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to
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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.
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iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by S&P
Dow
Jones
Indices
LLC,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2022
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
SEPTEMBER
30,
2022
2022
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
Core
S&P
500
ETF
|
IVV
|
NYSE
Arca
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
|
ITOT
|
NYSE
Arca
Dear
Shareholder,
The
12-month
reporting
period
as
of September
30,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets
of
2021.
The
U.S.
economy
shrank
in
the
first
half
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
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
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
steeper.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
notably
during
the
reporting
period
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
is
proving
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,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
September
30,
2022
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(20.20
)%
(15.47
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(19.01
)
(23.50
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(22.51
)
(25.13
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(21.70
)
(28.11
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.58
0.63
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(10.81
)
(16.20
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(9.22
)
(14.60
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(6.30
)
(11.50
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(10.42
)
(14.15
)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
6
Disclosure
of Expenses
...................................................................................................
6
Schedules
of
Investments
.................................................................................................
7
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
47
Statements
of
Operations
................................................................................................
48
Statements
of
Changes
in
Net
Assets
........................................................................................
49
Financial
Highlights
.....................................................................................................
50
Notes
to
Financial
Statements
...............................................................................................
52
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
59
Supplemental
Information
.................................................................................................
63
General
Information
.....................................................................................................
64
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
65
Fund
Summary
as
of
September
30,
2022
2022
iShares
Semi-Annual
Report
to
Shareholders
4
iShares
®
Core
S&P
500
ETF
Investment
Objective
The
iShares
Core
S&P
500
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
large-capitalization
U.S.
equities,
as
represented
by
the
S&P
500
®
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(20.21‌)%
(15.50‌)%
9.20‌%
11.66‌%
(15.50‌)%
55.31‌%
201.21‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(20.29‌)
(15.51‌)
9.20‌
11.66‌
(15.51‌)
55.31‌
201.34‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(20.20‌)
(15.47‌)
9.24‌
11.70‌
(15.47‌)
55.55‌
202.44‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
797.90‌
$
0.14‌
$
1,000.00‌
$
1,024.92‌
$
0.15‌
0.03‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
26.4‌
%
Health
Care
....................................
15.1‌
Consumer
Discretionary
............................
11.7‌
Financials
......................................
11.0‌
Communication
Services
............................
8.0‌
Industrials
......................................
7.9‌
Consumer
Staples
................................
6.9‌
Energy
........................................
4.6‌
Utilities
........................................
3.1‌
Real
Estate
.....................................
2.8‌
Materials
......................................
2.5‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Apple,
Inc.
......................................
6.9‌
%
Microsoft
Corp.
...................................
5.8‌
Amazon.com,
Inc.
.................................
3.3‌
Tesla,
Inc.
.......................................
2.3‌
Alphabet,
Inc.,
Class
A
..............................
1.9‌
Alphabet,
Inc.,
Class
C,
NVS
..........................
1.7‌
Berkshire
Hathaway,
Inc.,
Class
B
......................
1.6‌
UnitedHealth
Group,
Inc.
.............................
1.6‌
Johnson
&
Johnson
................................
1.4‌
Exxon
Mobil
Corp.
.................................
1.2‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
September
30,
2022
5
Fund
Summary
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Investment
Objective
The
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
a
broad-based
index
composed
of
U.S.
equities,
as
represented
by
the
S&P
Total
Market
Index
TM
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Index
performance
through
December
20,
2015
reflects
the
performance
of
the
S&P
Composite
1500
®
.
Index
performance
beginning
on
December
21,
2015
reflects
the
performance
of
the
S&P
Total
Market
Index
TM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(20.62‌)%
(18.02‌)%
8.48‌%
11.31‌%
(18.02‌)%
50.25‌%
191.91‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(20.56‌)
(17.95‌)
8.51‌
11.32‌
(17.95‌)
50.41‌
192.18‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(20.63‌)
(18.05‌)
8.48‌
11.33‌
(18.05‌)
50.22‌
192.60‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
793.80‌
$
0.13‌
$
1,000.00‌
$
1,024.92‌
$
0.15‌
0.03‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
25.3‌
%
Health
Care
....................................
15.0‌
Financials
......................................
11.8‌
Consumer
Discretionary
............................
11.6‌
Industrials
......................................
8.9‌
Communication
Services
............................
7.4‌
Consumer
Staples
................................
6.2‌
Energy
........................................
4.6‌
Real
Estate
.....................................
3.4‌
Utilities
........................................
3.0‌
Materials
......................................
2.8‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Apple,
Inc.
......................................
5.8‌
%
Microsoft
Corp.
...................................
4.9‌
Amazon.com,
Inc.
.................................
2.8‌
Tesla,
Inc.
.......................................
2.0‌
Alphabet,
Inc.,
Class
A
..............................
1.6‌
Alphabet,
Inc.,
Class
C,
NVS
..........................
1.4‌
Berkshire
Hathaway,
Inc.,
Class
B
......................
1.3‌
UnitedHealth
Group,
Inc.
.............................
1.3‌
Johnson
&
Johnson
................................
1.2‌
Exxon
Mobil
Corp.
.................................
1.0‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
2022
iShares
Semi-Annual
Report
To
Shareholders
6
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
Core
S&P
500
ETF
Schedules
of
Investments
7
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.6%
Boeing
Co.
(The)
(a)(b)
.................
4,960,881
$
600,663,471
General
Dynamics
Corp.
..............
1,995,803
423,449,523
Howmet
Aerospace,
Inc.
(a)
.............
3,301,443
102,113,632
Huntington
Ingalls
Industries,
Inc.
........
360,635
79,880,653
L3Harris
Technologies,
Inc.
............
1,697,286
352,746,949
Lockheed
Martin
Corp.
...............
2,097,305
810,167,948
Northrop
Grumman
Corp.
(a)
............
1,289,797
606,617,325
Raytheon
Technologies
Corp.
..........
13,122,500
1,074,207,850
Textron,
Inc.
(a)
.....................
1,860,609
108,399,080
TransDigm
Group,
Inc.
...............
459,718
241,269,201
4,399,515,632
Air
Freight
&
Logistics
—
0.6%
CH
Robinson
Worldwide,
Inc.
(a)
.........
1,095,730
105,529,756
Expeditors
International
of
Washington,
Inc.
(a)
1,447,583
127,836,055
FedEx
Corp.
......................
2,116,516
314,239,130
United
Parcel
Service,
Inc.,
Class
B
......
6,504,401
1,050,720,938
1,598,325,879
Airlines
—
0.2%
(b)
Alaska
Air
Group,
Inc.
................
1,160,673
45,440,348
American
Airlines
Group,
Inc.
(a)
..........
5,685,879
68,457,983
Delta
Air
Lines,
Inc.
(a)
................
5,663,268
158,911,300
Southwest
Airlines
Co.
...............
5,311,172
163,796,545
United
Airlines
Holdings,
Inc.
(a)
..........
2,933,031
95,411,498
532,017,674
Auto
Components
—
0.1%
Aptiv
plc
(a)(b)
.......................
2,421,672
189,398,967
BorgWarner,
Inc.
...................
2,140,182
67,201,715
256,600,682
Automobiles
—
2.6%
Ford
Motor
Co.
....................
35,198,197
394,219,807
General
Motors
Co.
(a)
................
13,000,913
417,199,298
Tesla,
Inc.
(a)(b)
.....................
23,671,408
6,278,840,972
7,090,260,077
Banks
—
3.7%
Bank
of
America
Corp.
...............
62,129,529
1,876,311,776
Citigroup,
Inc.
.....................
17,210,729
717,171,077
Citizens
Financial
Group,
Inc.
..........
4,375,724
150,349,877
Comerica,
Inc.
.....................
1,153,986
82,048,405
Fifth
Third
Bancorp
.................
6,093,484
194,747,749
First
Republic
Bank
(a)
................
1,631,608
213,006,424
Huntington
Bancshares,
Inc.
...........
12,774,818
168,372,101
JPMorgan
Chase
&
Co.
..............
26,063,265
2,723,611,192
KeyCorp
.........................
8,367,097
134,040,894
M&T
Bank
Corp.
(a)
..................
1,568,208
276,506,435
PNC
Financial
Services
Group,
Inc.
(The)
..
3,644,173
544,512,330
Regions
Financial
Corp.
..............
8,304,959
166,680,527
Signature
Bank
....................
568,837
85,894,387
SVB
Financial
Group
(a)(b)
..............
526,030
176,630,353
Truist
Financial
Corp.
................
11,782,340
513,003,084
US
Bancorp
......................
12,050,198
485,863,983
Wells
Fargo
&
Co.
..................
33,710,747
1,355,846,244
Zions
Bancorp
NA
..................
1,301,942
66,216,770
9,930,813,608
Beverages
—
1.9%
Brown-Forman
Corp.,
Class
B,
NVS
......
1,610,576
107,216,044
Coca-Cola
Co.
(The)
................
34,591,655
1,937,824,513
Constellation
Brands,
Inc.,
Class
A
.......
1,410,885
324,052,067
Keurig
Dr
Pepper,
Inc.
...............
7,587,137
271,771,247
Molson
Coors
Beverage
Co.,
Class
B
.....
1,669,710
80,129,383
Security
Shares
Shares
Value
Beverages
(continued)
Monster
Beverage
Corp.
(a)(b)
............
3,402,200
$
295,855,312
PepsiCo,
Inc.
.....................
12,265,518
2,002,468,469
5,019,317,035
Biotechnology
—
2.2%
AbbVie,
Inc.
......................
15,713,958
2,108,970,303
Amgen,
Inc.
......................
4,754,227
1,071,602,766
Biogen,
Inc.
(a)(b)
....................
1,295,859
345,994,353
Gilead
Sciences,
Inc.
................
11,139,340
687,185,885
Incyte
Corp.
(a)(b)
....................
1,636,769
109,074,286
Moderna,
Inc.
(a)(b)
...................
2,981,636
352,578,457
Regeneron
Pharmaceuticals,
Inc.
(a)(b)
......
952,671
656,266,472
Vertex
Pharmaceuticals,
Inc.
(a)(b)
.........
2,279,262
659,937,519
5,991,610,041
Building
Products
—
0.4%
Allegion
plc
.......................
778,411
69,807,898
AO
Smith
Corp.
....................
1,141,481
55,453,147
Carrier
Global
Corp.
(a)
................
7,504,433
266,857,637
Fortune
Brands
Home
&
Security,
Inc.
.....
1,158,878
62,220,160
Johnson
Controls
International
plc
.......
6,121,698
301,309,976
Masco
Corp.
......................
2,004,168
93,574,604
Trane
Technologies
plc
(a)
..............
2,059,386
298,219,687
1,147,443,109
Capital
Markets
—
3.0%
Ameriprise
Financial,
Inc.
.............
965,921
243,363,796
Bank
of
New
York
Mellon
Corp.
(The)
.....
6,535,515
251,748,038
BlackRock,
Inc.
(c)
...................
1,339,988
737,368,597
Cboe
Global
Markets,
Inc.
.............
953,235
111,881,192
Charles
Schwab
Corp.
(The)
(a)
..........
13,570,762
975,330,665
CME
Group,
Inc.,
Class
A
.............
3,201,221
567,032,276
FactSet
Research
Systems,
Inc.
(a)
.......
335,852
134,377,744
Franklin
Resources,
Inc.
..............
2,490,463
53,594,764
Goldman
Sachs
Group,
Inc.
(The)
.......
3,033,809
889,057,727
Intercontinental
Exchange,
Inc.
(a)
........
4,966,367
448,711,258
Invesco
Ltd.
......................
4,062,191
55,652,017
MarketAxess
Holdings,
Inc.
............
330,309
73,490,449
Moody's
Corp.
(a)
....................
1,409,205
342,591,827
Morgan
Stanley
....................
11,901,519
940,339,016
MSCI,
Inc.
(a)
......................
713,486
300,941,260
Nasdaq,
Inc.
......................
2,998,658
169,963,935
Northern
Trust
Corp.
.................
1,855,166
158,728,003
Raymond
James
Financial,
Inc.
.........
1,724,720
170,436,830
S&P
Global,
Inc.
(a)
..................
3,027,962
924,588,197
State
Street
Corp.
..................
3,262,823
198,412,267
T.
Rowe
Price
Group,
Inc.
(a)
............
2,005,057
210,551,036
7,958,160,894
Chemicals
—
1.8%
Air
Products
&
Chemicals,
Inc.
..........
1,976,877
460,078,584
Albemarle
Corp.
(a)
..................
1,038,149
274,528,122
Celanese
Corp.
(a)
...................
890,155
80,416,603
CF
Industries
Holdings,
Inc.
............
1,779,366
171,263,977
Corteva,
Inc.
(a)
.....................
6,386,502
364,988,589
Dow,
Inc.
........................
6,413,120
281,728,362
DuPont
de
Nemours,
Inc.
.............
4,472,961
225,437,234
Eastman
Chemical
Co.
...............
1,096,648
77,916,840
Ecolab,
Inc.
(a)
.....................
2,198,079
317,446,569
FMC
Corp.
.......................
1,115,738
117,933,507
International
Flavors
&
Fragrances,
Inc.
....
2,268,032
206,005,347
Linde
plc
(a)
.......................
4,429,244
1,194,079,890
LyondellBasell
Industries
NV,
Class
A
.....
2,256,926
169,901,389
Mosaic
Co.
(The)
(a)
..................
3,083,166
149,009,413
PPG
Industries,
Inc.
.................
2,080,577
230,299,068
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Core
S&P
500
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Chemicals
(continued)
Sherwin-Williams
Co.
(The)
(a)
...........
2,092,643
$
428,468,654
4,749,502,148
Commercial
Services
&
Supplies
—
0.5%
Cintas
Corp.
......................
764,385
296,726,613
Copart,
Inc.
(a)(b)
....................
1,906,757
202,878,945
Republic
Services,
Inc.
...............
1,833,813
249,471,921
Rollins,
Inc.
(a)
.....................
2,036,497
70,625,716
Waste
Management,
Inc.
(a)
............
3,341,939
535,412,047
1,355,115,242
Communications
Equipment
—
0.8%
Arista
Networks,
Inc.
(a)(b)
..............
2,200,897
248,459,262
Cisco
Systems,
Inc.
.................
36,802,877
1,472,115,080
F5,
Inc.
(a)(b)
.......................
522,777
75,661,515
Juniper
Networks,
Inc.
...............
2,911,280
76,042,634
Motorola
Solutions,
Inc.
(a)
.............
1,482,951
332,136,536
2,204,415,027
Construction
&
Engineering
—
0.1%
Quanta
Services,
Inc.
(a)
...............
1,280,130
163,075,761
Construction
Materials
—
0.1%
Martin
Marietta
Materials,
Inc.
..........
553,561
178,296,463
Vulcan
Materials
Co.
(a)
...............
1,172,789
184,960,553
363,257,016
Consumer
Finance
—
0.5%
American
Express
Co.
...............
5,330,694
719,163,927
Capital
One
Financial
Corp.
............
3,397,964
313,190,342
Discover
Financial
Services
............
2,439,363
221,786,884
Synchrony
Financial
.................
4,302,036
121,274,395
1,375,415,548
Containers
&
Packaging
—
0.3%
Amcor
plc
........................
13,439,199
144,202,605
Avery
Dennison
Corp.
................
720,778
117,270,581
Ball
Corp.
(a)
.......................
2,818,834
136,206,059
International
Paper
Co.
...............
3,202,470
101,518,299
Packaging
Corp.
of
America
...........
834,807
93,740,478
Sealed
Air
Corp.
...................
1,256,136
55,910,613
WestRock
Co.
.....................
2,243,219
69,293,035
718,141,670
Distributors
—
0.2%
Genuine
Parts
Co.
..................
1,262,934
188,581,305
LKQ
Corp.
.......................
2,306,705
108,761,141
Pool
Corp.
.......................
351,883
111,972,689
409,315,135
Diversified
Financial
Services
—
1.6%
Berkshire
Hathaway,
Inc.,
Class
B
(b)
......
16,040,439
4,283,118,022
Diversified
Telecommunication
Services
—
0.9%
AT&T,
Inc.
........................
63,332,351
971,518,264
Lumen
Technologies,
Inc.
(a)
............
8,392,664
61,098,594
Verizon
Communications,
Inc.
..........
37,325,003
1,417,230,364
2,449,847,222
Electric
Utilities
—
2.0%
Alliant
Energy
Corp.
.................
2,256,342
119,563,563
American
Electric
Power
Co.,
Inc.
........
4,559,121
394,136,010
Constellation
Energy
Corp.
(a)
...........
2,899,903
241,242,931
Duke
Energy
Corp.
.................
6,843,067
636,542,092
Edison
International
.................
3,373,720
190,885,078
Entergy
Corp.
.....................
1,805,249
181,662,207
Evergy,
Inc.
.......................
2,032,622
120,737,747
Security
Shares
Shares
Value
Electric
Utilities
(continued)
Eversource
Energy
.................
3,081,671
$
240,247,071
Exelon
Corp.
......................
8,856,205
331,753,439
FirstEnergy
Corp.
..................
4,847,327
179,351,099
NextEra
Energy,
Inc.
................
17,461,970
1,369,193,068
NRG
Energy,
Inc.
...................
2,117,290
81,028,688
PG&E
Corp.
(b)
.....................
14,298,575
178,732,188
Pinnacle
West
Capital
Corp.
...........
1,004,387
64,793,005
PPL
Corp.
.......................
6,523,557
165,372,170
Southern
Co.
(The)
.................
9,447,446
642,426,328
Xcel
Energy,
Inc.
...................
4,884,549
312,611,136
5,450,277,820
Electrical
Equipment
—
0.5%
AMETEK,
Inc.
(a)
....................
2,033,692
230,641,010
Eaton
Corp.
plc
....................
3,558,287
474,533,154
Emerson
Electric
Co.
................
5,270,590
385,912,600
Generac
Holdings,
Inc.
(a)(b)
.............
567,597
101,111,730
Rockwell
Automation,
Inc.
.............
1,025,920
220,685,651
1,412,884,145
Electronic
Equipment,
Instruments
&
Components
—
0.6%
Amphenol
Corp.,
Class
A
(a)
............
5,307,596
355,396,628
CDW
Corp.
(a)
......................
1,197,678
186,933,582
Corning,
Inc.
......................
6,738,120
195,540,242
Keysight
Technologies,
Inc.
(a)(b)
..........
1,597,557
251,391,569
TE
Connectivity
Ltd.
.................
2,850,802
314,614,509
Teledyne
Technologies,
Inc.
(a)(b)
.........
417,793
140,992,604
Trimble,
Inc.
(a)(b)
....................
2,213,325
120,117,148
Zebra
Technologies
Corp.,
Class
A
(a)(b)
.....
464,888
121,805,305
1,686,791,587
Energy
Equipment
&
Services
—
0.3%
Baker
Hughes
Co.,
Class
A
............
9,034,777
189,368,926
Halliburton
Co.
....................
8,022,039
197,502,600
Schlumberger
NV
(a)
.................
12,604,101
452,487,226
839,358,752
Entertainment
—
1.4%
Activision
Blizzard,
Inc.
...............
6,320,656
469,877,567
Electronic
Arts,
Inc.
(a)
................
2,358,760
272,932,120
Live
Nation
Entertainment,
Inc.
(a)(b)
.......
1,268,768
96,477,119
Netflix,
Inc.
(a)(b)
.....................
3,952,332
930,537,046
Take-Two
Interactive
Software,
Inc.
(a)(b)
....
1,392,526
151,785,334
Walt
Disney
Co.
(The)
(a)(b)
.............
16,202,449
1,528,377,014
Warner
Bros
Discovery,
Inc.
(a)(b)
.........
19,743,363
227,048,674
3,677,034,874
Equity
Real
Estate
Investment
Trusts
(REITs)
—
2.7%
Alexandria
Real
Estate
Equities,
Inc.
......
1,316,581
184,571,490
American
Tower
Corp.
...............
4,137,931
888,413,786
AvalonBay
Communities,
Inc.
(a)
.........
1,241,299
228,634,863
Boston
Properties,
Inc.
...............
1,274,107
95,519,802
Camden
Property
Trust
...............
944,166
112,780,629
Crown
Castle,
Inc.
(a)
.................
3,848,638
556,320,623
Digital
Realty
Trust,
Inc.
..............
2,566,519
254,547,354
Duke
Realty
Corp.
..................
3,405,861
164,162,500
Equinix,
Inc.
(a)
.....................
808,671
460,004,412
Equity
Residential
..................
3,004,331
201,951,130
Essex
Property
Trust,
Inc.
.............
576,037
139,533,442
Extra
Space
Storage,
Inc.
.............
1,186,946
204,997,444
Federal
Realty
Investment
Trust
(a)
........
632,233
56,976,838
Healthpeak
Properties,
Inc.
............
4,789,182
109,768,051
Host
Hotels
&
Resorts,
Inc.
............
6,328,419
100,495,294
Invitation
Homes,
Inc.
(a)
...............
5,177,876
174,856,872
Iron
Mountain,
Inc.
(a)
.................
2,610,772
114,795,645
Kimco
Realty
Corp.
(a)
................
5,440,549
100,160,507
Mid-America
Apartment
Communities,
Inc.
..
1,022,129
158,501,544
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Core
S&P
500
ETF
Schedules
of
Investments
9
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Prologis,
Inc.
(a)
.....................
6,580,106
$
668,538,770
Public
Storage
.....................
1,401,420
410,349,790
Realty
Income
Corp.
.................
5,469,876
318,346,783
Regency
Centers
Corp.
..............
1,399,476
75,361,783
SBA
Communications
Corp.,
Class
A
(a)
....
959,179
273,030,302
Simon
Property
Group,
Inc.
............
2,923,139
262,351,725
UDR,
Inc.
........................
2,727,398
113,759,771
Ventas,
Inc.
(a)
.....................
3,547,813
142,515,648
VICI
Properties,
Inc.
(a)
................
8,534,903
254,766,854
Vornado
Realty
Trust
................
1,467,213
33,980,653
Welltower,
Inc.
(a)
...................
4,137,825
266,144,904
Weyerhaeuser
Co.
(a)
.................
6,575,394
187,793,253
7,313,932,462
Food
&
Staples
Retailing
—
1.6%
Costco
Wholesale
Corp.
..............
3,936,842
1,859,252,371
Kroger
Co.
(The)
...................
5,815,783
254,440,506
Sysco
Corp.
......................
4,522,692
319,799,551
Walgreens
Boots
Alliance,
Inc.
..........
6,391,035
200,678,499
Walmart,
Inc.
(a)
....................
12,668,245
1,643,071,377
4,277,242,304
Food
Products
—
1.1%
Archer-Daniels-Midland
Co.
(a)
...........
4,981,953
400,798,119
Campbell
Soup
Co.
.................
1,802,073
84,913,680
Conagra
Brands,
Inc.
................
4,279,895
139,652,974
General
Mills,
Inc.
..................
5,294,338
405,599,234
Hershey
Co.
(The)
..................
1,299,058
286,403,317
Hormel
Foods
Corp.
(a)
................
2,584,494
117,439,407
JM
Smucker
Co.
(The)
...............
946,970
130,123,148
Kellogg
Co.
.......................
2,277,848
158,674,892
Kraft
Heinz
Co.
(The)
................
7,112,898
237,215,148
Lamb
Weston
Holdings,
Inc.
...........
1,269,040
98,198,315
McCormick
&
Co.,
Inc.,
NVS
(a)
..........
2,236,673
159,407,685
Mondelez
International,
Inc.,
Class
A
......
12,180,808
667,873,703
Tyson
Foods,
Inc.,
Class
A
............
2,558,668
168,692,981
3,054,992,603
Gas
Utilities
—
0.1%
Atmos
Energy
Corp.
(a)
................
1,232,191
125,498,653
Health
Care
Equipment
&
Supplies
—
2.7%
Abbott
Laboratories
.................
15,563,972
1,505,969,931
ABIOMED,
Inc.
(a)(b)
..................
407,414
100,085,323
Align
Technology,
Inc.
(a)(b)
..............
649,109
134,436,965
Baxter
International,
Inc.
..............
4,463,400
240,398,724
Becton
Dickinson
and
Co.
(a)
............
2,534,654
564,796,951
Boston
Scientific
Corp.
(a)(b)
.............
12,746,895
493,687,243
Cooper
Cos.,
Inc.
(The)
(a)
.............
440,084
116,138,168
Dentsply
Sirona,
Inc.
................
1,849,841
52,442,992
Dexcom,
Inc.
(a)(b)
...................
3,477,222
280,055,460
Edwards
Lifesciences
Corp.
(b)
..........
5,509,699
455,266,428
Hologic,
Inc.
(a)(b)
....................
2,234,270
144,155,100
IDEXX
Laboratories,
Inc.
(a)(b)
...........
742,717
241,977,199
Intuitive
Surgical,
Inc.
(a)(b)
..............
3,173,790
594,895,198
Medtronic
plc
.....................
11,808,895
953,568,271
ResMed,
Inc.
.....................
1,297,385
283,219,146
STERIS
plc
(a)
.....................
881,800
146,625,704
Stryker
Corp.
.....................
2,992,472
606,095,279
Teleflex,
Inc.
(a)
.....................
419,976
84,608,365
Zimmer
Biomet
Holdings,
Inc.
..........
1,862,719
194,747,271
7,193,169,718
Health
Care
Providers
&
Services
—
3.6%
AmerisourceBergen
Corp.
.............
1,388,091
187,850,355
Cardinal
Health,
Inc.
.................
2,396,902
159,825,425
Centene
Corp.
(b)
...................
5,068,509
394,380,685
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
Cigna
Corp.
(a)
.....................
2,711,710
$
752,418,174
CVS
Health
Corp.
..................
11,667,773
1,112,755,511
DaVita,
Inc.
(a)(b)
....................
512,560
42,424,591
Elevance
Health,
Inc.
(a)
...............
2,133,046
968,914,815
HCA
Healthcare,
Inc.
(a)
...............
1,907,859
350,645,406
Henry
Schein,
Inc.
(a)(b)
................
1,223,926
80,497,613
Humana,
Inc.
.....................
1,127,476
547,040,080
Laboratory
Corp.
of
America
Holdings
.....
807,257
165,334,306
McKesson
Corp.
(a)
..................
1,275,358
433,455,923
Molina
Healthcare,
Inc.
(a)(b)
.............
516,384
170,324,099
Quest
Diagnostics,
Inc.
...............
1,032,666
126,697,792
UnitedHealth
Group,
Inc.
(a)
.............
8,313,255
4,198,526,305
Universal
Health
Services,
Inc.,
Class
B
(a)
..
595,160
52,481,209
9,743,572,289
Hotels,
Restaurants
&
Leisure
—
1.9%
Booking
Holdings,
Inc.
(b)
..............
352,903
579,893,738
Caesars
Entertainment,
Inc.
(a)(b)
.........
1,854,750
59,834,235
Carnival
Corp.
(a)(b)
...................
8,666,558
60,925,903
Chipotle
Mexican
Grill,
Inc.
(a)(b)
..........
246,717
370,756,439
Darden
Restaurants,
Inc.
.............
1,099,897
138,938,989
Domino's
Pizza,
Inc.
.................
319,486
99,104,557
Expedia
Group,
Inc.
(a)(b)
...............
1,359,614
127,382,236
Hilton
Worldwide
Holdings,
Inc.
(a)
........
2,449,343
295,439,753
Las
Vegas
Sands
Corp.
(b)
.............
2,934,215
110,091,747
Marriott
International,
Inc.,
Class
A
.......
2,443,358
342,412,190
McDonald's
Corp.
..................
6,538,659
1,508,730,178
MGM
Resorts
International
(a)
...........
2,913,582
86,591,657
Norwegian
Cruise
Line
Holdings
Ltd.
(a)(b)
...
3,694,833
41,973,303
Royal
Caribbean
Cruises
Ltd.
(a)(b)
........
1,958,764
74,237,155
Starbucks
Corp.
....................
10,197,546
859,245,226
Wynn
Resorts
Ltd.
(a)(b)
................
904,978
57,040,763
Yum!
Brands,
Inc.
..................
2,520,932
268,075,909
5,080,673,978
Household
Durables
—
0.3%
DR
Horton,
Inc.
(a)
...................
2,807,966
189,116,510
Garmin
Ltd.
.......................
1,372,224
110,203,310
Lennar
Corp.,
Class
A
................
2,262,856
168,695,915
Mohawk
Industries,
Inc.
(a)(b)
............
456,436
41,622,399
Newell
Brands,
Inc.
.................
3,360,982
46,684,040
NVR,
Inc.
(b)
.......................
27,441
109,409,462
PulteGroup,
Inc.
(a)
..................
2,076,424
77,865,900
Whirlpool
Corp.
....................
493,504
66,529,274
810,126,810
Household
Products
—
1.4%
Church
&
Dwight
Co.,
Inc.
.............
2,169,772
155,008,512
Clorox
Co.
(The)
...................
1,091,105
140,086,971
Colgate-Palmolive
Co.
...............
7,413,242
520,780,250
Kimberly-Clark
Corp.
................
2,991,601
336,674,777
Procter
&
Gamble
Co.
(The)
...........
21,237,220
2,681,199,025
3,833,749,535
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Corp.
(The)
...................
5,945,606
134,370,696
Industrial
Conglomerates
—
0.8%
3M
Co.
..........................
4,921,533
543,829,397
General
Electric
Co.
(a)
................
9,756,733
604,039,340
Honeywell
International,
Inc.
...........
5,987,434
999,721,855
2,147,590,592
Insurance
—
2.2%
Aflac,
Inc.
........................
5,135,029
288,588,630
Allstate
Corp.
(The)
.................
2,391,735
297,842,760
American
International
Group,
Inc.
.......
6,735,451
319,799,214
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Core
S&P
500
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Aon
plc,
Class
A
(a)
..................
1,874,552
$
502,136,244
Arthur
J
Gallagher
&
Co.
(a)
.............
1,868,988
320,008,125
Assurant,
Inc.
.....................
480,082
69,741,512
Brown
&
Brown,
Inc.
(a)
................
2,062,284
124,726,936
Chubb
Ltd.
(a)
......................
3,711,791
675,100,547
Cincinnati
Financial
Corp.
.............
1,421,616
127,334,145
Everest
Re
Group
Ltd.
...............
346,864
91,030,988
Globe
Life,
Inc.
....................
786,744
78,438,377
Hartford
Financial
Services
Group,
Inc.
(The)
2,867,672
177,623,604
Lincoln
National
Corp.
...............
1,390,046
61,036,920
Loews
Corp.
(a)
.....................
1,785,822
89,005,369
Marsh
&
McLennan
Cos.,
Inc.
..........
4,434,994
662,100,254
MetLife,
Inc.
......................
5,938,637
360,950,357
Principal
Financial
Group,
Inc.
..........
2,045,923
147,613,344
Progressive
Corp.
(The)
..............
5,208,706
605,303,724
Prudential
Financial,
Inc.
(a)
.............
3,303,687
283,390,271
Travelers
Cos.,
Inc.
(The)
.............
2,101,217
321,906,444
Willis
Towers
Watson
plc
(a)
.............
974,583
195,832,708
WR
Berkley
Corp.
..................
1,824,009
117,794,501
5,917,304,974
Interactive
Media
&
Services
—
4.8%
(a)(b)
Alphabet,
Inc.,
Class
A
...............
53,289,501
5,097,140,770
Alphabet,
Inc.,
Class
C,
NVS
...........
47,653,098
4,581,845,373
Match
Group,
Inc.
..................
2,536,406
121,113,387
Meta
Platforms,
Inc.,
Class
A
...........
20,269,511
2,750,167,252
Twitter,
Inc.
.......................
6,004,039
263,217,070
12,813,483,852
Internet
&
Direct
Marketing
Retail
—
3.4%
Amazon.com,
Inc.
(a)(b)
................
78,771,487
8,901,178,031
eBay,
Inc.
........................
4,882,356
179,719,524
Etsy,
Inc.
(a)(b)
......................
1,112,714
111,416,053
9,192,313,608
IT
Services
—
4.4%
Accenture
plc,
Class
A
...............
5,621,775
1,446,482,707
Akamai
Technologies,
Inc.
(a)(b)
...........
1,408,827
113,156,985
Automatic
Data
Processing,
Inc.
(a)
........
3,692,921
835,301,801
Broadridge
Financial
Solutions,
Inc.
(a)
.....
1,037,085
149,672,107
Cognizant
Technology
Solutions
Corp.,
Class
A
4,600,233
264,237,383
DXC
Technology
Co.
(b)
...............
2,052,749
50,251,296
EPAM
Systems,
Inc.
(a)(b)
..............
512,594
185,656,421
Fidelity
National
Information
Services,
Inc.
(a)
.
5,414,119
409,144,973
Fiserv,
Inc.
(a)(b)
.....................
5,682,841
531,743,432
FleetCor
Technologies,
Inc.
(a)(b)
..........
669,862
118,009,589
Gartner,
Inc.
(a)(b)
....................
702,724
194,436,704
Global
Payments,
Inc.
(a)
..............
2,463,259
266,155,135
International
Business
Machines
Corp.
....
8,027,052
953,694,048
Jack
Henry
&
Associates,
Inc.
..........
651,234
118,700,421
Mastercard,
Inc.,
Class
A
..............
7,583,032
2,156,159,319
Paychex,
Inc.
.....................
2,837,547
318,401,149
PayPal
Holdings,
Inc.
(b)
...............
10,278,199
884,644,588
VeriSign,
Inc.
(a)(b)
...................
827,195
143,683,771
Visa,
Inc.,
Class
A
(a)
.................
14,531,189
2,581,465,726
11,720,997,555
Leisure
Products
—
0.0%
Hasbro,
Inc.
......................
1,150,701
77,580,261
Life
Sciences
Tools
&
Services
—
1.9%
Agilent
Technologies,
Inc.
.............
2,654,719
322,681,095
Bio-Rad
Laboratories,
Inc.,
Class
A
(b)
......
191,796
80,005,784
Bio-Techne
Corp.
(a)
..................
350,611
99,573,524
Charles
River
Laboratories
International,
Inc.
(a)
(b)
...........................
450,367
88,632,226
Danaher
Corp.
....................
5,818,653
1,502,899,883
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Illumina,
Inc.
(a)(b)
....................
1,400,133
$
267,131,375
IQVIA
Holdings,
Inc.
(a)(b)
...............
1,650,715
299,010,515
Mettler-Toledo
International,
Inc.
(a)(b)
......
200,712
217,595,893
PerkinElmer,
Inc.
(a)
..................
1,129,640
135,929,581
Thermo
Fisher
Scientific,
Inc.
...........
3,482,039
1,766,055,360
Waters
Corp.
(a)(b)
...................
528,502
142,447,144
West
Pharmaceutical
Services,
Inc.
(a)
.....
660,841
162,619,753
5,084,582,133
Machinery
—
1.6%
Caterpillar,
Inc.
....................
4,691,823
769,834,318
Cummins,
Inc.
.....................
1,252,488
254,893,833
Deere
&
Co.
......................
2,471,858
825,328,668
Dover
Corp.
......................
1,269,054
147,946,315
Fortive
Corp.
(a)
.....................
3,161,153
184,295,220
IDEX
Corp.
.......................
666,639
133,227,804
Illinois
Tool
Works,
Inc.
...............
2,504,058
452,358,078
Ingersoll
Rand,
Inc.
(a)
................
3,574,706
154,641,781
Nordson
Corp.
(a)
...................
477,114
101,276,989
Otis
Worldwide
Corp.
................
3,729,051
237,913,454
PACCAR,
Inc.
.....................
3,080,430
257,801,187
Parker-Hannifin
Corp.
................
1,135,843
275,226,117
Pentair
plc
.......................
1,423,161
57,823,031
Snap-on,
Inc.
.....................
463,534
93,332,571
Stanley
Black
&
Decker,
Inc.
...........
1,303,525
98,038,115
Westinghouse
Air
Brake
Technologies
Corp.
(a)
1,619,114
131,714,924
Xylem,
Inc.
(a)
......................
1,597,619
139,567,996
4,315,220,401
Media
—
0.7%
Charter
Communications,
Inc.,
Class
A
(a)(b)
..
981,495
297,736,508
Comcast
Corp.,
Class
A
..............
39,138,736
1,147,939,127
DISH
Network
Corp.,
Class
A
(a)(b)
........
2,180,455
30,155,693
Fox
Corp.,
Class
A,
NVS
..............
2,736,785
83,964,564
Fox
Corp.,
Class
B
(a)
.................
1,213,396
34,581,786
Interpublic
Group
of
Cos.,
Inc.
(The)
......
3,531,864
90,415,718
News
Corp.,
Class
A,
NVS
(a)
...........
3,384,455
51,139,115
News
Corp.,
Class
B
................
935,571
14,426,505
Omnicom
Group,
Inc.
................
1,808,588
114,103,817
Paramount
Global,
Class
B,
NVS
........
4,509,250
85,856,120
1,950,318,953
Metals
&
Mining
—
0.3%
Freeport-McMoRan,
Inc.
..............
12,670,449
346,283,371
Newmont
Corp.
....................
7,033,476
295,616,997
Nucor
Corp.
......................
2,326,589
248,921,757
890,822,125
Multiline
Retail
—
0.5%
Dollar
General
Corp.
................
2,016,435
483,662,099
Dollar
Tree,
Inc.
(a)(b)
.................
1,884,929
256,538,837
Target
Corp.
......................
4,121,066
611,524,984
1,351,725,920
Multi-Utilities
—
0.9%
Ameren
Corp.
.....................
2,282,499
183,855,294
CenterPoint
Energy,
Inc.
..............
5,648,197
159,166,192
CMS
Energy
Corp.
..................
2,556,875
148,912,400
Consolidated
Edison,
Inc.
.............
3,149,908
270,136,110
Dominion
Energy,
Inc.
................
7,398,278
511,294,993
DTE
Energy
Co.
(a)
..................
1,731,265
199,182,038
NiSource,
Inc.
.....................
3,596,959
90,607,397
Public
Service
Enterprise
Group,
Inc.
.....
4,425,772
248,861,160
Sempra
Energy
....................
2,789,568
418,267,826
WEC
Energy
Group,
Inc.
..............
2,795,179
249,972,858
2,480,256,268
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Core
S&P
500
ETF
Schedules
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
—
4.3%
APA
Corp.
.......................
2,915,856
$
99,693,117
Chevron
Corp.
.....................
16,004,992
2,299,437,201
ConocoPhillips
....................
11,314,071
1,157,882,026
Coterra
Energy,
Inc.
.................
7,070,678
184,686,109
Devon
Energy
Corp.
.................
5,847,248
351,595,022
Diamondback
Energy,
Inc.
.............
1,587,288
191,204,712
EOG
Resources,
Inc.
................
5,216,845
582,878,092
EQT
Corp.
.......................
3,287,756
133,976,057
Exxon
Mobil
Corp.
..................
37,039,899
3,233,953,582
Hess
Corp.
(a)
......................
2,488,309
271,200,798
Kinder
Morgan,
Inc.
.................
17,542,307
291,903,988
Marathon
Oil
Corp.
..................
6,050,679
136,624,332
Marathon
Petroleum
Corp.
............
4,423,337
439,370,064
Occidental
Petroleum
Corp.
(a)
...........
6,609,012
406,123,787
ONEOK,
Inc.
......................
3,964,357
203,133,653
Phillips
66
........................
4,264,730
344,249,006
Pioneer
Natural
Resources
Co.
.........
2,118,877
458,800,437
Valero
Energy
Corp.
(a)
................
3,491,922
373,111,866
Williams
Cos.,
Inc.
(The)
..............
10,849,138
310,610,821
11,470,434,670
Personal
Products
—
0.2%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
(a)
...
2,060,178
444,792,430
Pharmaceuticals
—
4.6%
Bristol-Myers
Squibb
Co.
..............
18,977,114
1,349,083,034
Catalent,
Inc.
(a)(b)
...................
1,587,348
114,860,501
Eli
Lilly
&
Co.
(a)
....................
7,009,114
2,266,397,012
Johnson
&
Johnson
.................
23,366,878
3,817,213,190
Merck
&
Co.,
Inc.
(a)
..................
22,514,556
1,938,953,563
Organon
&
Co.
....................
2,240,712
52,432,661
Pfizer,
Inc.
.......................
49,879,821
2,182,740,967
Viatris,
Inc.
.......................
10,818,005
92,169,402
Zoetis,
Inc.,
Class
A
(a)
................
4,158,585
616,676,570
12,430,526,900
Professional
Services
—
0.4%
CoStar
Group,
Inc.
(a)(b)
................
3,535,736
246,264,012
Equifax,
Inc.
(a)
.....................
1,086,191
186,205,723
Jacobs
Solutions,
Inc.
................
1,129,746
122,566,144
Leidos
Holdings,
Inc.
(a)
...............
1,211,488
105,968,855
Nielsen
Holdings
plc
(a)
................
3,192,587
88,498,512
Robert
Half
International,
Inc.
...........
993,160
75,976,740
Verisk
Analytics,
Inc.
(a)
...............
1,399,813
238,710,111
1,064,190,097
Real
Estate
Management
&
Development
—
0.1%
CBRE
Group,
Inc.,
Class
A
(a)(b)
..........
2,854,347
192,696,966
Road
&
Rail
—
0.9%
CSX
Corp.
(a)
......................
19,022,497
506,759,320
JB
Hunt
Transport
Services,
Inc.
(a)
.......
744,117
116,394,781
Norfolk
Southern
Corp.
...............
2,084,849
437,088,593
Old
Dominion
Freight
Line,
Inc.
(a)
........
813,867
202,465,694
Union
Pacific
Corp.
.................
5,550,055
1,081,261,715
2,343,970,103
Semiconductors
&
Semiconductor
Equipment
—
4.8%
Advanced
Micro
Devices,
Inc.
(a)(b)
........
14,347,310
909,045,562
Analog
Devices,
Inc.
.................
4,619,769
643,718,612
Applied
Materials,
Inc.
(a)
..............
7,731,682
633,456,706
Broadcom,
Inc.
....................
3,588,944
1,593,527,025
Enphase
Energy,
Inc.
(a)(b)
..............
1,202,204
333,575,544
Intel
Corp.
.......................
36,492,092
940,401,211
KLA
Corp.
........................
1,257,293
380,494,581
Lam
Research
Corp.
................
1,215,870
445,008,420
Microchip
Technology,
Inc.
.............
4,927,604
300,731,672
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Micron
Technology,
Inc.
...............
9,794,287
$
490,693,779
Monolithic
Power
Systems,
Inc.
.........
391,007
142,091,944
NVIDIA
Corp.
(a)
....................
22,254,462
2,701,469,142
NXP
Semiconductors
NV
(a)
............
2,345,497
345,984,262
ON
Semiconductor
Corp.
(a)(b)
...........
3,845,689
239,701,795
Qorvo,
Inc.
(b)
......................
921,609
73,184,971
QUALCOMM,
Inc.
..................
9,980,674
1,127,616,548
Skyworks
Solutions,
Inc.
..............
1,419,704
121,058,160
SolarEdge
Technologies,
Inc.
(a)(b)
........
490,960
113,637,602
Teradyne,
Inc.
(a)
....................
1,384,958
104,079,594
Texas
Instruments,
Inc.
...............
8,120,604
1,256,907,087
12,896,384,217
Software
—
8.6%
Adobe,
Inc.
(a)(b)
.....................
4,159,364
1,144,656,973
ANSYS,
Inc.
(a)(b)
....................
772,583
171,281,651
Autodesk,
Inc.
(a)(b)
...................
1,926,548
359,879,167
Cadence
Design
Systems,
Inc.
(b)
........
2,434,023
397,792,379
Ceridian
HCM
Holding,
Inc.
(a)(b)
..........
1,366,755
76,374,269
Citrix
Systems,
Inc.
.................
1,102,057
114,503,722
Fortinet,
Inc.
(a)(b)
....................
5,786,634
284,297,329
Intuit,
Inc.
........................
2,507,001
971,011,627
Microsoft
Corp.
....................
66,282,099
15,437,100,857
NortonLifeLock,
Inc.
.................
5,287,150
106,483,201
Oracle
Corp.
......................
13,500,161
824,454,832
Paycom
Software,
Inc.
(a)(b)
.............
435,268
143,634,087
PTC,
Inc.
(a)(b)
......................
950,244
99,395,523
Roper
Technologies,
Inc.
(a)
.............
939,397
337,844,737
Salesforce,
Inc.
(a)(b)
..................
8,843,062
1,271,986,038
ServiceNow,
Inc.
(a)(b)
.................
1,795,263
677,909,262
Synopsys,
Inc.
(b)
...................
1,360,732
415,717,233
Tyler
Technologies,
Inc.
(a)(b)
............
370,466
128,736,935
22,963,059,822
Specialty
Retail
—
2.2%
Advance
Auto
Parts,
Inc.
..............
537,972
84,106,543
AutoZone,
Inc.
(a)(b)
..................
172,695
369,900,601
Bath
&
Body
Works,
Inc.
..............
2,038,656
66,460,186
Best
Buy
Co.,
Inc.
..................
1,794,969
113,693,336
CarMax,
Inc.
(a)(b)
....................
1,410,644
93,130,717
Home
Depot,
Inc.
(The)
..............
9,134,192
2,520,488,941
Lowe's
Cos.,
Inc.
...................
5,680,267
1,066,810,945
O'Reilly
Automotive,
Inc.
(a)(b)
............
565,262
397,577,028
Ross
Stores,
Inc.
(a)
..................
3,109,941
262,074,728
TJX
Cos.,
Inc.
(The)
.................
10,412,935
646,851,522
Tractor
Supply
Co.
..................
984,227
182,948,115
Ulta
Beauty,
Inc.
(a)(b)
.................
462,997
185,749,766
5,989,792,428
Technology
Hardware,
Storage
&
Peripherals
—
7.2%
Apple,
Inc.
(a)
......................
134,259,259
18,554,629,594
Hewlett
Packard
Enterprise
Co.
.........
11,545,265
138,312,274
HP,
Inc.
.........................
8,126,491
202,512,156
NetApp,
Inc.
......................
1,952,832
120,782,659
Seagate
Technology
Holdings
plc
........
1,719,686
91,538,886
Western
Digital
Corp.
(b)
...............
2,822,105
91,859,518
19,199,635,087
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
Nike,
Inc.,
Class
B
..................
11,230,755
933,500,355
Ralph
Lauren
Corp.,
Class
A
...........
378,315
32,130,293
Tapestry,
Inc.
......................
2,183,265
62,070,224
VF
Corp.
........................
2,894,157
86,564,236
1,114,265,108
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Core
S&P
500
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Tobacco
—
0.7%
Altria
Group,
Inc.
...................
16,004,839
$
646,275,399
Philip
Morris
International,
Inc.
..........
13,777,103
1,143,637,320
1,789,912,719
Trading
Companies
&
Distributors
—
0.2%
(a)
Fastenal
Co.
......................
5,082,922
234,017,729
United
Rentals,
Inc.
(b)
................
624,963
168,815,005
WW
Grainger,
Inc.
..................
404,298
197,778,539
600,611,273
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
(a)
........
1,610,008
209,558,641
Wireless
Telecommunication
Services
—
0.3%
T-Mobile
US,
Inc.
(a)(b)
.................
5,349,779
717,779,848
Total
Long-Term
Investments
—
99.9%
(Cost:
$282,730,272,569)
..........................
267,998,750,599
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
1.2%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(e)
............
2,806,864,260
$
2,807,706,319
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
413,992,123
413,992,123
Total
Short-Term
Securities
—
1.2%
(Cost:
$3,220,166,687)
...........................
3,221,698,442
Total
Investments
—
101.1%
(Cost:
$285,950,439,256
)
..........................
271,220,449,041
Liabilities
in
Excess
of
Other
Assets
—
(1.1)%
............
(2,882,276,366)
Net
Assets
—
100.0%
..............................
$
268,338,172,675
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Non-income
producing
security.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
1,352,577,512
$
1,453,956,841
(a)
$
—
$
82,989
$
1,088,977
$
2,807,706,319
2,806,864,260
$
3,073,834
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
533,120,000
—
(119,127,877)
(a)
—
—
413,992,123
413,992,123
3,759,750
—
BlackRock,
Inc.
............
944,757,890
153,686,580
(89,404,505)
22,794,701
(294,466,069)
737,368,597
1,339,988
12,142,889
—
$
22,877,690
$
(293,377,092)
$
3,959,067,039
$
18,976,473
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Core
S&P
500
ETF
Schedules
of
Investments
13
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
......................................................
2,533
12/16/22
$
456,130
$
(43,073,009)
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)
......
$
—
$
—
$
43,073,009
$
—
$
—
$
—
$
43,073,009
(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,
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
.......................
$
—
$
—
$
(127,755,639)
$
—
$
—
$
—
$
(127,755,639)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(85,906,051)
$
—
$
—
$
—
$
(85,906,051)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
599,720,200
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Core
S&P
500
ETF
14
Fair
Value
Hierarchy
as
of
Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
Aerospace
&
Defense
....................................
$
4,399,515,632
$
—
$
—
$
4,399,515,632
Air
Freight
&
Logistics
....................................
1,598,325,879
—
—
1,598,325,879
Airlines
..............................................
532,017,674
—
—
532,017,674
Auto
Components
......................................
256,600,682
—
—
256,600,682
Automobiles
..........................................
7,090,260,077
—
—
7,090,260,077
Banks
...............................................
9,930,813,608
—
—
9,930,813,608
Beverages
...........................................
5,019,317,035
—
—
5,019,317,035
Biotechnology
.........................................
5,991,610,041
—
—
5,991,610,041
Building
Products
.......................................
1,147,443,109
—
—
1,147,443,109
Capital
Markets
........................................
7,958,160,894
—
—
7,958,160,894
Chemicals
............................................
4,749,502,148
—
—
4,749,502,148
Commercial
Services
&
Supplies
.............................
1,355,115,242
—
—
1,355,115,242
Communications
Equipment
................................
2,204,415,027
—
—
2,204,415,027
Construction
&
Engineering
................................
163,075,761
—
—
163,075,761
Construction
Materials
....................................
363,257,016
—
—
363,257,016
Consumer
Finance
......................................
1,375,415,548
—
—
1,375,415,548
Containers
&
Packaging
..................................
718,141,670
—
—
718,141,670
Distributors
...........................................
409,315,135
—
—
409,315,135
Diversified
Financial
Services
...............................
4,283,118,022
—
—
4,283,118,022
Diversified
Telecommunication
Services
........................
2,449,847,222
—
—
2,449,847,222
Electric
Utilities
........................................
5,450,277,820
—
—
5,450,277,820
Electrical
Equipment
.....................................
1,412,884,145
—
—
1,412,884,145
Electronic
Equipment,
Instruments
&
Components
.................
1,686,791,587
—
—
1,686,791,587
Energy
Equipment
&
Services
..............................
839,358,752
—
—
839,358,752
Entertainment
.........................................
3,677,034,874
—
—
3,677,034,874
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
7,313,932,462
—
—
7,313,932,462
Food
&
Staples
Retailing
..................................
4,277,242,304
—
—
4,277,242,304
Food
Products
.........................................
3,054,992,603
—
—
3,054,992,603
Gas
Utilities
...........................................
125,498,653
—
—
125,498,653
Health
Care
Equipment
&
Supplies
...........................
7,193,169,718
—
—
7,193,169,718
Health
Care
Providers
&
Services
............................
9,743,572,289
—
—
9,743,572,289
Hotels,
Restaurants
&
Leisure
..............................
5,080,673,978
—
—
5,080,673,978
Household
Durables
.....................................
810,126,810
—
—
810,126,810
Household
Products
.....................................
3,833,749,535
—
—
3,833,749,535
Independent
Power
and
Renewable
Electricity
Producers
............
134,370,696
—
—
134,370,696
Industrial
Conglomerates
..................................
2,147,590,592
—
—
2,147,590,592
Insurance
............................................
5,917,304,974
—
—
5,917,304,974
Interactive
Media
&
Services
...............................
12,813,483,852
—
—
12,813,483,852
Internet
&
Direct
Marketing
Retail
............................
9,192,313,608
—
—
9,192,313,608
IT
Services
...........................................
11,720,997,555
—
—
11,720,997,555
Leisure
Products
.......................................
77,580,261
—
—
77,580,261
Life
Sciences
Tools
&
Services
..............................
5,084,582,133
—
—
5,084,582,133
Machinery
............................................
4,315,220,401
—
—
4,315,220,401
Media
...............................................
1,950,318,953
—
—
1,950,318,953
Metals
&
Mining
........................................
890,822,125
—
—
890,822,125
Multiline
Retail
.........................................
1,351,725,920
—
—
1,351,725,920
Multi-Utilities
..........................................
2,480,256,268
—
—
2,480,256,268
Oil,
Gas
&
Consumable
Fuels
...............................
11,470,434,670
—
—
11,470,434,670
Personal
Products
......................................
444,792,430
—
—
444,792,430
Pharmaceuticals
.......................................
12,430,526,900
—
—
12,430,526,900
Professional
Services
....................................
1,064,190,097
—
—
1,064,190,097
Real
Estate
Management
&
Development
.......................
192,696,966
—
—
192,696,966
Road
&
Rail
...........................................
2,343,970,103
—
—
2,343,970,103
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Core
S&P
500
ETF
Schedules
of
Investments
15
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Semiconductors
&
Semiconductor
Equipment
....................
$
12,896,384,217
$
—
$
—
$
12,896,384,217
Software
.............................................
22,848,556,100
114,503,722
—
22,963,059,822
Specialty
Retail
........................................
5,989,792,428
—
—
5,989,792,428
Technology
Hardware,
Storage
&
Peripherals
....................
19,199,635,087
—
—
19,199,635,087
Textiles,
Apparel
&
Luxury
Goods
............................
1,114,265,108
—
—
1,114,265,108
Tobacco
.............................................
1,789,912,719
—
—
1,789,912,719
Trading
Companies
&
Distributors
............................
600,611,273
—
—
600,611,273
Water
Utilities
.........................................
209,558,641
—
—
209,558,641
Wireless
Telecommunication
Services
.........................
717,779,848
—
—
717,779,848
Short-Term
Securities
Money
Market
Funds
......................................
3,221,698,442
—
—
3,221,698,442
$
271,105,945,319
$
114,503,722
$
—
$
271,220,449,041
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(43,073,009)
$
—
$
—
$
(43,073,009)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.6%
AAR
Corp.
(a)
......................
36,898
$
1,321,686
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
......
75,996
3,039,080
AeroVironment,
Inc.
(a)
................
21,737
1,811,996
Air
Industries
Group
(a)
................
9,273
6,120
Archer
Aviation,
Inc.,
Class
A
(a)(b)
.........
170,437
444,841
Astra
Space,
Inc.,
Class
A
(a)(b)
...........
160,239
97,906
Astrotech
Corp.
(a)
...................
1,452
643
Axon
Enterprise,
Inc.
(a)(b)
..............
78,234
9,055,586
Boeing
Co.
(The)
(a)(b)
.................
584,935
70,823,930
BWX
Technologies,
Inc.
..............
88,744
4,470,035
Byrna
Technologies,
Inc.
(a)(b)
............
36,191
170,098
Curtiss-Wright
Corp.
.................
38,490
5,356,268
Ducommun,
Inc.
(a)
..................
9,603
380,855
General
Dynamics
Corp.
..............
235,697
50,007,833
HEICO
Corp.
(b)
....................
44,052
6,342,607
HEICO
Corp.,
Class
A
................
76,324
8,748,257
Hexcel
Corp.
(b)
.....................
94,517
4,888,419
Howmet
Aerospace,
Inc.
..............
389,123
12,035,574
Huntington
Ingalls
Industries,
Inc.
........
39,852
8,827,218
Kaman
Corp.
.....................
28,189
787,319
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
.
130,675
1,327,658
L3Harris
Technologies,
Inc.
............
202,010
41,983,738
Lockheed
Martin
Corp.
...............
247,243
95,507,499
Maxar
Technologies,
Inc.
(b)
............
71,670
1,341,662
Mercury
Systems,
Inc.
(a)
..............
56,392
2,289,515
Momentus,
Inc.,
Class
A
(a)(b)
............
96,476
132,172
Moog,
Inc.,
Class
A
.................
27,061
1,903,741
National
Presto
Industries,
Inc.
..........
8,554
556,438
Northrop
Grumman
Corp.
.............
152,199
71,582,234
Parsons
Corp.
(a)
....................
40,194
1,575,605
Raytheon
Technologies
Corp.
..........
1,540,197
126,080,527
Rocket
Lab
USA,
Inc.
(a)(b)
..............
268,463
1,092,644
SIFCO
Industries,
Inc.
(a)
..............
614
1,885
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
(b)
.
111,308
2,439,871
Textron,
Inc.
(b)
.....................
224,692
13,090,556
TransDigm
Group,
Inc.
...............
54,652
28,682,463
Triumph
Group,
Inc.
(a)
................
88,237
757,956
V2X,
Inc.
(a)
.......................
9,620
340,548
Virgin
Galactic
Holdings,
Inc.
(a)(b)
.........
191,993
904,287
VirTra,
Inc.
(a)(b)
.....................
8,230
44,524
Woodward,
Inc.
....................
65,805
5,281,509
585,533,303
Air
Freight
&
Logistics
—
0.5%
Air
T,
Inc.
(a)(b)
......................
379
6,488
Air
Transport
Services
Group,
Inc.
(a)
......
59,074
1,423,093
Atlas
Air
Worldwide
Holdings,
Inc.
(a)(b)
.....
27,824
2,659,140
CH
Robinson
Worldwide,
Inc.
..........
132,835
12,793,339
Expeditors
International
of
Washington,
Inc.
.
173,328
15,306,596
FedEx
Corp.
......................
248,541
36,900,882
Forward
Air
Corp.
..................
28,973
2,615,103
GXO
Logistics,
Inc.
(a)
................
126,275
4,427,202
Hub
Group,
Inc.,
Class
A
(a)
.............
36,534
2,520,115
United
Parcel
Service,
Inc.,
Class
B
......
766,865
123,879,372
202,531,330
Airlines
—
0.2%
Alaska
Air
Group,
Inc.
(a)
...............
131,951
5,165,882
Allegiant
Travel
Co.
(a)
................
17,186
1,254,234
American
Airlines
Group,
Inc.
(a)(b)
........
677,875
8,161,615
Blade
Air
Mobility,
Inc.,
Class
A
(a)(b)
.......
81,931
330,182
Delta
Air
Lines,
Inc.
(a)(b)
...............
649,720
18,231,143
Frontier
Group
Holdings,
Inc.
(a)
..........
48,823
473,583
Hawaiian
Holdings,
Inc.
(a)(b)
............
56,799
746,907
Security
Shares
Shares
Value
Airlines
(continued)
JetBlue
Airways
Corp.
(a)(b)
.............
318,244
$
2,109,958
Joby
Aviation,
Inc.,
Class
A
(a)(b)
..........
275,824
1,194,318
SkyWest,
Inc.
(a)
....................
57,137
929,048
Southwest
Airlines
Co.
(a)
..............
624,217
19,250,852
Spirit
Airlines,
Inc.
..................
114,485
2,154,608
Sun
Country
Airlines
Holdings,
Inc.
(a)
......
24,921
339,175
United
Airlines
Holdings,
Inc.
(a)
..........
335,587
10,916,645
Wheels
Up
Experience,
Inc.,
Class
A
(a)(b)
...
183,237
210,722
71,468,872
Auto
Components
—
0.2%
Adient
plc
(a)
.......................
88,829
2,465,005
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
112,049
765,295
Aptiv
plc
(a)(b)
.......................
283,821
22,197,640
Autoliv,
Inc.
.......................
85,623
5,705,060
BorgWarner,
Inc.
(b)
..................
261,374
8,207,144
Cooper-Standard
Holdings,
Inc.
(a)(b)
.......
16,590
96,886
Dana,
Inc.
........................
158,011
1,806,066
Dorman
Products,
Inc.
(a)
..............
28,699
2,356,762
Fox
Factory
Holding
Corp.
(a)
............
46,864
3,706,005
Gentex
Corp.
.....................
234,697
5,595,176
Gentherm,
Inc.
(a)
...................
30,564
1,519,948
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
......
307,806
3,105,763
Holley,
Inc.
(a)(b)
.....................
76,059
308,039
Horizon
Global
Corp.
(a)(b)
..............
48,457
59,602
LCI
Industries
.....................
27,882
2,828,908
Lear
Corp.
.......................
63,827
7,639,454
Luminar
Technologies,
Inc.,
Class
A
(a)(b)
....
199,583
1,453,962
Modine
Manufacturing
Co.
(a)
...........
74,488
963,875
Motorcar
Parts
of
America,
Inc.
(a)(b)
.......
36,588
556,869
Patrick
Industries,
Inc.
...............
27,075
1,186,968
QuantumScape
Corp.,
Class
A
(a)(b)
.......
277,371
2,332,690
Solid
Power,
Inc.,
Class
A
(a)(b)
...........
114,802
603,858
Standard
Motor
Products,
Inc.
..........
26,261
853,482
Stoneridge,
Inc.
(a)(b)
..................
28,101
476,312
Superior
Industries
International,
Inc.
(a)
....
74,416
224,736
Tenneco,
Inc.,
Class
A
(a)(b)
.............
87,371
1,519,382
Unique
Fabricating,
Inc.
(a)(b)
............
714
374
Visteon
Corp.
(a)
....................
27,439
2,910,180
XL
Fleet
Corp.,
Class
A
(a)
..............
97,434
86,716
XPEL,
Inc.
(a)(c)
.....................
15,804
1,018,410
82,550,567
Automobiles
—
2.3%
Arcimoto,
Inc.
(a)(b)
...................
36,101
49,819
Canoo,
Inc.,
Class
A
(a)(b)
..............
166,042
311,329
Faraday
Future
Intelligent
Electric,
Inc.
(a)(b)
..
684
435
Fisker,
Inc.,
Class
A
(a)(b)
...............
161,323
1,217,989
Ford
Motor
Co.
....................
4,154,640
46,531,968
General
Motors
Co.
.................
1,531,380
49,141,984
Harley-Davidson,
Inc.
(b)
...............
137,677
4,802,174
Lordstown
Motors
Corp.,
Class
A
(a)(b)
......
257,906
471,968
Lucid
Group,
Inc.
(a)(b)
.................
631,191
8,817,738
Mullen
Automotive,
Inc.
(a)
..............
684
224
Rivian
Automotive,
Inc.,
Class
A
(a)(b)
.......
576,017
18,956,720
Tesla,
Inc.
(a)
.......................
2,781,513
737,796,323
Thor
Industries,
Inc.
.................
58,487
4,092,920
Winnebago
Industries,
Inc.
............
39,550
2,104,456
Workhorse
Group,
Inc.
(a)(b)
.............
135,910
390,062
874,686,109
Banks
—
4.1%
1st
Source
Corp.
...................
18,262
845,531
Affinity
Bancshares,
Inc.
(a)
.............
2,365
34,553
Allegiance
Bancshares,
Inc.
(b)
..........
16,019
666,871
Amerant
Bancorp,
Inc.,
Class
A
.........
30,452
756,428
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
American
National
Bankshares,
Inc.
......
19,829
$
633,537
Ameris
Bancorp
....................
45,805
2,047,942
Arrow
Financial
Corp.
................
12,476
359,558
Associated
Banc-Corp.
...............
156,852
3,149,588
Atlantic
Union
Bankshares
Corp.
........
79,415
2,412,628
Auburn
National
BanCorp,
Inc.
..........
595
13,697
Banc
of
California,
Inc.
...............
59,743
954,096
BancFirst
Corp.
....................
17,102
1,530,116
Bancorp,
Inc.
(The)
(a)
................
33,568
737,825
Bank
First
Corp.
...................
9,433
721,436
Bank
of
America
Corp.
...............
7,354,773
222,114,145
Bank
of
Hawaii
Corp.
................
58,342
4,440,993
Bank
of
Marin
Bancorp
...............
21,824
653,629
Bank
of
Princeton
(The)
..............
18,742
531,336
Bank
of
South
Carolina
Corp.
...........
960
15,706
Bank
of
the
James
Financial
Group,
Inc.
...
852
10,769
Bank
OZK
.......................
122,660
4,852,430
BankFinancial
Corp.
.................
8,588
81,242
BankUnited,
Inc.
...................
56,308
1,924,044
Bankwell
Financial
Group,
Inc.
..........
9,698
282,309
Banner
Corp.
.....................
19,279
1,139,003
Bar
Harbor
Bankshares
..............
18,152
481,391
BayCom
Corp.
....................
27,378
481,305
BCB
Bancorp,
Inc.
..................
11,894
200,176
Berkshire
Hills
Bancorp,
Inc.
...........
41,358
1,129,073
Blue
Ridge
Bankshares,
Inc.
...........
52,293
664,644
BOK
Financial
Corp.
.................
30,800
2,736,888
Brookline
Bancorp,
Inc.
...............
34,474
401,622
Business
First
Bancshares,
Inc.
.........
25,926
558,187
Byline
Bancorp,
Inc.
.................
29,985
607,196
C&F
Financial
Corp.
.................
15,384
823,044
Cadence
Bank
....................
126,467
3,213,526
Cambridge
Bancorp
.................
8,371
667,504
Camden
National
Corp.
..............
27,142
1,156,249
Capital
City
Bank
Group,
Inc.
...........
9,634
299,714
Capstar
Financial
Holdings,
Inc.
.........
37,872
701,768
Carter
Bankshares,
Inc.
(a)
.............
13,064
210,330
Cathay
General
Bancorp
..............
78,350
3,013,341
CB
Financial
Services,
Inc.
............
35,096
763,689
CBTX,
Inc.
.......................
18,854
551,479
Citigroup,
Inc.
.....................
2,030,790
84,623,019
Citizens
&
Northern
Corp.
.............
11,427
276,305
Citizens
Community
Bancorp,
Inc.
.......
799
9,724
Citizens
Financial
Group,
Inc.
..........
512,779
17,619,086
Citizens
Holding
Co.
.................
828
12,668
City
Holding
Co.
...................
12,074
1,070,843
Civista
Bancshares,
Inc.
..............
11,489
238,512
CNB
Financial
Corp.
.................
11,619
273,860
Coastal
Financial
Corp.
(a)(b)
............
10,745
427,006
Codorus
Valley
Bancorp,
Inc.
...........
11,960
225,326
Colony
Bankcorp,
Inc.
...............
69,017
899,291
Columbia
Banking
System,
Inc.
.........
54,505
1,574,649
Comerica,
Inc.
.....................
138,359
9,837,325
Commerce
Bancshares,
Inc.
...........
133,687
8,844,732
Community
Bank
System,
Inc.
..........
43,616
2,620,449
Community
Trust
Bancorp,
Inc.
.........
18,601
754,271
Community
West
Bancshares
..........
8,780
122,481
ConnectOne
Bancorp,
Inc.
............
35,759
824,603
CrossFirst
Bankshares,
Inc.
(a)
...........
73,626
960,819
Cullen/Frost
Bankers,
Inc.
.............
58,363
7,716,756
Customers
Bancorp,
Inc.
(a)
.............
20,514
604,753
CVB
Financial
Corp.
.................
110,929
2,808,722
Dime
Community
Bancshares,
Inc.
.......
44,239
1,295,318
Eagle
Bancorp
Montana,
Inc.
...........
45,539
865,241
Eagle
Bancorp,
Inc.
.................
22,012
986,578
Security
Shares
Shares
Value
Banks
(continued)
East
West
Bancorp,
Inc.
..............
150,337
$
10,093,626
Eastern
Bankshares,
Inc.
.............
223,949
4,398,358
Emclaire
Financial
Corp.
..............
23,351
823,123
Enterprise
Financial
Services
Corp.
......
38,843
1,710,646
Equity
Bancshares,
Inc.,
Class
A
........
10,668
316,093
Esquire
Financial
Holdings,
Inc.
.........
22,511
845,288
Evans
Bancorp,
Inc.
.................
23,877
875,092
Farmers
&
Merchants
Bancorp,
Inc.
......
20,704
556,316
Farmers
National
Banc
Corp.
...........
23,869
312,445
FB
Financial
Corp.
..................
36,204
1,383,355
Fidelity
D&D
Bancorp,
Inc.
.............
8,897
358,994
Fifth
Third
Bancorp
.................
733,739
23,450,298
Financial
Institutions,
Inc.
.............
12,882
310,070
First
Bancorp
.....................
19,222
703,141
First
BanCorp
.....................
133,225
1,822,518
First
Bancshares,
Inc.
(The)
(b)
..........
31,554
942,518
First
Busey
Corp.
...................
45,438
998,727
First
Business
Financial
Services,
Inc.
.....
10,303
332,890
First
Capital,
Inc.
...................
978
25,144
First
Citizens
BancShares,
Inc.,
Class
A
(b)
..
14,018
11,178,374
First
Commonwealth
Financial
Corp.
......
43,678
560,826
First
Community
Bankshares,
Inc.
.......
18,231
583,939
First
Financial
Bancorp
...............
65,509
1,380,930
First
Financial
Bankshares,
Inc.
.........
171,061
7,155,482
First
Financial
Corp.
.................
10,715
484,211
First
Foundation,
Inc.
................
66,492
1,206,165
First
Hawaiian,
Inc.
.................
139,548
3,437,067
First
Horizon
Corp.
..................
563,228
12,897,921
First
Internet
Bancorp
................
22,982
778,171
First
Interstate
BancSystem,
Inc.,
Class
A
..
86,136
3,475,588
First
Merchants
Corp.
................
55,271
2,137,882
First
Mid
Bancshares,
Inc.
.............
25,988
830,836
First
National
Corp.
.................
3,235
49,495
First
of
Long
Island
Corp.
(The)
.........
27,336
471,273
First
Republic
Bank
.................
193,686
25,285,707
First
Savings
Financial
Group,
Inc.
.......
32,346
743,311
First
US
Bancshares,
Inc.
.............
8,698
69,236
First
Western
Financial,
Inc.
(a)(b)
.........
26,354
649,626
Flushing
Financial
Corp.
..............
28,221
546,641
FNB
Corp.
.......................
321,156
3,725,410
Franklin
Financial
Services
Corp.
........
27,374
863,923
Fulton
Financial
Corp.
................
175,291
2,769,598
German
American
Bancorp,
Inc.
.........
40,824
1,457,825
Glacier
Bancorp,
Inc.
................
114,690
5,634,720
Glen
Burnie
Bancorp
................
598
5,651
Great
Southern
Bancorp,
Inc.
...........
9,491
541,651
Hancock
Whitney
Corp.
..............
86,164
3,947,173
HarborOne
Bancorp,
Inc.
.............
68,519
919,525
Hawthorn
Bancshares,
Inc.
............
9,974
218,032
Heartland
Financial
USA,
Inc.
..........
47,494
2,059,340
Heritage
Commerce
Corp.
.............
76,375
866,092
Heritage
Financial
Corp.
..............
21,867
578,819
Hilltop
Holdings,
Inc.
.................
45,998
1,143,050
Home
BancShares,
Inc.
..............
197,801
4,452,500
HomeTrust
Bancshares,
Inc.
...........
18,588
410,795
Hope
Bancorp,
Inc.
.................
84,149
1,063,643
Horizon
Bancorp,
Inc.
................
73,060
1,312,158
Huntington
Bancshares,
Inc.
...........
1,549,140
20,417,665
Independent
Bank
Corp.
..............
58,174
3,098,344
Independent
Bank
Group,
Inc.
..........
27,407
1,682,516
International
Bancshares
Corp.
.........
55,460
2,357,050
John
Marshall
Bancorp,
Inc.
(b)
..........
25,826
634,287
JPMorgan
Chase
&
Co.
..............
3,063,833
320,170,548
KeyCorp
.........................
979,149
15,685,967
Lakeland
Bancorp,
Inc.
...............
52,470
840,045
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Lakeland
Financial
Corp.
(b)
............
24,660
$
1,795,495
Landmark
Bancorp,
Inc.
..............
861
22,016
Limestone
Bancorp,
Inc.
..............
457
8,966
Live
Oak
Bancshares,
Inc.
(b)
............
37,581
1,149,979
M&T
Bank
Corp.
...................
183,991
32,441,293
Macatawa
Bank
Corp.
...............
31,230
289,190
Malvern
Bancorp,
Inc.
(a)(b)
.............
8,747
125,694
Mercantile
Bank
Corp.
...............
18,298
543,634
Meridian
Corp.
(b)
...................
28,242
823,819
Metropolitan
Bank
Holding
Corp.
(a)(b)
......
8,318
535,346
Midland
States
Bancorp,
Inc.
...........
25,962
611,924
MidWestOne
Financial
Group,
Inc.
.......
10,326
281,797
MVB
Financial
Corp.
................
10,534
293,161
National
Bank
Holdings
Corp.,
Class
A
....
22,464
830,943
National
Bankshares,
Inc.
.............
10,068
339,896
NBT
Bancorp,
Inc.
..................
36,179
1,372,993
Nicolet
Bankshares,
Inc.
(a)(b)
............
11,758
828,234
Northeast
Bank
....................
22,758
834,536
Northrim
BanCorp,
Inc.
...............
9,659
401,428
Northwest
Bancshares,
Inc.
............
93,733
1,266,333
Norwood
Financial
Corp.
..............
29,636
787,725
Oak
Valley
Bancorp
.................
8,750
156,362
OceanFirst
Financial
Corp.
............
57,812
1,077,616
OFG
Bancorp
.....................
34,848
875,730
Ohio
Valley
Banc
Corp.
...............
30,331
843,808
Old
National
Bancorp
................
305,768
5,035,999
Old
Point
Financial
Corp.
.............
29,496
817,924
Old
Second
Bancorp,
Inc.
.............
31,113
406,025
Origin
Bancorp,
Inc.
.................
37,490
1,442,240
Orrstown
Financial
Services,
Inc.
........
12,476
298,426
Pacific
Premier
Bancorp,
Inc.
...........
80,724
2,499,215
PacWest
Bancorp
..................
141,388
3,195,369
Park
National
Corp.
.................
11,990
1,492,515
Pathfinder
Bancorp,
Inc.
(b)
.............
713
14,502
Pathward
Financial,
Inc.
..............
27,664
911,805
Patriot
National
Bancorp,
Inc.
(a)
.........
59
621
PCB
Bancorp
.....................
40,279
727,842
PCSB
Financial
Corp.
(b)
..............
29,471
528,415
Peapack-Gladstone
Financial
Corp.
......
14,306
481,397
Penns
Woods
Bancorp,
Inc.
............
11,510
263,694
Peoples
Bancorp
of
North
Carolina,
Inc.
...
34,034
844,043
Peoples
Bancorp,
Inc.
...............
27,715
801,795
Peoples
Financial
Services
Corp.
........
8,799
412,145
Pinnacle
Financial
Partners,
Inc.
.........
83,953
6,808,588
Plumas
Bancorp
...................
8,587
243,613
PNC
Financial
Services
Group,
Inc.
(The)
..
439,983
65,742,260
Popular,
Inc.
......................
83,117
5,989,411
Premier
Financial
Corp.
..............
37,001
950,926
Primis
Financial
Corp.
................
20,775
252,001
Professional
Holding
Corp.,
Class
A
(a)
.....
36,143
937,549
Prosperity
Bancshares,
Inc.
............
97,392
6,494,099
QCR
Holdings,
Inc.
.................
25,202
1,283,790
RBB
Bancorp
.....................
28,565
593,581
Red
River
Bancshares,
Inc.
............
14,711
727,165
Regions
Financial
Corp.
..............
987,218
19,813,465
Renasant
Corp.
....................
43,757
1,368,719
Republic
First
Bancorp,
Inc.
(a)(b)
.........
32,532
92,066
S&T
Bancorp,
Inc.
..................
19,099
559,792
Salisbury
Bancorp,
Inc.
...............
32,615
781,455
Sandy
Spring
Bancorp,
Inc.
............
44,869
1,582,081
Seacoast
Banking
Corp.
of
Florida
(b)
......
56,925
1,720,843
ServisFirst
Bancshares,
Inc.
...........
50,294
4,023,520
Shore
Bancshares,
Inc.
...............
21,590
373,939
Signature
Bank
....................
68,519
10,346,369
Silvergate
Capital
Corp.,
Class
A
(a)(b)
......
40,372
3,042,030
Security
Shares
Shares
Value
Banks
(continued)
Simmons
First
National
Corp.,
Class
A
....
111,564
$
2,430,980
SmartFinancial,
Inc.
.................
10,169
251,276
Sound
Financial
Bancorp,
Inc.
..........
16,355
662,705
South
Plains
Financial,
Inc.
............
36,387
1,002,826
Southern
First
Bancshares,
Inc.
(a)
........
8,696
362,275
Southside
Bancshares,
Inc.
............
22,706
802,884
SouthState
Corp.
...................
78,487
6,209,891
Stock
Yards
Bancorp,
Inc.
.............
24,014
1,633,192
Summit
State
Bank
.................
954
13,843
SVB
Financial
Group
(a)
...............
62,745
21,068,516
Synovus
Financial
Corp.
..............
160,815
6,032,171
Texas
Capital
Bancshares,
Inc.
(a)
........
57,560
3,397,767
Tompkins
Financial
Corp.
.............
9,691
703,760
Towne
Bank
......................
80,677
2,164,564
TriCo
Bancshares
..................
37,473
1,673,169
Triumph
Bancorp,
Inc.
(a)(b)
.............
21,917
1,191,189
Truist
Financial
Corp.
................
1,409,648
61,376,074
Trustmark
Corp.
...................
60,524
1,853,850
UMB
Financial
Corp.
................
46,452
3,915,439
Umpqua
Holdings
Corp.
..............
228,484
3,904,792
Union
Bankshares,
Inc.
(b)
..............
808
18,277
United
Bancorp,
Inc.
.................
8,603
138,250
United
Bankshares,
Inc.
..............
134,744
4,817,098
United
Community
Banks,
Inc.
..........
95,674
3,166,809
Univest
Financial
Corp.
...............
25,620
601,558
US
Bancorp
......................
1,440,151
58,066,888
Valley
National
Bancorp
..............
449,872
4,858,618
Veritex
Holdings,
Inc.
................
32,479
863,617
Village
Bank
and
Trust
Financial
Corp.
....
113
5,095
Virginia
National
Bankshares
Corp.
.......
26,062
845,451
Washington
Federal,
Inc.
..............
96,111
2,881,408
Washington
Trust
Bancorp,
Inc.
.........
18,027
837,895
Webster
Financial
Corp.
..............
195,007
8,814,316
Wells
Fargo
&
Co.
..................
3,979,314
160,048,009
WesBanco,
Inc.
....................
66,339
2,213,732
Westamerica
BanCorp
...............
18,425
963,443
Western
Alliance
Bancorp
.............
111,589
7,335,861
Wintrust
Financial
Corp.
..............
57,438
4,684,069
Zions
Bancorp
NA
..................
162,287
8,253,917
1,528,605,151
Beverages
—
1.6%
Alkaline
Water
Co.,
Inc.
(The)
(a)(b)
........
199,833
67,344
Boston
Beer
Co.,
Inc.
(The),
Class
A,
NVS
(a)(b)
9,612
3,110,924
Brown-Forman
Corp.,
Class
A
..........
57,460
3,881,997
Brown-Forman
Corp.,
Class
B,
NVS
......
195,919
13,042,328
Celsius
Holdings,
Inc.
(a)(b)
..............
44,310
4,018,031
Coca-Cola
Co.
(The)
................
4,053,224
227,061,608
Coca-Cola
Consolidated,
Inc.
...........
5,460
2,248,046
Constellation
Brands,
Inc.,
Class
A
.......
167,784
38,536,629
Duckhorn
Portfolio,
Inc.
(The)
(a)
.........
38,010
548,484
Eastside
Distilling,
Inc.
(a)(b)
.............
8,819
2,443
Keurig
Dr
Pepper,
Inc.
...............
852,341
30,530,855
MGP
Ingredients,
Inc.
................
10,853
1,152,155
Molson
Coors
Beverage
Co.,
Class
B
.....
197,718
9,488,487
Monster
Beverage
Corp.
(a)
.............
400,071
34,790,174
National
Beverage
Corp.
..............
17,480
673,679
PepsiCo,
Inc.
.....................
1,428,914
233,284,500
Reed's,
Inc.
(a)(b)
....................
9,613
1,158
Willamette
Valley
Vineyards,
Inc.
(a)
.......
794
4,899
602,443,741
Biotechnology
—
2.8%
2seventy
bio,
Inc.
(a)
.................
31,581
459,504
4D
Molecular
Therapeutics,
Inc.
(a)
........
19,078
153,387
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
89bio,
Inc.
(a)(b)
.....................
11,493
$
66,544
Aadi
Bioscience,
Inc.
(a)(b)
..............
22,192
313,573
AbbVie,
Inc.
......................
1,841,327
247,124,497
Abeona
Therapeutics,
Inc.
(a)(b)
..........
1,142
3,472
ACADIA
Pharmaceuticals,
Inc.
(a)
.........
123,409
2,018,971
Achieve
Life
Sciences,
Inc.
(a)(b)
..........
154
508
Acorda
Therapeutics,
Inc.
(a)
............
8,055
2,408
Actinium
Pharmaceuticals,
Inc.
(a)
........
12,782
94,331
Adicet
Bio,
Inc.
(a)
...................
65,636
933,344
ADMA
Biologics,
Inc.
(a)
...............
155,849
378,713
Adverum
Biotechnologies,
Inc.
(a)
.........
114,958
109,210
Aeglea
BioTherapeutics,
Inc.
(a)
..........
34,872
18,343
Agenus,
Inc.
(a)
.....................
217,818
446,527
AgeX
Therapeutics,
Inc.
(a)(b)
............
7,841
4,404
Agios
Pharmaceuticals,
Inc.
(a)(b)
.........
57,259
1,619,285
AIkido
Pharma,
Inc.
(a)(b)
...............
2,453
16,779
AIM
ImmunoTech,
Inc.
(a)(b)
.............
9,497
5,527
Akebia
Therapeutics,
Inc.
(a)(b)
...........
238,604
75,447
Akero
Therapeutics,
Inc.
(a)(b)
............
31,483
1,071,996
Alaunos
Therapeutics,
Inc.
(a)(b)
..........
295,852
508,865
Albireo
Pharma,
Inc.
(a)(b)
..............
19,639
380,211
Aldeyra
Therapeutics,
Inc.
(a)
............
82,507
440,587
Alector,
Inc.
(a)(b)
....................
95,780
906,079
Alkermes
plc
(a)(b)
....................
162,874
3,636,976
Allakos,
Inc.
(a)
.....................
97,333
595,678
Allogene
Therapeutics,
Inc.
(a)(b)
..........
65,402
706,342
Allovir,
Inc.
(a)(b)
.....................
56,007
441,895
Alnylam
Pharmaceuticals,
Inc.
(a)(b)
........
125,613
25,142,698
Alpine
Immune
Sciences,
Inc.
(a)
.........
718
5,170
Altimmune,
Inc.
(a)
...................
53,132
678,496
ALX
Oncology
Holdings,
Inc.
(a)(b)
.........
35,983
344,357
Amgen,
Inc.
......................
557,820
125,732,628
Amicus
Therapeutics,
Inc.
(a)(b)
...........
286,321
2,989,191
AnaptysBio,
Inc.
(a)(b)
.................
25,895
660,581
Anavex
Life
Sciences
Corp.
(a)(b)
.........
111,835
1,154,137
Anika
Therapeutics,
Inc.
(a)
.............
18,067
429,995
Anixa
Biosciences,
Inc.
(a)(b)
.............
206,151
1,014,263
Annexon,
Inc.
(a)(b)
...................
41,694
257,669
Annovis
Bio,
Inc.
(a)(b)
.................
9,558
130,945
Apellis
Pharmaceuticals,
Inc.
(a)
..........
99,751
6,812,993
Applied
Genetic
Technologies
Corp.
(a)(b)
....
64,853
17,614
Applied
Molecular
Transport,
Inc.
(a)
.......
17,160
16,700
Applied
Therapeutics,
Inc.
(a)
............
10,065
9,361
Aprea
Therapeutics,
Inc.
(a)(b)
............
15,340
9,971
Aptevo
Therapeutics,
Inc.
(a)
............
1,033
3,140
Aptinyx,
Inc.
(a)
.....................
59,014
21,723
AquaBounty
Technologies,
Inc.
(a)(b)
.......
109,572
85,554
Aravive,
Inc.
(a)
.....................
1,635
1,336
ARCA
biopharma,
Inc.
(a)(b)
.............
48
99
Arcturus
Therapeutics
Holdings,
Inc.
(a)(b)
....
24,747
366,751
Arcus
Biosciences,
Inc.
(a)
..............
48,464
1,267,818
Arcutis
Biotherapeutics,
Inc.
(a)
..........
28,035
535,749
Ardelyx,
Inc.
(a)(b)
....................
103,566
123,244
Aridis
Pharmaceuticals,
Inc.
(a)(b)
.........
12,908
12,004
Armata
Pharmaceuticals,
Inc.
(a)(b)
........
5
21
Arrowhead
Pharmaceuticals,
Inc.
(a)
.......
106,888
3,532,648
Assembly
Biosciences,
Inc.
(a)(b)
..........
54,680
89,675
Astria
Therapeutics,
Inc.
(a)
.............
76
687
Atara
Biotherapeutics,
Inc.
(a)(b)
..........
97,226
367,514
Athenex,
Inc.
(a)
....................
93,777
25,264
Athersys,
Inc.
(a)(b)
...................
373,593
691,147
Atreca,
Inc.,
Class
A
(a)(b)
...............
49,484
77,690
aTyr
Pharma,
Inc.
(a)
.................
406
1,218
Avalo
Therapeutics,
Inc.
(a)(b)
............
5,069
16,829
AVEO
Pharmaceuticals,
Inc.
(a)
..........
27,733
228,243
Security
Shares
Shares
Value
Biotechnology
(continued)
Avid
Bioservices,
Inc.
(a)(b)
..............
79,124
$
1,512,851
Avidity
Biosciences,
Inc.
(a)(b)
............
63,081
1,030,113
Avita
Medical,
Inc.
(a)(b)
................
26,136
137,737
Avrobio,
Inc.
(a)(b)
....................
48,482
31,150
Beam
Therapeutics,
Inc.
(a)(b)
............
63,590
3,029,428
Bellicum
Pharmaceuticals,
Inc.
(a)(b)
.......
7,120
8,544
BioAtla,
Inc.
(a)(b)
....................
18,404
141,711
Biocept,
Inc.
(a)
.....................
189
174
BioCryst
Pharmaceuticals,
Inc.
(a)
.........
176,041
2,218,117
Biogen,
Inc.
(a)(b)
....................
154,364
41,215,188
Biohaven
Pharmaceutical
Holding
Co.
Ltd.
(a)
.
68,357
10,333,528
BioMarin
Pharmaceutical,
Inc.
(a)
.........
195,088
16,537,610
Bio-Path
Holdings,
Inc.
(a)(b)
.............
260
829
Bioxcel
Therapeutics,
Inc.
(a)(b)
...........
22,237
262,841
Black
Diamond
Therapeutics,
Inc.
(a)(b)
.....
20,921
35,356
Bluebird
Bio,
Inc.
(a)(b)
.................
78,877
499,291
Blueprint
Medicines
Corp.
(a)(b)
...........
67,293
4,433,936
Bolt
Biotherapeutics,
Inc.
(a)(b)
...........
26,283
38,899
BrainStorm
Cell
Therapeutics,
Inc.
(a)(b)
.....
18,977
83,878
Bridgebio
Pharma,
Inc.
(a)(b)
.............
116,896
1,161,946
Brooklyn
ImmunoTherapeutics,
Inc.
(a)(b)
....
19,263
4,756
C4
Therapeutics,
Inc.
(a)(b)
..............
40,437
354,632
Cabaletta
Bio,
Inc.
(a)(b)
................
7,898
5,134
Calithera
Biosciences,
Inc.
(a)
...........
5,588
16,429
Calyxt,
Inc.
(a)(b)
.....................
65,491
11,264
Capricor
Therapeutics,
Inc.
(a)(b)
..........
141,189
847,134
Cardiff
Oncology,
Inc.
(a)(b)
..............
39,306
60,531
CareDx,
Inc.
(a)(b)
....................
49,983
850,711
Caribou
Biosciences,
Inc.
(a)(b)
...........
35,286
372,267
CASI
Pharmaceuticals,
Inc.
(a)
...........
2,669
6,939
Catalyst
Biosciences,
Inc.
.............
8,024
4,044
Catalyst
Pharmaceuticals,
Inc.
(a)
.........
104,726
1,343,635
Celldex
Therapeutics,
Inc.
(a)(b)
...........
43,663
1,227,367
Cellectar
Biosciences,
Inc.
(a)
...........
5
17
CEL-SCI
Corp.
(a)(b)
..................
62,558
193,304
Cerevel
Therapeutics
Holdings,
Inc.
(a)(b)
....
53,818
1,520,897
Checkpoint
Therapeutics,
Inc.
(a)(b)
........
73,157
76,083
ChemoCentryx,
Inc.
(a)(b)
...............
73,909
3,818,139
Chimerix,
Inc.
(a)
....................
76,511
147,666
Chinook
Therapeutics,
Inc.
(a)
...........
47,109
926,163
Cidara
Therapeutics,
Inc.
(a)(b)
...........
9,992
6,275
Clovis
Oncology,
Inc.
(a)(b)
..............
114,446
136,191
Cogent
Biosciences,
Inc.
(a)
.............
93,902
1,401,018
Cohbar,
Inc.
(a)(c)
....................
6,458
18,598
Coherus
Biosciences,
Inc.
(a)(b)
...........
92,068
884,773
Concert
Pharmaceuticals,
Inc.
(a)(b)
........
138,815
930,061
ContraFect
Corp.
(a)(b)
.................
18,005
3,025
Corbus
Pharmaceuticals
Holdings,
Inc.
(a)(b)
..
194,876
32,155
Corvus
Pharmaceuticals,
Inc.
(a)(b)
........
8,966
7,339
Crinetics
Pharmaceuticals,
Inc.
(a)
........
46,112
905,640
CRISPR
Therapeutics
AG
(a)(b)
...........
85,900
5,613,565
CTI
BioPharma
Corp.
(a)
...............
95,629
556,561
Cue
Biopharma,
Inc.
(a)
...............
31,118
69,393
Cullinan
Oncology,
Inc.
(a)(b)
.............
23,416
300,193
Curis,
Inc.
(a)(b)
.....................
101,663
71,164
Cyclacel
Pharmaceuticals,
Inc.
(a)
.........
4,308
6,290
Cyclerion
Therapeutics,
Inc.
(a)(b)
.........
17,250
14,835
Cytokinetics,
Inc.
(a)(b)
.................
100,251
4,857,161
CytomX
Therapeutics,
Inc.
(a)(b)
..........
189,123
274,228
Day
One
Biopharmaceuticals,
Inc.
(a)
......
35,541
711,886
Deciphera
Pharmaceuticals,
Inc.
(a)(b)
......
40,888
756,428
Denali
Therapeutics,
Inc.
(a)(b)
...........
101,210
3,106,135
DermTech,
Inc.
(a)(b)
..................
38,536
152,603
DiaMedica
Therapeutics,
Inc.
(a)
..........
9,207
11,417
Dyadic
International,
Inc.
(a)(b)
...........
11,168
21,331
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Dynavax
Technologies
Corp.
(a)(b)
.........
85,657
$
894,259
Dyne
Therapeutics,
Inc.
(a)
.............
44,032
559,206
Eagle
Pharmaceuticals,
Inc.
(a)
..........
9,078
239,841
Editas
Medicine,
Inc.
(a)(b)
..............
73,202
895,992
Eiger
BioPharmaceuticals,
Inc.
(a)
.........
27,935
210,351
Eledon
Pharmaceuticals,
Inc.
(a)
..........
17
47
Emergent
BioSolutions,
Inc.
(a)
..........
46,801
982,353
Enanta
Pharmaceuticals,
Inc.
(a)
.........
16,735
868,044
EQRx,
Inc.
(a)(b)
.....................
233,430
1,155,478
Equillium,
Inc.
(a)(b)
...................
6,199
13,762
Erasca,
Inc.
(a)(b)
....................
138,086
1,077,071
Exact
Sciences
Corp.
(a)(b)
..............
178,175
5,788,906
Exagen,
Inc.
(a)(b)
....................
6,165
16,707
Exelixis,
Inc.
(a)
.....................
332,980
5,221,126
Exicure,
Inc.
(a)
.....................
7,445
11,689
Fate
Therapeutics,
Inc.
(a)
..............
87,619
1,963,542
FibroGen,
Inc.
(a)
....................
93,958
1,222,394
First
Wave
BioPharma,
Inc.
(a)(b)
..........
2,637
3,903
Forma
Therapeutics
Holdings,
Inc.
(a)
......
23,196
462,760
Forte
Biosciences,
Inc.
(a)(b)
.............
7,488
8,012
Fortress
Biotech,
Inc.
(a)(b)
..............
104,052
89,485
Frequency
Therapeutics,
Inc.
(a)
..........
39,541
70,778
Fresh
Tracks
Therapeutics,
Inc.
(a)(b)
.......
21
38
F-star
Therapeutics,
Inc.
(a)(b)
............
15,284
78,254
G1
Therapeutics,
Inc.
(a)(b)
..............
39,799
497,090
Galectin
Therapeutics,
Inc.
(a)(b)
..........
36,913
60,168
Galera
Therapeutics,
Inc.
(a)(b)
...........
12,055
20,976
Gemini
Therapeutics,
Inc.
(a)(b)
...........
48,665
79,811
Generation
Bio
Co.
(a)
................
60,401
320,729
Geron
Corp.
(a)(b)
....................
389,031
910,333
Gilead
Sciences,
Inc.
................
1,296,923
80,007,180
Global
Blood
Therapeutics,
Inc.
(a)
........
71,039
4,837,756
GlycoMimetics,
Inc.
(a)(b)
...............
45,209
24,942
Gossamer
Bio,
Inc.
(a)(b)
...............
74,857
896,787
GreenLight
Biosciences
Holdings
PBC
(a)(b)
..
91,466
212,201
Gritstone
bio,
Inc.
(a)(b)
................
75,354
193,660
Halozyme
Therapeutics,
Inc.
(a)
..........
150,693
5,958,401
Harpoon
Therapeutics,
Inc.
(a)
...........
29,053
28,184
Heron
Therapeutics,
Inc.
(a)(b)
............
100,479
424,021
Histogen,
Inc.
(a)
....................
67
90
Homology
Medicines,
Inc.
(a)(b)
...........
60,948
98,126
Hookipa
Pharma,
Inc.
(a)
...............
11,795
15,805
Horizon
Therapeutics
plc
(a)
............
242,653
15,017,794
Humanigen,
Inc.
(a)(b)
.................
112,334
20,220
iBio,
Inc.
(a)(b)
......................
3,354,379
571,251
Icosavax,
Inc.
(a)(b)
...................
24,606
77,755
Ideaya
Biosciences,
Inc.
(a)
.............
35,508
529,779
Idera
Pharmaceuticals,
Inc.
(a)
...........
11,088
4,152
IGM
Biosciences,
Inc.
(a)(b)
.............
11,794
268,196
ImmuCell
Corp.
(a)
...................
736
5,505
Immunic,
Inc.
(a)(b)
...................
11,909
37,632
ImmunityBio,
Inc.
(a)(b)
.................
70,376
349,769
ImmunoGen,
Inc.
(a)
..................
186,030
889,223
Immunovant,
Inc.
(a)(b)
.................
53,420
298,084
Imunon,
Inc.
(a)(b)
....................
8,859
14,883
Incyte
Corp.
(a)
.....................
199,754
13,311,607
Infinity
Pharmaceuticals,
Inc.
(a)(b)
.........
75,404
89,731
Inhibrx,
Inc.
(a)
.....................
26,808
481,204
Inmune
Bio,
Inc.
(a)(b)
.................
5,441
33,734
Inovio
Pharmaceuticals,
Inc.
(a)(b)
.........
254,903
439,708
Insmed,
Inc.
(a)(b)
....................
134,621
2,899,736
Intellia
Therapeutics,
Inc.
(a)(b)
...........
85,993
4,812,168
Intercept
Pharmaceuticals,
Inc.
(a)(b)
.......
31,100
433,845
Invivyd,
Inc.
(a)(b)
....................
208,269
651,882
Ionis
Pharmaceuticals,
Inc.
(a)(b)
..........
151,014
6,679,349
Security
Shares
Shares
Value
Biotechnology
(continued)
Iovance
Biotherapeutics,
Inc.
(a)(b)
.........
144,984
$
1,388,947
Ironwood
Pharmaceuticals,
Inc.,
Class
A
(a)
..
161,700
1,675,212
IsoRay,
Inc.
(a)(b)
....................
65,658
15,095
iTeos
Therapeutics,
Inc.
(a)
.............
34,690
660,845
IVERIC
bio,
Inc.
(a)
...................
115,134
2,065,504
Janux
Therapeutics,
Inc.
(a)(b)
............
30,691
415,556
Jounce
Therapeutics,
Inc.
(a)
............
23,247
54,398
KalVista
Pharmaceuticals,
Inc.
(a)
.........
22,411
325,184
Karuna
Therapeutics,
Inc.
(a)
............
30,210
6,795,135
Karyopharm
Therapeutics,
Inc.
(a)
........
84,822
463,128
Keros
Therapeutics,
Inc.
(a)
.............
15,280
574,834
Kezar
Life
Sciences,
Inc.
(a)(b)
...........
43,935
378,280
Kiniksa
Pharmaceuticals
Ltd.,
Class
A
(a)(b)
...
29,883
383,698
Kinnate
Biopharma,
Inc.
(a)(b)
............
22,758
271,958
Kodiak
Sciences,
Inc.
(a)(b)
..............
36,333
281,217
Kronos
Bio,
Inc.
(a)(b)
.................
65,500
219,425
Krystal
Biotech,
Inc.
(a)(b)
...............
22,613
1,576,126
Kura
Oncology,
Inc.
(a)
................
68,331
933,401
Kymera
Therapeutics,
Inc.
(a)(b)
..........
36,723
799,460
Larimar
Therapeutics,
Inc.
(a)
............
1,212
3,878
Lexicon
Pharmaceuticals,
Inc.
(a)
.........
354,292
850,301
Ligand
Pharmaceuticals,
Inc.
(a)
..........
19,359
1,667,003
Lineage
Cell
Therapeutics,
Inc.
(a)(b)
.......
112,443
127,061
Lisata
Therapeutics,
Inc.
(a)(b)
............
556
2,574
LogicBio
Therapeutics,
Inc.
(a)
...........
18,884
5,146
Lumos
Pharma,
Inc.
(a)
................
2,356
20,851
Lyell
Immunopharma,
Inc.
(a)(b)
...........
106,590
781,305
MacroGenics,
Inc.
(a)
.................
68,603
237,366
Madrigal
Pharmaceuticals,
Inc.
(a)
........
15,871
1,031,456
Magenta
Therapeutics,
Inc.
(a)(b)
..........
20,438
28,818
MannKind
Corp.
(a)
..................
301,715
932,299
Marker
Therapeutics,
Inc.
(a)
............
110,758
40,848
Matinas
BioPharma
Holdings,
Inc.
(a)(b)
.....
253,421
161,176
MediciNova,
Inc.
(a)(b)
.................
30,917
67,090
MEI
Pharma,
Inc.
(a)(b)
................
198,972
76,923
Merrimack
Pharmaceuticals,
Inc.
(a)(b)
......
10,291
38,591
Mersana
Therapeutics,
Inc.
(a)
...........
82,591
558,315
MiMedx
Group,
Inc.
(a)(b)
...............
86,962
249,581
Minerva
Neurosciences,
Inc.
(a)(b)
.........
2,258
20,841
Mirati
Therapeutics,
Inc.
(a)(b)
............
54,631
3,815,429
Mirum
Pharmaceuticals,
Inc.
(a)(b)
.........
52,469
1,102,374
Moderna,
Inc.
(a)
....................
352,764
41,714,343
Molecular
Templates,
Inc.
(a)
............
63,459
47,575
Moleculin
Biotech,
Inc.
(a)
..............
7,570
8,024
Monte
Rosa
Therapeutics,
Inc.
(a)(b)
.......
29,595
241,791
Morphic
Holding,
Inc.
(a)
...............
27,633
782,014
Mustang
Bio,
Inc.
(a)(b)
................
103,654
48,655
Myovant
Sciences
Ltd.
(a)(b)
.............
41,214
740,203
Myriad
Genetics,
Inc.
(a)
...............
77,029
1,469,713
NanoViricides,
Inc.
(a)
.................
1,651
2,856
Natera,
Inc.
(a)
.....................
104,240
4,567,797
Navidea
Biopharmaceuticals,
Inc.
(a)
.......
7,852
1,987
Neoleukin
Therapeutics,
Inc.
(a)(b)
.........
53,199
34,047
NeuBase
Therapeutics,
Inc.
(a)(b)
.........
7,408
2,926
Neurocrine
Biosciences,
Inc.
(a)
..........
103,158
10,956,411
NextCure,
Inc.
(a)(b)
...................
20,479
56,317
NightHawk
Biosciences,
Inc.
(a)(b)
.........
12,604
21,805
Nkarta,
Inc.
(a)(b)
....................
32,583
428,792
Novavax,
Inc.
(a)(b)
...................
77,182
1,404,712
Nurix
Therapeutics,
Inc.
(a)
.............
46,382
604,357
Nuvalent,
Inc.,
Class
A
(a)(b)
.............
25,689
499,394
Ocugen,
Inc.
(a)(b)
....................
180,557
321,391
Olema
Pharmaceuticals,
Inc.
(a)
..........
40,673
112,257
OncoSec
Medical,
Inc.
(a)(b)
.............
1,207
589
Oncternal
Therapeutics,
Inc.
(a)(b)
.........
97,233
86,693
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
OpGen,
Inc.
(a)
.....................
1
$
—
Oragenics,
Inc.
(a)(b)
..................
62,199
14,119
Organogenesis
Holdings,
Inc.,
Class
A
(a)
...
64,457
208,841
Organovo
Holdings,
Inc.
(a)(b)
............
5,337
10,941
Orgenesis,
Inc.
(a)(b)
..................
12,155
17,260
ORIC
Pharmaceuticals,
Inc.
(a)
..........
308,905
988,496
Ovid
therapeutics,
Inc.
(a)(b)
.............
37,266
68,569
Oyster
Point
Pharma,
Inc.
(a)(b)
...........
6,541
36,760
Palatin
Technologies,
Inc.
(a)(b)
...........
131,195
776,674
Passage
Bio,
Inc.
(a)
.................
25,912
32,390
PDL
BioPharma,
Inc.
(a)(d)
..............
135,868
119,836
PDS
Biotechnology
Corp.
(a)(b)
...........
15,680
46,570
PhaseBio
Pharmaceuticals,
Inc.
(a)(b)
.......
48,353
8,510
Phio
Pharmaceuticals
Corp.
(a)
..........
7
4
Pieris
Pharmaceuticals,
Inc.
(a)(b)
.........
114,316
131,463
Plus
Therapeutics,
Inc.
(a)
..............
9
4
PMV
Pharmaceuticals,
Inc.
(a)(b)
..........
46,438
552,612
Point
Biopharma
Global,
Inc.
(a)(b)
.........
100,478
776,695
PolarityTE,
Inc.
(a)(b)
..................
1,977
1,720
Praxis
Precision
Medicines,
Inc.
(a)
........
363,913
826,083
Precigen,
Inc.
(a)
....................
112,182
237,826
Precision
BioSciences,
Inc.
(a)
...........
84,336
109,637
Prelude
Therapeutics,
Inc.
(a)
............
12,992
85,877
Prometheus
Biosciences,
Inc.
(a)
.........
29,388
1,734,186
Protagonist
Therapeutics,
Inc.
(a)
.........
51,692
435,764
Protara
Therapeutics,
Inc.
(a)
............
3,853
11,405
Prothena
Corp.
plc
(a)
.................
42,989
2,606,423
PTC
Therapeutics,
Inc.
(a)(b)
.............
77,701
3,900,590
Puma
Biotechnology,
Inc.
(a)
............
31,669
75,056
Qualigen
Therapeutics,
Inc.
(a)
...........
578
154
Quince
Therapeutics,
Inc.
(a)(b)
...........
28,744
38,230
RAPT
Therapeutics,
Inc.
(a)
.............
31,887
767,201
Recursion
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
111,891
1,190,520
Regeneron
Pharmaceuticals,
Inc.
(a)
.......
112,832
77,726,580
REGENXBIO,
Inc.
(a)
.................
54,453
1,439,193
Regulus
Therapeutics,
Inc.
(a)(b)
..........
45,041
76,570
Relay
Therapeutics,
Inc.
(a)(b)
............
95,978
2,147,028
Replimune
Group,
Inc.
(a)
..............
30,155
520,777
REVOLUTION
Medicines,
Inc.
(a)
.........
81,012
1,597,557
Rhythm
Pharmaceuticals,
Inc.
(a)(b)
........
39,954
978,873
Rigel
Pharmaceuticals,
Inc.
(a)
...........
217,467
256,611
Rocket
Pharmaceuticals,
Inc.
(a)(b)
........
41,679
665,197
Roivant
Sciences
Ltd.
(a)(b)
.............
192,131
618,662
Rubius
Therapeutics,
Inc.
(a)(b)
...........
74,297
32,230
Sage
Therapeutics,
Inc.
(a)
.............
54,541
2,135,826
Salarius
Pharmaceuticals,
Inc.
(a)
.........
802
156
Sana
Biotechnology,
Inc.
(a)(b)
...........
85,794
514,764
Sangamo
Therapeutics,
Inc.
(a)
..........
118,852
582,375
Sarepta
Therapeutics,
Inc.
(a)
...........
96,120
10,625,105
Savara,
Inc.
(a)(b)
....................
30,392
47,108
Scholar
Rock
Holding
Corp.
(a)(b)
.........
29,559
204,844
Seagen,
Inc.
(a)
.....................
145,474
19,905,207
Selecta
Biosciences,
Inc.
(a)(b)
...........
225,749
370,228
SELLAS
Life
Sciences
Group,
Inc.
(a)
......
2
4
Seres
Therapeutics,
Inc.
(a)(b)
............
58,908
378,189
Sesen
Bio,
Inc.
(a)(b)
..................
175,333
74,517
Shattuck
Labs,
Inc.
(a)
................
21,194
57,224
Silverback
Therapeutics,
Inc.
(a)(b)
.........
23,122
122,084
Soleno
Therapeutics,
Inc.
(a)
............
39
65
Solid
Biosciences,
Inc.
(a)
..............
66,282
30,927
Soligenix,
Inc.
(a)(b)
...................
17,514
7,648
Sonnet
BioTherapeutics
Holdings,
Inc.
(a)(b)
..
2
3
Sorrento
Therapeutics,
Inc.
(a)(b)
..........
363,663
570,951
Spectrum
Pharmaceuticals,
Inc.
(a)(b)
.......
150,444
64,691
Spero
Therapeutics,
Inc.
(a)(b)
............
38,586
77,172
Security
Shares
Shares
Value
Biotechnology
(continued)
SpringWorks
Therapeutics,
Inc.
(a)
........
25,685
$
732,793
Statera
Biopharma,
Inc.
(a)
.............
110,373
14,326
Stoke
Therapeutics,
Inc.
(a)
.............
23,409
300,572
Sutro
Biopharma,
Inc.
(a)
...............
73,749
409,307
Syndax
Pharmaceuticals,
Inc.
(a)
.........
49,590
1,191,648
Synlogic,
Inc.
(a)
....................
3,734
3,547
Synthetic
Biologics,
Inc.
(a)(b)
............
109
107
Syros
Pharmaceuticals,
Inc.
(a)(b)
.........
21,529
138,647
T2
Biosystems,
Inc.
(a)(b)
...............
75,320
8,511
Tango
Therapeutics,
Inc.
(a)(b)
............
66,319
240,075
Taysha
Gene
Therapies,
Inc.
(a)
..........
46,264
89,290
TCR2
Therapeutics,
Inc.
(a)(b)
............
37,346
67,223
Tempest
Therapeutics,
Inc.
(a)
...........
88
153
Tenax
Therapeutics,
Inc.
(a)
.............
627
107
TG
Therapeutics,
Inc.
(a)
...............
153,469
908,536
Tonix
Pharmaceuticals
Holding
Corp.
(a)(b)
...
40,267
21,511
Tracon
Pharmaceuticals,
Inc.
(a)
..........
6,755
11,281
Travere
Therapeutics,
Inc.
(a)
............
65,841
1,622,322
Trevena,
Inc.
(a)(b)
...................
105,747
16,200
Twist
Bioscience
Corp.
(a)(b)
.............
54,762
1,929,813
Ultragenyx
Pharmaceutical,
Inc.
(a)(b)
.......
66,955
2,772,607
uniQure
NV
(a)(b)
....................
39,170
734,829
United
Therapeutics
Corp.
(a)
............
46,586
9,754,177
Vaccinex,
Inc.
(a)(b)
...................
2,566
1,270
Vanda
Pharmaceuticals,
Inc.
(a)
..........
67,005
662,009
Vaxart,
Inc.
(a)(b)
.....................
123,669
269,598
Vaxcyte,
Inc.
(a)
.....................
59,917
1,438,008
VBI
Vaccines,
Inc.
(a)
.................
311,911
220,147
Veracyte,
Inc.
(a)
....................
78,521
1,303,449
Verastem,
Inc.
(a)(b)
...................
128,871
109,540
Vericel
Corp.
(a)
.....................
47,266
1,096,571
Vertex
Pharmaceuticals,
Inc.
(a)
..........
267,737
77,520,571
Verve
Therapeutics,
Inc.
(a)
.............
44,175
1,517,411
Viking
Therapeutics,
Inc.
(a)(b)
............
85,116
231,516
Vir
Biotechnology,
Inc.
(a)
..............
86,583
1,669,320
Viracta
Therapeutics,
Inc.
(a)
............
154,584
660,074
Viridian
Therapeutics,
Inc.
(a)
............
46,831
960,504
VistaGen
Therapeutics,
Inc.
(a)
...........
188,199
28,625
Vor
BioPharma,
Inc.
(a)(b)
...............
22,256
88,579
Voyager
Therapeutics,
Inc.
(a)(b)
..........
29,364
173,835
vTv
Therapeutics,
Inc.,
Class
A
(a)(b)
.......
9,169
8,894
Vyant
Bio,
Inc.
(a)
....................
257
143
X4
Pharmaceuticals,
Inc.
(a)(b)
...........
5,710
9,764
XBiotech,
Inc.
(a)
....................
9,128
33,043
Xencor,
Inc.
(a)
.....................
59,294
1,540,458
Yield10
Bioscience,
Inc.
(a)(b)
............
7
21
Y-mAbs
Therapeutics,
Inc.
(a)
............
31,011
447,179
Yumanity
Therapeutics,
Inc.
(a)(b)
.........
330
518
Zentalis
Pharmaceuticals,
Inc.
(a)(b)
........
37,474
811,687
1,059,734,871
Building
Products
—
0.6%
AAON,
Inc.
.......................
39,596
2,133,432
Advanced
Drainage
Systems,
Inc.
.......
65,056
8,091,015
Allegion
plc
.......................
87,785
7,872,559
American
Woodmark
Corp.
(a)
...........
18,418
807,813
AO
Smith
Corp.
....................
138,454
6,726,095
Apogee
Enterprises,
Inc.
..............
27,034
1,033,239
Armstrong
World
Industries,
Inc.
.........
46,261
3,665,259
AZEK
Co.,
Inc.
(The),
Class
A
(a)(b)
........
115,483
1,919,327
Builders
FirstSource,
Inc.
(a)
............
165,466
9,749,257
Carlisle
Cos.,
Inc.
..................
52,351
14,679,744
Carrier
Global
Corp.
.................
879,976
31,291,947
CSW
Industrials,
Inc.
................
18,817
2,254,277
Fortune
Brands
Home
&
Security,
Inc.
.....
140,662
7,552,143
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Building
Products
(continued)
Gibraltar
Industries,
Inc.
(a)
.............
38,915
$
1,592,791
Griffon
Corp.
......................
46,502
1,372,739
Hayward
Holdings,
Inc.
(a)(b)
.............
44,101
391,176
Insteel
Industries,
Inc.
................
28,775
763,401
Janus
International
Group,
Inc.
(a)(b)
.......
68,690
612,715
JELD-WEN
Holding,
Inc.
(a)
.............
84,704
741,160
Jewett-Cameron
Trading
Co.
Ltd.
(a)
.......
566
3,000
Johnson
Controls
International
plc
.......
721,821
35,528,030
Lennox
International,
Inc.
.............
36,138
8,046,848
Masco
Corp.
......................
238,635
11,141,868
Masonite
International
Corp.
(a)(b)
.........
28,532
2,034,046
Owens
Corning
....................
102,692
8,072,618
PGT
Innovations,
Inc.
(a)
...............
77,079
1,615,576
Quanex
Building
Products
Corp.
.........
37,031
672,483
Resideo
Technologies,
Inc.
(a)
...........
149,062
2,841,122
Simpson
Manufacturing
Co.,
Inc.
........
47,088
3,691,699
Tecnoglass,
Inc.
....................
39,312
825,159
Trane
Technologies
plc
(b)
..............
245,983
35,620,798
Trex
Co.,
Inc.
(a)(b)
...................
120,187
5,281,017
UFP
Industries,
Inc.
.................
67,437
4,866,254
View,
Inc.,
Class
A
(a)(b)
................
96,178
128,879
Zurn
Elkay
Water
Solutions
Corp.
........
131,265
3,215,992
226,835,478
Capital
Markets
—
3.1%
Affiliated
Managers
Group,
Inc.
.........
38,354
4,289,895
Ameriprise
Financial,
Inc.
.............
105,740
26,641,193
Ares
Management
Corp.,
Class
A
........
163,682
10,140,100
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
69,104
1,860,971
Ashford,
Inc.
(a)
.....................
329
4,435
AssetMark
Financial
Holdings,
Inc.
(a)
......
22,113
404,447
B
Riley
Financial,
Inc.
................
17,703
788,137
Bank
of
New
York
Mellon
Corp.
(The)
.....
770,192
29,667,796
BGC
Partners,
Inc.,
Class
A
............
434,211
1,363,422
BlackRock,
Inc.
(e)
...................
157,467
86,650,941
Blackstone,
Inc.,
Class
A,
NVS
..........
732,268
61,290,832
Blucora,
Inc.
(a)
.....................
55,639
1,076,058
Blue
Owl
Capital,
Inc.,
Class
A
..........
403,308
3,722,533
Brightsphere
Investment
Group,
Inc.
......
53,887
803,455
Carlyle
Group,
Inc.
(The)
..............
199,778
5,162,263
Cboe
Global
Markets,
Inc.
.............
112,779
13,236,871
Charles
Schwab
Corp.
(The)
...........
1,595,656
114,679,797
CME
Group,
Inc.,
Class
A
.............
375,433
66,500,447
Cohen
&
Co.,
Inc.
..................
735
6,255
Cohen
&
Steers,
Inc.
................
31,448
1,969,588
Coinbase
Global,
Inc.,
Class
A
(a)(b)
........
166,973
10,768,089
Cowen,
Inc.,
Class
A
(b)
...............
27,718
1,071,023
Diamond
Hill
Investment
Group,
Inc.
......
2,611
430,815
Donnelley
Financial
Solutions,
Inc.
(a)
......
27,970
1,034,051
Evercore,
Inc.,
Class
A
...............
180
14,805
FactSet
Research
Systems,
Inc.
.........
39,527
15,815,148
Federated
Hermes,
Inc.,
Class
B
........
95,189
3,152,660
Focus
Financial
Partners,
Inc.,
Class
A
(a)
...
74,188
2,337,664
Forge
Global
Holdings,
Inc.
(a)(b)
..........
105,937
185,390
Franklin
Resources,
Inc.
..............
292,625
6,297,290
GCM
Grosvenor,
Inc.,
Class
A
..........
66,897
527,817
Goldman
Sachs
Group,
Inc.
(The)
.......
354,223
103,805,050
Hamilton
Lane,
Inc.,
Class
A
...........
41,035
2,446,096
Houlihan
Lokey,
Inc.,
Class
A
...........
55,171
4,158,790
Interactive
Brokers
Group,
Inc.,
Class
A
....
100,214
6,404,677
Intercontinental
Exchange,
Inc.
.........
582,317
52,612,341
Invesco
Ltd.
......................
407,067
5,576,818
Janus
Henderson
Group
plc
...........
170,319
3,459,179
Jefferies
Financial
Group,
Inc.
..........
204,917
6,045,051
Security
Shares
Shares
Value
Capital
Markets
(continued)
KKR
&
Co.,
Inc.
....................
582,647
$
25,053,821
Lazard
Ltd.,
Class
A
.................
120,690
3,841,563
LPL
Financial
Holdings,
Inc.
(b)
..........
83,087
18,152,848
MarketAxess
Holdings,
Inc.
............
39,171
8,715,156
Moelis
&
Co.,
Class
A
................
64,005
2,164,009
Moody's
Corp.
.....................
166,233
40,412,905
Morgan
Stanley
....................
1,391,261
109,923,532
Morningstar,
Inc.
...................
22,934
4,869,347
MSCI,
Inc.
.......................
85,047
35,871,974
Nasdaq,
Inc.
(b)
.....................
361,840
20,509,091
Northern
Trust
Corp.
.................
220,415
18,858,707
Open
Lending
Corp.,
Class
A
(a)
..........
102,127
821,101
P10,
Inc.,
Class
A
..................
72,449
762,163
Perella
Weinberg
Partners,
Class
A
.......
68,734
435,086
Piper
Sandler
Cos.
..................
18,139
1,899,879
PJT
Partners,
Inc.,
Class
A
............
30,661
2,048,768
Pzena
Investment
Management,
Inc.,
Class
A
18,136
171,929
Raymond
James
Financial,
Inc.
.........
203,196
20,079,829
Robinhood
Markets,
Inc.,
Class
A
(a)(b)
......
536,846
5,422,145
S&P
Global,
Inc.
...................
354,242
108,167,795
Safeguard
Scientifics,
Inc.
(a)(b)
...........
11,466
42,768
Sculptor
Capital
Management,
Inc.,
Class
A
.
27,551
243,551
SEI
Investments
Co.
.................
102,028
5,004,473
Siebert
Financial
Corp.
(a)(b)
.............
47,011
69,576
State
Street
Corp.
..................
390,765
23,762,420
StepStone
Group,
Inc.,
Class
A
.........
46,090
1,129,666
Stifel
Financial
Corp.
................
107,677
5,589,513
StoneX
Group,
Inc.
(a)
................
18,174
1,507,351
T.
Rowe
Price
Group,
Inc.
.............
238,526
25,047,615
TPG,
Inc.,
Class
A
(b)
.................
36,187
1,007,446
Tradeweb
Markets,
Inc.,
Class
A
.........
118,654
6,694,459
Victory
Capital
Holdings,
Inc.,
Class
A
.....
28,044
653,706
Virtu
Financial,
Inc.,
Class
A
............
95,015
1,973,461
Virtus
Investment
Partners,
Inc.
.........
8,355
1,332,790
WisdomTree
Investments,
Inc.
..........
84,957
397,599
1,159,040,232
Chemicals
—
1.8%
AdvanSix,
Inc.
.....................
28,940
928,974
Air
Products
&
Chemicals,
Inc.
..........
231,784
53,943,090
Albemarle
Corp.
...................
122,885
32,495,709
American
Vanguard
Corp.
.............
27,716
518,289
Amyris,
Inc.
(a)(b)
....................
195,225
570,057
Ashland,
Inc.
......................
49,385
4,690,093
Aspen
Aerogels,
Inc.
(a)(b)
..............
25,910
238,890
Avient
Corp.
......................
96,809
2,933,313
Axalta
Coating
Systems
Ltd.
(a)(b)
.........
224,585
4,729,760
Balchem
Corp.
....................
36,876
4,483,384
Cabot
Corp.
......................
53,302
3,405,465
Celanese
Corp.
....................
106,153
9,589,862
CF
Industries
Holdings,
Inc.
............
208,051
20,024,909
Chase
Corp.
......................
9,139
763,746
Chemours
Co.
(The)
.................
171,955
4,238,691
Corteva,
Inc.
......................
756,763
43,249,005
Danimer
Scientific,
Inc.,
Class
A
(a)(b)
.......
74,620
220,129
Diversey
Holdings
Ltd.
(a)(b)
.............
49,165
238,942
Dow,
Inc.
........................
743,246
32,650,797
DuPont
de
Nemours,
Inc.
.............
531,336
26,779,334
Eastman
Chemical
Co.
...............
130,314
9,258,810
Ecolab,
Inc.
......................
260,782
37,662,136
Ecovyst,
Inc.
(a)
.....................
38,502
324,957
Element
Solutions,
Inc.
...............
217,809
3,543,752
Flotek
Industries,
Inc.
(a)(b)
..............
66,844
66,844
FMC
Corp.
.......................
133,792
14,141,814
Ginkgo
Bioworks
Holdings,
Inc.,
Class
A
(a)(b)
.
902,057
2,814,418
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Chemicals
(continued)
Hawkins,
Inc.
.....................
18,950
$
738,861
HB
Fuller
Co.
.....................
59,984
3,605,038
Huntsman
Corp.
...................
196,923
4,832,490
Ingevity
Corp.
(a)
....................
46,504
2,819,538
Innospec,
Inc.
.....................
27,503
2,356,182
International
Flavors
&
Fragrances,
Inc.
....
267,034
24,254,698
Intrepid
Potash,
Inc.
(a)(b)
...............
11,671
461,821
Koppers
Holdings,
Inc.
...............
19,125
397,418
Linde
plc
........................
515,919
139,086,603
Livent
Corp.
(a)(b)
....................
191,627
5,873,368
LSB
Industries,
Inc.
(a)
................
29,430
419,378
LyondellBasell
Industries
NV,
Class
A
.....
262,014
19,724,414
Mativ
Holdings,
Inc.
.................
54,322
1,199,430
Minerals
Technologies,
Inc.
(b)
...........
37,378
1,846,847
Mosaic
Co.
(The)
...................
356,663
17,237,523
NewMarket
Corp.
...................
5,937
1,786,028
Northern
Technologies
International
Corp.
..
1,726
22,973
Olin
Corp.
(b)
.......................
141,482
6,066,748
Origin
Materials,
Inc.,
Class
A
(a)(b)
........
133,470
688,705
Orion
Engineered
Carbons
SA
..........
64,633
862,851
Perimeter
Solutions
SA
(a)(b)
............
90,564
725,418
PPG
Industries,
Inc.
.................
248,045
27,456,101
PureCycle
Technologies,
Inc.
(a)(b)
.........
77,184
622,875
Quaker
Chemical
Corp.
(b)
.............
16,406
2,368,698
Rayonier
Advanced
Materials,
Inc.
(a)
......
53,723
169,227
RPM
International,
Inc.
...............
138,931
11,574,342
Scotts
Miracle-Gro
Co.
(The)
...........
40,773
1,743,046
Sensient
Technologies
Corp.
...........
46,983
3,257,801
Sherwin-Williams
Co.
(The)
............
248,067
50,791,718
Stepan
Co.
.......................
26,004
2,435,795
Trinseo
plc
.......................
35,360
647,795
Tronox
Holdings
plc,
Class
A
...........
106,023
1,298,782
Valvoline,
Inc.
.....................
199,194
5,047,576
Westlake
Corp.
....................
38,330
3,330,110
Zymergen,
Inc.
(a)(b)
..................
27,025
75,130
660,330,498
Commercial
Services
&
Supplies
—
0.6%
ABM
Industries,
Inc.
.................
73,366
2,804,782
ACCO
Brands
Corp.
.................
104,642
512,746
ACV
Auctions,
Inc.,
Class
A
(a)(b)
..........
100,150
720,079
Aqua
Metals,
Inc.
(a)(b)
................
56,177
42,425
Aris
Water
Solution,
Inc.,
Class
A
........
41,665
531,645
Aurora
Innovation,
Inc.,
Class
A
(a)(b)
.......
260,473
575,645
Brady
Corp.,
Class
A,
NVS
............
47,152
1,967,653
Brink's
Co.
(The)
...................
42,709
2,068,824
Casella
Waste
Systems,
Inc.,
Class
A
(a)(b)
...
53,627
4,096,567
Charah
Solutions,
Inc.
(a)(b)
.............
9,026
16,518
Cimpress
plc
(a)(b)
...................
19,006
465,267
Cintas
Corp.
......................
91,328
35,452,616
Clean
Harbors,
Inc.
(a)
................
56,060
6,165,479
CompX
International,
Inc.
.............
257
4,174
Copart,
Inc.
(a)
.....................
222,643
23,689,215
CoreCivic,
Inc.
(a)
...................
141,142
1,247,695
Deluxe
Corp.
......................
47,747
794,988
Driven
Brands
Holdings,
Inc.
(a)
..........
66,362
1,856,809
DSS,
Inc.
(a)(b)
......................
96,593
24,728
Ennis,
Inc.
.......................
27,739
558,386
Fuel
Tech,
Inc.
(a)(b)
..................
18,820
22,019
GEO
Group,
Inc.
(The)
(a)
..............
108,883
838,399
Harsco
Corp.
(a)
....................
84,796
317,137
Healthcare
Services
Group,
Inc.
.........
75,912
917,776
Heritage-Crystal
Clean,
Inc.
(a)
...........
18,199
538,144
HNI
Corp.
........................
46,839
1,241,702
IAA,
Inc.
(a)
........................
141,177
4,496,487
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Interface,
Inc.
.....................
56,379
$
506,847
JanOne,
Inc.
(a)
.....................
173
370
KAR
Auction
Services,
Inc.
(a)
...........
141,177
1,576,947
Kimball
International,
Inc.,
Class
B
.......
62,738
394,622
Matthews
International
Corp.,
Class
A
.....
38,108
854,000
MillerKnoll,
Inc.
....................
72,635
1,133,106
Montrose
Environmental
Group,
Inc.
(a)(b)
....
27,444
923,491
MSA
Safety,
Inc.
...................
36,848
4,026,749
Odyssey
Marine
Exploration,
Inc.
(a)(b)
......
8,805
27,296
Performant
Financial
Corp.
(a)(b)
..........
37,933
70,176
Perma-Fix
Environmental
Services,
Inc.
(a)
..
10,172
45,571
Quad/Graphics,
Inc.,
Class
A
(a)(b)
.........
27,509
70,423
Quest
Resource
Holding
Corp.
(a)(b)
.......
9,882
83,404
Recycling
Asset
Holdings,
Inc.,
NVS
(a)(b)(d)
...
7,042
247
Republic
Services,
Inc.
...............
205,406
27,943,432
Rollins,
Inc.
.......................
236,764
8,210,976
SP
Plus
Corp.
(a)
....................
18,793
588,597
Steelcase,
Inc.,
Class
A
..............
93,645
610,565
Stericycle,
Inc.
(a)(b)
..................
92,263
3,885,195
Team,
Inc.
(a)(b)
.....................
28,586
30,301
Tetra
Tech,
Inc.
....................
57,301
7,364,898
UniFirst
Corp.
.....................
15,208
2,558,442
Viad
Corp.
(a)
......................
19,068
602,167
Waste
Management,
Inc.
..............
393,459
63,036,066
Wilhelmina
International,
Inc.
(a)(b)
.........
303
1,239
216,513,032
Communications
Equipment
—
0.8%
ADTRAN
Holdings,
Inc.
..............
126,536
2,477,575
Applied
Optoelectronics,
Inc.
(a)(b)
.........
21,774
59,225
Arista
Networks,
Inc.
(a)
...............
259,400
29,283,666
Aviat
Networks,
Inc.
(a)
................
14,922
408,564
BK
Technologies
Corp.
...............
17,441
42,033
Calix,
Inc.
(a)
.......................
69,058
4,222,206
Cambium
Networks
Corp.
(a)(b)
...........
9,699
164,107
Casa
Systems,
Inc.
(a)(b)
...............
28,948
90,607
Ciena
Corp.
(a)(b)
....................
166,958
6,750,112
Cisco
Systems,
Inc.
.................
4,329,954
173,198,160
Clearfield,
Inc.
(a)
....................
10,058
1,052,469
ClearOne,
Inc.
(a)(b)
..................
10,003
5,403
CommScope
Holding
Co.,
Inc.
(a)(b)
........
204,969
1,887,764
Comtech
Telecommunications
Corp.
......
26,744
267,707
Digi
International,
Inc.
(a)
...............
27,725
958,453
DZS,
Inc.
(a)(b)
......................
11,006
124,368
EMCORE
Corp.
(a)(b)
.................
24,554
41,005
Extreme
Networks,
Inc.
(a)
..............
92,785
1,212,700
F5,
Inc.
(a)
........................
64,596
9,348,979
Genasys,
Inc.
(a)(b)
...................
29,214
80,923
Harmonic,
Inc.
(a)(b)
..................
129,640
1,694,395
Infinera
Corp.
(a)(b)
...................
255,757
1,237,864
Inseego
Corp.
(a)(b)
...................
79,100
163,737
Juniper
Networks,
Inc.
...............
328,184
8,572,166
KVH
Industries,
Inc.
(a)(b)
...............
18,122
167,085
Lantronix,
Inc.
(a)(b)
...................
157,234
756,296
Lumentum
Holdings,
Inc.
(a)(b)
...........
72,204
4,951,028
Motorola
Solutions,
Inc.
..............
173,658
38,894,182
NETGEAR,
Inc.
(a)
...................
37,240
746,290
NetScout
Systems,
Inc.
(a)
.............
73,600
2,305,152
Optical
Cable
Corp.
(a)
................
10,237
35,318
Ubiquiti,
Inc.
(b)
.....................
5,680
1,667,421
Viasat,
Inc.
(a)
......................
85,754
2,592,343
Viavi
Solutions,
Inc.
(a)
................
237,061
3,093,646
Vislink
Technologies,
Inc.
(a)(b)
...........
4
2
298,552,951
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Construction
&
Engineering
—
0.2%
AECOM
.........................
144,115
$
9,853,143
Ameresco,
Inc.,
Class
A
(a)
.............
34,419
2,288,175
API
Group
Corp.
(a)(b)
.................
218,400
2,898,168
Arcosa,
Inc.
......................
48,961
2,799,590
Argan,
Inc.
.......................
12,415
399,391
Comfort
Systems
USA,
Inc.
............
37,347
3,634,984
Construction
Partners,
Inc.,
Class
A
(a)
.....
48,244
1,265,440
Dycom
Industries,
Inc.
(a)
..............
30,067
2,872,301
EMCOR
Group,
Inc.
.................
50,683
5,852,873
Fluor
Corp.
(a)
......................
149,401
3,718,591
Granite
Construction,
Inc.
.............
82,216
2,087,464
Great
Lakes
Dredge
&
Dock
Corp.
(a)(b)
.....
56,974
431,863
Infrastructure
and
Energy
Alternatives,
Inc.
(a)
27,523
372,661
MasTec,
Inc.
(a)
.....................
55,733
3,539,045
Matrix
Service
Co.
(a)
.................
28,146
116,524
MDU
Resources
Group,
Inc.
...........
224,955
6,152,519
MYR
Group,
Inc.
(a)
..................
19,167
1,624,020
NV5
Global,
Inc.
(a)
..................
13,055
1,616,470
Orbital
Infrastructure
Group,
Inc.
(a)(b)
......
45,168
21,455
Orion
Group
Holdings,
Inc.
(a)(b)
..........
28,347
74,836
Primoris
Services
Corp.
..............
62,390
1,013,838
Quanta
Services,
Inc.
................
149,593
19,056,652
Sterling
Infrastructure,
Inc.
(a)(b)
..........
20,783
446,211
Valmont
Industries,
Inc.
...............
21,636
5,811,862
WillScot
Mobile
Mini
Holdings
Corp.
(a)(b)
....
234,827
9,470,573
87,418,649
Construction
Materials
—
0.1%
Eagle
Materials,
Inc.
.................
40,357
4,325,463
Martin
Marietta
Materials,
Inc.
..........
65,218
21,006,066
Summit
Materials,
Inc.,
Class
A
(a)
........
123,702
2,963,900
Vulcan
Materials
Co.
................
140,393
22,141,380
50,436,809
Consumer
Finance
—
0.6%
Ally
Financial,
Inc.
..................
337,460
9,391,512
American
Express
Co.
...............
625,866
84,435,582
Atlanticus
Holdings
Corp.
(a)(b)
...........
8,605
225,709
Bread
Financial
Holdings,
Inc.
..........
48,318
1,519,601
Capital
One
Financial
Corp.
............
402,423
37,091,328
Credit
Acceptance
Corp.
(a)(b)
............
7,729
3,385,302
Discover
Financial
Services
............
293,375
26,673,655
Encore
Capital
Group,
Inc.
(a)(b)
..........
24,645
1,120,855
Enova
International,
Inc.
(a)
.............
31,153
911,848
EZCORP,
Inc.,
Class
A,
NVS
(a)
..........
56,140
432,840
FirstCash
Holdings,
Inc.
..............
46,226
3,390,677
Green
Dot
Corp.,
Class
A
(a)
............
39,318
746,256
LendingClub
Corp.
(a)
.................
95,006
1,049,816
LendingTree,
Inc.
(a)
..................
11,007
262,627
Navient
Corp.
.....................
172,189
2,529,457
Nelnet,
Inc.,
Class
A
(b)
................
16,637
1,317,484
OneMain
Holdings,
Inc.
...............
115,594
3,412,335
Oportun
Financial
Corp.
(a)
.............
170,036
743,057
PRA
Group,
Inc.
(a)
..................
46,920
1,541,791
PROG
Holdings,
Inc.
(a)
...............
72,565
1,087,024
SLM
Corp.
.......................
281,225
3,934,338
SoFi
Technologies,
Inc.
(a)(b)
............
809,172
3,948,759
Synchrony
Financial
.................
507,144
14,296,389
Upstart
Holdings,
Inc.
(a)(b)
..............
80,965
1,683,262
World
Acceptance
Corp.
(a)
.............
6,089
589,537
205,721,041
Containers
&
Packaging
—
0.4%
Amcor
plc
........................
1,593,441
17,097,622
AptarGroup,
Inc.
...................
65,065
6,183,127
Avery
Dennison
Corp.
................
87,558
14,245,687
Security
Shares
Shares
Value
Containers
&
Packaging
(continued)
Ball
Corp.
........................
337,946
$
16,329,551
Berry
Global
Group,
Inc.
(a)
.............
119,903
5,579,087
Crown
Holdings,
Inc.
................
124,243
10,067,410
Cryptyde,
Inc.
(a)(b)
...................
20,757
14,378
Graphic
Packaging
Holding
Co.
.........
312,673
6,172,165
Greif,
Inc.,
Class
A,
NVS
..............
28,047
1,670,760
Greif,
Inc.,
Class
B
..................
9,360
569,088
International
Paper
Co.
...............
388,702
12,321,853
Myers
Industries,
Inc.
................
28,221
464,800
O-I
Glass,
Inc.
(a)(b)
...................
170,077
2,202,497
Packaging
Corp.
of
America
...........
97,533
10,951,981
Pactiv
Evergreen,
Inc.
...............
45,300
395,469
Ranpak
Holdings
Corp.,
Class
A
(a)(b)
......
38,705
132,371
Sealed
Air
Corp.
...................
151,863
6,759,422
Silgan
Holdings,
Inc.
.................
82,131
3,452,787
Sonoco
Products
Co.
................
104,918
5,951,998
TriMas
Corp.
(b)
.....................
46,987
1,177,964
WestRock
Co.
.....................
275,167
8,499,909
130,239,926
Distributors
—
0.1%
Educational
Development
Corp.
.........
1,390
3,350
Funko,
Inc.,
Class
A
(a)(b)
...............
18,399
372,028
Genuine
Parts
Co.
..................
145,220
21,684,250
Greenlane
Holdings,
Inc.,
Class
A
(a)
......
365
595
LKQ
Corp.
.......................
279,878
13,196,248
Pool
Corp.
.......................
43,254
13,763,855
49,020,326
Diversified
Consumer
Services
—
0.2%
2U,
Inc.
(a)(b)
.......................
84,589
528,681
ADT,
Inc.
........................
284,798
2,133,137
Adtalem
Global
Education,
Inc.
(a)
........
56,770
2,069,266
American
Public
Education,
Inc.
(a)
........
18,587
169,885
Beachbody
Co.,
Inc.
(The),
Class
A
(a)(b)
....
153,157
154,689
Bright
Horizons
Family
Solutions,
Inc.
(a)
....
63,924
3,685,219
Carriage
Services,
Inc.
...............
18,628
599,076
Chegg,
Inc.
(a)
......................
147,341
3,104,475
Coursera,
Inc.
(a)(b)
...................
83,426
899,332
Duolingo,
Inc.,
Class
A
(a)(b)
.............
29,337
2,793,762
European
Wax
Center,
Inc.,
Class
A
......
36,357
670,787
Frontdoor,
Inc.
(a)
....................
91,768
1,871,149
Graham
Holdings
Co.,
Class
B
..........
3,708
1,994,830
Grand
Canyon
Education,
Inc.
(a)
.........
33,922
2,790,084
H&R
Block,
Inc.
....................
176,613
7,513,117
Laureate
Education,
Inc.
..............
115,543
1,218,979
Mister
Car
Wash,
Inc.
(a)(b)
..............
50,820
436,036
OneSpaWorld
Holdings
Ltd.
(a)
..........
39,940
335,496
Perdoceo
Education
Corp.
(a)
...........
66,400
683,920
PowerSchool
Holdings,
Inc.,
Class
A
(a)
.....
40,938
683,255
Regis
Corp.
(a)(b)
....................
37,878
38,257
Rover
Group,
Inc.,
Class
A
(a)
...........
78,078
260,781
Service
Corp.
International
............
163,416
9,435,640
Strategic
Education,
Inc.
..............
25,373
1,558,156
Stride,
Inc.
(a)(b)
.....................
47,429
1,993,441
Terminix
Global
Holdings,
Inc.
(a)
.........
119,534
4,576,957
Udemy,
Inc.
(a)
.....................
56,787
686,555
Universal
Technical
Institute,
Inc.
(a)(b)
......
145,152
789,627
Vivint
Smart
Home,
Inc.,
Class
A
(a)
.......
41,001
269,787
XpresSpa
Group,
Inc.
(a)(b)
..............
71,812
54,936
Zovio,
Inc.
(a)
......................
18,735
2,679
54,001,991
Diversified
Financial
Services
—
1.4%
Acacia
Research
Corp.
(a)(b)
.............
30,995
125,220
Alerus
Financial
Corp.
...............
17,664
390,374
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
Financial
Services
(continued)
A-Mark
Precious
Metals,
Inc.
...........
21,378
$
606,921
Apollo
Global
Management,
Inc.
.........
449,834
20,917,281
Berkshire
Hathaway,
Inc.,
Class
B
(a)
......
1,872,485
499,990,945
Cannae
Holdings,
Inc.
(a)
..............
85,057
1,757,278
Equitable
Holdings,
Inc.
..............
369,948
9,748,130
FlexShopper,
Inc.
(a)(b)
................
10,142
18,864
Jackson
Financial,
Inc.,
Class
A
.........
62,065
1,722,304
LM
Funding
America,
Inc.
(a)
............
2,949
2,861
Voya
Financial,
Inc.
.................
93,823
5,676,291
540,956,469
Diversified
Telecommunication
Services
—
0.9%
Anterix,
Inc.
(a)
.....................
27,816
993,588
AST
SpaceMobile,
Inc.,
Class
A
(a)(b)
.......
83,133
600,220
AT&T,
Inc.
........................
7,486,893
114,848,939
ATN
International,
Inc.
...............
9,612
370,735
Bandwidth,
Inc.,
Class
A
(a)
.............
29,391
349,753
Charge
Enterprises,
Inc.
(a)(b)
............
152,296
268,041
Cogent
Communications
Holdings,
Inc.
....
62,638
3,267,198
Consolidated
Communications
Holdings,
Inc.
(a)
76,108
316,609
EchoStar
Corp.,
Class
A
(a)(b)
............
47,124
776,132
Frontier
Communications
Parent,
Inc.
(a)(b)
...
215,993
5,060,716
Globalstar,
Inc.
(a)(b)
..................
649,910
1,033,357
IDT
Corp.,
Class
B
(a)
.................
49,370
1,225,857
Iridium
Communications,
Inc.
(a)
..........
125,873
5,584,985
Liberty
Global
plc,
Class
A
(a)
............
182,746
2,849,010
Liberty
Global
plc,
Class
C,
NVS
(a)(b)
......
310,893
5,129,735
Liberty
Latin
America
Ltd.,
Class
A
(a)
......
55,668
344,585
Liberty
Latin
America
Ltd.,
Class
C,
NVS
(a)
..
158,336
973,766
Lumen
Technologies,
Inc.
.............
967,556
7,043,808
Ooma,
Inc.
(a)
......................
19,499
239,838
Radius
Global
Infrastructure,
Inc.
(a)(b)
......
97,560
919,015
Verizon
Communications,
Inc.
..........
4,411,090
167,489,087
319,684,974
Electric
Utilities
—
1.8%
ALLETE,
Inc.
.....................
54,322
2,718,816
Alliant
Energy
Corp.
.................
267,037
14,150,291
American
Electric
Power
Co.,
Inc.
........
536,365
46,368,754
Avangrid,
Inc.
.....................
76,910
3,207,147
Constellation
Energy
Corp.
(b)
...........
347,823
28,935,395
Duke
Energy
Corp.
.................
803,929
74,781,476
Edison
International
.................
393,719
22,276,621
Entergy
Corp.
.....................
212,642
21,398,164
Evergy,
Inc.
.......................
242,895
14,427,963
Eversource
Energy
.................
360,591
28,111,674
Exelon
Corp.
......................
1,015,258
38,031,565
FirstEnergy
Corp.
..................
550,493
20,368,241
Genie
Energy
Ltd.,
Class
B
............
18,730
175,125
Hawaiian
Electric
Industries,
Inc.
........
112,638
3,904,033
IDACORP,
Inc.
....................
54,869
5,432,580
MGE
Energy,
Inc.
...................
35,972
2,360,842
NextEra
Energy,
Inc.
................
2,046,714
160,482,845
NRG
Energy,
Inc.
...................
254,377
9,735,008
OGE
Energy
Corp.
..................
210,254
7,665,861
Otter
Tail
Corp.
....................
48,059
2,956,590
PG&E
Corp.
(a)(b)
....................
1,681,963
21,024,537
Pinnacle
West
Capital
Corp.
...........
121,435
7,833,772
PNM
Resources,
Inc.
................
84,342
3,856,960
Portland
General
Electric
Co.
...........
93,705
4,072,419
PPL
Corp.
.......................
768,734
19,487,407
Southern
Co.
(The)
.................
1,120,961
76,225,348
Xcel
Energy,
Inc.
...................
574,089
36,741,696
676,731,130
Security
Shares
Shares
Value
Electrical
Equipment
—
0.7%
Acuity
Brands,
Inc.
..................
34,688
$
5,462,319
Advent
Technologies
Holdings,
Inc.
(a)(b)
....
79,023
241,810
Allied
Motion
Technologies,
Inc.
(b)
........
12,449
356,290
American
Superconductor
Corp.
(a)(b)
......
46,706
204,572
AMETEK,
Inc.
.....................
238,866
27,089,793
Array
Technologies,
Inc.
(a)
.............
149,781
2,483,369
Atkore,
Inc.
(a)(b)
.....................
45,886
3,570,390
AZZ,
Inc.
........................
19,316
705,227
Babcock
&
Wilcox
Enterprises,
Inc.
(a)(b)
.....
56,681
361,625
Beam
Global
(a)(b)
...................
6,552
79,934
Blink
Charging
Co.
(a)(b)
................
37,758
669,072
Bloom
Energy
Corp.,
Class
A
(a)(b)
........
171,941
3,437,101
Broadwind,
Inc.
(a)(b)
..................
18,748
56,619
Capstone
Green
Energy
Corp.
(a)(b)
........
1,371
2,427
ChargePoint
Holdings,
Inc.,
Class
A
(a)(b)
....
282,956
4,176,431
Eaton
Corp.
plc
....................
416,407
55,532,038
Emerson
Electric
Co.
................
621,353
45,495,467
Encore
Wire
Corp.
(b)
.................
19,454
2,247,715
Energous
Corp.
(a)(b)
..................
55,331
56,991
Energy
Focus,
Inc.
(a)(b)
................
18,683
9,715
Energy
Vault
Holdings,
Inc.
(a)(b)
..........
80,675
425,964
EnerSys
(b)
........................
46,597
2,710,547
Enovix
Corp.
(a)(b)
....................
101,420
1,859,536
Eos
Energy
Enterprises,
Inc.,
Class
A
(a)(b)
...
40,003
66,805
Espey
Mfg.
&
Electronics
Corp.
(a)
........
612
8,439
Fluence
Energy,
Inc.,
Class
A
(a)
.........
45,045
657,207
FuelCell
Energy,
Inc.
(a)(b)
..............
434,962
1,483,220
Generac
Holdings,
Inc.
(a)
..............
66,298
11,810,326
GrafTech
International
Ltd.
............
175,465
756,254
Heliogen,
Inc.
(a)(b)
...................
219,842
408,906
Hubbell,
Inc.
......................
56,034
12,495,582
Ideal
Power,
Inc.
(a)(b)
.................
636
6,583
nVent
Electric
plc
...................
180,328
5,700,168
Ocean
Power
Technologies,
Inc.
(a)(b)
......
15
12
Orion
Energy
Systems,
Inc.
(a)(b)
..........
28,575
44,577
Pineapple
Energy,
Inc.
(b)
..............
2,241
1,948
Pioneer
Power
Solutions,
Inc.
(a)
.........
8,648
24,474
Plug
Power,
Inc.
(a)(b)
.................
538,049
11,304,410
Regal
Rexnord
Corp.
................
69,481
9,752,353
Rockwell
Automation,
Inc.
.............
121,132
26,056,705
Romeo
Power,
Inc.,
Class
A
(a)(b)
.........
166,138
66,455
Sensata
Technologies
Holding
plc
........
170,964
6,373,538
Servotronics,
Inc.
(a)
..................
113
1,274
SES
AI
Corp.,
Class
A
(a)(b)
.............
131,083
639,685
Shoals
Technologies
Group,
Inc.,
Class
A
(a)(b)
139,384
3,003,725
Stem,
Inc.
(a)(b)
.....................
145,392
1,939,529
SunPower
Corp.
(a)
..................
78,649
1,812,073
Sunrun,
Inc.
(a)(b)
....................
214,326
5,913,254
Sunworks,
Inc.
(a)(b)
..................
49,817
138,989
Thermon
Group
Holdings,
Inc.
(a)
.........
29,199
449,957
TPI
Composites,
Inc.
(a)
...............
40,100
452,328
Ultralife
Corp.
(a)(b)
...................
9,646
46,397
Vertiv
Holdings
Co.,
Class
A
(b)
..........
309,454
3,007,893
Vicor
Corp.
(a)(b)
.....................
25,711
1,520,549
Westwater
Resources,
Inc.
(a)(b)
..........
24,653
28,104
263,206,671
Electronic
Equipment,
Instruments
&
Components
—
0.8%
908
Devices,
Inc.
(a)(b)
.................
18,858
310,214
ADDvantage
Technologies
Group,
Inc.
(a)(b)
..
8,627
15,184
Advanced
Energy
Industries,
Inc.
........
38,162
2,954,120
Aeva
Technologies,
Inc.
(a)(b)
............
95,128
177,889
AEye,
Inc.,
Class
A
(a)(b)
...............
263,232
292,188
Akoustis
Technologies,
Inc.
(a)(b)
..........
54,865
162,949
Amphenol
Corp.,
Class
A
.............
621,962
41,646,576
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Arlo
Technologies,
Inc.
(a)
..............
66,416
$
308,170
Arrow
Electronics,
Inc.
(a)
..............
64,791
5,973,082
Avnet,
Inc.
.......................
93,521
3,377,979
Badger
Meter,
Inc.
..................
35,361
3,267,003
Bel
Fuse,
Inc.,
Class
A
...............
246
6,876
Bel
Fuse,
Inc.,
Class
B,
NVS
(b)
..........
10,360
261,590
Belden,
Inc.
......................
46,428
2,786,609
Benchmark
Electronics,
Inc.
...........
47,987
1,189,118
CDW
Corp.
.......................
142,721
22,275,894
Cemtrex,
Inc.
(a)
....................
788
165
ClearSign
Technologies
Corp.
(a)
.........
7,446
6,835
Coda
Octopus
Group,
Inc.
(a)(b)
..........
46,576
251,510
Cognex
Corp.
.....................
180,742
7,491,756
Coherent
Corp.
(a)(b)
..................
135,448
4,720,363
Corning,
Inc.
......................
793,780
23,035,496
CTS
Corp.
.......................
29,212
1,216,680
Data
I/O
Corp.
(a)(b)
..................
9,141
25,503
Digital
Ally,
Inc.
(a)(b)
..................
1,563,587
713,308
Electro-Sensors,
Inc.
(a)
...............
222
1,123
ePlus,
Inc.
(a)
......................
21,373
887,834
Fabrinet
(a)
........................
37,788
3,606,865
FARO
Technologies,
Inc.
(a)
.............
18,726
513,841
Frequency
Electronics,
Inc.
(a)
...........
9,141
52,561
Identiv,
Inc.
(a)(b)
.....................
22,919
287,404
Insight
Enterprises,
Inc.
(a)
.............
37,727
3,109,082
IPG
Photonics
Corp.
(a)
...............
37,869
3,194,250
Iteris,
Inc.
(a)(b)
......................
28,112
83,493
Itron,
Inc.
(a)(b)
......................
44,559
1,876,379
Jabil,
Inc.
........................
135,789
7,836,383
Keysight
Technologies,
Inc.
(a)
...........
189,390
29,802,410
Kimball
Electronics,
Inc.
(a)(b)
............
21,539
369,394
Knowles
Corp.
(a)
...................
142,895
1,739,032
LGL
Group,
Inc.
(The)
(a)
..............
449
5,083
LightPath
Technologies,
Inc.,
Class
A
(a)
....
10,250
10,968
Lightwave
Logic,
Inc.
(a)(b)
..............
122,407
898,467
Littelfuse,
Inc.
(b)
....................
26,657
5,296,479
Methode
Electronics,
Inc.
.............
37,902
1,408,059
MicroVision,
Inc.
(a)(b)
.................
153,415
553,828
MICT,
Inc.
(a)(b)
.....................
53,883
36,921
Mirion
Technologies,
Inc.,
Class
A
(a)(b)
.....
112,977
843,938
Napco
Security
Technologies,
Inc.
(a)(b)
.....
24,936
725,139
National
Instruments
Corp.
............
142,468
5,376,742
Neonode,
Inc.
(a)(b)
...................
2,003
7,011
nLight,
Inc.
(a)
......................
39,951
377,537
Novanta,
Inc.
(a)
....................
37,110
4,291,772
OSI
Systems,
Inc.
(a)
.................
6,509
469,039
Ouster,
Inc.,
Class
A
(a)(b)
..............
82,432
79,415
PAR
Technology
Corp.
(a)(b)
.............
21,823
644,433
PC
Connection,
Inc.
.................
16,981
765,673
Plexus
Corp.
(a)
.....................
28,067
2,457,547
Powerfleet,
Inc.
(a)(b)
..................
18,692
57,571
Research
Frontiers,
Inc.
(a)(b)
............
19,011
40,493
Rogers
Corp.
(a)
....................
19,007
4,597,413
Sanmina
Corp.
(a)
...................
59,310
2,733,005
ScanSource,
Inc.
(a)
..................
28,588
755,009
Schmitt
Industries,
Inc.
(a)
..............
498
1,031
SmartRent,
Inc.,
Class
A
(a)
.............
159,728
362,583
Taitron
Components,
Inc.,
Class
A
.......
800
3,088
TD
SYNNEX
Corp.
..................
44,665
3,626,351
TE
Connectivity
Ltd.
.................
336,117
37,093,872
Teledyne
Technologies,
Inc.
(a)(b)
.........
48,929
16,512,070
Trimble,
Inc.
(a)
.....................
263,419
14,295,749
TTM
Technologies,
Inc.
(a)
..............
102,838
1,355,405
Universal
Security
Instruments,
Inc.
(a)(b)
....
622
2,401
Velodyne
Lidar,
Inc.
(a)(b)
...............
210,549
199,411
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Vishay
Intertechnology,
Inc.
............
133,019
$
2,366,408
Vishay
Precision
Group,
Inc.
(a)
..........
10,190
301,522
Vontier
Corp.
......................
178,735
2,986,662
Wireless
Telecom
Group,
Inc.
(a)
.........
18,673
24,275
Zebra
Technologies
Corp.,
Class
A
(a)
......
55,545
14,553,345
301,942,823
Energy
Equipment
&
Services
—
0.4%
Archrock,
Inc.
.....................
141,618
909,188
Baker
Hughes
Co.,
Class
A
(b)
...........
1,061,882
22,257,047
Bristow
Group,
Inc.
(a)
................
36,150
849,164
Cactus,
Inc.,
Class
A
................
67,852
2,607,552
ChampionX
Corp.
..................
196,182
3,839,282
Core
Laboratories
NV
(b)
...............
46,930
632,616
Diamond
Offshore
Drilling,
Inc.
(a)(b)
.......
98,092
650,350
DMC
Global,
Inc.
(a)
..................
16,614
265,492
Dril-Quip,
Inc.
(a)
....................
36,117
705,004
ENGlobal
Corp.
(a)(b)
..................
18,216
22,952
Enservco
Corp.
(a)(b)
..................
37,493
48,366
Expro
Group
Holdings
NV
(a)(b)
...........
28,388
361,663
Exterran
Corp.
(a)(b)
..................
55,128
229,332
Geospace
Technologies
Corp.
(a)(b)
........
18,047
79,587
Gulf
Island
Fabrication,
Inc.
(a)
...........
10,334
43,093
Halliburton
Co.
....................
946,180
23,294,952
Helix
Energy
Solutions
Group,
Inc.
(a)
......
143,101
552,370
Helmerich
&
Payne,
Inc.
..............
112,804
4,170,364
Independence
Contract
Drilling,
Inc.
(a)
.....
1,071
3,213
KLX
Energy
Services
Holdings,
Inc.
(a)(b)
....
18,809
154,798
Liberty
Energy,
Inc.,
Class
A
(a)(b)
.........
164,446
2,085,175
Mammoth
Energy
Services,
Inc.
(a)
........
28,301
96,506
MIND
Technology,
Inc.
(a)
..............
10,103
6,468
Nabors
Industries
Ltd.
(a)(b)
.............
11,682
1,185,139
Natural
Gas
Services
Group,
Inc.
(a)
.......
83,587
839,214
Newpark
Resources,
Inc.
(a)
............
93,640
235,973
NexTier
Oilfield
Solutions,
Inc.
(a)
.........
172,242
1,274,591
Nine
Energy
Service,
Inc.
(a)
............
17,602
46,469
Noble
Corp.
plc
(a)(b)
..................
65,256
1,930,273
NOV,
Inc.
(b)
.......................
402,515
6,512,693
Oceaneering
International,
Inc.
(a)
........
112,300
893,908
Oil
States
International,
Inc.
(a)
...........
73,462
285,767
Patterson-UTI
Energy,
Inc.
............
233,343
2,725,446
ProFrac
Holding
Corp.,
Class
A
(a)
........
34,247
520,897
ProPetro
Holding
Corp.
(a)
..............
86,428
695,745
Ranger
Energy
Services,
Inc.
(a)
.........
6,098
59,638
RPC,
Inc.
........................
54,749
379,411
Schlumberger
NV
..................
1,482,651
53,227,171
SEACOR
Marine
Holdings,
Inc.
(a)(b)
.......
47,634
267,703
Select
Energy
Services,
Inc.,
Class
A
(a)
....
57,356
399,771
Smart
Sand,
Inc.
(a)(b)
.................
147,952
230,805
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
..
37,442
350,457
Superior
Drilling
Products,
Inc.
(a)(b)
........
9,888
6,625
TechnipFMC
plc
(a)(b)
.................
444,128
3,757,323
TETRA
Technologies,
Inc.
(a)(b)
...........
96,708
347,182
Tidewater,
Inc.
(a)(b)
..................
34,490
748,433
Transocean
Ltd.
(a)(b)
.................
619,260
1,529,572
US
Silica
Holdings,
Inc.
(a)
.............
66,994
733,584
US
Well
Services,
Inc.,
Class
A
(a)(b)
.......
7,349
37,259
Valaris
Ltd.
(a)(b)
.....................
67,605
3,308,589
Weatherford
International
plc
(a)
..........
67,569
2,181,803
148,575,975
Entertainment
—
1.3%
Activision
Blizzard,
Inc.
...............
746,648
55,505,812
AMC
Entertainment
Holdings,
Inc.,
Class
A
(a)(b)
526,160
3,667,335
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Entertainment
(continued)
Chicken
Soup
For
The
Soul
Entertainment,
Inc.
(a)
.........................
4,116
$
28,318
Cinedigm
Corp.,
Class
A
(a)(b)
............
93,374
36,864
Cinemark
Holdings,
Inc.
(a)
.............
112,887
1,367,062
CuriosityStream,
Inc.,
Class
A
(a)(b)
........
63,409
92,577
Electronic
Arts,
Inc.
.................
279,277
32,315,142
Endeavor
Group
Holdings,
Inc.,
Class
A
(a)(b)
.
151,134
3,061,975
Gaia,
Inc.,
Class
A
(a)
.................
18,756
45,577
Genius
Brands
International,
Inc.
(a)(b)
......
472,847
284,370
Liberty
Media
Corp.-Liberty
Braves,
Class
A
(a)
20,359
573,106
Liberty
Media
Corp.-Liberty
Braves,
Class
C,
NVS
(a)(b)
.......................
37,181
1,022,477
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
(a)(b)
.....................
18,294
960,801
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(a)
..................
215,044
12,580,074
Lions
Gate
Entertainment
Corp.,
Class
A
(a)
..
59,403
441,364
Lions
Gate
Entertainment
Corp.,
Class
B,
NVS
(a)(b)
.......................
120,411
836,857
Live
Nation
Entertainment,
Inc.
(a)(b)
.......
146,816
11,163,889
LiveOne,
Inc.
(a)(b)
...................
96,936
68,786
Madison
Square
Garden
Entertainment
Corp.
(a)
(b)
...........................
27,027
1,191,620
Madison
Square
Garden
Sports
Corp.
(a)
....
18,478
2,525,204
Marcus
Corp.
(The)
(b)
................
24,829
344,875
Netflix,
Inc.
(a)
......................
464,632
109,392,958
Playtika
Holding
Corp.
(a)(b)
.............
107,096
1,005,631
ROBLOX
Corp.,
Class
A
(a)(b)
............
380,051
13,621,028
Roku,
Inc.,
Class
A
(a)(b)
...............
130,658
7,369,111
Sciplay
Corp.,
Class
A
(a)
..............
56,833
668,356
Skillz,
Inc.,
Class
A
(a)(b)
...............
288,922
294,700
Take-Two
Interactive
Software,
Inc.
(a)
......
167,817
18,292,053
Walt
Disney
Co.
(The)
(a)
..............
1,911,425
180,304,720
Warner
Bros
Discovery,
Inc.
(a)
..........
2,297,360
26,419,640
Warner
Music
Group
Corp.,
Class
A
(b)
.....
107,553
2,496,305
World
Wrestling
Entertainment,
Inc.,
Class
A
48,075
3,373,423
491,352,010
Equity
Real
Estate
Investment
Trusts
(REITs)
—
3.2%
Acadia
Realty
Trust
.................
71,655
904,286
Agree
Realty
Corp.
.................
83,315
5,630,428
Alexander
&
Baldwin,
Inc.
.............
65,948
1,093,418
Alexander's,
Inc.
...................
1,605
335,381
Alexandria
Real
Estate
Equities,
Inc.
......
154,932
21,719,917
American
Assets
Trust,
Inc.
............
77,625
1,996,515
American
Homes
4
Rent,
Class
A
(b)
.......
312,356
10,248,400
American
Tower
Corp.
...............
486,380
104,425,786
Americold
Realty
Trust,
Inc.
(b)
...........
281,703
6,929,894
Apartment
Income
REIT
Corp.
..........
158,534
6,122,583
Apartment
Investment
and
Management
Co.,
Class
A
.......................
158,670
1,158,291
Apple
Hospitality
REIT,
Inc.
............
197,214
2,772,829
Armada
Hoffler
Properties,
Inc.
.........
65,941
684,468
Ashford
Hospitality
Trust,
Inc.
(a)(b)
........
28,224
192,205
AvalonBay
Communities,
Inc.
..........
144,173
26,555,225
Bluerock
Residential
Growth
REIT,
Inc.
....
22,516
602,303
Boston
Properties,
Inc.
...............
146,824
11,007,395
Braemar
Hotels
&
Resorts,
Inc.
.........
186,688
802,758
Brandywine
Realty
Trust
..............
187,347
1,264,592
Brixmor
Property
Group,
Inc.
...........
313,323
5,787,076
Broadstone
Net
Lease,
Inc.
............
190,777
2,962,767
Camden
Property
Trust
...............
111,326
13,297,891
CareTrust
REIT,
Inc.
.................
84,353
1,527,633
Centerspace
......................
17,872
1,203,143
Chatham
Lodging
Trust
(a)
.............
35,205
347,473
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
City
Office
REIT,
Inc.
................
66,402
$
662,028
Clipper
Realty,
Inc.
..................
45,999
320,613
Community
Healthcare
Trust,
Inc.
........
20,146
659,782
Corporate
Office
Properties
Trust
........
110,957
2,577,531
Cousins
Properties,
Inc.
..............
152,980
3,572,083
Crown
Castle,
Inc.
..................
454,208
65,655,766
CTO
Realty
Growth,
Inc.
..............
30,585
573,163
CubeSmart
.......................
230,134
9,219,168
DiamondRock
Hospitality
Co.
...........
204,171
1,533,324
Digital
Realty
Trust,
Inc.
..............
298,016
29,557,227
Douglas
Emmett,
Inc.
................
176,915
3,172,086
Duke
Realty
Corp.
..................
419,688
20,228,962
Easterly
Government
Properties,
Inc.
.....
150,215
2,368,891
EastGroup
Properties,
Inc.
............
44,526
6,426,883
Empire
State
Realty
Trust,
Inc.,
Class
A
(b)
...
130,963
859,117
EPR
Properties
....................
85,077
3,050,861
Equinix,
Inc.
......................
95,025
54,054,021
Equity
Commonwealth
...............
104,480
2,545,133
Equity
LifeStyle
Properties,
Inc.
.........
179,651
11,289,269
Equity
Residential
..................
362,641
24,376,728
Essential
Properties
Realty
Trust,
Inc.
.....
156,936
3,052,405
Essex
Property
Trust,
Inc.
.............
68,459
16,582,824
Extra
Space
Storage,
Inc.
.............
140,327
24,235,876
Farmland
Partners,
Inc.
..............
34,011
430,919
Federal
Realty
Investment
Trust
.........
74,007
6,669,511
First
Industrial
Realty
Trust,
Inc.
.........
138,467
6,204,706
Four
Corners
Property
Trust,
Inc.
........
66,731
1,614,223
Gaming
and
Leisure
Properties,
Inc.
......
245,576
10,864,282
Getty
Realty
Corp.
..................
43,403
1,167,107
Gladstone
Commercial
Corp.
...........
54,956
851,818
Gladstone
Land
Corp.
(b)
..............
47,430
858,483
Global
Medical
REIT,
Inc.
.............
56,248
479,233
Global
Net
Lease,
Inc.
...............
150,178
1,599,396
Healthcare
Realty
Trust,
Inc.,
Class
A
.....
387,776
8,085,130
Healthpeak
Properties,
Inc.
............
549,932
12,604,441
Hersha
Hospitality
Trust,
Class
A
........
45,627
364,103
Highwoods
Properties,
Inc.
............
112,928
3,044,539
Host
Hotels
&
Resorts,
Inc.
............
767,625
12,189,885
Hudson
Pacific
Properties,
Inc.
..........
159,530
1,746,854
Independence
Realty
Trust,
Inc.
.........
230,340
3,853,588
Indus
Realty
Trust,
Inc.
...............
16,226
849,756
Industrial
Logistics
Properties
Trust
.......
88,341
485,876
Innovative
Industrial
Properties,
Inc.
......
32,227
2,852,090
InvenTrust
Properties
Corp.
............
62,552
1,334,234
Invitation
Homes,
Inc.
................
618,651
20,891,844
Iron
Mountain,
Inc.
..................
304,598
13,393,174
iStar,
Inc.
........................
117,008
1,083,494
JBG
SMITH
Properties
...............
123,324
2,291,360
Kilroy
Realty
Corp.
..................
113,562
4,782,096
Kimco
Realty
Corp.
.................
631,311
11,622,436
Kite
Realty
Group
Trust
...............
243,652
4,195,687
Lamar
Advertising
Co.,
Class
A
.........
93,641
7,724,446
Life
Storage,
Inc.
...................
90,623
10,037,403
LTC
Properties,
Inc.
.................
39,864
1,492,907
LXP
Industrial
Trust
.................
275,836
2,526,658
Macerich
Co.
(The)
.................
203,083
1,612,479
Medical
Properties
Trust,
Inc.
...........
641,327
7,606,138
Mid-America
Apartment
Communities,
Inc.
..
122,348
18,972,504
National
Health
Investors,
Inc.
..........
46,482
2,627,627
National
Retail
Properties,
Inc.
..........
185,750
7,403,995
National
Storage
Affiliates
Trust
.........
93,666
3,894,632
Necessity
Retail
REIT,
Inc.
(The),
Class
A
..
113,387
666,716
NETSTREIT
Corp.
..................
91,318
1,626,374
NexPoint
Residential
Trust,
Inc.
.........
29,811
1,377,566
Office
Properties
Income
Trust
..........
45,027
632,629
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Omega
Healthcare
Investors,
Inc.
........
245,620
$
7,243,334
One
Liberty
Properties,
Inc.
............
18,219
382,963
Orion
Office
REIT,
Inc.
...............
57,313
501,489
Outfront
Media,
Inc.
.................
145,407
2,208,732
Paramount
Group,
Inc.
...............
199,008
1,239,820
Park
Hotels
&
Resorts,
Inc.
............
253,637
2,855,953
Pebblebrook
Hotel
Trust
..............
139,786
2,028,295
Phillips
Edison
&
Co.,
Inc.
.............
116,120
3,257,166
Physicians
Realty
Trust
...............
235,878
3,547,605
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
..
217,193
2,293,558
Plymouth
Industrial
REIT,
Inc.
..........
38,198
642,108
Postal
Realty
Trust,
Inc.,
Class
A
........
62,138
911,564
PotlatchDeltic
Corp.
.................
75,693
3,106,441
Power
REIT
(a)
.....................
239
2,550
Prologis,
Inc.
......................
774,569
78,696,210
Public
Storage
.....................
164,762
48,243,961
Rayonier,
Inc.
.....................
152,521
4,571,054
Realty
Income
Corp.
.................
647,101
37,661,278
Regency
Centers
Corp.
..............
160,180
8,625,693
Retail
Opportunity
Investments
Corp.
.....
129,136
1,776,911
Rexford
Industrial
Realty,
Inc.
..........
179,796
9,349,392
RLJ
Lodging
Trust
..................
178,961
1,811,085
RPT
Realty
.......................
59,659
451,022
Ryman
Hospitality
Properties,
Inc.
.......
56,144
4,131,637
Sabra
Health
Care
REIT,
Inc.
...........
262,642
3,445,863
Safehold,
Inc.
.....................
12,266
324,558
Saul
Centers,
Inc.
..................
10,742
402,825
SBA
Communications
Corp.,
Class
A
......
113,202
32,222,949
Service
Properties
Trust
..............
148,426
770,331
Simon
Property
Group,
Inc.
............
345,125
30,974,969
SITE
Centers
Corp.
.................
167,485
1,793,764
SL
Green
Realty
Corp.
...............
73,518
2,952,483
Sotherly
Hotels,
Inc.
(a)
................
11,235
21,122
Spirit
Realty
Capital,
Inc.
..............
146,570
5,299,971
STAG
Industrial,
Inc.
................
181,672
5,164,935
STORE
Capital
Corp.
................
253,690
7,948,108
Summit
Hotel
Properties,
Inc.
...........
105,428
708,476
Sun
Communities,
Inc.
...............
126,815
17,161,874
Sunstone
Hotel
Investors,
Inc.
..........
236,456
2,227,416
Tanger
Factory
Outlet
Centers,
Inc.
.......
101,005
1,381,748
Terreno
Realty
Corp.
(b)
...............
78,722
4,171,479
UDR,
Inc.
........................
317,333
13,235,959
UMH
Properties,
Inc.
................
51,102
825,297
Uniti
Group,
Inc.
...................
271,642
1,887,912
Universal
Health
Realty
Income
Trust
.....
12,620
545,310
Urban
Edge
Properties
...............
120,612
1,608,964
Urstadt
Biddle
Properties,
Inc.,
Class
A
....
18,421
285,710
Ventas,
Inc.
......................
413,598
16,614,232
Veris
Residential,
Inc.
(a)
...............
94,372
1,073,010
VICI
Properties,
Inc.
.................
1,005,841
30,024,354
Vornado
Realty
Trust
................
167,578
3,881,107
Washington
REIT
...................
146,291
2,568,870
Welltower,
Inc.
.....................
490,449
31,545,680
Weyerhaeuser
Co.
..................
776,538
22,177,925
Wheeler
REIT,
Inc.
(a)
.................
736
957
Whitestone
REIT
...................
34,559
292,369
WP
Carey,
Inc.
(b)
...................
216,891
15,138,992
Xenia
Hotels
&
Resorts,
Inc.
...........
110,686
1,526,360
1,206,504,437
Food
&
Staples
Retailing
—
1.5%
Albertsons
Cos.,
Inc.,
Class
A
..........
154,234
3,834,257
Andersons,
Inc.
(The)
................
28,054
870,516
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
......
139,496
10,156,704
Casey's
General
Stores,
Inc.
(b)
..........
39,698
8,039,639
Security
Shares
Shares
Value
Food
&
Staples
Retailing
(continued)
Chefs'
Warehouse,
Inc.
(The)
(a)
.........
27,704
$
802,585
Costco
Wholesale
Corp.
..............
461,406
217,908,212
Fresh
Market,
Inc.
(The),
NVS
(a)(d)
........
7,280
—
Grocery
Outlet
Holding
Corp.
(a)
..........
87,969
2,928,488
HF
Foods
Group,
Inc.
(a)(b)
..............
35,765
138,411
Ingles
Markets,
Inc.,
Class
A
...........
11,495
910,519
Kroger
Co.
(The)
...................
689,835
30,180,281
MedAvail
Holdings,
Inc.
(a)(b)
............
25
19
Performance
Food
Group
Co.
(a)(b)
........
156,772
6,733,357
PriceSmart,
Inc.
....................
30,411
1,751,369
Rite
Aid
Corp.
(a)(b)
...................
54,832
271,418
SpartanNash
Co.
...................
30,226
877,159
Sprouts
Farmers
Market,
Inc.
(a)
..........
123,884
3,437,781
Sysco
Corp.
......................
536,599
37,942,915
United
Natural
Foods,
Inc.
(a)
............
69,619
2,392,805
US
Foods
Holding
Corp.
(a)
.............
227,422
6,013,038
Walgreens
Boots
Alliance,
Inc.
..........
748,675
23,508,395
Walmart,
Inc.
......................
1,491,833
193,490,740
Weis
Markets,
Inc.
(b)
.................
17,599
1,253,753
553,442,361
Food
Products
—
1.2%
Alico,
Inc.
........................
25,393
717,098
AppHarvest,
Inc.
(a)(b)
.................
63,330
124,760
Arcadia
Biosciences,
Inc.
(a)(b)
...........
29,283
15,459
Archer-Daniels-Midland
Co.
............
591,870
47,615,942
B&G
Foods,
Inc.
(b)
..................
65,003
1,071,899
Benson
Hill,
Inc.
(a)(b)
.................
225,471
617,791
Beyond
Meat,
Inc.
(a)(b)
................
62,838
890,414
Bridgford
Foods
Corp.
(a)
..............
641
9,070
Bunge
Ltd.
.......................
158,539
13,090,565
Calavo
Growers,
Inc.
................
20,268
643,509
Cal-Maine
Foods,
Inc.
(b)
..............
44,123
2,452,798
Campbell
Soup
Co.
.................
215,359
10,147,716
Conagra
Brands,
Inc.
................
492,154
16,058,985
Darling
Ingredients,
Inc.
(a)
.............
169,865
11,236,570
Farmer
Bros
Co.
(a)(b)
.................
7,090
33,252
Flowers
Foods,
Inc.
.................
215,079
5,310,301
Fresh
Del
Monte
Produce,
Inc.
..........
34,876
810,518
Freshpet,
Inc.
(a)(b)
...................
47,137
2,361,092
General
Mills,
Inc.
..................
625,215
47,897,721
Hain
Celestial
Group,
Inc.
(The)
(a)
........
94,559
1,596,156
Hershey
Co.
(The)
..................
152,951
33,721,107
Hormel
Foods
Corp.
.................
300,576
13,658,173
Hostess
Brands,
Inc.,
Class
A
(a)
.........
158,367
3,680,449
Ingredion,
Inc.
.....................
66,119
5,323,902
J
&
J
Snack
Foods
Corp.
..............
17,487
2,264,042
JM
Smucker
Co.
(The)
...............
113,296
15,568,003
John
B
Sanfilippo
&
Son,
Inc.
...........
8,852
670,362
Kellogg
Co.
.......................
261,190
18,194,495
Kraft
Heinz
Co.
(The)
................
815,242
27,188,321
Lamb
Weston
Holdings,
Inc.
...........
153,319
11,863,824
Lancaster
Colony
Corp.
..............
21,188
3,184,133
Limoneira
Co.
.....................
10,107
133,210
McCormick
&
Co.,
Inc.,
NVS
...........
262,162
18,684,286
Mission
Produce,
Inc.
(a)
...............
53,720
776,791
Mondelez
International,
Inc.,
Class
A
......
1,435,096
78,686,314
Pilgrim's
Pride
Corp.
(a)
...............
37,741
868,798
Post
Holdings,
Inc.
(a)
.................
55,103
4,513,487
RiceBran
Technologies
(a)(b)
.............
915
1,647
Rocky
Mountain
Chocolate
Factory,
Inc.
(a)
..
8,599
51,680
S&W
Seed
Co.
(a)(b)
..................
48,271
35,238
Seaboard
Corp.
....................
183
622,687
Seneca
Foods
Corp.,
Class
A
(a)
.........
8,732
440,442
Seneca
Foods
Corp.,
Class
B
(a)
.........
117
6,195
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
29
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
Simply
Good
Foods
Co.
(The)
(a)
.........
87,839
$
2,809,970
Sovos
Brands,
Inc.
(a)
.................
55,656
792,541
Tattooed
Chef,
Inc.,
Class
A
(a)(b)
.........
75,837
377,668
Tootsie
Roll
Industries,
Inc.
............
18,615
619,507
TreeHouse
Foods,
Inc.
(a)
..............
57,151
2,424,345
Tyson
Foods,
Inc.,
Class
A
............
300,591
19,817,965
Utz
Brands,
Inc.,
Class
A
..............
90,361
1,364,451
Vital
Farms,
Inc.
(a)
..................
20,279
242,740
Whole
Earth
Brands,
Inc.,
Class
A
(a)
......
64,581
247,991
431,536,380
Gas
Utilities
—
0.1%
Atmos
Energy
Corp.
.................
146,573
14,928,460
Chesapeake
Utilities
Corp.
............
16,100
1,857,779
National
Fuel
Gas
Co.
...............
93,588
5,760,342
New
Jersey
Resources
Corp.
...........
95,003
3,676,616
Northwest
Natural
Holding
Co.
..........
51,985
2,255,109
ONE
Gas,
Inc.
.....................
55,981
3,940,503
South
Jersey
Industries,
Inc.
...........
127,976
4,276,958
Southwest
Gas
Holdings,
Inc.
..........
72,432
5,052,132
Spire,
Inc.
........................
54,879
3,420,608
UGI
Corp.
........................
224,089
7,244,797
52,413,304
Health
Care
Equipment
&
Supplies
—
2.7%
Abbott
Laboratories
.................
1,817,961
175,905,906
ABIOMED,
Inc.
(a)
...................
47,789
11,739,846
Accelerate
Diagnostics,
Inc.
(a)(b)
.........
29,124
44,268
Acutus
Medical,
Inc.
(a)
................
19,919
17,529
Aethlon
Medical,
Inc.
(a)
...............
415
242
Align
Technology,
Inc.
(a)
...............
76,441
15,831,696
Alphatec
Holdings,
Inc.
(a)(b)
.............
72,980
637,845
AngioDynamics,
Inc.
(a)
...............
50,943
1,042,294
Apollo
Endosurgery,
Inc.
(a)(b)
............
143,046
788,183
Apyx
Medical
Corp.
(a)(b)
...............
32,212
144,632
Artivion,
Inc.
(a)(b)
....................
56,200
777,808
Asensus
Surgical,
Inc.
(a)(b)
.............
236,506
106,144
Aspira
Women's
Health,
Inc.
(a)(b)
.........
44,381
16,519
AtriCure,
Inc.
(a)
....................
49,079
1,918,989
Atrion
Corp.
......................
1,031
582,515
Avanos
Medical,
Inc.
(a)
...............
53,308
1,161,048
AxoGen,
Inc.
(a)
.....................
46,024
548,606
Axonics,
Inc.
(a)
.....................
57,642
4,060,302
Baxter
International,
Inc.
..............
530,789
28,588,296
Becton
Dickinson
and
Co.
(b)
............
298,395
66,491,358
Beyond
Air,
Inc.
(a)(b)
..................
16,434
122,269
Biolase,
Inc.
(a)(b)
....................
6,234
15,149
BioLife
Solutions,
Inc.
(a)
...............
30,203
687,118
Biomerica,
Inc.
(a)(b)
..................
8,373
32,906
Bioventus,
Inc.,
Class
A
(a)(b)
............
119,700
837,900
Boston
Scientific
Corp.
(a)
..............
1,489,886
57,703,285
Butterfly
Network,
Inc.,
Class
A
(a)(b)
.......
134,371
631,544
Cardiovascular
Systems,
Inc.
(a)(b)
........
54,634
757,227
Cerus
Corp.
(a)(b)
....................
224,278
807,401
Chembio
Diagnostics,
Inc.
(a)(b)
..........
9,328
3,371
ClearPoint
Neuro,
Inc.
(a)(b)
.............
80,340
832,322
Co-Diagnostics,
Inc.
(a)(b)
...............
36,457
117,027
Conformis,
Inc.
(a)(b)
..................
82,374
15,750
CONMED
Corp.
....................
27,981
2,243,237
Cooper
Cos.,
Inc.
(The)
..............
52,955
13,974,824
CryoPort,
Inc.
(a)
....................
52,628
1,282,018
Cutera,
Inc.
(a)(b)
....................
13,387
610,447
CytoSorbents
Corp.
(a)(b)
...............
27,338
37,180
Dentsply
Sirona,
Inc.
................
226,045
6,408,376
Dexcom,
Inc.
(a)
....................
413,646
33,315,049
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Eargo,
Inc.
(a)
......................
16,427
$
17,248
Edwards
Lifesciences
Corp.
(a)
..........
648,475
53,583,489
Ekso
Bionics
Holdings,
Inc.
(a)
...........
17,892
27,912
ElectroCore,
Inc.
(a)(b)
.................
34,956
14,192
Electromed,
Inc.
(a)(b)
.................
8,599
88,140
Embecta
Corp.
....................
58,864
1,694,695
Enovis
Corp.
(a)
.....................
55,397
2,552,140
Envista
Holdings
Corp.
(a)
..............
169,504
5,561,426
Figs,
Inc.,
Class
A
(a)(b)
................
138,173
1,139,927
Glaukos
Corp.
(a)
....................
44,961
2,393,724
Globus
Medical,
Inc.,
Class
A
(a)(b)
........
90,842
5,411,458
Haemonetics
Corp.
(a)
................
55,115
4,080,163
Helius
Medical
Technologies,
Inc.
(a)
.......
1,941
535
Heska
Corp.
(a)
.....................
9,906
722,346
Hologic,
Inc.
(a)
.....................
259,856
16,765,909
ICU
Medical,
Inc.
(a)
..................
20,778
3,129,167
IDEXX
Laboratories,
Inc.
(a)
.............
88,134
28,714,057
Inari
Medical,
Inc.
(a)(b)
................
51,103
3,712,122
Inogen,
Inc.
(a)
.....................
19,038
462,243
Inspire
Medical
Systems,
Inc.
(a)(b)
........
28,408
5,038,727
Insulet
Corp.
(a)(b)
....................
71,714
16,451,192
Integer
Holdings
Corp.
(a)(b)
.............
38,054
2,368,100
Integra
LifeSciences
Holdings
Corp.
(a)
.....
74,660
3,162,598
Intuitive
Surgical,
Inc.
(a)
...............
375,551
70,393,279
Invacare
Corp.
(a)(b)
..................
34,428
26,864
InVivo
Therapeutics
Holdings
Corp.
(a)
.....
1
4
iRhythm
Technologies,
Inc.
(a)
...........
30,066
3,766,668
IRIDEX
Corp.
(a)
....................
9,962
24,008
Kewaunee
Scientific
Corp.
(a)(b)
..........
262
4,611
KORU
Medical
Systems,
Inc.
(a)
..........
18,054
40,260
Lantheus
Holdings,
Inc.
(a)
.............
73,024
5,135,778
LeMaitre
Vascular,
Inc.
(b)
..............
26,162
1,325,890
LENSAR,
Inc.
(a)(b)
...................
12,160
67,488
LivaNova
plc
(a)(b)
....................
57,628
2,925,774
LogicMark,
Inc.
(a)
...................
25
19
Masimo
Corp.
(a)
....................
54,137
7,641,979
Medtronic
plc
.....................
1,384,663
111,811,537
Meridian
Bioscience,
Inc.
(a)
............
40,712
1,283,649
Merit
Medical
Systems,
Inc.
(a)
...........
56,566
3,196,545
Mesa
Laboratories,
Inc.
..............
10,858
1,529,132
Microbot
Medical,
Inc.
(a)(b)
.............
17
81
Milestone
Scientific,
Inc.
(a)(b)
............
10,150
8,018
Motus
GI
Holdings,
Inc.
(a)(b)
............
530
1,298
Neogen
Corp.
(a)
....................
234,034
3,269,455
NeuroMetrix,
Inc.
(a)
..................
10
28
Neuronetics,
Inc.
(a)
..................
36,960
117,533
Nevro
Corp.
(a)
.....................
37,421
1,743,819
Novocure
Ltd.
(a)(b)
...................
96,412
7,325,384
NuVasive,
Inc.
(a)
....................
55,052
2,411,828
Omnicell,
Inc.
(a)(b)
...................
45,513
3,960,996
OraSure
Technologies,
Inc.
(a)
...........
67,523
255,912
Orthofix
Medical,
Inc.
(a)
...............
18,887
360,931
OrthoPediatrics
Corp.
(a)(b)
..............
16,474
760,110
Outset
Medical,
Inc.
(a)
................
41,404
659,566
Owlet,
Inc.,
Class
A
(a)(b)
...............
175,370
187,646
PAVmed,
Inc.
(a)(b)
...................
130,832
112,516
Penumbra,
Inc.
(a)(b)
..................
40,986
7,770,946
Predictive
Oncology,
Inc.
(a)
.............
6
2
PROCEPT
BioRobotics
Corp.
(a)(b)
........
29,339
1,216,395
Pro-Dex,
Inc.
(a)
....................
613
10,862
Pulmonx
Corp.
(a)(b)
..................
40,770
679,228
QuidelOrtho
Corp.
(a)
.................
58,854
4,206,884
Quotient
Ltd.
(a)
.....................
143,912
21,587
ResMed,
Inc.
.....................
151,693
33,114,582
Rockwell
Medical,
Inc.
(a)
..............
6,147
8,114
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
30
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
SeaSpine
Holdings
Corp.
(a)
............
56,090
$
318,591
Senseonics
Holdings,
Inc.
(a)(b)
...........
398,740
526,337
Shockwave
Medical,
Inc.
(a)
.............
36,680
10,199,608
SI-BONE,
Inc.
(a)
....................
35,140
613,544
Sientra,
Inc.
(a)(b)
....................
48,775
31,216
Silk
Road
Medical,
Inc.
(a)(b)
.............
36,220
1,629,900
SiNtx
Technologies,
Inc.
(a)(b)
............
13
4
SmileDirectClub,
Inc.,
Class
A
(a)(b)
........
78,832
71,374
STAAR
Surgical
Co.
(a)(b)
...............
48,266
3,405,166
Stereotaxis,
Inc.
(a)
..................
43,627
78,529
STERIS
plc
.......................
103,968
17,287,799
Strata
Skin
Sciences,
Inc.
(a)
............
1,191
1,037
Stryker
Corp.
.....................
352,511
71,397,578
Surgalign
Holdings,
Inc.
(a)
.............
1,805
6,281
Surmodics,
Inc.
(a)
...................
10,509
319,474
Tactile
Systems
Technology,
Inc.
(a)
.......
18,552
144,520
Tandem
Diabetes
Care,
Inc.
(a)
..........
71,111
3,402,661
Tela
Bio,
Inc.
(a)(b)
....................
3,109
26,489
Teleflex,
Inc.
......................
48,390
9,748,649
ThermoGenesis
Holdings,
Inc.
(a)(b)
........
27
7
TransMedics
Group,
Inc.
(a)
.............
25,889
1,080,607
Treace
Medical
Concepts,
Inc.
(a)(b)
........
26,129
576,667
UFP
Technologies,
Inc.
(a)(b)
.............
8,781
753,761
Vapotherm,
Inc.
(a)
...................
46,664
73,262
Varex
Imaging
Corp.
(a)
...............
38,575
815,475
Venus
Concept,
Inc.
(a)(b)
...............
16,443
7,235
ViewRay,
Inc.
(a)(b)
...................
145,526
529,715
Vivani
Medical,
Inc.
(a)(b)
...............
304,156
693,476
VolitionRX
Ltd.
(a)
...................
10,142
13,793
Xtant
Medical
Holdings,
Inc.
(a)
..........
143
103
Zimmer
Biomet
Holdings,
Inc.
..........
218,013
22,793,259
Zimvie,
Inc.
(a)
......................
21,609
213,281
Zomedica
Corp.
(a)(b)
.................
1,074,965
226,818
Zynex,
Inc.
.......................
17,302
156,929
1,012,450,287
Health
Care
Providers
&
Services
—
3.4%
1Life
Healthcare,
Inc.
(a)(b)
..............
198,746
3,408,494
23andMe
Holding
Co.,
Class
A
(a)(b)
.......
182,741
522,639
Acadia
Healthcare
Co.,
Inc.
(a)(b)
..........
93,635
7,320,384
Accolade,
Inc.
(a)(b)
...................
59,382
678,143
AdaptHealth
Corp.
(a)(b)
................
112,952
2,121,239
Addus
HomeCare
Corp.
(a)
.............
17,161
1,634,414
Agiliti,
Inc.
(a)(b)
.....................
37,436
535,709
agilon
health,
Inc.
(a)(b)
................
202,473
4,741,918
Alignment
Healthcare,
Inc.
(a)
...........
86,694
1,026,457
Amedisys,
Inc.
(a)
...................
35,768
3,461,985
American
Shared
Hospital
Services
(a)
.....
709
1,836
AmerisourceBergen
Corp.
.............
157,339
21,292,687
AMN
Healthcare
Services,
Inc.
(a)
.........
47,568
5,040,305
Apollo
Medical
Holdings,
Inc.
(a)(b)
.........
38,950
1,519,050
Brookdale
Senior
Living,
Inc.
(a)
..........
243,010
1,037,653
Cano
Health,
Inc.,
Class
A
(a)(b)
..........
241,063
2,090,016
Cardinal
Health,
Inc.
.................
287,863
19,194,705
CareMax,
Inc.,
Class
A
(a)(b)
.............
100,663
713,701
Castle
Biosciences,
Inc.
(a)(b)
............
28,598
745,836
Centene
Corp.
(a)
...................
602,359
46,869,554
Chemed
Corp.
.....................
15,769
6,884,115
Cigna
Corp.
......................
318,056
88,250,998
Clover
Health
Investments
Corp.
(a)(b)
......
285,862
485,965
CorVel
Corp.
(a)
.....................
9,573
1,325,190
Covetrus,
Inc.
(a)
....................
100,889
2,106,562
Cross
Country
Healthcare,
Inc.
(a)(b)
.......
36,876
1,046,172
CVS
Health
Corp.
..................
1,370,487
130,703,345
DaVita,
Inc.
(a)(b)
....................
63,845
5,284,451
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
(continued)
DocGo,
Inc.
(a)
.....................
102,763
$
1,019,409
Elevance
Health,
Inc.
(b)
...............
251,076
114,048,762
Encompass
Health
Corp.
.............
105,149
4,755,889
Enhabit,
Inc.
(a)
.....................
52,431
736,131
Ensign
Group,
Inc.
(The)
..............
60,278
4,792,101
Enzo
Biochem,
Inc.
(a)
................
38,670
86,234
Five
Star
Senior
Living,
Inc.
(a)(b)
..........
17,877
16,981
Fulgent
Genetics,
Inc.
(a)(b)
.............
18,574
708,041
Great
Elm
Group,
Inc.
(a)
..............
7,302
14,604
Guardant
Health,
Inc.
(a)(b)
..............
115,889
6,238,305
Hanger,
Inc.
(a)
.....................
40,024
749,249
HCA
Healthcare,
Inc.
................
224,069
41,181,642
HealthEquity,
Inc.
(a)(b)
................
87,673
5,888,995
Henry
Schein,
Inc.
(a)
.................
144,055
9,474,497
Hims
&
Hers
Health,
Inc.,
Class
A
(a)(b)
.....
179,732
1,002,905
Humana,
Inc.
.....................
132,769
64,418,191
Invitae
Corp.
(a)(b)
....................
222,616
547,635
Laboratory
Corp.
of
America
Holdings
.....
94,684
19,392,230
LHC
Group,
Inc.
(a)
..................
30,096
4,925,511
LifeStance
Health
Group,
Inc.
(a)(b)
........
63,141
417,993
McKesson
Corp.
(b)
..................
151,136
51,366,592
ModivCare,
Inc.
(a)
...................
14,514
1,446,756
Molina
Healthcare,
Inc.
(a)
..............
61,593
20,315,835
National
HealthCare
Corp.
.............
9,847
623,709
National
Research
Corp.
..............
9,883
393,343
Oak
Street
Health,
Inc.
(a)(b)
.............
144,753
3,549,344
Ontrak,
Inc.
(a)(b)
....................
22,673
10,656
OPKO
Health,
Inc.
(a)
.................
441,018
833,524
Option
Care
Health,
Inc.
(a)
.............
154,514
4,862,556
Owens
&
Minor,
Inc.
.................
86,599
2,087,036
Patterson
Cos.,
Inc.
.................
95,212
2,286,992
Pediatrix
Medical
Group,
Inc.
(a)
..........
94,741
1,564,174
Pennant
Group,
Inc.
(The)
(a)
............
26,208
272,825
PetIQ,
Inc.,
Class
A
(a)(b)
...............
20,622
142,292
Premier,
Inc.,
Class
A
................
126,557
4,295,345
Privia
Health
Group,
Inc.
(a)(b)
............
49,205
1,675,922
Progyny,
Inc.
(a)
.....................
71,970
2,667,208
Psychemedics
Corp.
................
8,623
55,618
Quest
Diagnostics,
Inc.
...............
120,785
14,819,112
R1
RCM,
Inc.
(a)
....................
138,698
2,570,074
RadNet,
Inc.
(a)
.....................
56,806
1,156,002
Regional
Health
Properties,
Inc.
(a)(b)
.......
885
2,151
Select
Medical
Holdings
Corp.
..........
106,345
2,350,225
Sema4
Holdings
Corp.,
Class
A
(a)(b)
.......
989,476
868,265
Signify
Health,
Inc.,
Class
A
(a)
...........
79,670
2,322,381
Sonida
Senior
Living,
Inc.
(a)(b)
...........
3,069
49,841
Star
Equity
Holdings,
Inc.
(a)(b)
...........
1,268
1,262
Surgery
Partners,
Inc.
(a)
..............
29,562
691,751
Talkspace,
Inc.
(a)
...................
204,532
210,668
Tenet
Healthcare
Corp.
(a)
..............
120,398
6,210,129
UnitedHealth
Group,
Inc.
(b)
.............
973,254
491,532,200
Universal
Health
Services,
Inc.,
Class
B
(b)
..
69,928
6,166,251
US
Physical
Therapy,
Inc.
.............
11,119
845,266
1,268,704,133
Health
Care
Technology
—
0.2%
Allscripts
Healthcare
Solutions,
Inc.
(a)
.....
133,336
2,030,707
American
Well
Corp.,
Class
A
(a)(b)
........
186,819
670,680
CareCloud,
Inc.
(a)(b)
..................
7,312
30,564
Certara,
Inc.
(a)(b)
....................
105,929
1,406,737
Change
Healthcare,
Inc.
(a)(b)
............
280,273
7,704,705
Computer
Programs
&
Systems,
Inc.
(a)(b)
...
9,605
267,787
Definitive
Healthcare
Corp.,
Class
A
(a)(b)
....
41,560
645,842
Doximity,
Inc.,
Class
A
(a)(b)
.............
105,354
3,183,798
Evolent
Health,
Inc.,
Class
A
(a)
..........
87,392
3,139,995
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Technology
(continued)
GoodRx
Holdings,
Inc.,
Class
A
(a)
........
65,932
$
307,902
Health
Catalyst,
Inc.
(a)
................
69,347
672,666
HealthStream,
Inc.
(a)
.................
27,538
585,458
HTG
Molecular
Diagnostics,
Inc.
(a)
.......
58,819
36,068
iCAD,
Inc.
(a)(b)
.....................
25,050
52,605
Multiplan
Corp.,
Class
A
(a)(b)
............
273,978
783,577
NantHealth,
Inc.
(a)(b)
.................
35,726
8,799
NextGen
Healthcare,
Inc.
(a)
............
47,584
842,237
OptimizeRx
Corp.
(a)
.................
25,402
376,458
Phreesia,
Inc.
(a)
....................
56,109
1,429,657
Schrodinger,
Inc.
(a)(b)
.................
50,589
1,263,713
SCWorx
Corp.
(a)(b)
..................
6,042
4,290
Sharecare,
Inc.,
Class
A
(a)(b)
............
294,623
559,784
Simulations
Plus,
Inc.
(b)
...............
20,185
979,780
Streamline
Health
Solutions,
Inc.
(a)(b)
......
19,795
23,556
Tabula
Rasa
HealthCare,
Inc.
(a)(b)
........
28,786
138,173
Teladoc
Health,
Inc.
(a)(b)
...............
165,966
4,207,238
Veeva
Systems,
Inc.,
Class
A
(a)
.........
144,596
23,840,989
55,193,765
Hotels,
Restaurants
&
Leisure
—
2.0%
Accel
Entertainment,
Inc.,
Class
A
(a)(b)
.....
65,446
511,133
Airbnb,
Inc.,
Class
A
(a)(b)
...............
420,741
44,194,635
Allied
Esports
Entertainment,
Inc.
(a)
.......
8,155
9,541
Aramark
.........................
265,381
8,279,887
Ark
Restaurants
Corp.
(b)
..............
295
5,484
Bally's
Corp.
(a)(b)
....................
26,628
526,169
BJ's
Restaurants,
Inc.
(a)
...............
27,526
656,495
Bloomin'
Brands,
Inc.
................
92,660
1,698,458
Booking
Holdings,
Inc.
(a)
..............
41,756
68,613,877
Bowlero
Corp.
(a)(b)
...................
77,855
958,395
Boyd
Gaming
Corp.
.................
83,420
3,974,963
Brinker
International,
Inc.
(a)
............
43,792
1,093,924
Caesars
Entertainment,
Inc.
(a)
..........
224,053
7,227,950
Canterbury
Park
Holding
Corp.
..........
598
13,317
Carnival
Corp.
(a)(b)
...................
1,011,827
7,113,144
Cheesecake
Factory,
Inc.
(The)
.........
46,992
1,375,926
Chipotle
Mexican
Grill,
Inc.
(a)(b)
..........
28,896
43,423,753
Choice
Hotels
International,
Inc.
.........
31,230
3,420,310
Churchill
Downs,
Inc.
................
33,859
6,235,135
Chuy's
Holdings,
Inc.
(a)
...............
18,607
431,310
Cracker
Barrel
Old
Country
Store,
Inc.
.....
27,452
2,541,506
Darden
Restaurants,
Inc.
.............
130,340
16,464,549
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
47,893
1,486,120
Denny's
Corp.
(a)
....................
84,233
792,633
Dine
Brands
Global,
Inc.
..............
18,617
1,183,297
Domino's
Pizza,
Inc.
.................
38,233
11,859,877
DraftKings,
Inc.,
Class
A
(a)(b)
............
492,177
7,451,560
Drive
Shack,
Inc.
(a)(b)
.................
73,133
45,342
Dutch
Bros,
Inc.,
Class
A
(a)(b)
...........
25,186
784,544
Everi
Holdings,
Inc.
(a)
................
83,225
1,349,910
Expedia
Group,
Inc.
(a)
................
159,467
14,940,463
Fiesta
Restaurant
Group,
Inc.
(a)
.........
37,309
236,539
Flanigan's
Enterprises,
Inc.
(b)
...........
198
5,053
Full
House
Resorts,
Inc.
(a)(b)
............
21,993
123,601
GAN
Ltd.
(a)
.......................
62,284
138,270
Golden
Entertainment,
Inc.
(a)
...........
20,000
697,800
Hilton
Grand
Vacations,
Inc.
(a)
..........
96,617
3,177,733
Hilton
Worldwide
Holdings,
Inc.
.........
276,607
33,364,336
Hyatt
Hotels
Corp.,
Class
A
(a)(b)
..........
55,367
4,482,512
Jack
in
the
Box,
Inc.
.................
27,205
2,015,074
Kura
Sushi
USA,
Inc.,
Class
A
(a)(b)
........
3,208
236,045
Las
Vegas
Sands
Corp.
(a)(b)
............
350,255
13,141,568
Life
Time
Group
Holdings,
Inc.
(a)(b)
........
58,623
571,574
Light
&
Wonder,
Inc.,
Class
A
(a)
..........
102,113
4,378,605
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
25,654
$
173,421
Marriott
International,
Inc.,
Class
A
(b)
......
287,788
40,330,610
Marriott
Vacations
Worldwide
Corp.
.......
39,668
4,833,943
McDonald's
Corp.
..................
765,068
176,531,790
Membership
Collective
Group,
Inc.,
Class
A
(a)(b)
68,038
321,139
MGM
Resorts
International
(b)
...........
369,236
10,973,694
Monarch
Casino
&
Resort,
Inc.
(a)
.........
9,370
526,032
Noodles
&
Co.,
Class
A
(a)
.............
19,194
90,212
Norwegian
Cruise
Line
Holdings
Ltd.
(a)(b)
...
471,144
5,352,196
ONE
Group
Hospitality,
Inc.
(The)
(a)(b)
.....
18,189
120,775
Papa
John's
International,
Inc.
..........
35,521
2,486,825
Penn
Entertainment,
Inc.
(a)(b)
...........
161,830
4,451,943
Planet
Fitness,
Inc.,
Class
A
(a)(b)
.........
87,157
5,025,473
Playa
Hotels
&
Resorts
NV
(a)
...........
176,351
1,026,363
Portillo's,
Inc.,
Class
A
(a)(b)
.............
50,620
996,708
Rave
Restaurant
Group,
Inc.
(a)
..........
3,285
4,599
RCI
Hospitality
Holdings,
Inc.
...........
9,574
625,565
Red
Robin
Gourmet
Burgers,
Inc.
(a)(b)
......
19,484
131,127
Red
Rock
Resorts,
Inc.,
Class
A
.........
44,525
1,525,427
Royal
Caribbean
Cruises
Ltd.
(a)(b)
........
244,021
9,248,396
Rush
Street
Interactive,
Inc.,
Class
A
(a)(b)
...
59,086
217,437
Ruth's
Hospitality
Group,
Inc.
...........
37,150
626,349
SeaWorld
Entertainment,
Inc.
(a)
.........
41,306
1,879,836
Shake
Shack,
Inc.,
Class
A
(a)(b)
..........
40,685
1,830,011
Six
Flags
Entertainment
Corp.
(a)
.........
77,059
1,363,944
Starbucks
Corp.
....................
1,198,526
100,987,801
Sweetgreen,
Inc.,
Class
A
(a)(b)
...........
73,950
1,368,075
Target
Hospitality
Corp.
(a)(b)
............
15,323
193,376
Texas
Roadhouse,
Inc.
...............
67,251
5,868,322
Travel
+
Leisure
Co.
.................
94,265
3,216,322
Vacasa,
Inc.,
Class
A
(a)(b)
..............
138,163
424,160
Vail
Resorts,
Inc.
...................
44,045
9,497,864
Wendy's
Co.
(The)
..................
199,328
3,725,440
Wingstop,
Inc.
(b)
....................
29,099
3,649,597
Wyndham
Hotels
&
Resorts,
Inc.
........
96,031
5,891,502
Wynn
Resorts
Ltd.
(a)
.................
111,437
7,023,874
Yum!
Brands,
Inc.
..................
297,977
31,686,874
765,459,339
Household
Durables
—
0.4%
Aterian,
Inc.
(a)(b)
....................
42,003
52,084
Bassett
Furniture
Industries,
Inc.
(b)
.......
19,709
309,037
Cavco
Industries,
Inc.
(a)
...............
9,290
1,911,510
Century
Communities,
Inc.
............
48,801
2,087,707
Cricut,
Inc.,
Class
A
(a)(b)
...............
29,310
271,411
DR
Horton,
Inc.
....................
339,972
22,897,114
Emerson
Radio
Corp.
(a)
...............
18,978
10,912
Ethan
Allen
Interiors,
Inc.
.............
18,170
384,114
Flexsteel
Industries,
Inc.
..............
40,888
641,942
Garmin
Ltd.
.......................
159,375
12,799,406
GoPro,
Inc.,
Class
A
(a)
................
120,973
596,397
Green
Brick
Partners,
Inc.
(a)
............
29,791
636,932
Hamilton
Beach
Brands
Holding
Co.,
Class
A
28
327
Helen
of
Troy
Ltd.
(a)
.................
24,941
2,405,310
Hooker
Furnishings
Corp.
.............
10,152
136,950
Installed
Building
Products,
Inc.
.........
26,398
2,137,974
iRobot
Corp.
(a)
.....................
28,459
1,603,095
KB
Home
........................
86,053
2,230,494
La-Z-Boy,
Inc.
.....................
47,942
1,082,051
Leggett
&
Platt,
Inc.
.................
141,703
4,707,374
Lennar
Corp.,
Class
A
................
265,259
19,775,058
Lennar
Corp.,
Class
B
...............
16,901
1,005,779
LGI
Homes,
Inc.
(a)(b)
.................
20,181
1,642,128
Lovesac
Co.
(The)
(a)(b)
................
20,374
415,222
M/I
Homes,
Inc.
(a)
...................
108
3,913
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Household
Durables
(continued)
MDC
Holdings,
Inc.
.................
57,435
$
1,574,868
Meritage
Homes
Corp.
(a)
..............
37,690
2,648,476
Mohawk
Industries,
Inc.
(a)
.............
53,047
4,837,356
Nephros,
Inc.
(a)
....................
4,131
3,759
Newell
Brands,
Inc.
.................
369,830
5,136,939
Nova
Lifestyle,
Inc.
(a)
................
2,790
2,065
NVR,
Inc.
(a)
.......................
3,103
12,371,909
PulteGroup,
Inc.
...................
243,120
9,117,000
Purple
Innovation,
Inc.
(a)(b)
.............
56,571
229,112
Skyline
Champion
Corp.
(a)
.............
54,160
2,863,439
Sonos,
Inc.
(a)(b)
.....................
129,766
1,803,747
Taylor
Morrison
Home
Corp.
(a)
..........
134,647
3,139,968
Tempur
Sealy
International,
Inc.
.........
173,520
4,188,773
Toll
Brothers,
Inc.
...................
122,547
5,146,974
TopBuild
Corp.
(a)(b)
..................
34,446
5,676,012
Traeger,
Inc.
(a)(b)
....................
41,804
117,887
TRI
Pointe
Homes,
Inc.
(a)
..............
110,149
1,664,351
Tupperware
Brands
Corp.
(a)
............
49,749
325,856
Vizio
Holding
Corp.,
Class
A
(a)(b)
.........
84,854
741,624
Vuzix
Corp.
(a)(b)
....................
63,961
370,334
Whirlpool
Corp.
....................
57,333
7,729,062
Yunhong
CTI
Ltd.
(a)
.................
230
151
149,433,903
Household
Products
—
1.2%
Central
Garden
&
Pet
Co.,
Class
A,
NVS
(a)
..
46,507
1,588,679
Church
&
Dwight
Co.,
Inc.
.............
252,366
18,029,027
Clorox
Co.
(The)
...................
129,532
16,630,613
Colgate-Palmolive
Co.
...............
858,725
60,325,431
Energizer
Holdings,
Inc.
..............
68,264
1,716,157
Kimberly-Clark
Corp.
................
354,961
39,947,311
Procter
&
Gamble
Co.
(The)
...........
2,500,910
315,739,888
Reynolds
Consumer
Products,
Inc.
.......
50,686
1,318,343
Spectrum
Brands
Holdings,
Inc.
.........
47,163
1,840,772
WD-40
Co.
(b)
......................
13,041
2,291,825
459,428,046
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
AES
Corp.
(The)
...................
715,058
16,160,311
Clearway
Energy,
Inc.,
Class
A
..........
37,100
1,079,610
Clearway
Energy,
Inc.,
Class
C
.........
98,416
3,134,549
Montauk
Renewables,
Inc.
(a)(b)
..........
82,395
1,436,969
Ormat
Technologies,
Inc.
..............
42,723
3,682,722
Sunnova
Energy
International,
Inc.
(a)(b)
.....
96,333
2,127,033
Vistra
Corp.
......................
414,989
8,714,769
36,335,963
Industrial
Conglomerates
—
0.7%
3M
Co.
..........................
585,869
64,738,524
General
Electric
Co.
.................
1,152,278
71,337,531
Honeywell
International,
Inc.
...........
702,810
117,348,186
253,424,241
Insurance
—
2.3%
Aflac,
Inc.
........................
603,743
33,930,357
Alleghany
Corp.
(a)
...................
14,552
12,214,512
Allstate
Corp.
(The)
.................
280,040
34,873,381
Ambac
Financial
Group,
Inc.
(a)
..........
45,505
580,189
American
Equity
Investment
Life
Holding
Co.
84,046
3,134,075
American
Financial
Group,
Inc.
.........
69,622
8,558,632
American
International
Group,
Inc.
.......
804,922
38,217,697
AMERISAFE,
Inc.
..................
18,954
885,720
Aon
plc,
Class
A
...................
220,320
59,017,118
Arch
Capital
Group
Ltd.
(a)
.............
391,006
17,806,413
Argo
Group
International
Holdings
Ltd.
....
39,494
760,654
Arthur
J
Gallagher
&
Co.
..............
222,316
38,064,946
Security
Shares
Shares
Value
Insurance
(continued)
Assurant,
Inc.
.....................
56,100
$
8,149,647
Assured
Guaranty
Ltd.
...............
65,342
3,165,820
Atlantic
American
Corp.
(b)
.............
749
2,142
Axis
Capital
Holdings
Ltd.
.............
78,959
3,880,835
Brighthouse
Financial,
Inc.
(a)
...........
76,540
3,323,367
Brown
&
Brown,
Inc.
.................
247,986
14,998,193
BRP
Group,
Inc.,
Class
A
(a)
............
78,141
2,059,015
Chubb
Ltd.
.......................
434,569
79,039,410
Cincinnati
Financial
Corp.
.............
174,513
15,631,129
CNA
Financial
Corp.
.................
28,198
1,040,506
CNO
Financial
Group,
Inc.
.............
134,060
2,409,058
Conifer
Holdings,
Inc.
(a)(b)
..............
833
1,341
Donegal
Group,
Inc.,
Class
A
...........
11,064
149,253
eHealth,
Inc.
(a)
.....................
26,999
105,566
Employers
Holdings,
Inc.
..............
20,555
708,942
Enstar
Group
Ltd.
(a)(b)
................
15,004
2,544,528
Erie
Indemnity
Co.,
Class
A,
NVS
........
26,908
5,981,918
Everest
Re
Group
Ltd.
...............
40,585
10,651,127
FedNat
Holding
Co.
(a)
................
10,232
1,177
FG
Financial
Group,
Inc.
(a)
.............
8,665
14,037
Fidelity
National
Financial,
Inc.
..........
240,289
8,698,462
First
American
Financial
Corp.
..........
113,236
5,220,180
Genworth
Financial,
Inc.,
Class
A
(a)
.......
438,516
1,534,806
Globe
Life,
Inc.
....................
91,704
9,142,889
GoHealth,
Inc.,
Class
A
(a)(b)
............
57,138
20,284
Goosehead
Insurance,
Inc.,
Class
A
(a)
.....
19,302
687,923
Hagerty,
Inc.,
Class
A
(a)(b)
..............
71,926
646,615
Hanover
Insurance
Group,
Inc.
(The)
.....
37,709
4,832,031
Hartford
Financial
Services
Group,
Inc.
(The)
336,493
20,842,376
HCI
Group,
Inc.
....................
8,386
328,731
Hippo
Holdings,
Inc.
(a)
................
15,922
295,044
Horace
Mann
Educators
Corp.
..........
20,403
720,022
ICC
Holdings,
Inc.
(a)(b)
................
1,139
17,370
James
River
Group
Holdings
Ltd.
........
23,359
532,819
Kemper
Corp.
.....................
66,427
2,740,778
Kingstone
Cos.,
Inc.
.................
8,670
23,062
Kinsale
Capital
Group,
Inc.
(b)
...........
25,249
6,449,100
Lemonade,
Inc.
(a)(b)
..................
43,258
916,204
Lincoln
National
Corp.
...............
160,588
7,051,419
Loews
Corp.
......................
197,639
9,850,328
Markel
Corp.
(a)
.....................
14,579
15,806,843
Marsh
&
McLennan
Cos.,
Inc.
..........
518,324
77,380,590
MBIA,
Inc.
(a)
......................
75,186
691,711
Mercury
General
Corp.
...............
30,517
867,293
MetLife,
Inc.
......................
702,840
42,718,615
National
Western
Life
Group,
Inc.,
Class
A
..
2,907
496,516
Old
Republic
International
Corp.
.........
312,510
6,540,834
Oscar
Health,
Inc.,
Class
A
(a)(b)
..........
187,745
936,848
Palomar
Holdings,
Inc.
(a)
..............
25,923
2,170,274
Primerica,
Inc.
.....................
38,436
4,744,924
Principal
Financial
Group,
Inc.
..........
245,406
17,706,043
ProAssurance
Corp.
.................
36,192
706,106
Progressive
Corp.
(The)
..............
610,901
70,992,805
Prudential
Financial,
Inc.
..............
385,151
33,038,253
Reinsurance
Group
of
America,
Inc.
......
72,805
9,159,597
RenaissanceRe
Holdings
Ltd.
..........
44,760
6,283,856
RLI
Corp.
........................
40,665
4,163,283
Root,
Inc.,
Class
A
(a)(b)
................
3,123
24,609
Ryan
Specialty
Holdings,
Inc.,
Class
A
(a)(b)
..
82,655
3,357,446
Safety
Insurance
Group,
Inc.
...........
11,476
935,983
Selective
Insurance
Group,
Inc.
.........
64,224
5,227,834
Selectquote,
Inc.
(a)
..................
129,377
94,445
SiriusPoint
Ltd.
(a)
...................
86,364
427,502
Stewart
Information
Services
Corp.
.......
16,242
708,801
Tiptree,
Inc.
(b)
.....................
36,939
397,464
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Travelers
Cos.,
Inc.
(The)
.............
249,454
$
38,216,353
Trupanion,
Inc.
(a)
...................
35,692
2,121,176
Unico
American
Corp.
(a)
..............
619
737
United
Fire
Group,
Inc.
...............
20,297
583,133
United
Insurance
Holdings
Corp.
........
10,718
6,865
Universal
Insurance
Holdings,
Inc.
.......
27,437
270,254
Unum
Group
......................
199,128
7,726,166
White
Mountains
Insurance
Group
Ltd.
....
2,933
3,821,758
Willis
Towers
Watson
plc
..............
116,291
23,367,514
WR
Berkley
Corp.
..................
206,624
13,343,778
877,487,357
Interactive
Media
&
Services
—
4.2%
Alphabet,
Inc.,
Class
A
(a)
..............
6,244,011
597,239,652
Alphabet,
Inc.,
Class
C,
NVS
(a)
..........
5,625,789
540,919,612
Angi,
Inc.,
Class
A
(a)(b)
................
73,270
216,146
Bumble,
Inc.,
Class
A
(a)(b)
..............
72,399
1,555,855
Cargurus,
Inc.,
Class
A
(a)
..............
92,135
1,305,553
Cars.com,
Inc.
(a)
....................
75,197
864,765
DHI
Group,
Inc.
(a)
...................
38,673
208,061
Eventbrite,
Inc.,
Class
A
(a)(b)
............
84,458
513,505
EverQuote,
Inc.,
Class
A
(a)(b)
............
16,483
112,414
fuboTV,
Inc.
(a)(b)
....................
202,166
717,689
IAC,
Inc.
(a)(b)
......................
88,307
4,890,442
IZEA
Worldwide,
Inc.
(a)(b)
..............
40,766
29,029
Liberty
TripAdvisor
Holdings,
Inc.,
Class
A
(a)(b)
74,675
81,396
Match
Group,
Inc.
(a)
.................
299,587
14,305,279
MediaAlpha,
Inc.,
Class
A
(a)(b)
...........
19,340
169,225
Meta
Platforms,
Inc.,
Class
A
(a)
..........
2,384,672
323,552,297
Pinterest,
Inc.,
Class
A
(a)
..............
616,940
14,374,702
QuinStreet,
Inc.
(a)
...................
43,448
456,204
Shutterstock,
Inc.
...................
20,709
1,038,971
Snap,
Inc.,
Class
A,
NVS
(a)
............
1,118,417
10,982,855
Super
League
Gaming,
Inc.
(a)(b)
..........
25,376
17,129
Travelzoo
(a)(b)
......................
9,150
40,534
TripAdvisor,
Inc.
(a)
..................
96,332
2,127,011
TrueCar,
Inc.
(a)
.....................
85,213
128,672
Twitter,
Inc.
(a)
......................
716,444
31,408,905
Vimeo,
Inc.
(a)(b)
.....................
166,273
665,092
Vinco
Ventures,
Inc.
(a)(b)
...............
792
737
Yelp,
Inc.
(a)
.......................
76,516
2,594,658
Zedge,
Inc.,
Class
B
(a)
................
10,342
24,407
Ziff
Davis,
Inc.
(a)
....................
47,729
3,268,482
ZipRecruiter,
Inc.,
Class
A
(a)(b)
...........
43,366
715,539
ZoomInfo
Technologies,
Inc.
(a)(b)
.........
284,358
11,846,354
1,566,371,172
Internet
&
Direct
Marketing
Retail
—
3.0%
Amazon.com,
Inc.
(a)
.................
9,258,186
1,046,175,018
CarParts.com,
Inc.
(a)
.................
35,467
183,364
Chewy,
Inc.,
Class
A
(a)(b)
..............
107,456
3,301,048
ContextLogic,
Inc.,
Class
A
(a)(b)
..........
1,089,402
799,512
DoorDash,
Inc.,
Class
A
(a)(b)
............
278,751
13,784,237
eBay,
Inc.
........................
584,664
21,521,482
Etsy,
Inc.
(a)(b)
......................
132,686
13,285,849
Groupon,
Inc.
(a)(b)
...................
72
573
iMedia
Brands,
Inc.,
Class
A
(a)
..........
2,509
1,606
Liquidity
Services,
Inc.
(a)
..............
27,922
454,012
Overstock.com,
Inc.
(a)(b)
...............
47,336
1,152,632
PetMed
Express,
Inc.
................
26,491
517,104
Porch
Group,
Inc.
(a)(b)
................
87,887
197,746
Poshmark,
Inc.,
Class
A
(a)
.............
37,443
586,732
Qurate
Retail,
Inc.
..................
379,213
762,218
RealReal,
Inc.
(The)
(a)(b)
...............
468
702
Remark
Holdings,
Inc.
(a)(b)
.............
54,344
14,455
Security
Shares
Shares
Value
Internet
&
Direct
Marketing
Retail
(continued)
Revolve
Group,
Inc.,
Class
A
(a)(b)
.........
41,362
$
897,142
Stitch
Fix,
Inc.,
Class
A
(a)
..............
75,527
298,332
ThredUp,
Inc.,
Class
A
(a)(b)
.............
78,695
144,799
Waitr
Holdings,
Inc.
(a)(b)
...............
75,701
11,052
Wayfair,
Inc.,
Class
A
(a)(b)
..............
80,912
2,633,686
Xometry,
Inc.,
Class
A
(a)(b)
.............
31,467
1,787,011
1,108,510,312
IT
Services
—
4.3%
Accenture
plc,
Class
A
...............
661,425
170,184,653
Affirm
Holdings,
Inc.,
Class
A
(a)(b)
.........
229,130
4,298,479
Akamai
Technologies,
Inc.
(a)(b)
...........
170,454
13,690,865
Automatic
Data
Processing,
Inc.
.........
430,323
97,334,759
AvidXchange
Holdings,
Inc.
(a)(b)
..........
123,804
1,042,430
BigCommerce
Holdings,
Inc.
(a)
..........
61,859
915,513
Block,
Inc.,
Class
A
(a)(b)
...............
564,993
31,068,965
Brightcove,
Inc.
(a)
...................
36,988
233,024
Broadridge
Financial
Solutions,
Inc.
......
123,905
17,881,970
Cass
Information
Systems,
Inc.
.........
10,937
379,405
Cloudflare,
Inc.,
Class
A
(a)(b)
............
305,540
16,899,417
Cognizant
Technology
Solutions
Corp.,
Class
A
532,628
30,594,152
Concentrix
Corp.
...................
44,665
4,985,954
Conduent,
Inc.
(a)
...................
187,245
625,398
Core
Scientific,
Inc.
(a)(b)
...............
252,173
327,825
CSG
Systems
International,
Inc.
.........
26,898
1,422,366
CSP,
Inc.
........................
681
4,896
DigitalOcean
Holdings,
Inc.
(a)(b)
..........
63,718
2,304,680
DXC
Technology
Co.
(a)(b)
..............
248,314
6,078,727
Edgio,
Inc.
(a)(b)
.....................
167,078
464,477
EPAM
Systems,
Inc.
(a)(b)
..............
61,547
22,291,708
Euronet
Worldwide,
Inc.
(a)
.............
52,770
3,997,855
EVERTEC,
Inc.
....................
65,836
2,063,959
Evo
Payments,
Inc.,
Class
A
(a)
..........
46,305
1,541,957
Exela
Technologies,
Inc.
(a)(b)
............
33,491
15,175
ExlService
Holdings,
Inc.
(a)
............
37,071
5,462,783
Fastly,
Inc.,
Class
A
(a)(b)
...............
110,589
1,012,995
Fidelity
National
Information
Services,
Inc.
..
641,820
48,502,337
Fiserv,
Inc.
(a)
......................
666,306
62,346,252
FleetCor
Technologies,
Inc.
(a)
...........
77,244
13,608,076
Flywire
Corp.
(a)
....................
66,142
1,518,620
Gartner,
Inc.
(a)
.....................
83,431
23,084,523
Genpact
Ltd.
......................
169,683
7,427,025
Global
Payments,
Inc.
...............
292,788
31,635,743
GoDaddy,
Inc.,
Class
A
(a)(b)
.............
166,354
11,791,172
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)(b)
..
45,403
850,398
Hackett
Group,
Inc.
(The)
.............
27,632
489,639
I3
Verticals,
Inc.,
Class
A
(a)(b)
...........
35,171
704,475
Inpixon
(a)
........................
1
—
International
Business
Machines
Corp.
....
940,575
111,749,716
International
Money
Express,
Inc.
(a)
.......
49,147
1,120,060
Jack
Henry
&
Associates,
Inc.
..........
77,378
14,103,688
Kyndryl
Holdings,
Inc.
(a)(b)
.............
185,846
1,536,946
Marqeta,
Inc.,
Class
A
(a)
..............
379,551
2,702,403
Mastercard,
Inc.,
Class
A
..............
888,559
252,652,866
Maximus,
Inc.
.....................
66,052
3,822,429
MoneyGram
International,
Inc.
(a)(b)
........
65,013
676,135
MongoDB,
Inc.,
Class
A
(a)(b)
............
73,299
14,554,249
Okta,
Inc.,
Class
A
(a)(b)
................
156,761
8,914,998
Paya
Holdings,
Inc.,
Class
A
(a)(b)
.........
65,221
398,500
Paychex,
Inc.
.....................
332,630
37,324,412
Payoneer
Global,
Inc.
(a)
...............
200,149
1,210,902
PayPal
Holdings,
Inc.
(a)
...............
1,208,244
103,993,561
Paysign,
Inc.
(a)(b)
....................
35,211
83,450
Perficient,
Inc.
(a)
....................
37,513
2,439,095
PFSweb,
Inc.
(a)(b)
...................
18,039
168,124
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
IT
Services
(continued)
Rackspace
Technology,
Inc.
(a)(b)
.........
41,056
$
167,509
Remitly
Global,
Inc.
(a)(b)
...............
98,195
1,091,928
Repay
Holdings
Corp.,
Class
A
(a)(b)
.......
94,261
665,483
Sabre
Corp.
(a)
.....................
338,510
1,743,327
Shift4
Payments,
Inc.,
Class
A
(a)
.........
52,387
2,336,984
Snowflake,
Inc.,
Class
A
(a)(b)
............
299,340
50,875,826
SolarWinds
Corp.
(a)
.................
34,510
267,453
Squarespace,
Inc.,
Class
A
(a)(b)
..........
28,957
618,522
SS&C
Technologies
Holdings,
Inc.
.......
233,153
11,133,056
Steel
Connect,
Inc.
(a)
................
48,873
66,956
Switch,
Inc.,
Class
A
(b)
................
131,390
4,426,529
TaskUS,
Inc.,
Class
A
(a)(b)
..............
42,828
689,531
Thoughtworks
Holding,
Inc.
(a)(b)
..........
52,413
549,812
Toast,
Inc.,
Class
A
(a)(b)
...............
337,039
5,635,292
TTEC
Holdings,
Inc.
.................
18,305
811,095
Tucows,
Inc.,
Class
A
(a)(b)
..............
10,021
374,886
Twilio,
Inc.,
Class
A
(a)(b)
...............
187,212
12,943,838
Unisys
Corp.
(a)
.....................
63,585
480,067
Usio,
Inc.
(a)(b)
......................
8,028
10,436
VeriSign,
Inc.
(a)
....................
95,128
16,523,734
Verra
Mobility
Corp.,
Class
A
(a)
..........
126,222
1,940,032
Visa,
Inc.,
Class
A
(b)
.................
1,702,389
302,429,406
Western
Union
Co.
(The)
.............
408,674
5,517,099
WEX,
Inc.
(a)
.......................
45,611
5,789,860
1,623,622,842
Leisure
Products
—
0.1%
Acushnet
Holdings
Corp.
(b)
............
45,285
1,969,445
American
Outdoor
Brands,
Inc.
(a)
........
12,938
113,466
AMMO,
Inc.
(a)(b)
....................
122,786
359,763
Brunswick
Corp.
...................
82,229
5,381,888
Hasbro,
Inc.
......................
134,046
9,037,381
JAKKS
Pacific,
Inc.
(a)
................
35,475
685,732
Johnson
Outdoors,
Inc.,
Class
A
.........
8,750
448,962
Latham
Group,
Inc.
(a)
................
31,106
111,670
Malibu
Boats,
Inc.,
Class
A
(a)(b)
..........
18,826
903,460
Marine
Products
Corp.
...............
30,105
254,688
Mattel,
Inc.
(a)
......................
367,862
6,967,306
Nautilus,
Inc.
(a)(b)
...................
28,420
46,325
Peloton
Interactive,
Inc.,
Class
A
(a)(b)
......
307,300
2,129,589
Polaris,
Inc.
.......................
59,264
5,668,602
Smith
&
Wesson
Brands,
Inc.
...........
56,223
583,032
Sturm
Ruger
&
Co.,
Inc.
..............
16,709
848,650
Topgolf
Callaway
Brands
Corp.
(a)
........
122,018
2,350,067
Vista
Outdoor,
Inc.
(a)
.................
56,828
1,382,057
YETI
Holdings,
Inc.
(a)(b)
...............
91,253
2,602,536
41,844,619
Life
Sciences
Tools
&
Services
—
1.7%
10X
Genomics,
Inc.,
Class
A
(a)(b)
.........
103,509
2,947,936
Adaptive
Biotechnologies
Corp.
(a)(b)
.......
112,696
802,396
Agilent
Technologies,
Inc.
.............
311,016
37,803,995
Applied
DNA
Sciences,
Inc.
(a)
...........
366
414
Avantor,
Inc.
(a)
.....................
709,724
13,910,590
Azenta,
Inc.
......................
75,269
3,226,029
Berkeley
Lights,
Inc.
(a)
................
47,466
135,753
Bionano
Genomics,
Inc.
(a)(b)
............
292,950
536,098
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
......
22,442
9,361,456
Bio-Techne
Corp.
...................
41,636
11,824,624
Bruker
Corp.
(b)
.....................
99,620
5,285,837
Champions
Oncology,
Inc.
(a)
............
6,894
51,705
Charles
River
Laboratories
International,
Inc.
(a)
53,534
10,535,491
ChromaDex
Corp.
(a)(b)
................
88,451
108,795
Codexis,
Inc.
(a)
.....................
75,081
454,991
Cytek
Biosciences,
Inc.
(a)
..............
34,864
513,198
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Danaher
Corp.
....................
683,616
$
176,571,177
Illumina,
Inc.
(a)
.....................
167,267
31,912,871
Inotiv,
Inc.
(a)(b)
.....................
11,209
188,872
IQVIA
Holdings,
Inc.
(a)(b)
...............
194,220
35,181,011
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
(a)
106,843
2,727,702
Medpace
Holdings,
Inc.
(a)(b)
............
29,141
4,580,091
Mettler-Toledo
International,
Inc.
(a)
.......
23,469
25,443,212
NanoString
Technologies,
Inc.
(a)(b)
........
53,364
681,458
Nautilus
Biotechnology,
Inc.
(a)(b)
.........
135,138
286,493
NeoGenomics,
Inc.
(a)
................
128,504
1,106,419
Pacific
Biosciences
of
California,
Inc.
(a)(b)
...
243,728
1,414,841
PerkinElmer,
Inc.
...................
130,261
15,674,306
Personalis,
Inc.
(a)(b)
..................
35,283
104,790
Quanterix
Corp.
(a)
...................
31,067
342,358
Quantum-Si,
Inc.,
Class
A
(a)(b)
...........
105,651
290,540
Repligen
Corp.
(a)
...................
54,743
10,242,963
Seer,
Inc.,
Class
A
(a)(b)
................
39,601
306,512
SomaLogic,
Inc.,
Class
A
(a)(b)
...........
152,768
443,027
Sotera
Health
Co.
(a)(b)
................
114,284
779,417
Standard
BioTools,
Inc.
(a)(b)
.............
64,681
71,149
Syneos
Health,
Inc.,
Class
A
(a)
..........
105,775
4,987,291
Thermo
Fisher
Scientific,
Inc.
...........
406,598
206,222,440
Waters
Corp.
(a)
....................
63,477
17,108,956
West
Pharmaceutical
Services,
Inc.
......
77,612
19,098,761
653,265,965
Machinery
—
1.8%
AGCO
Corp.
......................
66,982
6,441,659
AgEagle
Aerial
Systems,
Inc.
(a)(b)
.........
107,306
49,854
Alamo
Group,
Inc.
..................
8,702
1,063,994
Albany
International
Corp.,
Class
A
.......
36,532
2,879,818
Allison
Transmission
Holdings,
Inc.
.......
95,614
3,227,929
Altra
Industrial
Motion
Corp.
...........
64,857
2,180,492
Astec
Industries,
Inc.
................
19,821
618,217
Barnes
Group,
Inc.
..................
48,116
1,389,590
Blue
Bird
Corp.
(a)(b)
..................
34,967
291,974
Caterpillar,
Inc.
....................
554,481
90,979,243
Chart
Industries,
Inc.
(a)(b)
..............
36,545
6,737,071
Chicago
Rivet
&
Machine
Co.
..........
125
3,221
CIRCOR
International,
Inc.
(a)
...........
19,486
321,324
Columbus
McKinnon
Corp.
............
37,786
988,482
Crane
Holdings
Co.
.................
55,912
4,894,537
Cummins,
Inc.
.....................
145,362
29,582,621
Deere
&
Co.
......................
291,796
97,427,766
Desktop
Metal,
Inc.,
Class
A
(a)(b)
.........
226,834
587,500
Donaldson
Co.,
Inc.
.................
133,244
6,530,288
Douglas
Dynamics,
Inc.
..............
20,053
561,885
Dover
Corp.
......................
148,282
17,286,716
Energy
Recovery,
Inc.
(a)
..............
40,864
888,383
Enerpac
Tool
Group
Corp.,
Class
A
(a)
......
56,821
1,013,118
EnPro
Industries,
Inc.
................
19,701
1,674,191
Esab
Corp.
.......................
41,898
1,397,717
ESCO
Technologies,
Inc.
.............
28,253
2,074,900
Evoqua
Water
Technologies
Corp.
(a)(b)
.....
140,476
4,645,541
Federal
Signal
Corp.
................
65,366
2,439,459
Flowserve
Corp.
...................
143,337
3,483,089
Fortive
Corp.
......................
372,969
21,744,093
Franklin
Electric
Co.,
Inc.
.............
37,900
3,096,809
FreightCar
America,
Inc.
(a)(b)
............
10,169
37,930
Gates
Industrial
Corp.
plc
(a)(b)
...........
101,353
989,205
Gorman-Rupp
Co.
(The)
..............
18,928
450,297
Graco,
Inc.
.......................
181,126
10,858,504
Graham
Corp.
.....................
9,584
84,243
Greenbrier
Cos.,
Inc.
(The)
............
37,249
904,033
Helios
Technologies,
Inc.
..............
37,792
1,912,275
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
(continued)
Hillenbrand,
Inc.
...................
76,045
$
2,792,372
Hillman
Solutions
Corp.
(a)(b)
............
103,441
779,945
Hydrofarm
Holdings
Group,
Inc.
(a)(b)
.......
37,058
71,893
Hyliion
Holdings
Corp.,
Class
A
(a)(b)
.......
116,536
334,458
Hyster-Yale
Materials
Handling,
Inc.
......
9,478
203,872
Hyzon
Motors,
Inc.,
Class
A
(a)(b)
.........
95,118
161,701
IDEX
Corp.
.......................
77,792
15,546,731
Illinois
Tool
Works,
Inc.
...............
289,438
52,286,975
Ingersoll
Rand,
Inc.
.................
433,152
18,738,156
ITT,
Inc.
.........................
81,893
5,350,889
John
Bean
Technologies
Corp.
..........
35,134
3,021,524
Kadant,
Inc.
......................
13,583
2,265,780
Kennametal,
Inc.
...................
162,961
3,353,737
Lincoln
Electric
Holdings,
Inc.
..........
58,322
7,332,242
Lindsay
Corp.
.....................
13,207
1,892,299
LiqTech
International,
Inc.
(a)(b)
...........
11,916
4,540
Luxfer
Holdings
plc
.................
50,201
727,915
Manitowoc
Co.,
Inc.
(The)
(a)
............
46,111
357,360
Markforged
Holding
Corp.
(a)(b)
...........
121,503
240,576
Microvast
Holdings,
Inc.
(a)
.............
246,538
446,234
Middleby
Corp.
(The)
(a)
...............
58,598
7,510,506
Miller
Industries,
Inc.
................
11,518
245,218
Mueller
Industries,
Inc.
...............
56,308
3,346,948
Mueller
Water
Products,
Inc.,
Class
A
.....
169,204
1,737,725
Nikola
Corp.
(a)(b)
....................
243,298
856,409
NN,
Inc.
(a)(b)
.......................
30,624
52,367
Nordson
Corp.
.....................
56,308
11,952,499
Omega
Flex,
Inc.
(b)
..................
7,097
657,324
Oshkosh
Corp.
....................
66,975
4,707,673
Otis
Worldwide
Corp.
................
443,468
28,293,258
P&F
Industries,
Inc.,
Class
A
...........
689
3,672
PACCAR,
Inc.
.....................
359,948
30,124,048
Parker-Hannifin
Corp.
................
134,173
32,511,460
Pentair
plc
.......................
169,366
6,881,341
Proterra,
Inc.
(a)(b)
...................
185,688
924,726
Proto
Labs,
Inc.
(a)(b)
..................
28,113
1,024,157
RBC
Bearings,
Inc.
(a)(b)
...............
31,667
6,580,719
REV
Group,
Inc.
...................
21,800
240,454
Shyft
Group,
Inc.
(The)
...............
37,457
765,247
Snap-on,
Inc.
.....................
54,513
10,976,193
SPX
Technologies,
Inc.
(a)
..............
54,492
3,009,048
Standex
International
Corp.
............
9,917
809,723
Stanley
Black
&
Decker,
Inc.
...........
157,772
11,866,032
Taylor
Devices,
Inc.
(a)(b)
...............
702
7,139
Tennant
Co.
......................
20,006
1,131,539
Terex
Corp.
.......................
65,779
1,956,268
Timken
Co.
(The)
...................
66,236
3,910,573
Titan
International,
Inc.
(a)
..............
46,961
570,107
Toro
Co.
(The)
.....................
114,114
9,868,579
Trinity
Industries,
Inc.
................
77,210
1,648,434
Twin
Disc,
Inc.
(a)
....................
9,526
109,263
Wabash
National
Corp.
...............
66,199
1,030,056
Watts
Water
Technologies,
Inc.,
Class
A
....
28,327
3,561,554
Westinghouse
Air
Brake
Technologies
Corp.
.
187,495
15,252,718
Xylem,
Inc.
.......................
189,930
16,592,285
668,362,429
Marine
—
0.0%
Eagle
Bulk
Shipping,
Inc.
.............
18,801
811,827
Genco
Shipping
&
Trading
Ltd.
..........
26,859
336,543
Kirby
Corp.
(a)
......................
64,612
3,926,471
Matson,
Inc.
......................
39,324
2,419,213
7,494,054
Security
Shares
Shares
Value
Media
—
0.8%
Altice
USA,
Inc.,
Class
A
(a)(b)
............
228,883
$
1,334,388
AMC
Networks,
Inc.,
Class
A
(a)
..........
34,519
700,736
Beasley
Broadcast
Group,
Inc.,
Class
A
(a)(b)
.
904
976
Boston
Omaha
Corp.,
Class
A
(a)
.........
21,506
495,498
Cable
One,
Inc.
....................
5,006
4,270,368
Cardlytics,
Inc.
(a)(b)
..................
35,414
332,892
Charter
Communications,
Inc.,
Class
A
(a)(b)
..
117,495
35,642,108
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
439,493
602,105
Comcast
Corp.,
Class
A
..............
4,626,778
135,703,399
comScore,
Inc.
(a)
...................
48,651
80,274
Cumulus
Media,
Inc.,
Class
A
(a)
.........
44,042
309,615
Daily
Journal
Corp.
(a)
................
3,356
860,445
DallasNews
Corp.
..................
5,433
25,209
DISH
Network
Corp.,
Class
A
(a)
.........
248,517
3,436,990
Entravision
Communications
Corp.,
Class
A
.
56,748
225,290
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)
....
55,979
630,883
Fox
Corp.,
Class
A,
NVS
..............
332,739
10,208,433
Fox
Corp.,
Class
B
..................
141,029
4,019,326
Gannett
Co.,
Inc.
(a)
..................
124,176
189,989
Gray
Television,
Inc.
.................
87,064
1,246,756
iHeartMedia,
Inc.,
Class
A
(a)
............
116,044
850,603
Insignia
Systems,
Inc.
(a)
..............
1,165
7,130
Interpublic
Group
of
Cos.,
Inc.
(The)
......
413,996
10,598,298
John
Wiley
&
Sons,
Inc.,
Class
A
........
47,122
1,769,902
Liberty
Broadband
Corp.,
Class
A
(a)
.......
18,899
1,409,865
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)
..
136,771
10,093,700
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(a)
(b)
...........................
91,864
3,497,263
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C,
NVS
(a)
........................
166,558
6,280,902
Loyalty
Ventures,
Inc.
(a)(b)
..............
19,321
23,378
Magnite,
Inc.
(a)(b)
....................
116,900
768,033
Marchex,
Inc.,
Class
B
(a)(b)
.............
28,413
47,734
Mediaco
Holding,
Inc.,
Class
A
(a)
.........
858
1,544
National
CineMedia,
Inc.
..............
94,226
61,388
New
York
Times
Co.
(The),
Class
A
.......
177,792
5,111,520
News
Corp.,
Class
A,
NVS
............
402,306
6,078,843
News
Corp.,
Class
B
................
121,654
1,875,905
Nexstar
Media
Group,
Inc.
.............
41,187
6,872,051
Omnicom
Group,
Inc.
................
216,452
13,655,957
Paramount
Global,
Class
B,
NVS
........
561,614
10,693,131
PubMatic,
Inc.,
Class
A
(a)(b)
.............
35,156
584,644
Saga
Communications,
Inc.,
Class
A
......
8,578
224,315
Scholastic
Corp.,
NVS
...............
28,129
865,248
Sinclair
Broadcast
Group,
Inc.,
Class
A
....
40,557
733,676
Sirius
XM
Holdings,
Inc.
(b)
.............
837,319
4,781,092
Stagwell,
Inc.,
Class
A
(a)(b)
.............
117,027
813,338
TechTarget,
Inc.
(a)
...................
29,365
1,738,408
TEGNA,
Inc.
......................
225,591
4,665,222
Thryv
Holdings,
Inc.
(a)(b)
...............
32,352
738,596
Urban
One,
Inc.,
Class
A
(a)(b)
...........
233
1,233
WideOpenWest,
Inc.
(a)(b)
..............
74,055
908,655
296,067,254
Metals
&
Mining
—
0.5%
5E
Advanced
Materials,
Inc.
(a)(b)
.........
35,673
362,438
Alcoa
Corp.
.......................
189,671
6,384,326
Alpha
Metallurgical
Resources,
Inc.
......
20,047
2,743,232
Ampco-Pittsburgh
Corp.
(a)(b)
............
9,368
34,474
Arconic
Corp.
(a)
....................
101,778
1,734,297
ATI,
Inc.
(a)
........................
131,272
3,493,148
Carpenter
Technology
Corp.
...........
54,067
1,683,646
Century
Aluminum
Co.
(a)
..............
57,673
304,513
Cleveland-Cliffs,
Inc.
(a)(b)
..............
501,357
6,753,279
Coeur
Mining,
Inc.
(a)(b)
................
311,426
1,065,077
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Commercial
Metals
Co.
...............
134,089
$
4,757,478
Compass
Minerals
International,
Inc.
......
38,182
1,471,152
Freeport-McMoRan,
Inc.
..............
1,511,609
41,312,274
Gatos
Silver,
Inc.
(a)(b)
.................
68,910
184,679
Gold
Resource
Corp.
................
72,080
118,932
Golden
Minerals
Co.
(a)(b)
..............
95,234
24,570
Haynes
International,
Inc.
.............
11,208
393,625
Hecla
Mining
Co.
...................
612,916
2,414,889
Hycroft
Mining
Holding
Corp.,
Class
A
(a)(b)
...
85,980
51,975
Kaiser
Aluminum
Corp.
...............
19,586
1,201,601
Materion
Corp.
....................
20,486
1,638,880
McEwen
Mining,
Inc.
(a)(b)
..............
23,726
77,347
MP
Materials
Corp.,
Class
A
(a)(b)
.........
97,933
2,673,571
Newmont
Corp.
....................
834,035
35,054,491
Nucor
Corp.
......................
275,801
29,507,949
Paramount
Gold
Nevada
Corp.
(a)(b)
.......
159,415
49,100
Piedmont
Lithium,
Inc.
(a)(b)
.............
18,226
974,909
Ramaco
Resources,
Inc.
..............
98,737
908,380
Reliance
Steel
&
Aluminum
Co.
.........
65,582
11,438,157
Royal
Gold,
Inc.
....................
68,560
6,432,299
Ryerson
Holding
Corp.
...............
18,164
467,541
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
28,172
801,775
Solitario
Zinc
Corp.
(a)
................
37,560
18,555
Steel
Dynamics,
Inc.
.................
183,212
12,998,891
SunCoke
Energy,
Inc.
................
69,115
401,558
TimkenSteel
Corp.
(a)
.................
37,935
568,646
United
States
Antimony
Corp.
(a)
.........
74,926
27,573
United
States
Steel
Corp.
.............
234,745
4,253,579
Warrior
Met
Coal,
Inc.
................
46,052
1,309,719
Worthington
Industries,
Inc.
............
36,994
1,410,951
187,503,476
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
AG
Mortgage
Investment
Trust,
Inc.
......
18,900
77,679
AGNC
Investment
Corp.
..............
539,185
4,539,938
Annaly
Capital
Management,
Inc.
........
438,402
7,522,978
Apollo
Commercial
Real
Estate
Finance,
Inc.
134,458
1,116,001
Arbor
Realty
Trust,
Inc.
...............
196,555
2,260,383
Ares
Commercial
Real
Estate
Corp.
......
32,210
336,595
Arlington
Asset
Investment
Corp.,
Class
A
(a)
.
114,463
311,339
ARMOUR
Residential
REIT,
Inc.
.........
396
1,929
Blackstone
Mortgage
Trust,
Inc.,
Class
A
...
178,029
4,155,197
BrightSpire
Capital,
Inc.,
Class
A
........
86,405
545,216
Broadmark
Realty
Capital,
Inc.
..........
139,045
710,520
Cherry
Hill
Mortgage
Investment
Corp.
....
17,940
88,085
Chimera
Investment
Corp.
.............
267,508
1,396,392
Claros
Mortgage
Trust,
Inc.
............
100,355
1,178,168
Dynex
Capital,
Inc.
..................
108
1,258
Ellington
Financial,
Inc.
...............
56,572
643,224
Ellington
Residential
Mortgage
REIT
......
11,546
71,239
Franklin
BSP
Realty
Trust,
Inc.
..........
94,620
1,019,057
Granite
Point
Mortgage
Trust,
Inc.
.......
60,253
388,029
Great
Ajax
Corp.
...................
21,188
159,122
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
....................
95,183
2,848,827
Invesco
Mortgage
Capital,
Inc.
..........
40,954
454,589
KKR
Real
Estate
Finance
Trust,
Inc.
......
108
1,755
Ladder
Capital
Corp.,
Class
A
..........
167,900
1,504,384
Manhattan
Bridge
Capital,
Inc.
..........
879
4,958
MFA
Financial,
Inc.
..................
100,269
780,093
New
York
Mortgage
Trust,
Inc.
..........
556,942
1,303,244
Orchid
Island
Capital,
Inc.
.............
151,501
1,242,308
PennyMac
Mortgage
Investment
Trust
.....
91,594
1,078,977
Ready
Capital
Corp.
.................
86,832
880,476
Redwood
Trust,
Inc.
.................
115,390
662,339
Security
Shares
Shares
Value
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
Rithm
Capital
Corp.
.................
470,241
$
3,442,164
Starwood
Property
Trust,
Inc.
...........
334,797
6,100,001
TPG
RE
Finance
Trust,
Inc.
............
73,506
514,542
Two
Harbors
Investment
Corp.
..........
450,849
1,496,819
Western
Asset
Mortgage
Capital
Corp.
....
5,358
59,956
48,897,781
Multiline
Retail
—
0.5%
Big
Lots,
Inc.
......................
39,699
619,701
Dillard's,
Inc.,
Class
A
(b)
...............
3,515
958,751
Dollar
General
Corp.
................
239,197
57,373,792
Dollar
Tree,
Inc.
(a)(b)
.................
222,599
30,295,724
Franchise
Group,
Inc.
................
36,075
876,623
Kohl's
Corp.
......................
132,636
3,335,795
Macy's,
Inc.
......................
286,291
4,486,180
Nordstrom,
Inc.
....................
111,765
1,869,829
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.....
63,268
3,264,629
Target
Corp.
......................
487,913
72,401,410
175,482,434
Multi-Utilities
—
0.8%
Ameren
Corp.
.....................
267,141
21,518,207
Avista
Corp.
......................
69,253
2,565,824
Black
Hills
Corp.
...................
65,526
4,438,076
CenterPoint
Energy,
Inc.
..............
657,475
18,527,645
CMS
Energy
Corp.
..................
299,369
17,435,250
Consolidated
Edison,
Inc.
.............
367,732
31,536,696
Dominion
Energy,
Inc.
................
868,142
59,997,294
DTE
Energy
Co.
...................
204,352
23,510,698
NiSource,
Inc.
.....................
423,814
10,675,875
NorthWestern
Corp.
.................
59,071
2,911,019
Public
Service
Enterprise
Group,
Inc.
.....
526,217
29,589,182
Sempra
Energy
....................
329,480
49,402,231
Unitil
Corp.
.......................
11,733
544,998
WEC
Energy
Group,
Inc.
..............
328,963
29,419,161
302,072,156
Oil,
Gas
&
Consumable
Fuels
—
4.2%
Aemetis,
Inc.
(a)(b)
...................
63,468
388,424
Amplify
Energy
Corp.
(a)
...............
73,393
482,192
Antero
Midstream
Corp.
..............
330,134
3,030,630
Antero
Resources
Corp.
(a)
.............
297,791
9,091,559
APA
Corp.
.......................
353,043
12,070,540
Arch
Resources,
Inc.,
Class
A
..........
19,873
2,356,938
Archaea
Energy,
Inc.,
Class
A
(a)(b)
........
80,614
1,451,858
Barnwell
Industries,
Inc.
(b)
.............
8,015
21,160
Berry
Corp.
.......................
47,665
357,487
Brigham
Minerals,
Inc.,
Class
A
.........
48,045
1,185,270
California
Resources
Corp.
............
85,063
3,268,971
Callon
Petroleum
Co.
(a)
...............
46,643
1,632,971
Camber
Energy,
Inc.
(a)
...............
1
—
Cheniere
Energy,
Inc.
................
259,020
42,974,008
Chesapeake
Energy
Corp.
............
99,332
9,358,068
Chevron
Corp.
.....................
1,880,769
270,210,082
Chord
Energy
Corp.
.................
42,645
5,832,557
Civitas
Resources,
Inc.
...............
60,169
3,453,099
Clean
Energy
Fuels
Corp.
(a)(b)
...........
241,027
1,287,084
CNX
Resources
Corp.
(a)(b)
.............
203,864
3,166,008
Comstock
Resources,
Inc.
(a)
............
97,808
1,691,100
ConocoPhillips
....................
1,326,165
135,719,726
CONSOL
Energy,
Inc.
................
28,449
1,829,840
Continental
Resources,
Inc.
............
65,485
4,375,053
Coterra
Energy,
Inc.
.................
838,921
21,912,617
Crescent
Energy
Co.,
Class
A
(b)
.........
20,091
270,626
CVR
Energy,
Inc.
...................
28,188
816,888
Delek
US
Holdings,
Inc.
..............
85,811
2,328,911
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Denbury,
Inc.
(a)
....................
53,483
$
4,613,444
Devon
Energy
Corp.
.................
684,596
41,164,757
Diamondback
Energy,
Inc.
.............
184,060
22,171,868
Dorian
LPG
Ltd.
....................
23,670
321,202
DT
Midstream,
Inc.
..................
103,044
5,346,953
Earthstone
Energy,
Inc.,
Class
A
(a)(b)
......
36,919
454,842
Enviva,
Inc.
.......................
31,436
1,888,046
EOG
Resources,
Inc.
................
611,721
68,347,587
EQT
Corp.
.......................
385,308
15,701,301
Equitrans
Midstream
Corp.
............
435,813
3,259,881
Evolution
Petroleum
Corp.
.............
31,731
220,848
Excelerate
Energy,
Inc.,
Class
A
(b)
........
32,665
764,361
Exxon
Mobil
Corp.
..................
4,350,656
379,855,775
Gevo,
Inc.
(a)(b)
.....................
211,177
481,484
Green
Plains,
Inc.
(a)
.................
22,860
664,540
Gulfport
Energy
Corp.
(a)(b)
.............
12,209
1,077,933
Hallador
Energy
Co.
(a)(b)
...............
18,765
105,459
Harvest
Natural
Resources,
Inc.,
NVS
(a)(d)
...
8,626
3,019
Hess
Corp.
.......................
291,862
31,810,039
HF
Sinclair
Corp.
...................
157,474
8,478,400
Houston
American
Energy
Corp.
(a)(b)
......
22,281
77,092
International
Seaways,
Inc.
............
57,319
2,013,616
Kinder
Morgan,
Inc.
.................
2,056,970
34,227,981
Kinetik
Holdings,
Inc.,
Class
A
..........
12,358
402,624
Kosmos
Energy
Ltd.
(a)(b)
...............
496,087
2,564,770
Laredo
Petroleum,
Inc.
(a)
..............
18,714
1,176,175
Lightbridge
Corp.
(a)(b)
.................
9,358
42,672
Magnolia
Oil
&
Gas
Corp.,
Class
A
(b)
......
170,639
3,380,359
Marathon
Oil
Corp.
..................
715,307
16,151,632
Marathon
Petroleum
Corp.
............
520,433
51,694,610
Matador
Resources
Co.
(b)
.............
111,816
5,470,039
Murphy
Oil
Corp.
...................
161,537
5,681,256
NACCO
Industries,
Inc.,
Class
A
.........
16,157
759,864
New
Fortress
Energy,
Inc.,
Class
A
(b)
......
52,642
2,300,982
Northern
Oil
and
Gas,
Inc.
.............
68,534
1,878,517
Occidental
Petroleum
Corp.
............
788,392
48,446,688
ONEOK,
Inc.
......................
469,770
24,071,015
Overseas
Shipholding
Group,
Inc.,
Class
A
(a)(b)
278,803
828,045
Ovintiv,
Inc.
.......................
264,783
12,180,018
Par
Pacific
Holdings,
Inc.
(a)
............
45,123
740,468
PBF
Energy,
Inc.,
Class
A
(a)
............
106,811
3,755,475
PDC
Energy,
Inc.
...................
99,835
5,769,465
Peabody
Energy
Corp.
(a)(b)
.............
111,217
2,760,406
Permian
Resources
Corp.,
Class
A
(a)
......
197,677
1,344,204
Phillips
66
........................
502,317
40,547,028
Pioneer
Natural
Resources
Co.
.........
247,949
53,688,397
Range
Resources
Corp.
..............
259,169
6,546,609
Ranger
Oil
Corp.,
Class
A
.............
15,396
484,204
REX
American
Resources
Corp.
(a)
.......
27,567
769,671
SandRidge
Energy,
Inc.
(a)
.............
25,931
422,935
SilverBow
Resources,
Inc.
(a)(b)
..........
19,759
531,122
Sitio
Royalties
Corp.,
Class
A
...........
18,707
413,612
SM
Energy
Co.
....................
122,797
4,618,395
Southwestern
Energy
Co.
(a)
............
1,156,690
7,078,943
Talos
Energy,
Inc.
(a)
.................
64,377
1,071,877
Targa
Resources
Corp.
...............
238,691
14,402,615
Tellurian,
Inc.
(a)(b)
...................
624,550
1,492,675
Texas
Pacific
Land
Corp.
..............
6,780
12,049,619
Uranium
Energy
Corp.
(a)(b)
.............
285,173
998,105
US
Energy
Corp.
...................
21,151
61,761
VAALCO
Energy,
Inc.
(b)
...............
94,069
410,141
Valero
Energy
Corp.
(b)
................
416,917
44,547,581
Vertex
Energy,
Inc.
(a)(b)
...............
40,730
253,748
W&T
Offshore,
Inc.
(a)
................
96,421
565,027
Williams
Cos.,
Inc.
(The)
..............
1,299,688
37,210,067
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
World
Fuel
Services
Corp.
.............
76,311
$
1,788,730
1,584,966,241
Paper
&
Forest
Products
—
0.0%
Clearwater
Paper
Corp.
(a)
.............
18,755
705,188
Louisiana-Pacific
Corp.
...............
85,334
4,368,248
Mercer
International,
Inc.
..............
46,444
571,261
Resolute
Forest
Products,
Inc.
(a)
.........
67,384
1,347,680
Sylvamo
Corp.
....................
37,486
1,270,775
8,263,152
Personal
Products
—
0.2%
Beauty
Health
Co.
(The),
Class
A
(a)(b)
......
111,118
1,310,081
BellRing
Brands,
Inc.
(a)
...............
123,742
2,550,323
Coty,
Inc.,
Class
A
(a)(b)
................
319,004
2,016,105
Cyanotech
Corp.
(a)
..................
812
1,754
Edgewell
Personal
Care
Co.
...........
56,961
2,130,341
elf
Beauty,
Inc.
(a)
...................
59,803
2,249,789
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
241,453
52,129,703
Herbalife
Nutrition
Ltd.
(a)
..............
113,363
2,254,790
Honest
Co.,
Inc.
(The)
(a)
..............
51,112
178,892
Inter
Parfums,
Inc.
..................
18,687
1,410,121
LifeMD,
Inc.
(a)(b)
....................
43,984
86,648
Mannatech,
Inc.
....................
256
5,325
Medifast,
Inc.
.....................
11,606
1,257,626
Natural
Alternatives
International,
Inc.
(a)
....
880
8,157
Nature's
Sunshine
Products,
Inc.
(a)
.......
9,399
77,448
Nu
Skin
Enterprises,
Inc.,
Class
A
........
49,724
1,659,290
Olaplex
Holdings,
Inc.
(a)(b)
.............
59,914
572,179
United-Guardian,
Inc.
................
18,458
209,683
USANA
Health
Sciences,
Inc.
(a)
.........
11,717
656,738
Veru,
Inc.
(a)(b)
......................
54,346
626,066
71,391,059
Pharmaceuticals
—
4.1%
9
Meters
Biopharma,
Inc.
(a)
............
102,785
22,099
AcelRx
Pharmaceuticals,
Inc.
(a)(b)
........
105,492
22,048
Acer
Therapeutics,
Inc.
(a)(b)
.............
17,282
24,022
Aclaris
Therapeutics,
Inc.
(a)
............
34,495
542,951
Adamis
Pharmaceuticals
Corp.
(a)(b)
.......
57,389
11,392
Aerie
Pharmaceuticals,
Inc.
(a)
...........
44,960
680,245
Agile
Therapeutics,
Inc.
(a)
.............
15,418
4,578
Amphastar
Pharmaceuticals,
Inc.
(a)
.......
50,166
1,409,665
Ampio
Pharmaceuticals,
Inc.
(a)
..........
274,617
16,614
Amylyx
Pharmaceuticals,
Inc.
(a)(b)
........
33,662
947,585
ANI
Pharmaceuticals,
Inc.
(a)
............
12,677
407,439
Aquestive
Therapeutics,
Inc.
(a)(b)
.........
9,788
11,452
Arvinas,
Inc.
(a)
.....................
46,514
2,069,408
Assertio
Holdings,
Inc.
(a)(b)
.............
32,214
73,126
Atea
Pharmaceuticals,
Inc.
(a)(b)
..........
176,693
1,005,383
Athira
Pharma,
Inc.
(a)
................
42,929
127,499
Avenue
Therapeutics,
Inc.
(a)(b)
...........
514
5,176
Axsome
Therapeutics,
Inc.
(a)
...........
28,467
1,270,198
Aytu
BioPharma,
Inc.
(a)
...............
25,883
4,788
Baudax
Bio,
Inc.
(a)
..................
87
21
Bristol-Myers
Squibb
Co.
..............
2,235,212
158,901,221
Cara
Therapeutics,
Inc.
(a)(b)
............
56,152
525,583
Cassava
Sciences,
Inc.
(a)(b)
............
35,983
1,504,809
Catalent,
Inc.
(a)
....................
187,837
13,591,885
cbdMD,
Inc.
(a)(b)
....................
125,243
28,192
Citius
Pharmaceuticals,
Inc.
(a)(b)
.........
273,567
331,016
Clearside
Biomedical,
Inc.
(a)
............
45,978
51,955
Collegium
Pharmaceutical,
Inc.
(a)
........
37,055
593,621
Corcept
Therapeutics,
Inc.
(a)
...........
112,334
2,880,244
CorMedix,
Inc.
(a)(b)
..................
35,595
100,734
Cumberland
Pharmaceuticals,
Inc.
(a)
......
10,249
24,700
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Cymabay
Therapeutics,
Inc.
(a)
..........
64,719
$
226,516
Dare
Bioscience,
Inc.
(a)(b)
..............
106,971
106,971
Durect
Corp.
(a)(b)
....................
144,022
83,274
Elanco
Animal
Health,
Inc.
(a)(b)
..........
500,106
6,206,315
Eli
Lilly
&
Co.
.....................
823,053
266,134,188
Eloxx
Pharmaceuticals,
Inc.
(a)(b)
.........
46,833
7,962
Eton
Pharmaceuticals,
Inc.
(a)(b)
..........
11,020
23,142
Evoke
Pharma,
Inc.
(a)(b)
...............
6,513
12,179
Evolus,
Inc.
(a)(b)
....................
36,656
295,081
Eyenovia,
Inc.
(a)(b)
...................
11,240
21,974
EyePoint
Pharmaceuticals,
Inc.
(a)(b)
.......
110,651
875,249
Fulcrum
Therapeutics,
Inc.
(a)
...........
39,372
318,519
Harmony
Biosciences
Holdings,
Inc.
(a)(b)
....
26,711
1,183,030
Harrow
Health,
Inc.
(a)(b)
...............
66,778
806,010
Hepion
Pharmaceuticals,
Inc.
(a)(b)
........
57,938
29,270
Hoth
Therapeutics,
Inc.
(a)
..............
1
—
Innoviva,
Inc.
(a)
....................
85,237
989,602
Intra-Cellular
Therapies,
Inc.
(a)
..........
91,077
4,237,813
Jaguar
Health,
Inc.
(a)(b)
...............
28,717
4,480
Jazz
Pharmaceuticals
plc
(a)
............
67,549
9,003,606
Johnson
&
Johnson
.................
2,738,931
447,431,768
Kala
Pharmaceuticals,
Inc.
(a)(b)
..........
160,639
35,565
KemPharm,
Inc.
(a)(b)
.................
60,195
375,617
Kiora
Pharmaceuticals,
Inc.
(a)(b)
..........
1
6
Lannett
Co.,
Inc.
(a)(b)
.................
37,698
16,964
Lipocine,
Inc.
(a)
....................
119
54
Liquidia
Corp.
(a)
....................
180
979
Marinus
Pharmaceuticals,
Inc.
(a)(b)
........
29,651
197,179
Merck
&
Co.,
Inc.
...................
2,640,775
227,423,543
MyMD
Pharmaceuticals,
Inc.
(a)(b)
.........
2
5
Nektar
Therapeutics
(a)(b)
...............
186,878
598,010
NGM
Biopharmaceuticals,
Inc.
(a)
.........
57,905
757,397
NovaBay
Pharmaceuticals,
Inc.
(a)(b)
.......
657
72
Novan,
Inc.
(a)(b)
.....................
15,908
29,748
Nuvation
Bio,
Inc.,
Class
A
(a)
...........
164,280
367,987
Ocular
Therapeutix,
Inc.
(a)
.............
83,873
348,073
Ocuphire
Pharma,
Inc.
(a)
..............
24,308
48,859
Omeros
Corp.
(a)(b)
...................
58,207
183,352
Onconova
Therapeutics,
Inc.
(a)(b)
.........
3
3
Opiant
Pharmaceuticals,
Inc.
(a)
..........
6,795
73,046
Organon
&
Co.
....................
265,593
6,214,876
Otonomy,
Inc.
(a)
....................
19,539
5,764
Pacira
BioSciences,
Inc.
(a)(b)
............
47,929
2,549,344
Palisade
Bio,
Inc.
(a)
..................
16
2
Paratek
Pharmaceuticals,
Inc.
(a)(b)
........
426,278
1,095,534
Perrigo
Co.
plc
....................
143,314
5,110,577
Pfizer,
Inc.
.......................
5,863,297
256,577,877
Phathom
Pharmaceuticals,
Inc.
(a)(b)
.......
11,178
123,852
Phibro
Animal
Health
Corp.,
Class
A
......
27,903
370,831
Pliant
Therapeutics,
Inc.
(a)(b)
............
21,285
444,644
PLx
Pharma,
Inc.
(a)
..................
31,241
20,307
Prestige
Consumer
Healthcare,
Inc.
(a)
.....
56,471
2,813,950
ProPhase
Labs,
Inc.
(b)
................
76,977
868,301
Provention
Bio,
Inc.
(a)
................
53,927
242,671
Pulmatrix,
Inc.
(a)
....................
1
4
Reata
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
...
29,155
732,665
Relmada
Therapeutics,
Inc.
(a)(b)
..........
22,881
847,055
Revance
Therapeutics,
Inc.
(a)(b)
..........
74,858
2,021,166
Royalty
Pharma
plc,
Class
A
...........
388,133
15,595,184
RVL
Pharmaceuticals
plc
(a)
............
12,788
26,855
Satsuma
Pharmaceuticals,
Inc.
(a)(b)
.......
13,449
80,694
scPharmaceuticals,
Inc.
(a)(b)
............
2,486
16,209
SCYNEXIS,
Inc.
(a)(b)
.................
43,025
103,260
Seelos
Therapeutics,
Inc.
(a)(b)
...........
126,494
130,289
SIGA
Technologies,
Inc.
..............
67,254
692,716
Security
Shares
Shares
Value
Pharmaceuticals
(continued)
Societal
CDMO,
Inc.
(a)(b)
..............
10,157
$
16,556
Sonoma
Pharmaceuticals,
Inc.
(a)
.........
609
1,297
Supernus
Pharmaceuticals,
Inc.
(a)
........
56,109
1,899,290
TFF
Pharmaceuticals,
Inc.
(a)(b)
..........
18,402
74,712
Theravance
Biopharma,
Inc.
(a)
..........
49,813
505,104
Timber
Pharmaceuticals,
Inc.
(a)
..........
19
2
Titan
Pharmaceuticals,
Inc.
(a)
...........
60
65
Trevi
Therapeutics,
Inc.
(a)
.............
6,732
10,367
Tricida,
Inc.
(a)
......................
108
1,132
Ventyx
Biosciences,
Inc.
(a)(b)
............
21,353
745,433
Viatris,
Inc.
.......................
1,272,463
10,841,385
VYNE
Therapeutics,
Inc.
(a)(b)
............
77,103
17,202
WaVe
Life
Sciences
Ltd.
(a)
.............
50,271
181,478
Xeris
Biopharma
Holdings,
Inc.
(a)(b)
.......
112,798
175,965
Zoetis,
Inc.,
Class
A
.................
492,272
72,999,015
Zynerba
Pharmaceuticals,
Inc.
(a)
.........
35,160
25,737
1,539,822,424
Professional
Services
—
0.6%
Alight,
Inc.,
Class
A
(a)(b)
...............
255,278
1,871,188
ASGN,
Inc.
(a)
......................
56,883
5,140,517
Barrett
Business
Services,
Inc.
..........
9,148
713,544
BGSF,
Inc.
.......................
25,664
285,127
Booz
Allen
Hamilton
Holding
Corp.
.......
138,160
12,759,076
CACI
International,
Inc.,
Class
A
(a)
.......
24,660
6,437,740
CBIZ,
Inc.
(a)
.......................
47,872
2,047,964
Clarivate
plc
(a)(b)
....................
470,806
4,420,868
CoStar
Group,
Inc.
(a)
.................
412,500
28,730,625
CRA
International,
Inc.
(b)
..............
9,394
833,624
Dun
&
Bradstreet
Holdings,
Inc.
.........
199,678
2,474,010
Equifax,
Inc.
......................
129,386
22,180,642
Exponent,
Inc.
.....................
55,928
4,903,208
First
Advantage
Corp.
(a)(b)
.............
41,444
531,726
Forrester
Research,
Inc.
(a)
.............
9,539
343,499
Franklin
Covey
Co.
(a)(b)
...............
18,081
820,697
FTI
Consulting,
Inc.
(a)(b)
...............
34,180
5,663,968
GEE
Group,
Inc.
(a)(b)
.................
802
506
Heidrick
&
Struggles
International,
Inc.
....
18,712
486,325
Hill
International,
Inc.
(a)(b)
..............
131,483
436,524
HireRight
Holdings
Corp.
(a)
............
50,587
771,958
Hudson
Global,
Inc.
(a)
................
2,027
68,148
Huron
Consulting
Group,
Inc.
(a)(b)
........
20,165
1,335,931
ICF
International,
Inc.
................
18,945
2,065,384
Insperity,
Inc.
......................
39,800
4,063,182
Jacobs
Solutions,
Inc.
................
131,755
14,294,100
KBR,
Inc.
(b)
.......................
142,388
6,154,009
Kelly
Services,
Inc.,
Class
A,
NVS
.......
28,575
388,334
Kforce,
Inc.
.......................
15,892
932,066
Korn
Ferry
.......................
56,989
2,675,633
Legalzoom.com,
Inc.
(a)(b)
..............
113,624
973,758
Leidos
Holdings,
Inc.
................
140,624
12,300,381
ManpowerGroup,
Inc.
................
56,242
3,638,295
Nielsen
Holdings
plc
.................
376,275
10,430,343
Planet
Labs
PBC
(a)(b)
.................
191,916
1,042,104
Red
Violet,
Inc.
(a)(b)
..................
50,551
875,543
Resources
Connection,
Inc.
............
37,720
681,600
Robert
Half
International,
Inc.
...........
113,571
8,688,181
Science
Applications
International
Corp.
...
56,658
5,010,267
TransUnion
.......................
198,859
11,830,122
TriNet
Group,
Inc.
(a)(b)
................
35,731
2,544,762
TrueBlue,
Inc.
(a)(b)
...................
38,648
737,404
Upwork,
Inc.
(a)(b)
....................
124,542
1,696,262
Verisk
Analytics,
Inc.
.................
162,883
27,776,438
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
Willdan
Group,
Inc.
(a)(b)
...............
9,154
$
135,571
222,191,154
Real
Estate
Management
&
Development
—
0.2%
ACRE
Realty
Investors,
Inc.,
NVS
(a)(d)
.....
2,715
—
Altisource
Portfolio
Solutions
SA
(a)
.......
10,012
131,257
AMREP
Corp.
(a)
....................
692
7,806
Anywhere
Real
Estate,
Inc.
(a)
...........
120,294
975,584
Avalon
GloboCare
Corp.
(a)(b)
............
25,483
16,335
CBRE
Group,
Inc.,
Class
A
(a)
...........
337,709
22,798,735
CKX
Lands,
Inc.
(a)
..................
229
2,503
Compass,
Inc.,
Class
A
(a)
..............
270,625
627,850
Comstock
Holding
Cos.,
Inc.
(a)
..........
285
1,131
Cushman
&
Wakefield
plc
(a)(b)
...........
167,079
1,913,055
DigitalBridge
Group,
Inc.,
Class
A
(b)
.......
170,831
2,137,096
Doma
Holdings,
Inc.
(a)(b)
...............
191,633
84,204
Douglas
Elliman,
Inc.
................
113,345
464,714
eXp
World
Holdings,
Inc.
(b)
.............
66,002
739,882
Forestar
Group,
Inc.
(a)
................
36,406
407,383
FRP
Holdings,
Inc.
(a)
.................
8,738
474,998
Howard
Hughes
Corp.
(The)
(a)(b)
.........
46,069
2,551,762
InterGroup
Corp.
(The)
(a)
..............
126
6,456
Jones
Lang
LaSalle,
Inc.
(a)(b)
............
50,606
7,645,048
JW
Mays,
Inc.
(a)(b)
...................
106
3,945
Kennedy-Wilson
Holdings,
Inc.
..........
140,616
2,173,923
Marcus
&
Millichap,
Inc.
..............
27,649
906,334
Newmark
Group,
Inc.,
Class
A
..........
166,599
1,342,788
Opendoor
Technologies,
Inc.
(a)(b)
.........
414,761
1,289,907
Redfin
Corp.
(a)(b)
....................
111,552
651,464
RMR
Group,
Inc.
(The),
Class
A
.........
11,442
271,061
Seritage
Growth
Properties,
Class
A
(a)
.....
34,476
310,974
St.
Joe
Co.
(The)
...................
40,871
1,309,098
Tejon
Ranch
Co.
(a)
..................
13,657
196,661
WeWork,
Inc.,
Class
A
(a)(b)
.............
204,256
541,278
Zillow
Group,
Inc.,
Class
A
(a)
...........
41,268
1,181,503
Zillow
Group,
Inc.,
Class
C,
NVS
(a)(b)
......
204,800
5,859,328
57,024,063
Road
&
Rail
—
1.0%
AMERCO
........................
10,375
5,283,158
ArcBest
Corp.
.....................
27,576
2,005,602
Avis
Budget
Group,
Inc.
(a)(b)
............
30,854
4,580,585
CSX
Corp.
.......................
2,237,489
59,606,707
Daseke,
Inc.
(a)
.....................
115,531
625,023
Heartland
Express,
Inc.
...............
47,729
683,002
Hertz
Global
Holdings,
Inc.
(a)(b)
..........
180,959
2,946,013
HyreCar,
Inc.
(a)(b)
...................
16,474
15,159
JB
Hunt
Transport
Services,
Inc.
........
87,302
13,655,779
Knight-Swift
Transportation
Holdings,
Inc.
..
172,171
8,424,327
Landstar
System,
Inc.
(b)
...............
39,050
5,637,648
Lyft,
Inc.,
Class
A
(a)(b)
.................
327,808
4,317,231
Marten
Transport
Ltd.
................
45,944
880,287
Norfolk
Southern
Corp.
...............
246,892
51,760,908
Old
Dominion
Freight
Line,
Inc.
(b)
........
95,723
23,813,011
Patriot
Transportation
Holding,
Inc.
.......
681
5,353
Ryder
System,
Inc.
..................
55,733
4,207,284
Saia,
Inc.
(a)(b)
......................
27,648
5,253,120
Schneider
National,
Inc.,
Class
B
(b)
.......
47,438
962,991
TuSimple
Holdings,
Inc.,
Class
A
(a)(b)
......
148,995
1,132,362
Uber
Technologies,
Inc.
(a)
.............
2,086,557
55,293,760
Union
Pacific
Corp.
.................
651,374
126,900,683
Werner
Enterprises,
Inc.
..............
60,134
2,261,038
XPO
Logistics,
Inc.
(a)
................
106,767
4,753,267
385,004,298
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
—
4.5%
ACM
Research,
Inc.,
Class
A
(a)(b)
.........
30,114
$
375,220
Advanced
Micro
Devices,
Inc.
(a)
.........
1,684,712
106,743,352
Aehr
Test
Systems
(a)(b)
................
24,431
344,477
Allegro
MicroSystems,
Inc.
(a)(b)
..........
47,872
1,046,003
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.....
28,592
879,490
Ambarella,
Inc.
(a)(b)
..................
36,996
2,078,435
Amkor
Technology,
Inc.
...............
111,025
1,892,976
Amtech
Systems,
Inc.
(a)(b)
.............
9,592
81,532
Analog
Devices,
Inc.
.................
545,721
76,040,764
Applied
Materials,
Inc.
(b)
..............
909,168
74,488,134
Atomera,
Inc.
(a)(b)
...................
20,840
211,109
Axcelis
Technologies,
Inc.
(a)
............
29,331
1,776,285
AXT,
Inc.
(a)(b)
......................
37,557
251,632
Broadcom,
Inc.
....................
422,314
187,511,639
CEVA,
Inc.
(a)
......................
31,775
833,458
Cirrus
Logic,
Inc.
(a)
..................
65,467
4,504,130
Cohu,
Inc.
(a)
......................
44,161
1,138,471
Credo
Technology
Group
Holding
Ltd.
(a)
....
81,368
895,048
CyberOptics
Corp.
(a)
.................
9,131
491,065
Diodes,
Inc.
(a)
.....................
49,120
3,188,379
eMagin
Corp.
(a)(b)
...................
19,707
11,647
Enphase
Energy,
Inc.
(a)
...............
142,098
39,427,932
Entegris,
Inc.
......................
155,873
12,940,576
First
Solar,
Inc.
(a)
...................
102,861
13,605,425
FormFactor,
Inc.
(a)(b)
.................
77,968
1,953,098
GSI
Technology,
Inc.
(a)(b)
..............
19,001
54,153
Ichor
Holdings
Ltd.
(a)(b)
................
25,074
607,042
Impinj,
Inc.
(a)(b)
.....................
24,828
1,986,985
indie
Semiconductor,
Inc.,
Class
A
(a)
......
93,965
687,824
Intel
Corp.
.......................
4,300,997
110,836,693
KLA
Corp.
........................
145,264
43,961,244
Kopin
Corp.
(a)(b)
....................
73,028
76,679
Kulicke
&
Soffa
Industries,
Inc.
..........
59,600
2,296,388
Lam
Research
Corp.
(b)
...............
144,561
52,909,326
Lattice
Semiconductor
Corp.
(a)(b)
.........
152,404
7,499,801
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
55,516
2,875,174
Marvell
Technology,
Inc.
..............
883,238
37,899,743
MaxLinear,
Inc.
(a)
...................
74,273
2,422,785
Meta
Materials,
Inc.
(a)(b)
...............
277,486
180,116
Microchip
Technology,
Inc.
.............
580,815
35,447,139
Micron
Technology,
Inc.
...............
1,149,055
57,567,656
MKS
Instruments,
Inc.
...............
60,282
4,981,705
Monolithic
Power
Systems,
Inc.
.........
46,617
16,940,618
Navitas
Semiconductor
Corp.
(a)(b)
........
90,168
437,315
NVE
Corp.
.......................
9,182
428,340
NVIDIA
Corp.
(b)
....................
2,615,226
317,462,284
NXP
Semiconductors
NV
.............
275,293
40,608,470
ON
Semiconductor
Corp.
(a)
............
455,218
28,373,738
Onto
Innovation,
Inc.
(a)
...............
49,836
3,191,996
PDF
Solutions,
Inc.
(a)
................
28,116
689,686
Peraso,
Inc.
(a)
.....................
293
498
Photronics,
Inc.
(a)
...................
63,613
930,022
Pixelworks,
Inc.
(a)(b)
..................
28,110
45,257
Power
Integrations,
Inc.
..............
62,733
4,034,987
Qorvo,
Inc.
(a)
......................
108,455
8,612,412
QUALCOMM,
Inc.
..................
1,169,679
132,150,333
QuickLogic
Corp.
(a)(b)
.................
3,444
22,283
Rambus,
Inc.
(a)
....................
119,309
3,032,835
Rigetti
Computing,
Inc.
(a)(b)
.............
159,567
299,986
Rubicon
Technology,
Inc.
..............
418
895
Semtech
Corp.
(a)
...................
66,003
1,941,148
Silicon
Laboratories,
Inc.
(a)
.............
39,432
4,867,486
SiTime
Corp.
(a)(b)
...................
18,028
1,419,344
Skyworks
Solutions,
Inc.
..............
171,952
14,662,347
SMART
Global
Holdings,
Inc.
(a)
..........
72,698
1,153,717
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
SolarEdge
Technologies,
Inc.
(a)(b)
........
58,263
$
13,485,554
Synaptics,
Inc.
(a)(b)
..................
39,626
3,923,370
Teradyne,
Inc.
.....................
164,026
12,326,554
Texas
Instruments,
Inc.
...............
952,498
147,427,640
Trio-Tech
International
(a)
..............
311
1,443
Ultra
Clean
Holdings,
Inc.
(a)(b)
...........
39,973
1,029,305
Universal
Display
Corp.
..............
46,486
4,385,954
Veeco
Instruments,
Inc.
(a)
.............
47,252
865,657
Wolfspeed,
Inc.
(a)(b)
..................
133,108
13,758,043
1,673,510,247
Software
—
8.8%
8x8,
Inc.
(a)
........................
122,361
422,145
A10
Networks,
Inc.
..................
48,884
648,691
ACI
Worldwide,
Inc.
(a)
................
121,974
2,549,257
Adobe,
Inc.
(a)
......................
489,480
134,704,896
Agilysys,
Inc.
(a)
....................
18,233
1,009,197
Akerna
Corp.
(a)(b)
...................
12,408
1,117
Alarm.com
Holdings,
Inc.
(a)
............
48,359
3,136,565
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
54,468
2,408,575
Alteryx,
Inc.,
Class
A
(a)(b)
..............
65,904
3,680,079
American
Software,
Inc.,
Class
A
........
28,140
431,105
Amplitude,
Inc.,
Class
A
(a)(b)
............
28,973
448,212
ANSYS,
Inc.
(a)
.....................
91,615
20,311,046
Appfolio,
Inc.,
Class
A
(a)(b)
.............
19,877
2,081,519
Appian
Corp.,
Class
A
(a)(b)
.............
40,485
1,653,003
AppLovin
Corp.,
Class
A
(a)(b)
............
124,526
2,427,012
Asana,
Inc.,
Class
A
(a)(b)
...............
81,549
1,812,834
Aspen
Technology,
Inc.
(a)(b)
.............
28,474
6,782,507
Asure
Software,
Inc.
(a)
................
7,636
43,678
AudioEye,
Inc.
(a)
....................
2,856
15,737
Autodesk,
Inc.
(a)
....................
228,373
42,660,076
Avalara,
Inc.
(a)
.....................
95,610
8,776,998
Avaya
Holdings
Corp.
(a)
...............
252
401
AvePoint,
Inc.,
Class
A
(a)(b)
.............
96,909
388,605
Aware,
Inc.
(a)
......................
18,901
33,644
Benefitfocus,
Inc.
(a)
..................
29,164
185,191
Bentley
Systems,
Inc.,
Class
B
(b)
.........
190,590
5,830,148
Bill.com
Holdings,
Inc.
(a)(b)
.............
101,845
13,481,223
Black
Knight,
Inc.
(a)
..................
162,021
10,487,619
Blackbaud,
Inc.
(a)(b)
..................
48,966
2,157,442
Blackline,
Inc.
(a)
....................
58,493
3,503,731
Box,
Inc.,
Class
A
(a)
.................
162,164
3,955,180
Braze,
Inc.,
Class
A
(a)(b)
...............
22,764
792,870
BSQUARE
Corp.
(a)(b)
.................
9,747
11,307
BTRS
Holdings,
Inc.,
Class
A
(a)
..........
72,079
667,452
C3.ai,
Inc.,
Class
A
(a)(b)
...............
72,995
912,438
Cadence
Design
Systems,
Inc.
(a)
........
289,632
47,334,558
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)(b)
..
84,832
771,971
Cerence,
Inc.
(a)(b)
...................
38,536
606,942
Ceridian
HCM
Holding,
Inc.
(a)(b)
..........
166,330
9,294,520
ChannelAdvisor
Corp.
(a)
..............
27,462
622,289
Citrix
Systems,
Inc.
.................
136,063
14,136,946
Cleanspark,
Inc.
(a)
..................
180
572
Clear
Secure,
Inc.,
Class
A
(a)(b)
..........
77,287
1,766,781
Clearwater
Analytics
Holdings,
Inc.,
Class
A
(a)(b)
63,589
1,067,659
CommVault
Systems,
Inc.
(a)
............
44,182
2,343,413
Confluent,
Inc.,
Class
A
(a)(b)
............
153,435
3,647,150
Consensus
Cloud
Solutions,
Inc.
(a)
.......
16,222
767,301
CoreCard
Corp.
(a)(b)
.................
9,090
197,889
Coupa
Software,
Inc.
(a)
...............
75,806
4,457,393
Crowdstrike
Holdings,
Inc.,
Class
A
(a)(b)
....
222,966
36,747,026
Cvent
Holding
Corp.
(a)(b)
...............
154,947
813,472
Datadog,
Inc.,
Class
A
(a)
..............
258,938
22,988,516
Digimarc
Corp.
(a)(b)
..................
12,361
167,492
Security
Shares
Shares
Value
Software
(continued)
Digital
Turbine,
Inc.
(a)(b)
...............
93,488
$
1,347,162
DocuSign,
Inc.
(a)(b)
..................
223,251
11,937,231
Dolby
Laboratories,
Inc.,
Class
A
........
67,542
4,400,361
Domo,
Inc.,
Class
B
(a)
................
30,642
551,250
DoubleVerify
Holdings,
Inc.
(a)(b)
..........
53,361
1,459,423
Dropbox,
Inc.,
Class
A
(a)
..............
272,835
5,653,141
Duck
Creek
Technologies,
Inc.
(a)(b)
........
77,728
921,077
Dynatrace,
Inc.
(a)
...................
209,588
7,295,758
E2open
Parent
Holdings,
Inc.,
Class
A
(a)(b)
..
209,307
1,270,493
Ebix,
Inc.
........................
28,090
532,867
eGain
Corp.
(a)(b)
....................
18,865
138,658
Elastic
NV
(a)(b)
.....................
87,800
6,298,772
Envestnet,
Inc.
(a)
...................
48,715
2,162,946
Everbridge,
Inc.
(a)
...................
37,627
1,161,922
Fair
Isaac
Corp.
(a)
...................
26,655
10,982,127
Five9,
Inc.
(a)
......................
69,651
5,222,432
ForgeRock,
Inc.,
Class
A
(a)
.............
40,917
594,524
Fortinet,
Inc.
(a)
.....................
678,810
33,349,935
Freshworks,
Inc.,
Class
A
(a)(b)
...........
163,284
2,117,793
Gitlab,
Inc.,
Class
A
(a)(b)
...............
58,738
3,008,560
Greenidge
Generation
Holdings,
Inc.
(a)(b)
...
7,163
14,326
Guidewire
Software,
Inc.
(a)(b)
............
88,130
5,427,045
HashiCorp,
Inc.,
Class
A
(a)(b)
............
47,880
1,541,257
HubSpot,
Inc.
(a)(b)
...................
51,636
13,947,916
Informatica,
Inc.,
Class
A
(a)(b)
...........
41,864
840,210
Intellicheck,
Inc.
(a)(b)
.................
12,592
31,732
InterDigital,
Inc.
....................
37,251
1,505,685
Intrusion,
Inc.
(a)(b)
...................
223,114
1,075,409
Intuit,
Inc.
........................
293,570
113,705,532
Inuvo,
Inc.
(a)(b)
.....................
19,803
8,060
Issuer
Direct
Corp.
(a)
.................
318
6,455
Jamf
Holding
Corp.
(a)(b)
...............
45,413
1,006,352
Kaspien
Holdings,
Inc.
(a)
..............
364
553
KnowBe4,
Inc.,
Class
A
(a)
.............
87,644
1,823,872
Latch,
Inc.
(a)(b)
.....................
93,988
89,627
LivePerson,
Inc.
(a)(b)
.................
59,772
563,052
LiveRamp
Holdings,
Inc.
(a)
.............
69,242
1,257,435
Manhattan
Associates,
Inc.
(a)(b)
..........
67,683
9,003,869
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
95,696
1,024,904
Marin
Software,
Inc.
(a)(b)
...............
3,737
4,783
Matterport,
Inc.,
Class
A
(a)(b)
............
190,812
723,177
Microsoft
Corp.
....................
7,784,841
1,813,089,469
MicroStrategy,
Inc.,
Class
A
(a)(b)
..........
11,100
2,356,086
Mitek
Systems,
Inc.
(a)(b)
...............
68,079
623,604
Model
N,
Inc.
(a)(b)
...................
56,024
1,917,702
Momentive
Global,
Inc.
(a)
..............
125,953
731,787
N-able,
Inc.
(a)(b)
....................
105,059
969,695
nCino,
Inc.
(a)(b)
.....................
85,084
2,902,215
NCR
Corp.
(a)(b)
.....................
140,471
2,670,354
New
Relic,
Inc.
(a)
...................
58,305
3,345,541
NortonLifeLock,
Inc.
.................
620,866
12,504,241
Nutanix,
Inc.,
Class
A
(a)
...............
255,607
5,324,294
Oblong,
Inc.
(a)
.....................
1,121
168
Olo,
Inc.,
Class
A
(a)(b)
.................
68,718
542,872
ON24,
Inc.
(a)
......................
16,772
147,594
OneSpan,
Inc.
(a)
....................
29,524
254,202
Oracle
Corp.
......................
1,581,703
96,594,602
PagerDuty,
Inc.
(a)(b)
..................
79,250
1,828,297
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
1,881,881
15,299,693
Palo
Alto
Networks,
Inc.
(a)(b)
............
313,563
51,358,484
Paycom
Software,
Inc.
(a)
..............
50,494
16,662,515
Paycor
HCM,
Inc.
(a)(b)
................
30,718
908,024
Paylocity
Holding
Corp.
(a)
.............
43,757
10,570,816
Pegasystems,
Inc.
..................
45,000
1,446,300
Phunware,
Inc.
(a)(b)
..................
71,894
84,835
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Ping
Identity
Holding
Corp.
(a)(b)
..........
71,278
$
2,000,773
Procore
Technologies,
Inc.
(a)
...........
68,726
3,400,562
Progress
Software
Corp.
..............
47,948
2,040,187
PROS
Holdings,
Inc.
(a)
...............
37,073
915,703
PTC,
Inc.
(a)
.......................
113,493
11,871,368
Q2
Holdings,
Inc.
(a)(b)
.................
54,469
1,753,902
Qualtrics
International,
Inc.,
Class
A
(a)
.....
104,685
1,065,693
Qualys,
Inc.
(a)
.....................
37,566
5,236,325
Qumu
Corp.
(a)(b)
....................
10,069
6,142
Rapid7,
Inc.
(a)
.....................
56,644
2,430,028
RealNetworks,
Inc.
(a)
.................
41,604
28,886
Rekor
Systems,
Inc.
(a)
................
57,403
57,403
Rimini
Street,
Inc.
(a)(b)
................
184,825
861,284
RingCentral,
Inc.,
Class
A
(a)
............
85,443
3,414,302
Riot
Blockchain,
Inc.
(a)(b)
..............
121,566
852,178
Roper
Technologies,
Inc.
..............
111,606
40,137,982
Salesforce,
Inc.
(a)
...................
1,041,957
149,875,095
Samsara,
Inc.,
Class
A
(a)(b)
.............
60,092
725,310
SeaChange
International,
Inc.
(a)(b)
........
34,056
14,644
SecureWorks
Corp.,
Class
A
(a)
..........
9,573
77,063
SEMrush
Holdings,
Inc.,
Class
A
(a)(b)
......
70,183
786,751
SentinelOne,
Inc.,
Class
A
(a)(b)
..........
228,622
5,843,578
ServiceNow,
Inc.
(a)
..................
211,475
79,855,075
ShotSpotter,
Inc.
(a)(b)
.................
8,400
241,584
Smartsheet,
Inc.,
Class
A
(a)(b)
...........
134,699
4,628,258
Smith
Micro
Software,
Inc.
(a)(b)
..........
16,603
37,523
SoundHound
AI,
Inc.,
Class
A
(a)(b)
........
288,601
946,611
Splunk,
Inc.
(a)(b)
....................
162,697
12,234,814
Sprinklr,
Inc.,
Class
A
(a)
...............
77,021
710,134
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
46,876
2,844,436
SPS
Commerce,
Inc.
(a)
...............
37,536
4,663,097
SRAX,
Inc.,
Class
A
(a)(b)
...............
11,963
20,457
SRAX,
Inc.,
NVS
(a)(b)
.................
10,903
654
Sumo
Logic,
Inc.
(a)
..................
88,350
662,625
Synchronoss
Technologies,
Inc.
(a)(b)
.......
58,964
67,219
Synopsys,
Inc.
(a)
...................
161,648
49,385,080
Telos
Corp.
(a)
......................
62,405
554,780
Tenable
Holdings,
Inc.
(a)
..............
117,272
4,081,066
Teradata
Corp.
(a)
...................
104,767
3,254,063
Terawulf,
Inc.
(a)(b)
...................
17,898
22,551
Trade
Desk,
Inc.
(The),
Class
A
(a)
........
462,986
27,663,414
Tyler
Technologies,
Inc.
(a)
.............
44,121
15,332,048
UiPath,
Inc.,
Class
A
(a)(b)
..............
385,191
4,857,259
Unity
Software,
Inc.
(a)(b)
...............
181,748
5,790,491
Upland
Software,
Inc.
(a)
...............
23,408
190,307
Varonis
Systems,
Inc.
(a)(b)
..............
117,034
3,103,742
Verb
Technology
Co.,
Inc.
(a)(b)
...........
126,279
59,351
Verint
Systems,
Inc.
(a)(b)
...............
66,736
2,240,995
Veritone,
Inc.
(a)(b)
...................
33,148
186,623
Vertex,
Inc.,
Class
A
(a)(b)
...............
30,750
420,353
Viant
Technology,
Inc.,
Class
A
(a)(b)
.......
18,327
77,157
VirnetX
Holding
Corp.
(a)(b)
..............
56,202
65,756
VMware,
Inc.,
Class
A
................
218,158
23,225,101
WM
Technology,
Inc.,
Class
A
(a)
.........
69,410
111,750
Workday,
Inc.,
Class
A
(a)
..............
212,667
32,372,171
Workiva,
Inc.,
Class
A
(a)(b)
.............
47,114
3,665,469
Xperi
Holding
Corp.
.................
111,718
1,579,693
Yext,
Inc.
(a)(b)
......................
118,579
528,862
Zendesk,
Inc.
(a)
....................
136,142
10,360,406
Zeta
Global
Holdings
Corp.,
Class
A
(a)
.....
106,245
702,279
Zoom
Video
Communications,
Inc.,
Class
A
(a)(b)
238,726
17,567,846
Zscaler,
Inc.
(a)(b)
....................
90,834
14,930,385
Zuora,
Inc.,
Class
A
(a)
................
138,252
1,020,300
3,285,941,407
Security
Shares
Shares
Value
Specialty
Retail
—
2.2%
Aaron's
Co.,
Inc.
(The)
...............
36,282
$
352,661
Abercrombie
&
Fitch
Co.,
Class
A
(a)
.......
64,120
997,066
Academy
Sports
&
Outdoors,
Inc.
(b)
.......
98,256
4,144,438
Advance
Auto
Parts,
Inc.
..............
62,248
9,731,852
American
Eagle
Outfitters,
Inc.
..........
144,523
1,406,209
America's
Car-Mart,
Inc.
(a)
.............
10,060
613,861
Arko
Corp.
.......................
88,485
830,874
Asbury
Automotive
Group,
Inc.
(a)
.........
25,367
3,832,954
AutoNation,
Inc.
(a)(b)
.................
37,180
3,787,527
AutoZone,
Inc.
(a)
...................
20,220
43,309,825
Barnes
&
Noble
Education,
Inc.
(a)(b)
.......
39,172
94,013
Bath
&
Body
Works,
Inc.
..............
237,206
7,732,916
Bed
Bath
&
Beyond,
Inc.
(a)(b)
............
98,026
596,978
Best
Buy
Co.,
Inc.
..................
211,277
13,382,285
Big
5
Sporting
Goods
Corp.
(b)
...........
17,149
184,180
Boot
Barn
Holdings,
Inc.
(a)
.............
36,726
2,147,002
Buckle,
Inc.
(The)
..................
26,835
849,596
Burlington
Stores,
Inc.
(a)(b)
.............
67,749
7,580,436
Caleres,
Inc.
......................
48,141
1,165,975
Camping
World
Holdings,
Inc.,
Class
A
(b)
...
40,813
1,033,385
CarLotz,
Inc.,
Class
A
(a)(b)
..............
117,147
35,144
CarMax,
Inc.
(a)(b)
....................
170,444
11,252,713
Carvana
Co.,
Class
A
(a)(b)
..............
115,072
2,335,962
Cato
Corp.
(The),
Class
A
.............
38,012
362,634
Chico's
FAS,
Inc.
(a)
..................
139,137
673,423
Children's
Place,
Inc.
(The)
(a)(b)
..........
19,172
592,223
Conn's,
Inc.
(a)
.....................
28,091
198,884
Designer
Brands,
Inc.,
Class
A
..........
73,009
1,117,768
Dick's
Sporting
Goods,
Inc.
............
55,672
5,825,518
EVgo,
Inc.,
Class
A
(a)(b)
...............
89,056
704,433
Five
Below,
Inc.
(a)(b)
..................
57,251
7,881,745
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
110,833
7,787,127
Foot
Locker,
Inc.
...................
101,189
3,150,014
GameStop
Corp.,
Class
A
(a)(b)
...........
259,423
6,519,300
Gap,
Inc.
(The)
....................
227,540
1,868,103
Group
1
Automotive,
Inc.
..............
19,471
2,781,822
GrowGeneration
Corp.
(a)(b)
.............
66,532
232,862
Guess?,
Inc.
......................
49,391
724,566
Haverty
Furniture
Cos.,
Inc.
............
17,299
430,745
Hibbett,
Inc.
......................
10,788
537,350
Home
Depot,
Inc.
(The)
..............
1,072,035
295,817,338
Kirkland's,
Inc.
(a)(b)
..................
18,198
54,776
Lazydays
Holdings,
Inc.
(a)(b)
............
3,257
43,969
Leslie's,
Inc.
(a)(b)
....................
129,117
1,899,311
Lithia
Motors,
Inc.,
Class
A
............
30,489
6,541,415
Lowe's
Cos.,
Inc.
...................
664,966
124,887,264
MarineMax,
Inc.
(a)
...................
20,265
603,694
Monro,
Inc.
.......................
36,897
1,603,544
Murphy
USA,
Inc.
(b)
.................
22,134
6,084,858
National
Vision
Holdings,
Inc.
(a)(b)
........
84,607
2,762,419
ODP
Corp.
(The)
(a)
..................
56,126
1,972,829
OneWater
Marine,
Inc.,
Class
A
(a)
........
20,225
608,975
O'Reilly
Automotive,
Inc.
(a)
.............
66,483
46,760,818
Party
City
Holdco,
Inc.
(a)
..............
612
967
Penske
Automotive
Group,
Inc.
(b)
........
28,008
2,756,827
Petco
Health
&
Wellness
Co.,
Inc.
(a)(b)
.....
92,731
1,034,878
Rent-A-Center,
Inc.
.................
55,335
968,916
RH
(a)(b)
..........................
22,880
5,630,082
Ross
Stores,
Inc.
...................
363,332
30,617,988
Sally
Beauty
Holdings,
Inc.
(a)(b)
..........
79,471
1,001,335
Shift
Technologies,
Inc.,
Class
A
(a)(b)
.......
97,032
67,932
Shoe
Carnival,
Inc.
..................
18,300
392,352
Signet
Jewelers
Ltd.
.................
55,567
3,177,877
Sleep
Number
Corp.
(a)
...............
25,565
864,353
Sonic
Automotive,
Inc.,
Class
A
.........
28,521
1,234,959
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
TJX
Cos.,
Inc.
(The)
(b)
................
1,231,721
$
76,514,509
Tractor
Supply
Co.
..................
116,112
21,582,899
TravelCenters
of
America,
Inc.
(a)
.........
22,896
1,234,781
Ulta
Beauty,
Inc.
(a)
..................
54,630
21,917,010
Urban
Outfitters,
Inc.
(a)(b)
..............
64,396
1,265,381
Victoria's
Secret
&
Co.
(a)
..............
77,243
2,249,316
Volta,
Inc.,
Class
A
(a)(b)
................
166,120
201,005
Vroom,
Inc.
(a)(b)
.....................
612
710
Warby
Parker,
Inc.,
Class
A
(a)(b)
..........
31,680
422,611
Williams-Sonoma,
Inc.
...............
71,291
8,401,644
Winmark
Corp.
....................
3,469
750,483
Xcel
Brands,
Inc.
(a)
..................
315
300
Zumiez,
Inc.
(a)
.....................
28,723
618,406
831,335,100
Technology
Hardware,
Storage
&
Peripherals
—
6.1%
3D
Systems
Corp.
(a)(b)
................
129,641
1,034,535
Apple,
Inc.
.......................
15,781,760
2,181,039,232
Avid
Technology,
Inc.
(a)(b)
..............
24,135
561,380
Corsair
Gaming,
Inc.
(a)(b)
..............
46,028
522,418
Dell
Technologies,
Inc.,
Class
C
.........
266,892
9,119,700
Eastman
Kodak
Co.
(a)(b)
...............
57,194
262,521
Hewlett
Packard
Enterprise
Co.
.........
1,335,332
15,997,277
HP,
Inc.
.........................
969,091
24,149,748
Immersion
Corp.
(a)(b)
.................
31,018
170,289
Intevac,
Inc.
(a)(b)
....................
19,602
91,149
IonQ,
Inc.
(a)(b)
......................
123,997
628,665
NetApp,
Inc.
......................
237,094
14,664,264
One
Stop
Systems,
Inc.
(a)
.............
10,351
33,123
Pure
Storage,
Inc.,
Class
A
(a)
...........
310,168
8,489,298
Quantum
Corp.
(a)
...................
117,170
126,544
Seagate
Technology
Holdings
plc
........
212,419
11,307,063
Super
Micro
Computer,
Inc.
(a)
...........
37,969
2,090,953
TransAct
Technologies,
Inc.
(a)
...........
9,299
33,941
Turtle
Beach
Corp.
(a)(b)
................
31,041
211,700
Western
Digital
Corp.
(a)
...............
332,931
10,836,904
Xerox
Holdings
Corp.
................
122,929
1,607,911
2,282,978,615
Textiles,
Apparel
&
Luxury
Goods
—
0.6%
Allbirds,
Inc.,
Class
A
(a)(b)
..............
165,979
504,576
Capri
Holdings
Ltd.
(a)
................
144,817
5,566,765
Carter's,
Inc.
......................
41,376
2,711,369
Columbia
Sportswear
Co.
.............
38,565
2,595,424
Crocs,
Inc.
(a)(b)
.....................
64,963
4,460,360
Culp,
Inc.
........................
13
57
Deckers
Outdoor
Corp.
(a)
..............
29,165
9,117,271
G-III
Apparel
Group
Ltd.
(a)
.............
38,389
573,916
Hanesbrands,
Inc.
..................
378,288
2,632,884
Jerash
Holdings
US,
Inc.
..............
1,955
8,289
Kontoor
Brands,
Inc.
.................
48,172
1,619,061
Levi
Strauss
&
Co.,
Class
A
(b)
...........
84,212
1,218,548
Lululemon
Athletica,
Inc.
(a)
.............
122,959
34,374,418
Movado
Group,
Inc.
.................
12,101
341,006
Nike,
Inc.,
Class
B
..................
1,311,538
109,015,039
Oxford
Industries,
Inc.
...............
18,228
1,636,510
PLBY
Group,
Inc.
(a)(b)
................
24,839
100,101
PVH
Corp.
.......................
64,682
2,897,754
Ralph
Lauren
Corp.,
Class
A
...........
48,422
4,112,480
Skechers
USA,
Inc.,
Class
A
(a)
..........
143,367
4,547,601
Steven
Madden
Ltd.
.................
84,978
2,266,363
Tapestry,
Inc.
......................
259,684
7,382,816
Under
Armour,
Inc.,
Class
A
(a)
...........
198,363
1,319,114
Under
Armour,
Inc.,
Class
C,
NVS
(a)
......
205,276
1,223,445
VF
Corp.
........................
337,945
10,107,935
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
Vince
Holding
Corp.
(a)(b)
...............
896
$
5,600
Wolverine
World
Wide,
Inc.
............
86,433
1,330,204
211,668,906
Thrifts
&
Mortgage
Finance
—
0.1%
1895
Bancorp
of
Wisconsin,
Inc.
(a)(b)
......
2,115
21,996
Axos
Financial,
Inc.
(a)(b)
...............
46,842
1,603,402
Bridgewater
Bancshares,
Inc.
(a)
.........
21,654
356,641
Broadway
Financial
Corp.
(a)(b)
...........
16,617
18,777
Capitol
Federal
Financial,
Inc.
..........
134,257
1,114,333
CF
Bankshares,
Inc.
(b)
................
1,726
35,590
Columbia
Financial,
Inc.
(a)
.............
54,597
1,153,635
Essent
Group
Ltd.
..................
106,812
3,724,534
Federal
Agricultural
Mortgage
Corp.,
Class
C,
NVS
.........................
9,467
938,558
First
Seacoast
Bancorp
(a)(b)
............
2,148
22,189
Flagstar
Bancorp,
Inc.
...............
43,474
1,452,032
Greene
County
Bancorp,
Inc.
...........
15,022
860,310
HMN
Financial,
Inc.
.................
848
18,995
Home
Federal
Bancorp,
Inc.
of
Louisiana
...
506
9,472
HV
Bancorp,
Inc.
(a)
..................
1,371
28,476
IF
Bancorp,
Inc.
....................
697
13,222
Impac
Mortgage
Holdings,
Inc.
(a)
.........
9,241
2,779
Income
Opportunity
Realty
Investors,
Inc.
(a)
.
108
1,350
Kearny
Financial
Corp.
...............
84,574
898,176
Kentucky
First
Federal
Bancorp
.........
844
6,077
Lake
Shore
Bancorp,
Inc.
.............
652
8,593
Magyar
Bancorp,
Inc.
................
871
10,827
Merchants
Bancorp
.................
31,750
732,473
MGIC
Investment
Corp.
..............
307,998
3,948,534
Mid-Southern
Bancorp,
Inc.
............
2,439
32,683
Mr
Cooper
Group,
Inc.
(a)
..............
86,599
3,507,260
New
York
Community
Bancorp,
Inc.
......
511,616
4,364,084
NMI
Holdings,
Inc.,
Class
A
(a)
...........
83,118
1,693,114
Northeast
Community
Bancorp,
Inc.,
NVS
..
66,021
818,660
Northfield
Bancorp,
Inc.
..............
34,171
488,987
Oconee
Federal
Financial
Corp.
.........
212
5,113
PennyMac
Financial
Services,
Inc.
.......
30,281
1,299,055
Ponce
Financial
Group,
Inc.
(a)(b)
.........
82,860
758,998
Provident
Financial
Services,
Inc.
........
61,828
1,205,646
Radian
Group,
Inc.
..................
172,112
3,320,040
Rocket
Cos.,
Inc.,
Class
A
(b)
............
153,292
968,805
Southern
Missouri
Bancorp,
Inc.
.........
8,666
442,226
Sterling
Bancorp,
Inc.
(a)(b)
..............
63,552
383,219
Territorial
Bancorp,
Inc.
...............
17,890
331,681
TFS
Financial
Corp.
.................
66,237
861,081
UWM
Holdings
Corp.,
Class
A
(b)
.........
95,885
280,943
Velocity
Financial,
Inc.
(a)
..............
74,838
811,244
Walker
&
Dunlop,
Inc.
................
37,451
3,135,772
Waterstone
Financial,
Inc.
.............
28,083
453,821
WSFS
Financial
Corp.
...............
62,418
2,899,940
45,043,343
Tobacco
—
0.6%
22nd
Century
Group,
Inc.
(a)(b)
...........
152,183
141,119
Altria
Group,
Inc.
...................
1,895,012
76,520,585
Philip
Morris
International,
Inc.
..........
1,621,463
134,597,644
Turning
Point
Brands,
Inc.
.............
12,471
264,759
Universal
Corp.
....................
26,822
1,234,885
Vector
Group
Ltd.
..................
129,994
1,145,247
213,904,239
Trading
Companies
&
Distributors
—
0.4%
Air
Lease
Corp.,
Class
A
..............
112,677
3,494,114
Applied
Industrial
Technologies,
Inc.
......
37,654
3,870,078
Beacon
Roofing
Supply,
Inc.
(a)
..........
64,645
3,537,374
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
BlueLinx
Holdings,
Inc.
(a)
..............
9,130
$
566,973
Boise
Cascade
Co.
.................
37,945
2,256,210
Core
&
Main,
Inc.,
Class
A
(a)(b)
..........
70,174
1,595,757
Custom
Truck
One
Source,
Inc.
(a)(b)
.......
102,749
599,027
Distribution
Solutions
Group,
Inc.
(a)
.......
23,167
652,614
DXP
Enterprises,
Inc.
(a)
...............
11,080
262,374
Fastenal
Co.
......................
616,873
28,400,833
GATX
Corp.
......................
37,849
3,222,842
Global
Industrial
Co.
.................
12,540
336,448
GMS,
Inc.
(a)
.......................
47,143
1,886,191
H&E
Equipment
Services,
Inc.
..........
29,074
823,957
Herc
Holdings,
Inc.
..................
30,946
3,214,671
Hudson
Technologies,
Inc.
(a)
...........
28,472
209,269
India
Globalization
Capital,
Inc.
(a)
........
37,978
16,380
McGrath
RentCorp
..................
28,823
2,417,097
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
47,560
3,462,844
NOW,
Inc.
(a)
......................
112,596
1,131,590
Rush
Enterprises,
Inc.,
Class
A
(b)
........
41,198
1,806,944
Rush
Enterprises,
Inc.,
Class
B
(b)
........
15,299
732,975
SiteOne
Landscape
Supply,
Inc.
(a)(b)
.......
47,451
4,941,547
Titan
Machinery,
Inc.
(a)
...............
18,700
528,462
Transcat,
Inc.
(a)(b)
...................
9,167
693,850
Triton
International
Ltd.
...............
65,207
3,568,779
United
Rentals,
Inc.
(a)
................
74,406
20,098,549
Univar
Solutions,
Inc.
(a)
...............
187,190
4,256,701
Veritiv
Corp.
(a)(b)
....................
15,543
1,519,639
Watsco,
Inc.
......................
35,360
9,103,786
WESCO
International,
Inc.
(a)(b)
..........
49,438
5,901,908
Willis
Lease
Finance
Corp.
(a)(b)
..........
8,671
283,889
WW
Grainger,
Inc.
..................
45,700
22,355,983
137,749,655
Water
Utilities
—
0.1%
American
States
Water
Co.
............
38,636
3,011,676
American
Water
Works
Co.,
Inc.
.........
190,902
24,847,804
Artesian
Resources
Corp.,
Class
A,
NVS
...
8,684
417,874
Cadiz,
Inc.
(a)(b)
.....................
31,614
60,067
California
Water
Service
Group
.........
54,440
2,868,444
Essential
Utilities,
Inc.
................
242,112
10,018,595
Middlesex
Water
Co.
................
16,133
1,245,468
Pure
Cycle
Corp.
(a)(b)
.................
19,432
162,257
SJW
Group
.......................
25,749
1,483,142
York
Water
Co.
(The)
................
11,291
433,913
44,549,240
Wireless
Telecommunication
Services
—
0.2%
Gogo,
Inc.
(a)
......................
39,660
480,679
Shenandoah
Telecommunications
Co.
(b)
....
49,747
846,694
Spok
Holdings,
Inc.
.................
25,010
191,077
Telephone
&
Data
Systems,
Inc.
.........
111,097
1,544,248
T-Mobile
US,
Inc.
(a)
..................
627,501
84,191,809
87,254,507
Total
Common
Stocks
—
99.8%
(Cost:
$35,312,744,602)
...........................
37,372,020,589
Rights
Biotechnology
—
0.0%
(a)(d)
Contra
Aduro
Biotech
I,
CVR
...........
4,142
10,517
Contra
Miragen
Therape,
CVR
..........
119
—
F-star
Therapeutics,
Inc.,
CVR
..........
11,084
3,768
Oncternal
Therapeutics,
Inc.,
CVR
(b)
......
722
740
Progenics
Pharmaceuticals,
Inc.,
CVR
(b)
...
10,240
—
Security
Shares
Shares
Value
Biotechnology
(continued)
Qualigen
Therapeutics,
Inc.,
CVR
(b)
.......
14,465
$
978
16,003
Capital
Markets
—
0.0%
Contran
Corp.,
CVR
(a)(b)
...............
97
3
Chemicals
—
0.0%
(a)
CVR
Partners
LP,
CVR
(d)
..............
11,084
4,434
Ikonics
Corp.,
CVR
.................
237
924
5,358
Diversified
Consumer
Services
—
0.0%
Contra
A/S,
CVR
(a)(d)
.................
23,161
2,084
Diversified
Financial
Services
—
0.0%
Contra
Costa
County
Board
of
Education,
CVR
(a)(d)
.......................
266
37
Diversified
Telecommunication
Services
—
0.0%
Contra
Communications,
CVR
(a)(d)
........
2,058
—
Health
Care
Equipment
&
Supplies
—
0.0%
SiNtx
Technologies,
Inc.(Expires
10/12/22,
Strike
Price
USD
0.00)
(a)(b)
...........
13
—
Pharmaceuticals
—
0.0%
Seelos
Therapeutics,
Inc.,
CVR
(a)(d)
.......
43
23
Total
Rights
—
0.0%
(Cost:
$4,542)
.................................
23,508
Warrants
Biotechnology
—
0.0%
Salarius
Pharmaceuticals,
Inc.
(Issued/
Exercisable
07/02/21,
1
Share
for
1
Warrant,
Expires
01/20/25,
Strike
Price
USD
15.17)
(a)
(b)(d)
..........................
19,965
—
Total
Warrants
—
0.0%
(Cost:
$—)
....................................
—
Total
Long-Term
Investments
—
99.8%
(Cost:
$35,312,749,144)
...........................
37,372,044,097
Short-Term
Securities
Money
Market
Funds
—
3.0%
(e)(f)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.18%
(g)
............
1,075,544,552
1,075,867,215
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.81%
..................
60,713,897
60,713,897
Total
Short-Term
Securities
—
3.0%
(Cost:
$1,135,994,535)
...........................
1,136,581,112
Total
Investments
—
102.8%
(Cost:
$36,448,743,679
)
...........................
38,508,625,209
Liabilities
in
Excess
of
Other
Assets
—
(2.8)%
............
(1,048,747,182)
Net
Assets
—
100.0%
..............................
$
37,459,878,027
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
44
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Affiliate
of
the
Fund.
(f)
Annualized
7-day
yield
as
of
period
end.
(g)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
Shares
Held
at
09/30/22
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
780,950,442
$
294,387,383
(a)
$
—
$
50,482
$
478,908
$
1,075,867,215
1,075,544,552
$
5,109,175
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
77,230,000
—
(16,516,103)
(a)
—
—
60,713,897
60,713,897
536,255
—
BlackRock,
Inc.
............
105,831,432
21,842,463
(10,272,247)
3,774,061
(34,524,768)
86,650,941
157,467
1,392,006
—
$
3,824,543
$
(34,045,860)
$
1,223,232,053
$
7,037,436
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
......................................................
540
12/16/22
$
97,241
$
(6,844,926)
S&P
Midcap
400
E-Mini
Index
.................................................
42
12/16/22
9,274
(625,781)
$
(7,470,707)
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)
......
$
—
$
—
$
7,470,707
$
—
$
—
$
—
$
7,470,707
(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).
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
Schedules
of
Investments
45
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
For
the
period
ended
September
30,
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
.......................
$
—
$
—
$
(15,146,385)
$
—
$
—
$
—
$
(15,146,385)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
(12,213,954)
$
—
$
—
$
—
$
(12,213,954)
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
95,141,558
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
Aerospace
&
Defense
....................................
$
585,533,303
$
—
$
—
$
585,533,303
Air
Freight
&
Logistics
....................................
202,531,330
—
—
202,531,330
Airlines
..............................................
71,468,872
—
—
71,468,872
Auto
Components
......................................
82,550,567
—
—
82,550,567
Automobiles
..........................................
874,686,109
—
—
874,686,109
Banks
...............................................
1,528,605,151
—
—
1,528,605,151
Beverages
...........................................
602,443,741
—
—
602,443,741
Biotechnology
.........................................
1,059,615,035
—
119,836
1,059,734,871
Building
Products
.......................................
226,835,478
—
—
226,835,478
Capital
Markets
........................................
1,159,040,232
—
—
1,159,040,232
Chemicals
............................................
660,330,498
—
—
660,330,498
Commercial
Services
&
Supplies
.............................
216,512,785
—
247
216,513,032
Communications
Equipment
................................
298,552,951
—
—
298,552,951
Construction
&
Engineering
................................
87,418,649
—
—
87,418,649
Construction
Materials
....................................
50,436,809
—
—
50,436,809
Consumer
Finance
......................................
205,721,041
—
—
205,721,041
Containers
&
Packaging
..................................
130,239,926
—
—
130,239,926
Distributors
...........................................
49,020,326
—
—
49,020,326
Diversified
Consumer
Services
..............................
54,001,991
—
—
54,001,991
Diversified
Financial
Services
...............................
540,956,469
—
—
540,956,469
Diversified
Telecommunication
Services
........................
319,684,974
—
—
319,684,974
Electric
Utilities
........................................
676,731,130
—
—
676,731,130
Electrical
Equipment
.....................................
263,206,671
—
—
263,206,671
Electronic
Equipment,
Instruments
&
Components
.................
301,942,823
—
—
301,942,823
Energy
Equipment
&
Services
..............................
148,575,975
—
—
148,575,975
Entertainment
.........................................
491,352,010
—
—
491,352,010
Equity
Real
Estate
Investment
Trusts
(REITs)
....................
1,206,504,437
—
—
1,206,504,437
Food
&
Staples
Retailing
..................................
553,442,361
—
—
553,442,361
Food
Products
.........................................
431,536,380
—
—
431,536,380
Gas
Utilities
...........................................
52,413,304
—
—
52,413,304
Health
Care
Equipment
&
Supplies
...........................
1,012,450,287
—
—
1,012,450,287
Health
Care
Providers
&
Services
............................
1,268,704,133
—
—
1,268,704,133
Health
Care
Technology
..................................
55,193,765
—
—
55,193,765
Hotels,
Restaurants
&
Leisure
..............................
765,459,339
—
—
765,459,339
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
September
30
,2022
iShares
®
Core
S&P
Total
U.S.
Stock
Market
ETF
46
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Household
Durables
.....................................
$
149,433,903
$
—
$
—
$
149,433,903
Household
Products
.....................................
459,428,046
—
—
459,428,046
Independent
Power
and
Renewable
Electricity
Producers
............
36,335,963
—
—
36,335,963
Industrial
Conglomerates
..................................
253,424,241
—
—
253,424,241
Insurance
............................................
877,487,357
—
—
877,487,357
Interactive
Media
&
Services
...............................
1,566,371,172
—
—
1,566,371,172
Internet
&
Direct
Marketing
Retail
............................
1,108,510,312
—
—
1,108,510,312
IT
Services
...........................................
1,623,622,842
—
—
1,623,622,842
Leisure
Products
.......................................
41,844,619
—
—
41,844,619
Life
Sciences
Tools
&
Services
..............................
653,265,965
—
—
653,265,965
Machinery
............................................
668,362,429
—
—
668,362,429
Marine
..............................................
7,494,054
—
—
7,494,054
Media
...............................................
296,067,254
—
—
296,067,254
Metals
&
Mining
........................................
187,503,476
—
—
187,503,476
Mortgage
Real
Estate
Investment
Trusts
(REITs)
..................
48,897,781
—
—
48,897,781
Multiline
Retail
.........................................
175,482,434
—
—
175,482,434
Multi-Utilities
..........................................
302,072,156
—
—
302,072,156
Oil,
Gas
&
Consumable
Fuels
...............................
1,584,963,222
—
3,019
1,584,966,241
Paper
&
Forest
Products
..................................
8,263,152
—
—
8,263,152
Personal
Products
......................................
71,391,059
—
—
71,391,059
Pharmaceuticals
.......................................
1,539,822,424
—
—
1,539,822,424
Professional
Services
....................................
222,191,154
—
—
222,191,154
Real
Estate
Management
&
Development
.......................
57,024,063
—
—
57,024,063
Road
&
Rail
...........................................
385,004,298
—
—
385,004,298
Semiconductors
&
Semiconductor
Equipment
....................
1,673,510,247
—
—
1,673,510,247
Software
.............................................
3,271,803,807
14,137,600
—
3,285,941,407
Specialty
Retail
........................................
831,335,100
—
—
831,335,100
Technology
Hardware,
Storage
&
Peripherals
....................
2,282,978,615
—
—
2,282,978,615
Textiles,
Apparel
&
Luxury
Goods
............................
211,668,906
—
—
211,668,906
Thrifts
&
Mortgage
Finance
................................
45,043,343
—
—
45,043,343
Tobacco
.............................................
213,904,239
—
—
213,904,239
Trading
Companies
&
Distributors
............................
137,749,655
—
—
137,749,655
Water
Utilities
.........................................
44,549,240
—
—
44,549,240
Wireless
Telecommunication
Services
.........................
87,254,507
—
—
87,254,507
Rights
................................................
—
927
22,581
23,508
Warrants
..............................................
—
—
—
—
Short-Term
Securities
Money
Market
Funds
......................................
1,136,581,112
—
—
1,136,581,112
$
38,494,340,999
$
14,138,527
$
145,683
$
38,508,625,209
Derivative
Financial
Instruments
(a)
Liabilities
Equity
contracts
...........................................
$
(7,470,707)
$
—
$
—
$
(7,470,707)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities
(unaudited)

September
30,
2022
47
Financial
Statements
See
notes
to
financial
statements.
iShares
Core
S&P
500
ETF
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
........................................................................
$
267,261,382,002‌
$
37,285,393,156‌
Investments,
at
value
—
affiliated
(c)
...........................................................................
3,959,067,039‌
1,223,232,053‌
Cash  
..............................................................................................
1,676,534‌
281,386‌
Cash
pledged:
Futures
contracts
.....................................................................................
35,491,800‌
5,569,790‌
Receivables:
–‌
–‌
Securities
lending
income
—
affiliated
.......................................................................
1,306,760‌
655,206‌
Capital
shares
sold
....................................................................................
770,312‌
—‌
Dividends
—
unaffiliated
................................................................................
213,847,098‌
31,193,404‌
Dividends
—
affiliated
..................................................................................
1,111,448‌
167,604‌
Total
assets
..........................................................................................
271,474,652,993‌
38,546,492,599‌
LIABILITIES
Collateral
on
securities
loaned
..............................................................................
2,806,127,070‌
1,075,726,930‌
Payables:
–‌
–‌
Investments
purchased
.................................................................................
312,791,482‌
—‌
Capital
shares
redeemed
................................................................................
771,835‌
8,650,239‌
Investment
advisory
fees
................................................................................
7,159,326‌
996,283‌
Variation
margin
on
futures
contracts
........................................................................
9,630,605‌
1,241,120‌
Total
liabilities
.........................................................................................
3,136,480,318‌
1,086,614,572‌
NET
ASSETS
.........................................................................................
$
268,338,172,675‌
$
37,459,878,027‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.........................................................................................
$
279,357,383,975‌
$
34,037,171,649‌
Accumulated
earnings
(loss)
...............................................................................
(11,019,211,300‌)
3,422,706,378‌
NET
ASSETS
.........................................................................................
$
268,338,172,675‌
$
37,459,878,027‌
NET
ASSET
VALUE
Shares
outstanding
.....................................................................................
748,000,000‌
471,400,000‌
Net
asset
value
........................................................................................
$
358.74‌
$
79.47‌
Shares
authorized
......................................................................................
Unlimited
Unlimited
Par
value
............................................................................................
None
None
(a)
  Investments,
at
cost
—
unaffiliated
.........................................................................
$
281,847,650,194‌
$
35,223,973,292‌
(b)
  Securities
loaned,
at
value
...............................................................................
$
2,684,932,526‌
$
1,027,567,574‌
(c)
  Investments,
at
cost
—
affiliated
...........................................................................
$
4,102,789,062‌
$
1,224,770,387‌
Statements
of
Operations
(unaudited)

Six
Months
Ended
September
30,
2022
2022
iShares
Semi-Annual
Report
to
Shareholders
48
See
notes
to
financial
statements.
iShares
Core
S&P
500
ETF
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
INVESTMENT
INCOME
–
–
Dividends
—
unaffiliated
................................................................................
$
2,472,102,069‌
$
334,219,386‌
Dividends
—
affiliated
..................................................................................
15,902,639‌
1,928,261‌
Securities
lending
income
—
affiliated
—
net
..................................................................
3,073,834‌
5,109,175‌
Foreign
taxes
withheld
.................................................................................
(588,607‌)
(81,448‌)
Total
investment
income
..................................................................................
2,490,489,935‌
341,175,374‌
EXPENSES
Investment
advisory
...................................................................................
44,798,284‌
6,216,628‌
Total
expenses
........................................................................................
44,798,284‌
6,216,628‌
Net
investment
income
...................................................................................
2,445,691,651‌
334,958,746‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(69,548,716,564‌)
$
(9,610,010,238‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
............................................................................
(1,759,861,169‌)
(194,029,145‌)
Investments
—
affiliated
..............................................................................
22,877,690‌
3,824,543‌
Futures
contracts
...................................................................................
(127,755,639‌)
(15,146,385‌)
In-kind
redemptions
—
unaffiliated
(a)
......................................................................
11,814,507,664‌
1,960,115,207‌
In-kind
redemptions
—
affiliated
(a)
........................................................................
24,134,043‌
3,774,061‌
9,973,902,589‌
1,758,538,281‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
............................................................................
(79,143,336,010‌)
(11,322,288,705‌)
Investments
—
affiliated
..............................................................................
(293,377,092‌)
(34,045,860‌)
Futures
contracts
...................................................................................
(85,906,051‌)
(12,213,954‌)
(79,522,619,153‌)
(11,368,548,519‌)
Net
realized
and
unrealized
loss
.............................................................................
(69,548,716,564‌)
(9,610,010,238‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..................................................
$
(67,103,024,913‌)
$
(9,275,051,492‌)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets

49
Financial
Statements
See
notes
to
financial
statements.
iShares
Core
S&P
500
ETF
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
...........................................
$
2,445,691,651‌
$
4,095,945,590‌
$
334,958,746‌
$
545,410,098‌
Net
realized
gain
...............................................
9,973,902,589‌
30,797,260,452‌
1,758,538,281‌
1,039,334,103‌
Net
change
in
unrealized
appreciation
(depreciation)
.......................
(79,522,619,153‌)
6,431,314,059‌
(11,368,548,519‌)
2,713,687,958‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
..................
(67,103,024,913‌)
41,324,520,101‌
(9,275,051,492‌)
4,298,432,159‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
................
(2,374,261,949‌)
(4,093,331,529‌)
(319,234,466‌)
(551,777,171‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
................
4,849,636,771‌
33,794,619,676‌
2,311,559,208‌
4,930,473,507‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
..................................
(64,627,650,091‌)
71,025,808,248‌
(7,282,726,750‌)
8,677,128,495‌
Beginning
of
period
...............................................
332,965,822,766‌
261,940,014,518‌
44,742,604,777‌
36,065,476,282‌
End
of
period
...................................................
$
268,338,172,675‌
$
332,965,822,766‌
$
37,459,878,027‌
$
44,742,604,777‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
iShares
Semi-Annual
Report
to
Shareholders
50
iShares
Core
S&P
500
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
................
$
453.38
‌
$
397.36
‌
$
258.44
‌
$
284.57
‌
$
265.21
‌
$
237.21
‌
Net
investment
income
(a)
........................
3.33
‌
5.98
‌
5.60
‌
5.90
‌
5.38
‌
5.00
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............
(94.78
)
55.94
‌
139.01
‌
(25.20
)
19.43
‌
27.90
‌
Net
increase
(decrease)
from
investment
operations
.......
(91.45
)
61.92
‌
144.61
‌
(19.30
)
24.81
‌
32.90
‌
Distributions
from
net
investment
income
(c)
..............
(3.19
)
(5.90
)
(5.69
)
(6.83
)
(5.45
)
(4.90
)
Net
asset
value,
end
of
period
.....................
$
358.74
‌
$
453.38
‌
$
397.36
‌
$
258.44
‌
$
284.57
‌
$
265.21
‌
Total
Return
(d)
(20.21)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(20.21
)%
(e)
15.61
%
56.31
%
(7.01
)%
9.46
%
13.95
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.03
%
(g)
0.03
%
0.03
%
0.04
%
0.04
%
0.04
%
Net
investment
income
...........................
1.64
%
(g)
1.35
%
1.64
%
1.96
%
1.95
%
1.94
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
268,338,173
‌
$
332,965,823
‌
$
261,940,015
‌
$
162,018,956
‌
$
169,347,166
‌
$
140,335,431
‌
Portfolio
turnover
rate
(h)
...........................
2
%
3
%
5
%
4
%
5
%
4
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
51
Financial
Highlights
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
................
$
100.92
‌
$
91.51
‌
$
57.19
‌
$
64.40
‌
$
60.42
‌
$
54.02
‌
Net
investment
income
(a)
........................
0.73
‌
1.29
‌
1.20
‌
1.27
‌
1.19
‌
1.09
‌
Net
realized
and
unrealized
gain
(loss)
(b)
..............
(21.50
)
9.41
‌
34.37
‌
(7.09
)
4.00
‌
6.37
‌
Net
increase
(decrease)
from
investment
operations
.......
(20.77
)
10.70
‌
35.57
‌
(5.82
)
5.19
‌
7.46
‌
Distributions
from
net
investment
income
(c)
..............
(0.68
)
(1.29
)
(1.25
)
(1.39
)
(1.21
)
(1.06
)
Net
asset
value,
end
of
period
.....................
$
79.47
‌
$
100.92
‌
$
91.51
‌
$
57.19
‌
$
64.40
‌
$
60.42
‌
Total
Return
(d)
(20.62)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(20.62
)%
(e)
11.70
%
62.58
%
(9.28
)%
8.68
%
13.88
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................
0.03
%
(g)
0.03
%
0.03
%
0.03
%
0.03
%
0.03
%
Net
investment
income
...........................
1.62
%
(g)
1.29
%
1.54
%
1.88
%
1.90
%
1.85
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
37,459,878
‌
$
44,742,605
‌
$
36,065,476
‌
$
21,439,033
‌
$
18,750,686
‌
$
12,948,631
‌
Portfolio
turnover
rate
(h)
...........................
2
%
4
%
5
%
4
%
6
%
8
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
2022
iShares
Semi-Annual
Report
To
Shareholders
52
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. 
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
September
30,
2022
,
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
includes
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.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
 (the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
iShares
ETF
Diversification
Classification
Core
S&P
500
.......................................................................................................
Diversified
Core
S&P
Total
U.S.
Stock
Market
.........................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
53
Notes
to
Financial
Statements
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
New
York
Stock
Exchange
(“NYSE”).
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Warrants:
Warrants
entitle
a
fund
to
purchase
a
specified
number
of
shares
of
common
stock
and
are
non-income
producing.
The
purchase
price
and
number
of
shares
are
subject
to
adjustment
under
certain
conditions
until
the
expiration
date
of
the
warrants,
if
any.
If
the
price
of
the
underlying
stock
does
not
rise
above
the
strike
price
before
the
warrant
expires,
the
warrant
generally
expires
without
any
value
and
a
fund
will
lose
any
amount
it
paid
for
the
warrant.
Thus,
investments
in
warrants
may
involve
more
risk
than
investments
in
common
stock.
Warrants
may
trade
in
the
same
markets
as
their
underlying
stock;
however,
the
price
of
the
warrant
does
not
necessarily
move
with
the
price
of
the
underlying
stock.
Securities
Lending:
 Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
54
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
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency. 
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA
:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Core
S&P
500
Barclays
Bank
PLC
...................................
$
182,816,075‌
$
(182,816,075‌)
$
–‌
$
–‌
$
–
$
–
$
–
$
–
Barclays
Capital,
Inc.
...................................
1,771,418‌
(1,771,418‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
806,393‌
(806,393‌)
–‌
–‌
BNP
Paribas
SA
.......................................
252,877,336‌
(252,877,336‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
115,706,576‌
(115,706,576‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
173,772‌
(173,772‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
348,119,064‌
(348,119,064‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
882,705‌
(882,705‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
175,084,461‌
(175,084,461‌)
–‌
–‌
HSBC
Bank
PLC
......................................
297,117,193‌
(297,117,193‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
300,552‌
(300,552‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
143,783,303‌
(143,783,303‌)
–‌
–‌
Jefferies
LLC
.........................................
49,394,301‌
(49,394,301‌)
–‌
–‌
Morgan
Stanley
.......................................
32,331,077‌
(32,331,077‌)
–‌
–‌
National
Financial
Services
LLC
............................
5,020,032‌
(5,020,032‌)
–‌
–‌
Natixis
SA
...........................................
366,154‌
(366,154‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
205,830,977‌
(205,830,977‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
80,382,192‌
(80,382,192‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
84,914,922‌
(84,914,922‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
1,464,568‌
(1,464,568‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
373,897,353‌
(373,897,353‌)
–‌
–‌
UBS
AG
............................................
241,133,446‌
(241,133,446‌)
–‌
–‌
UBS
Securities
LLC
....................................
65,170,107‌
(65,170,107‌)
–‌
–‌
Virtu
Americas
LLC
.....................................
24,512,740‌
(24,512,740‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
1,075,809‌
(1,075,809‌)
–‌
–‌
$
2,684,932,526‌
$
(2,684,932,526‌)
$
–‌
$
–‌
Core
S&P
Total
U.S.
Stock
Market
Barclays
Bank
PLC
...................................
$
24,402,290‌
$
(24,402,290‌)
$
–‌
$
–‌
–
–
–
–
Barclays
Capital,
Inc.
...................................
4,155,409‌
(4,155,409‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
2,812,562‌
(2,812,562‌)
–‌
–‌
BNP
Paribas
SA
.......................................
225,469,104‌
(225,469,104‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
43,634,052‌
(43,634,052‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
2,145,605‌
(2,145,605‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
67,216,956‌
(67,216,956‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
1,006,730‌
(1,006,730‌)
–‌
–‌
Deutsche
Bank
Securities,
Inc.
.............................
10,590‌
(10,590‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
135,776,951‌
(135,776,951‌)
–‌
–‌
HSBC
Bank
PLC
......................................
101,828,853‌
(101,828,853‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
864,803‌
(864,803‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
117,623,903‌
(117,623,903‌)
–‌
–‌
Jefferies
LLC
.........................................
11,647,225‌
(11,647,225‌)
–‌
–‌
Mizuho
Securities
USA
LLC
...............................
6,461‌
(6,461‌)
–‌
–‌
Morgan
Stanley
.......................................
65,920,339‌
(65,920,339‌)
–‌
–‌
National
Financial
Services
LLC
............................
5,573,733‌
(5,573,733‌)
–‌
–‌
Natixis
SA
...........................................
2,215,537‌
(2,215,537‌)
–‌
–‌
Pershing
LLC
.........................................
415,235‌
(415,235‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
17,746,847‌
(17,746,847‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
42,492,905‌
(42,492,905‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
15,521,197‌
(15,521,197‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
6,912,437‌
(6,912,437‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
66,870,272‌
(66,870,272‌)
–‌
–‌
UBS
AG
............................................
39,339,137‌
(39,339,137‌)
–‌
–‌
UBS
Securities
LLC
....................................
11,489,464‌
(11,489,464‌)
–‌
–‌
Notes
to
Financial
Statements
(unaudited)
(continued)
55
Notes
to
Financial
Statements
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
 Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
Each Fund
does
not
pay
BRIL
for
ETF
Services.
Prior
to
April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company. 
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.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Core
S&P
Total
U.S.
Stock
Market
(continued)
Virtu
Americas
LLC
.....................................
$
4,496,258‌
$
(4,496,258‌)
$
–‌
$
–‌
Wells
Fargo
Bank
N.A.
..................................
4,328,072‌
(4,328,072‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
5,644,647‌
(5,644,647‌)
–‌
–‌
$
1,027,567,574‌
$
(1,027,567,574‌)
$
–‌
$
–‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
iShares
ETF
Investment
Advisory
Fees
Core
S&P
500
....................................................................................................
0.03‌
%
Core
S&P
Total
U.S.
Stock
Market
......................................................................................
0.03‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
56
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,
2022,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the six
months ended September
30,
2022,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months ended
September
30,
2022,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
September
30,
2022,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
September
30,
2022,
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,
2022,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
iShares
ETF
Amounts
Core
S&P
500
...........................................................................................................
$
1,137,211‌
Core
S&P
Total
U.S.
Stock
Market
.............................................................................................
1,413,325‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Core
S&P
500
........................................................................
$
1,071,694,562‌
$
530,235,638‌
$
(355,270,334‌)
Core
S&P
Total
U.S.
Stock
Market
..........................................................
71,719,503‌
128,126,561‌
(35,406,520‌)
iShares
ETF
Purchases
Sales
Core
S&P
500
........................................................................................
$
5,523,033,249‌
$
5,209,787,039‌
Core
S&P
Total
U.S.
Stock
Market
..........................................................................
990,325,165‌
960,567,271‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Core
S&P
500
........................................................................................
$
36,571,632,235‌
$
31,748,808,994‌
Core
S&P
Total
U.S.
Stock
Market
..........................................................................
6,630,420,687‌
4,335,535,648‌
iShares
ETF
Amounts
Core
S&P
500
..........................................................................................................
$
4,768,706,162‌
Core
S&P
Total
U.S.
Stock
Market
............................................................................................
277,482,313‌
Notes
to
Financial
Statements
(unaudited)
(continued)
57
Notes
to
Financial
Statements
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
September
30,
2022,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund’s
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the
duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs.
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.
Concentration
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Core
S&P
500
...................................................
$
287,432,994,480‌
$
16,456,478,041‌
$
(32,712,096,489‌)
$
(16,255,618,448‌)
Core
S&P
Total
U.S.
Stock
Market
......................................
36,571,994,802‌
5,795,794,923‌
(3,866,635,223‌)
1,929,159,700‌
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
58
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31, 2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
09/30/22
Year
Ended
03/31/22
iShares
ETF
Shares
Amount
Shares
Amount
Core
S&P
500
Shares
sold
90,400,000‌
$
36,721,902,861‌
233,500,000‌
$
104,876,081,561‌
Shares
redeemed
(76,800,000‌)
(31,872,266,090‌)
(158,300,000‌)
(71,081,461,885‌)
13,600,000‌
$
4,849,636,771‌
75,200,000‌
$
33,794,619,676‌
Core
S&P
Total
U.S.
Stock
Market
Shares
sold
79,050,000‌
$
6,674,795,084‌
67,200,000‌
$
6,724,020,212‌
Shares
redeemed
(51,000,000‌)
(4,363,235,876‌)
(17,950,000‌)
(1,793,546,705‌)
28,050,000‌
$
2,311,559,208‌
49,250,000‌
$
4,930,473,507‌
Board
Review
and
Approval
of
Investment
Advisory
Contract
59
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
Core
S&P
500
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
and
approve
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
3,
2022
and
May
18,
2022,
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
13-15,
2022,
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
another
fund
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
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
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,
2021,
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
recent
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.
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
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
60
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,
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:
T
he
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
(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
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
iShares
Core
S&P
Total
U.S.
Stock
Market
ETF
(the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members”),
is
required
annually
to
consider
and
approve
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
3,
2022
and
May
18,
2022,
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
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
61
Board
Review
and
Approval
of
Investment
Advisory
Contract
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
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
another
fund
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
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
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,
2021,
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
recent
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.
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
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
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,
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
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
62
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
did
not
provide
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund
increase.
However,
the
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
do
not
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
T
he
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
(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
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.
Supplemental
Information
(unaudited)
63
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
September
30,
2022
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Core
S&P
500
(a)
.......................
$
3.166663‌
$
—‌
$
0.021899‌
$
3.188562‌
99‌%
—‌%
1‌%
100‌%
Core
S&P
Total
U.S.
Stock
Market
..........
0.677938‌
—‌
—‌
0.677938‌
100‌
—‌
—‌
100‌
(a)
Each
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
each
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
each
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
each
Fund’s
net
asset
value
per
share.
General
Information
2022
iShares
Semi-Annual
Report
to
Shareholders
64
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
pr
ospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•  
Go
to
icsdelivery.com
.
• 
 If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
65
Glossary
of
Terms
Used
in
this
Report
Currency
Abbreviation
USD
United
States
Dollar
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
MSCI
Morgan
Stanley
Capital
International
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
iS-SAR-319-0922