,079,547	)		8,680,079			38,914,486		5,389,818		—		—
ePlus, Inc.		96,011,051		10,084,351		(18,182,395	)		2,749,662			24,866,745			115,529,414		1,818,788		—		—
ESCO Technologies, Inc.		179,527,801		15,826,243		(30,078,859	)		4,904,870			11,630,037			181,810,092		1,740,809		144,601		—
Essential Properties Realty Trust, Inc.		257,903,414		25,421,511		(18,378,520	)		(2,382,591	)		(34,726,805	)		227,837,009		10,533,380		5,842,449		—
Ethan Allen Interiors, Inc.		45,645,769		4,873,187		(8,338,308	)		704,535			3,183,451			46,068,634		1,540,757		1,979,732		—
EVERTEC, Inc.		160,007,704		15,127,833		(28,846,540	)		3,269,661			12,684,898			162,243,556		4,363,732		467,372		—
EW Scripps Co. (The), Class A, NVS		39,742,495		3,418,237		(4,787,912	)		(4,753,341	)		(11,861,643	)		21,757,836		3,970,408		—		—
Fabrinet		316,931,724		27,508,065		(58,211,572	)		16,792,722			105,314,528			408,335,467		2,450,699		—		—
FARO Technologies, Inc.^(a)		33,444,916		1,280,168		(22,381,770	)		(46,157,047	)		33,813,733			—		—		—		—
FB Financial Corp.		79,384,070		7,290,181		(12,374,209	)		(3,300,742	)		(3,770,360	)		67,228,940		2,370,555		757,491		—
Federal Signal Corp.		239,607,658		23,360,678		(41,353,851	)		11,372,350			12,987,875			245,974,710		4,118,110		871,403		—
First BanCorp/Puerto Rico		146,853,183		—		(12,059,241	)		4,436,913			21,628,663			160,859,518		11,950,930		3,555,805		—
First Bancorp/Southern Pines NC		101,721,572		1,710,486		(4,460,676	)		(2,437,772	)		(18,458,617	)		78,074,993		2,774,520		1,236,264		—
First Commonwealth Financial Corp.		88,629,082		495,328		(3,197,578	)		(1,218,133	)		(279,589	)		84,429,110		6,914,751		1,782,564		—
First Financial Bancorp		142,830,379		952,884		(3,741,802	)		(1,407,134	)		(12,741,234	)		125,893,093		6,423,117		3,020,826		—
First Hawaiian, Inc.		191,255,634		15,579,158		(27,249,182	)		(7,555,746	)		(16,512,508	)		155,517,356		8,615,920		4,763,168		—
Foot Locker, Inc.		—		102,359,582		(1,321,690	)		(50,524	)		(5,265,596	)		95,721,772		5,517,105		—		—
FormFactor, Inc.		178,809,435		15,407,736		(26,505,098	)		(405,886	)		15,889,684			183,195,871		5,243,156		—		—
Fortrea Holdings, Inc.		—		233,685,826		(13,021,890	)		(2,814,366	)		(46,822,417	)		171,027,153		5,982,062		—		—
Forward Air Corp.		208,856,122		15,816,960		(33,008,665	)		(2,242	)		(72,403,156	)		119,259,019		1,734,929		907,593		—
Four Corners Property Trust, Inc.		163,838,640		14,867,175		(11,886,368	)		(1,421,682	)		(29,710,375	)		135,687,390		6,114,799		4,138,459		—
Franklin BSP Realty Trust, Inc.		71,662,078		7,414,264		(13,778,914	)		(1,694,316	)		9,901,343			73,504,455		5,551,696		4,014,848		—
Franklin Electric Co., Inc.		266,513,408		23,333,290		(37,453,797	)		8,076,552			(20,783,575	)		239,685,878		2,686,158		1,252,902		—
Frontdoor, Inc.		165,202,271		16,435,913		(31,672,016	)		3,162,731			12,798,450			165,927,349		5,424,235		—		—
Fulton Financial Corp.		—		119,069,641		—			—			(4,809,987	)		114,259,654		9,435,149		2,329,840		—
Gannett Co., Inc.^(a)		20,024,676		743,820		(18,518,247	)		(57,896,468	)		55,646,219			—		—		—		—
Genesco, Inc.^(a)		32,192,810		1,125,073		(21,442,708	)		(21,239,096	)		9,363,921			—		—		—		—
Gentherm, Inc.		145,834,183		12,143,256		(22,961,757	)		(1,779,248	)		(12,373,749	)		120,862,685		2,227,473		—		—


S C H E D U L E S O F I N V E S T M E N T S			29

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds

Genworth Financial, Inc., Class A	$	155,800,113	$	2,300,657	$	(8,814,544	)	$	1,389,091		$	24,047,662		$	174,722,979		29,816,208	$	—	$	—
GEO Group, Inc. (The)		71,373,690		6,545,358		(10,560,422	)		(146,070	)		2,432,774			69,645,330		8,514,099		—		—
Getty Realty Corp.		106,746,477		15,079,980		(8,954,296	)		(890,697	)		(25,940,293	)		86,041,171		3,102,819		2,684,552		—
Gibraltar Industries, Inc.		109,464,112		11,730,344		(24,437,319	)		2,107,838			39,811,029			138,676,004		2,054,155		—		—
G-III Apparel Group Ltd.		48,426,354		5,887,348		(13,906,586	)		(6,573,260	)		34,440,764			68,274,620		2,739,752		—		—
Glaukos Corp.		174,195,095		19,869,916		(33,037,588	)		4,573,319			81,575,792			247,176,534		3,284,738		—		—
Global Net Lease, Inc.^(b)		97,000,858		35,616,449		(9,233,964	)		(18,695,815	)		5,513,976			N/A		N/A		5,917,956		—
GMS, Inc.		175,619,967		17,278,228		(34,789,281	)		8,409,982			9,588,403			176,107,299		2,752,967		—		—
Golden Entertainment, Inc.		69,585,761		6,388,673		(11,514,115	)		(2,921,941	)		(11,574,738	)		49,963,640		1,461,780		3,152,866		—
Goosehead Insurance, Inc., Class A		—		117,324,448		(4,619,976	)		165,512			7,456,540			120,326,524		1,614,471		—		—
Granite Construction, Inc.		130,924,178		11,441,430		(20,047,913	)		1,864,179			(11,438,621	)		112,743,253		2,965,367		783,238		—
Green Dot Corp., Class A		59,054,343		—		(7,061,187	)		(10,989,272	)		1,063,267			42,067,151		3,019,896		—		—
Green Plains, Inc.		113,286,982		—		—			—			(3,253,482	)		110,033,500		3,655,598		—		—
Greenbrier Cos., Inc. (The)		76,631,095		8,161,706		(18,499,898	)		(2,938,901	)		20,117,198			83,471,200		2,086,780		1,321,422		—
Griffon Corp.		110,428,290		11,483,537		(37,567,634	)		8,881,217			16,463,806			109,689,216		2,765,042		7,719,305		—
Group 1 Automotive, Inc.		240,279,848		21,800,964		(49,430,152	)		14,821,210			27,451,695			254,923,565		948,694		925,133		—
Hain Celestial Group, Inc. (The)		111,462,378		7,737,699		(12,888,811	)		(3,891,568	)		(39,745,015	)		62,674,683		6,043,846		—		—
Hanesbrands, Inc.		133,951,881		10,219,179		(18,856,343	)		(1,160,449	)		(30,605,564	)		93,548,704		23,623,410		—		—
Hanmi Financial Corp.		38,719,323		337,467		(781,122	)		(626,295	)		(4,239,869	)		33,409,504		2,058,503		1,044,861		—
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		—		182,291,837		(2,050,659	)		(128,761	)		(26,769,489	)		153,342,928		7,233,157		—		—
Harmonic, Inc.		116,507,540		9,702,741		(14,649,291	)		1,729,273			(40,524,317	)		72,765,946		7,556,173		—		—
Haverty Furniture Cos., Inc.		30,548,049		3,018,094		(4,454,179	)		475,931			(3,466,879	)		26,121,016		907,610		568,775		—
Hawaiian Holdings, Inc.		34,077,847		3,495,190		(5,363,150	)		(11,161,541	)		1,048,709			22,097,055		3,490,846		—		—
Hawkins, Inc.		60,440,742		6,709,571		(11,221,479	)		3,047,018			17,320,701			76,296,553		1,296,458		423,007		—
Haynes International, Inc.		46,049,240		4,224,460		(7,105,251	)		1,099,428			(4,250,954	)		40,016,923		860,209		399,394		—
HB Fuller Co.		267,610,614		23,914,136		(42,022,831	)		2,894,924			(2,849,649	)		249,547,194		3,637,184		1,575,741		—
HCI Group, Inc.^(b)		26,351,154		2,443,906		(6,890,884	)		(1,803,065	)		(375,685	)		N/A		N/A		388,160		—
Healthcare Services Group, Inc.		74,665,761		6,887,704		(11,378,418	)		(6,691,808	)		(11,211,615	)		52,271,624		5,011,661		—		—
HealthStream, Inc.		47,692,179		4,344,025		(7,111,016	)		(842,538	)		(8,758,391	)		35,324,259		1,636,898		131,082		—
Heidrick & Struggles International, Inc.		43,935,990		3,863,076		(6,235,933	)		(1,645,409	)		(6,091,510	)		33,826,214		1,351,967		429,829		—
Helix Energy Solutions Group, Inc.		80,486,224		7,908,940		(15,266,234	)		2,997,711			30,791,080			106,917,721		9,571,864		—		—
Helmerich & Payne, Inc.		271,925,833		24,330,099		(60,185,620	)		5,645,102			41,308,671			283,024,085		6,713,095		7,194,931		—
Heritage Financial Corp.		53,901,678		378,274		(3,272,186	)		(3,551,351	)		(9,131,699	)		38,324,716		2,349,768		1,095,793		—
Heska Corp.^(a)		72,186,964		2,798,179		(91,540,180	)		3,453,147			13,101,890			—		—		—		—
Hibbett, Inc.		54,699,291		4,379,012		(7,122,675	)		(207,384	)		(10,859,428	)		40,888,816		860,636		456,423		—
Highwoods Properties, Inc.		—		164,295,440		(1,039,681	)		(11,052	)		(16,125,210	)		147,119,497		7,138,258		—		—
Hillenbrand, Inc.		240,061,435		20,213,136		(35,594,294	)		3,659,358			(28,615,195	)		199,724,440		4,720,502		2,182,367		—
Hilltop Holdings, Inc.^(b)		98,632,693		—		(7,082,267	)		(758,378	)		11,663,003			N/A		N/A		1,047,076		—
HNI Corp.		83,911,068		17,495,728		(15,266,211	)		(1,253,111	)		23,950,149			108,837,623		3,142,871		2,127,405		—
HomeStreet, Inc.^(a)		23,604,463		—		(6,914,010	)		(30,379,701	)		13,689,248			—		—		131,209		—
Hope Bancorp, Inc.		79,956,414		3,108,608		(3,509,271	)		(2,809,252	)		(5,013,859	)		71,732,640		8,105,383		2,302,785		—
Horace Mann Educators Corp.		91,473,889		—		—			—			(11,202,000	)		80,271,889		2,732,195		1,803,249		—
Hostess Brands, Inc., Class A		242,479,510		18,852,231		(41,860,924	)		7,313,121			72,123,913			298,907,851		8,973,517		—		—


30		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds

Hub Group, Inc., Class A	$	199,789,287	$	16,727,492	$	(37,203,468	)	$	4,668,679		$	(17,393,309	)	$	166,588,681		2,121,068	$	—	$	—
Hudson Pacific Properties, Inc.		62,200,117		3,794,416		(8,723,375	)		(7,144,682	)		6,664,125			56,790,601		8,539,940		1,162,743		—
Ichor Holdings Ltd.		68,853,399		6,762,819		(10,884,208	)		(1,532,882	)		(2,010,032	)		61,189,096		1,976,392		—		—
Independent Bank Corp.		206,148,445		—		(9,840,045	)		(4,323,297	)		(46,531,482	)		145,453,621		2,962,999		3,322,263		—
Independent Bank Group, Inc.		119,660,451		8,771,143		(14,735,001	)		(7,023,227	)		(10,758,960	)		95,914,406		2,425,143		1,931,640		—
Ingevity Corp.		—		136,872,600		(12,428,657	)		(850,454	)		(15,302,211	)		108,291,278		2,274,549		—		—
Innospec, Inc.		185,047,583		15,580,126		(28,376,349	)		3,984,396			(4,652,687	)		171,583,069		1,678,895		1,233,233		—
Innovative Industrial Properties, Inc.		154,533,036		13,703,230		(25,193,623	)		(24,040,456	)		24,236,871			143,239,058		1,893,194		6,930,297		—
Innoviva, Inc.		51,337,564		5,202,870		(14,020,815	)		(1,394,613	)		9,155,114			50,280,120		3,870,679		—		—
Inogen, Inc.^(a)		20,699,378		1,102,569		(18,705,628	)		(54,410,781	)		51,314,462			—		—		—		—
Insight Enterprises, Inc.		315,302,283		24,655,996		(47,955,443	)		16,702,893			(11,661,368	)		297,044,361		2,041,542		—		—
Installed Building Products, Inc.		194,942,723		18,820,804		(33,144,908	)		7,288,396			10,935,974			198,842,989		1,592,145		1,101,178		—
Insteel Industries, Inc.		39,429,230		4,111,501		(7,469,747	)		(744,435	)		7,262,691			42,589,240		1,312,053		83,386		—
Integer Holdings Corp.		186,869,395		19,128,768		(32,286,604	)		4,541,319			(1,873,220	)		176,379,658		2,248,880		—		—
InterDigital, Inc.		142,699,271		13,767,900		(28,429,508	)		3,771,179			11,254,103			143,062,945		1,782,938		1,337,751		—
Interface, Inc., Class A		34,179,987		3,874,798		(6,448,812	)		(4,271,821	)		11,177,112			38,511,264		3,925,715		83,161		—
Invesco Mortgage Capital, Inc.		28,489,334		21,866,802		(3,067,870	)		(20,944,439	)		3,785,152			30,128,979		3,009,888		2,196,056		—
iRobot Corp.		86,350,032		8,162,338		(13,047,654	)		(6,963,907	)		(3,890,608	)		70,610,201		1,863,066		—		—
Ironwood Pharmaceuticals, Inc., Class A		102,035,794		9,288,764		(13,091,895	)		(1,368,553	)		(7,528,930	)		89,335,180		9,276,758		—		—
iTeos Therapeutics, Inc.^(b)		24,370,080		3,128,319		(3,241,495	)		(3,038,917	)		40,142,120			N/A		N/A		—		—
Itron, Inc.		182,591,693		18,092,747		(32,708,369	)		(3,810,758	)		21,776,273			185,941,586		3,069,356		—		—
J & J Snack Foods Corp.		161,645,916		15,724,452		(23,541,584	)		1,866,362			14,817,353			170,512,499		1,041,934		1,538,348		—
Jack in the Box, Inc.		131,488,619		11,622,113		(22,750,610	)		(940,396	)		(25,661,246	)		93,758,480		1,357,638		1,296,068		—
James River Group Holdings Ltd.		54,415,765		3,762,090		(1,495,549	)		(6,135,903	)		(11,493,900	)		39,052,503		2,544,137		262,943		—
JBG SMITH Properties		108,645,430		8,602,998		(21,555,697	)		630,865			(4,424,888	)		91,898,708		6,355,374		3,090,214		—
JetBlue Airways Corp.		—		113,119,072		(1,190,469	)		(68,625	)		(8,359,205	)		103,500,773		22,500,168		—		—
John B Sanfilippo & Son, Inc.		63,262,398		6,824,710		(12,199,895	)		1,897,795			(29,187	)		59,755,821		604,816		2,242,015		—
John Bean Technologies Corp.		253,447,554		21,986,744		(40,996,869	)		(2,021,545	)		(6,403,576	)		226,012,308		2,149,632		457,861		—
John Wiley & Sons, Inc., Class A		—		106,114,118		(10,453,097	)		600,821			10,534,147			106,795,989		2,873,177		1,052,668		—
Kaiser Aluminum Corp.		86,687,297		7,637,373		(13,518,511	)		(4,015,040	)		4,576,381			81,367,500		1,081,152		1,764,791		—
Kaman Corp.		46,934,940		4,137,856		(7,082,730	)		(7,322,012	)		899,071			37,567,125		1,911,813		792,382		—
Kennametal, Inc.		161,872,343		14,517,837		(27,321,976	)		703,667			(15,870,423	)		133,901,448		5,381,891		2,306,751		—
Kennedy-Wilson Holdings, Inc.		141,614,695		12,450,616		(21,129,451	)		(77,088	)		(14,884,632	)		117,974,140		8,003,673		3,923,761		—
KKR Real Estate Finance Trust, Inc.		48,168,447		4,719,851		(8,523,601	)		(3,795,100	)		5,953,966			46,523,563		3,919,424		3,429,308		—
Knowles Corp.		112,730,077		10,164,341		(17,541,736	)		(1,335,835	)		(12,879,084	)		91,137,763		6,153,799		—		—
Kontoor Brands, Inc.		174,110,704		13,754,806		(23,680,671	)		(539,691	)		(15,557,400	)		148,087,748		3,372,529		3,396,177		—
Koppers Holdings, Inc.		53,100,966		4,980,807		(8,939,316	)		471,212			6,124,621			55,738,290		1,409,312		179,558		—
Korn Ferry		198,786,374		16,750,226		(27,621,382	)		(806,158	)		(15,474,176	)		171,634,884		3,617,936		1,309,947		—
Kulicke & Soffa Industries, Inc.		217,384,819		19,084,278		(35,039,217	)		6,892,454			(22,899,743	)		185,422,591		3,812,926		1,480,530		—
Lakeland Financial Corp.		115,762,353		534,895		(7,250,866	)		(3,228,257	)		(24,321,522	)		81,496,603		1,717,164		1,666,021		—
La-Z-Boy, Inc.		91,153,674		9,066,197		(15,198,208	)		(945,681	)		6,233,659			90,309,641		2,924,535		1,119,060		—
LCI Industries		203,655,472		19,074,131		(35,959,396	)		44,537			13,952,320			200,767,064		1,709,820		3,814,242		—
LeMaitre Vascular, Inc.		72,406,555		8,256,801		(12,530,881	)		2,344,462			2,405,917			72,882,854		1,337,791		388,878		—


S C H E D U L E S O F I N V E S T M E N T S			31

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds

LendingTree, Inc.^(a)	$	20,967,477	$	806,571	$	(17,818,177	)	$	(88,900,873	)	$	84,945,002		$	—		—	$	—	$	—
Leslie’s, Inc.		119,142,546		19,324,245		(11,981,755	)		(3,463,744	)		(52,662,602	)		70,358,690		12,430,864		—		—
LGI Homes, Inc.		169,937,199		15,984,304		(28,138,184	)		5,283,525			(25,462,324	)		137,604,520		1,383,099		—		—
Liberty Energy, Inc., Class A		—		193,121,584		(2,610,459	)		(37,395	)		3,414,687			193,888,417		10,469,137		—		—
Ligand Pharmaceuticals, Inc.		86,025,257		7,606,367		(12,025,238	)		(2,728,165	)		(12,879,157	)		65,999,064		1,101,453		—		—
Lindsay Corp.		120,919,113		9,407,604		(16,157,889	)		(1,030,693	)		(25,666,826	)		87,471,309		743,298		544,906		—
Liquidity Services, Inc.^(b)		22,867,914		3,014,528		(6,817,717	)		763,847			(4,811,282	)		N/A		N/A		—		—
Livent Corp.		283,604,447		26,068,984		(46,459,237	)		(3,374,012	)		(36,453,997	)		223,386,185		12,133,959		—		—
LivePerson, Inc.^(a)		22,355,644		998,152		(19,474,188	)		(118,802,576	)		114,922,968			—		—		—		—
LiveRamp Holdings, Inc.		103,421,134		11,512,673		(18,140,310	)		825,080			31,267,008			128,885,585		4,468,987		—		—
LTC Properties, Inc.		103,413,657		9,584,856		(11,855,468	)		(5,555,907	)		(5,757,281	)		89,829,857		2,795,825		3,316,510		—
LXP Industrial Trust		207,205,029		22,323,315		(19,713,879	)		(8,168,740	)		(25,816,586	)		175,829,139		19,756,083		5,026,905		—
M/I Homes, Inc.		125,795,845		14,467,820		(24,238,402	)		7,048,737			34,662,693			157,736,693		1,876,924		—		—
Macerich Co. (The)		—		189,738,321		(13,451,019	)		(635,726	)		(17,090,109	)		158,561,467		14,533,590		2,607,119		—
Madison Square Garden Sports Corp., Class A		—		273,156,110		(28,856,997	)		(5,199,996	)		(40,791,412	)		198,307,705		1,124,831		—		—
Marcus Corp. (The)		28,247,952		2,906,344		(4,448,350	)		(2,781,614	)		1,842,419			25,766,751		1,662,371		211,206		—
MarineMax, Inc.		45,781,328		5,063,207		(12,782,190	)		(2,461,122	)		8,579,617			44,180,840		1,346,156		—		—
Marten Transport Ltd.^(b)		87,916,759		8,139,067		(14,290,556	)		2,617,846			(25,319,312	)		N/A		N/A		494,125		—
Masterbrand, Inc.		75,128,518		8,993,786		(17,127,898	)		1,993,862			35,754,877			104,743,145		8,620,835		—		—
Materion Corp.		173,151,692		14,226,043		(24,883,724	)		5,953,594			(26,450,287	)		141,997,318		1,393,360		383,448		—
Mativ Holdings, Inc.		85,713,221		6,492,841		(11,146,062	)		(14,721,321	)		(13,650,745	)		52,687,934		3,694,806		1,981,719		—
Matson, Inc.		164,314,890		17,291,747		(45,740,065	)		7,632,289			67,888,516			211,387,377		2,382,635		1,656,395		—
Matthews International Corp., Class A		79,704,067		8,259,915		(14,188,036	)		(887,880	)		7,154,318			80,042,384		2,057,116		1,003,442		—
MaxLinear, Inc.		185,644,514		12,371,392		(19,121,391	)		(9,423,943	)		(58,655,738	)		110,814,834		4,980,442		—		—
MDC Holdings, Inc.		164,121,617		16,945,928		(25,195,586	)		2,009,526			8,132,677			166,014,162		4,026,538		4,380,286		—
Medifast, Inc.		82,543,091		6,749,050		(11,659,318	)		(6,376,977	)		(16,226,874	)		55,028,972		735,190		2,470,027		—
Mercury Systems, Inc.		—		157,904,902		(28,392,373	)		240,565			(1,518,610	)		128,234,484		3,457,387		—		—
Merit Medical Systems, Inc.		306,831,713		28,399,468		(47,402,994	)		9,708,608			(28,953,126	)		268,583,669		3,891,389		—		—
Meritage Homes Corp.		310,965,624		28,523,513		(51,257,228	)		12,270,327			3,305,604			303,807,840		2,482,293		1,413,330		—
Mesa Laboratories, Inc.		63,979,486		5,178,530		(7,915,153	)		(4,891,736	)		(20,030,319	)		36,320,808		345,682		115,640		—
Methode Electronics, Inc.		115,112,247		8,553,435		(14,363,672	)		(2,823,675	)		(50,922,102	)		55,556,233		2,431,345		719,306		—
MGP Ingredients, Inc.^(b)		108,229,100		10,885,559		(17,352,408	)		1,758,881			(9,621,954	)		N/A		N/A		264,449		—
Middlesex Water Co.		90,171,104		15,877,812		(12,421,229	)		(1,371,770	)		(12,868,873	)		79,387,044		1,198,295		752,535		—
MillerKnoll, Inc.		112,359,805		9,342,681		(15,541,488	)		(801,209	)		19,607,511			124,967,300		5,111,137		2,032,097		—
Minerals Technologies, Inc.		142,894,327		12,203,046		(21,658,980	)		72,684			(13,187,367	)		120,323,710		2,197,292		233,827		—
ModivCare, Inc.		77,735,239		4,495,523		(7,999,765	)		(12,320,946	)		(35,618,548	)		26,291,503		834,386		—		—
Monarch Casino & Resort, Inc.^(b)		71,511,446		6,800,287		(10,791,300	)		1,757,494			(21,864,476	)		N/A		N/A		571,885		—
Monro, Inc.		112,801,237		8,403,160		(13,999,342	)		(6,480,728	)		(41,817,409	)		58,906,918		2,121,243		1,263,240		—
Moog, Inc., Class A		210,593,393		18,681,250		(34,905,780	)		6,362,470			18,325,895			219,057,228		1,939,246		1,109,132		—
Movado Group, Inc.		32,925,280		2,918,212		(5,262,985	)		(858,178	)		(860,749	)		28,861,580		1,055,268		2,325,332		—
Mr. Cooper Group, Inc.		192,972,305		—		(12,587,796	)		3,373,700			56,025,948			239,784,157		4,476,926		—		—
Mueller Industries, Inc.		304,166,566		27,571,578		(50,595,168	)		11,206,112			(4,216,013	)		288,133,075		3,833,596		2,445,120		—
Myers Industries, Inc.		56,831,331		5,006,751		(8,001,651	)		(542,610	)		(8,699,885	)		44,593,936		2,487,113		709,482		—
MYR Group, Inc.		152,100,623		14,389,923		(25,015,266	)		7,574,261			2,989,386			152,038,927		1,128,220		—		—
Myriad Genetics, Inc.		137,194,406		10,618,840		(17,742,215	)		(5,141,737	)		(36,251,657	)		88,677,637		5,528,531		—		—
Nabors Industries Ltd.		79,576,874		7,380,942		(13,273,151	)		(1,554,865	)		2,466,565			74,596,365		605,785		—		—
National Bank Holdings Corp., Class A		90,851,696		—		(5,764,542	)		(2,177,755	)		(7,637,967	)		75,271,432		2,529,282		1,391,184		—
National Presto Industries, Inc.		26,513,693		2,479,587		(3,170,192	)		(491,316	)		623,183			25,954,955		358,197		—		—


32		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds

National Vision Holdings, Inc.	$	108,050,132	$	11,288,749	$	(20,695,924	)	$	(5,720,573	)	$	(7,540,330	)	$	85,382,054		5,277,012	$	—	$	—
Navient Corp.^(b)		—		134,231,385		(24,775,433	)		(756,433	)		—			N/A		N/A		1,115,817		—
NBT Bancorp, Inc.		100,235,168		6,279,869		—			—			(5,960,766	)		100,554,271		3,173,060		1,843,542		—
Nektar Therapeutics^(a)		9,905,892		973		(9,649,944	)		(165,202,115	)		164,945,194			—		—		—		—
NeoGenomics, Inc.		160,271,933		12,428,012		(20,841,751	)		(23,760,454	)		(22,148,615	)		105,949,125		8,613,750		—		—
NETGEAR, Inc.^(a)		38,708,889		2,878,832		(29,811,819	)		(33,024,682	)		21,248,780			—		—		—		—
NetScout Systems, Inc.		140,765,615		15,647,174		(16,927,787	)		(1,321,333	)		(1,670,936	)		136,492,733		4,871,261		—		—
New York Mortgage Trust, Inc.		69,395,712		6,285,075		(14,150,048	)		(15,067,862	)		5,843,079			52,305,956		6,160,890		3,856,912		—
Newell Brands, Inc.		—		246,900,260		(2,583,901	)		(112,445	)		(11,874,728	)		232,329,186		25,728,592		—		—
NexPoint Residential Trust, Inc.		59,857,290		10,252,966		—			(3,263,859	)		(17,516,388	)		49,330,009		1,532,940		1,287,670		—
NextGen Healthcare, Inc.		67,649,550		7,232,733		(11,569,174	)		590,405			23,070,282			86,973,796		3,665,141		—		—
NMI Holdings, Inc., Class A		136,021,945		13,546,064		(27,778,306	)		4,177,673			24,528,925			150,496,301		5,555,419		—		—
Northern Oil & Gas, Inc.		163,667,170		33,770,326		(26,622,389	)		2,161,854			54,428,465			227,405,426		5,652,633		4,219,918		—
Northfield Bancorp, Inc.		36,132,664		851,869		(5,052,349	)		(2,730,658	)		(3,942,205	)		25,259,321		2,672,944		773,597		—
Northwest Bancshares, Inc.		104,793,739		1,339,464		(2,665,345	)		(1,648,925	)		(14,026,178	)		87,792,755		8,581,892		3,514,017		—
Northwest Natural Holding Co.		121,713,935		10,621,908		(15,706,663	)		(4,504,712	)		(19,137,745	)		92,986,723		2,436,759		2,479,939		—
NOW, Inc.		89,728,989		7,676,230		(16,582,045	)		421,906			4,282,769			85,527,849		7,205,379		—		—
Nu Skin Enterprises, Inc., Class A		141,589,824		10,268,720		(16,700,928	)		(5,102,200	)		(58,512,135	)		71,543,281		3,373,092		2,785,810		—
NuVasive, Inc.^(b)		156,966,020		11,789,124		(130,731,239	)		(1,908,881	)		(3,566,134	)		N/A		N/A		—		—
NV5 Global, Inc.		94,053,237		8,873,076		(13,470,633	)		(2,433,900	)		(4,429,399	)		82,592,381		858,281		—		—
Oceaneering International, Inc.		128,820,488		12,810,306		(23,578,297	)		5,478,098			51,479,319			175,009,914		6,804,429		—		—
ODP Corp. (The)		132,156,368		10,766,297		(38,491,207	)		6,450,954			(5,365,698	)		105,516,714		2,286,386		—		—
Office Properties Income Trust^(a)		43,526,404		2,326,942		(23,937,723	)		(78,837,839	)		56,922,216			—		—		1,754,898		—
OFG Bancorp		83,033,016		847,664		(5,135,592	)		617,892			15,656,258			95,019,238		3,182,158		1,424,384		—
O-I Glass, Inc.		255,527,856		19,232,620		(34,276,494	)		3,678,535			(69,011,279	)		175,151,238		10,469,291		—		—
Oil States International, Inc.		38,785,896		3,787,036		(6,498,891	)		(7,670,015	)		7,723,338			36,127,364		4,316,292		—		—
Olympic Steel, Inc.		36,165,345		3,325,310		(4,588,221	)		1,313,238			1,191,240			37,406,912		665,485		170,827		—
Omnicell, Inc.		—		171,390,802		(1,839,805	)		(200,700	)		(31,860,878	)		137,489,419		3,052,607		—		—
OneSpan, Inc.		44,893,310		3,702,749		(5,494,302	)		(1,585,449	)		(15,375,425	)		26,140,883		2,431,710		—		—
Onto Innovation, Inc.		316,769,875		31,632,025		(64,364,597	)		19,740,051			118,675,493			422,452,847		3,312,836		—		—
OPENLANE, Inc.^(f)		108,570,937		10,425,700		(18,818,562	)		592,614			9,489,931			110,260,620		7,390,122		—		—
OraSure Technologies, Inc.		31,793,506		3,212,381		(4,856,802	)		(2,875,781	)		2,142,396			29,415,700		4,960,489		—		—
Orion Office REIT, Inc.^(a)		27,459,287		2,290,218		(24,696,460	)		(56,839,459	)		51,786,414			—		—		399,636		—
Orthofix Medical, Inc.		41,630,802		4,788,441		(4,976,695	)		(4,663,088	)		(4,861,557	)		31,917,903		2,481,952		—		—
OSI Systems, Inc.		116,917,844		11,759,633		(24,249,794	)		4,858,795			13,366,407			122,652,885		1,039,079		—		—
Otter Tail Corp.		218,970,729		20,160,881		(36,087,203	)		704,179			10,059,747			213,808,333		2,816,232		2,607,142		—
Outfront Media, Inc.		160,477,176		25,971,895		(24,086,178	)		(7,262,780	)		(56,058,655	)		99,041,458		9,806,085		6,335,649		—
Owens & Minor, Inc.		80,595,549		9,443,629		(15,712,166	)		(7,665,014	)		16,839,437			83,501,435		5,167,168		—		—
Oxford Industries, Inc.		114,064,865		9,114,602		(17,087,257	)		2,131,172			(12,183,071	)		96,040,311		999,067		1,378,376		—
Pacific Premier Bancorp, Inc.		159,729,950		870,540		(4,800,664	)		(4,388,165	)		(10,504,455	)		140,907,206		6,475,515		4,388,916		—
Pacira BioSciences, Inc.		136,465,947		11,393,090		(19,285,202	)		(7,223,597	)		(25,200,499	)		96,149,739		3,133,955		—		—
Palomar Holdings, Inc.		101,500,711		8,807,012		(17,619,154	)		(9,840,739	)		1,930,603			84,778,433		1,670,511		—		—
Papa John’s International, Inc.		—		172,232,532		(2,309,651	)		(192,928	)		(18,941,718	)		150,788,235		2,210,323		—		—
Park National Corp.		124,774,768		9,229,636		(17,605,995	)		(1,933,521	)		(22,719,712	)		91,745,176		970,643		2,179,725		—
Pathward Financial, Inc.		81,920,594		569,166		(10,554,797	)		3,171,860			6,511,930			81,618,753		1,770,856		191,140		—


S C H E D U L E S O F I N V E S T M E N T S			33

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds

Patrick Industries, Inc.	$	107,684,347	$	10,956,671	$	(22,810,309	)	$	2,829,160		$	7,153,339		$	105,813,208		1,409,715	$	1,376,136	$	—
Patterson-UTI Energy, Inc.		184,904,881		98,159,359		(45,132,076	)		4,329,456			57,353,758			299,615,378		21,648,510		3,062,595		—
PDF Solutions, Inc.		91,243,358		8,509,037		(11,816,902	)		2,299,895			(23,511,541	)		66,723,847		2,059,378		—		—
Pebblebrook Hotel Trust		110,799,552		17,211,422		(13,918,252	)		374,392			(3,898,915	)		110,568,199		8,135,997		158,768		—
Pediatrix Medical Group, Inc.		88,757,888		8,040,665		(12,775,588	)		(6,063,621	)		(6,911,270	)		71,048,074		5,589,935		—		—
PennyMac Mortgage Investment Trust		79,670,825		8,089,119		(12,859,732	)		(8,741,938	)		6,478,210			72,636,484		5,857,781		5,030,749		—
Perdoceo Education Corp.		65,730,718		6,516,280		(13,796,114	)		1,458,671			15,839,974			75,749,529		4,429,797		527,495		—
Perficient, Inc.		182,203,662		15,601,072		(26,894,775	)		(1,358,653	)		(33,544,201	)		136,007,105		2,350,624		—		—
PetMed Express, Inc.^(a)		24,777,043		818,005		(22,297,338	)		(17,191,176	)		13,893,466			—		—		454,117		—
PGT Innovations, Inc.		109,483,894		10,355,867		(21,727,499	)		4,368,379			6,846,395			109,327,036		3,939,713		—		—
Phibro Animal Health Corp., Class A		22,546,153		1,906,847		(3,074,111	)		(2,938,372	)		(892,251	)		17,548,266		1,374,179		355,898		—
Phillips Edison & Co., Inc.		—		294,236,575		(24,625,849	)		243,971			(3,996,969	)		265,857,728		7,926,587		2,354,930		—
Phinia, Inc.		—		123,434,505		(6,750,964	)		(1,656,236	)		(29,989,014	)		85,038,291		3,174,255		825,542		—
Photronics, Inc.		74,377,150		8,922,951		(14,067,594	)		2,413,480			13,661,413			85,307,400		4,221,049		—		—
Piper Sandler Cos		138,401,808		18,649,408		(16,644,688	)		4,592,109			2,303,563			147,302,200		1,013,710		1,228,135		—
Plexus Corp.		197,013,149		16,691,789		(31,625,911	)		3,875,335			(13,434,249	)		172,520,113		1,855,454		—		—
Powell Industries, Inc.		28,087,125		4,210,075		(7,182,152	)		2,168,027			23,835,055			51,118,130		616,624		342,325		—
PRA Group, Inc.		110,378,706		6,530,256		(10,810,436	)		(4,736,027	)		(50,438,268	)		50,924,231		2,650,923		—		—
Premier, Inc., Class A		—		178,607,800		(2,219,853	)		(11,475	)		(3,519,267	)		172,857,205		8,039,870		—		—
Prestige Consumer Healthcare, Inc.		226,837,405		18,491,151		(34,257,936	)		2,638,551			(22,422,347	)		191,286,824		3,344,760		—		—
PriceSmart, Inc.		131,024,556		12,134,316		(19,078,869	)		(123,974	)		5,550,161			129,506,190		1,739,973		818,836		—
Privia Health Group, Inc.		—		208,341,844		(10,050,727	)		(955,918	)		(38,774,372	)		158,560,827		6,893,949		—		—
ProAssurance Corp.		65,153,421		—		(1,777,503	)		(3,713,789	)		5,042,128			64,704,257		3,425,318		—		—
PROG Holdings, Inc.		86,731,227		9,562,766		(27,929,134	)		4,863,540			29,265,034			102,493,433		3,086,222		—		—
Progress Software Corp.		181,504,715		16,594,718		(29,926,215	)		5,161,825			(19,382,486	)		153,952,557		2,927,968		1,085,862		—
ProPetro Holding Corp.		50,270,388		5,753,344		(17,038,101	)		(11,907,499	)		35,243,389			62,321,521		5,862,796		—		—
Proto Labs, Inc.		65,500,720		5,902,711		(12,569,381	)		(23,608,548	)		11,287,259			46,512,761		1,761,847		—		—
Provident Financial Services, Inc.		100,062,405		485,346		(2,349,964	)		(792,121	)		(19,417,293	)		77,988,373		5,100,613		2,504,169		—
Quaker Chemical Corp.		196,336,906		15,943,945		(25,945,042	)		(2,089,720	)		(34,543,849	)		149,702,240		935,639		846,417		—
Quanex Building Products Corp.		51,998,546		5,919,491		(10,950,376	)		1,198,815			14,508,675			62,675,151		2,224,890		379,598		—
QuinStreet, Inc.		58,321,774		3,359,751		(5,124,369	)		(2,765,929	)		(22,631,663	)		31,159,564		3,473,753		—		—
Rambus, Inc.		401,070,030		36,689,132		(61,923,082	)		19,628,500			15,612,710			411,077,290		7,368,297		—		—
Ranger Oil Corp., Class A^(a)		56,740,686		2,579,172		(53,900,288	)		(3,320,048	)		(2,099,522	)		—		—		103,721		—
Rayonier Advanced Materials, Inc.^(a)		29,023,980		780,914		(20,167,465	)		(23,724,998	)		14,087,569			—		—		—		—
Ready Capital Corp.		72,885,125		55,381,562		(21,122,109	)		(5,480,828	)		6,187,142			107,850,892		10,667,744		7,254,800		—
Redwood Trust, Inc.		55,577,150		5,625,543		(4,829,565	)		(10,760,467	)		9,351,989			54,964,650		7,708,927		2,516,501		—
REGENXBIO, Inc.		51,752,926		6,008,054		(6,222,124	)		(5,219,076	)		(1,374,351	)		44,945,429		2,730,585		—		—
Renasant Corp.		119,652,965		444,100		(3,645,102	)		(2,054,641	)		(15,123,237	)		99,274,085		3,790,534		1,721,625		—
Resideo Technologies, Inc.		194,322,816		15,453,678		(26,266,413	)		(4,817,813	)		(21,179,145	)		157,513,123		9,969,185		—		—
Resources Connection, Inc.		39,718,836		3,664,111		(6,210,290	)		(565,900	)		(4,380,328	)		32,226,429		2,161,397		640,800		—
Retail Opportunity Investments Corp.		127,259,709		9,632,205		(16,187,104	)		(5,954,627	)		(9,427,742	)		105,322,441		8,507,467		2,683,440		—
REX American Resources Corp.		31,659,279		3,587,916		(6,708,487	)		996,576			12,084,302			41,619,586		1,022,092		—		—
REX Holdings, Inc.^(a)(g)		25,663,511		1,984,950		(21,407,914	)		(27,527,403	)		21,286,856			—		—		609,700		—


34		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds

Rogers Corp.	$	223,929,171	$	17,460,867	$	(51,778,811	)	$	(23,839,787	)	$	(17,050,210	)	$	148,721,230		1,131,218	$	—	$	—
RPT Realty		59,512,895		5,638,822		(13,362,434	)		(4,038,007	)		9,206,027			56,957,303		5,393,684		1,619,747		—
Ruth’s Hospitality Group, Inc.^(a)		36,264,292		1,594,123		(49,039,469	)		6,170,918			5,010,136			—		—		—		—
RXO, Inc.		166,623,973		14,243,490		(25,630,253	)		1,309,115			(711,801	)		155,834,524		7,898,354		—		—
S&T Bancorp, Inc.		86,792,408		346,325		(5,488,478	)		(1,952,804	)		(9,771,177	)		69,926,274		2,582,211		1,740,746		—
Sabre Corp.		102,368,422		8,917,686		(14,972,683	)		(4,361,928	)		8,795,877			100,747,374		22,438,168		—		—
Safety Insurance Group, Inc.		74,943,572		3,457,365		(3,796,706	)		(779,020	)		(5,723,040	)		68,102,171		998,712		1,862,886		—
Sally Beauty Holdings, Inc.		121,550,237		8,015,998		(13,447,618	)		(3,016,658	)		(52,080,953	)		61,021,006		7,281,743		—		—
Sanmina Corp.		259,046,060		20,630,245		(41,196,766	)		5,492,955			(34,243,422	)		209,729,072		3,863,837		—		—
ScanSource, Inc.		56,386,478		5,822,961		(10,961,558	)		(1,997,999	)		1,706,290			50,956,172		1,681,167		—		—
Scholastic Corp.		73,790,913		7,678,362		(18,354,087	)		(280,171	)		8,955,218			71,790,235		1,882,282		845,226		—
Schrodinger, Inc.		—		180,455,980		(9,469,118	)		(2,333,896	)		(64,507,897	)		104,145,069		3,683,943		—		—
Seacoast Banking Corp. of Florida		134,871,391		10,329,124		(8,755,205	)		(5,770,842	)		(4,508,690	)		126,165,778		5,745,254		2,140,696		—
Select Medical Holdings Corp.		196,195,141		17,345,582		(32,236,198	)		4,144,028			(7,567,691	)		177,880,862		7,039,211		1,862,316		—
Semtech Corp.		112,170,155		10,888,331		(18,543,622	)		(3,984,507	)		10,665,430			111,195,787		4,318,283		—		—
Seneca Foods Corp.^(a)		20,048,629		864,059		(13,891,365	)		(396,680	)		(6,624,643	)		—		—		—		—
Sensient Technologies Corp.		—		184,292,175		(2,309,107	)		(112,025	)		(15,049,708	)		166,821,335		2,852,622		—		—
Service Properties Trust		120,094,831		9,202,040		(16,388,866	)		(3,673,699	)		(23,323,479	)		85,910,827		11,171,759		4,756,385		—
ServisFirst Bancshares, Inc.		194,429,700		14,221,940		(26,309,577	)		(8,800,774	)		(1,011,760	)		172,529,529		3,307,064		1,889,041		—
Shake Shack, Inc., Class A		150,917,929		15,952,103		(27,786,116	)		(2,207,106	)		10,107,709			146,984,519		2,531,161		—		—
Shenandoah Telecommunications Co.		69,197,290		6,636,696		(11,706,352	)		(8,259,818	)		14,122,198			69,990,014		3,395,925		—		—
Signet Jewelers Ltd.		257,612,338		18,813,076		(35,129,299	)		8,776,961			(29,824,912	)		220,248,164		3,067,096		1,494,306		—
Simmons First National Corp., Class A		153,694,354		—		(5,339,441	)		(3,862,283	)		(661,976	)		143,830,654		8,480,581		3,515,022		—
Simply Good Foods Co. (The)		244,818,035		23,670,850		(25,553,422	)		1,679,754			(33,476,916	)		211,138,301		6,116,405		—		—
Simulations Plus, Inc.		51,277,409		5,332,267		(9,296,968	)		(2,631,416	)		202,295			44,883,587		1,076,345		137,406		—
SiTime Corp.		—		143,087,819		(6,854,087	)		(144,417	)		(4,168,839	)		131,920,476		1,154,665		—		—
Six Flags Entertainment Corp.		144,071,924		12,407,756		(26,774,316	)		1,186,386			(17,200,047	)		113,691,703		4,835,887		—		—
SJW Group		147,687,023		13,428,388		(12,614,411	)		(552,839	)		(30,618,490	)		117,329,671		1,951,916		1,476,438		—
SkyWest, Inc.		81,507,562		10,110,317		(43,301,813	)		(8,018,629	)		78,873,815			119,171,252		2,841,470		—		—
SL Green Realty Corp.		82,935,377		29,974,790		(13,314,750	)		2,598,539			58,783,258			160,977,214		4,315,743		6,940,868		—
Sleep Number Corp.		48,750,697		4,135,996		(8,567,837	)		(4,499,992	)		(4,756,106	)		35,062,758		1,425,895		—		—
SM Energy Co.		252,060,526		24,474,401		(56,494,741	)		6,642,851			90,995,618			317,678,655		8,012,072		2,615,381		—
SMART Global Holdings, Inc.		61,637,620		8,110,951		(12,898,459	)		905,526			24,558,441			82,314,079		3,380,455		—		—
Sonic Automotive, Inc., Class A^(b)		66,094,068		5,514,474		(12,146,733	)		2,107,452			(32,296,288	)		N/A		N/A		674,656		—
Sonos, Inc.		182,115,528		12,409,148		(21,617,893	)		(12,585,943	)		(48,463,901	)		111,856,939		8,664,364		—		—
Southside Bancshares, Inc.		72,522,777		444,359		(7,151,973	)		(2,121,122	)		(7,813,649	)		55,880,392		1,947,052		1,485,394		—
SpartanNash Co.		63,565,103		5,892,827		(10,509,802	)		(1,967,906	)		(5,375,570	)		51,604,652		2,345,666		1,081,762		—
SPS Commerce, Inc.		399,593,013		37,049,603		(63,147,077	)		19,436,567			29,259,059			422,191,165		2,474,598		—		—
SPX Technologies, Inc.		232,117,646		21,726,421		(38,241,234	)		10,019,539			24,937,898			250,560,270		3,078,136		—		—
STAAR Surgical Co.		—		147,745,547		(9,686,887	)		123,038			(6,608,310	)		131,573,388		3,274,599		—		—
Standard Motor Products, Inc.		50,334,610		5,109,460		(8,615,479	)		(2,000,081	)		(2,416,611	)		42,411,899		1,261,508		782,364		—


S C H E D U L E S O F I N V E S T M E N T S			35

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds

Standex International Corp.	$	106,286,124	$	10,907,772	$	(20,311,622	)	$	3,996,844		$	15,675,067		$	116,554,185		800,015	$	476,832	$	—
Stellar Bancorp, Inc.		80,716,493		6,899,625		(9,394,224	)		(1,207,098	)		(9,478,707	)		67,536,089		3,167,734		843,051		—
Stepan Co.		158,190,511		12,276,246		(21,064,996	)		(3,413,531	)		(38,509,139	)		107,479,091		1,433,628		1,105,928		—
Steven Madden Ltd.		192,104,172		15,677,831		(34,018,850	)		(328,651	)		(21,574,410	)		151,860,092		4,779,984		2,170,297		—
Stewart Information Services Corp.		76,127,135		195,534		(2,603,620	)		(1,929,964	)		8,529,384			80,318,469		1,833,755		1,749,657		—
StoneX Group, Inc.		132,431,538		10,206,916		(16,745,529	)		3,550,966			(12,416,577	)		117,027,314		1,207,463		—		—
Strategic Education, Inc.		145,694,199		10,952,699		(21,508,516	)		250,836			(23,556,656	)		111,832,562		1,486,147		1,918,634		—
Stride, Inc.		116,847,368		11,082,128		(21,694,087	)		508,582			16,253,968			122,997,959		2,731,467		—		—
Sturm Ruger & Co., Inc.		73,737,279		6,942,241		(11,350,755	)		(1,866,764	)		(5,095,105	)		62,366,896		1,196,602		857,347		—
Summit Hotel Properties, Inc.		54,522,356		4,429,632		(7,125,600	)		(5,916,092	)		(3,752,033	)		42,158,263		7,268,666		924,085		—
SunCoke Energy, Inc.		54,577,450		4,797,963		(8,537,332	)		(304,286	)		6,863,927			57,397,722		5,654,948		1,080,591		—
Sunstone Hotel Investors, Inc.		151,302,794		12,587,701		(25,392,381	)		(1,986,469	)		(5,717,992	)		130,793,653		13,988,626		1,704,729		—
Supernus Pharmaceuticals, Inc.		142,742,976		11,214,531		(19,310,153	)		(208,958	)		(32,816,038	)		101,622,358		3,685,976		—		—
Sylvamo Corp.		107,425,527		15,325,282		(11,864,717	)		1,213,963			(6,528,756	)		105,571,299		2,402,624		1,138,396		—
Talos Energy, Inc.^(h)		N/A		49,358,740		(22,350,061	)		(3,892,748	)		2,624,828			111,537,509		6,784,520		—		—
Tandem Diabetes Care, Inc.		190,328,065		12,080,091		(19,110,697	)		(7,578,903	)		(84,457,461	)		91,261,095		4,393,890		—		—
Tanger Factory Outlet Centers, Inc.		149,288,290		14,310,897		(21,908,030	)		437,883			18,365,063			160,494,103		7,101,509		3,690,964		—
TechTarget, Inc.		70,076,304		6,449,094		(13,791,273	)		(12,771,380	)		1,943,383			51,906,128		1,709,688		—		—
Telephone & Data Systems, Inc.		76,222,146		7,774,034		(16,406,649	)		(4,518,491	)		57,964,633			121,035,673		6,610,359		2,626,415		—
Tennant Co.		92,604,246		9,622,510		(17,216,646	)		1,149,942			6,874,025			93,034,077		1,254,674		703,415		—
Thryv Holdings, Inc.		51,410,241		4,838,663		(8,293,502	)		(3,403,502	)		(5,932,081	)		38,619,819		2,057,529		—		—
TimkenSteel Corp.		52,888,690		5,605,846		(11,057,690	)		2,028,346			7,250,333			56,715,525		2,611,212		—		—
Titan International, Inc.		38,870,980		4,194,105		(6,991,088	)		105,245			10,461,013			46,640,255		3,472,841		—		—
Tompkins Financial Corp.		60,143,045		4,810,030		(8,016,254	)		(2,949,045	)		(12,629,928	)		41,357,848		844,210		1,083,483		—
Tredegar Corp.^(a)		16,623,950		524,578		(11,477,416	)		(20,166,677	)		14,495,565			—		—		235,104		—
TreeHouse Foods, Inc.		185,248,352		15,112,191		(25,572,900	)		2,064,768			(25,892,075	)		150,960,336		3,463,982		—		—
Tri Pointe Homes, Inc.		185,957,853		18,919,111		(38,405,239	)		6,936,743			9,394,829			182,803,297		6,683,850		—		—
Trinity Industries, Inc.		144,524,275		12,511,868		(22,057,471	)		(411,149	)		4,919			134,572,442		5,526,589		3,016,481		—
Trinseo PLC^(a)		52,985,063		3,316,518		(25,344,346	)		(71,026,237	)		40,069,002			—		—		374,243		—
TripAdvisor, Inc.		—		117,876,068		(1,636,551	)		(11,724	)		4,293,106			120,520,899		7,269,053		—		—
Triumph Financial, Inc.		95,710,400		4,721,209		(16,451,762	)		(4,326,858	)		15,039,281			94,692,270		1,461,526		—		—
Triumph Group, Inc.		47,247,782		—		—			—			(16,021,034	)		31,226,748		4,076,599		—		—
TrueBlue, Inc.		42,436,215		3,835,054		(8,542,668	)		(3,280,361	)		(3,716,306	)		30,731,934		2,094,883		—		—
Trupanion, Inc.		109,637,605		7,064,237		(11,614,239	)		(16,511,800	)		(20,832,409	)		67,743,394		2,402,248		—		—
TrustCo Bank Corp.		40,955,608		282,643		(91,279	)		(65,533	)		(5,913,635	)		35,167,804		1,288,670		926,775		—
Trustmark Corp.		99,208,760		3,552,677		(878,201	)		(537,773	)		(11,739,113	)		89,606,350		4,123,624		1,876,822		—
TTM Technologies, Inc.		100,193,427		8,953,389		(14,243,099	)		(815,189	)		(3,759,813	)		90,328,715		7,013,099		—		—
Two Harbors Investment Corp.		103,215,451		9,351,799		(16,603,722	)		(13,261,373	)		3,263,325			85,965,480		6,492,861		7,282,981		—
U.S. Physical Therapy, Inc.		92,764,634		22,481,038		(15,827,488	)		1,584,154			(8,182,127	)		92,820,211		1,011,885		855,197		—
U.S. Silica Holdings, Inc.		65,681,594		7,163,199		(11,200,991	)		754,512			10,703,993			73,102,307		5,206,717		—		—
UFP Technologies, Inc.		—		94,547,943		(5,860,958	)		(436,591	)		(11,590,705	)		76,659,689		474,820		—		—
Ultra Clean Holdings, Inc.		109,650,769		9,789,911		(19,491,474	)		(3,929,837	)		(6,478,543	)		89,540,826		3,017,891		—		—
UniFirst Corp.		193,944,463		15,295,329		(29,308,619	)		(2,082,917	)		(11,612,777	)		166,235,479		1,019,787		669,192		—
uniQure NV^(a)		60,288,023		3,969,038		(28,208,473	)		(74,210,898	)		38,162,310			—		—		—		—
United Community Banks, Inc.		223,750,587		5,909,840		(3,918,697	)		(1,923,960	)		(19,894,872	)		203,922,898		8,025,301		3,715,987		—
United Fire Group, Inc.		42,728,827		1,445,732		(5,141,794	)		(6,013,075	)		(4,730,264	)		28,289,426		1,432,376		505,447		—


36		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds

United Natural Foods, Inc.	$	114,892,166	$	8,625,125	$	(16,776,051	)	$	(10,218,394	)	$	(40,577,342	)	$	55,945,504		3,956,542	$	—	$	—
Uniti Group, Inc.		61,356,045		7,053,055		(12,505,588	)		(11,648,120	)		31,982,114			76,237,506		16,152,014		5,092,575		—
Unitil Corp.		66,644,509		5,639,808		(9,652,150	)		(668,230	)		(15,516,043	)		46,447,894		1,087,518		932,587		—
Universal Corp.		94,377,815		8,798,972		(14,738,992	)		(1,505,766	)		(8,401,971	)		78,530,058		1,663,420		2,776,318		—
Universal Health Realty Income Trust		44,402,307		4,052,025		(6,618,467	)		(2,901,681	)		(4,191,553	)		34,742,631		859,328		1,278,607		—
Universal Insurance Holdings, Inc.^(a)		36,438,725		2,388,188		(28,474,238	)		(19,029,225	)		8,676,550			—		—		627,957		—
Upbound Group, Inc.		89,481,843		9,664,691		(25,878,929	)		(4,872,151	)		22,876,987			91,272,441		3,099,234		2,469,001		—
Urban Edge Properties		128,562,943		12,484,603		(21,874,853	)		(1,712,119	)		3,745,883			121,206,457		7,942,756		2,683,844		—
Urstadt Biddle Properties, Inc.^(b)		34,221,124		3,466,739		(635,620	)		21,014			3,293,438			N/A		N/A		438,356		—
Vanda Pharmaceuticals, Inc.^(a)		28,107,205		2,239,212		(21,717,754	)		(58,839,841	)		50,211,178			—		—		—		—
Varex Imaging Corp.		52,999,203		5,988,521		(9,643,023	)		(2,350,420	)		4,258,732			51,253,013		2,727,675		—		—
Vector Group Ltd.		114,861,598		10,211,525		(16,993,185	)		1,472,746			(14,268,473	)		95,284,211		8,955,283		3,779,398		—
Veeco Instruments, Inc.		78,954,802		13,043,462		(10,788,749	)		2,752,082			22,978,344			106,939,941		3,804,338		—		—
Veradigm, Inc.		103,631,851		9,031,948		(15,715,577	)		1,277,561			(1,292,568	)		96,933,215		7,376,957		—		—
Vericel Corp.		100,897,978		10,182,659		(17,647,586	)		(6,815,169	)		21,204,729			107,822,611		3,216,665		—		—
Veris Residential, Inc.		84,533,556		8,904,723		(15,208,576	)		1,110,333			9,890,462			89,230,498		5,407,909		268,774		—
Veritex Holdings, Inc.		68,439,831		—		(1,938,628	)		(2,513,532	)		1,411,808			65,399,479		3,643,425		1,499,230		—
Veritiv Corp.		132,456,525		12,764,805		(22,626,683	)		7,570,496			24,366,872			154,532,015		914,932		1,220,654		—
Verra Mobility Corp., Class A		171,896,557		45,225,282		(20,504,344	)		717,682			16,972,377			214,307,554		11,460,297		—		—
Viad Corp.		31,387,728		3,785,950		(6,241,582	)		(3,874,645	)		11,911,090			36,968,541		1,411,013		—		—
Viasat, Inc.^(b)		188,377,568		16,438,401		(31,503,083	)		(3,881,660	)		4,530,475			N/A		N/A		—		—
Viavi Solutions, Inc.		177,432,688		14,138,100		(27,817,789	)		(8,636,900	)		(17,840,446	)		137,275,653		15,019,218		—		—
Victoria’s Secret & Co.		—		112,981,376		(10,512,696	)		(487,565	)		(15,096,796	)		86,884,319		5,208,892		—		—
Virtus Investment Partners, Inc.		94,337,674		6,115,130		(13,327,751	)		(676,245	)		6,557,084			93,005,892		460,448		1,617,361		—
Vista Outdoor, Inc.		113,962,723		10,758,181		(16,219,633	)		593,979			20,614,428			129,709,678		3,916,355		—		—
Vital Energy, Inc.		55,637,675		10,002,815		(15,892,854	)		(9,677,992	)		22,557,893			62,627,537		1,130,053		—		—
Wabash National Corp.		85,424,750		7,693,838		(14,898,819	)		2,573,135			(13,774,096	)		67,018,808		3,173,239		543,291		—
Walker & Dunlop, Inc.		170,050,668		20,675,923		(18,408,193	)		68,582			(5,244,900	)		167,142,080		2,251,375		2,788,044		—
Washington Federal, Inc.		118,876,050		11,359,335		(443,137	)		(85,905	)		(18,461,203	)		111,245,140		4,342,121		2,144,662		—
WD-40 Co.		176,341,432		16,162,788		(30,961,420	)		914,950			23,657,857			186,115,607		915,743		1,609,081		—
Westamerica BanCorp		85,488,457		624,344		(6,191,244	)		(2,573,061	)		469,758			77,818,254		1,799,266		1,628,264		—
Whitestone REIT		30,906,498		3,287,016		(3,660,157	)		(2,409,872	)		2,475,079			30,598,564		3,177,421		797,149		—
Winnebago Industries, Inc.		128,434,026		13,108,360		(24,293,190	)		2,492,866			1,522,383			121,264,445		2,039,772		1,861,657		—
WisdomTree, Inc.		47,941,123		1,246,940		(4,373,993	)		(370,836	)		9,592,664			54,035,898		7,719,414		482,787		—
Wolverine World Wide, Inc.		97,581,873		7,269,171		(10,888,022	)		(10,950,317	)		(39,698,031	)		43,314,674		5,374,029		1,094,477		—
World Kinect Corp.⁽ⁱ⁾		114,988,874		7,999,080		(17,948,579	)		(5,766,908	)		(8,109,388	)		91,163,079		4,064,337		1,807,687		—
WSFS Financial Corp.		159,891,957		—		(5,384,844	)		(2,312,158	)		(2,192,840	)		150,002,115		4,109,647		1,275,395		—
Xencor, Inc.		121,801,515		9,561,636		(15,832,242	)		(8,118,402	)		(24,950,184	)		82,462,323		4,092,423		—		—
Xenia Hotels & Resorts, Inc.		109,489,891		3,356,100		(14,257,594	)		(14,530,064	)		1,252,215			85,310,548		7,241,982		1,485,355		—
XPEL, Inc.		96,821,615		14,111,064		(13,145,799	)		1,207,965			11,741,052			110,735,897		1,436,077		—		—
Xperi, Inc.		33,237,769		3,356,718		(4,500,421	)		(9,239,790	)		5,997,800			28,852,076		2,926,174		—		—


S C H E D U L E S O F I N V E S T M E N T S			37

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds

Yelp, Inc.	$	155,587,661	$	16,392,777	$	(32,896,048	)	$	3,855,319		$	50,013,436	$	192,953,145		4,639,412	$	—	$	—
Zumiez, Inc.^(a)		20,807,438		853,468		(17,265,476	)		(12,559,816	)		8,164,386		—		—		—		—


								$	(2,021,963,743	)	$	410,290,588	$	64,658,751,523			$	594,665,198	$	—

^(a)

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

^(b)

As of period end, the entity was not considered an affiliate.

^(c)

Represents net amount purchased (sold).

^(d)

^(e)

Formerly the Harsco Corp.

^(f)

Formerly the KAR Auction Services, Inc.

^(g)

Formerly the RE/MAX Holdings, Inc.

^(h)

As of the beginning of the period, the entity was not considered an affiliate.

⁽ⁱ⁾

Formerly the World Fuel Services Corp.

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
Russell 2000 E-Mini Index		2,857		12/15/23	$	256,930	$	(6,440,537	)

OTC Total Return Swaps



Reference Entity	Payment Frequency		Counterparty^(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage

Equity Securities
Long/Short		Monthly	Goldman Sachs Bank USA^(b)		08/19/26	$	443,620,370	$	(16,712,255	)^(c)	$	427,507,288	0.7%
		Monthly	HSBC Bank PLC^(d)		02/10/28		521,285,614		(22,036,393	)^(e)		500,092,413	0.8
		Monthly	JPMorgan Chase Bank NA^(f)		02/08/24		287,495,086		(7,034,664	)^(g)		281,398,948	0.4


								$	(45,783,312	)	$	1,208,998,649

^(a)

^(c)

Amount includes $(599,173) of net dividends, payable for referenced securities purchased and financing fees.

^(e)

Amount includes $(843,192) of net dividends, payable for referenced securities purchased and financing fees.

^(g)

Amount includes $(938,526) of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:


	(b)	(d)	(f)
Range:	0-250 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)


38		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Aerospace & Defense
Triumph Group, Inc.		364,664	$	2,793,326		0.7	%


Banks
Bank of Hawaii Corp.		4,219		209,642		0.1
BankUnited, Inc.		32,961		748,215		0.2
Berkshire Hills Bancorp, Inc.		17,893		358,755		0.1
Cathay General Bancorp		1,443,673		50,182,074		11.7
Central Pacific Financial Corp.		123,068		2,052,774		0.5
Community Bank System, Inc.		24,478		1,033,216		0.2
First BanCorp/Puerto Rico		88,271		1,188,128		0.3
National Bank Holdings Corp., Class A		17,682		526,216		0.1
PacWest Bancorp		2,276,514		18,007,226		4.2
Simmons First National Corp., Class A		44,998		763,166		0.2


				75,069,412

Capital Markets
Artisan Partners Asset Management, Inc., Class A		869,461		32,535,231		7.6
Moelis & Co., Class A		1,803,688		81,400,439		19.0


				113,935,670

Commercial Services & Supplies
Pitney Bowes, Inc.		1,924,204		5,811,096		1.4


Communications Equipment
Extreme Networks, Inc.		2,491,619		60,322,096		14.1


Consumer Finance
Bread Financial Holdings, Inc.		23,681		809,890		0.2
Green Dot Corp., Class A		19,531		272,067		0.0


				1,081,957

Financial Services
Jackson Financial, Inc., Class A		793,962		30,345,228		7.1
Payoneer Global, Inc.		2,616,061		16,010,293		3.8
Radian Group, Inc.		88,317		2,217,640		0.5


				48,573,161

Health Care Providers & Services
RadNet, Inc.		439,894		12,400,612		2.9


Insurance
Ambac Financial Group, Inc.		141,562		1,707,238		0.4
Employers Holdings, Inc.		15,954		637,362		0.1
Horace Mann Educators Corp.		26,490		778,276		0.2
Lincoln National Corp.		80,266		1,981,767		0.5
Stewart Information Services Corp.		12,727		557,443		0.1


				5,662,086

Metals & Mining
Warrior Met Coal, Inc.		72,022		3,678,884		0.9




	Shares		Value		% of Basket Value


Mortgage Real Estate Investment Trusts (REITs)
Arbor Realty Trust, Inc.		4,405,032	$	66,868,386		15.6	%


Office REITs
Douglas Emmett, Inc.		55,919		713,526		0.1
SL Green Realty Corp.		31,923		1,190,728		0.3


				1,904,254

Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		504,635		18,136,582		4.2


Residential REITs
NexPoint Residential Trust, Inc.		9,949		320,159		0.1


Retail REITs
SITE Centers Corp.		888,046		10,949,607		2.6


Net Value of Reference Entity — Goldman Sachs Bank USA			$	427,507,288




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Aerospace & Defense
Triumph Group, Inc.		757,016	$	5,798,743		1.2	%


Banks
Atlantic Union Bankshares Corp.		228,992		6,590,390		1.3
Central Pacific Financial Corp.		15,047		250,984		0.0
Fulton Financial Corp.		1,572,633		19,044,586		3.8
Heritage Financial Corp.		16,124		262,982		0.1
Hilltop Holdings, Inc.		32,234		914,156		0.2
Independent Bank Corp.		17,125		840,666		0.2
PacWest Bancorp		180,135		1,424,868		0.3
Preferred Bank		250,034		15,564,617		3.1
Southside Bancshares, Inc.		10,943		314,064		0.1
Veritex Holdings, Inc.		20,436		366,826		0.1
Washington Federal, Inc.		28,637		733,680		0.1
WSFS Financial Corp.		13,100		478,150		0.1


				46,785,969

Capital Markets
Artisan Partners Asset Management, Inc., Class A		62,857		2,352,109		0.5
Moelis & Co., Class A		95,682		4,318,129		0.8


				6,670,238

Commercial Services & Supplies
Pitney Bowes, Inc.		521,829		1,575,924		0.3


Consumer Finance
Bread Financial Holdings, Inc.		1,585,885		54,237,267		10.8


S C H E D U L E S O F I N V E S T M E N T S			39

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF




	Shares		Value		% of Basket Value


Diversified REITs
Global Net Lease, Inc.		4,753,782	$	45,683,845		9.1	%


Diversified Telecommunication Services
Lumen Technologies, Inc.		21,048,851		29,889,368		6.0


Financial Services
Jackson Financial, Inc., Class A		2,723,274		104,083,532		20.8
Mr. Cooper Group, Inc.		36,914		1,977,114		0.4
Payoneer Global, Inc.		41,807		255,859		0.1
Radian Group, Inc.		145,714		3,658,878		0.7


				109,975,383

Health Care Providers & Services
RadNet, Inc.		200,907		5,663,568		1.1


Insurance
Ambac Financial Group, Inc.		276,512		3,334,735		0.7
Employers Holdings, Inc.		17,093		682,865		0.1
Genworth Financial, Inc., Class A		1,283,128		7,519,130		1.5
Horace Mann Educators Corp.		1,342		39,428		0.0
Lincoln National Corp.		3,848,988		95,031,514		19.0
ProAssurance Corp.		90,263		1,705,068		0.4


				108,312,740

Metals & Mining
Warrior Met Coal, Inc.		186,894		9,546,546		1.9


Office REITs
Douglas Emmett, Inc.		3,051,853		38,941,644		7.8


Oil, Gas & Consumable Fuels
Green Plains, Inc.		363,906		10,953,571		2.2
Par Pacific Holdings, Inc.		258,181		9,279,025		1.9


				20,232,596

Retail REITs
SITE Centers Corp.		1,222,370		15,071,822		3.0


Software
Adeia, Inc.		159,809		1,706,760		0.3


Net Value of Reference Entity — HSBC Bank PLC			$	500,092,413




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Central Pacific Financial Corp.		90,255	$	1,505,453		0.5	%


Capital Markets
Artisan Partners Asset Management, Inc., Class A		837,732		31,347,932		11.2


Communications Equipment
Extreme Networks, Inc.		236,183		5,717,990		2.0


Financial Services
Radian Group, Inc.		7,421,371		186,350,626		66.2


Health Care Providers & Services
RadNet, Inc.		216,930		6,115,257		2.2


Insurance
Ambac Financial Group, Inc.		434,872		5,244,556		1.9


Metals & Mining
Warrior Met Coal, Inc.		783,245		40,008,155		14.2


Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		142,153		5,108,979		1.8


Net Value of Reference Entity — JPMorgan Chase Bank NA			$	281,398,948

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

OTC Swaps	$	—	$	—	$	—	$	(45,783,312	)


40		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	6,440,537	$	—	$	—	$	—	$	6,440,537
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		45,783,312		—		—		—		45,783,312


	$	—	$	—	$	52,223,849	$	—	$	—	$	—	$	52,223,849

^(a)

Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	13,714,507		$	—	$	—	$	—	$	13,714,507
Swaps		—		—		12,632,405			—		—		—		12,632,405


	$	—	$	—	$	26,346,912		$	—	$	—	$	—	$	26,346,912

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(13,537,579	)	$	—	$	—	$	—	$	(13,537,579	)
Swaps		—		—		(21,936,449	)		—		—		—		(21,936,449	)


	$	—	$	—	$	(35,474,028	)	$	—	$	—	$	—	$	(35,474,028	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long			$191,001,550
Total return swaps
Average notional amount			$1,317,225,801

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:



	Assets		Liabilities

Derivative Financial Instruments
Futures contracts	$	—	$	1,499,925
Swaps — OTC^(a)		—		45,783,312


Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	47,283,237


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,499,925	)


Total derivative assets and liabilities subject to an MNA	$	—	$	45,783,312

^(a)

Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.


S C H E D U L E S O F I N V E S T M E N T S			41

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P Small-Cap ETF



Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset^(a)		Non- Cash Collateral Pledged^(b)		Cash Collateral Pledged^(b)			Net Amount of Derivative Liabilities^(c)

Goldman Sachs Bank USA	$	16,712,255	$	—	$	—	$	(16,712,255	)	$	—
HSBC Bank PLC		22,036,393		—		—		(22,036,393	)		—
JPMorgan Chase Bank N.A.		7,034,664		—		—		(7,034,664	)		—


	$	45,783,312	$	—	$	—	$	(45,783,312	)	$	—

^(a)

The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)

Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)

Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End




	Level 1			Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	64,975,060,340		$	—		$	—	$	64,975,060,340
Short-Term Securities
Money Market Funds		5,522,854,443			—			—		5,522,854,443


	$	70,497,914,783		$	—		$	—	$	70,497,914,783

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(6,440,537	)	$	(45,783,312	)	$	—	$	(52,223,849	)

^(a)	Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.


42		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.0%
Axon Enterprise, Inc.^(a)		45,464	$	9,046,882
BWX Technologies, Inc.		59,237		4,441,590
Curtiss-Wright Corp.		24,806		4,852,798
General Dynamics Corp.		77,057		17,027,285
L3Harris Technologies, Inc.		60,894		10,602,863
Lockheed Martin Corp.		102,179		41,787,124
Northrop Grumman Corp.		65,663		28,904,196
TransDigm Group, Inc.^(a)		16,717		14,094,604


				130,757,342

Air Freight & Logistics — 0.1%
CH Robinson Worldwide, Inc.		41,164		3,545,455
Expeditors International of Washington, Inc.^(b)		95,318		10,926,303


				14,471,758

Automobile Components — 0.1%
Autoliv, Inc.		16,125		1,555,740
Fox Factory Holding Corp.^(a)		27,441		2,718,854
Gentex Corp.		70,036		2,278,972
Visteon Corp.^(a)		18,172		2,509,008


				9,062,574

Automobiles — 3.3%
Harley-Davidson, Inc.		54,210		1,792,183
Tesla, Inc.^(a)		1,773,089		443,662,329


				445,454,512

Banks — 0.1%
Columbia Banking System, Inc.		70,118		1,423,395
Commerce Bancshares, Inc.		50,286		2,412,722
Cullen/Frost Bankers, Inc.		27,940		2,548,408
East West Bancorp, Inc.		46,688		2,460,925
First Financial Bankshares, Inc.		44,732		1,123,668
First Horizon Corp.		229,145		2,525,178
Glacier Bancorp, Inc.		38,901		1,108,679
Hancock Whitney Corp.		28,403		1,050,627
International Bancshares Corp.		20,807		901,775
SouthState Corp.		27,998		1,885,945
United Bankshares, Inc.		40,760		1,124,568


				18,565,890

Beverages — 2.2%
Boston Beer Co., Inc. (The), Class A, NVS^(a)		4,325		1,684,717
Brown-Forman Corp., Class B, NVS		65,069		3,753,831
Celsius Holdings, Inc.^(a)(b)		31,706		5,440,749
Coca-Cola Co. (The)		1,624,355		90,931,393
Constellation Brands, Inc., Class A		58,224		14,633,438
Keurig Dr Pepper, Inc.		324,138		10,233,037
Monster Beverage Corp.^(a)		476,803		25,246,719
PepsiCo, Inc.		883,908		149,769,371


				301,693,255

Biotechnology — 3.7%
AbbVie, Inc.		1,133,343		168,936,108
Amgen, Inc.		343,461		92,308,578
Arrowhead Pharmaceuticals, Inc.^(a)		33,067		888,510
Biogen, Inc.^(a)		43,705		11,232,622
Exelixis, Inc.^(a)		202,713		4,429,279
Gilead Sciences, Inc.		800,069		59,957,171
Halozyme Therapeutics, Inc.^(a)		84,301		3,220,298
Incyte Corp.^(a)		118,851		6,866,022
Moderna, Inc.^(a)		212,356		21,934,251
Neurocrine Biosciences, Inc.^(a)		62,397		7,019,663
Regeneron Pharmaceuticals, Inc.^(a)		68,538		56,404,033


Security	Shares		Value

Biotechnology (continued)
United Therapeutics Corp.^(a)		30,351	$	6,855,381
Vertex Pharmaceuticals, Inc.^(a)		165,722		57,628,168


				497,680,084

Broadline Retail — 2.6%
Amazon.com, Inc.^(a)		2,681,825		340,913,594
Etsy, Inc.^(a)(b)		45,955		2,967,774
Ollie’s Bargain Outlet Holdings, Inc.^(a)		18,494		1,427,367


				345,308,735

Building Products — 0.4%
Advanced Drainage Systems, Inc.^(b)		34,358		3,910,971
Builders FirstSource, Inc.^(a)		80,563		10,029,288
Carlisle Cos., Inc.		32,158		8,337,283
Lennox International, Inc.		12,641		4,733,296
Masco Corp.		103,802		5,548,217
Owens Corning		31,515		4,298,961
Simpson Manufacturing Co., Inc.		27,649		4,142,097
Trex Co., Inc.^(a)(b)		37,773		2,327,950
UFP Industries, Inc.		39,971		4,093,030


				47,421,093

Capital Markets — 1.4%
Affiliated Managers Group, Inc.		15,239		1,986,251
Ameriprise Financial, Inc.		65,720		21,666,570
Blackstone, Inc., Class A, NVS		455,733		48,827,234
Cboe Global Markets, Inc.		45,580		7,120,052
Charles Schwab Corp. (The)		562,908		30,903,649
Evercore, Inc., Class A		11,606		1,600,235
FactSet Research Systems, Inc.		14,807		6,474,509
Federated Hermes, Inc., Class B		37,771		1,279,304
Interactive Brokers Group, Inc., Class A		37,354		3,233,362
Jefferies Financial Group, Inc.		113,884		4,171,571
MarketAxess Holdings, Inc.		11,944		2,551,716
Moody’s Corp.		47,675		15,073,405
Morningstar, Inc.		16,769		3,927,970
MSCI, Inc., Class A		29,043		14,901,382
Nasdaq, Inc.		140,807		6,841,812
Raymond James Financial, Inc.		121,130		12,165,086
SEI Investments Co.		64,121		3,862,008


				186,586,116

Chemicals — 1.4%
Air Products & Chemicals, Inc.		142,642		40,424,743
Albemarle Corp.		75,137		12,776,296
Ashland, Inc.		21,652		1,768,535
Axalta Coating Systems Ltd.^(a)		64,416		1,732,790
Cabot Corp.		36,405		2,521,774
CF Industries Holdings, Inc.		124,342		10,661,083
Chemours Co. (The)		55,685		1,561,964
Corteva, Inc.		315,584		16,145,278
FMC Corp.		79,249		5,307,306
Linde PLC		191,119		71,163,160
Mosaic Co. (The)		215,122		7,658,343
NewMarket Corp.		2,393		1,088,911
Olin Corp.		81,095		4,053,128
RPM International, Inc.		82,240		7,797,174
Westlake Corp.^(b)		20,563		2,563,589


				187,224,074

Commercial Services & Supplies — 0.7%
Brink’s Co. (The)		14,126		1,026,112
Cintas Corp.		32,769		15,762,217
Clean Harbors, Inc.^(a)		32,658		5,465,643
Copart, Inc.^(a)		556,851		23,994,709


S C H E D U L E S O F I N V E S T M E N T S			43

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
MSA Safety, Inc.		12,798	$	2,017,605
Republic Services, Inc.		72,325		10,307,036
Rollins, Inc.		180,924		6,753,893
Tetra Tech, Inc.		19,631		2,984,501
Waste Management, Inc.		139,273		21,230,776


				89,542,492

Communications Equipment — 0.4%
Arista Networks, Inc.^(a)		160,999		29,612,546
Calix, Inc.^(a)		36,925		1,692,642
Motorola Solutions, Inc.		59,151		16,103,268


				47,408,456

Construction & Engineering — 0.2%
AECOM		48,771		4,049,944
EMCOR Group, Inc.		30,202		6,354,199
Quanta Services, Inc.		93,341		17,461,301
Valmont Industries, Inc.		13,286		3,191,430


				31,056,874

Construction Materials — 0.1%
Eagle Materials, Inc.		23,079		3,843,115
Vulcan Materials Co.		50,167		10,134,737


				13,977,852

Consumer Finance — 0.3%
Ally Financial, Inc.		34,379		917,232
American Express Co.		182,839		27,277,750
Discover Financial Services		93,422		8,093,148
FirstCash Holdings, Inc.		24,309		2,440,138
SLM Corp.		141,289		1,924,356


				40,652,624

Consumer Staples Distribution & Retail — 1.1%
BJ’s Wholesale Club Holdings, Inc.^(a)(b)		49,845		3,557,438
Casey’s General Stores, Inc.		24,151		6,557,479
Costco Wholesale Corp.		187,800		106,099,488
Dollar General Corp.		140,680		14,883,944
Dollar Tree, Inc.^(a)		133,949		14,258,871
Performance Food Group Co.^(a)		45,323		2,667,712
Sprouts Farmers Market, Inc.^(a)(b)		36,977		1,582,616
U.S. Foods Holding Corp.^(a)		39,900		1,584,030


				151,191,578

Containers & Packaging — 0.1%
AptarGroup, Inc.		19,899		2,488,171
Berry Global Group, Inc.		33,973		2,103,268
Crown Holdings, Inc.		30,346		2,685,014
Graphic Packaging Holding Co.		141,256		3,147,184
Silgan Holdings, Inc.		54,117		2,332,984
Sonoco Products Co.		32,145		1,747,081


				14,503,702

Distributors — 0.1%
Genuine Parts Co.		64,723		9,344,707
Pool Corp.		16,009		5,700,805


				15,045,512

Diversified Consumer Services — 0.1%
Grand Canyon Education, Inc.^(a)		18,678		2,183,085
H&R Block, Inc.		97,537		4,199,943
Service Corp. International		97,676		5,581,206


				11,964,234

Diversified Telecommunication Services — 0.0%
Iridium Communications, Inc.		81,416		3,703,614


Security	Shares		Value

Electric Utilities — 0.2%
IDACORP, Inc.		17,328	$	1,622,767
NRG Energy, Inc.		70,444		2,713,503
OGE Energy Corp.		129,664		4,321,701
PG&E Corp.^(a)		1,339,790		21,610,813
PNM Resources, Inc.		34,418		1,535,387


				31,804,171

Electrical Equipment — 0.2%
Acuity Brands, Inc.		10,478		1,784,508
AMETEK, Inc.^(b)		74,249		10,971,032
Hubbell, Inc.		34,326		10,758,112
nVent Electric PLC		105,409		5,585,623
Sensata Technologies Holding PLC		38,321		1,449,300
Vicor Corp.^(a)(b)		6,215		366,002


				30,914,577

Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		382,985		32,166,910
Belden, Inc.		27,713		2,675,690
CDW Corp.		54,415		10,978,771
Cognex Corp.		58,391		2,478,114
Crane NXT Co.		15,411		856,389
Keysight Technologies, Inc.^(a)		61,644		8,156,118
Littelfuse, Inc.		9,996		2,472,211
National Instruments Corp.		48,328		2,881,315
Novanta, Inc.^(a)		23,114		3,315,472


				65,980,990

Energy Equipment & Services — 0.3%
ChampionX Corp.		125,433		4,467,923
NOV, Inc.		254,161		5,311,965
Schlumberger NV		483,104		28,164,963
Valaris Ltd.^(a)		40,990		3,073,430
Weatherford International PLC^(a)		46,435		4,194,474


				45,212,755

Entertainment — 0.3%
Activision Blizzard, Inc.		270,459		25,323,076
Electronic Arts, Inc.		108,026		13,006,330
TKO Group Holdings, Inc., Class A		33,765		2,838,286


				41,167,692

Financial Services — 3.7%
Euronet Worldwide, Inc.^(a)		14,937		1,185,699
Fiserv, Inc.^(a)		269,912		30,489,260
FleetCor Technologies, Inc.^(a)		25,275		6,453,719
Jack Henry & Associates, Inc.		47,031		7,108,265
Mastercard, Inc., Class A		534,241		211,511,354
Visa, Inc., Class A		1,031,724		237,306,837
WEX, Inc.^(a)		27,560		5,183,760


				499,238,894

Food Products — 0.9%
Archer-Daniels-Midland Co.		169,289		12,767,776
Bunge Ltd.		39,871		4,316,036
Campbell Soup Co.		73,500		3,019,380
Darling Ingredients, Inc.^(a)		101,496		5,298,091
Flowers Foods, Inc.		78,342		1,737,626
General Mills, Inc.		256,414		16,407,932
Hershey Co. (The)		95,919		19,191,473
Hormel Foods Corp.		134,883		5,129,600
Kellanova		91,068		5,419,457
Lamb Weston Holdings, Inc.		94,371		8,725,543
Lancaster Colony Corp.		12,886		2,126,577


44		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
McCormick & Co., Inc., NVS		82,672	$	6,253,310
Mondelez International, Inc., Class A		471,491		32,721,475


				123,114,276

Gas Utilities — 0.1%
Atmos Energy Corp.		57,310		6,070,848
National Fuel Gas Co.		41,533		2,155,978
New Jersey Resources Corp.		40,443		1,643,199
ONE Gas, Inc.		34,970		2,387,752
Spire, Inc.		16,652		942,170


				13,199,947

Ground Transportation — 0.8%
Avis Budget Group, Inc.^(a)		12,717		2,285,118
CSX Corp.		620,597		19,083,358
JB Hunt Transport Services, Inc.		52,624		9,920,677
Knight-Swift Transportation Holdings, Inc.		51,954		2,605,493
Landstar System, Inc.		23,261		4,115,801
Old Dominion Freight Line, Inc.^(b)		57,393		23,481,772
Saia, Inc.^(a)		9,763		3,892,020
Union Pacific Corp.		195,667		39,843,671


				105,227,910

Health Care Equipment & Supplies — 1.5%
Abbott Laboratories		579,424		56,117,214
Boston Scientific Corp.^(a)		497,569		26,271,643
Dexcom, Inc.^(a)		248,409		23,176,560
Globus Medical, Inc., Class A^(a)		74,650		3,706,373
Haemonetics Corp.^(a)		32,779		2,936,343
Hologic, Inc.^(a)		157,853		10,954,998
IDEXX Laboratories, Inc.^(a)		26,013		11,374,705
Inari Medical, Inc.^(a)		33,840		2,213,136
Insulet Corp.^(a)		45,004		7,177,688
Intuitive Surgical, Inc.^(a)		110,474		32,290,445
Lantheus Holdings, Inc.^(a)		44,622		3,100,337
Masimo Corp.^(a)		18,002		1,578,415
Penumbra, Inc.^(a)		15,501		3,749,847
QuidelOrtho Corp.^(a)(b)		17,304		1,263,884
ResMed, Inc.		51,298		7,585,435
Shockwave Medical, Inc.^(a)		23,921		4,762,671


				198,259,694

Health Care Providers & Services — 3.6%
Acadia Healthcare Co., Inc.^(a)		34,135		2,400,032
Chemed Corp.		6,528		3,392,602
Cigna Group (The)		93,419		26,724,373
Elevance Health, Inc.		151,309		65,882,965
Encompass Health Corp.		29,657		1,991,764
HCA Healthcare, Inc.		70,047		17,230,161
HealthEquity, Inc.^(a)		54,748		3,999,341
Humana, Inc.		50,828		24,728,839
McKesson Corp.		39,986		17,387,912
Molina Healthcare, Inc.^(a)		37,364		12,251,282
Option Care Health, Inc.^(a)		115,918		3,749,947
Progyny, Inc.^(a)(b)		18,052		614,129
Quest Diagnostics, Inc.		47,659		5,807,726
UnitedHealth Group, Inc.		594,784		299,884,145


				486,045,218

Health Care REITs — 0.0%
Omega Healthcare Investors, Inc.		74,223		2,461,235


Health Care Technology — 0.0%
Doximity, Inc., Class A^(a)(b)		45,364		962,624


Security	Shares		Value

Hotels, Restaurants & Leisure — 1.7%
Airbnb, Inc., Class A^(a)(b)		109,907	$	15,080,340
Aramark		69,257		2,403,218
Boyd Gaming Corp.		26,257		1,597,213
Chipotle Mexican Grill, Inc.^(a)		17,698		32,419,727
Choice Hotels International, Inc.		9,489		1,162,497
Churchill Downs, Inc.		42,734		4,958,853
Domino’s Pizza, Inc.		10,242		3,879,567
Hilton Grand Vacations, Inc.^(a)		22,865		930,606
Hilton Worldwide Holdings, Inc.		80,905		12,150,313
Light & Wonder, Inc., Class A^(a)		28,036		1,999,808
Marriott International, Inc., Class A		82,333		16,183,375
McDonald’s Corp.		290,122		76,429,740
Planet Fitness, Inc., Class A^(a)		37,416		1,840,119
Starbucks Corp.		375,005		34,226,706
Texas Roadhouse, Inc.		43,329		4,163,917
Vail Resorts, Inc.		12,932		2,869,482
Wendy’s Co. (The)		110,404		2,253,346
Wingstop, Inc.		19,417		3,491,953
Wyndham Hotels & Resorts, Inc.		27,949		1,943,573
Yum! Brands, Inc.		114,728		14,334,116


				234,318,469

Household Durables — 0.1%
DR Horton, Inc.		98,113		10,544,204
Tempur Sealy International, Inc.		110,889		4,805,930
TopBuild Corp.^(a)		11,022		2,773,135


				18,123,269

Household Products — 1.2%
Clorox Co. (The)		35,949		4,711,476
Colgate-Palmolive Co.		291,136		20,702,681
Kimberly-Clark Corp.		104,792		12,664,113
Procter & Gamble Co. (The)		832,500		121,428,450


				159,506,720

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		251,001		3,815,215
Ormat Technologies, Inc.^(b)		20,082		1,404,134
Vistra Corp.		144,724		4,801,942


				10,021,291

Industrial REITs — 0.1%
EastGroup Properties, Inc.		15,525		2,585,378
First Industrial Realty Trust, Inc.		43,704		2,079,873
Rexford Industrial Realty, Inc.		74,190		3,661,277
STAG Industrial, Inc.		52,265		1,803,665


				10,130,193

Insurance — 2.0%
American Financial Group, Inc.		19,127		2,135,912
Aon PLC, Class A		86,269		27,970,135
Arch Capital Group Ltd.^(a)		241,485		19,248,769
Arthur J. Gallagher & Co.		88,898		20,262,521
Brown & Brown, Inc.		90,005		6,285,949
Chubb Ltd.		150,232		31,275,298
Erie Indemnity Co., Class A, NVS		16,177		4,752,641
Everest Group Ltd.		16,159		6,005,816
Fidelity National Financial, Inc., Class A		20,391		842,148
Globe Life, Inc.		39,229		4,265,369
Hanover Insurance Group, Inc. (The)		13,592		1,508,440
Kinsale Capital Group, Inc.		13,972		5,786,224
Marsh & McLennan Cos., Inc.		202,990		38,628,997
Primerica, Inc.		16,157		3,134,620
Principal Financial Group, Inc.		87,102		6,277,441
Progressive Corp. (The)		375,846		52,355,348


S C H E D U L E S O F I N V E S T M E N T S			45

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
RenaissanceRe Holdings Ltd.		18,129	$	3,588,092
RLI Corp.		26,146		3,552,980
Selective Insurance Group, Inc.		39,016		4,025,281
Travelers Cos., Inc. (The)		79,665		13,010,091
W R Berkley Corp.		129,618		8,229,447


				263,141,519

Interactive Media & Services — 6.9%
Alphabet, Inc., Class A^(a)		3,809,599		498,524,125
Alphabet, Inc., Class C, NVS^(a)		3,240,611		427,274,560
ZoomInfo Technologies, Inc., Class A^(a)		102,241		1,676,753


				927,475,438

IT Services — 0.7%
Accenture PLC, Class A		198,467		60,951,200
EPAM Systems, Inc.^(a)		25,398		6,494,015
Gartner, Inc.^(a)		50,798		17,454,701
GoDaddy, Inc., Class A^(a)		94,597		7,045,585
VeriSign, Inc.^(a)		27,997		5,670,232


				97,615,733

Leisure Products — 0.0%
Brunswick Corp.		26,096		2,061,584
Polaris, Inc.		17,754		1,848,901
YETI Holdings, Inc.^(a)(b)		30,836		1,486,912


				5,397,397

Life Sciences Tools & Services — 2.2%
Agilent Technologies, Inc.		113,984		12,745,691
Bio-Techne Corp.		49,250		3,352,447
Bruker Corp.		36,214		2,256,132
Danaher Corp.		421,948		104,685,299
IQVIA Holdings, Inc.^(a)(b)		56,644		11,144,707
Medpace Holdings, Inc.^(a)		14,960		3,622,265
Mettler-Toledo International, Inc.^(a)(b)		9,152		10,141,057
Repligen Corp.^(a)		33,504		5,327,471
Thermo Fisher Scientific, Inc.		247,818		125,438,037
Waters Corp.^(a)		38,002		10,420,528


				289,133,634

Machinery — 1.5%
AGCO Corp.		20,801		2,460,342
Caterpillar, Inc.		196,538		53,654,874
Chart Industries, Inc.^(a)(b)		12,185		2,060,727
Crane Co.		15,411		1,369,113
Cummins, Inc.		46,450		10,611,967
Deere & Co.		175,082		66,072,445
Donaldson Co., Inc.		50,811		3,030,368
Graco, Inc.		71,027		5,176,448
IDEX Corp.		27,877		5,798,974
Illinois Tool Works, Inc.		89,863		20,696,348
ITT, Inc.		24,711		2,419,454
Lincoln Electric Holdings, Inc.		36,633		6,659,513
Middleby Corp. (The)^(a)(b)		16,795		2,149,760
RBC Bearings, Inc.^(a)		18,736		4,386,660
Snap-on, Inc.		19,083		4,867,310
Timken Co. (The)		20,951		1,539,689
Toro Co. (The)		67,484		5,607,920
Watts Water Technologies, Inc., Class A		9,201		1,590,117


				200,152,029

Media — 0.0%
New York Times Co. (The), Class A		53,425		2,201,110
Nexstar Media Group, Inc., Class A		21,490		3,081,021


				5,282,131


Security	Shares		Value

Metals & Mining — 0.7%
Commercial Metals Co.		42,514	$	2,100,617
Freeport-McMoRan, Inc.		920,236		34,315,600
MP Materials Corp., Class A^(a)(b)		92,737		1,771,277
Nucor Corp.		159,412		24,924,066
Reliance Steel & Aluminum Co.		37,506		9,835,198
Royal Gold, Inc.		42,531		4,522,321
Steel Dynamics, Inc.		100,327		10,757,061
Worthington Industries, Inc.		9,580		592,236


				88,818,376

Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		319,909		6,017,488


Multi-Utilities — 0.2%
Black Hills Corp.		21,917		1,108,781
Sempra		243,325		16,553,400
WEC Energy Group, Inc.		106,046		8,542,005


				26,204,186

Office REITs — 0.0%
COPT Defense Properties		37,793		900,607


Oil, Gas & Consumable Fuels — 7.0%
Antero Midstream Corp.		217,263		2,602,811
Antero Resources Corp.^(a)		178,888		4,540,177
APA Corp.		196,554		8,078,369
Chevron Corp.		1,139,259		192,101,853
Chord Energy Corp.		20,496		3,321,787
Civitas Resources, Inc.		54,768		4,429,088
CNX Resources Corp.^(a)(b)		102,977		2,325,221
ConocoPhillips		768,912		92,115,658
Coterra Energy, Inc.		485,688		13,137,860
Devon Energy Corp.		409,989		19,556,475
Diamondback Energy, Inc.		115,243		17,848,836
DT Midstream, Inc.		62,648		3,315,332
EOG Resources, Inc.		373,872		47,392,015
EQT Corp.		233,761		9,486,021
Equitrans Midstream Corp.		128,761		1,206,491
Exxon Mobil Corp.		2,570,464		302,235,157
Hess Corp.		177,079		27,093,087
HF Sinclair Corp.		41,254		2,348,590
Marathon Oil Corp.		390,322		10,441,113
Marathon Petroleum Corp.		122,811		18,586,217
Matador Resources Co.		70,479		4,192,091
Murphy Oil Corp.		94,732		4,296,096
Occidental Petroleum Corp.		427,580		27,741,390
ONEOK, Inc.		373,184		23,671,061
Ovintiv, Inc.		125,919		5,989,967
PBF Energy, Inc., Class A		70,537		3,775,846
Permian Resources Corp., Class A		119,895		1,673,734
Pioneer Natural Resources Co.		149,636		34,348,944
Range Resources Corp.		156,582		5,074,823
Southwestern Energy Co.^(a)(b)		715,092		4,612,343
Targa Resources Corp.		144,167		12,357,995
Williams Cos., Inc. (The)		779,888		26,274,427


				936,170,875

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		41,367		2,286,354


Personal Care Products — 0.2%
BellRing Brands, Inc.^(a)		35,955		1,482,425
Kenvue, Inc.		1,106,603		22,220,588


				23,703,013


46		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals — 5.9%
Bristol-Myers Squibb Co.		1,341,419	$	77,855,959
Eli Lilly & Co.		512,019		275,020,766
Jazz Pharmaceuticals PLC^(a)		40,675		5,264,972
Johnson & Johnson		958,640		149,308,180
Merck & Co., Inc.		1,629,351		167,741,685
Pfizer, Inc.		3,625,290		120,250,869


				795,442,431

Professional Services — 1.1%
Automatic Data Processing, Inc.		264,537		63,642,311
Broadridge Financial Solutions, Inc.		36,624		6,557,527
CACI International, Inc., Class A^(a)(b)		9,259		2,906,678
Concentrix Corp.		27,505		2,203,426
Equifax, Inc.		39,034		7,150,248
ExlService Holdings, Inc.^(a)		107,284		3,008,243
Exponent, Inc.		22,718		1,944,661
FTI Consulting, Inc.^(a)		21,582		3,850,445
Genpact Ltd.		62,353		2,257,179
Insperity, Inc.		23,112		2,255,731
KBR, Inc.		86,548		5,101,139
Leidos Holdings, Inc.		57,459		5,295,421
Paychex, Inc.		117,384		13,537,897
Paycom Software, Inc.		31,353		8,128,892
Paylocity Holding Corp.^(a)		27,754		5,042,902
Science Applications International Corp.		22,585		2,383,621
Verisk Analytics, Inc.		43,137		10,190,685


				145,457,006

Real Estate Management & Development — 0.2%
CoStar Group, Inc.^(a)		261,418		20,100,430


Retail REITs — 0.1%
Agree Realty Corp.		41,807		2,309,419
Brixmor Property Group, Inc.		95,367		1,981,726
NNN REIT, Inc.		64,166		2,267,626


				6,558,771

Semiconductors & Semiconductor Equipment — 10.0%
Advanced Micro Devices, Inc.^(a)		560,212		57,600,998
Allegro MicroSystems, Inc.^(a)		16,430		524,774
Amkor Technology, Inc.		65,053		1,470,198
Analog Devices, Inc.		151,110		26,457,850
Applied Materials, Inc.		539,204		74,652,794
Broadcom, Inc.		158,992		132,055,575
Cirrus Logic, Inc.^(a)		35,701		2,640,446
Enphase Energy, Inc.^(a)(b)		87,835		10,553,375
First Solar, Inc.^(a)		68,835		11,123,048
KLA Corp.		87,788		40,264,844
Lam Research Corp.		85,590		53,645,244
Lattice Semiconductor Corp.^(a)		88,859		7,635,654
MACOM Technology Solutions Holdings, Inc.^(a)		33,147		2,704,132
Microchip Technology, Inc.		171,891		13,416,093
Monolithic Power Systems, Inc.		30,793		14,226,366
NVIDIA Corp.		1,585,997		689,892,835
NXP Semiconductors NV		97,344		19,461,012
ON Semiconductor Corp.^(a)(b)		276,647		25,714,339
Power Integrations, Inc.		37,091		2,830,414
QUALCOMM, Inc.		716,588		79,584,263
Silicon Laboratories, Inc.^(a)		10,785		1,249,874
SolarEdge Technologies, Inc.^(a)(b)		36,249		4,694,608
Teradyne, Inc.		48,259		4,848,099
Texas Instruments, Inc.		367,296		58,403,737


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Universal Display Corp.		17,758	$	2,787,828
Wolfspeed, Inc.^(a)(b)		36,285		1,382,459


				1,339,820,859

Software — 10.1%
Adobe, Inc.^(a)		137,557		70,140,314
Autodesk, Inc.^(a)		75,643		15,651,293
Blackbaud, Inc.^(a)		13,348		938,631
Cadence Design Systems, Inc.^(a)		174,519		40,889,802
CommVault Systems, Inc.^(a)		19,367		1,309,403
Dolby Laboratories, Inc., Class A		18,897		1,497,776
Dropbox, Inc., Class A^(a)(b)		166,189		4,525,327
Dynatrace, Inc.^(a)		153,090		7,153,896
Envestnet, Inc.^(a)		9,413		414,454
Fair Isaac Corp.^(a)		16,028		13,920,799
Fortinet, Inc.^(a)		417,732		24,512,514
Gen Digital, Inc.		191,499		3,385,702
Intuit, Inc.		95,310		48,697,692
Manhattan Associates, Inc.^(a)		22,796		4,505,857
Microsoft Corp.		2,766,992		873,677,724
Oracle Corp.		596,397		63,170,370
Palo Alto Networks, Inc.^(a)(b)		196,545		46,078,010
PTC, Inc.^(a)		76,577		10,849,429
Qualys, Inc.^(a)		23,648		3,607,502
ServiceNow, Inc.^(a)		130,988		73,217,053
Synopsys, Inc.^(a)		97,701		44,841,828
Teradata Corp.^(a)		30,478		1,372,120
Tyler Technologies, Inc.^(a)		12,664		4,890,077


				1,359,247,573

Specialized REITs — 0.7%
American Tower Corp.		158,640		26,088,348
CubeSmart		78,485		2,992,633
Extra Space Storage, Inc.		68,075		8,276,538
Gaming & Leisure Properties, Inc.		111,698		5,087,844
Iron Mountain, Inc.		118,784		7,061,709
Lamar Advertising Co., Class A		31,693		2,645,415
National Storage Affiliates Trust		25,822		819,590
PotlatchDeltic Corp.		29,883		1,356,389
Public Storage		62,998		16,601,233
Rayonier, Inc.		47,493		1,351,651
SBA Communications Corp., Class A		39,229		7,852,469
VICI Properties, Inc.		372,019		10,825,753
Weyerhaeuser Co.		267,452		8,200,078


				99,159,650

Specialty Retail — 2.3%
AutoNation, Inc.^(a)(b)		7,970		1,206,658
AutoZone, Inc.^(a)		11,643		29,573,103
Dick’s Sporting Goods, Inc.		20,520		2,228,062
Five Below, Inc.^(a)(b)		24,884		4,003,836
Home Depot, Inc. (The)		342,145		103,382,533
Lowe’s Cos., Inc.		259,621		53,959,629
Murphy U.S.A., Inc.		12,534		4,283,244
O’Reilly Automotive, Inc.^(a)		38,785		35,250,135
TJX Cos., Inc. (The)		472,276		41,975,891
Tractor Supply Co.		70,125		14,238,881
Ulta Beauty, Inc.^(a)		32,084		12,815,954
Valvoline, Inc.		41,381		1,334,123
Williams-Sonoma, Inc.		19,828		3,081,271


				307,333,320


S C H E D U L E S O F I N V E S T M E N T S			47

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Technology Hardware, Storage & Peripherals — 12.1%
Apple Inc.		9,436,467	$	1,615,617,515
Super Micro Computer, Inc.^(a)(b)		23,365		6,407,150


				1,622,024,665

Textiles, Apparel & Luxury Goods — 0.1%
Crocs, Inc.^(a)		40,035		3,532,288
Deckers Outdoor Corp.^(a)		16,843		8,658,818


				12,191,106

Tobacco — 0.6%
Altria Group, Inc.		591,490		24,872,155
Philip Morris International, Inc.		538,254		49,831,555


				74,703,710

Trading Companies & Distributors — 0.3%
Fastenal Co.		179,511		9,808,481
GATX Corp.		11,827		1,287,133
MSC Industrial Direct Co., Inc., Class A		15,242		1,496,002
Watsco, Inc.		21,590		8,154,975
WESCO International, Inc.		13,160		1,892,671
WW Grainger, Inc.		28,476		19,700,836


				42,340,098

Water Utilities — 0.0%
Essential Utilities, Inc.		154,699		5,310,817


Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.^(a)		225,865		31,632,393


Total Long-Term Investments — 99.8% (Cost: $10,369,882,779)				13,412,583,905


Security	Shares		Value


Short-Term Securities

Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(d)(e)		92,105,814	$	92,142,656
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(d)		66,741,839		66,741,839


Total Short-Term Securities — 1.2% (Cost: $158,834,331)				158,884,495


Total Investments — 101.0% (Cost: $10,528,717,110)				13,571,468,400

Liabilities in Excess of Other Assets — (1.0)%				(137,821,891	)


Net Assets — 100.0%			$	13,433,646,509

^(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



Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	113,505,398	$	—		$	(21,392,807	)^(a)	$	5,597	$	24,468	$	92,142,656		92,105,814	$	214,227	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		17,496,613		49,245,226	^(a)		—			—		—		66,741,839		66,741,839		532,848			—


									$	5,597	$	24,468	$	158,884,495			$	747,075		$	—

^(a)

Represents net amount purchased (sold).

^(b)


48		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Growth 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
E-Mini Technology Select Sector Index		12		12/15/23	$	2,002	$	(109,881	)
NASDAQ 100 E-Mini Index		4		12/15/23		1,189		(48,960	)
S&P 500 E-Mini Index		68		12/15/23		14,707		(612,148	)


							$	(770,989	)

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:



	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	770,989	$	—	$	—	$	—	$	770,989

^(a)

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:



	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total

Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	2,952,715		$	—	$	—	$	—	$	2,952,715


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(2,161,172	)	$	—	$	—	$	—	$	(2,161,172	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	23,391,971

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.


S C H E D U L E S O F I N V E S T M E N T S			49

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Growth ETF

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	13,412,583,905		$	—	$	—	$	13,412,583,905
Short-Term Securities
Money Market Funds		158,884,495			—		—		158,884,495


	$	13,571,468,400		$	—	$	—	$	13,571,468,400


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(770,989	)	$	—	$	—	$	(770,989	)

^(a)

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

See notes to financial statements.


50		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

September 30, 2023

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Common Stocks

Aerospace & Defense — 2.2%
Boeing Co. (The)^(a)		433,279	$	83,050,919
General Dynamics Corp.		81,201		17,942,985
Hexcel Corp.		65,248		4,250,255
Howmet Aerospace, Inc.		297,856		13,775,840
Huntington Ingalls Industries, Inc.		30,607		6,261,580
L3Harris Technologies, Inc.		72,416		12,609,074
Lockheed Martin Corp.		49,603		20,285,643
Northrop Grumman Corp.		30,427		13,393,661
RTX Corp.		1,112,218		80,046,329
Textron, Inc.		152,136		11,887,907
TransDigm Group, Inc.^(a)		22,315		18,814,446
Woodward, Inc.		46,473		5,774,735


				288,093,374

Air Freight & Logistics — 1.1%
CH Robinson Worldwide, Inc.		40,630		3,499,462
FedEx Corp.		176,813		46,841,300
GXO Logistics, Inc.^(a)(b)		92,018		5,396,855
United Parcel Service, Inc., Class B		552,685		86,147,011


				141,884,628

Automobile Components — 0.4%
Adient PLC^(a)		72,158		2,648,199
Aptiv PLC^(a)		215,875		21,283,116
Autoliv, Inc.		40,478		3,905,317
BorgWarner, Inc.		179,628		7,251,582
Gentex Corp.		95,518		3,108,156
Goodyear Tire & Rubber Co. (The)^(a)		214,126		2,661,586
Lear Corp.		45,564		6,114,689


				46,972,645

Automobiles — 0.6%
Ford Motor Co.		3,004,112		37,311,071
General Motors Co.		1,051,384		34,664,130
Harley-Davidson, Inc.		37,123		1,227,286
Thor Industries, Inc.		41,781		3,974,627


				77,177,114

Banks — 6.7%
Associated Banc-Corp.		119,505		2,044,731
Bank of America Corp.		5,282,759		144,641,941
Bank OZK		80,818		2,995,923
Cadence Bank		42,877		909,850
Citigroup, Inc.		1,471,504		60,522,960
Citizens Financial Group, Inc.		362,777		9,722,424
Columbia Banking System, Inc.		77,872		1,580,802
Comerica, Inc.		100,324		4,168,462
Commerce Bancshares, Inc.		27,514		1,320,122
Cullen/Frost Bankers, Inc.		17,361		1,583,497
East West Bancorp, Inc.		54,058		2,849,397
Fifth Third Bancorp		520,289		13,178,920
First Financial Bankshares, Inc.		45,477		1,142,382
First Horizon Corp.		144,976		1,597,636
FNB Corp.		271,966		2,934,513
Glacier Bancorp, Inc.		38,418		1,094,913
Hancock Whitney Corp.		33,404		1,235,614
Home BancShares, Inc.		148,576		3,111,181
Huntington Bancshares, Inc.		1,107,804		11,521,162
International Bancshares Corp.		15,533		673,200
JPMorgan Chase & Co.		2,220,652		322,038,953
KeyCorp		717,869		7,724,270
M&T Bank Corp.		127,421		16,112,385
New York Community Bancorp, Inc., Class A		551,096		6,249,429


Security	Shares		Value


Banks (continued)
Old National Bancorp		223,774	$	3,253,674
Pinnacle Financial Partners, Inc.		59,392		3,981,640
PNC Financial Services Group, Inc. (The)		304,322		37,361,612
Prosperity Bancshares, Inc.		73,057		3,987,451
Regions Financial Corp.		717,042		12,333,122
SouthState Corp.		24,974		1,682,249
Synovus Financial Corp.		113,139		3,145,264
Texas Capital Bancshares, Inc.^(a)		36,857		2,170,877
Truist Financial Corp.		1,017,813		29,119,630
U.S. Bancorp		1,189,740		39,332,804
UMB Financial Corp.		34,368		2,132,534
United Bankshares, Inc.		52,559		1,450,103
Valley National Bancorp		335,955		2,875,775
Webster Financial Corp.		133,990		5,401,137
Wells Fargo & Co.		2,795,821		114,237,246
Wintrust Financial Corp.		47,378		3,577,039
Zions Bancorp N.A.		115,531		4,030,877


				891,027,701

Beverages — 0.8%
Boston Beer Co., Inc. (The), Class A, NVS^(a)		2,197		855,798
Brown-Forman Corp., Class B, NVS		64,039		3,694,410
Coca-Cola Co. (The)		1,040,888		58,268,910
Coca-Cola Consolidated, Inc.		3,470		2,208,030
Constellation Brands, Inc., Class A		54,447		13,684,165
Keurig Dr Pepper, Inc.		382,318		12,069,779
Molson Coors Beverage Co., Class B		141,827		9,018,779


				99,799,871

Biotechnology — 0.1%
Arrowhead Pharmaceuticals, Inc.^(a)		44,737		1,202,083
Biogen, Inc.^(a)		58,768		15,103,964


				16,306,047

Broadline Retail — 3.8%
Amazon.com, Inc.^(a)		3,746,572		476,264,233
eBay, Inc.		405,650		17,885,108
Etsy, Inc.^(a)(b)		40,896		2,641,064
Kohl’s Corp.		87,948		1,843,390
Macy’s, Inc.		210,213		2,440,573
Nordstrom, Inc.		74,426		1,111,924
Ollie’s Bargain Outlet Holdings, Inc.^(a)(b)		24,204		1,868,065


				504,054,357

Building Products — 1.0%
A O Smith Corp.		95,197		6,295,378
Advanced Drainage Systems, Inc.^(b)		12,246		1,393,962
Allegion PLC		67,438		7,027,040
Carrier Global Corp.		640,064		35,331,533
Fortune Brands Innovations, Inc.		96,726		6,012,488
Johnson Controls International PLC		519,859		27,661,698
Lennox International, Inc.		9,246		3,462,072
Masco Corp.		49,316		2,635,940
Owens Corning		31,491		4,295,687
Trane Technologies PLC		174,346		35,376,547
Trex Co., Inc.^(a)		38,891		2,396,852


				131,889,197

Capital Markets — 4.5%
Affiliated Managers Group, Inc.		9,653		1,258,172
Bank of New York Mellon Corp. (The)		595,063		25,379,437
BlackRock, Inc.^(c)		107,246		69,333,467
Cboe Global Markets, Inc.		27,004		4,218,295
Charles Schwab Corp. (The)		466,782		25,626,332
CME Group, Inc., Class A		274,895		55,039,477


S C H E D U L E S O F I N V E S T M E N T S			51

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Capital Markets (continued)
Evercore, Inc., Class A		13,467	$	1,856,830
FactSet Research Systems, Inc.		11,787		5,153,984
Federated Hermes, Inc., Class B		19,753		669,034
Franklin Resources, Inc.		219,000		5,383,020
Goldman Sachs Group, Inc. (The)		251,916		81,512,460
Interactive Brokers Group, Inc., Class A		36,158		3,129,836
Intercontinental Exchange, Inc.		437,344		48,116,587
Invesco Ltd.		340,445		4,943,261
Janus Henderson Group PLC		100,034		2,582,878
MarketAxess Holdings, Inc.		14,924		3,188,363
Moody’s Corp.		64,097		20,265,549
Morgan Stanley		974,936		79,623,023
MSCI, Inc., Class A		25,870		13,273,380
Nasdaq, Inc.		94,082		4,571,444
Northern Trust Corp.		158,285		10,997,642
S&P Global, Inc.		248,653		90,860,293
State Street Corp.		242,772		16,256,013
Stifel Financial Corp.		79,811		4,903,588
T Rowe Price Group, Inc.		171,390		17,973,669


				596,116,034

Chemicals — 2.1%
Ashland, Inc.		12,403		1,013,077
Avient Corp.		69,952		2,470,705
Axalta Coating Systems Ltd.^(a)		93,094		2,504,229
Celanese Corp., Class A		76,455		9,596,632
Chemours Co. (The)		48,930		1,372,486
Corteva, Inc.		169,079		8,650,082
Dow, Inc.		537,246		27,700,404
DuPont de Nemours, Inc.		350,334		26,131,413
Eastman Chemical Co.		90,270		6,925,514
Ecolab, Inc.		193,846		32,837,512
International Flavors & Fragrances, Inc.		195,410		13,321,100
Linde PLC		145,415		54,145,275
LyondellBasell Industries NV, Class A		195,322		18,496,993
NewMarket Corp.		2,356		1,072,074
PPG Industries, Inc.		179,964		23,359,327
Scotts Miracle-Gro Co. (The)		32,204		1,664,303
Sherwin-Williams Co. (The)		180,778		46,107,429


				277,368,555

Commercial Services & Supplies — 0.4%
Brink’s Co. (The)		18,568		1,348,780
Cintas Corp.		26,983		12,979,093
MSA Safety, Inc.		12,494		1,969,679
Republic Services, Inc.		70,642		10,067,191
Stericycle, Inc.^(a)(b)		69,927		3,126,436
Tetra Tech, Inc.		18,019		2,739,429
Waste Management, Inc.		115,475		17,603,009


				49,833,617

Communications Equipment — 1.5%
Ciena Corp.^(a)		114,267		5,400,258
Cisco Systems, Inc.		3,113,913		167,403,963
F5, Inc.^(a)		45,549		7,339,766
Juniper Networks, Inc.		248,635		6,909,567
Lumentum Holdings, Inc.^(a)		53,846		2,432,762
Motorola Solutions, Inc.		57,354		15,614,053


				205,100,369

Construction & Engineering — 0.1%
AECOM		48,433		4,021,876
Fluor Corp.^(a)		111,195		4,080,857


Security	Shares		Value


Construction & Engineering (continued)
MasTec, Inc.^(a)		45,757	$	3,293,131
MDU Resources Group, Inc.		157,325		3,080,424


				14,476,288

Construction Materials — 0.2%
Knife River Corp.^(a)		39,331		1,920,532
Martin Marietta Materials, Inc.		47,229		19,386,560
Vulcan Materials Co.		41,788		8,442,012


				29,749,104

Consumer Finance — 0.6%
Ally Financial, Inc.		167,204		4,461,003
American Express Co.		226,735		33,826,595
Capital One Financial Corp.		291,165		28,257,563
Discover Financial Services		80,187		6,946,600
Synchrony Financial		321,222		9,819,756


				83,311,517

Consumer Staples Distribution & Retail — 2.7%
BJ’s Wholesale Club Holdings, Inc.^(a)		43,801		3,126,077
Costco Wholesale Corp.		115,131		65,044,410
Grocery Outlet Holding Corp.^(a)(b)		75,881		2,189,167
Kroger Co. (The)		504,264		22,565,814
Performance Food Group Co.^(a)		66,686		3,925,138
Sprouts Farmers Market, Inc.^(a)		36,723		1,571,744
Sysco Corp.		385,633		25,471,060
Target Corp.		352,694		38,997,375
U.S. Foods Holding Corp.^(a)		125,034		4,963,850
Walgreens Boots Alliance, Inc.		546,265		12,148,934
Walmart, Inc.		1,090,583		174,416,939


				354,420,508

Containers & Packaging — 0.6%
Amcor PLC		1,120,593		10,264,632
AptarGroup, Inc.		27,178		3,398,337
Avery Dennison Corp.		61,757		11,281,151
Ball Corp.		241,371		12,015,448
Berry Global Group, Inc.		51,158		3,167,192
Crown Holdings, Inc.		56,130		4,966,383
Graphic Packaging Holding Co.		68,254		1,520,699
Greif, Inc., Class A, NVS		19,570		1,307,472
International Paper Co.		265,760		9,426,507
Packaging Corp. of America		69,077		10,606,773
Sealed Air Corp.		111,558		3,665,796
Sonoco Products Co.		36,032		1,958,339
Westrock Co.		195,289		6,991,346


				80,570,075

Distributors — 0.1%
Genuine Parts Co.		30,437		4,394,494
LKQ Corp.		205,509		10,174,750
Pool Corp.		11,278		4,016,096


				18,585,340

Diversified Consumer Services — 0.0%
Graham Holdings Co., Class B		2,891		1,685,453


Diversified Telecommunication Services — 1.4%
AT&T Inc.		5,462,820		82,051,556
Frontier Communications Parent, Inc.^(a)(b)		172,656		2,702,066
Verizon Communications, Inc.		3,212,472		104,116,218


				188,869,840

Electric Utilities — 3.1%
ALLETE, Inc.		43,106		2,275,997
Alliant Energy Corp.		194,160		9,407,052
American Electric Power Co., Inc.		393,668		29,611,707


52		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electric Utilities (continued)
Constellation Energy Corp.		245,744	$	26,805,756
Duke Energy Corp.		588,931		51,979,050
Edison International		293,454		18,572,704
Entergy Corp.		162,007		14,985,647
Evergy, Inc.		174,952		8,870,066
Eversource Energy		266,747		15,511,338
Exelon Corp.		759,710		28,709,441
FirstEnergy Corp.		392,663		13,421,221
IDACORP, Inc.		17,920		1,678,208
NextEra Energy, Inc.		1,546,400		88,593,256
NRG Energy, Inc.		92,248		3,553,393
Pinnacle West Capital Corp.		86,921		6,404,339
PNM Resources, Inc.		24,594		1,097,138
Portland General Electric Co.		77,648		3,143,191
PPL Corp.		565,735		13,328,717
Southern Co. (The)		833,333		53,933,312
Xcel Energy, Inc.		421,449		24,115,312


				415,996,845

Electrical Equipment — 1.3%
Acuity Brands, Inc.		12,132		2,066,201
AMETEK, Inc.		88,407		13,063,018
Eaton Corp. PLC		304,892		65,027,366
Emerson Electric Co.		436,708		42,172,892
EnerSys		30,782		2,914,132
Generac Holdings, Inc.^(a)		47,559		5,182,029
Regal Rexnord Corp.		50,972		7,282,879
Rockwell Automation, Inc.		87,768		25,090,238
Sensata Technologies Holding PLC		71,420		2,701,104
Sunrun, Inc.^(a)(b)		169,486		2,128,744
Vicor Corp.^(a)(b)		9,575		563,872


				168,192,475

Electronic Equipment, Instruments & Components — 1.1%
Arrow Electronics, Inc.^(a)		42,756		5,354,762
Avnet, Inc.		68,948		3,322,604
CDW Corp.		37,806		7,627,739
Cognex Corp.		62,794		2,664,977
Coherent Corp.^(a)		99,960		3,262,694
Corning, Inc.		587,552		17,902,710
Crane NXT Co.		18,039		1,002,427
IPG Photonics Corp.^(a)(b)		22,800		2,315,112
Jabil, Inc.^(b)		100,498		12,752,191
Keysight Technologies, Inc.^(a)		62,715		8,297,822
Littelfuse, Inc.		7,187		1,777,489
National Instruments Corp.		41,462		2,471,964
TD SYNNEX Corp.		36,736		3,668,457
TE Connectivity Ltd.		239,585		29,595,935
Teledyne Technologies, Inc.^(a)		36,052		14,730,126
Trimble, Inc.^(a)		188,463		10,150,617
Vishay Intertechnology, Inc.		98,986		2,446,934
Vontier Corp.		120,705		3,732,199
Zebra Technologies Corp., Class A^(a)(b)		39,434		9,327,324


				142,404,083

Energy Equipment & Services — 0.6%
Baker Hughes Co., Class A		771,517		27,249,980
Halliburton Co.		686,615		27,807,908
Schlumberger NV		510,415		29,757,194


				84,815,082

Entertainment — 2.4%
Activision Blizzard, Inc.		224,755		21,043,811
Electronic Arts, Inc.		60,597		7,295,879
Live Nation Entertainment, Inc.^(a)		108,893		9,042,475


Security	Shares		Value

Entertainment (continued)
Netflix, Inc.^(a)		338,625	$	127,864,800
Take-Two Interactive Software, Inc.^(a)		120,352		16,896,217
Walt Disney Co. (The)^(a)		1,398,207		113,324,677
Warner Bros Discovery, Inc., Class A^(a)(b)		1,690,794		18,362,023


				313,829,882

Financial Services — 4.7%
Berkshire Hathaway, Inc., Class B^(a)		1,393,546		488,159,164
Essent Group Ltd.		84,512		3,996,572
Euronet Worldwide, Inc.^(a)(b)		18,100		1,436,778
Fidelity National Information Services, Inc.		453,824		25,082,853
Fiserv, Inc.^(a)		145,154		16,396,596
FleetCor Technologies, Inc.^(a)(b)		26,802		6,843,623
Global Payments, Inc.		198,585		22,914,723
MGIC Investment Corp.		214,416		3,578,603
PayPal Holdings, Inc.^(a)		839,054		49,051,097
Voya Financial, Inc.		81,247		5,398,863
Western Union Co. (The)		231,224		3,047,532


				625,906,404

Food Products — 1.1%
Archer-Daniels-Midland Co.		208,273		15,707,950
Bunge Ltd.		68,865		7,454,636
Campbell Soup Co.		62,101		2,551,109
Conagra Brands, Inc.		364,142		9,984,774
Flowers Foods, Inc.		53,607		1,189,003
General Mills, Inc.		142,590		9,124,334
Hormel Foods Corp.		61,125		2,324,584
Ingredion, Inc.		50,794		4,998,130
J M Smucker Co. (The)		78,432		9,640,077
Kellanova		91,106		5,421,718
Kraft Heinz Co. (The)		610,079		20,523,058
McCormick & Co., Inc., NVS		94,095		7,117,346
Mondelez International, Inc., Class A		478,194		33,186,664
Pilgrim’s Pride Corp.^(a)		30,746		701,931
Post Holdings, Inc.^(a)(b)		38,821		3,328,512
Tyson Foods, Inc., Class A		218,217		11,017,776


				144,271,602

Gas Utilities — 0.1%
Atmos Energy Corp.		43,410		4,598,421
National Fuel Gas Co.		20,691		1,074,070
New Jersey Resources Corp.		25,399		1,031,961
Southwest Gas Holdings, Inc.		46,117		2,785,928
Spire, Inc.		20,182		1,141,898
UGI Corp.		161,270		3,709,210


				14,341,488

Ground Transportation — 1.0%
CSX Corp.		797,084		24,510,333
Hertz Global Holdings, Inc.^(a)		102,803		1,259,337
Knight-Swift Transportation Holdings, Inc.		63,026		3,160,754
Norfolk Southern Corp.		173,471		34,161,644
Ryder System, Inc.		34,966		3,739,614
Saia, Inc.^(a)(b)		8,894		3,545,593
Union Pacific Corp.		232,854		47,416,060
Werner Enterprises, Inc.		48,683		1,896,203
XPO, Inc.^(a)		89,205		6,660,045


				126,349,583

Health Care Equipment & Supplies — 3.9%
Abbott Laboratories		636,506		61,645,606
Align Technology, Inc.^(a)		54,233		16,558,420
Baxter International, Inc.		386,645		14,591,982
Becton Dickinson & Co.		221,682		57,311,447


S C H E D U L E S O F I N V E S T M E N T S			53

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Boston Scientific Corp.^(a)		525,867	$	27,765,778
Cooper Cos., Inc. (The)		37,929		12,061,801
DENTSPLY SIRONA, Inc.		161,773		5,526,166
Edwards Lifesciences Corp.^(a)		464,424		32,175,295
Enovis Corp.^(a)		35,933		1,894,747
Envista Holdings Corp.^(a)		126,186		3,518,066
GE HealthCare Technologies, Inc.		299,596		20,384,512
ICU Medical, Inc.^(a)(b)		15,195		1,808,357
IDEXX Laboratories, Inc.^(a)		32,486		14,205,153
Integra LifeSciences Holdings Corp.^(a)		54,798		2,092,736
Intuitive Surgical, Inc.^(a)		136,895		40,013,040
LivaNova PLC^(a)		40,366		2,134,554
Masimo Corp.^(a)		13,489		1,182,715
Medtronic PLC		1,017,186		79,706,695
Neogen Corp.^(a)(b)		151,167		2,802,636
Penumbra, Inc.^(a)		11,134		2,693,426
QuidelOrtho Corp.^(a)		18,155		1,326,041
ResMed, Inc.		51,996		7,688,648
STERIS PLC		75,185		16,497,093
Stryker Corp.		258,281		70,580,449
Teleflex, Inc.		35,876		7,046,405
Zimmer Biomet Holdings, Inc.		159,678		17,919,065


				521,130,833

Health Care Providers & Services — 2.1%
Acadia Healthcare Co., Inc.^(a)		28,815		2,025,983
Amedisys, Inc.^(a)		24,640		2,301,376
Cardinal Health, Inc.		195,253		16,951,865
Cencora, Inc.		127,331		22,915,760
Centene Corp.^(a)		413,765		28,500,133
Chemed Corp.		3,588		1,864,684
Cigna Group (The)		115,345		32,996,744
CVS Health Corp.		981,462		68,525,677
DaVita, Inc.^(a)(b)		41,146		3,889,531
Encompass Health Corp.		40,641		2,729,450
HCA Healthcare, Inc.		70,584		17,362,252
Henry Schein, Inc.^(a)		100,310		7,448,018
Humana, Inc.		34,253		16,664,770
Laboratory Corp. of America Holdings		67,983		13,667,982
McKesson Corp.		55,642		24,195,924
Patterson Cos., Inc.		64,194		1,902,710
Progyny, Inc.^(a)(b)		40,174		1,366,719
Quest Diagnostics, Inc.		29,202		3,558,556
R1 RCM, Inc.^(a)(b)		151,238		2,279,157
Tenet Healthcare Corp.^(a)		78,105		5,146,338
Universal Health Services, Inc., Class B		47,480		5,969,660


				282,263,289

Health Care REITs — 0.5%
Healthcare Realty Trust, Inc.		293,664		4,484,249
Healthpeak Properties, Inc.		419,519		7,702,369
Medical Properties Trust, Inc.		461,392		2,514,586
Omega Healthcare Investors, Inc.		95,925		3,180,873
Physicians Realty Trust		184,388		2,247,690
Sabra Health Care REIT, Inc.		174,171		2,427,944
Ventas, Inc.		307,179		12,941,451
Welltower, Inc.		396,382		32,471,614


				67,970,776

Health Care Technology — 0.0%
Doximity, Inc., Class A^(a)(b)		37,305		791,612


Security	Shares		Value

Hotel & Resort REITs — 0.1%
Host Hotels & Resorts, Inc.		546,461	$	8,781,628
Park Hotels & Resorts, Inc.		164,416		2,025,605


				10,807,233

Hotels, Restaurants & Leisure — 2.8%
Airbnb, Inc., Class A^(a)		195,480		26,821,811
Aramark		117,932		4,092,240
Booking Holdings, Inc.^(a)		27,272		84,105,484
Boyd Gaming Corp.		22,243		1,353,042
Caesars Entertainment, Inc.^(a)		164,419		7,620,821
Carnival Corp.^(a)		769,822		10,561,958
Choice Hotels International, Inc.^(b)		8,576		1,050,646
Darden Restaurants, Inc.		92,049		13,183,258
Domino’s Pizza, Inc.		14,416		5,460,637
Expedia Group, Inc.^(a)		105,872		10,912,227
Hilton Grand Vacations, Inc.^(a)		26,487		1,078,021
Hilton Worldwide Holdings, Inc.		103,556		15,552,040
Las Vegas Sands Corp.		249,698		11,446,156
Light & Wonder, Inc., Class A^(a)(b)		38,139		2,720,455
Marriott International, Inc., Class A		93,588		18,395,657
Marriott Vacations Worldwide Corp.		26,060		2,622,418
McDonald’s Corp.		211,612		55,747,065
MGM Resorts International^(b)		215,609		7,925,787
Norwegian Cruise Line Holdings Ltd.^(a)(b)		325,849		5,369,991
Penn Entertainment, Inc.^(a)(b)		116,967		2,684,393
Planet Fitness, Inc., Class A^(a)(b)		20,828		1,024,321
Royal Caribbean Cruises Ltd.^(a)		179,559		16,544,566
Starbucks Corp.		428,871		39,143,056
Travel + Leisure Co.		56,482		2,074,584
Vail Resorts, Inc.		14,215		3,154,166
Wyndham Hotels & Resorts, Inc.		31,969		2,223,124
Wynn Resorts Ltd.		74,387		6,874,103
Yum! Brands, Inc.		77,412		9,671,855


				369,413,882

Household Durables — 0.8%
DR Horton, Inc.		115,703		12,434,601
Garmin Ltd.		116,985		12,306,822
Helen of Troy Ltd.^(a)(b)		18,092		2,108,803
KB Home		59,374		2,747,829
Leggett & Platt, Inc.		104,931		2,666,297
Lennar Corp., Class A		192,565		21,611,570
Mohawk Industries, Inc.^(a)		41,057		3,523,101
NVR, Inc.^(a)		2,499		14,902,287
PulteGroup, Inc.		166,757		12,348,356
Taylor Morrison Home Corp., Class A^(a)(b)		84,570		3,603,528
Toll Brothers, Inc.		83,977		6,210,939
TopBuild Corp.^(a)		11,335		2,851,886
Whirlpool Corp.		41,956		5,609,517


				102,925,536

Household Products — 1.4%
Church & Dwight Co., Inc.		187,581		17,188,047
Clorox Co. (The)		52,012		6,816,693
Colgate-Palmolive Co.		283,908		20,188,698
Kimberly-Clark Corp.		134,681		16,276,199
Procter & Gamble Co. (The)		810,590		118,232,657


				178,702,294

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		210,889		3,205,513
Ormat Technologies, Inc.^(b)		16,430		1,148,786
Vistra Corp.		92,892		3,082,156


				7,436,455


54		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Industrial Conglomerates — 1.7%
3M Co.		421,800	$	39,488,916
General Electric Co.^(b)		831,673		91,941,450
Honeywell International, Inc.		507,361		93,729,871


				225,160,237

Industrial REITs — 0.7%
EastGroup Properties, Inc.		15,598		2,597,535
First Industrial Realty Trust, Inc.		48,818		2,323,248
Prologis, Inc.		705,957		79,215,435
Rexford Industrial Realty, Inc.		66,200		3,266,970
STAG Industrial, Inc.		75,327		2,599,535


				90,002,723

Insurance — 2.7%
Aflac, Inc.		413,090		31,704,657
Allstate Corp. (The)		199,876		22,268,185
American Financial Group, Inc.		27,819		3,106,548
American International Group, Inc.		543,990		32,965,794
Aon PLC, Class A		52,706		17,088,339
Arthur J. Gallagher & Co.		59,181		13,489,125
Assurant, Inc.		41,000		5,886,780
Brighthouse Financial, Inc.^(a)		51,535		2,522,123
Brown & Brown, Inc.		74,906		5,231,435
Chubb Ltd.		134,960		28,095,973
Cincinnati Financial Corp.		119,806		12,254,956
CNO Financial Group, Inc.		90,485		2,147,209
Everest Group Ltd.		13,792		5,126,073
Fidelity National Financial, Inc., Class A		22,062		911,161
First American Financial Corp.		77,504		4,378,201
Globe Life, Inc.		19,931		2,167,098
Hanover Insurance Group, Inc. (The)		10,996		1,220,336
Hartford Financial Services Group, Inc. (The)		234,905		16,657,114
Kemper Corp.		45,805		1,925,184
Loews Corp.		142,037		8,992,362
Marsh & McLennan Cos., Inc.		135,885		25,858,915
MetLife, Inc.		482,708		30,367,160
Old Republic International Corp.		202,270		5,449,154
Primerica, Inc.		8,633		1,674,888
Principal Financial Group, Inc.		66,270		4,776,079
Prudential Financial, Inc.		277,385		26,321,063
Reinsurance Group of America, Inc.		51,314		7,450,280
RenaissanceRe Holdings Ltd.		16,906		3,346,036
Travelers Cos., Inc. (The)		80,472		13,141,882
Unum Group		140,507		6,911,539
Willis Towers Watson PLC		80,258		16,770,712


				360,206,361

Interactive Media & Services — 3.9%
Match Group, Inc.^(a)		213,568		8,366,526
Meta Platforms, Inc., Class A^(a)		1,698,364		509,865,857
Ziff Davis, Inc.^(a)		35,586		2,266,472
ZoomInfo Technologies, Inc., Class A^(a)		112,485		1,844,754


				522,343,609

IT Services — 1.7%
Accenture PLC, Class A		245,831		75,497,158
Akamai Technologies, Inc.^(a)		116,749		12,438,439
Cognizant Technology Solutions Corp., Class A		385,923		26,142,424
DXC Technology Co.^(a)(b)		157,606		3,282,933
EPAM Systems, Inc.^(a)		14,240		3,641,026
International Business Machines Corp.		696,134		97,667,600
Kyndryl Holdings, Inc.^(a)		175,828		2,655,003
VeriSign, Inc.^(a)		34,831		7,054,322


				228,378,905


Security	Shares		Value

Leisure Products — 0.1%
Brunswick Corp.		22,422	$	1,771,338
Hasbro, Inc.		100,164		6,624,847
Mattel, Inc.^(a)		273,735		6,030,382
Polaris, Inc.		19,711		2,052,704
Topgolf Callaway Brands Corp.^(a)(b)		105,910		1,465,794
YETI Holdings, Inc.^(a)(b)		29,271		1,411,448


				19,356,513

Life Sciences Tools & Services — 0.8%
Agilent Technologies, Inc.		90,208		10,087,059
Azenta, Inc.^(a)		46,205		2,319,029
Bio-Rad Laboratories, Inc., Class A^(a)		15,955		5,719,070
Bio-Techne Corp.		63,041		4,291,201
Bruker Corp.		30,916		1,926,067
Charles River Laboratories International, Inc.^(a)		39,613		7,763,356
Illumina, Inc.^(a)		121,144		16,630,648
IQVIA Holdings, Inc.^(a)(b)		72,457		14,255,915
Mettler-Toledo International, Inc.^(a)		5,876		6,511,019
Revvity, Inc.		95,345		10,554,691
Sotera Health Co.^(a)(b)		74,455		1,115,336
West Pharmaceutical Services, Inc.		56,373		21,151,713


				102,325,104

Machinery — 2.5%
AGCO Corp.		23,450		2,773,666
Caterpillar, Inc.		155,928		42,568,344
Chart Industries, Inc.^(a)(b)		17,558		2,969,409
Crane Co.^(b)		18,039		1,602,585
Cummins, Inc.		53,145		12,141,507
Donaldson Co., Inc.		33,250		1,983,030
Dover Corp.		106,885		14,911,526
Esab Corp.		43,515		3,055,623
Flowserve Corp.		99,445		3,954,928
Fortive Corp.		268,995		19,948,669
Graco, Inc.		46,151		3,363,485
IDEX Corp.		25,002		5,200,916
Illinois Tool Works, Inc.		103,341		23,800,466
Ingersoll Rand, Inc.		308,545		19,660,487
ITT, Inc.		33,683		3,297,903
Middleby Corp. (The)^(a)		21,128		2,704,384
Nordson Corp.		41,056		9,162,467
Oshkosh Corp.		50,611		4,829,808
Otis Worldwide Corp.		314,631		25,268,016
PACCAR, Inc.		399,496		33,965,150
Parker-Hannifin Corp.		98,034		38,186,204
Pentair PLC		126,887		8,215,933
Snap-on, Inc.		17,277		4,406,672
Stanley Black & Decker, Inc.		117,344		9,807,611
Terex Corp.		53,206		3,065,730
Timken Co. (The)		25,460		1,871,055
Watts Water Technologies, Inc., Class A		9,872		1,706,079
Westinghouse Air Brake Technologies Corp.		136,879		14,546,131
Xylem, Inc.		184,244		16,771,731


				335,739,515

Marine Transportation — 0.0%
Kirby Corp.^(a)		45,727		3,786,196


Media — 1.7%
Cable One, Inc.		3,636		2,238,467
Charter Communications, Inc., Class A^(a)(b)		77,771		34,205,241
Comcast Corp., Class A		3,144,959		139,447,482
Fox Corp., Class A, NVS		194,853		6,079,414
Fox Corp., Class B		100,650		2,906,772
Interpublic Group of Cos., Inc. (The)		292,154		8,373,134


S C H E D U L E S O F I N V E S T M E N T S			55

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Media (continued)
New York Times Co. (The), Class A		62,082	$	2,557,778
News Corp., Class A, NVS		295,124		5,920,187
News Corp., Class B		89,395		1,865,674
Omnicom Group, Inc.		149,932		11,166,935
Paramount Global, Class B, NVS		370,402		4,778,186
TEGNA, Inc.		154,780		2,255,145


				221,794,415

Metals & Mining — 0.3%
Alcoa Corp.		136,340		3,962,040
Cleveland-Cliffs, Inc.^(a)		387,479		6,056,297
Commercial Metals Co.		38,932		1,923,630
Newmont Corp.		606,969		22,427,504
United States Steel Corp.		173,114		5,622,743
Worthington Industries, Inc.		11,667		721,254


				40,713,468

Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc.		228,242		4,416,483


Multi-Utilities — 1.2%
Ameren Corp.		201,210		15,056,544
Black Hills Corp.		26,131		1,321,967
CenterPoint Energy, Inc.		484,152		12,999,481
CMS Energy Corp.		223,312		11,860,100
Consolidated Edison, Inc.		263,479		22,535,359
Dominion Energy, Inc.		639,409		28,562,400
DTE Energy Co.		157,940		15,680,283
NiSource, Inc.		316,505		7,811,344
Northwestern Energy Group, Inc.		46,456		2,232,675
Public Service Enterprise Group, Inc.		381,389		21,704,848
Sempra		191,482		13,026,521
WEC Energy Group, Inc.		115,489		9,302,639


				162,094,161

Office REITs — 0.2%
Alexandria Real Estate Equities, Inc.		118,994		11,911,299
Boston Properties, Inc.		109,396		6,506,874
COPT Defense Properties		40,700		969,881
Cousins Properties, Inc.		114,193		2,326,112
Kilroy Realty Corp.		83,456		2,638,044
Vornado Realty Trust		121,476		2,755,076


				27,107,286

Oil, Gas & Consumable Fuels — 1.1%
Chesapeake Energy Corp.		86,423		7,452,255
Chord Energy Corp.		7,664		1,242,105
Equitrans Midstream Corp.		178,465		1,672,217
HF Sinclair Corp.		62,553		3,561,142
Kinder Morgan, Inc.		1,480,919		24,553,637
Marathon Petroleum Corp.		158,829		24,037,181
Ovintiv, Inc.		44,839		2,132,991
Permian Resources Corp., Class A		70,382		982,533
PetroCorp Escrow^(a)(d)		190		—
Phillips 66		340,263		40,882,599
Valero Energy Corp.		269,845		38,239,735


				144,756,395

Passenger Airlines — 0.4%
Alaska Air Group, Inc.^(a)		98,742		3,661,354
American Airlines Group, Inc.^(a)(b)		499,751		6,401,810
Delta Air Lines, Inc.		491,661		18,191,457
Southwest Airlines Co.		455,973		12,343,189
United Airlines Holdings, Inc.^(a)		249,167		10,539,764


				51,137,574


Security	Shares		Value

Personal Care Products — 0.2%
BellRing Brands, Inc.^(a)		60,258	$	2,484,437
Coty, Inc., Class A^(a)		273,633		3,001,754
Estee Lauder Cos., Inc. (The), Class A		177,182		25,611,658


				31,097,849

Pharmaceuticals — 1.5%
Catalent, Inc.^(a)(b)		138,501		6,305,950
Johnson & Johnson		699,219		108,903,359
Organon & Co.		196,330		3,408,289
Perrigo Co. PLC		104,680		3,344,526
Viatris, Inc.		911,859		8,990,930
Zoetis, Inc., Class A		351,749		61,197,291


				192,150,345

Professional Services — 0.7%
ASGN, Inc.^(a)		37,620		3,072,802
Broadridge Financial Solutions, Inc.		47,072		8,428,242
CACI International, Inc., Class A^(a)		6,375		2,001,304
Ceridian HCM Holding, Inc.^(a)(b)		119,647		8,118,049
Equifax, Inc.		47,745		8,745,929
Exponent, Inc.		12,027		1,029,511
Genpact Ltd.		54,674		1,979,199
Jacobs Solutions, Inc.		96,220		13,134,030
Leidos Holdings, Inc.		37,476		3,453,788
ManpowerGroup, Inc.		38,118		2,794,812
Maximus, Inc.		47,271		3,530,198
Paychex, Inc.		105,137		12,125,450
Robert Half, Inc.		81,654		5,983,605
Science Applications International Corp.		13,716		1,447,587
Verisk Analytics, Inc.^(b)		59,906		14,152,193


				89,996,699

Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A^(a)		236,208		17,446,323
Jones Lang LaSalle, Inc.^(a)		36,590		5,165,776


				22,612,099

Residential REITs — 0.8%
Apartment Income REIT Corp.		113,723		3,491,296
AvalonBay Communities, Inc.		108,794		18,684,282
Camden Property Trust		82,014		7,756,884
Equity LifeStyle Properties, Inc.		143,088		9,116,137
Equity Residential		262,698		15,423,000
Essex Property Trust, Inc.		48,792		10,348,295
Independence Realty Trust, Inc.		168,799		2,375,002
Invitation Homes, Inc.		439,557		13,929,561
Mid-America Apartment Communities, Inc.		89,393		11,500,409
UDR, Inc.		232,845		8,305,581


				100,930,447

Retail REITs — 0.7%
Agree Realty Corp.		23,238		1,283,667
Brixmor Property Group, Inc.		115,346		2,396,890
Federal Realty Investment Trust		56,310		5,103,375
Kimco Realty Corp.		472,187		8,305,769
Kite Realty Group Trust		171,316		3,669,589
NNN REIT, Inc.		66,222		2,340,285
Realty Income Corp.		541,614		27,048,203
Regency Centers Corp.		126,097		7,495,206
Simon Property Group, Inc.		250,018		27,009,445
Spirit Realty Capital, Inc.		108,471		3,637,033


				88,289,462

Semiconductors & Semiconductor Equipment — 3.6%
Advanced Micro Devices, Inc.^(a)		567,918		58,393,329
Allegro MicroSystems, Inc.^(a)		29,927		955,868


56		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Analog Devices, Inc.		203,074	$	35,556,227
Broadcom, Inc.		126,138		104,767,700
Intel Corp.		3,200,218		113,767,750
Microchip Technology, Inc.		213,214		16,641,353
Micron Technology, Inc.		836,967		56,938,865
MKS Instruments, Inc.		48,266		4,176,940
NXP Semiconductors NV		80,767		16,146,939
Qorvo, Inc.^(a)		74,818		7,142,874
Silicon Laboratories, Inc.^(a)(b)		11,802		1,367,734
Skyworks Solutions, Inc.		121,109		11,940,136
Synaptics, Inc.^(a)		30,073		2,689,729
Teradyne, Inc.		59,897		6,017,252
Texas Instruments, Inc.		256,708		40,819,139
Universal Display Corp.		12,132		1,904,603
Wolfspeed, Inc.^(a)(b)		53,742		2,047,570


				481,274,008

Software — 9.1%
ACI Worldwide, Inc.^(a)		84,734		1,911,599
Adobe, Inc.^(a)		184,597		94,126,010
ANSYS, Inc.^(a)		66,319		19,733,218
Aspen Technology, Inc.^(a)		21,675		4,427,335
Autodesk, Inc.^(a)(b)		73,438		15,195,057
Blackbaud, Inc.^(a)		17,772		1,249,727
CommVault Systems, Inc.^(a)		10,833		732,419
Dolby Laboratories, Inc., Class A		23,229		1,841,131
Envestnet, Inc.^(a)		5,825		256,475
Gen Digital, Inc.		204,033		3,607,303
Intuit, Inc.		100,585		51,392,900
Manhattan Associates, Inc.^(a)(b)		20,029		3,958,932
Microsoft Corp.		2,384,498		752,905,243
NCR Corp.^(a)		102,271		2,758,249
Oracle Corp.		493,216		52,241,439
Roper Technologies, Inc.		81,542		39,489,160
Salesforce, Inc.^(a)		744,274		150,923,882
Teradata Corp.^(a)		41,446		1,865,899
Tyler Technologies, Inc.^(a)		17,027		6,574,806


				1,205,190,784

Specialized REITs — 1.5%
American Tower Corp.		167,420		27,532,219
Crown Castle, Inc.		331,389		30,497,730
CubeSmart		80,597		3,073,164
Digital Realty Trust, Inc.		231,314		27,993,620
EPR Properties		59,577		2,474,829
Equinix, Inc.		71,498		51,926,137
Extra Space Storage, Inc.		81,047		9,853,748
Gaming & Leisure Properties, Inc.		68,600		3,124,730
Iron Mountain, Inc.		83,535		4,966,156
Lamar Advertising Co., Class A		28,955		2,416,874
National Storage Affiliates Trust		33,781		1,072,209
PotlatchDeltic Corp.		26,198		1,189,127
Public Storage		45,689		12,039,965
Rayonier, Inc.		49,685		1,414,035
SBA Communications Corp., Class A		36,882		7,382,670
VICI Properties, Inc.		331,138		9,636,116
Weyerhaeuser Co.		242,584		7,437,625


				204,030,954

Specialty Retail — 1.9%
AutoNation, Inc.^(a)(b)		11,149		1,687,959
Bath & Body Works, Inc.		175,286		5,924,667
Best Buy Co., Inc.		148,401		10,309,417
CarMax, Inc.^(a)(b)		121,166		8,570,071


Security	Shares		Value

Specialty Retail (continued)
Dick’s Sporting Goods, Inc.		23,872	$	2,592,022
Five Below, Inc.^(a)(b)		12,969		2,086,712
GameStop Corp., Class A^(a)(b)		205,992		3,390,628
Gap, Inc. (The)		170,764		1,815,221
Home Depot, Inc. (The)		361,076		109,102,724
Lithia Motors, Inc., Class A		21,080		6,225,556
Lowe’s Cos., Inc.		138,810		28,850,270
Penske Automotive Group, Inc.		14,997		2,505,399
RH^(a)		11,877		3,139,804
Ross Stores, Inc.		260,306		29,401,563
TJX Cos., Inc. (The)		316,146		28,099,057
Valvoline, Inc.		57,453		1,852,285
Williams-Sonoma, Inc.		26,165		4,066,041


				249,619,396

Technology Hardware, Storage & Peripherals — 0.5%
Hewlett Packard Enterprise Co.		985,078		17,110,805
HP, Inc.		664,247		17,071,148
NetApp, Inc.		161,918		12,286,338
Seagate Technology Holdings PLC		147,176		9,706,257
Super Micro Computer, Inc.^(a)		7,001		1,919,814
Western Digital Corp.^(a)		244,068		11,136,823


				69,231,185

Textiles, Apparel & Luxury Goods — 0.9%
Capri Holdings Ltd.^(a)		89,155		4,690,445
Carter’s, Inc.		29,162		2,016,552
Columbia Sportswear Co.		26,689		1,977,655
NIKE, Inc., Class B		936,125		89,512,273
PVH Corp.		49,178		3,762,609
Ralph Lauren Corp., Class A		30,860		3,582,537
Skechers U.S.A., Inc., Class A^(a)		103,893		5,085,562
Tapestry, Inc.		180,350		5,185,063
Under Armour, Inc., Class A^(a)		142,284		974,645
Under Armour, Inc., Class C, NVS^(a)		148,565		947,845
VF Corp.		253,763		4,483,992


				122,219,178

Tobacco — 0.6%
Altria Group, Inc.		650,904		27,370,513
Philip Morris International, Inc.		545,657		50,516,925


				77,887,438

Trading Companies & Distributors — 0.3%
Fastenal Co.		222,846		12,176,305
GATX Corp.		12,733		1,385,732
MSC Industrial Direct Co., Inc., Class A		17,804		1,747,463
United Rentals, Inc.		52,133		23,176,768
WESCO International, Inc.		19,024		2,736,031


				41,222,299

Water Utilities — 0.1%
American Water Works Co., Inc.		149,142		18,468,254


Wireless Telecommunication Services — 0.1%
T-Mobile U.S., Inc.^(a)		126,268		17,683,833


Total Long-Term Investments — 99.7% (Cost: $12,563,540,400)				13,226,064,163


S C H E D U L E S O F I N V E S T M E N T S			57

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Short-Term Securities

Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(c)(e)(f)		155,467,363	$	155,529,550
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%^(c)(e)		101,731,593		101,731,593


Total Short-Term Securities — 1.9% (Cost: $257,192,315)				257,261,143


Total Investments — 101.6% (Cost: $12,820,732,715)				13,483,325,306

Liabilities in Excess of Other Assets — (1.6)%				(217,565,595	)


Net Assets — 100.0%			$	13,265,759,711

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan.

^(c)	Affiliate of the Fund.

^(d)	Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

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

^(f)	All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates




Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds


BlackRock Cash Funds: Institutional, SL Agency Shares	$	96,361,854	$	59,142,593	^(a)	$	—		$	4,155		$	20,948		$	155,529,550		155,467,363	$	302,769	^(b)	$	—

BlackRock Cash Funds: Treasury, SL Agency Shares		23,677,943		78,053,650	^(a)		—			—			—			101,731,593		101,731,593		683,465			—
BlackRock, Inc.		77,499,486		3,829,240			(9,810,141	)		(329,845	)		(1,855,273	)		69,333,467		107,246		1,156,135			—


									$	(325,690	)	$	(1,834,325	)	$	326,594,610			$	2,142,369		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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		121		12/15/23	$	26,169	$	(885,566	)
S&P Mid 400 E-Mini Index		45		12/15/23		11,342		(311,440	)


							$	(1,197,006	)


58		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

September 30, 2023

iShares^® Core S&P U.S. Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

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




	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	1,197,006	$	—	$	—	$	—	$	1,197,006

^(a)

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:




	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total


Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	3,626,242		$	—	$	—	$	—	$	3,626,242


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(2,904,741	)	$	—	$	—	$	—	$	(2,904,741	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long			$38,281,719

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	13,226,064,163		$	—	$	—	$	13,226,064,163
Short-Term Securities
Money Market Funds		257,261,143			—		—		257,261,143


	$	13,483,325,306		$	—	$	—	$	13,483,325,306


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(1,197,006	)	$	—	$	—	$	(1,197,006	)

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

See notes to financial statements.


S C H E D U L E S O F I N V E S T M E N T S			59

Statements of Assets and Liabilities (unaudited)

September 30, 2023


	iShares Core S&P Mid-Cap ETF		iShares Core S&P Small-Cap ETF			iShares Core S&P U.S. Growth ETF		iShares Core S&P U.S. Value ETF

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	70,359,091,626	$	5,839,163,260		$	13,412,583,905	$	13,156,730,696
Investments, at value — affiliated^(c)		4,512,143,589		64,658,751,523			158,884,495		326,594,610
Cash		141,544,438		14,303,405			6,944		3,354,795
Cash pledged:
Collateral — OTC derivatives		13,000,000		78,680,000			—		—
Futures contracts		7,156,800		19,680,000			1,159,620		2,101,190
Receivables:
Investments sold		86,136,895		495,505,061			3,546,839		21,828,298
Securities lending income — affiliated		917,023		1,021,792			38,545		37,592
Capital shares sold		1,256,475		1,083,995			—		62,025
Dividends — unaffiliated		79,396,999		83,388,181			7,419,984		11,602,853
Dividends — affiliated		1,381,890		6,248,033			101,629		143,435
Variation margin on futures contracts		—		—			7,020		—
Unrealized appreciation on OTC swaps		534,935		—			—		—


Total assets		75,202,560,670		71,197,825,250			13,583,748,981		13,522,455,494


LIABILITIES
Cash received:
Collateral — OTC derivatives		1,610,000		—			—		—
Collateral on securities loaned		3,733,434,847		3,774,946,841			92,074,739		155,462,157
Payables:
Investments purchased		321,830,046		536,785,146			8,054,929		21,828,298
Swaps		3,523,445		34,933,218			—		—
Capital shares redeemed		418,825		1,144,242			—		108,544
Income dividend distributions		323,199,273		323,334,412			49,481,774		78,738,540
Investment advisory fees		2,977,192		3,364,109			450,230		454,669
Variation margin on futures contracts		546,700		1,499,925			40,800		103,575
Unrealized depreciation on OTC swaps		10,366,896		45,783,312			—		—


Total liabilities		4,397,907,224		4,721,791,205			150,102,472		256,695,783


Commitments and contingent liabilities

NET ASSETS	$	70,804,653,446	$	66,476,034,045		$	13,433,646,509	$	13,265,759,711


NET ASSETS CONSIST OF:
Paid-in capital	$	66,796,207,137	$	69,122,043,616		$	11,700,308,386	$	13,253,427,910
Accumulated earnings (loss)		4,008,446,309		(2,646,009,571	)		1,733,338,123		12,331,801


NET ASSETS	$	70,804,653,446	$	66,476,034,045		$	13,433,646,509	$	13,265,759,711


NET ASSET VALUE
Shares outstanding		283,950,000		704,900,000			141,700,000		177,850,000


Net asset value	$	249.36	$	94.31		$	94.80	$	74.59


Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited


Par value		None		None			None		None


^(a)Investments, at cost — unaffiliated	$	63,329,536,901	$	6,273,932,826		$	10,369,882,779	$	12,488,014,036
^(b)Securities loaned, at value	$	3,636,132,354	$	3,650,712,742		$	89,622,064	$	151,398,503
^(c)Investments, at cost — affiliated	$	4,509,869,176	$	61,541,430,992		$	158,834,331	$	332,718,679

See notes to financial statements.


60		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statement of Operations (unaudited)

Six Months Ended September 30, 2023


	iShares Core S&P Mid-Cap ETF			iShares Core S&P Small-Cap ETF			iShares Core S&P U.S. Growth ETF			iShares Core S&P U.S. Value ETF

INVESTMENT INCOME
Dividends — unaffiliated	$	589,479,376		$	54,445,208		$	84,260,382		$	133,545,952
Dividends — affiliated		5,628,797			586,667,621			532,848			1,839,600
Securities lending income — affiliated — net		8,486,238			7,997,577			214,227			302,769
Foreign taxes withheld		—			(505,238	)		(29,835	)		(24,886	)


Total investment income		603,594,411			648,605,168			84,977,622			135,663,435


EXPENSES
Investment advisory		17,319,189			20,318,701			2,646,966			2,743,236
Interest expense		1,507			46,781			21			484


Total expenses		17,320,696			20,365,482			2,646,987			2,743,720


Net investment income		586,273,715			628,239,686			82,330,635			132,919,715


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,582,883,957	)		176,732,439			(21,416,214	)		(60,273,723	)
Investments — affiliated		179,859			(2,988,036,128	)		5,597			(1,578,020	)
Futures contracts		8,802,161			13,714,507			2,952,715			3,626,242
In-kind redemptions — unaffiliated^(a)		603,056,869			50,285,197			176,845,506			183,454,488
In-kind redemptions — affiliated^(a)		—			966,072,385			—			1,252,330
Swaps		(5,638,567	)		12,632,405			—			—


		(976,483,635	)		(1,768,599,195	)		158,387,604			126,481,317

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		345,882,499			(494,222,481	)		673,851,635			21,678,453
Investments — affiliated		252,984			410,290,588			24,468			(1,834,325	)
Futures contracts		(8,346,494	)		(13,537,579	)		(2,161,172	)		(2,904,741	)
Swaps		(7,431,220	)		(21,936,449	)		—			—


		330,357,769			(119,405,921	)		671,714,931			16,939,387


Net realized and unrealized gain (loss)		(646,125,866	)		(1,888,005,116	)		830,102,535			143,420,704


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(59,852,151	)	$	(1,259,765,430	)	$	912,433,170		$	276,340,419

^(a)	See Note 2 of the Notes to Financial Statements.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		61

Statements of Changes in Net Assets


	iShares Core S&P Mid-Cap ETF						iShares Core S&P Small-Cap ETF


	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	586,273,715		$	1,015,512,367		$	628,239,686		$	1,058,965,518
Net realized gain (loss)		(976,483,635	)		1,609,302,685			(1,768,599,195	)		972,769,988
Net change in unrealized appreciation (depreciation)		330,357,769			(5,947,641,200	)		(119,405,921	)		(8,677,638,044	)


Net decrease in net assets resulting from operations		(59,852,151	)		(3,322,826,148	)		(1,259,765,430	)		(6,645,902,538	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(523,062,910	)		(1,068,069,845	)		(563,767,987	)		(1,012,107,695	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,879,291,905			4,875,353,742			1,542,741,394			2,344,556,736


NET ASSETS
Total increase (decrease) in net assets		4,296,376,844			484,457,749			(280,792,023	)		(5,313,453,497	)

Beginning of period		66,508,276,602			66,023,818,853			66,756,826,068			72,070,279,565


End of period	$	70,804,653,446		$	66,508,276,602		$	66,476,034,045		$	66,756,826,068

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


62		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares Core S&P U.S. Growth ETF						iShares Core S&P U.S. Value ETF


	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	82,330,635		$	125,491,843		$	132,919,715		$	265,989,995
Net realized gain (loss)		158,387,604			(542,861,646	)		126,481,317			826,914,609
Net change in unrealized appreciation (depreciation)		671,714,931			(1,437,182,389	)		16,939,387			(1,119,955,183	)


Net increase (decrease) in net assets resulting from operations		912,433,170			(1,854,552,192	)		276,340,419			(27,050,579	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(80,252,021	)		(124,923,098	)		(128,141,246	)		(267,844,515	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		278,002,912			1,445,604,490			(166,425,034	)		1,455,025,976


NET ASSETS
Total increase (decrease) in net assets		1,110,184,061			(533,870,800	)		(18,225,861	)		1,160,130,882
Beginning of period		12,323,462,448			12,857,333,248			13,283,985,572			12,123,854,690


End of period	$	13,433,646,509		$	12,323,462,448		$	13,265,759,711		$	13,283,985,572

^(a)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.


F I N A N C I A L S T A T E M E N T S		63

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core S&P Mid-Cap ETF

	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19

Net asset value, beginning of period	$	250.17		$	268.39		$	260.16		$	143.87		$	189.34		$	187.51


Net investment income^(a)		2.16			3.99			3.41			2.74			3.12			2.85
Net realized and unrealized gain (loss)^(b)		(1.08	)		(18.04	)		8.35			116.36			(45.14	)		1.84


Net increase (decrease) from investment operations		1.08			(14.05	)		11.76			119.10			(42.02	)		4.69


Distributions from net investment income^(c)		(1.89	)		(4.17	)		(3.53	)		(2.81	)		(3.45	)		(2.86	)


Net asset value, end of period	$	249.36		$	250.17		$	268.39		$	260.16		$	143.87		$	189.34


Total Return^(d)
Based on net asset value		0.43	%^(e)		(5.13	)%		4.51	%		83.36	%		(22.53	)%		2.50	%


Ratios to Average Net Assets^(f)
Total expenses		0.05	%^(g)		0.05	%		0.05	%		0.05	%		0.07	%		0.07	%


Net investment income		1.69	%^(g)		1.62	%		1.26	%		1.36	%		1.62	%		1.50	%


Supplemental Data
Net assets, end of period (000)	$	70,804,653		$	66,508,277		$	66,023,819		$	61,137,875		$	35,722,456		$	48,206,329


Portfolio turnover rate^(h)(i)		11	%		18	%		16	%		20	%		15	%		17	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

⁽ⁱ⁾	Excludes underlying investments in total return swaps.

See notes to financial statements.


64		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P Small-Cap ETF

	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19

Net asset value, beginning of period	$	96.76		$	107.93		$	108.34		$	56.22		$	77.13		$	77.05


Net investment income^(a)		0.91			1.57			1.13			1.03			1.06			1.09
Net realized and unrealized gain (loss)^(b)		(2.55	)		(11.24	)		0.12			52.13			(20.77	)		0.11


Net increase (decrease) from investment operations		(1.64	)		(9.67	)		1.25			53.16			(19.71	)		1.20


Distributions from net investment income^(c)		(0.81	)		(1.50	)		(1.66	)		(1.04	)		(1.20	)		(1.12	)


Net asset value, end of period	$	94.31		$	96.76		$	107.93		$	108.34		$	56.22		$	77.13


Total Return^(d)
Based on net asset value		(1.71	)%^(e)		(8.90	)%		1.12	%		95.23	%^(f)		(25.89	)%		1.53	%


Ratios to Average Net Assets^(g)
Total expenses		0.06	%^(h)		0.06	%		0.06	%		0.06	%		0.07	%		0.07	%


Net investment income		1.86	%^(h)		1.60	%		1.02	%		1.28	%		1.36	%		1.35	%


Supplemental Data
Net assets, end of period (000)	$	66,476,034		$	66,756,826		$	72,070,280		$	68,273,012		$	31,863,332		$	43,064,083


Portfolio turnover rate^(i)(j)		13	%		19	%		16	%		20	%		16	%		14	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Includes a payment received from an affiliate, which had no impact on the Fund’s total return.

^(g)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)	Annualized.

⁽ⁱ⁾	Portfolio turnover rate excludes in-kind transactions.

^(j)	Excludes underlying investments in total return swaps.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		65

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P U.S. Growth ETF

	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19

Net asset value, beginning of period	$	88.82		$	105.47		$	90.74		$	57.16		$	60.31		$	54.56


Net investment income^(a)		0.59			0.96			0.72			0.76			0.92			0.81
Net realized and unrealized gain (loss)^(b)		5.96			(16.67	)		14.73			33.62			(2.97	)		5.68


Net increase (decrease) from investment operations		6.55			(15.71	)		15.45			34.38			(2.05	)		6.49


Distributions from net investment income^(c)		(0.57	)		(0.94	)		(0.72	)		(0.80	)		(1.10	)		(0.74	)


Net asset value, end of period	$	94.80		$	88.82		$	105.47		$	90.74		$	57.16		$	60.31


Total Return^(d)
Based on net asset value		7.39	%^(e)		(14.86	)%		17.03	%		60.34	%		(3.54	)%		11.95	%


Ratios to Average Net Assets^(f)
Total expenses		0.04	%^(g)		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%


Net investment income		1.24	%^(g)		1.10	%		0.69	%		0.96	%		1.44	%		1.41	%


Supplemental Data
Net assets, end of period (000)	$	13,433,647		$	12,323,462		$	12,857,333		$	10,461,747		$	6,893,329		$	5,985,790


Portfolio turnover rate^(h)		2	%		36	%		15	%		14	%		35	%		31	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


66		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core S&P U.S. Value ETF

	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19

Net asset value, beginning of period	$	73.78		$	75.80		$	68.82		$	46.23		$	54.82		$	53.08


Net investment income^(a)		0.74			1.55			1.50			1.43			1.45			1.37
Net realized and unrealized gain (loss)^(b)		0.79			(2.02	)		6.93			22.60			(8.57	)		1.68


Net increase (decrease) from investment operations		1.53			(0.47	)		8.43			24.03			(7.12	)		3.05


Distributions from net investment income^(c)		(0.72	)		(1.55	)		(1.45	)		(1.44	)		(1.47	)		(1.31	)


Net asset value, end of period	$	74.59		$	73.78		$	75.80		$	68.82		$	46.23		$	54.82


Total Return^(d)
Based on net asset value		2.07	%^(e)		(0.46	)%		12.33	%		52.59	%		(13.34	)%		5.83	%


Ratios to Average Net Assets^(f)
Total expenses		0.04	%^(g)		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%


Net investment income		1.94	%^(g)		2.18	%		2.04	%		2.48	%		2.52	%		2.53	%


Supplemental Data
Net assets, end of period (000)	$	13,265,760		$	13,283,986		$	12,123,855		$	9,084,867		$	5,270,383		$	5,208,349


Portfolio turnover rate^(h)		2	%		31	%		20	%		25	%		34	%		35	%

^(a)	Based on average shares outstanding.

^(b)	The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(c)	Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(d)	Where applicable, assumes the reinvestment of distributions.

^(e)	Not annualized.

^(f)	Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)	Annualized.

^(h)	Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.


F I N A N C I A L H I G H L I G H T S		67

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):



iShares ETF		Diversification Classification

Core S&P Mid-Cap		Diversified
Core S&P Small-Cap		Diversified
Core S&P U.S. Growth^(a)		Diversified
Core S&P U.S. Value		Diversified

^(a)

The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

2.	*SIGNIFICANT ACCOUNTING POLICIES*

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise


68		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

•

Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

•

Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

•

Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

•

Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

•

Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

•

Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

•

Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	*SECURITIES AND OTHER INVESTMENTS*

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy


N O T E S T O F I N A N C I A L S T A T E M E N T S			69

Notes to Financial Statements (unaudited) (continued)

or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:


iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount	^(b)

Core S&P Mid-Cap
Barclays Bank PLC	$	338,378,291	$	(338,378,291	)	$	—		$	—
Barclays Capital, Inc.		35,913,422		(35,913,422	)		—			—
BMO Capital Markets Corp.		64,273		(64,273	)		—			—
BNP Paribas SA		202,797,388		(202,797,388	)		—			—
BofA Securities, Inc.		244,752,572		(244,752,572	)		—			—
Citadel Clearing LLC		85,295,997		(85,295,997	)		—			—
Citigroup Global Markets, Inc.		173,710,216		(173,710,216	)		—			—
Credit Suisse Securities (USA) LLC		44,191		(44,191	)		—			—
Goldman Sachs & Co. LLC		366,665,476		(366,665,476	)		—			—
HSBC Bank PLC		110,633,856		(110,633,856	)		—			—
J.P. Morgan Securities LLC		365,571,097		(365,571,097	)		—			—
Jefferies LLC		6,822,216		(6,822,216	)		—			—
Morgan Stanley		435,219,738		(435,219,738	)		—			—
National Financial Services LLC		66,686,663		(66,686,663	)		—			—
Natixis SA		38,734,737		(38,734,737	)		—			—
Nomura Securities International, Inc.		82,050		(82,050	)		—			—
RBC Capital Market LLC		324,018,623		(324,018,623	)		—			—
Scotia Capital (USA), Inc.		182,815,554		(182,815,554	)		—			—
Scotia Capital, Inc.		340,070,677		(340,070,677	)		—			—
SG Americas Securities LLC		30,282,576		(30,282,576	)		—			—
State Street Bank & Trust Co.		13,736,345		(13,736,345	)		—			—
Toronto-Dominion Bank		146,562,348		(146,562,348	)		—			—
UBS AG		69,621,688		(69,621,688	)		—			—
UBS Securities LLC		14,975,303		(14,975,303	)		—			—
Virtu Americas LLC		8,387,368		(8,387,368	)		—			—
Wells Fargo Bank N.A.		30,648,496		(30,648,496	)		—			—
Wells Fargo Securities LLC		3,641,193		(3,641,193	)		—			—


	$	3,636,132,354	$	(3,636,132,354	)	$	—		$	—


Core S&P Small-Cap
Barclays Bank PLC	$	187,050,479	$	(187,050,479	)	$	—		$	—
Barclays Capital, Inc.		14,648,787		(14,648,787	)		—			—
BMO Capital Markets Corp.		121,011		(121,011	)		—			—
BNP Paribas SA		358,023,938		(358,023,938	)		—			—
BofA Securities, Inc.		116,743,262		(116,743,262	)		—			—
Citadel Clearing LLC		20,052,386		(20,052,386	)		—			—
Citigroup Global Markets, Inc.		83,847,902		(83,847,902	)		—			—
Credit Suisse Securities (USA) LLC		10,156,800		(10,156,800	)		—			—
Goldman Sachs & Co. LLC		615,418,872		(615,418,872	)		—			—
HSBC Bank PLC		52,123,718		(52,123,718	)		—			—
J.P. Morgan Securities LLC		528,530,430		(528,530,430	)		—			—
Jefferies LLC		21,390,574		(21,390,574	)		—			—
Morgan Stanley		797,100,878		(797,100,878	)		—			—
National Financial Services LLC		81,316,491		(81,316,491	)		—			—
Natixis SA		30,364,261		(30,364,261	)		—			—
Nomura Securities International, Inc.		5,995,640		(5,995,640	)		—			—
Pershing LLC		1,171,859		(1,171,859	)		—			—
RBC Capital Market LLC		181,515,136		(181,515,136	)		—			—
Scotia Capital (USA), Inc.		70,524,804		(70,524,804	)		—			—
SG Americas Securities LLC		4,592,972		(4,592,972	)		—			—
State Street Bank & Trust Co.		162,430,811		(162,430,811	)		—			—
Toronto-Dominion Bank		133,250,946		(133,250,946	)		—			—
UBS AG		97,187,383		(97,187,383	)		—			—
UBS Securities LLC		13,016,999		(13,016,999	)		—			—
Virtu Americas LLC		14,097,711		(14,097,711	)		—			—
Wells Fargo Bank N.A.		37,178,902		(37,178,902	)		—			—
Wells Fargo Securities LLC		12,859,790		(12,859,790	)		—			—


	$	3,650,712,742	$	(3,650,712,742	)	$	—		$	—


70		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)


iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount	^(b)

Core S&P U.S. Growth
Barclays Bank PLC	$	5,096,899	$	(5,096,899	)	$	—		$	—
Barclays Capital, Inc.		1,310,974		(1,310,974	)		—			—
BofA Securities, Inc.		1,715,295		(1,715,295	)		—			—
Citigroup Global Markets, Inc.		27,590,135		(27,590,135	)		—			—
Goldman Sachs & Co. LLC		10,247,130		(10,247,130	)		—			—
HSBC Bank PLC		2,770,420		(2,770,420	)		—			—
J.P. Morgan Securities LLC		2,608,116		(2,608,116	)		—			—
Jefferies LLC		1,507,074		(1,507,074	)		—			—
Morgan Stanley		1,526,548		(1,526,548	)		—			—
National Financial Services LLC		927,463		(927,463	)		—			—
Natixis SA		382,373		(382,373	)		—			—
Nomura Securities International, Inc.		19,100		(19,100	)		—			—
RBC Capital Market LLC		3,744,409		(3,735,156	)		—			9,253
Scotia Capital (USA), Inc.		5,762,074		(5,762,074	)		—			—
Scotia Capital, Inc.		1,056,879		(1,056,879	)		—			—
Toronto-Dominion Bank		22,940,165		(22,940,165	)		—			—
UBS Securities LLC		358,400		(358,400	)		—			—
Wells Fargo Bank N.A.		58,610		(58,610	)		—			—


	$	89,622,064	$	(89,612,811	)	$	—		$	9,253


Core S&P U.S. Value
Barclays Bank PLC	$	27,290,940	$	(27,290,940	)	$	—		$	—
BNP Paribas SA		12,816,141		(12,816,141	)		—			—
BofA Securities, Inc.		3,516,373		(3,516,373	)		—			—
Citadel Clearing LLC		5,744,985		(5,744,985	)		—			—
Citigroup Global Markets, Inc.		20,152,613		(20,152,613	)		—			—
Goldman Sachs & Co. LLC		13,135,118		(13,135,118	)		—			—
HSBC Bank PLC		5,255,952		(5,255,952	)		—			—
J.P. Morgan Securities LLC		7,599,953		(7,599,953	)		—			—
Morgan Stanley		7,599,308		(7,599,308	)		—			—
National Financial Services LLC		127		(127	)		—			—
Natixis SA		1,999,959		(1,999,959	)		—			—
RBC Capital Market LLC		4,482,655		(4,468,079	)		—			14,576
Scotia Capital (USA), Inc.		7,943,199		(7,943,199	)		—			—
Scotia Capital, Inc.		16,083,979		(16,083,979	)		—			—
SG Americas Securities LLC		197,660		(197,660	)		—			—
Toronto-Dominion Bank		7,746,110		(7,746,110	)		—			—
UBS AG		9,642,919		(9,642,919	)		—			—
Wells Fargo Bank N.A.		190,512		(190,512	)		—			—


	$	151,398,503	$	(151,383,927	)	$	—		$	14,576

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b)

The market value of the loaned securities is determined as of September 30, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.


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Notes to Financial Statements (unaudited) (continued)

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.


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Notes to Financial Statements (unaudited) (continued)

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:



iShares ETF	Investment Advisory Fees

Core S&P Mid-Cap		0.05%
Core S&P Small-Cap		0.06
Core S&P U.S. Growth		0.04
Core S&P U.S. Value		0.04

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:




iShares ETF	Amounts


Core S&P Mid-Cap	$	2,854,736
Core S&P Small-Cap		2,691,518
Core S&P U.S. Growth		86,887
Core S&P U.S. Value		103,375

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.


N O T E S T O F I N A N C I A L S T A T E M E N T S			73

Notes to Financial Statements (unaudited) (continued)

For the six months ended September 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:




iShares ETF	Purchases		Sales		Net Realized Gain (Loss)


Core S&P Mid-Cap	$	394,692,300	$	2,369,932,440	$	(1,128,162,354	)
Core S&P Small-Cap		2,070,606,255		631,566,110		(81,076,271	)
Core S&P U.S. Growth		75,228,330		36,765,288		(5,866,637	)
Core S&P U.S. Value		36,374,655		53,960,866		(24,641,743	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.	*PURCHASES AND SALES*

For the six months ended September 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:




iShares ETF	Purchases		Sales


Core S&P Mid-Cap	$	7,807,532,807	$	7,790,873,979
Core S&P Small-Cap		8,968,899,938		9,021,601,535
Core S&P U.S. Growth		285,272,301		275,611,998
Core S&P U.S. Value		280,308,939		275,770,390

For the six months ended September 30, 2023, in-kind transactions were as follows:




iShares ETF	In-kind Purchases		In-kind Sales


Core S&P Mid-Cap	$	6,771,658,330	$	1,971,082,135
Core S&P Small-Cap		4,744,933,533		3,234,438,389
Core S&P U.S. Growth		687,198,792		410,299,421
Core S&P U.S. Value		558,271,115		724,456,084

8.	*INCOME TAX INFORMATION*

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:




iShares ETF	Non-Expiring Capital Loss Carryforwards		Qualified Late-Year Ordinary Losses


Core S&P Mid-Cap		$ 1,713,541,092		$ 310,816
Core S&P Small-Cap		2,941,893,594		111,666,576
Core S&P U.S. Growth		1,457,321,766		—
Core S&P U.S. Value		728,805,923		—

As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:




iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


Core S&P Mid-Cap	$	68,219,886,455	$	12,581,638,914	$	(5,940,957,285	)	$	6,640,681,629
Core S&P Small-Cap		68,350,762,661		11,797,317,468		(9,702,389,195	)		2,094,928,273
Core S&P U.S. Growth		10,540,385,401		3,456,161,172		(425,849,162	)		3,030,312,010
Core S&P U.S. Value		12,870,827,476		1,788,029,487		(1,176,728,663	)		611,300,824


74		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

9.	*PRINCIPAL RISKS*

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.


N O T E S T O F I N A N C I A L S T A T E M E N T S			75

Notes to Financial Statements (unaudited) (continued)

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

10.

CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:




	Six Months Ended 09/30/23						Year Ended 03/31/23


iShares ETF	Shares			Amount			Shares			Amount


Core S&P Mid-Cap

Shares sold		26,050,000		$	6,871,920,536			44,050,000		$	10,833,257,889

Shares redeemed		(7,950,000	)		(1,992,628,631	)		(24,200,000	)		(5,957,904,147	)


		18,100,000		$	4,879,291,905			19,850,000		$	4,875,353,742


Core S&P Small-Cap

Shares sold		48,900,000		$	4,791,957,669			109,400,000		$	10,712,472,940

Shares redeemed		(33,900,000	)		(3,249,216,275	)		(87,250,000	)		(8,367,916,204	)


		15,000,000		$	1,542,741,394			22,150,000		$	2,344,556,736


Core S&P U.S. Growth

Shares sold		7,200,000		$	689,293,463			32,150,000		$	2,766,534,333

Shares redeemed		(4,250,000	)		(411,290,551	)		(15,300,000	)		(1,320,929,843	)


		2,950,000		$	278,002,912			16,850,000		$	1,445,604,490


Core S&P U.S. Value

Shares sold		7,300,000		$	560,472,919			67,600,000		$	4,795,462,207

Shares redeemed		(9,500,000	)		(726,897,953	)		(47,500,000	)		(3,340,436,231	)


		(2,200,000	)	$	(166,425,034	)		20,100,000		$	1,455,025,976

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11.

SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.


76		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.


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Board Review and Approval of Investment Advisory Contract (continued)

calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Core S&PU.S. Growth ETF, iShares Core S&PU.S. Value ETF (each the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).


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Board Review and Approval of Investment Advisory Contract (continued)

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.


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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2023



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

Core S&P Mid-Cap	$	1.894569	$	—	$	—	$	1.894569		100	%		—	%		—	%		100	%
Core S&P Small-Cap^(a)		0.799267		—		0.011120		0.810387		99			—			1			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.


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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


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Glossary of Terms Used in this Report


Portfolio Abbreviation

CVR		Contingent Value Rights

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust

S&P		Standard & Poor’s


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Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-302-0923