LOGO

  SEPTEMBER 30, 2023

 

  

  

2023 Semi-Annual Report

(Unaudited)

 

 

 

iShares Trust

 

·  

iShares Russell 3000 ETF | IWV | NYSE Arca

 

·  

iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

 

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of September 30, 2023

 

 
    

 

 6-Month 

 

   

 

 12-Month 

 

 
   

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

    5.18%        21.62%   
   

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

    (0.19)          8.93      
   

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

    (1.28)          25.65      
   

Emerging market
equities (MSCI Emerging
Markets Index)

    (2.05)          11.70      
   

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

    2.50           4.47      
   

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

    (6.98)          (2.90)     
   

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

    (4.05)          0.64      
   

Tax-exempt municipal
bonds (Bloomberg Municipal
Bond Index)

    (4.05)          2.66      
   

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

    2.22           10.28      

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

 

 

 

2  

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


Table of Contents

 

     

Page

 

 

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     6  

Disclosure of Expenses

     6  

Schedules of Investments

     7  

Financial Statements:

  

Statements of Assets and Liabilities

     43  

Statements of Operations

     44  

Statements of Changes in Net Assets

     45  

Financial Highlights

     46  

Notes to Financial Statements

     48  

Board Review and Approval of Investment Advisory Contract

     55  

Supplemental Information

     59  

General Information

     60  

Glossary of Terms Used in this Report

     61  

 

 

  3


Fund Summary as of September 30, 2023

 

   iShares® Russell 3000 ETF

 

Investment Objective

The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    4.79      20.29      8.96     11.10       20.29      53.61      186.47

Fund Market

    4.81        20.16        8.96       11.09         20.16        53.58        186.24  

Index

    4.86        20.46        9.14       11.28               20.46        54.88        191.20  

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(04/01/23)
 
 
 
      

Ending
Account Value
(09/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(04/01/23)
 
 
 
      

Ending
Account Value
(09/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00          $          1,047.90          $          1.02               $          1,000.00          $          1,024.00          $          1.01          0.20

 

(a)

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

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Information Technology

    25.8

Financials

    13.3  

Health Care

    13.3  

Consumer Discretionary

    10.8  

Industrials

    9.8  

Communication Services

    8.2  

Consumer Staples

    6.1  

Energy

    4.8  

Real Estate

    2.9  

Materials

    2.7  

Utilities

    2.3  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Apple Inc.

    6.1

Microsoft Corp.

    5.6  

Amazon.com, Inc.

    2.8  

NVIDIA Corp.

    2.5  

Alphabet, Inc., Class A

    1.9  

Tesla, Inc.

    1.7  

Alphabet, Inc., Class C, NVS

    1.6  

Meta Platforms, Inc., Class A

    1.6  

Berkshire Hathaway, Inc., Class B

    1.6  

Exxon Mobil Corp.

    1.1  

 

(a)

Excludes money market funds.

 

 

4  

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


Fund Summary as of September 30, 2023

 

   iShares® Russell Mid-Cap Value ETF

 

Investment Objective

The iShares Russell Mid-Cap Value ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell MidCap® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

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

Fund NAV

    (0.86 )%       10.86      5.00     7.70       10.86      27.61      109.98

Fund Market

    (0.84      10.76        5.00       7.70         10.76        27.61        110.00  

Index

    (0.77      11.05        5.18       7.92               11.05        28.74        114.20  

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 

Beginning
Account Value
(04/01/23)
 
 
 
      

Ending
Account Value
(09/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
           

Beginning
Account Value
(04/01/23)
 
 
 
      

Ending
Account Value
(09/30/23)
 
 
 
      

Expenses
Paid During
the Period
 
 
(a) 
      

Annualized
Expense
Ratio
 
 
 
$ 1,000.00          $        991.40          $          1.16               $          1,000.00          $          1,023.83          $          1.16          0.23

 

(a)

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

 

Portfolio Information

 

SECTOR ALLOCATION

 

   

Sector

   
Percent of
Total Investments
 
(a) 

Industrials

    18.9

Financials

    16.8  

Real Estate

    10.1  

Information Technology

    9.6  

Consumer Discretionary

    9.2  

Materials

    7.8  

Utilities

    7.4  

Health Care

    7.1  

Energy

    5.8  

Consumer Staples

    4.0  

Communication Services

    3.3  

TEN LARGEST HOLDINGS

 

   

Security

   
Percent of
Total Investments
 
(a) 

Phillips 66

    0.8

Parker-Hannifin Corp.

    0.7  

Marvell Technology, Inc.

    0.7  

Aflac, Inc.

    0.7  

Carrier Global Corp.

    0.7  

Arthur J. Gallagher & Co.

    0.7  

PACCAR, Inc.

    0.6  

Williams Cos., Inc. (The)

    0.6  

Welltower, Inc.

    0.6  

ON Semiconductor Corp.

    0.6  

 

(a)

Excludes money market funds.

 

 

F U N D   S U M M A R Y

  5


About Fund Performance

 

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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

 

 

6  

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


Schedule of Investments (unaudited)

September 30, 2023

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

   
Aerospace & Defense — 1.5%            

AAR Corp.(a)

    9,272     $ 551,962  

AeroVironment, Inc.(a)

    6,771       755,170  

AerSale Corp.(a)

    7,339       109,645  

Archer Aviation, Inc., Class A(a)(b)

    40,527       205,067  

Astronics Corp.(a)

    7,619       120,837  

Axon Enterprise, Inc.(a)

    18,236       3,628,782  

Boeing Co. (The)(a)

    146,512           28,083,420  

BWX Technologies, Inc.

    24,889       1,866,177  

Cadre Holdings, Inc.

    6,629       176,663  

Curtiss-Wright Corp.

    9,920       1,940,650  

Ducommun, Inc.(a)

    2,579       112,212  

General Dynamics Corp.

    64,106       14,165,503  

HEICO Corp.

    11,750       1,902,678  

HEICO Corp., Class A

    21,289       2,750,965  

Hexcel Corp.

    21,279       1,386,114  

Howmet Aerospace, Inc.

    99,438       4,599,007  

Huntington Ingalls Industries, Inc.

    10,167       2,079,965  

Kaman Corp.

    7,843       154,115  

Kratos Defense & Security Solutions, Inc.(a)

    33,066       496,651  

L3Harris Technologies, Inc.

    49,605       8,637,223  

Leonardo DRS, Inc.(a)(b)

    13,120       219,104  

Lockheed Martin Corp.

    59,320       24,259,507  

Mercury Systems, Inc.(a)

    12,970       481,057  

Moog, Inc., Class A

    7,596       858,044  

National Presto Industries, Inc.

    2,221       160,934  

Northrop Grumman Corp.

    37,565       16,535,737  

Park Aerospace Corp.

    6,295       97,761  

Rocket Lab U.S.A., Inc., Class A(a)(b)

    80,009       350,439  

RTX Corp.

    383,958       27,633,457  

Spirit AeroSystems Holdings, Inc., Class A

    27,868       449,790  

Textron, Inc.

    52,114       4,072,188  

TransDigm Group, Inc.(a)

    13,747       11,590,508  

Triumph Group, Inc.(a)

    15,738       120,553  

V2X, Inc.(a)

    3,297       170,323  

Virgin Galactic Holdings, Inc., Class A(a)(b)

    65,716       118,289  

Woodward, Inc.

    15,174       1,885,521  
   

 

 

 
      162,726,018  
Air Freight & Logistics — 0.5%            

Air Transport Services Group, Inc.(a)(b)

    15,659       326,803  

CH Robinson Worldwide, Inc.

    30,384       2,616,974  

Expeditors International of Washington, Inc.

    40,314       4,621,194  

FedEx Corp.

    60,867       16,124,886  

Forward Air Corp.

    7,245       498,021  

GXO Logistics, Inc.(a)

    30,667       1,798,620  

Hub Group, Inc., Class A(a)

    8,563       672,538  

United Parcel Service, Inc., Class B

    190,623       29,712,407  
   

 

 

 
      56,371,443  
Automobile Components — 0.2%            

Adient PLC(a)

    24,561       901,389  

American Axle & Manufacturing Holdings, Inc.(a)

    29,787       216,254  

Aptiv PLC(a)

    70,384       6,939,159  

Atmus Filtration Technologies, Inc.(a)(b)

    5,020       104,667  

BorgWarner, Inc.

    61,645       2,488,609  

Cooper-Standard Holdings, Inc.(a)(b)

    703       9,434  

Dana, Inc.

    33,703       494,423  

Dorman Products, Inc.(a)

    7,327       555,094  

Fox Factory Holding Corp.(a)

    11,099       1,099,689  

Gentex Corp.

    61,995       2,017,317  

Gentherm, Inc.(a)

    8,366       453,939  

Goodyear Tire & Rubber Co. (The)(a)

    74,352       924,195  
Security   Shares     Value  
Automobile Components (continued)            

Holley, Inc.(a)

    20,228     $ 100,938  

LCI Industries

    6,869       806,558  

Lear Corp.

    15,738       2,112,040  

Luminar Technologies, Inc., Class A(a)(b)

    65,356       297,370  

Modine Manufacturing Co.(a)

    14,087       644,480  

Patrick Industries, Inc.(b)

    5,832       437,750  

Phinia, Inc.

    12,327       330,240  

QuantumScape Corp., Class A(a)(b)

    79,415       531,286  

Solid Power, Inc., Class A(a)(b)

    37,374       75,495  

Standard Motor Products, Inc.

    5,023       168,873  

Stoneridge, Inc.(a)

    6,748       135,432  

Visteon Corp.(a)

    6,898       952,407  

XPEL, Inc.(a)

    6,564       506,150  
   

 

 

 
          23,303,188  
Automobiles — 1.9%            

Fisker, Inc., Class A(a)(b)

    40,653       260,992  

Ford Motor Co.

    1,029,281       12,783,670  

General Motors Co.

    360,371       11,881,432  

Harley-Davidson, Inc.

    35,217       1,164,274  

Lucid Group, Inc.(a)(b)

    195,255       1,091,476  

Rivian Automotive, Inc., Class A(a)(b)

    174,715       4,242,080  

Tesla, Inc.(a)

    724,980       181,404,496  

Thor Industries, Inc.

    13,163       1,252,196  

Winnebago Industries, Inc.

    7,727       459,370  

Workhorse Group, Inc.(a)(b)

    34,984       14,497  
   

 

 

 
      214,554,483  
Banks — 3.3%            

1st Source Corp.

    3,999       168,318  

ACNB Corp.

    3,146       99,445  

Amalgamated Financial Corp.

    5,003       86,152  

Amerant Bancorp, Inc., Class A

    7,656       133,521  

American National Bankshares, Inc.

    3,298       125,126  

Ameris Bancorp

    16,322       626,602  

Arrow Financial Corp.

    4,933       83,960  

Associated Banc-Corp

    39,075       668,573  

Atlantic Union Bankshares Corp.

    19,288       555,109  

Axos Financial, Inc.(a)

    15,481       586,111  

Banc of California, Inc.

    14,370       177,901  

BancFirst Corp.

    5,892       511,013  

Bancorp, Inc. (The)(a)

    12,700       438,150  

Bank First Corp.

    2,911       224,584  

Bank of America Corp.

    1,830,201       50,110,903  

Bank of Hawaii Corp.

    10,335       513,546  

Bank of Marin Bancorp

    4,448       81,309  

Bank of NT Butterfield & Son Ltd. (The)

    13,884       375,979  

Bank OZK

    29,159       1,080,924  

BankUnited, Inc.

    20,095       456,156  

Banner Corp.

    9,732       412,442  

Bar Harbor Bankshares

    4,756       112,384  

BayCom Corp.

    6,142       117,988  

BCB Bancorp, Inc.

    5,691       63,398  

Berkshire Hills Bancorp, Inc.

    11,818       236,951  

Blue Foundry Bancorp(a)(b)

    8,752       73,254  

BOK Financial Corp.

    7,695       615,446  

Bridgewater Bancshares, Inc.(a)

    8,073       76,532  

Brookline Bancorp, Inc.

    17,954       163,561  

Burke & Herbert Financial Services Corp.

    1,672       77,689  

Business First Bancshares, Inc.

    6,465       121,283  

Byline Bancorp, Inc.

    7,270       143,292  

Cadence Bank

    38,189       810,371  

Cambridge Bancorp

    1,654       103,028  

Camden National Corp.

    3,678       103,793  

 

 

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

  7


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Banks (continued)            

Capital City Bank Group, Inc.

    4,510     $ 134,533  

Capitol Federal Financial, Inc.

    39,300       187,461  

Capstar Financial Holdings, Inc.

    5,840       82,870  

Carter Bankshares, Inc.(a)(b)

    8,212       102,896  

Cathay General Bancorp

    17,703       615,356  

Central Pacific Financial Corp.

    8,258       137,743  

Citigroup, Inc.

    511,747           21,048,154  

Citizens & Northern Corp.

    5,745       100,825  

Citizens Financial Group, Inc.

    122,837       3,292,032  

Citizens Financial Services, Inc.(b)

    1,333       63,877  

City Holding Co.

    3,834       346,402  

Civista Bancshares, Inc.

    5,954       92,287  

CNB Financial Corp.

    5,001       90,568  

Coastal Financial Corp.(a)

    2,764       118,603  

Colony Bankcorp, Inc.

    11,822       118,161  

Columbia Banking System, Inc.

    53,854       1,093,236  

Columbia Financial, Inc.(a)

    8,514       133,755  

Comerica, Inc.

    33,557       1,394,293  

Commerce Bancshares, Inc.

    29,976       1,438,248  

Community Bank System, Inc.

    14,122       596,090  

Community Trust Bancorp, Inc.

    3,804       130,325  

ConnectOne Bancorp, Inc.

    10,316       183,934  

CrossFirst Bankshares, Inc.(a)(b)

    12,704       128,183  

Cullen/Frost Bankers, Inc.

    15,994       1,458,813  

Customers Bancorp, Inc.(a)

    7,181       247,385  

CVB Financial Corp.

    34,502       571,698  

Dime Community Bancshares, Inc.

    9,445       188,522  

Eagle Bancorp, Inc.

    7,869       168,790  

East West Bancorp, Inc.

    36,849       1,942,311  

Eastern Bankshares, Inc.

    39,748       498,440  

Enterprise Bancorp, Inc.

    4,034       110,451  

Enterprise Financial Services Corp.

    9,250       346,875  

Equity Bancshares, Inc., Class A

    3,926       94,499  

Esquire Financial Holdings, Inc.

    2,247       102,665  

Farmers & Merchants Bancorp, Inc.

    4,296       75,309  

Farmers National Banc Corp.

    10,690       123,576  

FB Financial Corp.

    10,291       291,853  

Fidelity D&D Bancorp, Inc.

    2,291       104,011  

Fifth Third Bancorp

    178,668       4,525,660  

Financial Institutions, Inc.

    4,571       76,930  

First Bancorp, Inc. (The)

    3,745       88,008  

First BanCorp/Puerto Rico

    48,397       651,424  

First Bancorp/Southern Pines NC

    8,919       250,981  

First Bancshares, Inc. (The)

    9,075       244,753  

First Bank

    9,280       100,038  

First Busey Corp.

    13,823       265,678  

First Business Financial Services, Inc.

    3,268       98,073  

First Citizens BancShares, Inc., Class A

    2,887       3,984,349  

First Commonwealth Financial Corp.

    23,135       282,478  

First Community Bankshares, Inc.

    4,354       128,225  

First Financial Bancorp

    24,566       481,494  

First Financial Bankshares, Inc.

    34,060       855,587  

First Financial Corp.

    2,765       93,485  

First Foundation, Inc.

    11,467       69,719  

First Hawaiian, Inc.

    34,969       631,190  

First Horizon Corp.

    147,334       1,623,621  

First Interstate BancSystem, Inc., Class A

    23,402       583,646  

First Merchants Corp.

    14,149       393,625  

First Mid Bancshares, Inc.

    3,312       87,967  

First of Long Island Corp. (The)

    6,532       75,183  

Five Star Bancorp

    3,879       77,813  

Flushing Financial Corp.

    7,483       98,252  
Security   Shares     Value  
Banks (continued)            

FNB Corp.

    92,850     $ 1,001,851  

Fulton Financial Corp.

    43,533       527,185  

German American Bancorp, Inc.

    6,419       173,891  

Glacier Bancorp, Inc.

    28,128       801,648  

Great Southern Bancorp, Inc.

    2,549       122,148  

Guaranty Bancshares, Inc.

    3,094       88,767  

Hancock Whitney Corp.

    23,338       863,273  

Hanmi Financial Corp.

    8,508       138,085  

HarborOne Bancorp, Inc.

    16,861       160,517  

HBT Financial, Inc.

    5,062       92,331  

Heartland Financial U.S.A., Inc.

    9,517       280,085  

Heritage Commerce Corp.

    16,334       138,349  

Heritage Financial Corp.

    9,192       149,922  

Hilltop Holdings, Inc.

    13,650       387,114  

Hingham Institution For Savings (The)

    455       84,971  

Home Bancorp, Inc.

    2,868       91,403  

Home BancShares, Inc.

    51,842             1,085,571  

HomeStreet, Inc.

    4,837       37,680  

HomeTrust Bancshares, Inc.

    5,370       116,368  

Hope Bancorp, Inc.

    29,353       259,774  

Horizon Bancorp, Inc.

    10,426       111,350  

Huntington Bancshares, Inc.

    379,258       3,944,283  

Independent Bank Corp.

    11,827       580,587  

Independent Bank Corp.

    5,098       93,497  

Independent Bank Group, Inc.

    9,101       359,945  

International Bancshares Corp.

    14,482       627,650  

John Marshall Bancorp, Inc.

    5,839       104,226  

JPMorgan Chase & Co.

    758,472       109,993,609  

Kearny Financial Corp.

    15,478       107,263  

KeyCorp

    241,522       2,598,777  

Lakeland Bancorp, Inc.

    17,459       220,333  

Lakeland Financial Corp.

    5,935       281,675  

Live Oak Bancshares, Inc.(b)

    8,374       242,427  

M&T Bank Corp.

    43,368       5,483,884  

Macatawa Bank Corp.

    9,938       89,044  

Mercantile Bank Corp.

    4,710       145,586  

Metrocity Bankshares, Inc.

    7,493       147,462  

Metropolitan Bank Holding Corp.(a)

    2,430       88,160  

Mid Penn Bancorp, Inc.

    5,537       111,460  

Middlefield Banc Corp.(b)

    4,154       105,553  

Midland States Bancorp, Inc.

    6,168       126,691  

MidWestOne Financial Group, Inc.

    5,996       121,899  

MVB Financial Corp.

    5,530       124,867  

National Bank Holdings Corp., Class A

    8,169       243,109  

NBT Bancorp, Inc.

    11,816       374,449  

New York Community Bancorp, Inc., Class A

    186,609       2,116,146  

Nicolet Bankshares, Inc.

    3,223       224,901  

Northeast Bank

    2,821       124,406  

Northfield Bancorp, Inc.

    12,318       116,405  

Northrim BanCorp, Inc.

    2,457       97,346  

Northwest Bancshares, Inc.

    26,773       273,888  

NU Holdings Ltd., Class A(a)

    604,794       4,384,756  

OceanFirst Financial Corp.

    14,992       216,934  

OFG Bancorp

    11,498       343,330  

Old National Bancorp

    76,001       1,105,055  

Old Second Bancorp, Inc.

    11,794       160,516  

Orange County Bancorp, Inc.

    2,487       107,364  

Origin Bancorp, Inc.

    6,933       200,156  

Orrstown Financial Services, Inc.

    6,300       132,363  

Pacific Premier Bancorp, Inc.

    22,786       495,823  

PacWest Bancorp

    29,208       231,035  

Park National Corp.

    3,520       332,710  

 

 

8  

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


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Banks (continued)            

Pathward Financial, Inc.

    7,053     $ 325,073  

Peapack-Gladstone Financial Corp.

    4,798       123,069  

Peoples Bancorp, Inc.

    9,529       241,846  

Peoples Financial Services Corp.

    3,196       128,160  

Pinnacle Financial Partners, Inc.

    20,033       1,343,012  

PNC Financial Services Group, Inc. (The)

    104,512           12,830,938  

Popular, Inc.

    18,965       1,194,985  

Preferred Bank

    2,534       157,741  

Premier Financial Corp.

    8,832       150,674  

Primis Financial Corp.

    9,609       78,313  

Prosperity Bancshares, Inc.

    22,446       1,225,103  

Provident Financial Services, Inc.

    21,816       333,567  

QCR Holdings, Inc.

    4,993       242,260  

RBB Bancorp

    4,835       61,791  

Red River Bancshares, Inc.

    2,042       93,850  

Regions Financial Corp.

    244,529       4,205,899  

Renasant Corp.

    16,064       420,716  

Republic Bancorp, Inc., Class A

    3,106       136,819  

S&T Bancorp, Inc.

    8,869       240,173  

Sandy Spring Bancorp, Inc.

    10,857       232,666  

Seacoast Banking Corp. of Florida

    16,955       372,332  

ServisFirst Bancshares, Inc.

    13,276       692,609  

Shore Bancshares, Inc.

    6,730       70,800  

Sierra Bancorp

    6,923       131,260  

Simmons First National Corp., Class A

    34,010       576,810  

SmartFinancial, Inc.(b)

    6,353       135,764  

South Plains Financial, Inc.

    3,505       92,672  

Southern First Bancshares, Inc.(a)

    2,882       77,641  

Southern Missouri Bancorp, Inc.

    2,526       97,731  

Southside Bancshares, Inc.

    9,146       262,490  

SouthState Corp.

    19,263       1,297,556  

Stellar Bancorp, Inc.

    13,460       286,967  

Stock Yards Bancorp, Inc.

    7,509       295,029  

Summit Financial Group, Inc.

    4,364       98,365  

Synovus Financial Corp.

    37,110       1,031,658  

Texas Capital Bancshares, Inc.(a)

    12,893       759,398  

Third Coast Bancshares, Inc.(a)

    1,123       19,203  

Timberland Bancorp, Inc.

    3,760       101,896  

Tompkins Financial Corp.

    3,430       168,036  

Towne Bank

    16,789       384,972  

TriCo Bancshares

    7,199       230,584  

Triumph Financial, Inc.(a)

    5,754       372,802  

Truist Financial Corp.

    348,829       9,979,998  

TrustCo Bank Corp.

    5,288       144,310  

Trustmark Corp.

    16,710       363,108  

U.S. Bancorp

    401,856       13,285,359  

UMB Financial Corp.

    11,068       686,769  

United Bankshares, Inc.

    36,032       994,123  

United Community Banks, Inc.

    25,283       642,441  

Univest Financial Corp.

    7,105       123,485  

Valley National Bancorp

    111,208       951,940  

Veritex Holdings, Inc.

    12,013       215,633  

Washington Federal, Inc.

    16,850       431,697  

Washington Trust Bancorp, Inc.

    3,548       93,419  

Webster Financial Corp.

    46,132       1,859,581  

Wells Fargo & Co.

    964,309       39,401,666  

WesBanco, Inc.

    16,711       408,083  

West BanCorp, Inc.

    5,670       92,478  

Westamerica BanCorp

    7,741       334,798  

Western Alliance Bancorp

    27,437       1,261,279  

Wintrust Financial Corp.

    16,734       1,263,417  
Security   Shares     Value  
Banks (continued)            

WSFS Financial Corp.

    16,322     $ 595,753  

Zions Bancorp N.A

    39,109       1,364,513  
   

 

 

 
      363,566,936  
Beverages — 1.4%            

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

    2,384       928,639  

Brown-Forman Corp., Class A

    12,061       700,744  

Brown-Forman Corp., Class B, NVS

    48,310       2,787,004  

Celsius Holdings, Inc.(a)

    12,616       2,164,906  

Coca-Cola Co. (The)

    1,023,351           57,287,189  

Coca-Cola Consolidated, Inc.

    1,172       745,767  

Constellation Brands, Inc., Class A

    42,461       10,671,723  

Duckhorn Portfolio, Inc. (The)(a)

    15,482       158,845  

Keurig Dr Pepper, Inc.

    249,970       7,891,553  

MGP Ingredients, Inc.

    3,827       403,672  

Molson Coors Beverage Co., Class B

    45,857       2,916,047  

Monster Beverage Corp.(a)

    195,156       10,333,510  

National Beverage Corp.(a)

    6,654       312,871  

PepsiCo, Inc.

    361,978       61,333,552  

Primo Water Corp.

    44,312       611,506  

Vita Coco Co., Inc. (The)(a)(b)

    6,530       170,041  
   

 

 

 
      159,417,569  
Biotechnology — 2.6%            

2seventy bio, Inc.(a)(b)

    19,085       74,813  

4D Molecular Therapeutics, Inc.(a)(b)

    7,559       96,226  

89bio, Inc.(a)

    16,057       247,920  

AbbVie, Inc.

    463,672       69,114,948  

ACADIA Pharmaceuticals, Inc.(a)

    29,895       623,012  

ACELYRIN, Inc.(a)

    10,719       109,012  

Adicet Bio, Inc.(a)(b)

    8,409       11,520  

ADMA Biologics, Inc.(a)(b)

    44,328       158,694  

Aerovate Therapeutics, Inc.(a)

    4,572       62,042  

Agenus, Inc.(a)(b)

    61,026       68,959  

Agios Pharmaceuticals, Inc.(a)(b)

    16,068       397,683  

Akero Therapeutics, Inc.(a)

    13,949       705,540  

Aldeyra Therapeutics, Inc.(a)

    14,494       96,820  

Alector, Inc.(a)

    15,968       103,473  

Alkermes PLC(a)

    41,976       1,175,748  

Allakos, Inc.(a)

    24,920       56,568  

Allogene Therapeutics, Inc.(a)(b)

    24,578       77,912  

Alnylam Pharmaceuticals, Inc.(a)

    32,733       5,797,014  

Alpine Immune Sciences, Inc.(a)

    9,444       108,134  

ALX Oncology Holdings, Inc.(a)

    9,054       43,459  

Amgen, Inc.

    140,360       37,723,154  

Amicus Therapeutics, Inc.(a)

    69,575       846,032  

AnaptysBio, Inc.(a)

    7,178       128,917  

Anavex Life Sciences Corp.(a)(b)

    19,051       124,784  

Anika Therapeutics, Inc.(a)

    5,928       110,439  

Apellis Pharmaceuticals, Inc.(a)(b)

    26,135       994,175  

Apogee Therapeutics, Inc.(a)(b)

    5,297       112,826  

Arbutus Biopharma Corp.(a)

    47,875       97,186  

Arcellx, Inc.(a)

    10,735       385,172  

Arcturus Therapeutics Holdings, Inc.(a)(b)

    8,668       221,467  

Arcus Biosciences, Inc.(a)(b)

    11,934       214,215  

Arcutis Biotherapeutics, Inc.(a)

    11,321       60,115  

Ardelyx, Inc.(a)

    55,328       225,738  

Arrowhead Pharmaceuticals, Inc.(a)

    26,634       715,656  

Astria Therapeutics, Inc.(a)(b)

    11,179       83,395  

Atara Biotherapeutics, Inc.(a)

    25,997       38,476  

Aura Biosciences, Inc.(a)(b)

    8,590       77,052  

Aurinia Pharmaceuticals, Inc.(a)(b)

    37,251       289,440  

Avid Bioservices, Inc.(a)

    16,536       156,100  

Avidity Biosciences, Inc.(a)(b)

    15,510       98,954  

 

 

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

  9


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Biotechnology (continued)            

Avita Medical, Inc.(a)(b)

    7,051     $ 103,015  

Beam Therapeutics, Inc.(a)(b)

    17,436       419,336  

BioCryst Pharmaceuticals, Inc.(a)(b)

    45,536       322,395  

Biogen, Inc.(a)

    37,648       9,675,913  

Biohaven Ltd.(a)

    16,477       428,567  

BioMarin Pharmaceutical, Inc.(a)(b)

    49,260       4,358,525  

Biomea Fusion, Inc.(a)(b)

    5,160       71,002  

Bioxcel Therapeutics, Inc.(a)(b)

    3,800       9,614  

Bluebird Bio, Inc.(a)(b)

    17,096       51,972  

Blueprint Medicines Corp.(a)(b)

    15,368       771,781  

Bridgebio Pharma, Inc.(a)

    28,490       751,281  

Cabaletta Bio, Inc.(a)

    9,302       141,576  

CareDx, Inc.(a)

    12,729       89,103  

Caribou Biosciences, Inc.(a)(b)

    17,701       84,611  

Carisma Therapeutics, Inc.(b)

    13,754       58,179  

Catalyst Pharmaceuticals, Inc.(a)

    24,105       281,788  

Celldex Therapeutics, Inc.(a)

    13,294       365,851  

Century Therapeutics, Inc.(a)(b)

    10,097       20,194  

Cerevel Therapeutics Holdings, Inc.(a)(b)

    15,461       337,514  

Cogent Biosciences, Inc.(a)

    24,440       238,290  

Coherus Biosciences, Inc.(a)

    16,382       61,269  

Compass Therapeutics, Inc.(a)

    32,910       64,833  

Crinetics Pharmaceuticals, Inc.(a)

    16,872       501,773  

Cullinan Oncology, Inc.(a)

    8,034       72,708  

Cytokinetics, Inc.(a)(b)

    24,194       712,755  

Day One Biopharmaceuticals, Inc.(a)(b)

    18,010       220,983  

Deciphera Pharmaceuticals, Inc.(a)(b)

    15,938       202,731  

Denali Therapeutics, Inc.(a)(b)

    31,915       658,407  

Design Therapeutics, Inc.(a)

    8,794       20,754  

Disc Medicine, Inc.(a)

    2,099       98,611  

Dynavax Technologies Corp.(a)(b)

    36,890       544,865  

Dyne Therapeutics, Inc.(a)(b)

    9,394       84,170  

Eagle Pharmaceuticals, Inc.(a)

    3,804       59,989  

Editas Medicine, Inc.(a)

    18,474       144,097  

Emergent BioSolutions, Inc.(a)(b)

    11,829       40,219  

Enanta Pharmaceuticals, Inc.(a)

    4,779       53,381  

Entrada Therapeutics, Inc.(a)(b)

    7,386       116,699  

EQRx, Inc.(a)

    106,248       235,871  

Erasca, Inc.(a)

    17,089       33,665  

Exact Sciences Corp.(a)

    47,746       3,257,232  

Exelixis, Inc.(a)

    82,092       1,793,710  

Fate Therapeutics, Inc.(a)

    20,045       42,495  

FibroGen, Inc.(a)

    22,091       19,062  

Genelux Corp.(a)(b)

    5,426       132,883  

Generation Bio Co.(a)(b)

    20,751       78,646  

Geron Corp.(a)

    132,070       279,988  

Gilead Sciences, Inc.

    327,974           24,578,372  

Halozyme Therapeutics, Inc.(a)

    35,405       1,352,471  

Heron Therapeutics, Inc.(a)(b)

    28,006       28,846  

HilleVax, Inc.(a)

    5,759       77,459  

Horizon Therapeutics PLC(a)

    58,811       6,803,845  

Humacyte, Inc.(a)

    24,168       70,812  

Icosavax, Inc.(a)

    11,571       89,675  

Ideaya Biosciences, Inc.(a)

    14,104       380,526  

IGM Biosciences, Inc.(a)

    5,312       44,355  

ImmunityBio, Inc.(a)(b)

    21,535       36,394  

ImmunoGen, Inc.(a)

    62,758       995,970  

Immunovant, Inc.(a)

    15,952       612,397  

Incyte Corp.(a)

    48,753       2,816,461  

Inhibrx, Inc.(a)(b)

    7,541       138,377  

Insmed, Inc.(a)(b)

    35,940       907,485  

Intellia Therapeutics, Inc.(a)(b)

    22,987       726,849  
Security   Shares     Value  
Biotechnology (continued)            

Intercept Pharmaceuticals, Inc.(a)

    8,041     $ 149,080  

Ionis Pharmaceuticals, Inc.(a)(b)

    37,922       1,720,142  

Iovance Biotherapeutics, Inc.(a)(b)

    54,042       245,891  

Ironwood Pharmaceuticals, Inc., Class A(a)

    39,883       384,073  

iTeos Therapeutics, Inc.(a)

    6,529       71,493  

Janux Therapeutics, Inc.(a)

    5,768       58,141  

KalVista Pharmaceuticals, Inc.(a)(b)

    6,414       61,767  

Karuna Therapeutics, Inc.(a)

    9,319       1,575,750  

Karyopharm Therapeutics, Inc.(a)(b)

    22,222       29,778  

Keros Therapeutics, Inc.(a)(b)

    6,871       219,048  

Kezar Life Sciences, Inc.(a)(b)

    13,974       16,629  

Kiniksa Pharmaceuticals Ltd., Class A(a)

    11,382       197,705  

Kodiak Sciences, Inc.(a)

    13,944       25,099  

Krystal Biotech, Inc.(a)(b)

    5,802       673,032  

Kura Oncology, Inc.(a)

    16,485       150,343  

Kymera Therapeutics, Inc.(a)(b)

    9,657       134,232  

Lexicon Pharmaceuticals, Inc.(a)(b)

    34,563       37,674  

Lyell Immunopharma, Inc.(a)(b)

    40,426       59,426  

MacroGenics, Inc.(a)

    16,138       75,203  

Madrigal Pharmaceuticals, Inc.(a)(b)

    3,802       555,244  

MannKind Corp.(a)

    59,320       244,992  

MeiraGTx Holdings PLC(a)

    16,941       83,180  

Mersana Therapeutics, Inc.(a)

    22,012       27,955  

MiMedx Group, Inc.(a)

    33,014       240,672  

Mineralys Therapeutics, Inc.(a)(b)

    6,143       58,420  

Mirati Therapeutics, Inc.(a)(b)

    10,764       468,880  

Mirum Pharmaceuticals, Inc.(a)(b)

    5,929       187,356  

Moderna, Inc.(a)(b)

    87,306       9,017,837  

Monte Rosa Therapeutics, Inc.(a)(b)

    14,004       67,079  

Morphic Holding, Inc.(a)(b)

    7,905       181,104  

Myriad Genetics, Inc.(a)

    22,476       360,515  

Natera, Inc.(a)

    27,342       1,209,884  

Neurocrine Biosciences, Inc.(a)

    24,970       2,809,125  

Nkarta, Inc.(a)

    8,613       11,972  

Novavax, Inc.(a)(b)

    19,334       139,978  

Nurix Therapeutics, Inc.(a)

    10,456       82,184  

Nuvalent, Inc., Class A(a)(b)

    5,919       272,096  

Olema Pharmaceuticals, Inc.(a)

    11,642       143,779  

Organogenesis Holdings, Inc., Class A(a)

    30,656       97,486  

ORIC Pharmaceuticals, Inc.(a)

    17,005       102,880  

Outlook Therapeutics, Inc.(a)(b)

    63,546       14,044  

PepGen, Inc.(a)

    7,319       37,181  

PMV Pharmaceuticals, Inc.(a)(b)

    8,204       50,373  

Point Biopharma Global, Inc.(a)

    25,951       173,093  

Precigen, Inc.(a)(b)

    59,785       84,895  

Prime Medicine, Inc.(a)(b)

    10,276       98,033  

ProKidney Corp., Class A(a)(b)

    16,028       73,408  

Protagonist Therapeutics, Inc.(a)

    15,643       260,925  

Prothena Corp. PLC(a)

    10,632       512,994  

PTC Therapeutics, Inc.(a)

    19,590       439,012  

RAPT Therapeutics, Inc.(a)(b)

    5,392       89,615  

Recursion Pharmaceuticals, Inc., Class A(a)(b)

    31,554       241,388  

Regeneron Pharmaceuticals, Inc.(a)

    27,187           22,373,814  

REGENXBIO, Inc.(a)

    9,164       150,839  

Relay Therapeutics, Inc.(a)

    19,745       166,055  

Replimune Group, Inc.(a)(b)

    10,181       174,197  

REVOLUTION Medicines, Inc.(a)

    27,075       749,436  

Rhythm Pharmaceuticals, Inc.(a)(b)

    13,345       305,934  

Rigel Pharmaceuticals, Inc.(a)

    63,014       68,055  

Rocket Pharmaceuticals, Inc.(a)(b)

    13,954       285,918  

Roivant Sciences Ltd.(a)(b)

    91,561       1,069,433  

Sage Therapeutics, Inc.(a)(b)

    13,379       275,340  

 

 

10  

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


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Biotechnology (continued)            

Sana Biotechnology, Inc.(a)(b)

    22,316     $ 86,363  

Sangamo Therapeutics, Inc.(a)(b)

    33,336       19,995  

Sarepta Therapeutics, Inc.(a)

    23,444       2,841,882  

Savara, Inc.(a)

    41,456       156,704  

Scholar Rock Holding Corp.(a)(b)

    12,282       87,202  

Seagen, Inc.(a)

    36,748       7,796,088  

Seres Therapeutics, Inc.(a)(b)

    17,998       42,835  

SpringWorks Therapeutics, Inc.(a)

    15,137       349,967  

Stoke Therapeutics, Inc.(a)

    7,669       30,216  

Summit Therapeutics, Inc.(a)(b)

    39,820       74,463  

Sutro Biopharma, Inc.(a)

    22,212       77,076  

Syndax Pharmaceuticals, Inc.(a)

    19,397       281,644  

Tango Therapeutics, Inc.(a)

    12,785       143,959  

Tenaya Therapeutics, Inc.(a)

    15,606       39,795  

TG Therapeutics, Inc.(a)(b)

    35,293       295,050  

Travere Therapeutics, Inc.(a)

    16,660       148,940  

Twist Bioscience Corp.(a)(b)

    14,909       302,056  

Tyra Biosciences, Inc.(a)(b)

    6,424       88,459  

Ultragenyx Pharmaceutical, Inc.(a)

    18,929       674,819  

United Therapeutics Corp.(a)

    11,778       2,660,297  

UroGen Pharma Ltd.(a)

    9,341       130,867  

Vanda Pharmaceuticals, Inc.(a)(b)

    14,743       63,690  

Vaxcyte, Inc.(a)(b)

    23,882       1,217,504  

Vera Therapeutics, Inc., Class A(a)(b)

    7,474       102,469  

Veracyte, Inc.(a)

    17,206       384,210  

Vericel Corp.(a)

    11,469       384,441  

Vertex Pharmaceuticals, Inc.(a)

    67,688           23,537,825  

Verve Therapeutics, Inc.(a)(b)

    12,299       163,085  

Viking Therapeutics, Inc.(a)(b)

    24,977       276,495  

Vir Biotechnology, Inc.(a)

    19,866       186,144  

Viridian Therapeutics, Inc.(a)

    10,300       158,002  

Voyager Therapeutics, Inc.(a)

    8,853       68,611  

X4 Pharmaceuticals, Inc.(a)

    54,582       59,494  

Xencor, Inc.(a)

    14,770       297,616  

Y-mAbs Therapeutics, Inc.(a)

    9,017       49,143  

Zentalis Pharmaceuticals, Inc.(a)(b)

    13,881       278,453  

Zymeworks, Inc.(a)(b)

    13,866       87,910  
   

 

 

 
      283,190,262  
Broadline Retail — 2.9%            

Amazon.com, Inc.(a)

    2,367,300       300,931,176  

Big Lots, Inc.(b)

    8,851       45,229  

ContextLogic, Inc., Class A(a)(b)

    5,580       24,608  

Coupang, Inc., Class A(a)

    287,265       4,883,505  

Dillard’s, Inc., Class A

    1,039       343,712  

eBay, Inc.

    140,136       6,178,596  

Etsy, Inc.(a)

    32,922       2,126,103  

Kohl’s Corp.

    28,981       607,442  

Macy’s, Inc.

    72,920       846,601  

Nordstrom, Inc.

    28,712       428,957  

Ollie’s Bargain Outlet Holdings, Inc.(a)

    16,792       1,296,006  

Savers Value Village, Inc.(a)

    6,767       126,340  
   

 

 

 
      317,838,275  
Building Products — 0.7%            

A O Smith Corp.

    32,979       2,180,901  

AAON, Inc.

    17,355       986,979  

Advanced Drainage Systems, Inc.

    17,961       2,044,501  

Allegion PLC

    22,823       2,378,157  

American Woodmark Corp.(a)

    4,711       356,199  

Apogee Enterprises, Inc.

    6,885       324,146  

Armstrong World Industries, Inc.

    11,986       862,992  

AZEK Co., Inc. (The), Class A(a)

    32,671       971,635  

AZZ, Inc.

    6,661       303,608  
Security   Shares     Value  
Building Products (continued)            

Builders FirstSource, Inc.(a)(b)

    33,377     $ 4,155,103  

Carlisle Cos., Inc.

    12,918       3,349,121  

Carrier Global Corp.

    219,170           12,098,184  

CSW Industrials, Inc.

    3,654       640,327  

Fortune Brands Innovations, Inc.

    33,960       2,110,954  

Gibraltar Industries, Inc.(a)

    8,039       542,713  

Griffon Corp.

    10,979       435,537  

Hayward Holdings, Inc.(a)(b)

    37,374       526,973  

Insteel Industries, Inc.

    4,236       137,501  

Janus International Group, Inc.(a)

    21,993       235,325  

JELD-WEN Holding, Inc.(a)

    21,516       287,454  

Johnson Controls International PLC

    181,230       9,643,248  

Lennox International, Inc.

    8,351       3,126,948  

Masco Corp.

    58,589       3,131,582  

Masonite International Corp.(a)

    6,124       570,879  

Masterbrand, Inc.(a)

    33,770       410,305  

Owens Corning

    23,535       3,210,409  

PGT Innovations, Inc.(a)

    14,662       406,870  

Quanex Building Products Corp.

    8,953       252,206  

Resideo Technologies, Inc.(a)

    37,405       590,999  

Simpson Manufacturing Co., Inc.

    11,474       1,718,920  

Trane Technologies PLC

    59,716       12,116,974  

Trex Co., Inc.(a)(b)

    28,181       1,736,795  

UFP Industries, Inc.

    16,139       1,652,634  

Zurn Elkay Water Solutions Corp.

    38,468       1,077,873  
   

 

 

 
      74,574,952  
Capital Markets — 2.9%            

Affiliated Managers Group, Inc.

    9,893       1,289,454  

Ameriprise Financial, Inc.

    27,730       9,142,026  

Ares Management Corp., Class A

    42,013       4,321,877  

Artisan Partners Asset Management, Inc., Class A

    14,769       552,656  

AssetMark Financial Holdings, Inc.(a)

    6,947       174,231  

Avantax, Inc.(a)

    8,666       221,676  

B Riley Financial, Inc.

    5,710       234,053  

Bank of New York Mellon Corp. (The)

    204,631       8,727,512  

BGC Group, Inc., Class A

    86,272       455,516  

BlackRock, Inc.(c)

    39,005       25,216,342  

Blackstone, Inc., Class A, NVS

    186,931       20,027,787  

Blue Owl Capital, Inc., Class A

    117,108       1,517,720  

Brightsphere Investment Group, Inc.

    8,438       163,613  

Carlyle Group, Inc. (The)

    56,582       1,706,513  

Cboe Global Markets, Inc.

    27,500       4,295,775  

Charles Schwab Corp. (The)

    388,742       21,341,936  

CME Group, Inc., Class A

    94,244       18,869,534  

Cohen & Steers, Inc.

    6,018       377,268  

Coinbase Global, Inc., Class A(a)(b)

    43,904       3,296,312  

Diamond Hill Investment Group, Inc., Class A

    675       113,785  

Donnelley Financial Solutions, Inc.(a)

    6,375       358,785  

Evercore, Inc., Class A

    9,403       1,296,486  

FactSet Research Systems, Inc.

    9,942       4,347,239  

Forge Global Holdings, Inc.(a)

    46,044       93,469  

Franklin Resources, Inc.

    74,653       1,834,971  

GCM Grosvenor, Inc., Class A

    12,875       99,910  

Goldman Sachs Group, Inc. (The)

    84,699       27,406,055  

Hamilton Lane, Inc., Class A

    9,222       834,038  

Houlihan Lokey, Inc., Class A

    13,630       1,460,046  

Interactive Brokers Group, Inc., Class A

    26,153       2,263,804  

Intercontinental Exchange, Inc.

    149,164       16,411,023  

Invesco Ltd.

    98,956       1,436,841  

Janus Henderson Group PLC

    38,103       983,820  

Jefferies Financial Group, Inc.

    50,095       1,834,980  

 

 

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

  11


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Capital Markets (continued)            

KKR & Co., Inc., Class A

    169,370     $ 10,433,192  

Lazard Ltd., Class A

    28,679       889,336  

LPL Financial Holdings, Inc.

    20,251       4,812,650  

MarketAxess Holdings, Inc.

    9,877       2,110,122  

Moelis & Co., Class A

    16,225       732,234  

Moody’s Corp.

    41,626           13,160,892  

Morgan Stanley

    315,457       25,763,373  

Morningstar, Inc.

    6,710       1,571,750  

MSCI, Inc., Class A

    20,167       10,347,284  

Nasdaq, Inc.

    90,363       4,390,738  

Northern Trust Corp.

    53,016       3,683,552  

Open Lending Corp.(a)

    26,570       194,492  

P10, Inc., Class A

    9,687       112,854  

Patria Investments Ltd., Class A

    14,131       206,030  

Perella Weinberg Partners, Class A

    8,223       83,710  

Piper Sandler Cos.

    4,909       713,327  

PJT Partners, Inc., Class A

    6,254       496,818  

Raymond James Financial, Inc.

    49,870       5,008,444  

Robinhood Markets, Inc., Class A(a)(b)

    173,993       1,706,871  

S&P Global, Inc.

    84,462       30,863,259  

Sculptor Capital Management, Inc.

    10,605       123,018  

SEI Investments Co.

    26,569       1,600,251  

State Street Corp.

    83,859       5,615,199  

StepStone Group, Inc., Class A

    14,905       470,700  

Stifel Financial Corp.

    27,452       1,686,651  

StoneX Group, Inc.(a)

    5,231       506,989  

T Rowe Price Group, Inc.

    57,521       6,032,227  

TPG, Inc., Class A

    16,815       506,468  

Tradeweb Markets, Inc., Class A

    30,080       2,412,416  

Victory Capital Holdings, Inc., Class A

    7,822       260,786  

Virtu Financial, Inc., Class A

    27,444       473,958  

Virtus Investment Partners, Inc.

    1,729       349,241  

WisdomTree, Inc.

    39,606       277,242  

XP, Inc., Class A

    87,058       2,006,687  
   

 

 

 
      322,309,814  
Chemicals — 1.7%            

AdvanSix, Inc.

    7,778       241,740  

Air Products & Chemicals, Inc.

    58,482       16,573,799  

Albemarle Corp.

    30,577       5,199,313  

American Vanguard Corp.

    8,712       95,222  

Ashland, Inc.

    12,147       992,167  

Aspen Aerogels, Inc.(a)(b)

    10,365       89,139  

Avient Corp.

    22,760       803,883  

Axalta Coating Systems Ltd.(a)

    55,987       1,506,050  

Balchem Corp.

    8,060       999,762  

Cabot Corp.

    13,944       965,901  

Celanese Corp., Class A

    25,906       3,251,721  

CF Industries Holdings, Inc.

    51,693       4,432,158  

Chase Corp.

    2,253       286,649  

Chemours Co. (The)

    37,814       1,060,683  

Corteva, Inc.

    187,836       9,609,690  

Danimer Scientific, Inc., Class A(a)(b)

    27,151       56,203  

Dow, Inc.

    186,665       9,624,447  

DuPont de Nemours, Inc.

    120,925       9,019,796  

Eastman Chemical Co.

    31,431       2,411,386  

Ecolab, Inc.

    65,524       11,099,766  

Ecovyst, Inc.(a)(b)

    25,350       249,444  

Element Solutions, Inc.

    58,232       1,141,930  

FMC Corp.

    32,638       2,185,767  

Ginkgo Bioworks Holdings, Inc., Class A(a)(b)

    402,343       728,241  

Hawkins, Inc.

    4,426       260,470  

HB Fuller Co.

    13,364       916,904  
Security   Shares     Value  
Chemicals (continued)            

Huntsman Corp.

    44,552     $ 1,087,069  

Ingevity Corp.(a)(b)

    9,610       457,532  

Innospec, Inc.

    6,437       657,861  

International Flavors & Fragrances, Inc.

    67,590       4,607,610  

Intrepid Potash, Inc.(a)(b)

    2,861       71,983  

Koppers Holdings, Inc.

    5,140       203,287  

Linde PLC

    128,898           47,995,170  

Livent Corp.(a)(b)

    47,716       878,452  

LSB Industries, Inc.(a)

    19,260       197,030  

LyondellBasell Industries NV, Class A

    67,480       6,390,356  

Mativ Holdings, Inc.

    13,772       196,389  

Minerals Technologies, Inc.

    9,595       525,422  

Mosaic Co. (The)

    86,737       3,087,837  

NewMarket Corp.

    1,748       795,410  

Olin Corp.

    33,038       1,651,239  

Origin Materials, Inc., Class A(a)(b)

    31,686       40,558  

Orion SA

    15,796       336,139  

Perimeter Solutions SA(a)(b)

    38,054       172,765  

PPG Industries, Inc.

    61,815       8,023,587  

PureCycle Technologies, Inc.(a)(b)

    27,421       153,832  

Quaker Chemical Corp.(b)

    3,506       560,960  

Rayonier Advanced Materials, Inc.(a)

    16,034       56,760  

RPM International, Inc.

    33,082       3,136,504  

Scotts Miracle-Gro Co. (The)

    10,600       547,808  

Sensient Technologies Corp.

    11,278       659,538  

Sherwin-Williams Co. (The)

    62,386       15,911,549  

Stepan Co.

    6,030       452,069  

Trinseo PLC

    9,689       79,159  

Tronox Holdings PLC

    26,647       358,136  

Westlake Corp.(b)

    8,939       1,114,425  
   

 

 

 
      184,208,667  
Commercial Services & Supplies — 0.6%            

ABM Industries, Inc.

    17,333       693,493  

ACCO Brands Corp.

    27,455       157,592  

ACV Auctions, Inc., Class A(a)(b)

    33,169       503,505  

Aris Water Solutions, Inc., Class A

    6,420       64,072  

BrightView Holdings, Inc.(a)

    13,771       106,725  

Brink’s Co. (The)

    11,520       836,813  

Casella Waste Systems, Inc., Class A(a)

    14,420       1,100,246  

CECO Environmental Corp.(a)(b)

    8,351       133,365  

Cimpress PLC(a)

    4,399       307,974  

Cintas Corp.

    22,790       10,962,218  

Clean Harbors, Inc.(a)

    13,329       2,230,741  

Copart, Inc.(a)

    225,837       9,731,316  

CoreCivic, Inc.(a)

    30,206       339,818  

Deluxe Corp.

    10,766       203,370  

Driven Brands Holdings, Inc.(a)

    16,773       211,172  

Ennis, Inc.

    6,439       136,636  

Enviri Corp.(a)

    22,573       162,977  

GEO Group, Inc. (The)(a)

    32,760       267,977  

Healthcare Services Group, Inc.

    19,997       208,569  

Heritage-Crystal Clean, Inc.(a)

    5,174       234,641  

HNI Corp.

    12,765       442,052  

Interface, Inc., Class A

    14,261       139,900  

Li-Cycle Holdings Corp.(a)(b)

    35,749       126,909  

Liquidity Services, Inc.(a)

    6,677       117,649  

Matthews International Corp., Class A

    7,825       304,471  

MillerKnoll, Inc.

    20,794       508,413  

Montrose Environmental Group, Inc.(a)

    5,938       173,746  

MSA Safety, Inc.

    9,517       1,500,355  

OPENLANE, Inc.(a)

    28,177       420,401  

RB Global, Inc.(b)

    47,610       2,975,625  

 

 

12  

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


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Commercial Services & Supplies (continued)            

Republic Services, Inc.

    54,450     $ 7,759,669  

Rollins, Inc.

    67,261       2,510,853  

SP Plus Corp.(a)

    5,881       212,304  

Steelcase, Inc., Class A

    24,946       278,647  

Stericycle, Inc.(a)

    23,773       1,062,891  

Tetra Tech, Inc.

    14,062       2,137,846  

UniFirst Corp.

    4,061       661,984  

Viad Corp.(a)

    4,972       130,266  

VSE Corp.

    2,937       148,142  

Waste Management, Inc.

    106,711       16,267,025  
   

 

 

 
      66,472,368  
Communications Equipment — 0.9%            

ADTRAN Holdings, Inc.

    18,298       150,593  

Arista Networks, Inc.(a)

    65,768       12,096,708  

Aviat Networks, Inc.(a)

    3,496       109,075  

Calix, Inc.(a)

    14,358       658,171  

Cambium Networks Corp.(a)

    4,476       32,809  

Ciena Corp.(a)

    39,556       1,869,417  

Cisco Systems, Inc.

    1,077,382       57,920,056  

Clearfield, Inc.(a)

    3,363       96,384  

CommScope Holding Co., Inc.(a)

    51,335       172,486  

Comtech Telecommunications Corp.

    7,951       69,571  

Digi International, Inc.(a)

    8,552       230,904  

Extreme Networks, Inc.(a)

    34,721       840,596  

F5, Inc.(a)

    15,552       2,506,049  

Harmonic, Inc.(a)

    31,743       305,685  

Infinera Corp.(a)(b)

    52,413       219,086  

Juniper Networks, Inc.

    83,089       2,309,043  

Lumentum Holdings, Inc.(a)(b)

    18,796       849,203  

Motorola Solutions, Inc.

    43,315       11,792,076  

NETGEAR, Inc.(a)

    8,648       108,878  

NetScout Systems, Inc.(a)

    16,370       458,687  

Ribbon Communications, Inc.(a)(b)

    23,169       62,093  

Ubiquiti, Inc.

    1,048       152,274  

Viasat, Inc.(a)(b)

    30,790       568,384  

Viavi Solutions, Inc.(a)

    63,148       577,173  
   

 

 

 
          94,155,401  
Construction & Engineering — 0.3%            

AECOM

    33,853       2,811,153  

Ameresco, Inc., Class A(a)(b)

    7,897       304,508  

API Group Corp.(a)

    55,635       1,442,616  

Arcosa, Inc.

    12,647       909,319  

Argan, Inc.

    3,801       173,022  

Bowman Consulting Group Ltd.(a)

    3,291       92,247  

Comfort Systems U.S.A., Inc.

    8,968       1,528,237  

Construction Partners, Inc., Class A(a)

    8,770       320,631  

Dycom Industries, Inc.(a)(b)

    7,081       630,209  

EMCOR Group, Inc.

    12,373       2,603,155  

Eneti, Inc.

    9,412       94,873  

Fluor Corp.(a)(b)

    38,559       1,415,115  

Granite Construction, Inc.

    13,218       502,548  

Great Lakes Dredge & Dock Corp.(a)

    14,548       115,948  

IES Holdings, Inc.(a)

    2,654       174,819  

Limbach Holdings, Inc.(a)(b)

    3,596       114,101  

MasTec, Inc.(a)

    16,577       1,193,047  

MDU Resources Group, Inc.

    51,553       1,009,408  

MYR Group, Inc.(a)

    4,034       543,622  

Northwest Pipe Co.(a)

    3,960       119,473  

Primoris Services Corp.

    15,434       505,155  

Quanta Services, Inc.

    37,990       7,106,789  

Sterling Infrastructure, Inc.(a)

    8,156       599,303  

Tutor Perini Corp.(a)

    13,100       102,573  
Security   Shares     Value  
Construction & Engineering (continued)            

Valmont Industries, Inc.

    5,447     $ 1,308,424  

WillScot Mobile Mini Holdings Corp.(a)

    51,546       2,143,798  
   

 

 

 
          27,864,093  
Construction Materials — 0.2%            

Eagle Materials, Inc.

    9,431       1,570,450  

Knife River Corp.(a)

    15,106       737,626  

Martin Marietta Materials, Inc.

    16,186       6,644,030  

Summit Materials, Inc., Class A(a)(b)

    32,065       998,504  

United States Lime & Minerals, Inc.

    672       135,072  

Vulcan Materials Co.

    34,962       7,063,023  
   

 

 

 
      17,148,705  
Consumer Finance — 0.5%            

Ally Financial, Inc.

    71,355       1,903,751  

American Express Co.

    155,227       23,158,316  

Bread Financial Holdings, Inc.

    12,814       438,239  

Capital One Financial Corp.

    99,176       9,625,031  

Credit Acceptance Corp.(a)(b)

    1,803       829,596  

Discover Financial Services

    65,193       5,647,670  

Encore Capital Group, Inc.(a)(b)

    6,439       307,527  

Enova International, Inc.(a)

    7,574       385,289  

FirstCash Holdings, Inc.

    9,635       967,161  

Green Dot Corp., Class A(a)

    14,236       198,308  

LendingClub Corp.(a)

    25,429       155,117  

LendingTree, Inc.(a)

    3,828       59,334  

Navient Corp.

    25,041       431,206  

Nelnet, Inc., Class A

    3,196       285,467  

NerdWallet, Inc., Class A(a)(b)

    5,845       51,962  

OneMain Holdings, Inc.

    29,170       1,169,425  

PRA Group, Inc.(a)

    9,443       181,400  

PROG Holdings, Inc.(a)

    14,497       481,445  

Regional Management Corp.

    3,341       92,479  

SLM Corp.

    64,033       872,130  

SoFi Technologies, Inc.(a)(b)

    240,414       1,920,908  

Synchrony Financial

    109,718       3,354,079  

Upstart Holdings, Inc.(a)(b)

    19,948       569,316  

World Acceptance Corp.(a)

    974       123,756  
   

 

 

 
      53,208,912  
Consumer Staples Distribution & Retail — 1.7%            

Albertsons Cos., Inc., Class A

    109,178       2,483,800  

Andersons, Inc. (The)

    9,715       500,420  

BJ’s Wholesale Club Holdings, Inc.(a)

    34,631       2,471,614  

Casey’s General Stores, Inc.

    9,869       2,679,631  

Chefs’ Warehouse, Inc. (The)(a)

    7,498       158,808  

Costco Wholesale Corp.

    116,412       65,768,124  

Dollar General Corp.

    57,452       6,078,422  

Dollar Tree, Inc.(a)

    55,304       5,887,111  

Grocery Outlet Holding Corp.(a)

    25,888       746,869  

Ingles Markets, Inc., Class A

    4,177       314,653  

Kroger Co. (The)

    170,759       7,641,465  

Performance Food Group Co.(a)

    39,412       2,319,790  

PriceSmart, Inc.

    7,274       541,404  

SpartanNash Co.

    8,905       195,910  

Sprouts Farmers Market, Inc.(a)

    27,419       1,173,533  

Sysco Corp.

    133,026       8,786,367  

Target Corp.

    120,620       13,336,953  

U.S. Foods Holding Corp.(a)

    59,453       2,360,284  

United Natural Foods, Inc.(a)(b)

    13,937       197,069  

Walgreens Boots Alliance, Inc.

    189,158       4,206,874  

Walmart, Inc.

    375,045       59,980,947  

Weis Markets, Inc.

    4,686       295,218  
   

 

 

 
      188,125,266  

 

 

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

  13


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Containers & Packaging — 0.3%            

Amcor PLC

    383,932     $ 3,516,817  

AptarGroup, Inc.

    17,163       2,146,062  

Ardagh Group SA, Class A(a)

    4,919       26,833  

Ardagh Metal Packaging SA

    41,863       131,031  

Avery Dennison Corp.

    21,386       3,906,581  

Ball Corp.

    81,693       4,066,678  

Berry Global Group, Inc.

    32,528       2,013,808  

Crown Holdings, Inc.

    27,805       2,460,186  

Graphic Packaging Holding Co.

    81,907       1,824,888  

Greif, Inc., Class A, NVS

    6,247       417,362  

Greif, Inc., Class B

    1,975       131,456  

International Paper Co.

    90,784       3,220,108  

Myers Industries, Inc.

    9,592       171,985  

O-I Glass, Inc.(a)

    43,121       721,414  

Packaging Corp. of America

    22,960       3,525,508  

Pactiv Evergreen, Inc.

    10,455       84,999  

Sealed Air Corp.

    37,823       1,242,864  

Silgan Holdings, Inc.

    21,790       939,367  

Sonoco Products Co.

    25,757       1,399,893  

TriMas Corp.

    9,741       241,187  

Westrock Co.

    66,727       2,388,827  
   

 

 

 
          34,577,854  
Distributors — 0.1%            

Genuine Parts Co.

    36,770       5,308,853  

LKQ Corp.

    69,832       3,457,382  

Pool Corp.(b)

    10,122       3,604,444  
   

 

 

 
      12,370,679  
Diversified Consumer Services — 0.1%            

2U, Inc.(a)(b)

    18,323       45,258  

ADT, Inc.

    54,459       326,754  

Adtalem Global Education, Inc.(a)

    12,597       539,781  

Bright Horizons Family Solutions, Inc.(a)(b)

    14,809       1,206,341  

Carriage Services, Inc.

    3,866       109,215  

Chegg, Inc.(a)

    31,712       282,871  

Coursera, Inc.(a)(b)

    34,426       643,422  

Duolingo, Inc., Class A(a)(b)

    7,459       1,237,224  

European Wax Center, Inc., Class A(a)

    6,745       109,269  

Frontdoor, Inc.(a)

    22,570       690,416  

Graham Holdings Co., Class B

    1,020       594,660  

Grand Canyon Education, Inc.(a)

    7,961       930,482  

H&R Block, Inc.

    41,025       1,766,536  

Laureate Education, Inc., Class A

    34,916       492,316  

Mister Car Wash, Inc.(a)

    19,983       110,106  

OneSpaWorld Holdings Ltd.(a)

    13,845       155,341  

Perdoceo Education Corp.

    19,949       341,128  

Rover Group, Inc., Class A(a)

    32,368       202,624  

Service Corp. International

    39,651       2,265,658  

Strategic Education, Inc.

    5,838       439,309  

Stride, Inc.(a)

    11,031       496,726  

Udemy, Inc.(a)

    22,081       209,770  

Universal Technical Institute, Inc.(a)

    13,647       114,362  

WW International, Inc.(a)(b)

    16,189       179,212  
   

 

 

 
      13,488,781  
Diversified REITs — 0.1%            

Alexander & Baldwin, Inc.

    19,990       334,433  

American Assets Trust, Inc.

    12,265       238,554  

Armada Hoffler Properties, Inc.

    14,650       150,016  

Broadstone Net Lease, Inc.

    46,063       658,701  

CTO Realty Growth, Inc.

    6,627       107,424  

Empire State Realty Trust, Inc., Class A(b)

    38,250       307,530  

Essential Properties Realty Trust, Inc.

    40,870       884,018  
Security   Shares     Value  
Diversified REITs (continued)            

Gladstone Commercial Corp.

    9,672     $ 117,611  

Global Net Lease, Inc.

    54,382       522,611  

NexPoint Diversified Real Estate Trust

    9,773       85,123  

NexPoint Diversified Real Estate Trust(a)(d)

    9,806       1,177  

One Liberty Properties, Inc.

    4,562       86,085  

Star Holdings(a)

    2,381       29,810  

WP Carey, Inc.

    55,282       2,989,650  
   

 

 

 
      6,512,743  
Diversified Telecommunication Services — 0.6%            

Anterix, Inc.(a)

    3,152       98,910  

AST SpaceMobile, Inc., Class A(a)(b)

    17,789       67,598  

AT&T Inc.

    1,881,121           28,254,437  

ATN International, Inc.

    3,037       95,848  

Bandwidth, Inc., Class A(a)

    8,420       94,893  

Cogent Communications Holdings, Inc.

    11,414       706,527  

Consolidated Communications Holdings, Inc.(a)

    20,532       70,219  

EchoStar Corp., Class A(a)(b)

    9,579       160,448  

Frontier Communications Parent, Inc.(a)(b)

    62,386       976,341  

GCI Liberty, Inc. Escrow, Class A(a)(d)

    28,033        

Globalstar, Inc.(a)(b)

    170,151       222,898  

IDT Corp., Class B(a)

    5,191       114,462  

Iridium Communications, Inc.

    33,293       1,514,499  

Liberty Latin America Ltd., Class A(a)

    11,761       95,970  

Liberty Latin America Ltd., Class C, NVS(a)(b)

    42,336       345,462  

Lumen Technologies, Inc.(a)

    265,407       376,878  

Ooma, Inc.(a)

    7,019       91,317  

Verizon Communications, Inc.

    1,105,550       35,830,875  
   

 

 

 
      69,117,582  
Electric Utilities — 1.4%            

ALLETE, Inc.

    14,834       783,235  

Alliant Energy Corp.

    66,821       3,237,478  

American Electric Power Co., Inc.

    135,115       10,163,350  

Avangrid, Inc.

    19,090       575,945  

Constellation Energy Corp.

    86,401       9,424,621  

Duke Energy Corp.

    202,506       17,873,180  

Edison International

    99,171       6,276,533  

Entergy Corp.

    55,499       5,133,658  

Evergy, Inc.

    58,920       2,987,244  

Eversource Energy

    91,235       5,305,315  

Exelon Corp.

    259,973       9,824,380  

FirstEnergy Corp.

    143,143       4,892,628  

Genie Energy Ltd., Class B

    8,154       120,108  

Hawaiian Electric Industries, Inc.

    28,885       355,574  

IDACORP, Inc.

    12,788       1,197,596  

MGE Energy, Inc.

    9,394       643,583  

NextEra Energy, Inc.

    531,904       30,472,780  

NRG Energy, Inc.

    60,492       2,330,152  

OGE Energy Corp.

    51,178       1,705,763  

Otter Tail Corp.

    10,447       793,136  

PG&E Corp.(a)

    526,392       8,490,703  

Pinnacle West Capital Corp.

    30,308       2,233,093  

PNM Resources, Inc.

    22,130       987,219  

Portland General Electric Co.

    26,509       1,073,084  

PPL Corp.

    192,632       4,538,410  

Southern Co. (The)

    286,664       18,552,894  

Xcel Energy, Inc.

    143,895       8,233,672  
   

 

 

 
      158,205,334  
Electrical Equipment — 0.8%            

Acuity Brands, Inc.

    8,459       1,440,652  

Allient, Inc.

    3,466       107,169  

AMETEK, Inc.

    60,603       8,954,699  

 

 

14  

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


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Electrical Equipment (continued)            

Array Technologies, Inc.(a)

    40,734     $ 903,887  

Atkore, Inc.(a)(b)

    9,852       1,469,820  

Babcock & Wilcox Enterprises, Inc.(a)

    17,081       71,911  

Blink Charging Co.(a)(b)

    9,813       30,028  

Bloom Energy Corp., Class A(a)(b)

    51,183       678,687  

ChargePoint Holdings, Inc., Class A(a)(b)

    86,716       430,979  

Eaton Corp. PLC

    104,488           22,285,201  

Emerson Electric Co.

    149,854       14,471,401  

Encore Wire Corp.

    4,353       794,248  

Energy Vault Holdings, Inc.(a)(b)

    35,445       90,385  

EnerSys

    11,361       1,075,546  

Enovix Corp.(a)(b)

    37,799       474,377  

Eos Energy Enterprises, Inc., Class A(a)(b)

    31,879       68,540  

ESS Tech, Inc.(a)(b)

    31,728       59,649  

Fluence Energy, Inc., Class A(a)(b)

    8,829       202,979  

FuelCell Energy, Inc.(a)(b)

    99,507       127,369  

Generac Holdings, Inc.(a)

    16,357       1,782,259  

GrafTech International Ltd.

    56,446       216,188  

Hubbell, Inc.

    13,905       4,357,966  

LSI Industries, Inc.

    8,888       141,141  

NEXTracker, Inc., Class A(a)

    11,321       454,651  

NuScale Power Corp., Class A(a)(b)

    10,165       49,808  

nVent Electric PLC

    43,688       2,315,027  

Plug Power, Inc.(a)(b)

    134,519       1,022,344  

Powell Industries, Inc.

    2,809       232,866  

Preformed Line Products Co.

    870       141,445  

Regal Rexnord Corp.

    17,162       2,452,107  

Rockwell Automation, Inc.

    30,180       8,627,557  

Sensata Technologies Holding PLC

    39,941       1,510,569  

SES AI Corp., Class A(a)(b)

    44,578       101,192  

Shoals Technologies Group, Inc., Class A(a)(b)

    42,516       775,917  

Stem, Inc.(a)(b)

    41,890       177,614  

SunPower Corp.(a)(b)

    20,160       124,387  

Sunrun, Inc.(a)(b)

    53,057       666,396  

Thermon Group Holdings, Inc.(a)

    8,650       237,615  

TPI Composites, Inc.(a)(b)

    10,473       27,753  

Vertiv Holdings Co., Class A

    90,162       3,354,026  

Vicor Corp.(a)

    5,481       322,776  
   

 

 

 
      82,829,131  
Electronic Equipment, Instruments & Components — 0.7%            

908 Devices, Inc.(a)(b)

    7,819       52,075  

Advanced Energy Industries, Inc.

    9,465       976,031  

Akoustis Technologies, Inc.(a)

    33,319       25,086  

Amphenol Corp., Class A

    152,903       12,842,323  

Arlo Technologies, Inc.(a)

    21,434       220,770  

Arrow Electronics, Inc.(a)

    15,300       1,916,172  

Avnet, Inc.

    24,085       1,160,656  

Badger Meter, Inc.

    7,980       1,148,083  

Bel Fuse, Inc., Class B, NVS

    2,719       129,751  

Belden, Inc.

    11,083       1,070,064  

Benchmark Electronics, Inc.

    10,522       255,264  

CDW Corp.

    35,375       7,137,260  

Cognex Corp.

    44,833       1,902,713  

Coherent Corp.(a)

    30,431       993,268  

Corning, Inc.

    199,440       6,076,937  

Crane NXT Co.

    12,483       693,680  

CTS Corp.

    8,192       341,934  

Daktronics, Inc.(a)

    13,531       120,697  

ePlus, Inc.(a)

    7,516       477,416  

Evolv Technologies Holdings, Inc., Class A(a)

    33,888       164,696  

Fabrinet(a)

    9,339       1,556,064  

FARO Technologies, Inc.(a)

    4,156       63,296  
Security   Shares     Value  
Electronic Equipment, Instruments & Components (continued)        

Insight Enterprises, Inc.(a)(b)

    7,275     $ 1,058,512  

IPG Photonics Corp.(a)

    8,425       855,474  

Itron, Inc.(a)

    11,664       706,605  

Jabil, Inc.

    33,944       4,307,154  

Keysight Technologies, Inc.(a)

    46,866       6,200,840  

Kimball Electronics, Inc.(a)

    5,966       163,349  

Knowles Corp.(a)

    25,792       381,980  

Lightwave Logic, Inc.(a)(b)

    31,301       139,915  

Littelfuse, Inc.

    6,221       1,538,578  

Luna Innovations, Inc.(a)(b)

    11,418       66,909  

Methode Electronics, Inc.

    9,192       210,037  

MicroVision, Inc.(a)(b)

    41,270       90,381  

Mirion Technologies, Inc., Class A(a)(b)

    55,666       415,825  

Napco Security Technologies, Inc.

    7,546       167,899  

National Instruments Corp.

    34,617       2,063,866  

nLight, Inc.(a)

    10,781       112,122  

Novanta, Inc.(a)

    8,940       1,282,354  

OSI Systems, Inc.(a)

    4,511       532,478  

PAR Technology Corp.(a)(b)

    7,364       283,809  

PC Connection, Inc.

    2,960       158,005  

Plexus Corp.(a)

    7,380       686,192  

Rogers Corp.(a)

    4,955       651,434  

Sanmina Corp.(a)

    13,872       752,972  

ScanSource, Inc.(a)

    6,742       204,350  

SmartRent, Inc., Class A(a)

    38,044       99,295  

TD SYNNEX Corp.

    10,892       1,087,675  

Teledyne Technologies, Inc.(a)

    12,242       5,001,836  

Trimble, Inc.(a)

    64,261       3,461,097  

TTM Technologies, Inc.(a)

    23,829       306,918  

Vishay Intertechnology, Inc.

    31,977       790,471  

Vishay Precision Group, Inc.(a)

    3,216       107,993  

Vontier Corp.

    42,277       1,307,205  

Vuzix Corp.(a)(b)

    19,814       71,925  

Zebra Technologies Corp., Class A(a)(b)

    13,262       3,136,861  
   

 

 

 
          77,726,552  
Energy Equipment & Services — 0.6%            

AESI Holdings, Inc., Class A(b)

    6,596       146,629  

Archrock, Inc.

    34,727       437,560  

Baker Hughes Co., Class A

    265,654       9,382,899  

Borr Drilling Ltd.(a)

    62,128       441,109  

Bristow Group, Inc.(a)

    6,111       172,147  

Cactus, Inc., Class A

    17,210       864,114  

ChampionX Corp.

    50,896       1,812,915  

Core Laboratories, Inc.

    12,185       292,562  

Diamond Offshore Drilling, Inc.(a)

    26,223       384,954  

DMC Global, Inc.(a)

    6,342       155,189  

Dril-Quip, Inc.(a)(b)

    9,837       277,108  

Expro Group Holdings NV(a)

    20,015       464,948  

Halliburton Co.

    235,968       9,556,704  

Helix Energy Solutions Group, Inc.(a)

    35,341       394,759  

Helmerich & Payne, Inc.

    26,724       1,126,684  

Kodiak Gas Services, Inc.(a)

    6,484       115,934  

Liberty Energy, Inc., Class A

    47,203       874,200  

Nabors Industries Ltd.(a)

    2,232       274,848  

Newpark Resources, Inc.(a)

    26,017       179,777  

Noble Corp. PLC

    27,983       1,417,339  

NOV, Inc.

    103,968       2,172,931  

Oceaneering International, Inc.(a)

    24,499       630,114  

Oil States International, Inc.(a)

    22,862       191,355  

Patterson-UTI Energy, Inc.

    89,965       1,245,116  

ProFrac Holding Corp., Class A(a)

    8,111       88,248  

ProPetro Holding Corp.(a)

    19,801       210,485  

 

 

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

  15


Schedule of Investments (unaudited)  (continued)

September 30, 2023

  

iShares® Russell 3000 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  
Energy Equipment & Services (continued)            

RPC, Inc.

    20,563     $ 183,833  

Schlumberger NV

    373,742       21,789,159  

SEACOR Marine Holdings, Inc.(a)

    9,837       136,538  

Seadrill Ltd.(a)

    13,134       588,272  

Select Water Solutions, Inc., Class A

    22,335       177,563  

Solaris Oilfield Infrastructure, Inc., Class A

    12,455       132,770  

TechnipFMC PLC

    115,049       2,340,097  

TETRA Technologies, Inc.(a)

    41,996       267,934  

Tidewater, Inc.(a)

    12,922       918,367  

U.S. Silica Holdings, Inc.(a)

    21,132       296,693  

Valaris Ltd.(a)

    15,533       1,164,664  

Weatherford International PLC(a)

    18,129       1,637,593  
   

 

 

 
          62,944,111  
Entertainment — 1.3%