LOGO

  OCTOBER 31, 2022

 

 

2022 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

 

·  

iShares Core Dividend ETF | DIVB | Cboe BZX

 

·  

iShares Core Dividend Growth ETF | DGRO | NYSE Arca

 

·  

iShares Core High Dividend ETF | HDV | NYSE Arca

 

·  

iShares Select Dividend ETF | DVY | NASDAQ

 

 

 

 

 

 

 

 


The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period as of October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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 October 31, 2022  
       
         6-Month
                12-Month
 
   

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

    (5.50 )%              (14.61 )% 
   

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

    (0.20             (18.54
   

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

    (12.70             (23.00
   

Emerging market equities (MSCI Emerging Markets Index)

    (19.66             (13.03
   

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

    0.72               0.79  
   

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

    (8.24             (17.68
   

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

    (6.86             (15.68
   

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

    (4.43             (11.98
   

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

    (4.71             (11.76

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

     28  

Statements of Operations

     29  

Statements of Changes in Net Assets

     30  

Financial Highlights

     32  

Notes to Financial Statements

     36  

Board Review and Approval of Investment Advisory Contract

     43  

Supplemental Information

     47  

General Information

     48  

Glossary of Terms Used in this Report

     49  

 

 

  3


Fund Summary as  of October 31, 2022    iShares® Core Dividend ETF

 

Investment Objective

The iShares Core Dividend ETF (the “Fund”) (formerly the iShares U.S. Dividend and Buyback ETF) seeks to track the investment results of an index composed of U.S. stocks with a history of dividend payments and/or share buybacks, as represented by the Morningstar® US Dividend and Buyback IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
     6-Month Total
Returns
    1 Year    

Since

Inception

    1 Year     Since
Inception
 

Fund NAV

    (4.20 )%      (8.51 )%      10.61     (8.51 )%      65.27

Fund Market

    (4.14     (8.50     10.62       (8.50     65.33  

Index

    (4.08     (8.28     10.91       (8.28     67.46  

The inception date of the Fund was November 7, 2017. The first day of secondary market trading was November 9, 2017.

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
(05/01/22)
 
 
 
      

Ending
Account Value

(10/31/22)

 
 

 

      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value

(05/01/22)

 
 

 

      

Ending
Account Value

(10/31/22)

 
 

 

      

Expenses
Paid During
the Period
 
 
(a) 
          

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 958.00        $ 1.20             $ 1,000.00        $ 1,023.98        $ 1.22              0.24

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

SECTOR ALLOCATION  
Sector    
Percent of
Total Investments
 
(a) 

Information Technology

    22.9

Financials

    19.4  

Health Care

    12.6  

Consumer Discretionary

    8.9  

Communication Services

    8.7  

Industrials

    8.1  

Consumer Staples

    7.4  

Energy

    6.3  

Materials

    3.0  

Utilities

    1.6  

Real Estate

    1.1  

 

(a)

Excludes money market funds.

TEN LARGEST HOLDINGS  
Security    
Percent of
Total Investments
 
(a) 

Apple Inc.

    4.9

Microsoft Corp.

    3.6  

JPMorgan Chase & Co.

    2.1  

Berkshire Hathaway, Inc., Class B

    1.8  

Exxon Mobil Corp.

    1.8  

Bank of America Corp.

    1.7  

Alphabet, Inc., Class A

    1.7  

Procter & Gamble Co.

    1.6  

Meta Platforms, Inc., Class A

    1.6  

Alphabet, Inc., Class C, NVS

    1.6  

 

 

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Fund Summary as of October  31, 2022    iShares® Core Dividend Growth ETF

 

Investment Objective

The iShares Core Dividend Growth ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. equities with a history of consistently growing dividends, as represented by the Morningstar® U.S. Dividend Growth IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
     6-Month Total
Returns
    1 Year     5 Years    

Since

Inception

    1 Year     5 Years    

Since

Inception

 

Fund NAV

    (1.97 )%      (5.68 )%      10.71     10.90     (5.68 )%      66.34     138.22

Fund Market

    (1.93     (5.64     10.72       10.90       (5.64     66.38       138.35  

Index

    (1.91     (5.56     10.81       10.97       (5.56     67.07       139.50  

The inception date of the Fund was June 10, 2014. The first day of secondary market trading was June 12, 2014.

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
(05/01/22)
 
 
 
      

Ending
Account Value

(10/31/22)

 
 

 

      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value

(05/01/22)

 
 

 

      

Ending
Account Value

(10/31/22)

 
 

 

      

Expenses
Paid During
the Period
 
 
(a) 
          

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 980.30        $ 0.40             $ 1,000.00        $ 1,024.80        $ 0.41              0.08

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION  
Sector    
Percent of
Total Investments
 
(a) 

Financials

    20.7

Information Technology

    19.3  

Health Care

    17.7  

Industrials

    13.4  

Consumer Staples

    11.3  

Consumer Discretionary

    7.5  

Utilities

    4.2  

Materials

    2.9  

Communication Services

    1.6  

Energy

    1.4  

 

(a)

Excludes money market funds.

TEN LARGEST HOLDINGS      
Security    
Percent of
Total Investments
 
(a) 

JPMorgan Chase & Co.

    2.9

Johnson & Johnson

    2.9  

Apple Inc.

    2.8  

Microsoft Corp.

    2.7  

Pfizer, Inc.

    2.6  

Procter & Gamble Co.

    2.5  

Merck & Co., Inc.

    2.3  

Home Depot, Inc.

    2.3  

PepsiCo, Inc.

    1.9  

Coca-Cola Co.

    1.9  

 

 

F U N D   S U M M A R Y

  5


Fund Summary as of October  31, 2022    iShares® Core High Dividend ETF

 

Investment Objective

The iShares Core High Dividend ETF (the “Fund”) seeks to track the investment results of an index composed of relatively high dividend paying U.S. equities, as represented by the Morningstar® Dividend Yield Focus IndexSM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
     6-Month Total
Returns
    1 Year     5 Years     10 Years     1 Year     5 Years     10 Years  

Fund NAV

    1.18     8.56     7.66     9.33     8.56     44.65     144.01

Fund Market

    1.24       8.60       7.67       9.33       8.60       44.72       143.98  

Index

    1.22       8.65       7.75       9.48       8.65       45.24       147.41  

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

(05/01/22)

 
 

 

      

Ending
Account Value

(10/31/22)

 
 

 

      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value

(05/01/22)

 
 

 

      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
          

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 1,011.80        $ 0.41             $ 1,000.00        $ 1,024.80        $ 0.41              0.08

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION  
Sector    
Percent of
Total Investments
 
(a) 

Energy

    28.1

Health Care

    21.5  

Information Technology

    11.9  

Consumer Staples

    10.8  

Utilities

    7.4  

Financials

    7.2  

Communication Services

    5.9  

Industrials

    5.2  

Consumer Discretionary

    1.4  

Materials

    0.6  

 

(a)

Excludes money market funds.

TEN LARGEST HOLDINGS  
Security    
Percent of
Total Investments
 
(a) 

Exxon Mobil Corp.

    10.3

Chevron Corp.

    7.7  

AbbVie, Inc.

    6.2  

Verizon Communications, Inc.

    5.7  

Merck & Co., Inc.

    4.8  

Philip Morris International, Inc.

    4.4  

Pioneer Natural Resources Co.

    4.3  

Coca-Cola Co.

    3.9  

International Business Machines Corp.

    3.8  

Cisco Systems, Inc.

    3.7  

 

 

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Fund Summary as of October  31, 2022    iShares® Select Dividend ETF

 

Investment Objective

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

    (2.52 )%      3.47     8.32     11.14     3.47     49.14     187.53

Fund Market

    (2.51     3.48       8.33       11.14       3.48       49.18       187.64  

Index

    (2.34     3.87       8.75       11.57       3.87       52.09       198.89  

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
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(05/01/22)
 
 
 
      

Ending
Account Value
(10/31/22)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
          

Annualized
Expense
Ratio
 
 
 
  $ 1,000.00        $ 974.80        $ 1.90             $ 1,000.00        $ 1,023.28        $ 1.94              0.38

 

  (a) 

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

 

Portfolio Information

 

SECTOR ALLOCATION  
Sector    
Percent of
Total Investments
 
(a) 

Utilities

    25.6

Financials

    21.9  

Consumer Staples

    10.5  

Energy

    9.7  

Materials

    6.5  

Consumer Discretionary

    5.5  

Communication Services

    5.5  

Health Care

    5.2  

Industrials

    4.8  

Information Technology

    4.8  

 

(a)

Excludes money market funds.

TEN LARGEST HOLDINGS  
Security    
Percent of
Total Investments
 
(a) 

Valero Energy Corp.

    2.5

Gilead Sciences, Inc.

    2.3  

Altria Group, Inc.

    2.3  

Exxon Mobil Corp.

    2.2  

International Business Machines Corp.

    2.1  

ONEOK, Inc.

    1.9  

Philip Morris International, Inc.

    1.8  

Principal Financial Group, Inc.

    1.8  

Merck & Co., Inc.

    1.7  

Marathon Petroleum Corp.

    1.6  

 

 

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. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

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.

 

 

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Schedule of Investments (unaudited)

October 31, 2022

  

iShares® Core Dividend ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 2.0%

   

General Dynamics Corp.

    2,116     $ 528,577  

L3Harris Technologies, Inc.

    3,331       820,992  

Lockheed Martin Corp.

    2,688       1,308,196  

Northrop Grumman Corp.

    1,251       686,811  

Raytheon Technologies Corp.

    12,081       1,145,520  

Textron, Inc.

    2,420       165,625  
   

 

 

 
          4,655,721  

Air Freight & Logistics — 0.5%

   

CH Robinson Worldwide, Inc.

    1,572       153,616  

FedEx Corp.

    1,686       270,232  

United Parcel Service, Inc., Class B

    4,859       815,194  
   

 

 

 
      1,239,042  

Automobiles — 0.1%

   

Ford Motor Co.

    23,227       310,545  
   

 

 

 

Banks — 7.4%

   

Bank of America Corp.

    113,551       4,092,378  

Citigroup, Inc.

    39,091       1,792,713  

Citizens Financial Group, Inc.

    5,198       212,598  

Comerica, Inc.

    1,767       124,574  

Fifth Third Bancorp

    9,076       323,923  

Huntington Bancshares, Inc.

    18,183       276,018  

JPMorgan Chase & Co.

    39,493       4,971,379  

KeyCorp

    14,774       264,011  

M&T Bank Corp.

    1,292       217,534  

PNC Financial Services Group, Inc.

    4,881       789,892  

Regions Financial Corp.

    8,505       186,685  

Truist Financial Corp.

    15,260       683,495  

U.S. Bancorp

    14,129       599,776  

Wells Fargo & Co.

    64,491       2,965,941  

Zions Bancorp N.A.

    2,415       125,435  
   

 

 

 
      17,626,352  

Beverages — 1.3%

   

Coca-Cola Co.

    21,580       1,291,563  

Constellation Brands, Inc., Class A

    1,766       436,343  

PepsiCo, Inc.

    8,068       1,464,988  
   

 

 

 
      3,192,894  

Biotechnology — 2.8%

   

AbbVie, Inc.

    16,292       2,385,149  

Amgen, Inc.

    8,872       2,398,545  

Biogen, Inc.(a)

    1,998       566,313  

Gilead Sciences, Inc.

    12,676       994,559  

Regeneron Pharmaceuticals, Inc.(a)

    207       154,991  

Vertex Pharmaceuticals, Inc.(a)

    705       219,960  
   

 

 

 
      6,719,517  

Building Products — 0.8%

   

Builders FirstSource, Inc.(a)

    5,219       321,804  

Carrier Global Corp.

    5,829       231,761  

Fortune Brands Home & Security, Inc.

    2,086       125,827  

Johnson Controls International PLC

    9,445       546,299  

Masco Corp.

    5,144       238,013  

Owens Corning

    1,686       144,338  

Trane Technologies PLC

    2,005       320,058  
   

 

 

 
      1,928,100  

Capital Markets — 4.0%

   

Ameriprise Financial, Inc.

    1,757       543,124  

Bank of New York Mellon Corp.

    15,218       640,830  

BlackRock, Inc.(b)

    1,188       767,341  

Blackstone, Inc., NVS

    9,289       846,599  
Security   Shares     Value  

Capital Markets (continued)

   

Charles Schwab Corp.

    3,420     $ 272,471  

CME Group, Inc., Class A

    1,383       239,674  

Evercore, Inc., Class A

    1,507       158,386  

Goldman Sachs Group, Inc.

    3,701       1,275,031  

Intercontinental Exchange, Inc.

    2,722       260,142  

Jefferies Financial Group, Inc.

    4,216       145,073  

KKR & Co., Inc.

    2,654       129,064  

Moody’s Corp.

    864       228,848  

Morgan Stanley

    26,855       2,206,675  

MSCI, Inc., Class A

    523       245,214  

Nasdaq, Inc.

    2,874       178,878  

Northern Trust Corp.

    1,549       130,658  

S&P Global, Inc.

    3,006       965,677  

T Rowe Price Group, Inc.

    3,249       344,914  
   

 

 

 
          9,578,599  

Chemicals — 2.0%

   

Air Products and Chemicals, Inc.

    1,106       276,942  

Celanese Corp.

    1,926       185,127  

CF Industries Holdings, Inc.

    1,716       182,342  

Corteva, Inc.

    4,011       262,079  

Dow, Inc.

    12,402       579,669  

DuPont de Nemours, Inc.

    7,425       424,710  

Eastman Chemical Co.

    2,797       214,838  

Ecolab, Inc.

    880       138,222  

International Flavors & Fragrances, Inc.

    1,449       141,437  

Linde PLC

    4,608       1,370,189  

LyondellBasell Industries NV, Class A

    3,710       283,630  

PPG Industries, Inc.

    1,117       127,539  

Sherwin-Williams Co.

    2,372       533,771  
   

 

 

 
      4,720,495  

Commercial Services & Supplies — 0.3%

   

Cintas Corp.

    701       299,712  

Waste Management, Inc.

    2,091       331,152  
   

 

 

 
      630,864  

Communications Equipment — 1.1%

   

Cisco Systems, Inc.

    48,632       2,209,352  

Juniper Networks, Inc.

    4,577       140,056  

Motorola Solutions, Inc.

    921       229,983  
   

 

 

 
      2,579,391  

Construction & Engineering — 0.1%

   

AECOM

    2,059       155,002  
   

 

 

 

Consumer Finance — 1.8%

   

Ally Financial, Inc.

    12,069       332,622  

American Express Co.

    6,832       1,014,210  

Capital One Financial Corp.

    13,027       1,381,123  

Credit Acceptance Corp.(a)

    260       121,061  

Discover Financial Services

    5,109       533,686  

SLM Corp.

    15,250       252,997  

Synchrony Financial

    17,287       614,726  
   

 

 

 
      4,250,425  

Containers & Packaging — 0.2%

   

Ball Corp.

    3,103       153,257  

Crown Holdings, Inc.

    1,876       128,675  

International Paper Co.

    7,446       250,260  
   

 

 

 
      532,192  

Distributors — 0.2%

   

Genuine Parts Co.

    894       159,007  

LKQ Corp.

    3,521       195,908  
   

 

 

 
      354,915  

 

 

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)

October 31, 2022

  

iShares® Core Dividend ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Diversified Consumer Services — 0.1%

   

Grand Canyon Education, Inc.(a)

    1,748     $ 175,901  

Service Corp. International

    2,466       149,465  
   

 

 

 
      325,366  

Diversified Financial Services — 2.0%

   

Berkshire Hathaway, Inc., Class B(a)

    14,579       4,302,117  

Equitable Holdings, Inc.

    9,302       284,827  

Voya Financial, Inc.

    3,566       243,772  
   

 

 

 
      4,830,716  

Diversified Telecommunication Services — 2.0%

   

AT&T Inc.

    143,078       2,608,312  

Lumen Technologies, Inc.

    19,335       142,305  

Verizon Communications, Inc.

    53,113       1,984,833  
   

 

 

 
      4,735,450  

Electric Utilities — 1.0%

   

American Electric Power Co., Inc.

    1,694       148,936  

Duke Energy Corp.

    3,115       290,256  

Edison International

    3,075       184,623  

Entergy Corp.

    1,204       128,997  

Eversource Energy

    1,756       133,948  

Exelon Corp.

    6,115       235,978  

NextEra Energy, Inc.

    7,367       570,942  

PPL Corp.

    6,348       168,158  

Southern Co.

    7,075       463,271  
   

 

 

 
      2,325,109  

Electrical Equipment — 0.4%

   

Eaton Corp. PLC

    2,270       340,659  

Emerson Electric Co.

    4,161       360,342  

Rockwell Automation, Inc.

    653       166,711  
   

 

 

 
      867,712  

Electronic Equipment, Instruments & Components — 0.6%

   

Amphenol Corp., Class A

    3,177       240,912  

Arrow Electronics, Inc.(a)

    1,655       167,585  

CDW Corp.

    1,317       227,591  

Corning, Inc.

    6,241       200,773  

Keysight Technologies, Inc.(a)

    962       167,532  

TE Connectivity Ltd.

    2,637       322,321  
   

 

 

 
          1,326,714  

Energy Equipment & Services — 0.2%

   

Baker Hughes Co.

    9,168       253,587  

Schlumberger Ltd.

    4,264       221,856  
   

 

 

 
      475,443  

Entertainment — 0.1%

   

Electronic Arts, Inc.

    2,038       256,707  
   

 

 

 

Equity Real Estate Investment Trusts (REITs) — 1.1%

   

American Tower Corp.

    189       39,159  

AvalonBay Communities, Inc.

    934       163,562  

Crown Castle, Inc.

    2,975       396,448  

Equity Residential

    2,242       141,291  

Essex Property Trust, Inc.

    466       103,564  

Healthpeak Properties, Inc.

    4,983       118,247  

Iron Mountain, Inc.

    2,767       138,544  

Prologis, Inc.

    3,376       373,892  

Public Storage

    691       214,037  

Realty Income Corp.

    1,510       94,028  

SBA Communications Corp., Class A

    695       187,580  

Simon Property Group, Inc.

    2,489       271,251  

SL Green Realty Corp.

    2,651       105,192  

Weyerhaeuser Co.

    5,685       175,837  
   

 

 

 
      2,522,632  
Security   Shares      Value  

Food & Staples Retailing — 1.2%

    

Costco Wholesale Corp.

    745      $ 373,617  

Kroger Co.

    7,793        368,531  

Sysco Corp.

    2,990        258,814  

Walgreens Boots Alliance, Inc.

    8,375        305,688  

Walmart, Inc.

    10,966        1,560,791  
    

 

 

 
       2,867,441  

Food Products — 1.1%

    

Archer-Daniels-Midland Co.

    2,321        225,091  

Conagra Brands, Inc.

    4,735        173,774  

General Mills, Inc.

    5,099        415,976  

Hershey Co.

    844        201,522  

JM Smucker Co.

    1,313        197,817  

Kellogg Co.

    1,901        146,035  

Kraft Heinz Co.

    6,188        238,052  

Mondelez International, Inc., Class A

    13,480        828,750  

Tyson Foods, Inc., Class A

    2,530        172,926  
    

 

 

 
       2,599,943  

Health Care Equipment & Supplies — 1.2%

    

Abbott Laboratories

    10,938        1,082,206  

Baxter International, Inc.

    3,881        210,932  

Becton Dickinson and Co.

    1,448        341,685  

Medtronic PLC

    10,968        957,945  

Stryker Corp.

    877        201,043  
    

 

 

 
       2,793,811  

Health Care Providers & Services — 3.7%

    

Cardinal Health, Inc.

    3,253        246,903  

Cigna Corp.

    5,196        1,678,620  

CVS Health Corp.

    5,691        538,938  

DaVita, Inc.(a)

    2,419        176,611  

Elevance Health, Inc.

    1,571        858,975  

HCA Healthcare, Inc.

    5,242        1,139,978  

Humana, Inc.

    772        430,838  

Laboratory Corp. of America Holdings

    978        216,979  

McKesson Corp.

    1,513        589,117  

Quest Diagnostics, Inc.

    2,878        413,425  

UnitedHealth Group, Inc.

    4,122        2,288,328  

Universal Health Services, Inc., Class B

    1,887        218,646  
    

 

 

 
       8,797,358  

Hotels, Restaurants & Leisure — 1.4%

    

Booking Holdings, Inc.(a)

    134        250,510  

Darden Restaurants, Inc.

    1,846        264,237  

Domino’s Pizza, Inc.

    538        178,745  

McDonald’s Corp.

    4,541        1,238,149  

MGM Resorts International

    7,748        275,596  

Starbucks Corp.

    9,179        794,810  

Yum! Brands, Inc.

    3,201        378,518  
    

 

 

 
       3,380,565  

Household Durables — 0.6%

    

DR Horton, Inc.

    3,181        244,555  

Lennar Corp., Class A

    3,970        320,379  

NVR, Inc.(a)

    67        283,929  

PulteGroup, Inc.

    5,126        204,989  

Tempur Sealy International, Inc.

    6,332        170,268  

Whirlpool Corp.

    1,647        227,681  
    

 

 

 
           1,451,801  

Household Products — 2.1%

    

Church & Dwight Co., Inc.

    628        46,554  

Clorox Co.

    1,445        211,028  

Colgate-Palmolive Co.

    8,322        614,497  

 

 

10  

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


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Core Dividend ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Household Products (continued)

   

Kimberly-Clark Corp.

    3,181     $ 395,907  

Procter & Gamble Co.

    28,135       3,788,940  
   

 

 

 
      5,056,926  

Independent Power and Renewable Electricity Producers — 0.1%

 

 

Vistra Corp.

    8,464       194,418  
   

 

 

 

Industrial Conglomerates — 1.0%

   

3M Co.

    8,202       1,031,729  

Honeywell International, Inc.

    6,594       1,345,308  
   

 

 

 
      2,377,037  

Insurance — 3.9%

   

Aflac, Inc.

    9,622       626,488  

Allstate Corp.

    5,980       754,975  

American International Group, Inc.

    14,599       832,143  

Aon PLC, Class A

    2,495       702,318  

Arch Capital Group Ltd.(a)

    3,977       228,678  

Assurant, Inc.

    1,135       154,201  

Chubb Ltd.

    5,199       1,117,213  

Fidelity National Financial, Inc.

    4,674       184,062  

Hartford Financial Services Group, Inc.

    5,506       398,690  

Lincoln National Corp.

    4,537       244,408  

Loews Corp.

    2,959       168,722  

Marsh & McLennan Cos., Inc.

    2,732       441,191  

MetLife, Inc.

    13,304       973,986  

Principal Financial Group, Inc.

    3,937       346,968  

Progressive Corp.

    1,956       251,150  

Prudential Financial, Inc.

    7,207       758,104  

Travelers Cos., Inc.

    3,204       591,010  

Willis Towers Watson PLC

    2,430       530,250  
   

 

 

 
      9,304,557  

Interactive Media & Services — 4.8%

   

Alphabet, Inc., Class A(a)

    42,773       4,042,476  

Alphabet, Inc., Class C, NVS(a)

    39,187       3,709,442  

Meta Platforms, Inc., Class A(a)

    39,833       3,710,842  
   

 

 

 
      11,462,760  

Internet & Direct Marketing Retail — 0.4%

   

eBay, Inc.

    26,039       1,037,394  
   

 

 

 

IT Services — 4.4%

   

Accenture PLC, Class A

    3,778       1,072,574  

Automatic Data Processing, Inc.

    2,827       683,286  

Cognizant Technology Solutions Corp., Class A

    5,894       366,902  

Fidelity National Information Services, Inc.

    5,181       429,971  

Fiserv, Inc.(a)

    3,338       342,946  

FleetCor Technologies, Inc.(a)

    1,115       207,524  

Gartner, Inc.(a)

    914       275,955  

Global Payments, Inc.

    3,567       407,565  

GoDaddy, Inc., Class A(a)

    2,027       162,971  

International Business Machines Corp.

    9,981       1,380,272  

Mastercard, Inc., Class A

    4,805       1,576,905  

Paychex, Inc.

    1,732       204,913  

PayPal Holdings, Inc.(a)

    6,362       531,736  

VeriSign, Inc.(a)

    772       154,755  

Visa, Inc., Class A

    12,466       2,582,457  

Western Union Co.

    9,200       124,292  
   

 

 

 
          10,505,024  

Life Sciences Tools & Services — 0.4%

   

Agilent Technologies, Inc.

    1,964       271,719  

Mettler-Toledo International, Inc.(a)

    173       218,833  

Thermo Fisher Scientific, Inc.

    903       464,115  
   

 

 

 
      954,667  
Security   Shares     Value  

Machinery — 1.4%

   

Caterpillar, Inc.

    5,075     $ 1,098,534  

Cummins, Inc.

    1,583       387,059  

Deere & Co.

    1,811       716,830  

Illinois Tool Works, Inc.

    2,132       455,246  

Otis Worldwide Corp.

    2,104       148,627  

Parker-Hannifin Corp.

    701       203,725  

Stanley Black & Decker, Inc.

    3,573       280,445  
   

 

 

 
      3,290,466  

Media — 1.8%

   

Altice U.S.A., Inc., Class A(a)

    36,257       239,659  

Charter Communications, Inc., Class A(a)

    5,249       1,929,637  

Comcast Corp., Class A

    26,953       855,488  

Fox Corp., Class A, NVS

    4,415       127,461  

Liberty Broadband Corp., Class C, NVS(a)

    5,726       483,446  

Liberty Media Corp. - Liberty SiriusXM, Class C, NVS(a)

    4,995       210,739  

Nexstar Media Group, Inc.

    785       134,471  

Omnicom Group, Inc.

    3,174       230,909  
   

 

 

 
      4,211,810  

Metals & Mining — 0.7%

   

Freeport-McMoRan, Inc.

    11,429       362,185  

Newmont Corp.

    10,070       426,162  

Nucor Corp.

    4,480       588,582  

Steel Dynamics, Inc.

    2,929       275,473  
   

 

 

 
      1,652,402  

Mortgage Real Estate Investment Trusts (REITs) — 0.1%

   

AGNC Investment Corp.

    17,232       141,647  

Annaly Capital Management, Inc.

    5,705       105,828  
   

 

 

 
      247,475  

Multiline Retail — 1.0%

   

Dollar General Corp.

    2,610       665,681  

Dollar Tree, Inc.(a)

    1,136       180,056  

Kohl’s Corp.

    6,692       200,425  

Target Corp.

    8,153       1,339,130  
   

 

 

 
      2,385,292  

Multi-Utilities — 0.5%

   

Dominion Energy, Inc.

    6,565       459,353  

DTE Energy Co.

    1,100       123,321  

Public Service Enterprise Group, Inc.

    3,138       175,947  

Sempra Energy

    2,422       365,577  

WEC Energy Group, Inc.

    1,854       169,326  
   

 

 

 
      1,293,524  

Oil, Gas & Consumable Fuels — 6.1%

   

APA Corp.

    4,699       213,617  

Chevron Corp.

    14,391       2,603,332  

ConocoPhillips

    11,393       1,436,543  

Devon Energy Corp.

    8,122       628,237  

Diamondback Energy, Inc.

    1,356       213,041  

EOG Resources, Inc.

    2,792       381,164  

Exxon Mobil Corp.

    38,691       4,287,350  

Kinder Morgan, Inc., Class P

    25,186       456,370  

Marathon Oil Corp.

    4,752       144,698  

Marathon Petroleum Corp.

    13,483       1,531,938  

ONEOK, Inc.

    5,578       330,887  

Phillips 66

    4,248       443,024  

Pioneer Natural Resources Co.

    2,824       724,102  

Valero Energy Corp.

    4,608       578,534  

Williams Cos., Inc.

    12,179       398,619  
   

 

 

 
          14,371,456  

 

 

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)

October 31, 2022

  

iShares® Core Dividend ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Paper & Forest Products — 0.1%

   

Louisiana-Pacific Corp.

    4,210     $ 238,497  
   

 

 

 

Personal Products — 0.2%

   

Estee Lauder Cos., Inc., Class A

    1,693       339,430  

Herbalife Nutrition Ltd.(a)

    7,378       156,856  
   

 

 

 
      496,286  

Pharmaceuticals — 4.5%

   

Bristol-Myers Squibb Co.

    32,093       2,486,245  

Eli Lilly & Co.

    2,694       975,470  

Johnson & Johnson

    18,452       3,210,094  

Merck & Co., Inc.

    17,076       1,728,091  

Pfizer, Inc.

    43,721       2,035,213  

Zoetis, Inc., Class A

    1,701       256,477  
   

 

 

 
      10,691,590  

Professional Services — 0.1%

   

Leidos Holdings, Inc.

    1,258       127,800  

Verisk Analytics, Inc.

    980       179,174  
   

 

 

 
      306,974  

Road & Rail — 1.4%

   

Avis Budget Group, Inc.(a)

    1,475       348,778  

CSX Corp.

    23,426       680,760  

Norfolk Southern Corp.

    3,282       748,526  

Union Pacific Corp.

    7,874       1,552,280  
   

 

 

 
      3,330,344  

Semiconductors & Semiconductor Equipment — 4.9%

   

Advanced Micro Devices, Inc.(a)

    6,326       379,939  

Analog Devices, Inc.

    5,376       766,725  

Applied Materials, Inc.

    10,833       956,445  

Broadcom, Inc.

    4,197       1,973,094  

Intel Corp.

    80,204       2,280,200  

KLA Corp.

    1,815       574,357  

Lam Research Corp.

    1,927       780,011  

Microchip Technology, Inc.

    2,615       161,450  

Micron Technology, Inc.

    9,253       500,587  

NXP Semiconductors NV

    3,926       573,510  

Qorvo, Inc. (a)

    2,107       181,370  

QUALCOMM, Inc.

    9,242       1,087,414  

Silicon Laboratories, Inc.(a)

    1,440       165,485  

Skyworks Solutions, Inc.

    2,167       186,384  

Texas Instruments, Inc.

    6,166       990,445  
   

 

 

 
          11,557,416  

Software — 5.9%

   

Adobe, Inc.(a)

    2,359       751,341  

Autodesk, Inc.(a)

    936       200,585  

Cadence Design Systems, Inc.(a)

    884       133,829  

Dropbox, Inc., Class A(a)

    7,634       166,039  

Fair Isaac Corp.(a)

    438       209,732  

Fortinet, Inc.(a)

    3,712       212,178  

Intuit, Inc.

    1,013       433,057  

Microsoft Corp.

    36,859       8,556,080  

Oracle Corp.

    38,058       2,971,188  

Palo Alto Networks, Inc.(a)

    1,162       199,388  

VMware, Inc., Class A(a)

    1,052       118,382  
   

 

 

 
      13,951,799  

Specialty Retail — 4.6%

   

Advance Auto Parts, Inc.

    1,372       260,570  
Security   Shares     Value  

Specialty Retail (continued)

   

AutoNation, Inc.(a)

    1,758     $ 186,893  

AutoZone, Inc.(a)

    337       853,580  

Bath & Body Works, Inc.

    12,084       403,364  

Best Buy Co., Inc.

    7,417       507,397  

Dick’s Sporting Goods, Inc.

    1,604       182,471  

Home Depot, Inc.

    11,375       3,368,479  

Lowe’s Cos., Inc.

    14,986       2,921,521  

O’Reilly Automotive, Inc.(a)

    828       693,177  

Ross Stores, Inc.

    2,211       211,571  

TJX Cos., Inc.

    8,726       629,145  

Tractor Supply Co.

    1,034       227,242  

Ulta Beauty, Inc.(a)

    457       191,652  

Williams-Sonoma, Inc.

    1,444       178,810  
   

 

 

 
      10,815,872  

Technology Hardware, Storage & Peripherals — 6.0%

 

 

Apple Inc.

    75,377       11,558,309  

Dell Technologies, Inc., Class C

    13,057       501,389  

Hewlett Packard Enterprise Co.

    14,122       201,521  

HP, Inc.

    50,277       1,388,651  

NetApp, Inc.

    2,823       195,549  

Seagate Technology Holdings PLC

    7,141       354,622  

Xerox Holdings Corp.

    7,880       115,284  
   

 

 

 
      14,315,325  

Textiles, Apparel & Luxury Goods — 0.5%

   

Crocs, Inc.(a)

    1,540       108,955  

Nike, Inc., Class B

    7,861       728,558  

Tapestry, Inc.

    6,130       194,198  

VF Corp.

    3,569       100,824  
   

 

 

 
      1,132,535  

Tobacco — 1.4%

   

Altria Group, Inc.

    35,676       1,650,728  

Philip Morris International, Inc.

    17,702       1,625,929  
   

 

 

 
      3,276,657  

Trading Companies & Distributors — 0.1%

   

Fastenal Co.

    2,825       136,532  

WW Grainger, Inc.

    307       179,396  
   

 

 

 
      315,928  
   

 

 

 

Total Long-Term Investments — 99.7%
(Cost: $257,619,362)

 

        236,805,253  
   

 

 

 
Short-Term Securities  
Money Market Funds — 0.3%            

BlackRock Cash Funds: Treasury,
SL Agency Shares, 2.97%(b)(c)

    768,866       768,866  
   

 

 

 

Total Short-Term Securities — 0.3%
(Cost: $768,866)

 

    768,866  
   

 

 

 

Total Investments — 100.0%
(Cost: $258,388,228)

 

    237,574,119  

Liabilities in Excess of Other Assets — (0.0)%

 

    (107,747
   

 

 

 

Net Assets — 100.0%

 

  $   237,466,372  
   

 

 

 

 

(a) 

Non-income producing security.

(b) 

Affiliate of the Fund.

(c) 

Annualized 7-day yield as of period end.

 

 

12  

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


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Core Dividend ETF

 

Affiliates

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

 

Affiliated Issuer    
Value at
04/30/22
 
 
   
Purchases
at Cost
 
 
   
Proceeds
from Sale
 
 
   


Net

Realized
Gain (Loss)

 


 

   


Change in
Unrealized
Appreciation
(Depreciation)
 
 
 
 
   
Value at
10/31/22
 
 
   

Shares
Held at
10/31/22
 
 
 
    Income      



Capital

Gain
Distributions

from Underlying
Funds

 


 


 

BlackRock Cash Funds: Treasury,
SL Agency Shares

  $ 490,000     $ 278,866 (a)    $     $     $     $ 768,866       768,866     $ 5,463     $  

BlackRock, Inc.

    922,028       146,781       (317,583     (71,576     87,691       767,341       1,188       14,713        
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 
        $ (71,576   $ 87,691     $   1,536,207       $   20,176     $  
       

 

 

   

 

 

   

 

 

     

 

 

   

 

 

 

 

  (a) 

Represents net amount purchased (sold).

 

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

 

 

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

 

 
Long Contracts                             

Micro E-Mini S&P 500 Index

     33          12/16/22        $ 641   $ 7,092  
              

 

 

 

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

                    

Futures contracts

                    

Unrealized appreciation on futures contracts(a)

   $      $      $   7,092      $      $      $      $   7,092  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

  (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 October 31, 2022, 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

   $      $      $   (146,312    $      $      $      $   (146,312
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net Change in Unrealized Appreciation (Depreciation) on

                    

Futures contracts

   $      $      $ 66,540      $      $      $      $ 66,540  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

 
Futures contracts       

Average notional value of contracts — long

   $ 785,366    

 

 

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

  13


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Core Dividend ETF

 

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

   $ 236,805,253        $        $        $ 236,805,253  

Short-Term Securities

                 

Money Market Funds

     768,866                          —                          —          768,866  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $         237,574,119        $        $        $         237,574,119  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Assets

                 

Equity Contracts

   $ 7,092        $        $        $ 7,092  
  

 

 

      

 

 

      

 

 

      

 

 

 

 

  (a)

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

 

See notes to financial statements.

 

 

14  

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


Schedule of Investments (unaudited)

October 31, 2022

  

iShares® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   

Aerospace & Defense — 3.0%

   

BWX Technologies, Inc.

    101,371     $ 5,776,120  

Curtiss-Wright Corp.

    13,371       2,244,055  

General Dynamics Corp.

    347,194       86,729,061  

HEICO Corp.

    4,716       767,010  

HEICO Corp., Class A

    8,911       1,134,370  

Huntington Ingalls Industries, Inc.

    55,587       14,289,750  

L3Harris Technologies, Inc.

    252,470       62,226,281  

Lockheed Martin Corp.

    429,191       208,878,676  

Northrop Grumman Corp.

    140,790       77,295,118  

Raytheon Technologies Corp.

    2,543,556           241,179,980  
   

 

 

 
      700,520,421  

Air Freight & Logistics — 1.2%

   

CH Robinson Worldwide, Inc.

    167,611       16,378,947  

Expeditors International of Washington, Inc.

    150,772       14,753,040  

Forward Air Corp.

    19,652       2,080,557  

United Parcel Service, Inc., Class B

    1,546,562       259,466,707  
   

 

 

 
      292,679,251  

Auto Components — 0.1%

   

Gentex Corp.

    285,654       7,566,974  

LCI Industries

    61,990       6,577,759  
   

 

 

 
      14,144,733  

Automobiles — 0.0%

   

Thor Industries, Inc.

    81,667       6,653,411  
   

 

 

 

Banks — 10.2%

   

Associated Banc-Corp.

    408,999       9,959,126  

Atlantic Union Bankshares Corp.

    183,967       6,354,220  

BancFirst Corp.

    18,943       1,815,118  

Bank of America Corp.

    12,060,907       434,675,088  

Bank of Hawaii Corp.

    99,239       7,537,202  

Bank OZK

    247,257       10,627,106  

BOK Financial Corp.

    49,380       5,441,182  

Cadence Bank

    119,539       3,305,253  

Cathay General Bancorp

    168,797       7,697,143  

Citigroup, Inc.

    5,538,079       253,976,303  

Comerica, Inc.

    295,822       20,855,451  

Commerce Bancshares, Inc.

    114,675       8,123,577  

Community Bank System, Inc.

    53,253       3,324,585  

Cullen/Frost Bankers, Inc.

    100,669       15,608,728  

CVB Financial Corp.

    267,710       7,688,631  

Fifth Third Bancorp

    1,653,385       59,009,311  

First Financial Bankshares, Inc.

    145,182       5,588,055  

First Horizon Corp.

    952,919       23,356,045  

First Merchants Corp.

    128,543       5,771,581  

First Republic Bank

    87,373       10,493,497  

Fulton Financial Corp.

    426,369       7,772,707  

Glacier Bancorp, Inc.

    197,011       11,284,790  

Hilltop Holdings, Inc.

    80,025       2,316,724  

Home BancShares, Inc.

    374,586       9,548,197  

Independent Bank Corp.

    34,694       3,018,725  

Independent Bank Group, Inc.

    56,786       3,582,629  

JPMorgan Chase & Co.

    5,513,566       694,047,688  

KeyCorp

    2,797,919       49,998,813  

M&T Bank Corp.

    320,896       54,029,260  

PNC Financial Services Group, Inc.

    1,056,937       171,044,115  

Popular, Inc.

    150,690       10,656,797  

Prosperity Bancshares, Inc.

    186,475       13,346,016  

Regions Financial Corp.

    2,015,698       44,244,571  

ServisFirst Bancshares, Inc.

    37,094       2,794,291  

Simmons First National Corp., Class A

    177,423       4,235,087  
Security   Shares     Value  

Banks (continued)

   

SouthState Corp.

    131,018     $ 11,847,958  

Synovus Financial Corp.

    340,577       13,571,993  

Towne Bank

    150,416       4,954,703  

Truist Financial Corp.

    3,997,221       179,035,529  

U.S. Bancorp

    3,683,836       156,378,838  

UMB Financial Corp.

    48,788       4,060,137  

United Community Banks, Inc.

    94,831       3,650,993  

Washington Federal, Inc.

    137,504       5,321,405  

Webster Financial Corp.

    422,370       22,917,796  

Wintrust Financial Corp.

    67,369       6,307,086  

Zions Bancorp N.A.

    301,109       15,639,601  
   

 

 

 
          2,406,813,651  

Beverages — 4.0%

   

Brown-Forman Corp., Class A

    40,161       2,761,872  

Brown-Forman Corp., Class B, NVS

    129,429       8,801,172  

Coca-Cola Co.

    7,491,900       448,390,215  

Constellation Brands, Inc., Class A

    142,387       35,180,980  

PepsiCo, Inc.

    2,495,810       453,189,180  
   

 

 

 
      948,323,419  

Biotechnology — 1.3%

   

Amgen, Inc.

    1,151,267       311,245,033  
   

 

 

 

Building Products — 0.5%

   

A O Smith Corp.

    176,434       9,665,055  

AAON, Inc.

    21,123       1,362,222  

Advanced Drainage Systems, Inc.

    13,655       1,582,341  

Allegion PLC

    100,378       10,516,603  

Carlisle Cos., Inc.

    35,082       8,377,582  

Fortune Brands Home & Security, Inc.

    160,984       9,710,555  

Lennox International, Inc.

    37,157       8,678,761  

Masco Corp.

    355,294       16,439,453  

Owens Corning

    111,920       9,581,471  

Simpson Manufacturing Co., Inc.

    33,789       2,888,284  

Trane Technologies PLC

    263,975       42,138,329  

UFP Industries, Inc.

    59,101       4,209,764  
   

 

 

 
      125,150,420  

Capital Markets — 5.8%

   

Ameriprise Financial, Inc.

    135,677       41,940,474  

Bank of New York Mellon Corp.

    1,759,698       74,100,883  

BlackRock, Inc.(a)

    280,307       181,053,094  

CME Group, Inc., Class A

    488,239       84,611,819  

Cohen & Steers, Inc.

    52,333       3,148,353  

Evercore, Inc., Class A

    83,689       8,795,714  

FactSet Research Systems, Inc.

    20,710       8,811,898  

Franklin Resources, Inc.

    852,182       19,983,668  

Goldman Sachs Group, Inc.

    706,339       243,340,849  

Hamilton Lane, Inc., Class A

    56,228       3,363,559  

Houlihan Lokey, Inc., Class A

    92,717       8,281,482  

Intercontinental Exchange, Inc.

    563,038       53,809,542  

Jefferies Financial Group, Inc.

    482,889       16,616,211  

MarketAxess Holdings, Inc.

    29,160       7,116,206  

Moody’s Corp.

    104,388       27,649,250  

Morgan Stanley

    3,395,442       279,003,469  

MSCI, Inc., Class A

    58,452       27,405,805  

Nasdaq, Inc.

    302,927       18,854,176  

Northern Trust Corp.

    413,326       34,864,048  

Raymond James Financial, Inc.

    170,994       20,201,231  

S&P Global, Inc.

    220,404       70,804,785  

SEI Investments Co.

    107,340       5,828,562  

State Street Corp.

    820,487       60,716,038  

 

 

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)

October 31, 2022

  

iShares® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Capital Markets (continued)

   

Stifel Financial Corp.

    145,632     $ 9,010,252  

T Rowe Price Group, Inc.

    610,691       64,830,957  
   

 

 

 
          1,374,142,325  

Chemicals — 2.2%

   

Air Products and Chemicals, Inc.

    385,315       96,482,876  

Albemarle Corp.

    45,362       12,695,463  

Ashland, Inc.

    46,658       4,895,357  

Avient Corp.

    142,165       4,903,271  

Balchem Corp.

    11,753       1,643,069  

Cabot Corp.

    81,818       6,011,987  

Celanese Corp.

    182,718       17,562,854  

Eastman Chemical Co.

    292,856       22,494,269  

Ecolab, Inc.

    201,297       31,617,720  

HB Fuller Co.

    41,938       2,923,498  

Innospec, Inc.

    25,980       2,597,740  

International Flavors & Fragrances, Inc.

    482,832       47,129,232  

Linde PLC

    559,406       166,339,374  

NewMarket Corp.

    12,989       3,953,072  

PPG Industries, Inc.

    311,010       35,511,122  

Quaker Chemical Corp.

    8,835       1,436,924  

RPM International, Inc.

    148,312       14,025,866  

Scotts Miracle-Gro Co., Class A

    126,653       5,814,639  

Sensient Technologies Corp.

    60,926       4,353,772  

Sherwin-Williams Co.

    163,393       36,768,327  

Stepan Co.

    21,035       2,196,896  

Valvoline, Inc.

    210,577       6,182,541  

Westlake Corp.

    33,328       3,221,151  
   

 

 

 
      530,761,020  

Commercial Services & Supplies — 0.5%

   

ABM Industries, Inc.

    81,640       3,633,796  

Brady Corp., Class A, NVS

    69,652       3,186,579  

Cintas Corp.

    63,945       27,339,685  

MSA Safety, Inc.

    39,445       5,295,097  

Republic Services, Inc.

    177,769       23,575,725  

Tetra Tech, Inc.

    24,584       3,473,227  

Waste Management, Inc.

    389,343       61,660,251  
   

 

 

 
      128,164,360  

Communications Equipment — 2.0%

   

Cisco Systems, Inc.

    9,535,083       433,178,821  

Motorola Solutions, Inc.

    143,827       35,915,040  
   

 

 

 
      469,093,861  

Construction & Engineering — 0.1%

   

Comfort Systems U.S.A., Inc.

    15,554       1,917,497  

MDU Resources Group, Inc.

    399,738       11,384,538  
   

 

 

 
      13,302,035  

Construction Materials — 0.1%

   

Martin Marietta Materials, Inc.

    31,953       10,735,569  

Vulcan Materials Co.

    85,517       13,999,133  
   

 

 

 
      24,734,702  

Consumer Finance — 0.8%

   

Ally Financial, Inc.

    806,625       22,230,585  

American Express Co.

    567,139       84,191,785  

Discover Financial Services

    461,293       48,186,667  

FirstCash Holdings, Inc.

    44,993       4,429,561  

Nelnet, Inc., Class A

    16,780       1,494,930  

Synchrony Financial

    987,129       35,102,307  
   

 

 

 
      195,635,835  

Containers & Packaging — 0.2%

   

AptarGroup, Inc.

    67,337       6,676,464  
Security   Shares      Value  

Containers & Packaging (continued)

    

Avery Dennison Corp.

    88,788      $ 15,054,005  

Ball Corp.

    298,265        14,731,308  

Silgan Holdings, Inc.

    79,261        3,753,801  

Sonoco Products Co.

    203,399        12,627,010  
    

 

 

 
       52,842,588  

Distributors — 0.2%

    

Genuine Parts Co.

    212,480        37,791,693  

Pool Corp.

    31,662        9,632,530  
    

 

 

 
       47,424,223  

Diversified Consumer Services — 0.1%

    

Graham Holdings Co., Class B

    3,140        1,958,952  

Service Corp. International

    172,302        10,443,224  
    

 

 

 
       12,402,176  

Electric Utilities — 2.1%

    

Alliant Energy Corp.

    465,047        24,261,502  

American Electric Power Co., Inc.

    1,040,876        91,513,818  

Evergy, Inc.

    508,800        31,102,944  

Eversource Energy

    650,130        49,591,916  

IDACORP, Inc.

    93,737        9,814,264  

MGE Energy, Inc.

    53,133        3,617,826  

NextEra Energy, Inc.

    2,515,970        194,987,675  

Otter Tail Corp.

    61,383        4,138,442  

PNM Resources, Inc.

    170,588        7,927,224  

Portland General Electric Co.

    210,329        9,452,185  

Xcel Energy, Inc.

    940,034        61,205,614  
    

 

 

 
       487,613,410  

Electrical Equipment — 1.1%

    

Eaton Corp. PLC

    621,152        93,216,281  

Emerson Electric Co.

    1,012,585        87,689,861  

Hubbell, Inc.

    71,730        17,034,440  

nVent Electric PLC

    236,503        8,632,360  

Regal Rexnord Corp.

    45,384        5,742,891  

Rockwell Automation, Inc.

    145,494        37,144,618  
    

 

 

 
           249,460,451  

Electronic Equipment, Instruments & Components — 0.7%

 

  

Amphenol Corp., Class A

    436,557        33,104,117  

Avnet, Inc.

    167,484        6,731,182  

Badger Meter, Inc.

    18,661        2,098,989  

CDW Corp.

    106,731        18,444,184  

Cognex Corp.

    74,050        3,423,332  

Corning, Inc.

    1,689,321        54,345,457  

Littelfuse, Inc.

    17,885        3,939,171  

TD SYNNEX Corp.

    37,599        3,440,685  

TE Connectivity Ltd.

    387,345        47,345,179  
    

 

 

 
       172,872,296  

Entertainment — 0.1%

    

Activision Blizzard, Inc.

    323,151        23,525,393  
    

 

 

 

Food & Staples Retailing — 1.9%

    

Casey’s General Stores, Inc.

    17,452        4,061,255  

Costco Wholesale Corp.

    204,909        102,761,864  

Kroger Co.

    929,643        43,962,817  

Sysco Corp.

    820,394        71,013,305  

Walmart, Inc.

    1,575,031        224,174,162  
    

 

 

 
       445,973,403  

Food Products — 1.8%

    

Archer-Daniels-Midland Co.

    702,952        68,172,285  

Flowers Foods, Inc.

    444,891        12,772,821  

Hershey Co.

    179,991        42,976,451  

Hormel Foods Corp.

    426,930        19,830,899  

 

 

16  

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


Schedule of Investments (unaudited) (continued)

October 31, 2022

  

iShares® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Food Products (continued)

   

Ingredion, Inc.

    138,362     $ 12,330,821  

J & J Snack Foods Corp.

    18,048       2,664,065  

JM Smucker Co.

    213,070       32,101,126  

Kellogg Co.

    554,757       42,616,433  

Lamb Weston Holdings, Inc.

    120,707       10,407,358  

Lancaster Colony Corp.

    25,088       4,522,865  

McCormick & Co., Inc., NVS

    298,510       23,474,826  

Mondelez International, Inc., Class A

    2,144,862       131,866,116  

Tyson Foods, Inc., Class A

    492,890       33,689,031  
   

 

 

 
      437,425,097  

Gas Utilities — 0.3%

   

Atmos Energy Corp.

    219,774       23,416,920  

National Fuel Gas Co.

    167,367       11,295,599  

New Jersey Resources Corp.

    207,161       9,247,667  

ONE Gas, Inc.

    115,474       8,946,925  

Southwest Gas Holdings, Inc.

    138,561       10,124,652  

UGI Corp.

    522,915       18,474,587  
   

 

 

 
      81,506,350  

Health Care Equipment & Supplies — 2.8%

   

Abbott Laboratories

    2,137,408       211,475,148  

Baxter International, Inc.

    675,149       36,694,348  

Becton Dickinson and Co.

    260,959       61,578,495  

Dentsply Sirona, Inc.

    230,732       7,111,160  

Medtronic PLC

    2,847,770       248,724,232  

ResMed, Inc.

    76,119       17,027,059  

STERIS PLC

    57,735       9,963,906  

Stryker Corp.

    301,652       69,150,705  
   

 

 

 
          661,725,053  

Health Care Providers & Services — 2.8%

   

AmerisourceBergen Corp.

    128,265       20,165,823  

Chemed Corp.

    3,314       1,547,207  

Elevance Health, Inc.

    173,211       94,706,579  

Encompass Health Corp.

    151,936       8,271,396  

Ensign Group, Inc.

    9,117       818,524  

Humana, Inc.

    56,130       31,325,030  

McKesson Corp.

    58,483       22,771,526  

Quest Diagnostics, Inc.

    167,024       23,992,998  

UnitedHealth Group, Inc.

    806,886       447,942,763  
   

 

 

 
      651,541,846  

Hotels, Restaurants & Leisure — 2.1%

   

Domino’s Pizza, Inc.

    30,326       10,075,510  

McDonald’s Corp.

    1,073,947       292,822,389  

Starbucks Corp.

    1,730,526       149,846,246  

Texas Roadhouse, Inc.

    96,252       9,524,136  

Wingstop, Inc.

    11,084       1,755,595  

Yum! Brands, Inc.

    382,791       45,265,036  
   

 

 

 
      509,288,912  

Household Durables — 0.2%

   

DR Horton, Inc.

    277,300       21,318,824  

Whirlpool Corp.

    174,492       24,121,774  
   

 

 

 
      45,440,598  

Household Products — 3.4%

   

Church & Dwight Co., Inc.

    213,689       15,840,766  

Colgate-Palmolive Co.

    1,364,322       100,741,536  

Energizer Holdings, Inc.

    193,266       5,583,455  

Kimberly-Clark Corp.

    834,482       103,859,630  

Procter & Gamble Co.

    4,328,009       582,852,972  

WD-40 Co.

    16,165       2,588,986  
   

 

 

 
      811,467,345  
Security   Shares     Value  

Independent Power and Renewable Electricity Producers — 0.1%

 

 

AES Corp.

    1,060,994     $ 27,755,603  
   

 

 

 

Industrial Conglomerates — 1.8%

   

3M Co.

    1,912,689       240,597,149  

Honeywell International, Inc.

    959,386       195,733,932  
   

 

 

 
      436,331,081  

Insurance — 3.9%

   

Aflac, Inc.

    1,057,562       68,857,861  

Allstate Corp.

    507,168       64,029,960  

American Equity Investment Life Holding Co.

    51,245       2,207,635  

American Financial Group, Inc.

    78,696       11,419,577  

Aon PLC, Class A

    112,761       31,741,094  

Arthur J. Gallagher & Co.

    156,968       29,365,573  

Assurant, Inc.

    62,285       8,462,040  

Assured Guaranty Ltd.

    85,622       5,067,966  

Axis Capital Holdings Ltd.

    172,568       9,434,293  

Brown & Brown, Inc.

    100,548       5,911,217  

Chubb Ltd.

    493,041       105,949,581  

Cincinnati Financial Corp.

    284,057       29,348,769  

CNO Financial Group, Inc.

    244,816       5,400,641  

Erie Indemnity Co., Class A, NVS

    33,540       8,620,115  

Everest Re Group Ltd.

    63,310       20,427,605  

Fidelity National Financial, Inc.

    844,257       33,246,841  

First American Financial Corp.

    286,027       14,415,761  

Globe Life, Inc.

    51,512       5,950,666  

Hanover Insurance Group, Inc.

    55,790       8,172,677  

Hartford Financial Services Group, Inc.

    526,475       38,122,055  

Kinsale Capital Group, Inc.

    3,652       1,151,001  

Lincoln National Corp.

    417,353       22,482,806  

Marsh & McLennan Cos., Inc.

    485,636       78,425,358  

MetLife, Inc.

    1,418,284       103,832,572  

Old Republic International Corp.

    817,719       18,979,258  

Primerica, Inc.

    46,891       6,785,128  

Principal Financial Group, Inc.

    545,988       48,117,922  

Reinsurance Group of America, Inc.

    115,597       17,012,410  

RenaissanceRe Holdings Ltd.

    33,121       5,123,156  

RLI Corp.

    26,821       3,488,607  

Selective Insurance Group, Inc.

    56,763       5,567,315  

Travelers Cos., Inc.

    369,407       68,140,815  

W. R. Berkley Corp.

    85,706       6,374,812  

Willis Towers Watson PLC

    118,844       25,932,949  
   

 

 

 
          917,566,036  

IT Services — 2.9%

   

Accenture PLC, Class A

    582,620       165,405,818  

Automatic Data Processing, Inc.

    488,914       118,170,514  

Broadridge Financial Solutions, Inc.

    120,898       18,141,954  

Fidelity National Information Services, Inc.

    860,257       71,392,729  

Genpact Ltd.

    125,084       6,066,574  

Jack Henry & Associates, Inc.

    49,588       9,870,987  

Mastercard, Inc., Class A

    348,411       114,341,522  

SS&C Technologies Holdings, Inc.

    216,778       11,146,725  

TTEC Holdings, Inc.

    24,088       1,071,193  

Visa, Inc., Class A

    837,382       173,472,055  
   

 

 

 
      689,080,071  

Leisure Products — 0.1%

   

Acushnet Holdings Corp.

    34,126       1,589,248  

Brunswick Corp.

    102,434       7,239,010  

Polaris, Inc.

    87,688       8,909,101  
   

 

 

 
      17,737,359  

Life Sciences Tools & Services — 0.3%

   

Agilent Technologies, Inc.

    131,200       18,151,520  

 

 

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) (continued)

October 31, 2022

  

iShares® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Life Sciences Tools & Services (continued)

   

Danaher Corp.

    158,250     $ 39,826,778  

West Pharmaceutical Services, Inc.

    12,850       2,956,785  
   

 

 

 
      60,935,083  

Machinery — 2.9%

   

AGCO Corp.

    36,843       4,574,795  

Caterpillar, Inc.

    962,323       208,304,437  

Cummins, Inc.

    278,507       68,097,747  

Donaldson Co., Inc.

    151,539       8,705,915  

Dover Corp.

    154,389       20,177,098  

Franklin Electric Co., Inc.

    23,586       1,932,637  

Graco, Inc.

    149,259       10,385,441  

Hillenbrand, Inc.

    111,702       4,934,994  

IDEX Corp.

    60,131       13,367,723  

Illinois Tool Works, Inc.

    464,070       99,092,867  

ITT, Inc.

    81,847       6,252,292  

Kadant, Inc.

    5,198       924,984  

Lincoln Electric Holdings, Inc.

    64,474       9,155,308  

Mueller Water Products, Inc., Class A

    234,001       2,737,812  

Nordson Corp.

    41,179       9,265,275  

Oshkosh Corp.

    84,146       7,404,848  

Otis Worldwide Corp.

    453,290       32,020,406  

PACCAR, Inc.

    362,235       35,075,215  

Parker-Hannifin Corp.

    169,882       49,371,107  

Pentair PLC

    210,220       9,028,949  

Snap-on, Inc.

    92,812       20,608,905  

Stanley Black & Decker, Inc.

    369,966       29,038,631  

Terex Corp.

    74,138       3,005,554  

Timken Co.

    86,893       6,194,602  

Toro Co.

    98,069       10,339,415  

Trinity Industries, Inc.

    182,413       5,204,243  

Watts Water Technologies, Inc., Class A

    17,696       2,589,986  

Xylem, Inc.

    154,220       15,796,755  
   

 

 

 
      693,587,941  

Marine — 0.0%

   

Matson, Inc.

    47,150       3,469,297  
   

 

 

 

Media — 1.5%

   

Cable One, Inc.

    3,706       3,185,047  

Comcast Corp., Class A

    9,383,570       297,834,512  

Interpublic Group of Cos., Inc.

    1,115,897       33,242,572  

John Wiley & Sons, Inc., Class A

    99,141       4,182,759  

Nexstar Media Group, Inc.

    52,767       9,038,987  

Sirius XM Holdings, Inc.

    916,589       5,536,197  
   

 

 

 
      353,020,074  

Metals & Mining — 0.3%

   

Nucor Corp.

    267,832       35,187,768  

Reliance Steel & Aluminum Co.

    78,672       15,850,835  

Royal Gold, Inc.

    66,664       6,330,414  

Steel Dynamics, Inc.

    209,168       19,672,250  

Worthington Industries, Inc.

    49,047       2,332,675  
   

 

 

 
      79,373,942  

Multiline Retail — 0.7%

   

Dillard’s, Inc., Class A

    880       289,335  

Dollar General Corp.

    139,734       35,639,157  

Target Corp.

    795,268           130,622,769  
   

 

 

 
      166,551,261  

Multi-Utilities — 1.4%

   

Ameren Corp.

    432,724       35,275,660  

Black Hills Corp.

    135,954       8,887,313  

CMS Energy Corp.

    519,809       29,655,103  

DTE Energy Co.

    344,190       38,587,141  
Security   Shares     Value  

Multi-Utilities (continued)

   

NiSource, Inc.

    856,942     $ 22,014,840  

Public Service Enterprise Group, Inc.

    1,092,568       61,260,288