January
31,
2023
iShares
Trust
iShares
Core
Aggressive
Allocation
ETF
|
AOA
|
NYSE
Arca
iShares
Core
Conservative
Allocation
ETF
|
AOK
|
NYSE
Arca
iShares
Core
Growth
Allocation
ETF
|
AOR
|
NYSE
Arca
iShares
Core
Moderate
Allocation
ETF
|
AOM
|
NYSE
Arca
iShares
Morningstar
Multi-Asset
Income
ETF
|
IYLD
|
Cboe
BZX
2023
Semi-Annual
Report
(Unaudited)
Dear
Shareholder,
Significant
economic
headwinds
emerged
during
the
12-month
reporting
period
ended
January
31,
2023,
as
investors
navigated
changing
economic
conditions
and
volatile
markets.
The
U.S.
economy
shrank
in
the
first
half
of
2022
before
returning
to
modest
growth
in
the
second
half
of
the
year,
marking
a
shift
to
a
more
challenging
post-reopening
economic
environment.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high
before
beginning
to
moderate.
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
during
the
first
half
of
the
reporting
period.
Both
large-
and
small-capitalization
U.S.
stocks
fell,
although
equities
began
to
recover
in
the
second
half
of
the
period
as
inflation
eased
and
economic
growth
resumed.
Emerging
market
stocks
and
international
equities
from
developed
markets
declined
overall,
pressured
by
rising
interest
rates
and
a
strong
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
rose
notably
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
fluctuating
inflation
data
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
higher
interest
rates
led
to
rising
borrowing
costs
for
corporate
issuers.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
seven
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
While
the
Fed
suggested
that
additional
rate
hikes
were
likely,
it
also
gave
indications
that
the
pace
of
increases
would
slow
if
inflation
continued
to
subside.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
slowed
in
the
last
year,
we
believe
that
taming
inflation
requires
a
more
substantial
decline
that
lowers
demand
to
a
level
more
in
line
with
the
economy’s
productive
capacity.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes,
it
still
seems
determined
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,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
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.
While
we
favor
an
overweight
to
equities
in
the
long-term,
several
factors
lead
us
to
take
an
underweight
stance
on
equities
overall
in
the
near
term.
We
believe
that
higher
input
costs
and
a
deteriorating
economic
backdrop
are
likely
to
challenge
corporate
earnings,
while
the
market’s
concerns
over
excessive
rate
hikes
could
remain
until
the
Fed
indicates
that
its
tightening
cycle
has
ended.
Nevertheless,
we
see
opportunities
in
credit,
where
valuations
are
attractive
and
higher
yields
provide
income
opportunities.
We
believe
that
global
investment-grade
corporates,
global
inflation-linked
bonds,
and
U.S.
mortgage-backed
securities
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.
Total
Returns
as
of
January
31,
2023
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(0.44)%
(8.22)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
3.25
(3.38)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
9.52
(2.83)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
4.92
(12.12)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
1.58
1.79
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(5.60)
(11.62)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(2.37)
(8.36)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
0.73
(3.25)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
1.46
(5.22)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
9
Disclosure
of
Expenses
...................................................................................................
9
Schedules
of
Investments
.................................................................................................
10
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
21
Statements
of
Operations
................................................................................................
23
Statements
of
Changes
in
Net
Assets
........................................................................................
25
Financial
Highlights
.....................................................................................................
28
Notes
to
Financial
Statements
...............................................................................................
33
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
40
Supplemental
Information
.................................................................................................
41
General
Information
.....................................................................................................
42
iShares
®
Core
Aggressive
Allocation
ETF
4
2023
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
January
31,
2023
Investment
Objective
The
iShares
Core
Aggressive
Allocation
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
intended
to
represent
an
aggressive
target
risk
allocation
strategy,
as
represented
by
the
S&P
Target
Risk
Aggressive
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
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
...................
2.15
%
(6.93
)
%
4.78
%
7.70
%
(6.93
)
%
26.30
%
109.92
%
Fund
Market
.................
2.18
(7.08
)
4.76
7.69
–
%
(7.08
)
26.18
109.69
Index
......................
2.21
(6.84
)
4.95
7.84
(6.84
)
27.30
112.65
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,021.50
‌
$
0.56
‌
$
1,000.00
‌
$
1,024.65
‌
$
0.56
‌
0.11
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund’s
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Equity
..................................
45.5‌
%
International
Equity
................................
35.5‌
Domestic
Fixed
Income
.............................
16.3‌
International
Fixed
Income
...........................
2.7‌
(a)
Excludes
money
market
funds.
FIVE
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
iShares
Core
S&P
500
ETF
...........................
41.6‌
%
iShares
Core
MSCI
International
Developed
Markets
ETF
......
25.9‌
iShares
Core
Total
USD
Bond
Market
ETF
.................
16.3‌
iShares
Core
MSCI
Emerging
Markets
ETF
................
9.6‌
iShares
Core
S&P
Mid-Cap
ETF
........................
2.8‌
iShares
®
Core
Conservative
Allocation
ETF
5
Fund
Summary
Fund
Summary
as
of
January
31,
2023
Investment
Objective
The
iShares
Core
Conservative
Allocation
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
intended
to
represent
a
conservative
target
risk
allocation
strategy,
as
represented
by
the
S&P
Target
Risk
Conservative
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
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
..................
(0.45
)
%
(7.64
)
%
2.38
%
3.59
%
(7.64
)
%
12.50
%
42.26
%
Fund
Market
................
(0.65
)
(7.90
)
2.35
3.56
‌
–
%
(7.90
)
12.29
41.94
Index
.....................
(0.42
)
(7.58
)
2.56
3.71
(7.58
)
13.47
43.99
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
995.50
‌
$
0.45
‌
$
1,000.00
‌
$
1,024.75
‌
$
0.46
‌
0.09
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund’s
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Fixed
Income
.............................
58.8‌
%
Domestic
Equity
..................................
17.6‌
International
Equity
................................
13.8‌
International
Fixed
Income
...........................
9.8‌
(a)
Excludes
money
market
funds.
FIVE
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
iShares
Core
Total
USD
Bond
Market
ETF
.................
58.8‌
%
iShares
Core
S&P
500
ETF
...........................
16.1‌
iShares
Core
MSCI
International
Developed
Markets
ETF
......
10.1‌
iShares
Core
International
Aggregate
Bond
ETF
.............
9.8‌
iShares
Core
MSCI
Emerging
Markets
ETF
................
3.7‌
iShares
®
Core
Growth
Allocation
ETF
6
2023
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
January
31,
2023
Investment
Objective
The
iShares
Core
Growth
Allocation
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
intended
to
represent
a
growth
allocation
target
risk
strategy,
as
represented
by
the
S&P
Target
Risk
Growth
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
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
...................
1.13
%
(7.17
)
%
3.87
%
6.19
%
(7.17
)
%
20.91
%
82.25
%
Fund
Market
.................
1.00
‌
(7.31
) 
3.85
6.17
–
%
(7.31
)
20.78
81.90
Index
......................
1.16
(7.12
)
4.04
6.32
(7.12
)
21.88
84.53
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,011.30
‌
$
0.51
‌
$
1,000.00
‌
$
1,024.70
‌
$
0.51
‌
0.10
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund’s
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Equity
..................................
34.6‌
%
Domestic
Fixed
Income
.............................
32.9‌
International
Equity
................................
27.0‌
International
Fixed
Income
...........................
5.5‌
(a)
Excludes
money
market
funds.
FIVE
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
iShares
Core
Total
USD
Bond
Market
ETF
.................
32.9‌
%
iShares
Core
S&P
500
ETF
...........................
31.6‌
iShares
Core
MSCI
International
Developed
Markets
ETF
......
19.7‌
iShares
Core
MSCI
Emerging
Markets
ETF
................
7.3‌
iShares
Core
International
Aggregate
Bond
ETF
.............
5.5‌
iShares
®
Core
Moderate
Allocation
ETF
7
Fund
Summary
Fund
Summary
as
of
January
31,
2023
Investment
Objective
The
iShares
Core
Moderate
Allocation
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
a
portfolio
of
underlying
equity
and
fixed
income
funds
intended
to
represent
a
moderate
target
risk
allocation
strategy,
as
represented
by
the
S&P
Target
Risk
Moderate
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
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
...................
0.07
%
(7.48
)
%
2.89
%
4.48
%
(7.48
)
%
15.30
%
55.05
%
Fund
Market
.................
0.24
(7.47
)
2.92
4.49
–
%
(7.47
)
15.47
55.11
Index
......................
0.11
(7.42
)
3.07
4.62
(7.42
)
16.31
57.02
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,000.70
‌
$
0.50
‌
$
1,000.00
‌
$
1,024.70
‌
$
0.51
‌
0.10
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund’s
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Domestic
Fixed
Income
.............................
50.1‌
%
Domestic
Equity
..................................
23.4‌
International
Equity
................................
18.2‌
International
Fixed
Income
...........................
8.3‌
(a)
Excludes
money
market
funds.
FIVE
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
iShares
Core
Total
USD
Bond
Market
ETF
.................
50.1‌
%
iShares
Core
S&P
500
ETF
...........................
21.4‌
iShares
Core
MSCI
International
Developed
Markets
ETF
......
13.3‌
iShares
Core
International
Aggregate
Bond
ETF
.............
8.3‌
iShares
Core
MSCI
Emerging
Markets
ETF
................
4.9‌
iShares
®
Morningstar
Multi-Asset
Income
ETF
8
2023
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
January
31,
2023
Investment
Objective
The
iShares
Morningstar
Multi-Asset
Income
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
underlying
equity,
fixed
income
and
other
income
funds
that
collectively
seek
to
deliver
high
current
income
while
providing
an
opportunity
for
capital
appreciation,
as
represented
by
the
Morningstar
®
Multi-Asset
High
Income
Index
SM
(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
...................
1.56
%
(9.78
)
%
0.03
%
2.39
%
(9.78
)
%
0.14
%
26.59
%
Fund
Market
.................
1.40
(9.75
)
0.00
‌
2.38
–
%
(9.75
)
0.01
26.57
Index
......................
1.95
(9.91
)
0.11
2.41
(9.91
)
0.55
26.90
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(08/01/22)
Ending
Account
Value
(01/31/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
‌
$
1,015.60
‌
$
1.17
‌
$
1,000.00
‌
$
1,024.05
‌
$
1.17
‌
0.23
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
184/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
The
fees
and
expenses
of
the
underlying
funds
in
which
the
Fund
invests
are
not
included
in
the
Fund’s
annualized
expense
ratio.
PORTFOLIO
COMPOSITION
Asset
Class
Percent
of
Total
Investments
(a)
Non-Investment
Grade
Bonds
.........................
38.9‌
%
International
Equity
................................
21.0‌
International
Fixed
Income
...........................
19.9‌
Domestic
Equity
..................................
10.1‌
Domestic
Real
Estate
...............................
10.1‌
(a)
Excludes
money
market
funds.
FIVE
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.............
19.5‌
%
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
........
14.9‌
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
.......
14.6‌
iShares
International
Select
Dividend
ETF
.................
10.6‌
iShares
Emerging
Markets
Dividend
ETF
..................
10.4‌
About
Fund
Performance
9
About
Fund
Performance/Disclosure
of
Expenses
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)
January
31,
2023
iShares
®
Core
Aggressive
Allocation
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2023
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
 — 
45
.5
%
iShares
Core
S&P
500
ETF
..................
1,540,510
$
629,005,638
iShares
Core
S&P
Mid-Cap
ETF
...............
158,887
41,992,245
iShares
Core
S&P
Small-Cap
ETF
(b)
............
168,248
17,437,223
688,435,106
a
Domestic
Fixed
Income
 — 
16
.2
%
iShares
Core
Total
USD
Bond
Market
ETF
........
5,297,161
245,947,185
a
International
Equity
 — 
35
.5
%
iShares
Core
MSCI
Emerging
Markets
ETF
(b)
......
2,860,030
145,489,726
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
6,433,280
392,237,082
537,726,808
a
International
Fixed
Income
 — 
2
.7
%
iShares
Core
International
Aggregate
Bond
ETF
....
843,022
40,903,427
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
1,460,769,240
)
...............................
1,513,012,526
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
7
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.56
%
(a)
(c)
(d)
......................
105,984,236
$
106,047,827
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.18
%
(a)
(c)
............................
1,509,355
1,509,355
a
Total
Short-Term
Securities — 7.1%
(Cost:
$
107,546,182
)
................................
107,557,182
Total
Investments
—
107.0%
(Cost:
$
1,568,315,422
)
...............................
1,620,569,708
Liabilities
in
Excess
of
Other
Assets
—
(
7
.0
)
%
...............
(
106,109,454
)
Net
Assets
—
100.0%
.................................
$
1,514,460,254
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
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
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
  Shares
Held
at
01/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
2,154,731
$
103,867,457
(a)
$
—
$
15,067
$
10,572
$
106,047,827
105,984,236
$
18,745
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
2,676,395
—
(
1,167,040
)
(a)
—
—
1,509,355
1,509,355
45,947
4
iShares
Core
International
Aggregate
Bond
ETF
........
46,675,765
13,898,386
(
17,085,354
)
(
436,284
)
(
2,149,086
)
40,903,427
843,022
1,054,020
—
iShares
Core
MSCI
Emerging
Markets
ETF
..
120,130,033
59,752,055
(
44,823,284
)
4,092,046
6,338,876
145,489,726
2,860,030
2,158,273
—
iShares
Core
MSCI
International
Developed
Markets
ETF
..
354,435,384
123,606,022
(
120,864,266
)
6,860,310
28,199,632
392,237,082
6,433,280
2,453,096
—
iShares
Core
S&P
500
ETF
.....
648,726,023
198,370,475
(
211,857,969
)
70,701,070
(
76,933,961
)
629,005,638
1,540,510
5,931,038
—
iShares
Core
S&P
Mid-Cap
ETF
..
39,596,754
12,872,296
(
12,996,062
)
4,846,435
(
2,327,178
)
41,992,245
158,887
403,577
—
iShares
Core
S&P
Small-Cap
ETF
17,284,624
5,352,840
(
5,683,227
)
1,613,029
(
1,130,043
)
17,437,223
168,248
154,349
—
iShares
®
Core
Aggressive
Allocation
ETF
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
11
Schedule
of
Investments
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
January
31,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements. 
Affiliates
(continued)
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
  Shares
Held
at
01/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
iShares
Core
Total
USD
Bond
Market
ETF
...
$
264,302,281
$
79,634,197
$
(
90,575,441
)
$
(
1,566,028
)
$
(
5,847,824
)
$
245,947,185
5,297,161
$
3,543,052
$
—
$
86,125,645
$
(
53,839,012
)
$
1,620,569,708
$
15,762,097
$
4
(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.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
...................................................................
6
03/17/23
$
1,227
$
10,076
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
.............
$
—
$
—
$
10,076
$
—
$
—
$
—
$
10,076
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
..................................
$
—
$
—
$
(
363,229
)
$
—
$
—
$
—
$
(
363,229
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
..................................
$
—
$
—
$
(
93,199
)
$
—
$
—
$
—
$
(
93,199
)
Futures
contracts
Average
notional
value
of
contracts
—
long
...................................................................................
$
1,195,950
a
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
Core
Aggressive
Allocation
ETF
12
2023
iShares
Semi-Annual
Report
to
Shareholders
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.........................................
$
1,513,012,526
$
—
$
—
$
1,513,012,526
Short-Term
Securities
Money
Market
Funds
..........................................
107,557,182
—
—
107,557,182
$
1,620,569,708
$
—
$
—
$
1,620,569,708
Derivative
Financial
Instruments
(a)
Assets
Equity
Contracts
...............................................
$
10,076
$
—
$
—
$
10,076
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
iShares
®
Core
Conservative
Allocation
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
 — 
17
.6
%
iShares
Core
S&P
500
ETF
..................
286,762
$
117,087,792
iShares
Core
S&P
Mid-Cap
ETF
...............
29,612
7,826,156
iShares
Core
S&P
Small-Cap
ETF
.............
31,288
3,242,688
128,156,636
a
Domestic
Fixed
Income
 — 
58
.8
%
iShares
Core
Total
USD
Bond
Market
ETF
........
9,204,036
427,343,392
a
International
Equity
 — 
13
.8
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
532,443
27,085,375
iShares
Core
MSCI
International
Developed
Markets
ETF
(b)
...............................
1,197,645
73,020,416
100,105,791
a
International
Fixed
Income
 — 
9
.8
%
iShares
Core
International
Aggregate
Bond
ETF
....
1,464,827
71,073,406
a
Total
Long-Term
Investments — 100.0%
(Cost:
$
811,279,404
)
................................
726,679,225
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.56
%
(a)
(c)
(d)
......................
297,422
$
297,600
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.18
%
(a)
(c)
............................
692,023
692,023
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
989,623
)
...................................
989,623
Total
Investments
—
100.1%
(Cost:
$
812,269,027
)
................................
727,668,848
Liabilities
in
Excess
of
Other
Assets
—
(
0
.1
)
%
...............
(
396,594
)
Net
Assets
—
100.0%
.................................
$
727,272,254
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
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
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
  Shares
Held
at
01/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
—
$
288,036
(a)
$
—
$
9,564
$
—
$
297,600
297,422
$
354
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
......
2,230,003
—
(
1,537,980
)
(a)
—
—
692,023
692,023
29,819
—
iShares
Core
International
Aggregate
Bond
ETF
........
82,767,554
65,804,319
(
72,539,456
)
(
1,454,169
)
(
3,504,842
)
71,073,406
1,464,827
1,891,984
—
iShares
Core
MSCI
Emerging
Markets
ETF
..
22,823,154
25,204,745
(
22,695,801
)
724,593
1,028,684
27,085,375
532,443
427,355
—
iShares
Core
MSCI
International
Developed
Markets
ETF
..
67,340,977
60,972,680
(
62,271,666
)
2,073,995
4,904,430
73,020,416
1,197,645
485,731
—
iShares
Core
S&P
500
ETF
.....
123,249,129
101,473,521
(
105,857,171
)
2,179,462
(
3,957,149
)
117,087,792
286,762
1,324,299
—
iShares
Core
S&P
Mid-Cap
ETF
..
7,520,623
6,626,442
(
6,816,200
)
287,967
207,324
7,826,156
29,612
90,614
—
iShares
Core
S&P
Small-Cap
ETF
3,292,532
2,719,804
(
2,873,562
)
184,370
(
80,456
)
3,242,688
31,288
34,490
—
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
Core
Conservative
Allocation
ETF
14
2023
iShares
Semi-Annual
Report
to
Shareholders
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.
See
notes
to
financial
statements.
Affiliates
(continued)
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
  Shares
Held
at
01/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
iShares
Core
Total
USD
Bond
Market
ETF
...
$
468,677,355
$
376,940,933
$
(
400,166,739
)
$
(
7,194,839
)
$
(
10,913,318
)
$
427,343,392
9,204,036
$
6,831,968
$
—
$
(
3,189,057
)
$
(
12,315,327
)
$
727,668,848
$
11,116,614
$
—
(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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
726,679,225
$
—
$
—
$
726,679,225
Short-Term
Securities
Money
Market
Funds
......................................
989,623
—
—
989,623
$
727,668,848
$
—
$
—
$
727,668,848
iShares
®
Core
Growth
Allocation
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
 — 
34
.5
%
iShares
Core
S&P
500
ETF
..................
1,619,646
$
661,317,658
iShares
Core
S&P
Mid-Cap
ETF
...............
166,975
44,129,823
iShares
Core
S&P
Small-Cap
ETF
.............
176,812
18,324,796
723,772,277
a
Domestic
Fixed
Income
 — 
32
.9
%
iShares
Core
Total
USD
Bond
Market
ETF
........
14,850,904
689,527,473
a
International
Equity
 — 
27
.0
%
iShares
Core
MSCI
Emerging
Markets
ETF
(b)
......
3,006,745
152,953,118
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
6,763,607
412,377,119
565,330,237
a
International
Fixed
Income
 — 
5
.5
%
iShares
Core
International
Aggregate
Bond
ETF
....
2,363,532
114,678,572
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
2,174,369,721
)
...............................
2,093,308,559
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
5
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.56
%
(a)
(c)
(d)
......................
103,952,131
$
104,014,502
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.18
%
(a)
(c)
............................
1,946,254
1,946,254
a
Total
Short-Term
Securities — 5.1%
(Cost:
$
105,950,361
)
................................
105,960,756
Total
Investments
—
105.0%
(Cost:
$
2,280,320,082
)
...............................
2,199,269,315
Liabilities
in
Excess
of
Other
Assets
—
(
5
.0
)
%
...............
(
104,257,785
)
Net
Assets
—
100.0%
.................................
$
2,095,011,530
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
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
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
  Shares
Held
at
01/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
161,535,851
$
—
$
(
57,500,279
)
(a)
$
834
$
(
21,904
)
$
104,014,502
103,952,131
$
34,165
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,239,395
—
(
293,141
)
(a)
—
—
1,946,254
1,946,254
67,129
1
iShares
Core
International
Aggregate
Bond
ETF
.........
122,727,366
69,113,747
(
70,080,244
)
(
1,716,706
)
(
5,365,591
)
114,678,572
2,363,532
3,294,985
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
118,447,766
97,310,938
(
76,408,893
)
6,836,349
6,766,958
152,953,118
3,006,745
2,453,899
—
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
349,475,537
225,145,689
(
206,150,112
)
14,353,502
29,552,503
412,377,119
6,763,607
2,789,048
—
iShares
Core
S&P
500
ETF
......
639,637,549
367,289,770
(
344,931,878
)
76,595,775
(
77,273,558
)
661,317,658
1,619,646
6,374,136
—
iShares
Core
S&P
Mid-Cap
ETF
...
39,037,180
24,193,863
(
22,188,275
)
5,389,257
(
2,302,202
)
44,129,823
166,975
432,555
—
iShares
Core
S&P
Small-Cap
ETF
.
17,043,551
9,916,841
(
9,324,636
)
2,292,581
(
1,603,541
)
18,324,796
176,812
165,900
—
iShares
Core
Total
USD
Bond
Market
ETF
.........
694,941,787
394,109,162
(
384,226,715
)
367,334
(
15,664,095
)
689,527,473
14,850,904
9,972,545
—
$
104,118,926
$
(
65,911,430
)
$
2,199,269,315
$
25,584,362
$
1
(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)
January
31,
2023
iShares
®
Core
Growth
Allocation
ETF
16
2023
iShares
Semi-Annual
Report
to
Shareholders
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.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
2,093,308,559
$
—
$
—
$
2,093,308,559
Short-Term
Securities
Money
Market
Funds
......................................
105,960,756
—
—
105,960,756
$
2,199,269,315
$
—
$
—
$
2,199,269,315
iShares
®
Core
Moderate
Allocation
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
17
Schedule
of
Investments
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
 — 
23
.4
%
iShares
Core
S&P
500
ETF
..................
741,211
$
302,643,864
iShares
Core
S&P
Mid-Cap
ETF
...............
76,446
20,203,913
iShares
Core
S&P
Small-Cap
ETF
.............
80,931
8,387,689
331,235,466
a
Domestic
Fixed
Income
 — 
50
.0
%
iShares
Core
Total
USD
Bond
Market
ETF
........
15,291,756
709,996,231
a
International
Equity
 — 
18
.2
%
iShares
Core
MSCI
Emerging
Markets
ETF
.......
1,376,066
70,000,477
iShares
Core
MSCI
International
Developed
Markets
ETF
................................
3,095,275
188,718,917
258,719,394
a
Security
Shares
Value
a
International
Fixed
Income
 — 
8
.3
%
iShares
Core
International
Aggregate
Bond
ETF
....
2,433,649
$
118,080,649
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
1,512,938,924
)
...............................
1,418,031,740
a
Short-Term
Securities
Money
Market
Funds
 — 
0
.1
%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.18
%
(a)
(b)
............................
1,309,309
1,309,309
a
Total
Short-Term
Securities — 0.1%
(Cost:
$
1,309,309
)
..................................
1,309,309
Total
Investments
—
100.0%
(Cost:
$
1,514,248,233
)
...............................
1,419,341,049
Liabilities
in
Excess
of
Other
Assets
—
0
.0
%
................
(
163,797
)
Net
Assets
—
100.0%
.................................
$
1,419,177,252
(a)
Affiliate
of
the
Fund.
(b)
Annualized
7-day
yield
as
of
period
end.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
  Shares
Held
at
01/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
......
$
63,558,320
$
—
$
(
63,545,615
)
(b)
$
(
166
)
$
(
12,539
)
$
—
—
$
29,904
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
2,973,259
—
(
1,663,950
)
(b)
—
—
1,309,309
1,309,309
47,182
—
iShares
Core
International
Aggregate
Bond
ETF
.........
143,630,531
32,001,620
(
49,698,642
)
(
1,905,981
)
(
5,946,879
)
118,080,649
2,433,649
2,953,521
—
iShares
Core
MSCI
Emerging
Markets
ETF
.........
61,611,020
26,145,643
(
22,372,963
)
1,466,987
3,149,790
70,000,477
1,376,066
1,018,527
—
iShares
Core
MSCI
International
Developed
Markets
ETF
.........
181,777,972
52,753,019
(
61,192,766
)
1,506,573
13,874,119
188,718,917
3,095,275
1,157,644
—
iShares
Core
S&P
500
ETF
......
332,711,997
78,550,429
(
103,568,461
)
26,514,804
(
31,564,905
)
302,643,864
741,211
2,922,873
—
iShares
Core
S&P
Mid-Cap
ETF
...
20,309,270
5,466,643
(
6,670,003
)
1,862,883
(
764,880
)
20,203,913
76,446
199,318
—
iShares
Core
S&P
Small-Cap
ETF
.
8,872,972
2,158,003
(
2,815,362
)
642,189
(
470,113
)
8,387,689
80,931
76,053
—
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
Core
Moderate
Allocation
ETF
18
2023
iShares
Semi-Annual
Report
to
Shareholders
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.
See
notes
to
financial
statements.
Affiliates
(continued)
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
  Shares
Held
at
01/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
iShares
Core
Total
USD
Bond
Market
ETF
.........
$
813,311,256
$
183,789,817
$
(
262,419,927
)
$
(
9,118,968
)
$
(
15,565,947
)
$
709,996,231
15,291,756
$
10,491,922
$
—
$
20,968,321
$
(
37,301,354
)
$
1,419,341,049
$
18,896,944
$
—
(a)
As
of
period
end,
the
entity
is
no
longer
held.
(b)
Represents
net
amount
purchased
(sold).
(c)
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.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
1,418,031,740
$
—
$
—
$
1,418,031,740
Short-Term
Securities
Money
Market
Funds
......................................
1,309,309
—
—
1,309,309
$
1,419,341,049
$
—
$
—
$
1,419,341,049
iShares
®
Morningstar
Multi-Asset
Income
ETF
Schedule
of
Investments
(unaudited)
January
31,
2023
(Percentages
shown
are
based
on
Net
Assets)
19
Schedule
of
Investments
Security
Shares
Value
a
Investment
Companies
(a)
Domestic
Equity
 — 
10
.1
%
iShares
Preferred
and
Income
Securities
ETF
......
456,945
$
15,353,352
a
Domestic
Real
Estate
 — 
10
.1
%
iShares
Mortgage
Real
Estate
ETF
(b)
............
582,197
15,300,137
a
International
Equity
 — 
20
.9
%
iShares
Emerging
Markets
Dividend
ETF
.........
604,302
15,766,239
iShares
International
Select
Dividend
ETF
........
549,717
16,007,759
31,773,998
a
International
Fixed
Income
 — 
19
.9
%
iShares
J.P.
Morgan
EM
Local
Currency
Bond
ETF
..
213,015
7,655,759
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
257,227
22,612,826
30,268,585
a
Non-Investment
Grade
Bonds
 — 
38
.9
%
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
................................
437,178
22,147,437
iShares
Floating
Rate
Bond
ETF
..............
143,984
7,294,229
Security
Shares
Value
a
Non-Investment
Grade
Bonds — 38.9%
(continued)
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
(b)
...
387,614
$
29,586,577
59,028,243
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
166,880,468
)
................................
151,724,315
a
Short-Term
Securities
Money
Market
Funds
 — 
22
.1
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
4.56
%
(a)
(c)
(d)
......................
33,367,597
33,387,618
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
4.18
%
(a)
(c)
............................
185,092
185,092
a
Total
Short-Term
Securities — 22.1%
(Cost:
$
33,561,799
)
.................................
33,572,710
Total
Investments
—
122.0%
(Cost:
$
200,442,267
)
................................
185,297,025
Liabilities
in
Excess
of
Other
Assets
—
(
22
.0
)
%
..............
(
33,377,682
)
Net
Assets
—
100.0%
.................................
$
151,919,343
(a)
Affiliate
of
the
Fund.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
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
January
31,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
  Shares
Held
at
01/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
39,860,940
$
—
$
(
6,519,643
)
(a)
$
41,881
$
4,440
$
33,387,618
33,367,597
$
253,895
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
218,181
—
(
33,089
)
(a)
—
—
185,092
185,092
5,474
—
iShares
10-20
Year
Treasury
Bond
ETF
(c)
........
7,230,837
139,144
(
7,021,936
)
(
1,990,529
)
1,642,484
—
—
13,250
—
iShares
1-5
Year
Investment
Grade
Corporate
Bond
ETF
.........
—
28,139,846
(
6,046,026
)
(
55,742
)
109,359
22,147,437
437,178
238,140
3,459
iShares
20+
Year
Treasury
Bond
ETF
(c)
........
1,761,215
33,794
(
1,711,500
)
(
720,818
)
637,309
—
—
3,195
—
iShares
5-10
Year
Investment
Grade
Corporate
Bond
ETF
(c)
........
—
8,714,994
(
8,546,670
)
(
168,324
)
—
—
—
62,628
—
iShares
Emerging
Markets
Dividend
ETF
.........
15,178,051
4,696,939
(
4,130,925
)
(
233,345
)
255,519
15,766,239
604,302
957,128
—
iShares
Floating
Rate
Bond
ETF
.....
—
8,097,456
(
840,731
)
1,796
35,708
7,294,229
143,984
57,997
—
Schedule
of
Investments
(unaudited)
(continued)
January
31,
2023
iShares
®
Morningstar
Multi-Asset
Income
ETF
20
2023
iShares
Semi-Annual
Report
to
Shareholders
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.
See
notes
to
financial
statements.
Affiliates
(continued)
Affiliated
Issuer
Value
at
07/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
01/31/23
  Shares
Held
at
01/31/23
Income
  Capital
Gain
Distributions
from
Underlying
Funds
iShares
iBoxx
$
High
Yield
Corporate
Bond
ETF
.....
$
36,322,148
$
4,493,234
$
(
10,183,921
)
$
(
697,389
)
$
(
347,495
)
$
29,586,577
387,614
$
854,631
$
—
iShares
International
Select
Dividend
ETF
.........
15,872,729
3,798,416
(
4,327,418
)
(
195,829
)
859,861
16,007,759
549,717
587,591
—
iShares
J.P.
Morgan
EM
Local
Currency
Bond
ETF
.....
8,665,321
1,139,683
(
2,520,024
)
(
306,133
)
676,912
7,655,759
213,015
66,055
—
iShares
J.P.
Morgan
USD
Emerging
Markets
Bond
ETF
26,245,540
3,378,731
(
6,748,160
)
(
261,402
)
(
1,883
)
22,612,826
257,227
581,442
—
iShares
MBS
ETF
(c)
27,259,009
526,115
(
26,773,528
)
(
2,705,328
)
1,693,732
—
—
49,960
—
iShares
Mortgage
Real
Estate
ETF
.
4,149,829
14,519,202
(
2,581,787
)
(
217,244
)
(
569,863
)
15,300,137
582,197
831,633
—
iShares
Preferred
and
Income
Securities
ETF
.........
28,075,697
2,758,742
(
13,974,476
)
(
1,853,235
)
346,624
15,353,352
456,945
679,430
—
iShares
U.S.
Real
Estate
ETF
(c)
...
5,093,413
101,930
(
4,898,800
)
(
229,475
)
(
67,068
)
—
—
—
—
$
(
9,591,116
)
$
5,275,639
$
185,297,025
$
5,242,449
$
3,459
(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.
(c)
As
of
period
end,
the
entity
is
no
longer
held.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Investment
Companies
.....................................
$
151,724,315
$
—
$
—
$
151,724,315
Short-Term
Securities
Money
Market
Funds
......................................
33,572,710
—
—
33,572,710
$
185,297,025
$
—
$
—
$
185,297,025
21
Financial
Statements
Statements
of
Assets
and
Liabilities
(unaudited)
January
31,
2023
See
notes
to
financial
statements.
iShares
Core
Aggressive
Allocation
ETF
iShares
Core
Conservative
Allocation
ETF
iShares
Core
Growth
Allocation
ETF
iShares
Core
Moderate
Allocation
ETF
ASSETS
Investments,
at
value
—
affiliated
(a)
(b)
.......................................
$
1,620,569,708
‌
$
727,668,848
‌
$
2,199,269,315
‌
$
1,419,341,049
‌
Cash
............................................................
—
‌
—
‌
79
‌
390
‌
Cash
pledged:
Futures
contracts
..................................................
71,000
‌
—
‌
—
‌
—
‌
Receivables:
Securities
lending
income
—
affiliated
....................................
9,742
‌
—
‌
21,301
‌
24,316
‌
Dividends
—
affiliated
...............................................
5,748
‌
2,785
‌
8,058
‌
5,018
‌
Interest
—
unaffiliated
...............................................
29
‌
1
‌
2
‌
1
‌
Variation
margin
on
futures
contracts
.....................................
17,250
‌
—
‌
—
‌
—
‌
Total
assets
.......................................................
1,620,673,477
‌
727,671,634
‌
2,199,298,755
‌
1,419,370,774
‌
LIABILITIES
Collateral
on
securities
loaned
...........................................
106,033,884
‌
297,600
‌
104,000,000
‌
—
‌
Payables:
Capital
shares
redeemed
.............................................
34,031
‌
33,097
‌
77,213
‌
66,093
‌
Investment
advisory
fees
.............................................
145,308
‌
68,683
‌
210,012
‌
127,429
‌
Total
liabilities
......................................................
106,213,223
‌
399,380
‌
104,287,225
‌
193,522
‌
NET
ASSETS
......................................................
$
1,514,460,254
‌
$
727,272,254
‌
$
2,095,011,530
‌
$
1,419,177,252
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................
$
1,385,548,850
‌
$
818,865,747
‌
$
2,081,955,136
‌
$
1,500,051,105
‌
Accumulated
earnings
(loss)
............................................
128,911,404
‌
(
91,593,493
)
13,056,394
‌
(
80,873,853
)
NET
ASSETS
......................................................
$
1,514,460,254
‌
$
727,272,254
‌
$
2,095,011,530
‌
$
1,419,177,252
‌
NET
ASSET
VALUE
Shares
outstanding
..................................................
23,750,000
‌
20,700,000
‌
41,800,000
‌
35,550,000
‌
Net
asset
value
.....................................................
$
63.77
‌
$
35.13
‌
$
50.12
‌
$
39.92
‌
Shares
authorized
...................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.........................................................
None
None
None
None
(a)
Securities
loaned,
at
value
...........................................
$
103,778,184
‌
$
292,656
‌
$
101,740,000
‌
$
—
‌
(b)
Investments,
at
cost
—
affiliated
........................................
$
1,568,315,422
‌
$
812,269,027
‌
$
2,280,320,082
‌
$
1,514,248,233
‌
22
2023
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
January
31,
2023
See
notes
to
financial
statements.
iShares
Morningstar
Multi-
Asset
Income
ETF
ASSETS
Investments,
at
value
—
affiliated
(a)
(b)
......................................................................................
$
185,297,025
‌
Receivables:
Securities
lending
income
—
affiliated
...................................................................................
24,299
‌
Dividends
—
affiliated
..............................................................................................
684
‌
Interest
—
unaffiliated
..............................................................................................
1
‌
Total
assets
......................................................................................................
185,322,009
‌
LIABILITIES
Bank
overdraft
.....................................................................................................
506
‌
Collateral
on
securities
loaned
..........................................................................................
33,373,125
‌
Payables:
Investment
advisory
fees
............................................................................................
29,035
‌
Total
liabilities
.....................................................................................................
33,402,666
‌
NET
ASSETS
.....................................................................................................
$
151,919,343
‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
.....................................................................................................
$
219,069,448
‌
Accumulated
loss
..................................................................................................
(
67,150,105
)
NET
ASSETS
.....................................................................................................
$
151,919,343
‌
NET
ASSET
VALUE
Shares
outstanding
.................................................................................................
7,550,000
‌
Net
asset
value
....................................................................................................
$
20.12
‌
Shares
authorized
..................................................................................................
Unlimited
Par
value
........................................................................................................
None
(a)
Securities
loaned,
at
value
..........................................................................................
$
32,929,743
‌
(b)
Investments,
at
cost
—
affiliated
.......................................................................................
$
200,442,267
‌
23
Financial
Statements
Statements
of
Operations
(unaudited)
Six
Months
Ended
January
31,
2023
See
notes
to
financial
statements.
iShares
Core
Aggressive
Allocation
ETF
iShares
Core
Conservative
Allocation
ETF
iShares
Core
Growth
Allocation
ETF
iShares
Core
Moderate
Allocation
ETF
INVESTMENT
INCOME
Dividends
—
affiliated
..............................................
$
15,743,352
‌
$
11,116,260
‌
$
25,550,197
‌
$
18,867,040
‌
Interest
—
unaffiliated
..............................................
2,377
‌
151
‌
122
‌
180
‌
Securities
lending
income
—
affiliated
—
net
...............................
18,745
‌
354
‌
34,165
‌
29,904
‌
Total
investment
income
..............................................
15,764,474
‌
11,116,765
‌
25,584,484
‌
18,897,124
‌
EXPENSES
Investment
advisory
...............................................
1,131,000
‌
634,637
‌
1,600,202
‌
1,116,848
‌
Total
expenses
....................................................
1,131,000
‌
634,637
‌
1,600,202
‌
1,116,848
‌
Less:
(
338,608
)
(
233,726
)
(
523,501
)
(
396,009
)
Investment
advisory
fees
waived
.......................................
(
338,608
)
(
233,726
)
(
523,501
)
(
396,009
)
Total
expenses
after
fees
waived
........................................
792,392
‌
400,911
‌
1,076,701
‌
720,839
‌
Net
investment
income
...............................................
14,972,082
‌
10,715,854
‌
24,507,783
‌
18,176,285
‌
—
‌
—
‌
—
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...........................................
(
8,056,914
)
(
3,530,432
)
(
12,513,634
)
(
7,444,753
)
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................
4
‌
—
‌
1
‌
—
‌
Futures
contracts
...............................................
(
363,229
)
—
‌
—
‌
—
‌
In-kind
redemptions
—
affiliated
(a)
....................................
94,182,559
‌
341,375
‌
116,632,560
‌
28,413,074
‌
85,762,420
‌
(
3,189,057
)
104,118,927
‌
20,968,321
‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...........................................
(
53,839,012
)
(
12,315,327
)
(
65,911,430
)
(
37,301,354
)
Futures
contracts
...............................................
(
93,199
)
—
‌
—
‌
—
‌
(
53,932,211
)
(
12,315,327
)
(
65,911,430
)
(
37,301,354
)
Net
realized
and
unrealized
gain
(loss)
....................................
31,830,209
‌
(
15,504,384
)
38,207,497
‌
(
16,333,033
)
NET
INCREASE
(DECREASE)
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.....
$
46,802,291
‌
$
(
4,788,530
)
$
62,715,280
‌
$
1,843,252
‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
24
2023
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
January
31,
2023
See
notes
to
financial
statements.
iShares
Morningstar
Multi-
Asset
Income
ETF
INVESTMENT
INCOME
Dividends
—
affiliated
..............................................................................................
$
4,988,554
‌
Interest
—
unaffiliated
..............................................................................................
2,470
‌
Securities
lending
income
—
affiliated
—
net
...............................................................................
253,895
‌
Total
investment
income
..............................................................................................
5,244,919
‌
EXPENSES
Investment
advisory
...............................................................................................
196,388
‌
Total
expenses
....................................................................................................
196,388
‌
Less:
(
18,551
)
Investment
advisory
fees
waived
.......................................................................................
(
18,551
)
Total
expenses
after
fees
waived
........................................................................................
177,837
‌
Net
investment
income
...............................................................................................
5,067,082
‌
—
‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
—
affiliated
...........................................................................................
(
8,239,021
)
Capital
gain
distributions
from
underlying
funds
—
affiliated
...................................................................
3,459
‌
In-kind
redemptions
—
affiliated
(a)
....................................................................................
(
1,352,095
)
(
9,587,657
)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
affiliated
...........................................................................................
5,275,639
‌
5,275,639
‌
Net
realized
and
unrealized
loss
.........................................................................................
(
4,312,018
)
NET
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...............................................................
$
755,064
‌
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
25
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Core
Aggressive
Allocation
ETF
iShares
Core
Conservative
Allocation
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
14,972,082
‌
$
32,153,145
‌
$
10,715,854
‌
$
17,858,116
‌
Net
realized
gain
(loss)
.........................................
85,762,420
‌
39,937,636
‌
(
3,189,057
)
31,937,455
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
53,932,211
)
(
225,558,305
)
(
12,315,327
)
(
145,677,421
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
46,802,291
‌
(
153,467,524
)
(
4,788,530
)
(
95,881,850
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
15,090,200
)
(
32,266,259
)
(
10,783,445
)
(
17,925,123
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
(
11,152,022
)
214,927,706
‌
(
34,607,537
)
(
53,997,076
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
20,560,069
‌
29,193,923
‌
(
50,179,512
)
(
167,804,049
)
Beginning
of
period
.............................................
1,493,900,185
‌
1,464,706,262
‌
777,451,766
‌
945,255,815
‌
End
of
period
.................................................
$
1,514,460,254
‌
$
1,493,900,185
‌
$
727,272,254
‌
$
777,451,766
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
26
2023
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
Core
Growth
Allocation
ETF
iShares
Core
Moderate
Allocation
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
24,507,783
‌
$
39,899,259
‌
$
18,176,285
‌
$
32,122,119
‌
Net
realized
gain
.............................................
104,118,927
‌
86,344,009
‌
20,968,321
‌
38,493,499
‌
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
65,911,430
)
(
314,246,107
)
(
37,301,354
)
(
239,058,787
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
62,715,280
‌
(
188,002,839
)
1,843,252
‌
(
168,443,169
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
24,596,995
)
(
40,047,030
)
(
18,217,051
)
(
32,237,867
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
73,455,534
‌
366,489,181
‌
(
129,532,680
)
57,844,441
‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
111,573,819
‌
138,439,312
‌
(
145,906,479
)
(
142,836,595
)
Beginning
of
period
.............................................
1,983,437,711
‌
1,844,998,399
‌
1,565,083,731
‌
1,707,920,326
‌
End
of
period
.................................................
$
2,095,011,530
‌
$
1,983,437,711
‌
$
1,419,177,252
‌
$
1,565,083,731
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
27
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
Morningstar
Multi-Asset
Income
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
5,067,082
‌
$
7,232,827
‌
Net
realized
loss
................................................................................
(
9,587,657
)
(
16,201,654
)
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
5,275,639
‌
(
18,460,349
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................................
755,064
‌
(
27,429,176
)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
5,057,467
)
(
7,447,378
)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.................................................
(
19,818,810
)
(
32,274,013
)
NET
ASSETS
Total
decrease
in
net
assets
..........................................................................
(
24,121,213
)
(
67,150,567
)
Beginning
of
period
................................................................................
176,040,556
‌
243,191,123
‌
End
of
period
....................................................................................
$
151,919,343
‌
$
176,040,556
‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
28
2023
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
Aggressive
Allocation
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
.......
$
63.03
‌
$
70.93
‌
$
56.77
‌
$
54.53
‌
$
54.21
‌
$
52.49
‌
Net
investment
income
(a)
...............
0
.60
‌
1
.43
‌
1
.05
‌
1
.24
‌
1
.29
‌
1
.06
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....
0
.71
‌
(
7
.93
)
14.19
‌
2
.24
‌
0
.28
‌
3
.51
‌
Net
increase
(decrease)
from
investment
operations
.........................
1
.31
‌
(
6
.50
)
15.24
‌
3
.48
‌
1
.57
‌
4
.57
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
............
(
0
.57
)
(
1
.40
)
(
1
.08
)
(
1
.24
)
(
1
.25
)
(
1
.05
)
From
net
realized
gains
................
—
‌
—
‌
—
‌
—
‌
—
‌
(
1
.80
)
Total
distributions
.....................
(
0
.57
)
(
1
.40
)
(
1
.08
)
(
1
.24
)
(
1
.25
)
(
2
.85
)
Net
asset
value,
end
of
period
............
$
63.77
‌
$
63.03
‌
$
70.93
‌
$
56.77
‌
$
54.53
‌
$
54.21
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
................
2
.15
%
(e)
(
9
.24
)
%
27.01
%
6
.49
%
2
.99
%
8
.84
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
.......................
0
.15
%
(g)
0
.17
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
...........
0
.11
%
(g)
0
.12
%
0
.20
%
0
.19
%
0
.19
%
0
.18
%
Net
investment
income
..................
1
.99
%
(g)
2
.11
%
1
.62
%
2
.27
%
2
.44
%
1
.97
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
1,514,460
‌
$
1,493,900
‌
$
1,464,706
‌
$
1,016,165
‌
$
948,896
‌
$
897,242
‌
Portfolio
turnover
rate
(h)
..................
3
%
2
%
6
%
4
%
4
%
40
%
(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.
29
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
Conservative
Allocation
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
......
$
35.74
‌
$
40.05
‌
$
37.15
‌
$
35.27
‌
$
34.18
‌
$
34.19
‌
Net
investment
income
(a)
..............
0
.43
‌
0
.68
‌
0
.61
‌
0
.88
‌
0
.98
‌
0
.70
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
(
0
.61
)
(
4
.32
)
2
.96
‌
1
.89
‌
1
.08
‌
0
.33
‌
Net
increase
(decrease)
from
investment
operations
........................
(
0
.18
)
(
3
.64
)
3
.57
‌
2
.77
‌
2
.06
‌
1
.03
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
...........
(
0
.43
)
(
0
.67
)
(
0
.67
)
(
0
.89
)
(
0
.97
)
(
0
.72
)
From
net
realized
gains
...............
—
‌
—
‌
—
‌
—
‌
—
‌
(
0
.32
)
Total
distributions
....................
(
0
.43
)
(
0
.67
)
(
0
.67
)
(
0
.89
)
(
0
.97
)
(
1
.04
)
Net
asset
value,
end
of
period
...........
$
35.13
‌
$
35.74
‌
$
40.05
‌
$
37.15
‌
$
35.27
‌
$
34.18
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
(
0
.45
)
%
(e)
(
9
.16
)
%
9
.70
%
7
.98
%
6
.17
%
3
.05
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0
.15
%
(g)
0
.17
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
..........
0
.09
%
(g)
0
.11
%
0
.19
%
0
.19
%
0
.19
%
0
.18
%
Net
investment
income
.................
2
.53
%
(g)
1
.79
%
1
.58
%
2
.46
%
2
.87
%
2
.04
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
727,272
‌
$
777,452
‌
$
945,256
‌
$
698,418
‌
$
529,064
‌
$
471,721
‌
Portfolio
turnover
rate
(h)
.................
2
%
2
%
5
%
5
%
3
%
41
%
(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.
30
2023
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
Growth
Allocation
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
.......
$
50.09
‌
$
56.25
‌
$
47.70
‌
$
45.57
‌
$
44.84
‌
$
44.08
‌
Net
investment
income
(a)
...............
0
.55
‌
1
.08
‌
0
.84
‌
1
.09
‌
1
.16
‌
0
.88
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....
(
0
.02
)
(
6
.19
)
8
.60
‌
2
.13
‌
0
.69
‌
1
.96
‌
Net
increase
(decrease)
from
investment
operations
.........................
0
.53
‌
(
5
.11
)
9
.44
‌
3
.22
‌
1
.85
‌
2
.84
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
............
(
0
.50
)
(
1
.05
)
(
0
.89
)
(
1
.09
)
(
1
.12
)
(
0
.90
)
From
net
realized
gains
................
—
‌
—
‌
—
‌
—
‌
—
‌
(
1
.18
)
Total
distributions
.....................
(
0
.50
)
(
1
.05
)
(
0
.89
)
(
1
.09
)
(
1
.12
)
(
2
.08
)
Net
asset
value,
end
of
period
............
$
50.12
‌
$
50.09
‌
$
56.25
‌
$
47.70
‌
$
45.57
‌
$
44.84
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
................
1
.13
%
(e)
(
9
.18
)
%
19.92
%
7
.20
%
4
.24
%
6
.53
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
.......................
0
.15
%
(g)
0
.17
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
...........
0
.10
%
(g)
0
.12
%
0
.20
%
0
.19
%
0
.19
%
0
.18
%
Net
investment
income
..................
2
.30
%
(g)
2
.01
%
1
.59
%
2
.37
%
2
.63
%
1
.96
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
2,095,012
‌
$
1,983,438
‌
$
1,844,998
‌
$
1,414,304
‌
$
1,310,259
‌
$
1,118,727
‌
Portfolio
turnover
rate
(h)
..................
3
%
2
%
7
%
4
%
4
%
44
%
(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.
31
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Core
Moderate
Allocation
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
.......
$
40.39
‌
$
45.30
‌
$
40.76
‌
$
38.77
‌
$
37.73
‌
$
37.48
‌
Net
investment
income
(a)
...............
0
.47
‌
0
.80
‌
0
.68
‌
0
.96
‌
1
.05
‌
0
.77
‌
Net
realized
and
unrealized
gain
(loss)
(b)
.....
(
0
.47
)
(
4
.91
)
4
.59
‌
1
.99
‌
0
.99
‌
0
.80
‌
Net
increase
(decrease)
from
investment
operations
.........................
0
.00
(c)
(
4
.11
)
5
.27
‌
2
.95
‌
2
.04
‌
1
.57
‌
Distributions
(d)
–
–
–
–
–
–
From
net
investment
income
............
(
0
.47
)
(
0
.80
)
(
0
.73
)
(
0
.96
)
(
1
.00
)
(
0
.77
)
From
net
realized
gains
................
—
‌
—
‌
—
‌
—
‌
—
‌
(
0
.55
)
Total
distributions
.....................
(
0
.47
)
(
0
.80
)
(
0
.73
)
(
0
.96
)
(
1
.00
)
(
1
.32
)
Net
asset
value,
end
of
period
............
$
39.92
‌
$
40.39
‌
$
45.30
‌
$
40.76
‌
$
38.77
‌
$
37.73
‌
Total
Return
(e)
–
–
–
–
–
–
Based
on
net
asset
value
................
0
.07
%
(f)
(
9
.15
)
%
13.03
%
7
.75
%
5
.52
%
4
.24
%
Ratios
to
Average
Net
Assets
(g)
–
–
–
–
–
–
Total
expenses
.......................
0
.15
%
(h)
0
.17
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
...........
0
.10
%
(h)
0
.12
%
0
.19
%
0
.19
%
0
.19
%
0
.18
%
Net
investment
income
..................
2
.44
%
(h)
1
.86
%
1
.57
%
2
.44
%
2
.80
%
2
.03
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
1,419,177
‌
$
1,565,084
‌
$
1,707,920
‌
$
1,239,057
‌
$
1,106,956
‌
$
909,234
‌
Portfolio
turnover
rate
(i)
..................
2
%
2
%
7
%
6
%
4
%
40
%
(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)
Amount
is
less
than
$0.005
per
share.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
32
2023
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Morningstar
Multi-Asset
Income
ETF
Six
Months
Ended
01/31/23
(unaudited)
Year
Ended
07/31/22
Year
Ended
07/31/21
Year
Ended
07/31/20
Year
Ended
07/31/19
Year
Ended
07/31/18
Net
asset
value,
beginning
of
period
......
$
20.47
‌
$
24.32
‌
$
22.91
‌
$
24.96
‌
$
24.87
‌
$
25.63
‌
Net
investment
income
(a)
..............
0
.63
‌
0
.78
‌
0
.74
‌
1
.23
‌
1
.25
‌
1
.17
‌
Net
realized
and
unrealized
gain
(loss)
(b)
....
(
0
.35
)
(
3
.82
)
1
.54
‌
(
2
.02
)
0
.16
‌
(
0
.71
)
Net
increase
(decrease)
from
investment
operations
........................
0
.28
‌
(
3
.04
)
2
.28
‌
(
0
.79
)
1
.41
‌
0
.46
‌
Distributions
(c)
–
–
–
–
–
–
From
net
investment
income
...........
(
0
.63
)
(
0
.81
)
(
0
.87
)
(
1
.21
)
(
1
.31
)
(
1
.22
)
Return
of
capital
....................
—
‌
—
‌
—
‌
(
0
.05
)
(
0
.01
)
—
‌
Total
distributions
....................
(
0
.63
)
(
0
.81
)
(
0
.87
)
(
1
.26
)
(
1
.32
)
(
1
.22
)
Net
asset
value,
end
of
period
...........
$
20.12
‌
$
20.47
‌
$
24.32
‌
$
22.91
‌
$
24.96
‌
$
24.87
‌
Total
Return
(d)
–
–
–
–
–
–
Based
on
net
asset
value
...............
1
.56
%
(e)
(
12.75
)
%
10.15
%
(
3
.10
)
%
5
.92
%
1
.85
%
Ratios
to
Average
Net
Assets
(f)
–
–
–
–
–
–
Total
expenses
......................
0
.25
%
(g)
0
.25
%
0
.25
%
0
.25
%
0
.25
%
0
.25
%
Total
expenses
after
fees
waived
..........
0
.23
%
(g)
0
.25
%
0
.24
%
0
.22
%
0
.23
%
0
.24
%
Net
investment
income
.................
6
.46
%
(g)
3
.44
%
3
.16
%
5
.15
%
5
.14
%
4
.65
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
151,919
‌
$
176,041
‌
$
243,191
‌
$
279,450
‌
$
341,893
‌
$
324,618
‌
Portfolio
turnover
rate
(h)
.................
40
%
73
%
94
%
66
%
50
%
64
%
(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.
Notes
to
Financial
Statements
(unaudited)
33
Notes
to
Financial
Statements
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”):
Each
Fund
is
a
fund
of
funds
and
seeks
to
achieve
its
investment
objective
by
investing
primarily
in
other
iShares
funds
(each,
an
“underlying
fund”
and
collectively,
the
“underlying
funds”).
The
financial
statements,
including
the
accounting
policies,
and
schedules
of
investments
for
the
underlying
funds
are
available
on
iShares.com
and
should
be
read
in
conjunction
with
the
Funds’
financial
statements. 
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
from
the
underlying
funds,
if
any,
are
recorded
on
the
ex-dividend
date.
Interest
income
is
recognized
daily
on
an
accrual
basis.
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:
Exchange-traded
funds
and
closed-end
funds
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
fund
is
primarily
traded.
Funds
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
may
be
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.
iShares
ETF
Diversification
Classification
Core
Aggressive
Allocation
..............................................................................................
Diversified
Core
Conservative
Allocation
.............................................................................................
Diversified
Core
Growth
Allocation
.................................................................................................
Diversified
Core
Moderate
Allocation
...............................................................................................
Diversified
Morningstar
Multi-Asset
Income
...........................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
34
2023
iShares
Semi-Annual
Report
to
Shareholders
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee,
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments 
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
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.
Notes
to
Financial
Statements
(unaudited)
(
continued)
35
Notes
to
Financial
Statements
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:
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. 
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Core
Aggressive
Allocation
HSBC
Bank
PLC
............................................
$
2,038,184
‌
$
(2,034,148
)
$
—
‌
$
4,036
‌
J.P.
Morgan
Securities
LLC
.....................................
101,740,000
‌
(101,740,000
)
—
‌
—
‌
$
103,778,184
‌
$
(103,774,148
)
$
—
‌
$
4,036
‌
a
Core
Conservative
Allocation
RBC
Capital
Markets
LLC
......................................
292,656
‌
(292,656
)
—
‌
—
‌
$
292,656
‌
$
(292,656
)
$
—
‌
$
—
‌
a
Core
Growth
Allocation
J.P.
Morgan
Securities
LLC
.....................................
101,740,000
‌
(101,740,000
)
—
‌
—
‌
$
101,740,000
‌
$
(101,740,000
)
$
—
‌
$
—
‌
a
Morningstar
Multi-Asset
Income
Barclays
Bank
PLC
...........................................
168,192
‌
(168,073
)
—
‌
119
‌
Barclays
Capital,
Inc.
.........................................
1,848,775
‌
(1,848,775
)
—
‌
—
‌
BofA
Securities,
Inc.
..........................................
6,485,608
‌
(6,485,608
)
—
‌
—
‌
National
Financial
Services
LLC
..................................
18,672,226
‌
(18,672,226
)
—
‌
—
‌
SG
Americas
Securities
LLC
....................................
3,427,217
‌
(3,427,217
)
—
‌
—
‌
UBS
AG
..................................................
754,236
‌
(752,267
)
—
‌
1,969
‌
Wells
Fargo
Securities
LLC
.....................................
1,573,489
‌
(1,572,375
)
—
‌
1,114
‌
$
32,929,743
‌
$
(32,926,541
)
$
—
‌
$
3,202
‌
a
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Funds’
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
January
31,
2023.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(unaudited)
(continued)
36
2023
iShares
Semi-Annual
Report
to
Shareholders
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:
Expense
Waivers:
A
fund
may
incur
its
pro
rata
share
of
fees
and
expenses
attributable
to
its
investments
in
other
investment
companies
(“acquired
fund
fees
and
expenses”).
The
total
of
the
investment
advisory
fee
and
acquired
fund
fees
and
expenses,
if
any,
is
a
fund’s
total
annual
operating
expenses.
Total
expenses
as
shown
in
the
Statement
of
Operations
does
not
include
acquired
fund
fees
and
expenses.
For
each
of
the
iShares
Core
Aggressive
Allocation,
iShares
Core
Conservative
Allocation,
iShares
Core
Growth
Allocation
and
iShares
Core
Moderate
Allocation
ETFs,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
each
Fund
through
November
30,
2026,
in
an
amount
equal
to
the
acquired
fund
fees
and
expenses,
if
any,
attributable
to
each
Fund’s
investments
in
other
iShares
funds.
For
the
iShares
Morningstar
Multi-Asset
Income
ETF,
BFA
has
contractually
agreed
to
waive
a
portion
of
its
investment
advisory
fee
for
the
Fund
through
November
30,
2026
in
order
to
limit
the
Fund’s
total
annual
operating
expenses
after
fee
waiver
to
0.60%
of
average
daily
net
assets.
These
amounts
are
included
in
investment
advisory
fees
waived
in
the
Statements
of
Operations.
For
the six
months
ended
January
31,
2023,
the
amounts
waived
in
investment
advisory
fees
pursuant
to
this
arrangement
were
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.
The
Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
82%
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
85%
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.
iShares
ETF
Investment
Advisory
Fees
Core
Aggressive
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
Core
Conservative
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
Core
Growth
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
Core
Moderate
Allocation
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15
Morningstar
Multi-Asset
Income
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.25
iShares
ETF
Amounts
Waived
Core
Aggressive
Allocation
..............................................................................................................................................
$
338,608
‌
Core
Conservative
Allocation
............................................................................................................................................
233,726
‌
Core
Growth
Allocation
..................................................................................................................................................
523,501
‌
Core
Moderate
Allocation
...............................................................................................................................................
396,009
‌
Morningstar
Multi-Asset
Income
.........................................................................................................................................
18,551
‌
Notes
to
Financial
Statements
(unaudited)
(
continued)
37
Notes
to
Financial
Statements
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 January
31,
2023,
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
January
31,
2023,
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.
7.
Purchases
and
Sales
For
the six
months
ended
January
31,
2023,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the six
months
ended
January
31,
2023,
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
January
31,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of July
31,
2022,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
iShares
ETF
Amounts
Core
Aggressive
Allocation
.............................................................................................
$
5,122
‌
Core
Conservative
Allocation
............................................................................................
6
‌
Core
Growth
Allocation
................................................................................................
8,654
‌
Core
Moderate
Allocation
..............................................................................................
6,812
‌
Morningstar
Multi-Asset
Income
..........................................................................................
60,732
‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Core
Aggressive
Allocation
.........................................................
$
—
‌
$
2,737,540
‌
$
(573,534
)
Core
Conservative
Allocation
........................................................
1,704,741
‌
—
‌
—
‌
Core
Growth
Allocation
............................................................
—
‌
927,898
‌
(217,460
)
Core
Moderate
Allocation
..........................................................
1,960,835
‌
—
‌
—
‌
Morningstar
Multi-Asset
Income
......................................................
1,455,775
‌
134,087
‌
(7,564
)
iShares
ETF
Purchases
Sales
Core
Aggressive
Allocation
...........................................................................
$
39,649,913
‌
$
38,617,972
‌
Core
Conservative
Allocation
..........................................................................
18,776,485
‌
17,297,965
‌
Core
Growth
Allocation
..............................................................................
59,672,967
‌
57,986,899
‌
Core
Moderate
Allocation
............................................................................
36,985,947
‌
35,445,523
‌
Morningstar
Multi-Asset
Income
........................................................................
63,028,063
‌
63,041,238
‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Core
Aggressive
Allocation
...........................................................................
$
453,836,360
‌
$
465,267,631
‌
Core
Conservative
Allocation
..........................................................................
624,532,399
‌
655,922,630
‌
Core
Growth
Allocation
..............................................................................
1,129,908,415
‌
1,057,825,225
‌
Core
Moderate
Allocation
............................................................................
343,879,226
‌
479,339,473
‌
Morningstar
Multi-Asset
Income
........................................................................
17,510,166
‌
37,268,102
‌
iShares
ETF
Amounts
Core
Aggressive
Allocation
.............................................................................................
$
8,713,879
‌
Core
Conservative
Allocation
............................................................................................
3,661,090
‌
Core
Growth
Allocation
................................................................................................
9,839,456
‌
Core
Moderate
Allocation
..............................................................................................
6,755,641
‌
Morningstar
Multi-Asset
Income
..........................................................................................
42,282,917
‌
Notes
to
Financial
Statements
(unaudited)
(continued)
38
2023
iShares
Semi-Annual
Report
to
Shareholders
As
of
January
31,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
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.
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.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Core
Aggressive
Allocation
.......................................
$
1,568,495,528
‌
$
89,751,804
‌
$
(37,667,548
)
$
52,084,256
‌
Core
Conservative
Allocation
......................................
812,344,603
‌
141,486
‌
(84,817,241
)
(84,675,755
)
Core
Growth
Allocation
..........................................
2,280,403,180
‌
15,439,905
‌
(96,573,770
)
(81,133,865
)
Core
Moderate
Allocation
........................................
1,514,386,816
‌
21,326,927
‌
(116,372,694
)
(95,045,767
)
Morningstar
Multi-Asset
Income
....................................
200,586,171
‌
155,979
‌
(15,445,125
)
(15,289,146
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
39
Notes
to
Financial
Statements
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
01/31/23
Year
Ended
07/31/22
iShares
ETF
Shares
Amount
Shares
Amount
Core
Aggressive
Allocation
Shares
sold
...............................................
7,600,000
‌
$
454,739,759
‌
5,600,000
‌
$
381,107,591
‌
Shares
redeemed
...........................................
(7,550,000
)
(465,891,781
)
(2,550,000
)
(166,179,885
)
50,000
‌
$
(11,152,022
)
3,050,000
‌
$
214,927,706
‌
Core
Conservative
Allocation
Shares
sold
...............................................
18,300,000
‌
$
622,446,313
‌
17,650,000
‌
$
656,206,590
‌
Shares
redeemed
...........................................
(19,350,000
)
(657,053,850
)
(19,500,000
)
(710,203,666
)
(1,050,000
)
$
(34,607,537
)
(1,850,000
)
$
(53,997,076
)
Core
Growth
Allocation
Shares
sold
...............................................
23,800,000
‌
$
1,130,045,483
‌
16,550,000
‌
$
879,676,549
‌
Shares
redeemed
...........................................
(21,600,000
)
(1,056,589,949
)
(9,750,000
)
(513,187,368
)
2,200,000
‌
$
73,455,534
‌
6,800,000
‌
$
366,489,181
‌
Core
Moderate
Allocation
Shares
sold
...............................................
8,950,000
‌
$
344,542,597
‌
9,950,000
‌
$
435,193,583
‌
Shares
redeemed
...........................................
(12,150,000
)
(474,075,277
)
(8,900,000
)
(377,349,142
)
(3,200,000
)
$
(129,532,680
)
1,050,000
‌
$
57,844,441
‌
Morningstar
Multi-Asset
Income
Shares
sold
...............................................
900,000
‌
$
17,534,053
‌
850,000
‌
$
17,749,459
‌
Shares
redeemed
...........................................
(1,950,000
)
(37,352,863
)
(2,250,000
)
(50,023,472
)
(1,050,000
)
$
(19,818,810
)
(1,400,000
)
$
(32,274,013
)
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
40
2023
iShares
Semi-Annual
Report
to
Shareholders
In
compliance
with
Rule
22e-4
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“Liquidity
Rule”),
iShares
Trust
(the
“Trust”)
has
adopted
and
implemented
a
liquidity
risk
management
program
(the
“Program”)
for iShares
Core
Aggressive
Allocation
ETF,
iShares
Core
Conservative
Allocation
ETF,
iShares
Core
Growth
Allocation
ETF,
iShares
Core
Moderate
Allocation
ETF
and
iShares
Morningstar
Multi-Asset
Income
ETF
(the
“Funds”
or
“ETFs”),
each
a
series
of
the
Trust,
which
is
reasonably
designed
to
assess
and
manage
each
Fund’s
liquidity
risk.
The
Board
of
Trustees
(the
“Board”)
of
the
Trust,
on
behalf
of
the
Funds,
met
on
December
9,
2022
(the
“Meeting”)
to
review
the
Program.
The
Board
previously
appointed
BlackRock
Fund
Advisors
(“BlackRock”),
the
investment
adviser
to
the
Funds,
as
the
program
administrator
for
each
Fund’s
Program.
BlackRock
also
previously
delegated
oversight
of
the
Program
to
the
40
Act
Liquidity
Risk
Management
Committee
(the
“Committee”).
At
the
Meeting,
the
Committee,
on
behalf
of
BlackRock,
provided
the
Board
with
a
report
that
addressed
the
operation
of
the
Program
and
assessed
its
adequacy
and
effectiveness
of
implementation,
including
the
management
of
each
Fund’s
Highly
Liquid
Investment
Minimum
(“HLIM”)
where
applicable,
and
any
material
changes
to
the
Program
(the
“Report”). 
The
Report
covered
the
period
from
October
1,
2021
through
September
30,
2022
(the
“Program
Reporting
Period”).
The
Report
described
the
Program’s
liquidity
classification
methodology
for
categorizing
each
Fund’s
investments
(including
derivative
transactions)
into
one
of
four
liquidity
buckets.
It
also
referenced
the
methodology
used
by
BlackRock
to
establish
each
Fund’s
HLIM
and
noted
that
the
Committee
reviews
and
ratifies
the
HLIM
assigned
to
each Fund
no
less
frequently
than
annually.
The
Report
also
discussed
notable
events
affecting
liquidity
over
the
Program
Reporting
Period,
including
extended
market
holidays,
the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
The
Report
noted
that
the
Program
complied
with
the
key
factors
for
consideration
under
the
Liquidity
Rule
for
assessing,
managing
and
periodically
reviewing
each
Fund’s
liquidity
risk,
as
follows:
a)
The
Fund’s
investment
strategy
and
liquidity
of
portfolio
investments
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
whether
each
Fund’s
strategy
is
appropriate
for
an
open-end
fund
structure,
with
a
focus
on
funds
with
more
significant
and
consistent
holdings
of
less
liquid
and
illiquid
assets.
The
Committee
also
factored
a
fund’s
concentration
in
an
issuer
into
the
liquidity
classification
methodology
by
taking
issuer
position
sizes
into
account.
Derivative
exposure
was
also
considered
in
the
calculation
of
a
fund’s
liquidity
bucketing.
Finally,
a
factor
for
consideration
under
the
Liquidity
Rule
is
a
Fund’s
use
of
borrowings
for
investment
purposes.
However,
the
Funds
do
not
borrow
for
investment
purposes.
b)
Short-term
and
long-term
cash
flow
projections
during
both
normal
and
reasonably
foreseeable
stressed
conditions.
During
the
Program
Reporting
Period,
the
Committee
reviewed
historical
redemption
activity
and
used
this
information
as
a
component
to
establish
each
ETF’s
reasonably
anticipated
trading
size
(“RATS”).
The
Committee
may
also
take
into
consideration
a
fund’s
shareholder
ownership
concentration
(which,
depending
on
product
type
and
distribution
channel,
may
or
may
not
be
available),
a
fund’s
distribution
channels,
and
the
degree
of
certainty
associated
with
a
fund’s
short-term
and
long-term
cash
flow
projections.
c)
Holdings
of
cash
and
cash
equivalents,
as
well
as
borrowing
arrangements.
The
Committee
considered
that
ETFs
generally
do
not
hold
more
than
de
minimis
amounts
of
cash.
The
Committee
also
considered
that
ETFs
generally
do
not
engage
in
borrowing.
d)
The
relationship
between
an
ETF’s
portfolio
liquidity
and
the
way
in
which,
and
the
prices
and
spreads
at
which,
ETF
shares
trade,
including
the
efficiency
of
the
arbitrage
function
and
the
level
of
active
participation
by
market
participants,
including
authorized
participants.
The
Committee
monitored
the
prevailing
bid/ask
spread
and
the
ETF
price
premium
(or
discount)
to
NAV
for
all
ETFs.
However,
there
were
no
ETFs
with
persistent
deviations
of
fund
premium/
discount
or
bid/ask
spreads
from
long-term
averages
over
the
Program
Reporting
Period.
e)
The
effect
of
the
composition
of
baskets
on
the
overall
liquidity
of
an
ETF’s
portfolio.
In
reviewing
the
linkage
between
the
composition
of
custom
baskets
accepted
by
an
ETF
and
any
significant
change
in
the
liquidity
profile
of
such
ETF,
the
Committee
reviewed
changes
in
the
proportion
of
each
ETF’s
portfolio
comprised
of
less
liquid
and
illiquid
holdings
to
determine
if
applicable
thresholds
were
met
requiring
enhanced
review.
There
were
no
material
changes
to
the
Program
during
the
Program
Reporting
Period
other
than
the
enhancement
of
certain
model
components
in
the
Program’s
classification
methodology.
The
Report
provided
to
the
Board
stated
that
the
Committee
concluded
that
based
on
the
operation
of
the
functions,
as
described
in
the
Report,
the
Program
is
operating
as
intended
and
is
effective
in
implementing
the
requirements
of
the
Liquidity
Rule.
Supplemental
Information
(unaudited)
41
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.
January
31,
2023
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Morningstar
Multi-Asset
Income
.........
$
0.626357
‌
$
—
‌
$
—
‌
$
0.626357
‌
100
%
—
%
—
%
100
%
General
Information
42
2023
iShares
Semi-Annual
Report
to
Shareholders
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
iS-SAR-704-0123
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
Morningstar,
Inc.
or
S&P
Dow
Jones
Indices
LLC,
nor
do
these
companies
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
companies
listed
above.
©2023
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.