iShares Trust


		SEPTEMBER 30, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

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

· iShares Core S&P Small-Cap ETF | IJR | NYSE Arca

· iShares Core S&P U.S. Growth ETF | IUSG | NASDAQ

· iShares Core S&P U.S. Value ETF | IUSV | NASDAQ

The Markets in Review

Dear Shareholder,

The 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks and economically sensitive small-capitalization stocks. While both large- and small-capitalization U.S. stocks fell, declines for small-capitalization U.S. stocks were steeper. Both emerging market stocks and international equities from developed markets fell significantly, pressured by rising interest rates and a strengthening U.S. dollar.

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

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

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of September 30, 2022

	6-Month	12-Month

U.S. large cap equities (S&P 500^® Index)	(20.20)%	(15.47)%

U.S. small cap equities (Russell 2000^® Index)	(19.01)	(23.50)

International equities (MSCI Europe, Australasia, Far East Index)	(22.51)	(25.13)

Emerging market equities (MSCI Emerging Markets Index)	(21.70)	(28.11)

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	0.58	0.63

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(10.81)	(16.20)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(9.22)	(14.60)

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(6.30)	(11.50)

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	(10.42)	(14.15)

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


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

Table of Contents


		Page

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


		3


Fund Summary as of September 30, 2022		iShares^® Core S&P Mid-Cap ETF

Investment Objective

The iShares Core S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities, as represented by the S&P MidCap 400^® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns


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

Fund NAV		(17.50	)%		(15.28	)%		5.76	%		9.97	%		(15.28	)%		32.33	%		158.66	%
Fund Market		(17.52	)		(15.31	)		5.76			9.97			(15.31	)		32.32			158.77
Index		(17.50	)		(15.25	)		5.82			10.04			(15.25	)		32.68			160.30

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

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 825.00	$ 0.23			$ 1,000.00	$ 1,024.82	$ 0.25		0.05%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Industrials		19.0%
Financials		15.7
Consumer Discretionary		13.6
Information Technology		12.7
Health Care		10.4
Real Estate		8.2
Materials		6.6
Consumer Staples		4.0
Energy		4.0
Utilities		4.0
Communication Services		1.8


TEN LARGEST HOLDINGS

Security		Percent of Total Investments^(a)

Carlisle Cos., Inc.		0.8%
Targa Resources Corp.		0.7
First Solar, Inc.		0.7
Wolfspeed, Inc.		0.7
Steel Dynamics, Inc.		0.7
First Horizon Corp.		0.7
Hubbell, Inc.		0.6
Alleghany Corp.		0.6
RPM International, Inc.		0.6
Darling Ingredients, Inc.		0.6

^(a)	Excludes money market funds.


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Fund Summary as of September 30, 2022		iShares^® Core S&P Small-Cap ETF

Investment Objective

The iShares Core S&P Small-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of small-capitalization U.S. equities, as represented by the S&P SmallCap 600^® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns


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

Fund NAV		(18.63	)%		(18.93	)%		4.80	%		10.05	%		(18.93	)%		26.44	%		160.66	%
Fund Market		(18.51	)		(18.83	)		4.81			10.07			(18.83	)		26.50			161.04
Index		(18.58	)		(18.83	)		4.84			10.09			(18.83	)		26.68			161.50

Expense Example


Actual						Hypothetical 5% Return


	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22	)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22	)	Ending Account Value (09/30/22	)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 813.70		$ 0.27			$ 1,000.00		$ 1,024.77		$ 0.30		0.06%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Financials		18.3%
Industrials		16.3
Health Care		12.9
Consumer Discretionary		12.8
Information Technology		12.6
Real Estate		7.5
Materials		5.5
Consumer Staples		5.1
Energy		4.6
Utilities		2.3
Communication Services		2.1

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Livent Corp.		0.7%
Agree Realty Corp.		0.7
Lantheus Holdings, Inc.		0.6
SM Energy Co.		0.6
AMN Healthcare Services, Inc.		0.6
Cytokinetics, Inc.		0.6
Rogers Corp.		0.6
Exponent, Inc.		0.6
SPS Commerce, Inc.		0.6
UFP Industries, Inc.		0.6

^(a)	Excludes money market funds.


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


Fund Summary as of September 30, 2022		iShares^® Core S&P U.S. Growth ETF

Investment Objective

The iShares Core S&P U.S. Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-and mid-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 900 Growth Index™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns


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

Fund NAV		(23.57	)%		(21.01	)%		11.00	%		12.87	%		(21.01	)%		68.51	%		235.62	%
Fund Market		(23.74	)		(21.04	)		10.99			12.87			(21.04	)		68.46			235.69
Index		(23.55	)		(20.99	)		11.07			12.96			(20.99	)		69.02			238.26

Index performance through January 22, 2017 reflects the performance of the Russell 3000^® Growth Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Growth Index^TM.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 764.30	$ 0.18			$ 1,000.00	$ 1,024.87	$ 0.20		0.04%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Information Technology		41.2%
Consumer Discretionary		17.2
Health Care		12.4
Communication Services		10.0
Financials		7.2
Industrials		4.4
Real Estate		2.5
Consumer Staples		1.9
Materials		1.7
Energy		1.4
Utilities		0.1

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Apple, Inc.		13.4%
Microsoft Corp.		11.2
Amazon.com, Inc.		6.5
Tesla, Inc.		4.6
Alphabet, Inc., Class A		3.7
Alphabet, Inc., Class C, NVS		3.3
Meta Platforms, Inc., Class A		2.0
NVIDIA Corp.		2.0
Eli Lilly & Co.		1.7
Home Depot, Inc.		1.4

^(a)	Excludes money market funds.


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


Fund Summary as of September 30, 2022		iShares^® Core S&P U.S. Value ETF

Investment Objective

The iShares Core S&P U.S.Value ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 900 Value Index™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance


				Average Annual Total Returns									Cumulative Total Returns


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

Fund NAV		(16.49	)%		(9.78	)%		6.11	%		9.60	%		(9.78	)%		34.54	%		150.08	%
Fund Market		(16.52	)		(9.74	)		6.12			9.61			(9.74	)		34.61			150.31
Index		(16.46	)		(9.71	)		6.13			9.67			(9.71	)		34.62			151.62

Index performance through January 22, 2017 reflects the performance of the Russell 3000^® Value Index. Index performance beginning on January 23, 2017 reflects the performance of the S&P 900 Value Index^TM.

Expense Example


Actual					Hypothetical 5% Return


	Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)		Beginning Account Value (04/01/22)	Ending Account Value (09/30/22)	Expenses Paid During the Period	^(a)	Annualized Expense Ratio

$	1,000.00	$ 835.10	$ 0.18			$ 1,000.00	$ 1,024.87	$ 0.20		0.04%

^(a)

Portfolio Information

SECTOR ALLOCATION



Sector		Percent of Total Investments^(a)

Health Care		17.1%
Financials		15.2
Industrials		12.4
Consumer Staples		11.3
Information Technology		10.8
Energy		7.5
Consumer Discretionary		6.7
Utilities		6.1
Communication Services		5.5
Materials		3.8
Real Estate		3.6

TEN LARGEST HOLDINGS



Security		Percent of Total Investments^(a)

Berkshire Hathaway, Inc., Class B		2.9%
Johnson & Johnson		2.6
Exxon Mobil Corp.		2.2
Procter & Gamble Co.		1.8
UnitedHealth Group, Inc.		1.7
Chevron Corp.		1.6
Merck & Co., Inc.		1.3
Coca-Cola Co.		1.3
Walmart, Inc.		1.1
Walt Disney Co.		1.1

^(a)	Excludes money market funds.


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

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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


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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.3%
Axon Enterprise, Inc.^(a)(b)		1,964,792	$	227,424,674
Curtiss-Wright Corp.^(b)		1,115,980		155,299,777
Hexcel Corp.^(b)		2,453,248		126,881,986
Mercury Systems, Inc.^(a)(b)		1,678,152		68,132,971
Woodward, Inc.^(b)		1,754,988		140,855,337


				718,594,745

Air Freight & Logistics — 0.2%
GXO Logistics, Inc.^(a)(b)		3,459,980		121,306,899


Airlines — 0.1%
JetBlue Airways Corp.^(a)		9,442,163		62,601,541


Auto Components — 1.4%
Adient PLC^(a)(b)		2,761,474		76,630,903
Dana, Inc.		3,695,699		42,241,840
Fox Factory Holding Corp.^(a)(b)		1,232,172		97,440,162
Gentex Corp.		6,836,296		162,977,297
Goodyear Tire & Rubber Co.^(a)(b)		8,243,991		83,181,869
Lear Corp.^(b)		1,727,495		206,763,876
Visteon Corp.^(a)(b)		819,811		86,949,155


				756,185,102

Automobiles — 0.4%
Harley-Davidson, Inc.^(b)		3,879,797		135,327,319
Thor Industries, Inc.		1,583,107		110,785,828


				246,113,147

Banks — 7.5%
Associated Banc-Corp.		4,384,373		88,038,210
Bank of Hawaii Corp.		1,170,950		89,132,714
Bank OZK		3,243,956		128,330,899
Cadence Bank^(b)		4,482,419		113,898,267
Cathay General Bancorp		2,168,360		83,395,126
Commerce Bancshares, Inc.^(b)		3,173,843		209,981,453
Cullen/Frost Bankers, Inc.^(b)		1,866,402		246,775,672
East West Bancorp, Inc.		4,101,489		275,373,972
First Financial Bankshares, Inc.^(b)		3,781,206		158,167,847
First Horizon Corp.^(b)		15,618,304		357,659,162
FNB Corp.		10,230,922		118,678,695
Fulton Financial Corp.		4,870,869		76,959,730
Glacier Bancorp, Inc.		3,219,896		158,193,491
Hancock Whitney Corp.		2,500,320		114,539,659
Home BancShares, Inc.		5,563,012		125,223,400
International Bancshares Corp.		1,538,472		65,385,060
Old National Bancorp		8,510,060		140,160,688
PacWest Bancorp		3,429,482		77,506,293
Pinnacle Financial Partners, Inc.		2,222,224		180,222,366
Prosperity Bancshares, Inc.		2,652,338		176,857,898
Synovus Financial Corp.		4,225,550		158,500,381
Texas Capital Bancshares, Inc.^(a)		1,453,449		85,797,095
UMB Financial Corp.		1,265,374		106,658,374
Umpqua Holdings Corp.		6,331,358		108,202,908
United Bankshares, Inc.		3,910,258		139,791,724
Valley National Bancorp		12,207,950		131,845,860
Washington Federal, Inc.		1,897,036		56,873,139
Webster Financial Corp.		5,116,797		231,279,224
Wintrust Financial Corp.		1,771,666		144,479,362


				4,147,908,669

Beverages — 0.5%
Boston Beer Co., Inc., Class A, NVS^(a)(b)		276,800		89,586,320


Security	Shares		Value

Beverages (continued)
Celsius Holdings, Inc.^(a)(b)		1,169,183	$	106,021,514
Coca-Cola Consolidated, Inc.^(b)		134,546		55,396,625


				251,004,459

Biotechnology — 1.8%
Arrowhead Pharmaceuticals, Inc.^(a)(b)		3,085,592		101,978,816
Exelixis, Inc.^(a)(b)		9,352,934		146,654,005
Halozyme Therapeutics, Inc.^(a)(b)		4,004,974		158,356,672
Neurocrine Biosciences, Inc.^(a)(b)		2,783,616		295,647,855
United Therapeutics Corp.^(a)(b)		1,324,765		277,379,296


				980,016,644

Building Products — 2.5%
Builders FirstSource, Inc.^(a)(b)		4,542,640		267,652,349
Carlisle Cos., Inc.^(b)		1,505,452		422,143,795
Lennox International, Inc.^(b)		938,052		208,876,039
Owens Corning		2,800,302		220,131,740
Simpson Manufacturing Co., Inc.		1,258,587		98,673,221
Trex Co., Inc.^(a)(b)		3,216,357		141,326,727


				1,358,803,871

Capital Markets — 1.9%
Affiliated Managers Group, Inc.^(b)		1,110,159		124,171,284
Evercore, Inc., Class A		1,049,367		86,310,436
Federated Hermes, Inc.		2,466,383		81,686,605
Interactive Brokers Group, Inc., Class A^(b)		2,991,293		191,173,536
Janus Henderson Group PLC		3,857,250		78,340,747
Jefferies Financial Group, Inc.		5,405,505		159,462,397
SEI Investments Co.^(b)		2,992,639		146,788,943
Stifel Financial Corp.^(b)		3,085,735		160,180,504


				1,028,114,452

Chemicals — 2.4%
Ashland, Inc.^(b)		1,446,982		137,419,880
Avient Corp.		2,490,290		75,455,787
Cabot Corp.^(b)		1,642,229		104,922,011
Chemours Co.		4,525,354		111,549,976
Ingevity Corp.^(a)(b)		1,039,727		63,038,648
NewMarket Corp.		200,708		60,378,988
Olin Corp.^(b)		3,924,392		168,277,929
RPM International, Inc.		3,754,871		312,818,303
Scotts Miracle-Gro Co., Class A		1,173,883		50,183,498
Sensient Technologies Corp.		1,224,808		84,928,187
Valvoline, Inc.		5,163,661		130,847,170


				1,299,820,377

Commercial Services & Supplies — 1.5%
Brink’s Co.		1,373,814		66,547,550
Clean Harbors, Inc.^(a)(b)		1,462,673		160,864,777
IAA, Inc.^(a)(b)		3,901,397		124,259,494
MillerKnoll, Inc.		2,219,777		34,628,521
MSA Safety, Inc.		1,067,788		116,687,873
Stericycle, Inc.^(a)(b)		2,688,859		113,227,853
Tetra Tech, Inc.^(b)		1,550,931		199,341,161


				815,557,229

Communications Equipment — 0.9%
Calix, Inc.^(a)(b)		1,654,677		101,166,952
Ciena Corp.^(a)(b)		4,353,485		176,011,399
Lumentum Holdings, Inc.^(a)(b)		2,004,769		137,467,010
Viasat, Inc.^(a)(b)		2,197,091		66,418,061


				481,063,422

Construction & Engineering — 1.9%
AECOM		4,064,580		277,895,335
Dycom Industries, Inc.^(a)(b)		861,093		82,260,214


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Construction & Engineering (continued)
EMCOR Group, Inc.^(b)		1,434,660	$	165,674,537
Fluor Corp.^(a)(b)		4,143,946		103,142,816
MasTec, Inc.^(a)(b)		1,666,903		105,848,340
MDU Resources Group, Inc.		5,911,543		161,680,701
Valmont Industries, Inc.^(b)		620,703		166,733,240


				1,063,235,183

Construction Materials — 0.2%
Eagle Materials, Inc.		1,093,986		117,253,419


Consumer Finance — 0.5%
Bread Financial Holdings, Inc.		1,428,490		44,926,010
FirstCash Holdings, Inc.		1,109,934		81,413,659
Navient Corp.		3,245,053		47,669,829
SLM Corp.		7,292,688		102,024,705


				276,034,203

Containers & Packaging — 0.9%
AptarGroup, Inc.^(b)		1,900,108		180,567,263
Greif, Inc., Class A, NVS		778,634		46,383,228
Silgan Holdings, Inc.^(b)		2,429,680		102,143,747
Sonoco Products Co.		2,834,404		160,795,739


				489,889,977

Diversified Consumer Services — 1.1%
Graham Holdings Co., Class B		112,696		60,628,194
Grand Canyon Education, Inc.^(a)(b)		930,074		76,498,587
H&R Block, Inc.		4,642,750		197,502,585
Service Corp. International^(b)		4,589,211		264,981,043


				599,610,409

Diversified Financial Services — 0.3%
Voya Financial, Inc.		2,847,105		172,249,853


Diversified Telecommunication Services — 0.6%
Frontier Communications Parent, Inc.^(a)		6,485,159		151,947,275
Iridium Communications, Inc.^(a)(b)		3,691,346		163,785,022


				315,732,297

Electric Utilities — 1.4%
ALLETE, Inc.		1,663,386		83,252,469
Hawaiian Electric Industries, Inc.		3,193,186		110,675,827
IDACORP, Inc.		1,469,406		145,485,888
OGE Energy Corp.		5,825,347		212,392,152
PNM Resources, Inc.		2,503,799		114,498,728
Portland General Electric Co.		2,591,317		112,618,637


				778,923,701

Electrical Equipment — 2.3%
Acuity Brands, Inc.^(b)		954,236		150,263,543
EnerSys^(b)		1,182,836		68,805,570
Hubbell, Inc.		1,562,327		348,398,921
nVent Electric PLC		4,838,597		152,948,051
Regal Rexnord Corp.^(b)		1,934,879		271,579,617
SunPower Corp.^(a)(b)		2,478,635		57,107,750
Sunrun, Inc.^(a)(b)		6,168,871		170,199,151
Vicor Corp.^(a)(b)		652,016		38,560,226


				1,257,862,829

Electronic Equipment, Instruments & Components — 3.0%
Arrow Electronics, Inc.^(a)(b)		1,865,907		172,017,966
Avnet, Inc.		2,760,457		99,707,707
Belden, Inc.^(b)		1,266,951		76,042,399
Cognex Corp.^(b)		5,045,004		209,115,416
Coherent Corp.^(a)(b)		3,765,730		131,235,691
IPG Photonics Corp.^(a)(b)		965,094		81,405,679
Jabil, Inc.^(b)		4,003,090		231,018,324


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Littelfuse, Inc.^(b)		722,099	$	143,473,850
National Instruments Corp.^(b)		3,859,628		145,662,361
Novanta, Inc.^(a)(b)		1,035,076		119,706,539
TD SYNNEX Corp.		1,223,538		99,339,050
Vishay Intertechnology, Inc.		3,800,783		67,615,930
Vontier Corp.^(b)		4,599,909		76,864,479


				1,653,205,391

Energy Equipment & Services — 0.5%
ChampionX Corp.		5,919,522		115,845,046
NOV, Inc.^(b)		11,420,875		184,789,757


				300,634,803

Entertainment — 0.2%
World Wrestling Entertainment, Inc., Class A^(b)		1,259,673		88,391,254


Equity Real Estate Investment Trusts (REITs) — 7.7%
Apartment Income REIT Corp.		4,483,041		173,135,043
Brixmor Property Group, Inc.		8,711,300		160,897,711
Corporate Office Properties Trust^(b)		3,265,963		75,868,321
Cousins Properties, Inc.		4,393,635		102,591,377
Douglas Emmett, Inc.		5,125,227		91,895,320
EastGroup Properties, Inc.		1,266,909		182,865,645
EPR Properties		2,184,998		78,354,028
First Industrial Realty Trust, Inc.		3,840,111		172,075,374
Healthcare Realty Trust, Inc.		11,074,181		230,896,674
Highwoods Properties, Inc.		3,064,142		82,609,268
Independence Realty Trust, Inc.^(b)		6,470,535		108,252,051
JBG SMITH Properties		2,889,064		53,678,809
Kilroy Realty Corp.^(b)		3,068,216		129,202,576
Kite Realty Group Trust^(b)		6,391,538		110,062,284
Lamar Advertising Co., Class A		2,534,554		209,075,359
Life Storage, Inc.		2,456,070		272,034,313
Macerich Co.		6,253,434		49,652,266
Medical Properties Trust, Inc.		17,425,832		206,670,368
National Retail Properties, Inc.		5,152,678		205,385,745
National Storage Affiliates Trust		2,478,636		103,061,685
Omega Healthcare Investors, Inc.		6,810,000		200,826,900
Park Hotels & Resorts, Inc.		6,546,419		73,712,678
Pebblebrook Hotel Trust^(b)		3,841,212		55,735,986
Physicians Realty Trust		6,587,187		99,071,292
PotlatchDeltic Corp.		2,349,546		96,425,368
Rayonier, Inc.^(b)		4,271,115		128,005,317
Rexford Industrial Realty, Inc.		4,978,989		258,907,428
Sabra Health Care REIT, Inc.		6,730,581		88,305,223
SL Green Realty Corp.		1,871,822		75,172,372
Spirit Realty Capital, Inc.		3,977,094		143,811,719
STORE Capital Corp.		7,733,295		242,284,132


				4,260,522,632

Food & Staples Retailing — 1.6%
BJ’s Wholesale Club Holdings, Inc.^(a)(b)		3,934,537		286,473,639
Casey’s General Stores, Inc.		1,083,825		219,496,239
Grocery Outlet Holding Corp.^(a)(b)		2,567,292		85,465,151
Performance Food Group Co.^(a)(b)		4,508,731		193,649,996
Sprouts Farmers Market, Inc.^(a)(b)		3,129,996		86,857,389


				871,942,414

Food Products — 1.5%
Darling Ingredients, Inc.^(a)(b)		4,667,705		308,768,685
Flowers Foods, Inc.		5,606,249		138,418,288
Ingredion, Inc.		1,904,415		153,343,496
Lancaster Colony Corp.		577,564		86,796,318


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Pilgrim’s Pride Corp.^(a)(b)		1,331,821	$	30,658,519
Post Holdings, Inc.^(a)(b)		1,586,247		129,929,492


				847,914,798

Gas Utilities — 1.5%
National Fuel Gas Co.		2,659,398		163,685,947
New Jersey Resources Corp.		2,806,964		108,629,507
ONE Gas, Inc.		1,571,762		110,636,327
Southwest Gas Holdings, Inc.		1,798,217		125,425,636
Spire, Inc.		1,522,641		94,906,213
UGI Corp.		6,090,815		196,916,049


				800,199,679

Health Care Equipment & Supplies — 3.8%
Enovis Corp.^(a)(b)		1,383,996		63,760,696
Envista Holdings Corp.^(a)(b)		4,749,391		155,827,519
Globus Medical, Inc., Class A^(a)(b)		2,237,707		133,300,206
Haemonetics Corp.^(a)(b)		1,489,322		110,254,508
ICU Medical, Inc.^(a)(b)		584,896		88,085,338
Inari Medical, Inc.^(a)(b)		1,400,240		101,713,434
Integra LifeSciences Holdings Corp.^(a)(b)		2,117,038		89,677,730
LivaNova PLC^(a)(b)		1,561,921		79,298,729
Masimo Corp.^(a)(b)		1,405,794		198,441,881
Neogen Corp.^(a)(b)		6,298,595		87,991,372
NuVasive, Inc.^(a)(b)		1,518,617		66,530,611
Omnicell, Inc.^(a)(b)		1,291,913		112,435,188
Penumbra, Inc.^(a)(b)		1,102,267		208,989,823
QuidelOrtho Corp.^(a)(b)		1,581,930		113,076,356
Shockwave Medical, Inc.^(a)(b)		1,045,676		290,771,125
STAAR Surgical Co.^(a)(b)		1,400,506		98,805,698
Tandem Diabetes Care, Inc.^(a)(b)		1,870,487		89,502,803


				2,088,463,017

Health Care Providers & Services — 2.6%
Acadia Healthcare Co., Inc.^(a)(b)		2,642,783		206,612,775
Amedisys, Inc.^(a)(b)		945,994		91,562,759
Chemed Corp.^(b)		433,509		189,252,689
Encompass Health Corp.^(b)		2,910,497		131,641,779
HealthEquity, Inc.^(a)(b)		2,452,993		164,767,540
LHC Group, Inc.^(a)(b)		901,641		147,562,566
Option Care Health, Inc.^(a)(b)		4,509,136		141,902,510
Patterson Cos., Inc.		2,513,441		60,372,853
Progyny, Inc.^(a)(b)		2,171,596		80,479,348
R1 RCM, Inc.^(a)(b)		3,995,608		74,038,616
Tenet Healthcare Corp.^(a)(b)		3,136,425		161,776,802


				1,449,970,237

Hotels, Restaurants & Leisure — 2.7%
Boyd Gaming Corp.		2,358,095		112,363,227
Choice Hotels International, Inc.		845,129		92,558,528
Churchill Downs, Inc.^(b)		964,694		177,648,400
Cracker Barrel Old Country Store, Inc.		662,677		61,350,637
Light & Wonder, Inc.^(a)(b)		2,739,117		117,453,337
Marriott Vacations Worldwide Corp.^(b)		1,145,972		139,648,148
Papa John’s International, Inc.^(b)		937,692		65,647,817
Penn Entertainment, Inc.^(a)(b)		4,625,267		127,241,095
Texas Roadhouse, Inc.		1,943,791		169,615,203
Travel + Leisure Co.		2,439,769		83,244,918
Wendy’s Co.		4,962,082		92,741,312
Wingstop, Inc.^(b)		872,592		109,440,489
Wyndham Hotels & Resorts, Inc.		2,625,877		161,097,554


				1,510,050,665

Household Durables — 1.3%
Helen of Troy Ltd.^(a)(b)		695,517		67,075,659


Security	Shares		Value

Household Durables (continued)
KB Home		2,456,418	$	63,670,355
Leggett & Platt, Inc.		3,852,205		127,970,250
Taylor Morrison Home Corp.^(a)(b)		3,308,239		77,148,133
Tempur Sealy International, Inc.^(b)		5,022,912		121,253,096
Toll Brothers, Inc.		3,119,107		131,002,494
TopBuild Corp.^(a)(b)		941,133		155,079,896


				743,199,883

Household Products — 0.1%
Energizer Holdings, Inc.		1,930,482		48,532,317


Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc.^(b)		1,305,254		112,512,895


Insurance — 4.4%
Alleghany Corp.^(a)(b)		391,615		328,709,883
American Financial Group, Inc.		2,032,430		249,846,620
Brighthouse Financial, Inc.^(a)(b)		2,093,672		90,907,238
CNO Financial Group, Inc.		3,323,525		59,723,744
First American Financial Corp.		3,026,241		139,509,710
Hanover Insurance Group, Inc.^(b)		1,039,445		133,194,482
Kemper Corp.^(b)		1,859,534		76,724,373
Kinsale Capital Group, Inc.^(b)		628,009		160,406,059
Old Republic International Corp.		8,353,997		174,849,157
Primerica, Inc.^(b)		1,092,484		134,867,150
Reinsurance Group of America, Inc.		1,950,078		245,339,313
RenaissanceRe Holdings Ltd.^(b)		1,270,794		178,406,770
RLI Corp.		1,174,021		120,196,270
Selective Insurance Group, Inc.^(b)		1,759,798		143,247,557
Unum Group		5,469,466		212,215,281


				2,448,143,607

Interactive Media & Services — 0.3%
TripAdvisor, Inc.^(a)(b)		3,029,223		66,885,244
Ziff Davis, Inc.^(a)(b)		1,375,764		94,212,319


				161,097,563

IT Services — 2.0%
Concentrix Corp.^(b)		1,244,895		138,967,629
Euronet Worldwide, Inc.^(a)(b)		1,373,952		104,090,603
ExlService Holdings, Inc.^(a)		961,790		141,729,374
Genpact Ltd.^(b)		4,911,321		214,968,520
Kyndryl Holdings, Inc.^(a)(b)		5,920,851		48,965,438
Maximus, Inc.		1,765,695		102,180,770
Sabre Corp.^(a)(b)		9,513,038		48,992,146
Western Union Co.		11,211,006		151,348,581
WEX, Inc.^(a)(b)		1,284,217		163,018,506


				1,114,261,567

Leisure Products — 1.2%
Brunswick Corp.		2,169,349		141,983,892
Mattel, Inc.^(a)(b)		10,275,483		194,617,648
Polaris, Inc.^(b)		1,627,576		155,677,645
Topgolf Callaway Brands Corp.^(a)(b)		4,035,340		77,720,648
YETI Holdings, Inc.^(a)(b)		2,509,200		71,562,384


				641,562,217

Life Sciences Tools & Services — 1.5%
Azenta, Inc.		2,187,310		93,748,107
Bruker Corp.^(b)		2,927,463		155,331,187
Medpace Holdings, Inc.^(a)(b)		732,429		115,115,866
Repligen Corp.^(a)(b)		1,502,039		281,046,517
Sotera Health Co.^(a)(b)		2,921,620		19,925,448
Syneos Health, Inc.^(a)		2,982,589		140,629,071


				805,796,196


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery — 4.3%
AGCO Corp.		1,805,055	$	173,592,139
Chart Industries, Inc.^(a)(b)		1,043,135		192,301,937
Crane Holdings Co.		1,384,480		121,197,379
Donaldson Co., Inc.^(b)		3,593,000		176,092,930
Esab Corp.		1,327,860		44,297,409
Flowserve Corp.^(b)		3,809,908		92,580,764
Graco, Inc.^(b)		4,922,201		295,085,950
ITT, Inc.^(b)		2,404,064		157,081,542
Kennametal, Inc.		2,358,915		48,546,471
Lincoln Electric Holdings, Inc.^(b)		1,685,068		211,846,749
Middleby Corp.^(a)(b)		1,567,422		200,896,478
Oshkosh Corp.		1,906,904		134,036,282
Terex Corp.		1,969,478		58,572,276
Timken Co.		1,949,620		115,105,565
Toro Co.		3,043,594		263,210,009
Watts Water Technologies, Inc., Class A^(b)		796,068		100,089,630


				2,384,533,510

Marine — 0.2%
Kirby Corp.^(a)(b)		1,747,248		106,180,261


Media — 0.8%
Cable One, Inc.^(b)		142,333		121,417,166
John Wiley & Sons, Inc., Class A		1,246,028		46,800,812
New York Times Co., Class A^(b)		4,807,375		138,212,031
TEGNA, Inc.		6,481,802		134,043,665


				440,473,674

Metals & Mining — 2.9%
Alcoa Corp.		5,232,359		176,121,204
Cleveland-Cliffs, Inc.^(a)(b)		15,049,134		202,711,835
Commercial Metals Co.		3,499,513		124,162,721
MP Materials Corp.^(a)(b)		2,688,139		73,386,195
Reliance Steel & Aluminum Co.		1,754,883		306,069,144
Royal Gold, Inc.^(b)		1,908,597		179,064,571
Steel Dynamics, Inc.^(b)		5,049,233		358,243,081
United States Steel Corp.^(b)		6,919,873		125,388,099
Worthington Industries, Inc.		885,822		33,785,251


				1,578,932,101

Mortgage Real Estate Investment Trusts (REITs) — 0.4%
Annaly Capital Management, Inc.		12,546,707		215,301,492


Multiline Retail — 0.6%
Kohl’s Corp.		3,745,566		94,200,985
Macy’s, Inc.		7,868,075		123,292,735
Nordstrom, Inc.^(b)		3,270,437		54,714,411
Ollie’s Bargain Outlet Holdings, Inc.^(a)(b)		1,694,533		87,437,903


				359,646,034

Multi-Utilities — 0.4%
Black Hills Corp.		1,898,379		128,577,210
NorthWestern Corp.		1,635,709		80,607,739


				209,184,949

Oil, Gas & Consumable Fuels — 3.4%
Antero Midstream Corp.		9,761,599		89,611,479
CNX Resources Corp.^(a)(b)		5,514,099		85,633,957
DT Midstream, Inc.		2,811,069		145,866,370
Equitrans Midstream Corp.		12,549,804		93,872,534
HF Sinclair Corp.		4,227,547		227,611,130
Matador Resources Co.^(b)		3,261,663		159,560,554
Murphy Oil Corp.		4,262,468		149,911,000
PDC Energy, Inc.		2,808,124		162,281,486
Range Resources Corp.^(b)		7,205,125		182,001,458


Security	Shares		Value

Oil, Gas & Consumable Fuels (continued)
Southwestern Energy Co.^(a)(b)		32,415,032	$	198,379,996
Targa Resources Corp.		6,594,050		397,884,977


				1,892,614,941

Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.^(b)		2,154,848		110,306,669


Personal Products — 0.4%
BellRing Brands, Inc.^(a)(b)		3,945,235		81,311,293
Coty, Inc., Class A^(a)(b)		10,509,012		66,416,956
Nu Skin Enterprises, Inc., Class A		1,465,014		48,887,517


				196,615,766

Pharmaceuticals — 0.7%
Jazz Pharmaceuticals PLC^(a)(b)		1,824,019		243,123,492
Perrigo Co. PLC		3,926,804		140,029,831


				383,153,323

Professional Services — 1.8%
ASGN, Inc.^(a)(b)		1,458,210		131,778,438
CACI International, Inc., Class A^(a)(b)		680,949		177,768,546
FTI Consulting, Inc.^(a)(b)		1,004,115		166,391,897
Insperity, Inc.^(b)		1,042,642		106,443,322
KBR, Inc.^(b)		4,043,041		174,740,232
ManpowerGroup, Inc.		1,508,727		97,599,549
Science Applications International Corp.^(b)		1,624,302		143,637,026


				998,359,010

Real Estate Management & Development — 0.4%
Jones Lang LaSalle, Inc.^(a)(b)		1,394,121		210,609,859


Road & Rail — 1.8%
Avis Budget Group, Inc.^(a)(b)		841,257		124,893,014
Knight-Swift Transportation Holdings, Inc.^(b)		4,675,266		228,760,765
Landstar System, Inc.^(b)		1,058,691		152,843,220
Ryder System, Inc.		1,492,950		112,702,795
Saia, Inc.^(a)(b)		767,615		145,846,850
Werner Enterprises, Inc.^(b)		1,714,495		64,465,012
XPO Logistics, Inc.^(a)(b)		3,343,436		148,849,771


				978,361,427

Semiconductors & Semiconductor Equipment — 3.4%
Amkor Technology, Inc.^(b)		2,932,777		50,003,848
Cirrus Logic, Inc.^(a)(b)		1,631,758		112,264,950
First Solar, Inc.^(a)(b)		2,885,323		381,641,673
Lattice Semiconductor Corp.^(a)(b)		3,994,483		196,568,508
MACOM Technology Solutions Holdings, Inc.^(a)(b)		1,487,612		77,043,425
MKS Instruments, Inc.^(b)		1,661,428		137,300,410
Power Integrations, Inc.^(b)		1,667,954		107,282,801
Semtech Corp.^(a)		1,851,654		54,457,144
Silicon Laboratories, Inc.^(a)(b)		993,845		122,680,227
SiTime Corp.^(a)(b)		468,138		36,856,505
Synaptics, Inc.^(a)(b)		1,150,295		113,890,708
Universal Display Corp.^(b)		1,261,670		119,038,565
Wolfspeed, Inc.^(a)(b)		3,598,457		371,936,516


				1,880,965,280

Software — 3.3%
ACI Worldwide, Inc.^(a)(b)		3,316,756		69,320,200
Aspen Technology, Inc.^(a)(b)		841,745		200,503,659
Blackbaud, Inc.^(a)(b)		1,293,527		56,992,800
CommVault Systems, Inc.^(a)(b)		1,307,023		69,324,500
Dynatrace, Inc.^(a)(b)		5,850,851		203,668,123
Envestnet, Inc.^(a)(b)		1,104,680		49,047,792
Fair Isaac Corp.^(a)(b)		735,005		302,829,410
Manhattan Associates, Inc.^(a)(b)		1,825,286		242,817,797


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Mid-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Software (continued)
NCR Corp.^(a)(b)		3,984,540	$	75,746,105
Paylocity Holding Corp.^(a)(b)		1,190,583		287,621,041
Qualys, Inc.^(a)(b)		1,014,453		141,404,604
Teradata Corp.^(a)(b)		2,995,657		93,045,107


				1,792,321,138

Specialty Retail — 2.9%
AutoNation, Inc.^(a)(b)		1,121,780		114,275,729
Dick’s Sporting Goods, Inc.^(b)		1,655,141		173,193,954
Five Below, Inc.^(a)(b)		1,614,551		222,275,236
Foot Locker, Inc.		2,339,666		72,833,803
GameStop Corp., Class A^(a)(b)		7,351,963		184,754,830
Gap, Inc.		6,249,112		51,305,209
Lithia Motors, Inc.^(b)		800,527		171,753,068
Murphy USA, Inc.^(b)		624,647		171,721,707
RH^(a)(b)		583,138		143,492,768
Victoria’s Secret & Co.^(a)(b)		2,417,539		70,398,736
Williams-Sonoma, Inc.^(b)		2,001,378		235,862,397


				1,611,867,437

Technology Hardware, Storage & Peripherals — 0.1%
Xerox Holdings Corp.		3,284,454		42,960,658


Textiles, Apparel & Luxury Goods — 1.8%
Capri Holdings Ltd.^(a)(b)		4,012,202		154,229,045
Carter’s, Inc.		1,135,180		74,388,345
Columbia Sportswear Co.		1,029,387		69,277,745
Crocs, Inc.^(a)(b)		1,798,320		123,472,651
Deckers Outdoor Corp.^(a)(b)		772,186		241,393,066
Hanesbrands, Inc.		10,160,312		70,715,772
PVH Corp.^(b)		1,952,251		87,460,845
Skechers USA, Inc., Class A^(a)(b)		3,918,077		124,281,402
Under Armour, Inc., Class A^(a)(b)		5,492,290		36,523,729
Under Armour, Inc., Class C, NVS^(a)(b)		5,852,944		34,883,546


				1,016,626,146

Thrifts & Mortgage Finance — 0.6%
Essent Group Ltd.		3,141,502		109,544,174


Security	Shares		Value


Thrifts & Mortgage Finance (continued)
MGIC Investment Corp.		8,851,312	$	113,473,820
New York Community Bancorp, Inc.		13,533,594		115,441,557


				338,459,551

Trading Companies & Distributors — 1.0%
GATX Corp.		1,029,022		87,621,223
MSC Industrial Direct Co., Inc., Class A		1,380,090		100,484,353
Univar Solutions, Inc.^(a)(b)		4,865,345		110,637,945
Watsco, Inc.		966,502		248,835,605


				547,579,126

Water Utilities — 0.5%
Essential Utilities, Inc.		6,941,131		287,224,001


Total Long-Term Investments — 99.6% (Cost: $54,955,154,902)				54,866,559,916


Short-Term Securities^(c)(d)

Money Market Funds — 6.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(e)		3,646,076,521		3,647,170,344
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		126,632,259		126,632,259


Total Short-Term Securities — 6.9% (Cost: $3,772,067,321)				3,773,802,603


Total Investments — 106.5% (Cost: $58,727,222,223)				58,640,362,519

Liabilities in Excess of Other Assets — (6.5)%				(3,580,649,798	)


Net Assets — 100.0%			$	55,059,712,721

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Mid-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:



Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	2,422,524,094	$	1,222,959,299	^(a)	$	—		$	39,547	$	1,647,404	$	3,647,170,344		3,646,076,521	$	18,556,304	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		169,480,000		—			(42,847,741	)^(a)		—		—		126,632,259		126,632,259		1,120,646			—


									$	39,547	$	1,647,404	$	3,773,802,603			$	19,676,950		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P MidCap 400 E-Mini Index		567		12/16/22	$	125,205	$	(9,625,765	)

OTC Total Return Swaps




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


Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA^(b)		02/27/23	$	8,891,325	$	(710,986	)^(c)	$	8,189,788		0.0%	^(d)
	Monthly	HSBC Bank PLC^(e)		02/10/23		21,109,709		(2,759,590	)^(f)		18,400,387		0.0^(d	⁾
	Monthly	JPMorgan Chase Bank NA^(g)		02/08/23		17,634,008		(895,107	)^(h)		16,773,125		0.0^(d	⁾


							$	(4,365,683	)	$	43,363,300

^(a)

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

^(c)

Amount includes $(9,449) of net dividends, payable for referenced securities purchased and financing fees.

^(d)

Rounds to less than 0.1%.

^(f)

Amount includes $(50,268) of net dividends, payable for referenced securities purchased and financing fees.

^(h)

Amount includes $(34,224) of net dividends, payable for referenced securities purchased and financing fees.


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Mid-Cap ETF

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


	(b)	(e)	(g)
Range:	20 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Cadence Bank		179,230	$	4,554,234		55.6	%
Envestnet, Inc.		71,645		3,181,038		38.9


				7,735,272

Consumer Finance
Bread Financial Holdings, Inc.		14,452		454,516		5.5


Net Value of Reference Entity — Goldman Sachs Bank USA			$	8,189,788

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Cadence Bank		115,587	$	2,937,066		16.0	%
Envestnet, Inc.		348,273		15,463,321		84.0


				18,400,387


Net Value of Reference Entity — HSBC Bank PLC			$	18,400,387

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Banks
Cadence Bank		519,917	$	13,211,091		78.8	%
Envestnet, Inc.		80,226		3,562,034		21.2


				16,773,125

Net Value of Reference Entity — JPMorgan Chase Bank NA			$	16,773,125

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



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

OTC Swaps	$	—	$	—	$	—	$	(4,365,683	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Mid-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Liabilities — Derivative Financial Instruments
Futures contracts^(a)
Unrealized depreciation on futures contracts	$	—	$	—	$	9,625,765	$	—	$	—	$	—	$	9,625,765
Swaps — OTC
Unrealized depreciation on OTC swaps;
Swap premiums received		—		—		4,365,683		—		—		—		4,365,683


	$	—	$	—	$	13,991,448	$	—	$	—	$	—	$	13,991,448

^(a)

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

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(14,641,148	)	$	—	$	—	$	—	$	(14,641,148	)
Swaps		—		—		(13,106,377	)		—		—		—		(13,106,377	)


	$	—	$	—	$	(27,747,525	)	$	—	$	—	$	—	$	(27,747,525	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(15,649,286	)	$	—	$	—	$	—	$	(15,649,286	)
Swaps		—		—		(5,848,186	)		—		—		—		(5,848,186	)


	$	—	$	—	$	(21,497,472	)	$	—	$	—	$	—	$	(21,497,472	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long			$140,735,070
Total return swaps
Average notional amount			$49,590,757

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

Derivative Financial Instruments – Offsetting as of Period End

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



	Assets		Liabilities

Derivative Financial Instruments
Futures contracts	$	—	$	1,198,500
Swaps — OTC^(a)		—		4,365,683


Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	5,564,183


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,198,500	)


Total derivative assets and liabilities subject to an MNA	$	—	$	4,365,683

^(a)

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Mid-Cap ETF

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



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

Goldman Sachs Bank USA	$	710,986	$	—	$	—	$	(490,000	)	$	220,986
HSBC Bank PLC		2,759,590		—		—		(1,934,000	)		825,590
JPMorgan Chase Bank N.A.		895,107		—		—		(670,000	)		225,107


	$	4,365,683	$	—	$	—	$	(3,094,000	)	$	1,271,683

^(a)

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

^(b)

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

^(c)

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

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.




	Level 1			Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	54,866,559,916		$	—		$	—	$	54,866,559,916
Short-Term Securities
Money Market Funds		3,773,802,603			—			—		3,773,802,603


	$	58,640,362,519		$	—		$	—	$	58,640,362,519

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(9,625,765	)	$	(4,365,683	)	$	—	$	(13,991,448	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 1.3%
AAR Corp.^(a)(b)(c)		2,451,963	$	87,829,315
Aerojet Rocketdyne Holdings, Inc.^(a)(b)		5,513,678		220,491,983
AeroVironment, Inc.^(a)(b)(c)		1,822,566		151,929,102
Kaman Corp.^(a)		2,042,764		57,054,399
Moog, Inc., Class A^(a)		2,112,095		148,585,883
National Presto Industries, Inc.^(a)		371,751		24,182,403
Park Aerospace Corp.^(a)		1,471,818		16,248,871
Triumph Group, Inc.^(a)(b)(c)		3,871,501		33,256,194


				739,578,150

Air Freight & Logistics — 0.9%
Atlas Air Worldwide Holdings, Inc.^(a)(b)(c)		1,879,455		179,619,514
Forward Air Corp.^(a)(c)		1,958,212		176,748,215
Hub Group, Inc., Class A^(a)(b)(c)		2,478,704		170,981,002


				527,348,731

Airlines — 0.4%
Allegiant Travel Co.^(a)(b)		1,126,671		82,224,450
Hawaiian Holdings, Inc.^(a)(b)(c)		3,747,571		49,280,559
SkyWest, Inc.^(a)(b)(c)		3,696,556		60,106,001
Sun Country Airlines Holdings, Inc.^(b)(c)		2,382,939		32,431,800


				224,042,810

Auto Components — 1.3%
American Axle & Manufacturing Holdings, Inc.^(a)(b)(c)		8,354,181		57,059,056
Dorman Products, Inc.^(a)(b)(c)		2,063,069		169,419,226
Gentherm, Inc.^(a)(b)(c)		2,425,021		120,596,294
LCI Industries^(a)		1,854,578		188,165,484
Motorcar Parts of America, Inc.^(a)(b)(c)		1,455,300		22,149,666
Patrick Industries, Inc.^(a)		1,584,093		69,446,637
Standard Motor Products, Inc.^(a)		1,361,772		44,257,590
XPEL, Inc.^(a)(b)(c)		1,429,953		92,146,171


				763,240,124

Automobiles — 0.2%
Winnebago Industries, Inc.^(a)(c)		2,316,562		123,264,264


Banks — 10.4%
Allegiance Bancshares, Inc.^(a)(c)		1,317,626		54,852,770
Ameris Bancorp^(a)(c)		4,751,262		212,428,924
Banc of California, Inc.^(a)(c)		4,064,717		64,913,530
BancFirst Corp.^(c)		1,270,933		113,710,376
Bancorp, Inc.^(a)(b)(c)		3,933,229		86,452,373
BankUnited, Inc.^(a)		5,287,744		180,682,212
Banner Corp.^(a)		2,278,712		134,626,305
Berkshire Hills Bancorp, Inc.^(a)(c)		3,091,585		84,400,270
Brookline Bancorp, Inc.^(a)		5,223,311		60,851,573
Central Pacific Financial Corp.^(a)		1,597,517		33,052,627
City Holding Co.^(a)(c)		990,496		87,847,090
Columbia Banking System, Inc.^(a)		5,482,372		158,385,727
Community Bank System, Inc.^(a)(c)		3,698,689		222,217,235
Customers Bancorp, Inc.^(a)(b)(c)		2,147,637		63,312,339
CVB Financial Corp.^(a)(c)		9,563,598		242,150,301
Dime Community Bancshares, Inc.^(a)		2,364,491		69,232,296
Eagle Bancorp, Inc.^(a)		2,269,116		101,701,779
FB Financial Corp.^(a)(c)		2,564,414		97,986,259
First Bancorp/Puerto Rico^(a)		13,109,498		179,337,933
First Bancorp/Southern Pines NC^(a)(c)		2,468,038		90,280,830
First Commonwealth Financial Corp.^(a)		6,138,268		78,815,361
First Financial Bancorp^(a)		6,450,830		135,983,496
First Hawaiian, Inc.^(a)		9,312,919		229,377,195
Hanmi Financial Corp.^(a)		2,046,892		48,470,403
Heritage Financial Corp.^(a)		2,349,446		62,189,836


Security	Shares		Value

Banks (continued)
Hilltop Holdings, Inc.^(a)(c)		3,324,324	$	82,609,451
HomeStreet, Inc.^(a)		1,256,727		36,206,305
Hope Bancorp, Inc.^(a)		7,989,669		100,989,416
Independent Bank Corp.^(a)(c)		3,141,549		234,139,647
Independent Bank Group, Inc.^(a)		2,582,072		158,513,400
Lakeland Financial Corp.^(a)(c)		1,819,940		132,509,831
National Bank Holdings Corp., Class A^(a)		2,047,072		75,721,193
NBT Bancorp, Inc.^(a)		2,922,749		110,918,325
Northwest Bancshares, Inc.^(a)		8,555,530		115,585,210
OFG Bancorp^(a)		3,245,370		81,556,148
Pacific Premier Bancorp, Inc.^(a)		6,649,873		205,880,068
Park National Corp.^(a)(c)		1,054,995		131,325,778
Pathward Financial, Inc.^(a)(c)		2,077,866		68,486,463
Preferred Bank^(c)		615,879		40,173,787
Renasant Corp.^(a)		3,826,536		119,694,046
S&T Bancorp, Inc.^(a)		2,733,139		80,108,304
Seacoast Banking Corp. of Florida^(a)(c)		4,283,468		129,489,238
ServisFirst Bancshares, Inc.^(a)(c)		3,564,611		285,168,880
Simmons First National Corp., Class A^(a)(c)		8,787,556		191,480,845
Southside Bancshares, Inc.^(a)		2,218,003		78,428,586
Stellar Bancorp, Inc.		1,334,128		39,023,244
Tompkins Financial Corp.^(a)		923,324		67,051,789
Triumph Bancorp, Inc.^(a)(b)(c)		1,676,291		91,106,416
Trustmark Corp.^(a)		3,868,806		118,501,528
United Community Banks, Inc.^(a)		7,373,377		244,058,779
Veritex Holdings, Inc.^(a)		3,748,074		99,661,288
Westamerica Bancorp^(a)		1,842,536		96,346,207


				6,107,993,212

Beverages — 0.3%
MGP Ingredients, Inc.^(a)(c)		1,122,752		119,191,352
National Beverage Corp.		1,701,780		65,586,601


				184,777,953

Biotechnology — 3.0%
Anika Therapeutics, Inc.^(a)(b)(c)		1,089,756		25,936,193
Arcus Biosciences, Inc.^(a)(b)(c)		3,789,059		99,121,783
Avid Bioservices, Inc.^(a)(b)(c)		4,509,595		86,223,456
Catalyst Pharmaceuticals, Inc.^(a)(b)(c)		6,898,719		88,510,565
Coherus Biosciences, Inc.^(a)(b)(c)		4,704,829		45,213,407
Cytokinetics, Inc.^(a)(b)(c)		6,865,782		332,647,138
Dynavax Technologies Corp.^(a)(b)(c)		8,578,021		89,554,539
Eagle Pharmaceuticals, Inc.^(a)(b)(c)		775,098		20,478,089
Emergent BioSolutions, Inc.^(a)(b)(c)		3,245,759		68,128,481
Enanta Pharmaceuticals, Inc.^(a)(b)(c)		1,420,779		73,695,807
Ironwood Pharmaceuticals, Inc.^(a)(b)(c)		9,729,178		100,794,284
iTeos Therapeutics, Inc.^(a)(b)(c)		1,796,740		34,227,897
Ligand Pharmaceuticals, Inc.^(a)(b)(c)		1,169,702		100,723,039
Myriad Genetics, Inc.^(a)(b)(c)		5,880,642		112,202,649
Organogenesis Holdings, Inc.^(b)(c)		5,154,643		16,701,043
REGENXBIO, Inc.^(a)(b)(c)		2,742,896		72,494,741
uniQure NV^(a)(b)(c)		3,007,422		56,419,237
Vanda Pharmaceuticals, Inc.^(a)(b)(c)		4,124,982		40,754,822
Vericel Corp.^(a)(b)(c)		3,440,670		79,823,544
Vir Biotechnology, Inc.^(b)(c)		5,513,718		106,304,483
Xencor, Inc.^(a)(b)(c)		4,353,727		113,109,827


				1,763,065,024

Building Products — 2.0%
AAON, Inc.^(a)(c)		3,062,692		165,017,845
American Woodmark Corp.^(a)(b)(c)		1,210,198		53,079,284
Apogee Enterprises, Inc.^(a)		1,615,906		61,759,927
Gibraltar Industries, Inc.^(a)(b)(c)		2,306,612		94,409,629
Griffon Corp.^(a)(c)		3,454,158		101,966,744


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Building Products (continued)
Insteel Industries, Inc.^(a)(c)		1,422,569	$	37,740,756
PGT Innovations, Inc.^(a)(b)(c)		4,371,902		91,635,066
Quanex Building Products Corp.^(a)(c)		2,429,875		44,126,530
Resideo Technologies, Inc.^(a)(b)(c)		10,624,767		202,508,059
UFP Industries, Inc.^(a)(c)		4,494,075		324,292,452


				1,176,536,292

Capital Markets — 0.9%
B Riley Financial, Inc.		1,157,875		51,548,595
Blucora, Inc.^(a)(b)(c)		3,482,105		67,343,911
Brightsphere Investment Group, Inc.^(a)		2,356,983		35,142,617
Donnelley Financial Solutions, Inc.^(a)(b)(c)		1,869,208		69,104,620
Piper Sandler Cos.^(a)		999,786		104,717,586
StoneX Group, Inc.^(a)(b)(c)		1,256,039		104,175,875
Virtus Investment Partners, Inc.^(a)		498,728		79,557,091
WisdomTree Investments, Inc.^(a)		8,149,819		38,141,153


				549,731,448

Chemicals — 3.2%
AdvanSix, Inc.^(a)(c)		2,042,545		65,565,695
American Vanguard Corp.^(a)(c)		2,116,263		39,574,118
Balchem Corp.^(a)(c)		2,342,539		284,805,892
FutureFuel Corp.		1,940,524		11,720,765
Hawkins, Inc.^(a)		1,385,396		54,016,590
HB Fuller Co.^(a)(c)		3,877,107		233,014,131
Innospec, Inc.^(a)(c)		1,807,981		154,889,732
Koppers Holdings, Inc.^(a)(c)		1,537,002		31,938,902
Livent Corp.^(a)(b)(c)		13,072,064		400,658,762
Mativ Holdings, Inc.^(a)		3,987,417		88,042,167
Minerals Technologies, Inc.^(a)(c)		2,377,125		117,453,746
Quaker Chemical Corp.^(a)(c)		993,733		143,475,171
Rayonier Advanced Materials, Inc.^(a)(b)(c)		4,806,670		15,141,011
Stepan Co.^(a)(c)		1,545,345		144,752,466
Tredegar Corp.^(a)		1,849,577		17,460,007
Trinseo PLC^(a)		2,555,862		46,823,392


				1,849,332,547

Commercial Services & Supplies — 1.9%
ABM Industries, Inc.^(a)		4,870,768		186,209,461
Brady Corp., Class A, NVS^(c)		3,404,835		142,083,765
CoreCivic, Inc.^(a)(b)		8,577,913		75,828,751
Deluxe Corp.^(a)		3,142,179		52,317,280
GEO Group, Inc.^(a)(b)		8,774,972		67,567,284
Harsco Corp.^(a)(b)(c)		5,792,961		21,665,674
Healthcare Services Group, Inc.^(a)		5,417,120		65,492,981
HNI Corp.^(a)		3,014,397		79,911,664
Interface, Inc.^(a)(c)		4,299,777		38,654,995
KAR Auction Services, Inc.^(a)(b)(c)		8,447,405		94,357,514
Matthews International Corp., Class A^(a)		2,232,090		50,021,137
Pitney Bowes, Inc.		7,894,604		18,394,427
UniFirst Corp.^(c)		1,100,714		185,173,116
Viad Corp.^(a)(b)(c)		1,503,886		47,492,720


				1,125,170,769

Communications Equipment — 1.5%
ADTRAN Holdings, Inc.^(a)		5,138,031		100,602,647
Clearfield, Inc.^(a)(b)(c)		834,003		87,270,074
Comtech Telecommunications Corp.^(a)		1,992,977		19,949,700
Digi International, Inc.^(a)(b)(c)		2,558,730		88,455,296
Extreme Networks, Inc.^(b)(c)		5,838,562		76,310,005
Harmonic, Inc.^(a)(b)(c)		7,661,955		100,141,752
NETGEAR, Inc.^(a)(b)(c)		2,102,431		42,132,717


Security	Shares		Value

Communications Equipment (continued)
NetScout Systems, Inc.^(a)(b)(c)		4,962,823	$	155,435,616
Viavi Solutions, Inc.^(a)(b)(c)		16,615,417		216,831,192


				887,128,999

Construction & Engineering — 1.3%
Arcosa, Inc.^(a)(c)		3,526,615		201,651,846
Comfort Systems USA, Inc.^(a)(c)		2,609,094		253,943,119
Granite Construction, Inc.^(a)(c)		3,217,164		81,683,794
MYR Group, Inc.^(a)(b)(c)		1,214,783		102,928,564
NV5 Global, Inc.^(a)(b)(c)		909,655		112,633,482


				752,840,805

Consumer Finance — 0.7%
Encore Capital Group, Inc.^(a)(b)(c)		1,745,450		79,383,066
Enova International, Inc.^(a)(b)(c)		2,334,555		68,332,425
EZCORP, Inc., Class A, NVS^(b)(c)		3,948,749		30,444,855
Green Dot Corp., Class A^(a)(b)(c)		3,478,202		66,016,274
LendingTree, Inc.^(a)(b)(c)		792,941		18,919,572
PRA Group, Inc.^(a)(b)(c)		2,846,241		93,527,479
PROG Holdings, Inc.^(a)(b)		3,689,670		55,271,257
World Acceptance Corp.^(b)(c)		265,725		25,727,494


				437,622,422

Containers & Packaging — 0.3%
Myers Industries, Inc.^(a)		2,673,477		44,032,166
O-I Glass, Inc.^(a)(b)(c)		11,356,204		147,062,842


				191,095,008

Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc.^(a)(b)(c)		3,296,687		120,164,241
Frontdoor, Inc.^(a)(b)(c)		5,942,992		121,177,607
Mister Car Wash, Inc.^(b)		5,768,009		49,489,517
Perdoceo Education Corp.^(a)(b)(c)		4,941,506		50,897,512
Strategic Education, Inc.^(a)		1,635,050		100,408,420
Stride, Inc.^(a)(b)(c)		2,967,288		124,715,115
WW International, Inc.^(a)(b)(c)		3,913,993		15,381,992


				582,234,404

Diversified Telecommunication Services — 0.4%
ATN International, Inc.^(c)		787,488		30,373,412
Cogent Communications Holdings, Inc.^(a)		3,111,303		162,285,564
Consolidated Communications Holdings, Inc.^(b)(c)		5,432,187		22,597,898


				215,256,874

Electrical Equipment — 0.4%
AZZ, Inc.^(a)		1,807,857		66,004,859
Encore Wire Corp.^(a)(c)		1,394,837		161,159,467
Powell Industries, Inc.^(a)		679,827		14,330,753


				241,495,079

Electronic Equipment, Instruments & Components — 4.2%
Advanced Energy Industries, Inc.^(a)(c)		2,724,543		210,906,874
Arlo Technologies, Inc.^(a)(b)(c)		6,390,984		29,654,166
Badger Meter, Inc.^(a)(c)		2,134,551		197,211,167
Benchmark Electronics, Inc.^(a)(c)		2,570,837		63,705,341
CTS Corp.^(a)(c)		2,328,218		96,970,280
ePlus, Inc.^(a)(b)(c)		1,972,803		81,950,237
Fabrinet^(a)(b)(c)		2,682,679		256,061,711
FARO Technologies, Inc.^(a)(b)(c)		1,337,439		36,699,326
Insight Enterprises, Inc.^(a)(b)(c)		2,228,442		183,645,905
Itron, Inc.^(a)(b)(c)		3,296,718		138,824,795
Knowles Corp.^(a)(b)(c)		6,700,149		81,540,813
Methode Electronics, Inc.^(a)(c)		2,680,078		99,564,898
OSI Systems, Inc.^(a)(b)(c)		1,155,999		83,301,288
PC Connection, Inc.		825,311		37,213,273


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electronic Equipment, Instruments & Components (continued)
Plexus Corp.^(a)(b)(c)		2,021,003	$	176,959,023
Rogers Corp.^(a)(b)(c)		1,365,951		330,396,228
Sanmina Corp.^(a)(b)(c)		4,219,656		194,441,748
ScanSource, Inc.^(a)(b)(c)		1,839,988		48,594,083
TTM Technologies, Inc.^(a)(b)(c)		7,471,588		98,475,530


				2,446,116,686

Energy Equipment & Services — 1.7%
Archrock, Inc.^(a)		9,760,742		62,663,964
Bristow Group, Inc.^(a)(b)(c)		1,738,643		40,840,724
Core Laboratories NV^(a)(c)		3,378,474		45,541,830
DMC Global, Inc.^(a)(b)(c)		1,352,964		21,620,365
Dril-Quip, Inc.^(a)(b)(c)		2,506,889		48,934,473
Helix Energy Solutions Group, Inc.^(a)(b)(c)		10,436,079		40,283,265
Helmerich & Payne, Inc.^(a)		7,678,650		283,879,690
Nabors Industries Ltd.^(a)(b)(c)		652,509		66,197,038
Oceaneering International, Inc.^(a)(b)(c)		7,311,940		58,203,042
Oil States International, Inc.^(a)(b)(c)		4,666,972		18,154,521
Patterson-UTI Energy, Inc.^(a)(c)		15,812,565		184,690,759
ProPetro Holding Corp.^(a)(b)(c)		6,392,221		51,457,379
RPC, Inc.^(c)		6,068,490		42,054,636
U.S. Silica Holdings, Inc.^(a)(b)(c)		5,510,285		60,337,621


				1,024,859,307

Entertainment — 0.2%
Cinemark Holdings, Inc.^(a)(b)(c)		7,848,492		95,045,238
Marcus Corp.^(c)		1,779,122		24,712,005


				119,757,243

Equity Real Estate Investment Trusts (REITs) — 7.0%
Acadia Realty Trust^(a)		6,756,663		85,269,087
Agree Realty Corp.^(a)(c)		5,823,179		393,530,437
Alexander & Baldwin, Inc.^(a)		5,301,972		87,906,696
American Assets Trust, Inc.^(a)		3,806,082		97,892,429
Armada Hoffler Properties, Inc.^(a)		4,937,857		51,254,956
Brandywine Realty Trust^(a)		12,544,229		84,673,546
CareTrust REIT, Inc.^(a)		7,076,235		128,150,616
Centerspace^(a)		1,121,075		75,470,769
Chatham Lodging Trust^(a)(b)		3,571,247		35,248,208
Community Healthcare Trust, Inc.^(a)		1,716,815		56,225,691
DiamondRock Hospitality Co.^(a)		15,382,438		115,522,109
Diversified Healthcare Trust^(a)		17,945,404		17,767,745
Easterly Government Properties, Inc.^(a)(c)		6,154,787		97,060,991
Elme Communities^(a)(c)		6,382,650		112,079,334
Essential Properties Realty Trust, Inc.^(a)		10,298,301		200,301,954
Four Corners Property Trust, Inc.^(a)		5,948,794		143,901,327
Franklin Street Properties Corp.^(a)		6,700,794		17,623,088
Getty Realty Corp.^(a)		2,882,402		77,507,790
Global Net Lease, Inc.^(a)		7,582,548		80,754,136
Hersha Hospitality Trust, Class A^(a)		2,396,753		19,126,089
Hudson Pacific Properties, Inc.^(a)		9,401,099		102,942,034
Industrial Logistics Properties Trust^(a)		4,787,315		26,330,233
Innovative Industrial Properties, Inc.^(a)		2,040,037		180,543,274
iStar, Inc.^(a)		6,226,528		57,657,649
LTC Properties, Inc.^(a)(c)		2,953,998		110,627,225
LXP Industrial Trust^(a)		20,412,404		186,977,621
NexPoint Residential Trust, Inc.^(a)		1,351,111		62,434,839
Office Properties Income Trust^(a)		3,533,813		49,650,073
Orion Office REIT, Inc.^(a)(c)		4,144,036		36,260,315
Outfront Media, Inc., REIT		5,808,837		88,236,234
Retail Opportunity Investments Corp.^(a)(c)		8,509,433		117,089,798
RPT Realty^(a)		6,232,315		47,116,301
Safehold, Inc.^(c)		1,273,609		33,699,694
Saul Centers, Inc.^(c)		944,657		35,424,638


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
Service Properties Trust^(a)(c)		12,043,479	$	62,505,656
SITE Centers Corp.		9,273,175		99,315,704
Summit Hotel Properties, Inc.^(a)(c)		7,796,122		52,389,940
Sunstone Hotel Investors, Inc.^(a)(c)		14,423,023		135,864,877
Tanger Factory Outlet Centers, Inc.^(a)(c)		7,611,700		104,128,056
Uniti Group, Inc.^(a)		17,302,515		120,252,479
Universal Health Realty Income Trust^(a)		928,990		40,141,658
Urban Edge Properties^(a)		8,565,022		114,257,393
Urstadt Biddle Properties, Inc., Class A^(a)		1,947,702		30,208,858
Veris Residential, Inc.^(a)(b)		5,778,929		65,706,423
Whitestone REIT^(a)		3,384,512		28,632,972
Xenia Hotels & Resorts, Inc.^(a)		8,362,534		115,319,344


				4,080,980,286

Food & Staples Retailing — 0.8%
Andersons, Inc.^(a)		2,321,308		72,030,187
Chefs’ Warehouse, Inc.^(a)(b)(c)		2,483,424		71,944,793
PriceSmart, Inc.^(a)(c)		1,827,235		105,230,464
SpartanNash Co.^(a)		2,634,657		76,457,746
United Natural Foods, Inc.^(a)(b)(c)		4,251,176		146,112,919


				471,776,109

Food Products — 2.2%
B&G Foods, Inc.^(a)(c)		5,239,319		86,396,370
Calavo Growers, Inc.^(a)		1,293,920		41,081,960
Cal-Maine Foods, Inc.^(c)		2,770,845		154,031,274
Fresh Del Monte Produce, Inc.		2,232,609		51,885,833
Hain Celestial Group, Inc.^(a)(b)		6,542,222		110,432,707
Hostess Brands, Inc.^(a)(b)(c)		9,954,544		231,343,603
J & J Snack Foods Corp.^(a)(c)		1,091,729		141,346,154
John B Sanfilippo & Son, Inc.		651,190		49,314,619
Seneca Foods Corp., Class A^(a)(b)(c)		408,523		20,605,900
Simply Good Foods Co.^(a)(b)(c)		6,221,941		199,039,893
Tootsie Roll Industries, Inc.		1,295,726		43,121,761
TreeHouse Foods, Inc.^(a)(b)(c)		3,678,439		156,039,382


				1,284,639,456

Gas Utilities — 0.9%
Chesapeake Utilities Corp.^(a)(c)		1,160,005		133,852,977
Northwest Natural Holding Co.^(a)		2,539,125		110,147,242
South Jersey Industries, Inc.^(a)		8,931,195		298,480,537


				542,480,756

Health Care Equipment & Supplies — 3.5%
AngioDynamics, Inc.^(a)(b)(c)		2,866,395		58,646,442
Artivion, Inc.^(a)(b)(c)		2,940,237		40,692,880
Avanos Medical, Inc.^(a)(b)(c)		3,390,281		73,840,320
BioLife Solutions, Inc.^(a)(b)(c)		2,485,739		56,550,562
Cardiovascular Systems, Inc.^(a)(b)(c)		2,974,443		41,225,780
CONMED Corp.^(a)(c)		2,221,848		178,125,554
Cutera, Inc.^(a)(b)(c)		1,299,116		59,239,690
Embecta Corp.^(a)(c)		4,215,156		121,354,341
Glaukos Corp.^(a)(b)(c)		3,471,192		184,806,262
Heska Corp.^(a)(b)(c)		741,685		54,083,670
Inogen, Inc.^(a)(b)(c)		1,673,057		40,621,824
Integer Holdings Corp.^(a)(b)(c)		2,415,624		150,324,282
Lantheus Holdings, Inc.^(a)(b)(c)		5,013,252		352,582,013
LeMaitre Vascular, Inc.^(a)(c)		1,418,446		71,886,843
Meridian Bioscience, Inc.^(a)(b)		3,189,981		100,580,101
Merit Medical Systems, Inc.^(a)(b)(c)		4,139,723		233,935,747
Mesa Laboratories, Inc.^(a)(c)		364,502		51,332,817
OraSure Technologies, Inc.^(a)(b)(c)		5,296,089		20,072,177
Orthofix Medical, Inc.^(a)(b)(c)		1,463,721		27,971,708
Surmodics, Inc.^(a)(b)(c)		1,026,776		31,213,990
Varex Imaging Corp.^(a)(b)(c)		2,934,516		62,035,668


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Zimvie, Inc.^(a)(b)(c)		1,521,840	$	15,020,561
Zynex, Inc.^(c)		1,659,913		15,055,411


				2,041,198,643

Health Care Providers & Services — 3.7%
AdaptHealth Corp.^(b)(c)		5,607,555		105,309,883
Addus HomeCare Corp.^(a)(b)(c)		1,172,701		111,688,043
AMN Healthcare Services, Inc.^(a)(b)(c)		3,155,835		334,392,277
Apollo Medical Holdings, Inc.^(a)(b)(c)		2,861,325		111,591,675
Community Health Systems, Inc.^(a)(b)(c)		9,166,843		19,708,712
CorVel Corp.^(b)(c)		674,680		93,395,952
Covetrus, Inc.^(a)(b)		7,636,624		159,452,709
Cross Country Healthcare, Inc.^(a)(b)(c)		2,648,764		75,145,435
Enhabit, Inc.^(a)(b)(c)		3,618,631		50,805,579
Ensign Group, Inc.^(a)		4,032,219		320,561,410
Fulgent Genetics, Inc.^(b)(c)		1,482,051		56,495,784
Hanger, Inc.^(a)(b)(c)		2,825,959		52,901,952
Joint Corp.^(a)(b)(c)		1,091,216		17,143,003
ModivCare, Inc.^(a)(b)(c)		922,257		91,930,578
Owens & Minor, Inc.^(a)		5,560,689		134,012,605
Pediatrix Medical Group, Inc.^(a)(b)(c)		6,151,874		101,567,440
Pennant Group, Inc.^(a)(b)(c)		2,055,147		21,394,080
RadNet, Inc.^(b)(c)		2,484,582		50,561,244
Select Medical Holdings Corp.^(a)		7,529,984		166,412,646
U.S. Physical Therapy, Inc.^(a)		948,378		72,095,696


				2,146,566,703

Health Care Technology — 0.6%
Allscripts Healthcare Solutions, Inc.^(a)(b)(c)		8,090,157		123,213,091
Computer Programs and Systems, Inc.^(a)(b)(c)		1,097,327		30,593,477
HealthStream, Inc.^(a)(b)(c)		1,761,277		37,444,749
NextGen Healthcare, Inc.^(a)(b)(c)		4,018,093		71,120,246
OptimizeRx Corp.^(a)(b)(c)		1,318,758		19,543,994
Simulations Plus, Inc.^(a)(c)		1,167,578		56,674,236


				338,589,793

Hotels, Restaurants & Leisure — 1.8%
BJ’s Restaurants, Inc.^(a)(b)(c)		1,710,496		40,795,330
Bloomin’ Brands, Inc.^(a)		6,526,123		119,623,835
Brinker International, Inc.^(a)(b)(c)		3,205,293		80,068,219
Cheesecake Factory, Inc.^(a)(c)		3,546,509		103,841,784
Chuy’s Holdings, Inc.^(a)(b)(c)		1,380,395		31,997,556
Dave & Buster’s Entertainment, Inc.^(a)(b)(c)		3,104,852		96,343,558
Dine Brands Global, Inc.^(a)		1,146,868		72,894,930
El Pollo Loco Holdings, Inc.^(b)(c)		1,455,320		12,981,454
Golden Entertainment, Inc.^(a)(b)(c)		1,600,725		55,849,295
Jack in the Box, Inc.^(a)		1,538,979		113,992,175
Monarch Casino & Resort, Inc.^(a)(b)(c)		972,506		54,596,487
Ruth’s Hospitality Group, Inc.^(a)		2,247,544		37,893,592
Shake Shack, Inc., Class A^(a)(b)(c)		2,724,442		122,545,401
Six Flags Entertainment Corp.^(a)(b)(c)		5,393,769		95,469,711


				1,038,893,327

Household Durables — 2.4%
Cavco Industries, Inc.^(a)(b)(c)		603,295		124,133,979
Century Communities, Inc.^(a)(c)		2,098,772		89,785,466
Ethan Allen Interiors, Inc.^(a)		1,641,800		34,707,652
Green Brick Partners, Inc.^(b)(c)		1,975,705		42,240,573
Installed Building Products, Inc.^(a)(c)		1,719,061		139,226,750
iRobot Corp.^(a)(b)(c)		1,980,978		111,588,491
La-Z-Boy, Inc.^(a)		3,164,712		71,427,550
LGI Homes, Inc.^(a)(b)(c)		1,493,605		121,534,639
M/I Homes, Inc.^(a)(b)(c)		2,028,088		73,477,628
MDC Holdings, Inc.^(a)		4,158,944		114,038,244
Meritage Homes Corp.^(a)(b)(c)		2,666,786		187,395,052


Security	Shares		Value

Household Durables (continued)
Sonos, Inc.^(a)(b)(c)		9,285,633	$	129,070,299
Tri Pointe Homes, Inc.^(a)(b)(c)		7,420,839		112,128,877
Tupperware Brands Corp.^(a)(b)(c)		2,821,002		18,477,563
Universal Electronics, Inc.^(a)(b)(c)		884,169		17,391,604


				1,386,624,367

Household Products — 0.5%
Central Garden & Pet Co.^(b)(c)		728,020		26,237,841
Central Garden & Pet Co., Class A, NVS^(b)(c)		3,031,354		103,551,052
WD-40 Co.^(a)(c)		993,801		174,650,588


				304,439,481

Insurance — 2.6%
Ambac Financial Group, Inc.^(b)(c)		2,217,455		28,272,551
American Equity Investment Life Holding Co.^(a)		5,176,979		193,049,547
AMERISAFE, Inc.^(a)		1,414,750		66,111,267
Assured Guaranty Ltd.^(a)		4,514,725		218,738,426
Employers Holdings, Inc.^(a)		1,722,658		59,414,474
Genworth Financial, Inc., Class A^(a)(b)(c)		31,035,879		108,625,576
HCI Group, Inc.^(a)		521,690		20,450,248
Horace Mann Educators Corp.^(a)		2,732,195		96,419,162
James River Group Holdings Ltd.^(a)(c)		2,608,057		59,489,780
Mercury General Corp.		1,934,114		54,967,520
Palomar Holdings, Inc.^(a)(b)(c)		1,841,163		154,142,166
ProAssurance Corp.^(a)		3,525,618		68,784,807
Safety Insurance Group, Inc.^(a)		981,992		80,091,268
Selectquote, Inc.^(a)(b)(c)		8,992,355		6,564,419
SiriusPoint Ltd.^(b)(c)		6,248,827		30,931,694
Stewart Information Services Corp.^(a)		1,886,670		82,334,279
Trupanion, Inc.^(a)(b)(c)		2,555,543		151,875,920
United Fire Group, Inc.^(a)(c)		1,604,130		46,086,655
Universal Insurance Holdings, Inc.^(a)		1,998,557		19,685,786


				1,546,035,545

Interactive Media & Services — 0.6%
Cars.com, Inc.^(a)(b)(c)		4,602,856		52,932,844
QuinStreet, Inc.^(a)(b)(c)		3,757,240		39,451,020
Shutterstock, Inc.		1,757,815		88,189,579
Yelp, Inc.^(a)(b)(c)		5,133,215		174,067,321


				354,640,764

Internet & Direct Marketing Retail — 0.1%
Liquidity Services, Inc.^(a)(b)(c)		1,978,808		32,175,418
PetMed Express, Inc.^(a)		1,537,540		30,012,781


				62,188,199

IT Services — 0.9%
CSG Systems International, Inc.^(a)		2,339,711		123,723,918
EVERTEC, Inc.^(a)		4,811,485		150,840,055
Perficient, Inc.^(a)(b)(c)		2,523,557		164,081,676
TTEC Holdings, Inc.		1,377,177		61,022,713
Unisys Corp.^(a)(b)(c)		4,943,621		37,324,339


				536,992,701

Leisure Products — 0.3%
Sturm Ruger & Co., Inc.^(a)		1,288,597		65,447,842
Vista Outdoor, Inc.^(a)(b)(c)		4,122,693		100,263,894


				165,711,736

Life Sciences Tools & Services — 0.1%
NeoGenomics, Inc.^(a)(b)(c)		9,203,064		79,238,381


Machinery — 4.6%
3D Systems Corp.^(a)(b)(c)		9,529,452		76,045,027
Alamo Group, Inc.^(a)		752,715		92,034,463
Albany International Corp., Class A^(a)(c)		2,268,085		178,793,141
Astec Industries, Inc.^(a)(c)		1,677,011		52,305,973


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery (continued)
Barnes Group, Inc.^(a)(c)		3,684,240	$	106,400,851
CIRCOR International, Inc.^(a)(b)(c)		1,502,956		24,783,744
Enerpac Tool Group Corp.^(a)		4,253,377		75,837,712
EnPro Industries, Inc.^(a)(c)		1,517,070		128,920,609
ESCO Technologies, Inc.^(a)(c)		1,886,211		138,523,336
Federal Signal Corp.^(a)(c)		4,421,457		165,008,775
Franklin Electric Co., Inc.^(a)		2,835,852		231,717,467
Greenbrier Cos., Inc.^(a)		2,380,195		57,767,333
Hillenbrand, Inc.^(a)		5,065,415		186,002,039
John Bean Technologies Corp.^(a)(c)		2,323,656		199,834,416
Lindsay Corp.^(a)(c)		802,829		115,029,339
Mueller Industries, Inc.^(a)(c)		4,133,887		245,718,243
Proto Labs, Inc.^(a)(b)(c)		2,011,700		73,286,231
SPX Technologies, Inc.^(a)(b)(c)		3,297,330		182,078,563
Standex International Corp.^(a)(c)		874,393		71,394,188
Tennant Co.^(a)(c)		1,362,743		77,076,744
Titan International, Inc.^(a)(b)(c)		3,710,088		45,040,468
Trinity Industries, Inc.^(a)		5,988,855		127,862,054
Wabash National Corp.^(a)(c)		3,540,742		55,093,946


				2,706,554,662

Marine — 0.3%
Matson, Inc.^(a)(c)		2,842,839		174,891,455


Media — 0.6%
AMC Networks, Inc., Class A^(b)(c)		2,045,861		41,530,978
EW Scripps Co., Class A^(a)(b)		4,222,724		47,590,099
Gannett Co., Inc.^(a)(b)(c)		10,313,004		15,778,896
Scholastic Corp.		2,212,121		68,044,842
TechTarget, Inc.^(a)(b)(c)		1,979,767		117,202,206
Thryv Holdings, Inc.^(a)(b)(c)		2,240,507		51,150,775


				341,297,796

Metals & Mining — 1.7%
Arconic Corp.^(a)(b)(c)		7,487,186		127,581,649
ATI, Inc.^(a)(b)(c)		9,473,572		252,091,751
Carpenter Technology Corp.^(a)		3,520,946		109,642,258
Century Aluminum Co.^(b)(c)		3,731,124		19,700,335
Compass Minerals International, Inc.^(a)(c)		2,498,130		96,252,949
Haynes International, Inc.^(a)		915,016		32,135,362
Kaiser Aluminum Corp.^(a)		1,162,572		71,323,792
Materion Corp.^(a)(c)		1,496,797		119,743,760
Olympic Steel, Inc.^(a)(c)		701,723		16,006,302
SunCoke Energy, Inc.^(a)		6,101,800		35,451,458
TimkenSteel Corp.^(a)(b)(c)		3,000,350		44,975,247
Warrior Met Coal, Inc.^(c)		2,470,246		70,253,796


				995,158,659

Mortgage Real Estate Investment Trusts (REITs) — 1.2%
Apollo Commercial Real Estate Finance, Inc.^(a)		9,464,094		78,551,980
ARMOUR Residential REIT, Inc.^(a)		8,334,589		40,589,448
Ellington Financial, Inc.^(a)		4,164,469		47,350,013
Franklin BSP Realty Trust, Inc.^(a)		6,162,148		66,366,334
Granite Point Mortgage Trust, Inc.^(a)		3,817,947		24,587,579
Invesco Mortgage Capital, Inc.^(a)		2,410,605		26,757,716
KKR Real Estate Finance Trust, Inc.^(a)		4,235,730		68,830,612
New York Mortgage Trust, Inc.^(a)		27,547,266		64,460,602
PennyMac Mortgage Investment Trust^(a)		6,616,262		77,939,566
Ready Capital Corp.^(a)		7,437,029		75,411,474
Redwood Trust, Inc.^(a)		8,515,721		48,880,239
Two Harbors Investment Corp.^(a)		25,119,929		83,398,164


				703,123,727

Multiline Retail — 0.1%
Big Lots, Inc.^(a)		2,104,683		32,854,102


Security	Shares		Value

Multi-Utilities — 0.4%
Avista Corp.^(a)		5,208,276	$	192,966,626
Unitil Corp.^(a)		1,179,437		54,784,849


				247,751,475

Oil, Gas & Consumable Fuels — 2.8%
Callon Petroleum Co.^(a)(b)(c)		3,742,108		131,011,201
Civitas Resources, Inc.		3,782,777		217,093,572
CONSOL Energy, Inc.^(a)(c)		2,390,312		153,744,868
Dorian LPG Ltd.^(a)		2,321,920		31,508,454
Green Plains, Inc.^(a)(b)(c)		3,275,537		95,219,861
Laredo Petroleum, Inc.^(a)(b)(c)		1,249,609		78,537,926
Par Pacific Holdings, Inc.^(b)(c)		2,888,579		47,401,581
PBF Energy, Inc., Class A^(a)(b)(c)		7,824,738		275,117,788
Ranger Oil Corp., Class A^(c)		1,444,739		45,437,042
REX American Resources Corp.^(a)(b)		1,171,022		32,694,934
SM Energy Co.^(a)(c)		8,940,599		336,255,928
Talos Energy, Inc.^(a)(b)(c)		4,770,845		79,434,569
World Fuel Services Corp.^(a)		4,515,559		105,844,703


				1,629,302,427

Paper & Forest Products — 0.3%
Clearwater Paper Corp.^(a)(b)(c)		1,220,918		45,906,517
Mercer International, Inc.		2,943,582		36,206,059
Sylvamo Corp.^(a)		2,413,622		81,821,786


				163,934,362

Personal Products — 0.9%
Edgewell Personal Care Co.^(a)(c)		3,779,618		141,357,713
elf Beauty, Inc.^(a)(b)(c)		3,632,069		136,638,436
Inter Parfums, Inc.		1,304,868		98,465,339
Medifast, Inc.^(a)		803,536		87,071,161
USANA Health Sciences, Inc.^(b)(c)		812,061		45,516,019


				509,048,668

Pharmaceuticals — 1.8%
Amphastar Pharmaceuticals, Inc.^(a)(b)		2,791,619		78,444,494
ANI Pharmaceuticals, Inc.^(a)(b)(c)		879,912		28,280,372
Cara Therapeutics, Inc.^(a)(b)(c)		3,291,309		30,806,652
Collegium Pharmaceutical, Inc.^(a)(b)(c)		2,497,069		40,003,045
Corcept Therapeutics, Inc.^(a)(b)(c)		6,951,827		178,244,844
Harmony Biosciences Holdings, Inc.^(b)(c)		2,157,287		95,546,241
Innoviva, Inc.^(a)(b)(c)		4,575,280		53,119,001
Nektar Therapeutics^(a)(b)(c)		13,667,409		43,735,709
Pacira BioSciences, Inc.^(a)(b)(c)		3,341,890		177,755,129
Phibro Animal Health Corp., Class A		1,534,047		20,387,485
Prestige Consumer Healthcare, Inc.^(a)(b)(c)		3,629,156		180,840,843
Supernus Pharmaceuticals, Inc.^(a)(b)(c)		3,901,339		132,060,325


				1,059,224,140

Professional Services — 1.2%
Exponent, Inc.^(a)(c)		3,727,887		326,823,853
Forrester Research, Inc.^(b)		818,299		29,466,947
Heidrick & Struggles International, Inc.^(a)		1,443,922		37,527,533
Kelly Services, Inc., Class A, NVS		2,530,853		34,394,292
Korn Ferry^(a)(c)		3,982,494		186,978,093
Resources Connection, Inc.^(a)		2,319,838		41,919,473
TrueBlue, Inc.^(a)(b)(c)		2,383,783		45,482,580


				702,592,771

Real Estate Management & Development — 0.4%
Anywhere Real Estate, Inc.^(a)(b)(c)		8,341,419		67,648,908
Douglas Elliman, Inc.^(a)		4,919,777		20,171,086
Marcus & Millichap, Inc.^(c)		1,832,019		60,053,583
RE/MAX Holdings, Inc., Class A		1,371,141		25,928,276
St Joe Co.^(c)		2,491,759		79,811,041


				253,612,894


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Road & Rail — 0.4%
ArcBest Corp.^(a)(c)		1,788,876	$	130,104,951
Heartland Express, Inc.^(c)		3,396,504		48,603,972
Marten Transport Ltd.^(a)		4,195,160		80,379,266


				259,088,189

Semiconductors & Semiconductor Equipment — 3.1%
Alpha & Omega Semiconductor Ltd.^(a)(b)(c)		1,616,891		49,735,567
Axcelis Technologies, Inc.^(a)(b)(c)		2,409,134		145,897,155
CEVA, Inc.^(a)(b)(c)		1,694,305		44,441,620
Cohu, Inc.^(a)(b)		3,517,166		90,672,539
Diodes, Inc.^(a)(b)(c)		3,316,870		215,298,032
FormFactor, Inc.^(a)(b)(c)		5,625,230		140,912,011
Ichor Holdings Ltd.^(a)(b)(c)		2,096,002		50,744,208
Kulicke & Soffa Industries, Inc.^(a)(c)		4,234,834		163,168,154
MaxLinear, Inc.^(a)(b)(c)		5,255,782		171,443,609
Onto Innovation, Inc.^(a)(b)(c)		3,623,169		232,063,974
PDF Solutions, Inc.^(a)(b)(c)		2,156,797		52,906,230
Photronics, Inc.^(a)(b)(c)		4,492,549		65,681,066
Rambus, Inc.^(a)(b)(c)		8,060,740		204,904,011
SMART Global Holdings, Inc.^(a)(b)(c)		3,658,103		58,054,095
Ultra Clean Holdings, Inc.^(a)(b)(c)		3,313,257		85,316,368
Veeco Instruments, Inc.^(a)(b)(c)		3,750,415		68,707,603


				1,839,946,242

Software — 2.5%
8x8, Inc.^(a)(b)(c)		8,785,844		30,311,162
A10 Networks, Inc.^(a)		4,833,032		64,134,335
Adeia, Inc.^(a)(c)		6,654,498		94,094,602
Agilysys, Inc.^(a)(b)(c)		1,442,262		79,829,202
Alarm.com Holdings, Inc.^(a)(b)(c)		3,627,471		235,277,769
Cerence, Inc.^(a)(b)(c)		2,873,468		45,257,121
Consensus Cloud Solutions, Inc.^(a)(b)(c)		1,286,921		60,871,363
Digital Turbine, Inc.^(a)(b)(c)		6,559,787		94,526,531
Ebix, Inc.^(a)(c)		1,712,961		32,494,870
InterDigital, Inc.^(a)		2,167,126		87,595,233
LivePerson, Inc.^(a)(b)(c)		5,063,996		47,702,842
LiveRamp Holdings, Inc.^(a)(b)		4,902,171		89,023,425
OneSpan, Inc.^(a)(b)(c)		2,571,145		22,137,558
Progress Software Corp.^(a)(c)		3,169,641		134,868,225
SPS Commerce, Inc.^(a)(b)(c)		2,626,520		326,292,580


				1,444,416,818

Specialty Retail — 4.6%
Aaron’s Co., Inc.^(a)		2,251,963		21,889,080
Abercrombie & Fitch Co., Class A^(a)(b)(c)		3,679,089		57,209,834
Academy Sports & Outdoors, Inc.^(a)(c)		6,206,004		261,769,249
American Eagle Outfitters, Inc.^(a)		11,491,141		111,808,802
America’s Car-Mart, Inc.^(a)(b)(c)		435,104		26,550,046
Asbury Automotive Group, Inc.^(a)(b)(c)		1,614,057		243,884,013
Bed Bath & Beyond, Inc.^(a)(b)(c)		5,066,502		30,854,997
Boot Barn Holdings, Inc.^(a)(b)(c)		2,173,723		127,075,847
Buckle, Inc.		2,155,517		68,243,668
Caleres, Inc.^(a)(c)		2,679,295		64,892,525
Cato Corp., Class A		1,193,312		11,384,197
Chico’s FAS, Inc.^(a)(b)(c)		9,126,656		44,173,015
Children’s Place, Inc.^(a)(b)(c)		954,766		29,492,722
Conn’s, Inc.^(b)(c)		944,795		6,689,149
Designer Brands, Inc., Class A^(c)		4,124,352		63,143,829
Genesco, Inc.^(a)(b)(c)		951,191		37,400,830
Group 1 Automotive, Inc.^(a)(c)		1,151,401		164,500,661
Guess?, Inc.		2,439,642		35,789,548
Haverty Furniture Cos., Inc.		975,326		24,285,617
Hibbett, Inc.^(a)		945,332		47,086,987
Leslie’s, Inc.^(a)(b)(c)		10,811,905		159,043,123


Security	Shares		Value

Specialty Retail (continued)
LL Flooring Holdings, Inc.^(a)(b)(c)		2,139,542	$	14,827,026
MarineMax, Inc.^(a)(b)(c)		1,570,471		46,784,331
Monro, Inc.^(a)		2,348,104		102,048,600
National Vision Holdings, Inc.^(a)(b)(c)		5,753,132		187,839,760
ODP Corp.^(a)(b)(c)		3,126,970		109,912,995
Rent-A-Center, Inc.^(a)		3,885,616		68,037,136
Sally Beauty Holdings, Inc.^(a)(b)(c)		7,824,626		98,590,288
Shoe Carnival, Inc.^(c)		1,251,472		26,831,560
Signet Jewelers Ltd.^(a)(c)		3,392,209		194,000,433
Sleep Number Corp.^(a)(b)(c)		1,608,101		54,369,895
Sonic Automotive, Inc., Class A		1,353,165		58,592,045
Urban Outfitters, Inc.^(b)(c)		4,391,171		86,286,510
Zumiez, Inc.^(a)(b)(c)		1,137,024		24,480,127


				2,709,768,445

Technology Hardware, Storage & Peripherals — 0.2%
Avid Technology, Inc.^(a)(b)(c)		2,474,136		57,548,403
Corsair Gaming, Inc.^(b)(c)		2,802,591		31,809,408
Diebold Nixdorf, Inc.^(a)(b)(c)		5,420,018		13,224,844


				102,582,655

Textiles, Apparel & Luxury Goods — 0.9%
G-III Apparel Group Ltd.^(a)(b)(c)		3,165,336		47,321,773
Kontoor Brands, Inc.^(a)		3,594,868		120,823,513
Movado Group, Inc.		1,172,510		33,041,332
Oxford Industries, Inc.^(a)(c)		1,091,990		98,038,862
Steven Madden Ltd.^(a)		5,425,374		144,694,725
Unifi, Inc.^(a)(b)(c)		951,362		9,047,453
Wolverine World Wide, Inc.^(a)(c)		5,742,169		88,371,981


				541,339,639

Thrifts & Mortgage Finance — 2.0%
Axos Financial, Inc.^(a)(b)(c)		3,880,000		132,812,400
Capitol Federal Financial, Inc.^(a)		9,398,629		78,008,621
Flagstar Bancorp, Inc.^(a)		3,593,938		120,037,529
Mr Cooper Group, Inc.^(a)(b)(c)		4,187,001		169,573,540
NMI Holdings, Inc., Class A^(a)(b)(c)		6,177,312		125,831,845
Northfield Bancorp, Inc.^(a)		3,086,429		44,166,799
Provident Financial Services, Inc.^(a)		5,125,487		99,946,996
TrustCo Bank Corp.^(a)		1,208,110		37,958,816
Walker & Dunlop, Inc.^(a)		2,240,219		187,573,537
WSFS Financial Corp.^(a)(c)		4,365,715		202,831,119


				1,198,741,202

Tobacco — 0.3%
Universal Corp.^(a)		1,797,517		82,757,683
Vector Group Ltd.^(a)		9,595,816		84,539,139


			167,296,822

Trading Companies & Distributors — 1.3%
Applied Industrial Technologies, Inc.^(a)		2,803,666		288,160,791
Boise Cascade Co.^(a)(c)		2,876,897		171,060,296
DXP Enterprises, Inc.^(a)(b)(c)		1,158,357		27,429,894
GMS, Inc.^(a)(b)(c)		3,110,207		124,439,382
NOW, Inc.^(a)(b)		8,084,315		81,247,366
Veritiv Corp.^(a)(b)(c)		1,018,458		99,574,639


				791,912,368

Water Utilities — 0.9%
American States Water Co.^(a)(c)		2,695,226		210,092,867
California Water Service Group^(a)(c)		3,964,113		208,869,114
Middlesex Water Co.^(a)		1,154,264		89,109,181


				508,071,162

Wireless Telecommunication Services — 0.3%
Gogo, Inc.^(b)(c)		3,240,693		39,277,199


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Wireless Telecommunication Services (continued)
Shenandoah Telecommunications Co.^(a)(c)		3,683,277	$	62,689,375
Telephone & Data Systems, Inc.		7,302,934		101,510,783


				203,477,357


Total Long-Term Investments — 98.3% (Cost: $61,579,065,535)				57,699,472,435


Short-Term Securities^(a)(d)

Money Market Funds — 7.2%

BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(e)		3,201,367,768		3,202,328,178
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		1,030,342,399		1,030,342,399


Total Short-Term Securities — 7.2% (Cost: $4,231,024,460)				4,232,670,577


Total Investments — 105.5% (Cost: $65,810,089,995)				61,932,143,012

Liabilities in Excess of Other Assets — (5.5)%				(3,228,100,163	)


Net Assets — 100.0%			$	58,704,042,849

^(a)	Affiliate of the Fund.

^(b)	Non-income producing security.

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

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

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

Affiliates



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
3D Systems Corp.	$	152,404,409	$	15,760,285	$	(10,815,386	)	$	(4,029,693	)	$	(77,274,588	)	$	76,045,027		9,529,452	$	—	$	—
8x8, Inc.		106,604,327		7,802,690		(6,383,209	)		(7,338,411	)		(70,374,235	)		30,311,162		8,785,844		—		—
A10 Networks, Inc.		—		79,273,522		(29,051,148	)		20,756,080			(6,844,119	)		64,134,335		4,833,032		216,738		—
AAON, Inc.		165,097,728		22,932,024		(16,512,917	)		3,414,332			(9,913,322	)		165,017,845		3,062,692		551,702		—
AAR Corp.		115,530,346		14,290,122		(11,318,485	)		2,669,911			(33,342,579	)		87,829,315		2,451,963		—		—
Aaron’s Co., Inc.		45,249,919		5,331,930		(5,368,802	)		(1,189,145	)		(22,134,822	)		21,889,080		2,251,963		505,592		—
Abercrombie & Fitch Co., Class A		129,296,574		11,231,323		(18,986,150	)		(3,558,336	)		(60,773,577	)		57,209,834		3,679,089		—		—
ABM Industries, Inc.		222,000,552		27,174,610		(24,412,044	)		3,131,616			(41,685,273	)		186,209,461		4,870,768		1,861,896		—
Academy Sports & Outdoors, Inc.		247,233,030		31,156,424		(31,577,677	)		54,243			14,903,229			261,769,249		6,206,004		935,212		—
Acadia Realty Trust		137,120,154		13,577,633		(7,019,605	)		1,222,829			(59,631,924	)		85,269,087		6,756,663		2,403,477		—
Addus HomeCare Corp.		106,333,341		13,950,624		(10,627,140	)		675,339			1,355,879			111,688,043		1,172,701		—		—
Adeia, Inc.^(a)		115,255,905		—		—			—			(21,161,303	)		94,094,602		6,654,498		665,450		—
Adtalem Global Education, Inc.		105,883,558		16,134,827		(23,442,165	)		(1,090,739	)		22,678,760			120,164,241		3,296,687		—		—
ADTRAN Holdings, Inc.		64,475,720		53,377,622		(18,698,085	)		(233,969	)		1,681,359			100,602,647		5,138,031		832,011		—
Advanced Energy Industries, Inc.		232,148,377		28,398,031		(24,929,382	)		5,063,450			(29,773,602	)		210,906,874		2,724,543		543,155		—
AdvanSix, Inc.		103,129,764		10,759,601		(10,089,300	)		2,907,887			(41,142,257	)		65,565,695		2,042,545		554,743		—
Aerojet Rocketdyne Holdings, Inc.		210,898,884		31,536,973		(24,513,557	)		6,309,673			(3,739,990	)		220,491,983		5,513,678		—		—
AeroVironment, Inc.		155,389,744		29,865,420		(14,246,754	)		6,095,984			(25,175,292	)		151,929,102		1,822,566		—		—
Agilysys, Inc.		55,832,998		9,857,979		(7,214,750	)		3,610,826			17,742,149			79,829,202		1,442,262		—		—
Agree Realty Corp.		338,698,786		85,412,360		(32,461,791	)		7,003,136			(5,122,054	)		393,530,437		5,823,179		7,545,631		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds
Alamo Group, Inc.	$	102,110,887	$	13,591,578	$	(8,126,276	)	$	2,496,113		$	(18,037,839	)	$	92,034,463		752,715	$	254,306	$	—
Alarm.com Holdings, Inc.		219,126,130		43,423,608		(19,932,083	)		3,779,377			(11,119,263	)		235,277,769		3,627,471		—		—
Albany International Corp., Class A		195,263,787		24,981,205		(28,174,326	)		4,916,127			(18,193,652	)		178,793,141		2,268,085		968,475		—
Alexander & Baldwin, Inc.		120,333,884		14,039,675		(11,912,432	)		(48,978	)		(34,505,453	)		87,906,696		5,301,972		2,208,673		—
Allegiance Bancshares, Inc.		59,587,214		1,191,015		(1,714,027	)		(240,824	)		(3,970,608	)		54,852,770		1,317,626		374,576		—
Allegiant Travel Co.		176,482,366		17,557,973		(13,334,281	)		(1,232,397	)		(97,249,211	)		82,224,450		1,126,671		—		—
Allscripts Healthcare Solutions, Inc.		195,223,043		13,337,160		(22,668,026	)		60,657			(62,739,743	)		123,213,091		8,090,157		—		—
Alpha & Omega Semiconductor Ltd.		—		69,396,203		(15,744,500	)		10,465,162			(14,381,298	)		49,735,567		1,616,891		—		—
AMC Networks, Inc., Class A^(b)		84,999,626		11,005,186		(11,495,245	)		(3,601,353	)		(13,360,243	)		N/A		N/A		—		—
American Assets Trust, Inc.		143,001,293		11,882,786		(10,945,252	)		(722,691	)		(45,323,707	)		97,892,429		3,806,082		2,412,783		—
American Axle & Manufacturing Holdings, Inc.		63,354,402		10,025,334		(7,996,033	)		(2,545,974	)		(5,778,673	)		57,059,056		8,354,181		—		—
American Eagle Outfitters, Inc.		—		127,613,938		(1,634,778	)		(145,290	)		(14,025,068	)		111,808,802		11,491,141		—		—
American Equity Investment Life Holding Co.		235,483,048		26,809,899		(53,139,561	)		5,523,072			(21,626,911	)		193,049,547		5,176,979		—		—
American Public Education, Inc.^(c)		28,333,714		2,755,480		(13,022,878	)		(30,408,883	)		12,342,567			—		—		—		—
American States Water Co.		235,397,633		28,431,642		(23,498,888	)		6,226,882			(36,464,402	)		210,092,867		2,695,226		2,049,338		—
American Vanguard Corp.		38,992,028		9,137,227		(4,949,408	)		1,015,602			(4,621,331	)		39,574,118		2,116,263		99,957		—
American Woodmark Corp.		58,267,437		8,754,017		(7,717,592	)		(2,458,103	)		(3,766,475	)		53,079,284		1,210,198		—		—
America’s Car-Mart, Inc.		34,900,525		6,187,280		(5,172,304	)		(1,276,581	)		(8,088,874	)		26,550,046		435,104		—		—
Ameris Bancorp		205,685,482		11,567,411		(8,382,942	)		(1,842,257	)		5,401,230			212,428,924		4,751,262		1,400,624		—
AMERISAFE, Inc.		68,577,780		10,218,912		(8,453,421	)		(40,999	)		(4,191,005	)		66,111,267		1,414,750		867,365		—
AMN Healthcare Services, Inc.		353,146,095		45,372,075		(64,668,212	)		9,529,100			(8,986,781	)		334,392,277		3,155,835		—		—
Amphastar Pharmaceuticals, Inc.		94,656,884		14,417,283		(8,778,531	)		3,093,664			(24,944,806	)		78,444,494		2,791,619		—		—
Andersons, Inc.		109,438,184		13,591,949		(8,783,513	)		1,593,160			(43,809,593	)		72,030,187		2,321,308		816,485		—
AngioDynamics, Inc.		59,765,035		8,835,528		(6,573,328	)		760,700			(4,141,493	)		58,646,442		2,866,395		—		—
ANI Pharmaceuticals, Inc.		25,597,584		4,157,248		(5,362,711	)		(2,139,989	)		6,028,240			28,280,372		879,912		—		—
Anika Therapeutics, Inc.		26,046,427		3,317,074		(2,083,916	)		(365,524	)		(977,868	)		25,936,193		1,089,756		—		—
Anywhere Real Estate, Inc.^(d)		130,770,667		13,466,856		(12,767,281	)		(1,834,396	)		(61,986,938	)		67,648,908		8,341,419		—		—
Apogee Enterprises, Inc.		84,458,297		9,775,568		(15,713,637	)		(965,415	)		(15,794,886	)		61,759,927		1,615,906		737,075		—
Apollo Commercial Real Estate Finance, Inc.		131,414,687		12,306,740		(11,592,351	)		(3,592,665	)		(49,984,431	)		78,551,980		9,464,094		6,540,914		—
Apollo Medical Holdings, Inc.^(e)		N/A		3,517,192		(1,800,429	)		(567,337	)		(108,026,853	)		111,591,675		2,861,325		—		—
Applied Industrial Technologies, Inc.		282,658,706		34,648,774		(30,020,503	)		9,416,591			(8,542,777	)		288,160,791		2,803,666		1,900,757		—
ArcBest Corp.		143,182,130		18,713,570		(16,506,462	)		4,153,637			(19,437,924	)		130,104,951		1,788,876		430,863		—
Archrock, Inc.		88,793,680		16,049,217		(10,349,066	)		(1,046,984	)		(30,782,883	)		62,663,964		9,760,742		2,836,469		—
Arconic Corp.		195,119,102		23,725,444		(24,091,904	)		3,572,622			(70,743,615	)		127,581,649		7,487,186		—		—
Arcosa, Inc.		198,075,840		23,573,832		(20,440,185	)		5,443,427			(5,001,068	)		201,651,846		3,526,615		344,505		—
Arcus Biosciences, Inc.		—		137,401,417		(15,826,893	)		5,718,087			(28,170,828	)		99,121,783		3,789,059		—		—
Arlo Technologies, Inc.		53,460,460		7,294,200		(4,585,392	)		654,260			(27,169,362	)		29,654,166		6,390,984		—		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

Armada Hoffler Properties, Inc.	$	70,086,380	$	10,509,907		$	(8,340,369	)	$	(580,440	)	$	(20,420,522	)	$	51,254,956		4,937,857	$	1,744,584		$	—
ARMOUR Residential REIT, Inc.		53,925,690		24,114,593			(11,728,837	)		(7,153,955	)		(18,568,043	)		40,589,448		8,334,589		4,173,354			—
Artivion, Inc.		60,418,875		8,935,756			(6,630,907	)		(559,088	)		(21,471,756	)		40,692,880		2,940,237		—			—
Asbury Automotive Group, Inc.		265,364,091		33,927,202			(40,545,263	)		10,654,823			(25,516,840	)		243,884,013		1,614,057		—			—
Assured Guaranty Ltd.		318,170,834		18,655,187			(60,120,445	)		6,662,682			(64,629,832	)		218,738,426		4,514,725		2,434,885			—
Astec Industries, Inc.		69,718,136		10,978,815			(8,084,043	)		(1,341,840	)		(18,965,095	)		52,305,973		1,677,011		398,726			—
ATI, Inc.^(f)		244,513,581		39,328,687			(28,511,285	)		9,441,062			(12,680,294	)		252,091,751		9,473,572		—			—
Atlas Air Worldwide Holdings, Inc.		166,773,819		23,125,977			(28,274,617	)		3,174,372			14,819,963			179,619,514		1,879,455		—			—
Avanos Medical, Inc.		115,498,754		13,231,871			(13,887,558	)		(4,130,909	)		(36,871,838	)		73,840,320		3,390,281		—			—
Avid Bioservices, Inc.		89,677,316		11,510,126			(8,625,634	)		(3,002,553	)		(3,335,799	)		86,223,456		4,509,595		—			—
Avid Technology, Inc.		—		72,821,572			(4,668,341	)		(544,307	)		(10,060,521	)		57,548,403		2,474,136		—			—
Avista Corp.		227,402,896		14,169,487			(6,971,692	)		(1,248,856	)		(40,385,209	)		192,966,626		5,208,276		4,437,760			—
Axcelis Technologies, Inc.		179,950,376		20,014,068			(16,988,081	)		5,215,794			(42,295,002	)		145,897,155		2,409,134		—			—
Axos Financial, Inc.		173,668,573		18,316,167			(12,378,263	)		1,393,395			(48,187,472	)		132,812,400		3,880,000		—			—
AZZ, Inc.		85,248,715		10,929,990			(9,133,100	)		(655,383	)		(20,385,363	)		66,004,859		1,807,857		601,117			—
B&G Foods, Inc.		125,617,072		30,727,086			(12,078,558	)		(1,640,726	)		(56,228,504	)		86,396,370		5,239,319		4,772,081			—
Badger Meter, Inc.		208,791,145		23,848,265			(19,372,943	)		6,700,273			(22,755,573	)		197,211,167		2,134,551		898,053			—
Balchem Corp.		316,937,446		37,402,263			(32,468,106	)		4,448,319			(41,514,030	)		284,805,892		2,342,539		—			—
Banc of California, Inc.		75,436,879		10,458,594			(7,548,891	)		494,774			(13,927,826	)		64,913,530		4,064,717		463,257			—
Bancorp, Inc.		112,651,582		—			(783,852	)		(491,079	)		(24,924,278	)		86,452,373		3,933,229		—			—
BankUnited, Inc.		243,143,815		5,191,166			(13,985,286	)		3,079,511			(56,746,994	)		180,682,212		5,287,744		2,754,492			—
Banner Corp.		130,580,723		2,622,835			—			—			1,422,747			134,626,305		2,278,712		1,984,275			—
Barnes Group, Inc.		133,984,216		22,620,365			(11,357,447	)		(2,334,385	)		(36,511,898	)		106,400,851		3,684,240		1,078,499			—
Bed Bath & Beyond, Inc.		155,271,105		6,058,628			(19,232,457	)		(8,345,793	)		(102,896,486	)		30,854,997		5,066,502		—			—
Benchmark Electronics, Inc.		63,315,343		9,198,929			(8,186,093	)		92,451			(715,289	)		63,705,341		2,570,837		828,930			—
Berkshire Hills Bancorp, Inc.		92,929,531		—			(3,082,907	)		(1,914,274	)		(3,532,080	)		84,400,270		3,091,585		755,924			—
Big Lots, Inc.		75,631,586		7,595,391			(9,672,379	)		(4,985,617	)		(35,714,879	)		32,854,102		2,104,683		1,277,218			—
BioLife Solutions, Inc.		48,785,285		11,430,917			(3,804,522	)		(1,425,338	)		1,564,220			56,550,562		2,485,739		—			—
BJ’s Restaurants, Inc.		47,205,475		6,040,048			(5,100,543	)		(1,123,546	)		(6,226,104	)		40,795,330		1,710,496		—			—
BlackRock Cash Funds: Institutional, SL Agency Shares		2,943,104,221		257,329,080	^(g)		—			113,153			1,781,724			3,202,328,178		3,201,367,768		4,960,562	^(h)		—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,155,360,000		—			(125,017,601	)^(g)		—			—			1,030,342,399		1,030,342,399		6,411,390			—
Bloomin’ Brands, Inc.		127,477,631		26,864,830			(12,351,398	)		(565,871	)		(21,801,357	)		119,623,835		6,526,123		1,649,941			—
Blucora, Inc.		68,374,913		9,816,357			(9,498,398	)		(784,640	)		(564,321	)		67,343,911		3,482,105		—			—
Boise Cascade Co.		195,603,483		24,701,874			(21,199,889	)		7,197,600			(35,242,772	)		171,060,296		2,876,897		7,561,682			—
Boot Barn Holdings, Inc.		201,268,176		20,427,645			(16,927,427	)		4,328,762			(82,021,309	)		127,075,847		2,173,723		—			—
Bottomline Technologies DE, Inc.^(c)		156,807,601		2,758,945			(160,448,424	)		42,629,208			(41,747,330	)		—		—		—			—
Brandywine Realty Trust		173,075,481		17,889,456			(14,963,762	)		(2,193,304	)		(89,134,325	)		84,673,546		12,544,229		4,648,025			—
Brightsphere Investment Group, Inc.		60,793,028		6,787,043			(9,412,181	)		1,176,135			(24,201,408	)		35,142,617		2,356,983		48,554			—
Brinker International, Inc.		121,764,897		12,661,853			(12,350,482	)		(2,842,187	)		(39,165,862	)		80,068,219		3,205,293		—			—
Bristow Group, Inc.		61,342,705		6,363,708			(4,463,638	)		561,128			(22,963,179	)		40,840,724		1,738,643		—			—
Brookline Bancorp, Inc.		80,283,225		2,204,440			—			—			(21,636,092	)		60,851,573		5,223,311		1,358,061			—
CalAmp Corp.^(c)		18,844,288		1,530,954			(14,677,731	)		(23,125,724	)		17,428,213			—		—		—			—
Calavo Growers, Inc.		46,121,825		7,569,870			(5,669,549	)		(2,099,392	)		(4,840,794	)		41,081,960		1,293,920		—			—
Caleres, Inc.		52,700,056		10,700,731			(11,318,924	)		882,488			11,928,174			64,892,525		2,679,295		385,356			—
California Water Service Group		223,030,745		30,439,030			(18,543,167	)		5,240,115			(31,297,609	)		208,869,114		3,964,113		1,930,517			—
Callon Petroleum Co.		199,652,943		30,745,243			(16,120,806	)		2,730,360			(85,996,539	)		131,011,201		3,742,108		—			—
Cal-Maine Foods, Inc.^(b)		147,935,153		20,966,997			(15,656,785	)		2,536,009			(37,233,056	)		N/A		N/A		2,389,024			—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds

Capitol Federal Financial, Inc.	$	98,848,924	$	6,782,221	$	(3,487,945	)	$	(1,057,087	)	$	(23,077,492	)	$	78,008,621		9,398,629	$	3,405,485	$	—
Cara Therapeutics, Inc.		36,412,748		6,173,401		(3,229,278	)		(1,019,390	)		(7,530,829	)		30,806,652		3,291,309		—		—
Cardiovascular Systems, Inc.		65,640,819		7,132,208		(5,696,828	)		(3,449,505	)		(22,400,914	)		41,225,780		2,974,443		—		—
CareTrust REIT, Inc.		133,977,821		18,724,225		(15,375,486	)		1,694,263			(10,870,207	)		128,150,616		7,076,235		3,816,376		—
Carpenter Technology Corp.		144,959,501		15,364,932		(13,700,241	)		2,260,766			(39,242,700	)		109,642,258		3,520,946		1,411,536		—
Cars.com, Inc.		67,090,063		7,973,604		(8,223,997	)		(2,458,714	)		(11,448,112	)		52,932,844		4,602,856		—		—
Catalyst Pharmaceuticals, Inc.		—		110,558,102		(3,027,315	)		(549,861	)		(18,470,361	)		88,510,565		6,898,719		—		—
Cato Corp., Class A^(b)		19,984,703		2,256,957		(3,940,942	)		(2,304,648	)		3,771,245			N/A		N/A		450,519		—
Cavco Industries, Inc.		146,793,258		18,502,048		(18,944,791	)		2,972,372			(25,188,908	)		124,133,979		603,295		—		—
Centerspace		105,322,106		16,220,282		(12,016,305	)		157,462			(34,212,776	)		75,470,769		1,121,075		1,604,472		—
Central Garden & Pet Co.^(b)		30,929,728		4,165,912		(3,101,199	)		904,199			(5,851,055	)		N/A		N/A		—		—
Central Pacific Financial Corp.		44,570,724		—		—			—			(11,518,097	)		33,052,627		1,597,517		830,709		—
Century Communities, Inc.		113,868,713		14,444,087		(14,847,797	)		69,701			(23,749,238	)		89,785,466		2,098,772		847,376		—
Cerence, Inc.		101,172,885		11,219,086		(8,929,562	)		(1,671,018	)		(56,534,270	)		45,257,121		2,873,468		—		—
CEVA, Inc.		67,094,410		8,785,642		(6,591,499	)		(431,368	)		(24,415,565	)		44,441,620		1,694,305		—		—
Chatham Lodging Trust		48,136,215		6,199,917		(5,261,615	)		(736,053	)		(13,090,256	)		35,248,208		3,571,247		—		—
Cheesecake Factory, Inc.		138,105,122		14,492,686		(12,797,990	)		(131,215	)		(35,826,819	)		103,841,784		3,546,509		1,922,992		—
Chefs’ Warehouse, Inc.		76,019,288		14,773,053		(8,972,048	)		3,179,361			(13,054,861	)		71,944,793		2,483,424		—		—
Chesapeake Utilities Corp.		159,802,289		—		—			—			(25,949,312	)		133,852,977		1,160,005		1,241,206		—
Chico’s FAS, Inc.		42,101,966		7,359,168		(5,142,589	)		1,235,396			(1,380,926	)		44,173,015		9,126,656		—		—
Children’s Place, Inc.		48,144,408		6,257,381		(7,142,149	)		(4,598,075	)		(13,168,843	)		29,492,722		954,766		—		—
Chuy’s Holdings, Inc.		38,410,416		4,193,969		(5,110,274	)		(1,295,057	)		(4,201,498	)		31,997,556		1,380,395		—		—
Cinemark Holdings, Inc.		131,621,622		17,307,704		(12,104,317	)		(1,054,860	)		(40,724,911	)		95,045,238		7,848,492		—		—
CIRCOR International, Inc.		38,868,368		3,609,766		(3,031,067	)		(1,736,693	)		(12,926,630	)		24,783,744		1,502,956		—		—
City Holding Co.		77,952,035		—		—			—			9,895,055			87,847,090		990,496		1,188,595		—
Civitas Resources, Inc.^(b)		308,128,260		36,808,936		(124,288,448	)		22,942,826			(70,286,984	)		N/A		N/A		16,314,455		—
Clearfield, Inc.		—		97,914,260		(3,070,509	)		26,787			(7,600,464	)		87,270,074		834,003		—		—
Clearwater Paper Corp.		33,601,467		6,370,897		(5,551,877	)		445,007			11,041,023			45,906,517		1,220,918		—		—
Cogent Communications Holdings, Inc.		201,346,904		28,850,926		(18,297,536	)		3,101,497			(52,716,227	)		162,285,564		3,111,303		5,528,743		—
Coherus Biosciences, Inc.		59,117,394		5,972,879		(4,942,504	)		(1,677,242	)		(13,257,120	)		45,213,407		4,704,829		—		—
Cohu, Inc.		103,114,057		13,824,632		(12,374,582	)		1,584,578			(15,476,146	)		90,672,539		3,517,166		—		—
Collegium Pharmaceutical, Inc.		50,377,440		6,236,390		(5,516,236	)		(1,197,875	)		(9,896,674	)		40,003,045		2,497,069		—		—
Columbia Banking System, Inc.		169,115,195		7,571,014		(49,259	)		(29,527	)		(18,221,696	)		158,385,727		5,482,372		3,248,207		—
Comfort Systems USA, Inc.		229,414,018		30,272,283		(26,790,186	)		9,623,081			11,423,923			253,943,119		2,609,094		733,794		—
Community Bank System, Inc.		251,364,076		7,205,913		—			—			(36,352,754	)		222,217,235		3,698,689		3,168,631		—
Community Health Systems, Inc.		105,476,808		6,744,340		(5,529,867	)		(1,182,365	)		(85,800,204	)		19,708,712		9,166,843		—		—
Community Healthcare Trust, Inc.		70,949,649		8,970,450		(7,387,582	)		536,639			(16,843,465	)		56,225,691		1,716,815		1,518,122		—
Compass Minerals International, Inc.		153,003,847		13,937,731		(12,106,096	)		(2,205,951	)		(56,376,582	)		96,252,949		2,498,130		739,012		—
Computer Programs and Systems, Inc.		36,313,263		4,795,887		(3,351,090	)		261,752			(7,426,335	)		30,593,477		1,097,327		—		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds

Comtech Telecommunications Corp.	$	29,701,641	$	2,963,973	$	(2,012,432	)	$	(236,230	)	$	(10,467,252	)	$	19,949,700		1,992,977	$	377,231	$	—
CONMED Corp.		311,068,602		34,652,041		(22,311,915	)		7,328,498			(152,611,672	)		178,125,554		2,221,848		844,856		—
Conn’s, Inc.^(b)		21,217,289		1,744,491		(5,400,613	)		(6,346,650	)		7,113,899			N/A		N/A		—		—
Consensus Cloud Solutions, Inc.		68,526,794		13,889,645		(6,190,527	)		(572,462	)		(14,782,087	)		60,871,363		1,286,921		—		—
CONSOL Energy, Inc.		85,687,461		18,575,207		(11,695,566	)		7,883,527			53,294,239			153,744,868		2,390,312		2,374,244		—
Corcept Therapeutics, Inc.		153,670,670		22,629,291		(17,659,986	)		3,576,107			16,028,762			178,244,844		6,951,827		—		—
Core Laboratories NV		104,744,833		10,223,825		(9,057,512	)		(1,099,608	)		(59,269,708	)		45,541,830		3,378,474		67,230		—
CoreCivic, Inc.		96,164,194		13,158,370		(13,075,159	)		736,806			(21,155,460	)		75,828,751		8,577,913		—		—
Covetrus, Inc.		124,128,789		21,367,466		(15,641,543	)		2,353,651			27,244,346			159,452,709		7,636,624		—		—
Cross Country Healthcare, Inc.		54,819,683		10,190,546		(6,322,898	)		1,929,678			14,528,426			75,145,435		2,648,764		—		—
CSG Systems International, Inc.		147,766,049		21,192,258		(19,554,750	)		2,842,469			(28,522,108	)		123,723,918		2,339,711		1,214,179		—
CTS Corp.		81,370,986		12,390,933		(11,531,499	)		3,246,426			11,493,434			96,970,280		2,328,218		183,128		—
Customers Bancorp, Inc.		111,384,075		3,407,654		(2,789,620	)		(2,654,213	)		(46,035,557	)		63,312,339		2,147,637		—		—
Cutera, Inc.		80,707,782		12,540,536		(6,665,495	)		2,682,660			(30,025,793	)		59,239,690		1,299,116		—		—
CVB Financial Corp.		214,747,136		16,900,189		(8,492,836	)		15,296			18,980,516			242,150,301		9,563,598		3,416,979		—
Cytokinetics, Inc.		220,819,914		66,342,054		(23,680,901	)		13,435,985			55,730,086			332,647,138		6,865,782		—		—
Dave & Buster’s Entertainment, Inc.		136,001,746		23,803,709		(11,446,914	)		4,074,616			(56,089,599	)		96,343,558		3,104,852		—		—
Deluxe Corp.		92,194,563		10,756,538		(8,237,083	)		(2,536,842	)		(39,859,896	)		52,317,280		3,142,179		1,861,777		—
Designer Brands, Inc., Class A^(b)		59,732,195		9,426,026		(14,229,575	)		(894,563	)		19,061,526			N/A		N/A		639,557		—
DiamondRock Hospitality Co.		152,168,570		18,602,118		(15,855,325	)		581,347			(39,974,601	)		115,522,109		15,382,438		462,696		—
Diebold Nixdorf, Inc.		35,237,668		2,500,227		(1,824,581	)		(1,394,346	)		(21,294,124	)		13,224,844		5,420,018		—		—
Digi International, Inc.		53,901,058		9,978,768		(8,793,607	)		2,938,498			30,430,579			88,455,296		2,558,730		—		—
Digital Turbine, Inc.		—		117,985,641		(8,841,761	)		3,400,614			(18,017,963	)		94,526,531		6,559,787		—		—
Dime Community Bancshares, Inc.		80,909,910		10,234,598		(9,207,522	)		911,396			(13,616,086	)		69,232,296		2,364,491		1,113,348		—
Dine Brands Global, Inc.		96,314,786		11,752,153		(18,018,162	)		(1,081,090	)		(16,072,757	)		72,894,930		1,146,868		1,201,293		—
Diodes, Inc.		280,383,123		30,490,522		(22,549,611	)		8,355,685			(81,381,687	)		215,298,032		3,316,870		—		—
Diversified Healthcare Trust		54,951,898		4,526,511		(3,301,164	)		(1,660,251	)		(36,749,249	)		17,767,745		17,945,404		344,671		—
DMC Global, Inc.		42,079,172		4,546,395		(5,005,682	)		(5,882,331	)		(14,117,189	)		21,620,365		1,352,964		—		—
Donnelley Financial Solutions, Inc.		69,434,773		9,850,245		(17,361,480	)		2,232,168			4,948,914			69,104,620		1,869,208		—		—
Dorian LPG Ltd.^(e)		N/A		3,906,169		(394,187	)		59,187			(1,683,111	)		31,508,454		2,321,920		—		—
Dorman Products, Inc.		193,436,796		27,268,121		(22,520,615	)		3,517,773			(32,282,849	)		169,419,226		2,063,069		—		—
Douglas Elliman, Inc.		34,298,451		5,059,359		(3,555,453	)		(1,390,560	)		(14,240,711	)		20,171,086		4,919,777		489,396		—
Dril-Quip, Inc.		94,584,206		9,686,033		(10,255,620	)		(1,205,457	)		(43,874,689	)		48,934,473		2,506,889		—		—
DXP Enterprises, Inc.		33,255,223		5,758,818		(7,110,256	)		(1,681,097	)		(2,792,794	)		27,429,894		1,158,357		—		—
Dynavax Technologies Corp.		—		95,771,562		(17,121,982	)		8,220,536			2,684,423			89,554,539		8,578,021		—		—
Eagle Bancorp, Inc.		124,915,124		4,226,482		(242,969	)		(90,474	)		(27,106,384	)		101,701,779		2,269,116		1,880,122		—
Eagle Pharmaceuticals, Inc.		40,256,354		5,083,531		(5,991,689	)		(1,974,255	)		(16,895,852	)		20,478,089		775,098		—		—
Easterly Government Properties, Inc.		125,341,047		15,022,668		(10,725,647	)		(75,374	)		(32,501,703	)		97,060,991		6,154,787		3,176,947		—
Ebix, Inc.		56,751,142		5,993,307		(6,270,828	)		(2,539,534	)		(21,439,217	)		32,494,870		1,712,961		257,295		—
Edgewell Personal Care Co.		141,845,574		19,238,583		(21,690,255	)		(2,068,472	)		4,032,283			141,357,713		3,779,618		1,155,252		—
eHealth, Inc.^(c)		21,176,573		1,910,217		(11,057,983	)		(79,595,216	)		67,566,409			—		—		—		—
elf Beauty, Inc.		88,757,898		18,404,244		(10,243,609	)		697,543			39,022,360			136,638,436		3,632,069		—		—
Ellington Financial, Inc.		69,516,047		10,665,046		(6,953,121	)		(541,817	)		(25,336,142	)		47,350,013		4,164,469		3,632,087		—
Elme Communities⁽ⁱ⁾		154,813,024		25,020,394		(18,297,692	)		(1,314,557	)		(48,141,835	)		112,079,334		6,382,650		2,126,570		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds

Embecta Corp.	$	—	$	141,627,811	$	(29,615,035	)	$	15,684,834		$	(6,343,269	)	$	121,354,341		4,215,156	$	—	$	—
Emergent BioSolutions, Inc.		140,635,920		14,573,130		(18,386,067	)		(6,946,269	)		(61,748,233	)		68,128,481		3,245,759		—		—
Employers Holdings, Inc.		70,663,431		—		—			—			(11,248,957	)		59,414,474		1,722,658		2,618,440		—
Enanta Pharmaceuticals, Inc.		92,972,184		14,283,036		(7,841,351	)		(189,153	)		(25,528,909	)		73,695,807		1,420,779		—		—
Encore Capital Group, Inc.		111,610,910		17,263,441		(17,477,223	)		1,150,536			(33,164,598	)		79,383,066		1,745,450		—		—
Encore Wire Corp.		165,403,097		21,718,030		(28,205,419	)		6,434,528			(4,190,769	)		161,159,467		1,394,837		27,540		—
Endo International PLC^(c)		38,829,938		757,788		(6,841,898	)		(106,485,147	)		73,739,319			—		—		—		—
Enerpac Tool Group Corp.		94,213,093		12,152,771		(12,487,672	)		(2,110,331	)		(15,930,149	)		75,837,712		4,253,377		—		—
Enhabit, Inc.		—		86,027,018		(4,319,508	)		(586,223	)		(30,315,708	)		50,805,579		3,618,631		—		—
Enova International, Inc.		92,782,239		11,667,891		(14,358,583	)		2,110,164			(23,869,286	)		68,332,425		2,334,555		—		—
EnPro Industries, Inc.		144,434,581		17,858,540		(14,482,766	)		3,151,158			(22,040,904	)		128,920,609		1,517,070		836,602		—
Ensign Group, Inc.		337,254,869		50,724,247		(27,072,163	)		15,453,188			(55,798,731	)		320,561,410		4,032,219		424,775		—
ePlus, Inc.		107,854,675		14,457,770		(11,715,245	)		3,476,170			(32,123,133	)		81,950,237		1,972,803		—		—
ESCO Technologies, Inc.		130,009,877		17,612,177		(15,101,259	)		842,215			5,160,326			138,523,336		1,886,211		295,427		—
Essential Properties Realty Trust, Inc.		220,199,764		56,810,370		(20,479,950	)		(1,155,386	)		(55,072,844	)		200,301,954		10,298,301		5,261,860		—
Ethan Allen Interiors, Inc.		41,074,589		5,255,965		(3,746,229	)		364,913			(8,241,586	)		34,707,652		1,641,800		1,852,810		—
EVERTEC, Inc.		175,019,955		35,735,863		(16,347,328	)		5,535,658			(49,104,093	)		150,840,055		4,811,485		433,390		—
EW Scripps Co., Class A^(e)		N/A		9,295,037		(56,864,714	)		49,524,600			(24,575,228	)		47,590,099		4,222,724		—		—
ExlService Holdings, Inc.^(c)		341,620,008		45,177,268		(395,926,948	)		182,593,664			(173,463,992	)		—		—		—		—
Exponent, Inc.		403,165,884		44,275,855		(42,360,318	)		11,764,783			(90,022,351	)		326,823,853		3,727,887		1,800,857		—
Fabrinet		278,453,731		29,977,000		(26,290,097	)		8,132,524			(34,211,447	)		256,061,711		2,682,679		—		—
FARO Technologies, Inc.		67,909,750		6,316,727		(5,303,095	)		(2,056,905	)		(30,167,151	)		36,699,326		1,337,439		—		—
FB Financial Corp.		113,334,609		14,539,204		(13,552,889	)		1,533,055			(17,867,720	)		97,986,259		2,564,414		671,710		—
Federal Signal Corp.		147,847,950		20,997,674		(18,587,097	)		5,544,679			9,205,569			165,008,775		4,421,457		791,877		—
Ferro Corp.^(c)		129,049,292		1,038,682		(131,634,077	)		11,490,943			(9,944,840	)		—		—		—		—
First Bancorp/Puerto Rico		178,203,187		2,104,641		(9,518,250	)		1,142,513			7,405,842			179,337,933		13,109,498		3,203,047		—
First Bancorp/Southern Pines NC		102,724,794		2,785,071		(2,341,204	)		(1,060,796	)		(11,827,035	)		90,280,830		2,468,038		1,071,754		—
First Commonwealth Financial Corp.		93,056,143		—		—			—			(14,240,782	)		78,815,361		6,138,268		1,473,184		—
First Financial Bancorp		140,160,135		8,151,709		—			—			(12,328,348	)		135,983,496		6,450,830		2,934,133		—
First Hawaiian, Inc.		254,293,155		30,548,268		(26,193,521	)		3,261,927			(32,532,634	)		229,377,195		9,312,919		4,821,331		—
Flagstar Bancorp, Inc.		152,382,971		—		—			—			(32,345,442	)		120,037,529		3,593,938		431,273		—
FormFactor, Inc.		235,326,769		27,114,736		(23,662,135	)		5,393,664			(103,261,023	)		140,912,011		5,625,230		—		—
Forward Air Corp.		188,702,200		24,012,200		(20,470,457	)		5,078,821			(20,574,549	)		176,748,215		1,958,212		929,557		—
Fossil Group, Inc.^(c)		32,867,927		2,886,111		(16,614,395	)		(34,896,506	)		15,756,863			—		—		—		—
Four Corners Property
Trust, Inc.		149,620,540		25,530,387		(14,021,494	)		2,338,271			(19,566,377	)		143,901,327		5,948,794		3,842,261		—
Franklin BSP Realty Trust, Inc.		44,145,890		49,687,498		(6,819,481	)		(414,184	)		(20,233,389	)		66,366,334		6,162,148		4,259,962		—
Franklin Electric Co., Inc.		231,867,527		29,763,771		(25,036,403	)		6,344,360			(11,221,788	)		231,717,467		2,835,852		1,105,586		—
Franklin Street Properties Corp.		40,000,513		3,545,962		(3,781,119	)		(3,972,441	)		(18,169,827	)		17,623,088		6,700,794		682,012		—
Frontdoor, Inc.		—		154,523,435		(8,199,965	)		(543,873	)		(24,601,990	)		121,177,607		5,942,992		—		—
Gannett Co., Inc.		45,945,323		4,139,226		(4,105,955	)		(6,611,881	)		(23,587,817	)		15,778,896		10,313,004		—		—
GCP Applied Technologies, Inc.^(c)		120,964,078		17,487,258		(140,670,194	)		36,471,313			(34,252,455	)		—		—		—		—
Genesco, Inc.		62,518,516		8,098,275		(9,493,224	)		475,850			(24,198,587	)		37,400,830		951,191		—		—
Gentherm, Inc.		173,591,392		20,279,907		(17,011,067	)		2,932,413			(59,196,351	)		120,596,294		2,425,021		—		—
Genworth Financial, Inc., Class A		114,343,065		2,980,582		—			—			(8,698,071	)		108,625,576		31,035,879		—		—
GEO Group, Inc.		53,377,997		4,885,579		(63,701	)		(17,236	)		9,384,645			67,567,284		8,774,972		—		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds

Getty Realty Corp.	$	80,332,906	$	7,345,916	$	(5,197,380	)	$	498,790		$	(5,472,442	)	$	77,507,790		2,882,402	$	2,340,587	$	—
Gibraltar Industries, Inc.		100,423,328		14,261,904		(15,007,823	)		(4,505,658	)		(762,122	)		94,409,629		2,306,612		—		—
G-III Apparel Group Ltd.		84,612,968		10,490,735		(9,440,132	)		(3,036,455	)		(35,305,343	)		47,321,773		3,165,336		—		—
Glatfelter Corp.^(c)		39,207,113		3,243,119		(16,125,247	)		(46,153,571	)		19,828,586			—		—		436,862		—
Glaukos Corp.		193,909,720		22,605,050		(15,860,289	)		(868,622	)		(14,979,597	)		184,806,262		3,471,192		—		—
Global Net Lease, Inc.		116,604,068		19,537,559		(16,476,626	)		(1,729,379	)		(37,181,486	)		80,754,136		7,582,548		5,907,273		—
GMS, Inc.		153,272,040		19,874,810		(17,469,965	)		4,559,480			(35,796,983	)		124,439,382		3,110,207		—		—
Golden Entertainment, Inc.		84,531,744		13,459,190		(7,597,964	)		(1,246,753	)		(33,296,922	)		55,849,295		1,600,725		—		—
Granite Construction, Inc.		107,549,527		14,102,751		(15,453,687	)		(1,819,012	)		(22,695,785	)		81,683,794		3,217,164		829,867		—
Granite Point Mortgage Trust, Inc.		43,005,744		5,488,778		(5,598,877	)		(2,752,957	)		(15,555,109	)		24,587,579		3,817,947		1,909,677		—
Green Dot Corp., Class A		99,087,274		—		(2,590,015	)		(4,982,149	)		(25,498,836	)		66,016,274		3,478,202		—		—
Green Plains, Inc.		85,196,657		20,871,146		—			—			(10,847,942	)		95,219,861		3,275,537		—		—
Greenbrier Cos., Inc.		120,280,486		11,272,692		(10,097,968	)		(283,592	)		(63,404,285	)		57,767,333		2,380,195		1,274,951		—
Greenhill & Co., Inc.^(c)		14,881,274		305,652		(9,420,284	)		(8,620,414	)		2,853,772			—		—		92,690		—
Griffon Corp.		67,803,473		13,910,221		(12,259,456	)		2,803,478			29,709,028			101,966,744		3,454,158		7,378,730		—
Group 1 Automotive, Inc.		206,661,331		26,314,360		(38,745,946	)		6,728,698			(36,457,782	)		164,500,661		1,151,401		912,077		—
Hain Celestial Group, Inc.		—		110,500,371		—			—			(67,664	)		110,432,707		6,542,222		—		—
Hanger, Inc.		48,111,118		8,795,804		(5,414,770	)		(206,902	)		1,616,702			52,901,952		2,825,959		—		—
Hanmi Financial Corp.		48,873,245		1,509,395		—			—			(1,912,237	)		48,470,403		2,046,892		962,039		—
Harmonic, Inc.		68,730,495		11,114,738		(8,390,432	)		2,708,909			25,978,042			100,141,752		7,661,955		—		—
Harsco Corp.		69,390,518		5,353,414		(4,732,486	)		(4,296,479	)		(44,049,293	)		21,665,674		5,792,961		—		—
Haverty Furniture Cos., Inc.^(b)		29,103,177		2,524,127		(4,740,331	)		(533,020	)		(5,153,684	)		N/A		N/A		591,619		—
Hawaiian Holdings, Inc.		72,214,172		8,434,465		(7,105,371	)		(3,419,213	)		(20,843,494	)		49,280,559		3,747,571		—		—
Hawkins, Inc.		61,618,363		7,460,866		(5,811,586	)		1,763,865			(11,014,918	)		54,016,590		1,385,396		382,988		—
Haynes International, Inc.		37,978,922		3,488,834		(2,784,642	)		418,349			(6,966,101	)		32,135,362		915,016		392,042		—
HB Fuller Co.		249,889,293		32,331,795		(26,309,923	)		3,940,906			(26,837,940	)		233,014,131		3,877,107		1,433,039		—
HCI Group, Inc.		39,375,177		5,114,772		(7,568,614	)		(2,751,505	)		(13,719,582	)		20,450,248		521,690		465,888		—
Healthcare Services Group, Inc.		99,054,646		12,162,212		(11,022,873	)		(2,253,892	)		(32,447,112	)		65,492,981		5,417,120		2,285,975		—
HealthStream, Inc.		35,773,989		5,786,535		(6,087,541	)		(911,359	)		2,883,125			37,444,749		1,761,277		—		—
Heidrick & Struggles International, Inc.		55,504,301		6,708,924		(5,137,548	)		336,313			(19,884,457	)		37,527,533		1,443,922		429,106		—
Helix Energy Solutions Group, Inc.		48,527,827		5,549,524		(4,938,646	)		(868,073	)		(7,987,367	)		40,283,265		10,436,079		—		—
Helmerich & Payne, Inc.		323,158,452		40,998,317		(36,122,025	)		12,130,835			(56,285,889	)		283,879,690		7,678,650		3,833,251		—
Heritage Financial Corp.		56,793,829		2,176,525		—			—			3,219,482			62,189,836		2,349,446		968,877		—
Hersha Hospitality Trust, Class A		21,546,077		2,611,396		(2,299,220	)		(645,083	)		(2,087,081	)		19,126,089		2,396,753		120,848		—
Heska Corp.		105,969,219		10,350,801		(12,279,263	)		(10,123,955	)		(39,833,132	)		54,083,670		741,685		—		—
Hibbett, Inc.		40,842,195		9,022,832		(7,227,300	)		1,641,442			2,807,818			47,086,987		945,332		452,312		—
Hillenbrand, Inc.		230,251,717		28,141,671		(32,773,657	)		1,339,101			(40,956,793	)		186,002,039		5,065,415		2,264,101		—
Hilltop Holdings, Inc.		115,984,411		—		(18,052,431	)		(2,866,813	)		(12,455,716	)		82,609,451		3,324,324		1,111,087		—
HNI Corp.		115,782,139		14,630,522		(17,583,958	)		(2,835,125	)		(30,081,914	)		79,911,664		3,014,397		1,982,150		—
HomeStreet, Inc.		61,438,925		—		(1,787,123	)		581,023			(24,026,520	)		36,206,305		1,256,727		879,709		—
Hope Bancorp, Inc.		125,113,560		3,214,855		—			—			(27,338,999	)		100,989,416		7,989,669		2,233,411		—
Horace Mann Educators Corp.		112,526,716		1,652,020		—			—			(17,759,574	)		96,419,162		2,732,195		1,748,604		—
Hostess Brands, Inc.		217,127,718		29,927,372		(29,244,163	)		1,178,654			12,354,022			231,343,603		9,954,544		—		—
Hub Group, Inc., Class A		187,277,719		23,070,740		(18,666,417	)		4,794,030			(25,495,070	)		170,981,002		2,478,704		—		—
Hudson Pacific Properties, Inc.		—		123,725,765		(1,507,955	)		(249,978	)		(19,025,798	)		102,942,034		9,401,099		—		—
Ichor Holdings Ltd.		72,429,744		9,109,188		(6,853,874	)		(435,468	)		(23,505,382	)		50,744,208		2,096,002		—		—
Independence Realty Trust, Inc.^(c)		417,778,942		5,945,068		(357,401,268	)		40,659,005			(106,981,747	)		—		—		—		—
Independent Bank Corp.		258,508,413		4,536,977		(6,894,262	)		280,439			(22,291,920	)		234,139,647		3,141,549		3,244,925		—
Independent Bank Group, Inc.		187,312,547		24,472,884		(27,271,453	)		3,592,854			(29,593,432	)		158,513,400		2,582,072		2,017,191		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds

Industrial Logistics Properties Trust	$	106,399,151	$	7,825,806	$	(6,958,335	)	$	(3,750,041	)	$	(77,186,348	)	$	26,330,233		4,787,315	$	1,595,544	$	—
Innospec, Inc.		163,608,317		21,826,516		(17,685,504	)		4,576,440			(17,436,037	)		154,889,732		1,807,981		1,109,220		—
Innovative Industrial Properties, Inc.		376,860,731		55,913,362		(23,373,483	)		200,678			(229,058,014	)		180,543,274		2,040,037		7,096,107		—
Innoviva, Inc.		86,614,896		10,069,734		(8,482,518	)		1,001,840			(36,084,951	)		53,119,001		4,575,280		—		—
Inogen, Inc.		47,300,748		9,904,034		(3,907,315	)		(912,110	)		(11,763,533	)		40,621,824		1,673,057		—		—
Insight Enterprises, Inc.		267,725,516		29,504,226		(51,614,028	)		4,979,708			(66,949,517	)		183,645,905		2,228,442		—		—
Installed Building Products, Inc.		141,821,788		21,848,529		(17,192,130	)		2,768,899			(10,020,336	)		139,226,750		1,719,061		1,057,906		—
Insteel Industries, Inc.		51,401,526		7,157,719		(6,168,810	)		1,271,496			(15,921,175	)		37,740,756		1,422,569		83,996		—
Integer Holdings Corp.		190,269,761		22,594,957		(18,440,439	)		3,617,358			(47,717,355	)		150,324,282		2,415,624		—		—
InterDigital, Inc.		140,008,526		18,016,282		(17,467,575	)		(4,032,330	)		(48,929,670	)		87,595,233		2,167,126		1,535,245		—
Interface, Inc.		57,147,545		8,276,287		(6,366,559	)		(1,114,932	)		(19,287,346	)		38,654,995		4,299,777		85,837		—
Invesco Mortgage Capital, Inc.		51,136,777		12,029,455		(4,732,163	)		(14,888,638	)		(16,787,715	)		26,757,716		2,410,605		4,124,272		—
Investors Bancorp., Inc.^(c)		241,223,189		1,159,138		(225,120,862	)		8,155,739			(25,417,204	)		—		—		—		—
iRobot Corp.		122,285,983		13,101,062		(11,241,492	)		(276,602	)		(12,280,460	)		111,588,491		1,980,978		—		—
Ironwood Pharmaceuticals, Inc.		—		134,828,245		(26,590,897	)		2,891,547			(10,334,611	)		100,794,284		9,729,178		—		—
iStar, Inc.		116,402,831		25,888,453		(8,075,792	)		777,755			(77,335,598	)		57,657,649		6,226,528		1,375,405		—
iTeos Therapeutics, Inc.^(e)		N/A		6,506,158		(437,232	)		(216,280	)		(32,223,382	)		34,227,897		1,796,740		—		—
Itron, Inc.		170,586,111		21,541,829		(17,454,185	)		(5,043,155	)		(30,805,805	)		138,824,795		3,296,718		—		—
J & J Snack Foods Corp.		165,416,632		19,899,235		(15,862,143	)		654,956			(28,762,526	)		141,346,154		1,091,729		1,436,664		—
Jack in the Box, Inc.		141,010,428		15,334,175		(13,882,585	)		(1,109,975	)		(27,359,868	)		113,992,175		1,538,979		1,342,657		—
James River Group Holdings Ltd.		62,174,341		2,229,949		—			—			(4,914,510	)		59,489,780		2,608,057		257,473		—
John B Sanfilippo & Son, Inc.^(b)		53,243,648		7,201,260		(6,207,636	)		77,505			(5,044,762	)		N/A		N/A		1,498,410		—
John Bean Technologies Corp.		269,450,300		32,642,739		(25,938,534	)		2,145,257			(78,465,346	)		199,834,416		2,323,656		458,645		—
Joint Corp.		36,767,591		2,846,817		(2,109,830	)		(1,951,617	)		(18,409,958	)		17,143,003		1,091,216		—		—
Kaiser Aluminum Corp.		106,874,519		12,755,463		(11,122,184	)		(134,890	)		(37,049,116	)		71,323,792		1,162,572		1,764,694		—
Kaman Corp.		86,916,564		9,655,750		(8,343,544	)		(2,612,783	)		(28,561,588	)		57,054,399		2,042,764		801,954		—
KAR Auction Services, Inc.		156,418,231		18,306,082		(19,255,804	)		(2,369,924	)		(58,741,071	)		94,357,514		8,447,405		—		—
KKR Real Estate Finance Trust, Inc.^(e)		N/A		12,082,929		(1,360,954	)		(122,613	)		(15,975,883	)		68,830,612		4,235,730		1,821,188		—
Knowles Corp.		141,406,715		15,973,045		(12,739,792	)		1,241,186			(64,340,341	)		81,540,813		6,700,149		—		—
Kontoor Brands, Inc.		140,711,238		22,664,751		(15,081,379	)		(2,894,656	)		(24,576,441	)		120,823,513		3,594,868		3,121,830		—
Koppers Holdings, Inc.		42,128,249		5,226,850		(5,044,169	)		(1,411,363	)		(8,960,665	)		31,938,902		1,537,002		153,380		—
Korn Ferry		252,987,602		31,752,267		(24,300,527	)		5,468,373			(78,929,622	)		186,978,093		3,982,494		1,173,785		—
Kulicke & Soffa Industries, Inc.		249,869,703		25,957,023		(34,164,740	)		4,334,334			(82,828,166	)		163,168,154		4,234,834		1,425,129		—
Lakeland Financial Corp.		131,628,490		4,131,819		(2,732,340	)		(680,473	)		162,335			132,509,831		1,819,940		1,439,660		—
Lantheus Holdings, Inc.		268,045,866		44,531,619		(32,092,609	)		16,783,990			55,313,147			352,582,013		5,013,252		—		—
Laredo Petroleum, Inc.		81,468,140		24,244,446		(8,644,710	)		(144,817	)		(18,385,133	)		78,537,926		1,249,609		—		—
La-Z-Boy, Inc.		82,855,859		11,766,936		(10,615,115	)		(2,010,279	)		(10,569,851	)		71,427,550		3,164,712		1,036,522		—
LCI Industries		187,813,675		27,816,440		(20,839,527	)		2,734,738			(9,359,842	)		188,165,484		1,854,578		3,839,837		—
LeMaitre Vascular, Inc.		63,919,764		10,018,063		(7,759,498	)		1,215,842			4,492,672			71,886,843		1,418,446		354,260		—
LendingTree, Inc.		98,208,861		6,639,973		(7,703,694	)		(9,475,971	)		(68,749,597	)		18,919,572		792,941		—		—
Leslie’s, Inc.		—		154,828,035		(631,822	)		(15,766	)		4,862,676			159,043,123		10,811,905		—		—
LGI Homes, Inc.		149,225,443		19,597,957		(20,707,033	)		(216,612	)		(26,365,116	)		121,534,639		1,493,605		—		—
Ligand Pharmaceuticals, Inc.		134,490,007		15,472,903		(16,963,308	)		(5,752,176	)		(26,524,387	)		100,723,039		1,169,702		—		—
Lindsay Corp.		123,302,622		15,078,912		(12,222,992	)		3,091,409			(14,220,612	)		115,029,339		802,829		534,959		—
Liquidity Services, Inc.		32,694,355		4,727,074		(3,166,223	)		1,102,723			(3,182,511	)		32,175,418		1,978,808		—		—
Livent Corp.		301,581,149		76,700,085		(30,696,181	)		11,090,914			41,982,795			400,658,762		13,072,064		—		—
LivePerson, Inc.		117,865,230		12,449,565		(8,545,715	)		(7,024,785	)		(67,041,453	)		47,702,842		5,063,996		—		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds

LiveRamp Holdings, Inc.	$	—	$	138,294,802	$	(10,240,970	)	$	1,556,966		$	(40,587,373	)	$	89,023,425		4,902,171	$	—	$	—
LL Flooring Holdings, Inc.		29,300,033		2,991,022		(2,420,585	)		(1,247,571	)		(13,795,873	)		14,827,026		2,139,542		—		—
Loyalty Ventures, Inc.^(c)		23,666,877		540,221		(5,925,178	)		(62,381,063	)		44,099,143			—		—		—		—
LTC Properties, Inc.		108,384,839		19,680,133		(13,827,517	)		439,930			(4,050,160	)		110,627,225		2,953,998		3,237,437		—
LXP Industrial Trust		317,911,153		34,131,763		(31,165,862	)		(4,008,766	)		(129,890,667	)		186,977,621		20,412,404		4,855,245		—
M/I Homes, Inc.		92,345,659		12,681,872		(14,097,636	)		(144,480	)		(17,307,787	)		73,477,628		2,028,088		—		—
ManTech International Corp./VA, Class A^(c)		169,913,587		22,709,117		(211,831,058	)		67,898,210			(48,689,856	)		—		—		796,350		—
Marcus Corp.^(b)		27,951,362		5,731,694		(2,455,915	)		(594,826	)		12,050,364			N/A		N/A		82,879		—
MarineMax, Inc.		63,060,808		9,174,957		(8,612,111	)		1,393,783			(18,233,106	)		46,784,331		1,570,471		—		—
Marten Transport Ltd.		76,128,648		11,553,439		(12,645,005	)		2,556,631			2,785,553			80,379,266		4,195,160		514,151		—
Matador Resources Co.^(c)		418,406,106		—		(440,317,505	)		319,326,556			(297,415,157	)		—		—		—		—
Materion Corp.		125,367,742		15,802,200		(12,961,681	)		4,301,945			(12,766,446	)		119,743,760		1,496,797		369,478		—
Mativ Holdings, Inc.^(j)		62,022,758		88,480,422		(9,133,681	)		(4,174,495	)		(49,152,837	)		88,042,167		3,987,417		2,608,222		—
Matson, Inc.		363,006,855		30,684,212		(40,404,038	)		3,060,467			(181,456,041	)		174,891,455		2,842,839		1,826,055		—
Matthews International Corp., Class A		73,073,863		9,105,117		(9,538,650	)		(4,102,937	)		(18,516,256	)		50,021,137		2,232,090		1,010,797		—
MaxLinear, Inc.		295,124,147		27,736,501		(19,617,578	)		2,274,597			(134,074,058	)		171,443,609		5,255,782		—		—
MDC Holdings, Inc.		153,007,137		19,307,097		(14,664,908	)		1,753,256			(45,364,338	)		114,038,244		4,158,944		4,135,712		—
Medifast, Inc.		141,901,102		18,183,715		(20,079,348	)		2,310,163			(55,244,471	)		87,071,161		803,536		2,641,366		—
Meridian Bioscience, Inc.		80,791,829		13,778,788		(10,822,925	)		3,302,125			13,530,284			100,580,101		3,189,981		—		—
Merit Medical Systems, Inc.		241,720,177		49,314,866		(20,206,310	)		8,089,136			(44,982,122	)		233,935,747		4,139,723		—		—
Meritage Homes Corp.		211,633,392		23,450,306		(22,097,596	)		3,099,328			(28,690,378	)		187,395,052		2,666,786		—		—
Meritor, Inc.^(c)		180,216,010		18,416,851		(203,316,665	)		49,989,966			(45,306,162	)		—		—		—		—
Mesa Laboratories, Inc.		95,859,603		10,625,781		(11,651,747	)		(5,495,804	)		(38,005,016	)		51,332,817		364,502		121,206		—
Methode Electronics, Inc.		115,328,504		14,451,695		(14,059,748	)		1,658,083			(17,813,636	)		99,564,898		2,680,078		740,520		—
MGP Ingredients, Inc.^(e)		N/A		23,059,415		(1,824,847	)		363,638			21,884,730			119,191,352		1,122,752		—		—
Middlesex Water Co.		121,393,945		—		—			—			(32,284,764	)		89,109,181		1,154,264		669,473		—
Minerals Technologies, Inc.		—		132,966,773		(1,728,882	)		(148,169	)		(13,635,976	)		117,453,746		2,377,125		—		—
ModivCare, Inc.		101,725,170		13,581,916		(9,517,250	)		2,845,557			(16,704,815	)		91,930,578		922,257		—		—
Monarch Casino & Resort, Inc.^(e)		N/A		685,882		(1,107,513	)		46,508			6,318,031			54,596,487		972,506		—		—
Monro, Inc.		106,431,874		15,070,436		(16,797,585	)		(4,095,321	)		1,439,196			102,048,600		2,348,104		1,355,312		—
Moog, Inc., Class A		182,438,303		22,511,158		(18,778,765	)		2,004,381			(39,589,194	)		148,585,883		2,112,095		1,099,212		—
Motorcar Parts of America, Inc.		24,415,724		2,953,316		(1,694,435	)		(51,059	)		(3,473,880	)		22,149,666		1,455,300		—		—
Movado Group, Inc.^(b)		45,775,699		5,934,279		(5,688,037	)		993,749			(12,499,201	)		N/A		N/A		1,236,265		—
Mr Cooper Group, Inc.		191,220,336		—		—			—			(21,646,796	)		169,573,540		4,187,001		—		—
Mueller Industries, Inc.		222,475,811		30,685,106		(27,388,871	)		6,657,981			13,288,216			245,718,243		4,133,887		2,060,932		—
Myers Industries, Inc.		55,670,695		8,664,321		(6,194,376	)		1,240,308			(15,348,782	)		44,032,166		2,673,477		706,998		—
MYR Group, Inc.		113,820,468		14,980,626		(14,101,333	)		4,355,414			(16,126,611	)		102,928,564		1,214,783		—		—
Myriad Genetics, Inc.		143,948,675		17,511,782		(12,687,713	)		478,288			(37,048,383	)		112,202,649		5,880,642		—		—
Nabors Industries Ltd.		84,919,956		20,929,769		(8,436,688	)		1,868,952			(33,084,951	)		66,197,038		652,509		—		—
National Bank Holdings Corp., Class A		81,266,914		1,099,752		—			—			(6,645,473	)		75,721,193		2,047,072		928,073		—
National Presto Industries, Inc.		27,917,614		3,619,649		(2,959,390	)		(464,639	)		(3,930,831	)		24,182,403		371,751		—		—
National Vision Holdings, Inc.		—		178,007,514		(23,976,799	)		5,890,198			27,918,847			187,839,760		5,753,132		—		—
Natus Medical, Inc.^(c)		64,241,145		7,114,910		(89,136,027	)		6,525,152			11,254,820			—		—		—		—
NBT Bancorp, Inc.		103,252,531		2,713,758		—			—			4,952,036			110,918,325		2,922,749		1,677,010		—
Neenah, Inc.^(c)		47,271,785		3,013,196		(80,307,882	)		(93,409	)		30,116,310			—		—		568,538		—
Nektar Therapeutics		71,195,578		8,293,073		(6,259,119	)		(5,959,371	)		(23,534,452	)		43,735,709		13,667,409		—		—
NeoGenomics, Inc.		107,000,980		12,296,044		(8,291,083	)		(7,759,516	)		(24,008,044	)		79,238,381		9,203,064		—		—
NETGEAR, Inc.		51,698,232		6,105,671		(5,736,144	)		(1,840,584	)		(8,094,458	)		42,132,717		2,102,431		—		—
NetScout Systems, Inc.		169,405,690		23,165,486		(33,351,989	)		(92,336	)		(3,691,235	)		155,435,616		4,962,823		—		—
New York Mortgage Trust, Inc.		99,064,584		19,114,001		(17,693,608	)		(4,284,425	)		(31,739,950	)		64,460,602		27,547,266		5,432,739		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds

NexPoint Residential Trust, Inc.	$	122,018,834	$	2,040,175	$	(2,040,175	)	$	—		$	(59,583,995	)	$	62,434,839		1,351,111	$	1,026,844	$	—
NextGen Healthcare, Inc.		84,060,458		10,519,304		(10,371,333	)		1,393,921			(14,482,104	)		71,120,246		4,018,093		—		—
NMI Holdings, Inc., Class A		126,486,977		15,925,229		(15,450,230	)		1,508,153			(2,638,284	)		125,831,845		6,177,312		—		—
Northfield Bancorp, Inc.		44,128,998		2,694,248		(2,490,170	)		420,577			(586,854	)		44,166,799		3,086,429		795,406		—
Northwest Bancshares, Inc.		110,620,029		4,927,681		—			—			37,500			115,585,210		8,555,530		3,356,250		—
Northwest Natural Holding Co.		114,034,325		28,317,050		(10,668,720	)		78,281			(21,613,694	)		110,147,242		2,539,125		2,268,285		—
NOW, Inc.		87,533,937		11,510,691		(10,110,623	)		1,079,009			(8,765,648	)		81,247,366		8,084,315		—		—
NV5 Global, Inc.		113,096,919		18,329,058		(10,011,249	)		(58,296	)		(8,722,950	)		112,633,482		909,655		—		—
Oceaneering International, Inc.		108,248,797		10,899,743		(9,065,439	)		(1,154,663	)		(50,725,396	)		58,203,042		7,311,940		—		—
ODP Corp.		150,472,218		15,774,732		(21,669,235	)		1,311,470			(35,976,190	)		109,912,995		3,126,970		—		—
Office Properties Income Trust		89,434,675		10,258,954		(8,847,717	)		(4,451,423	)		(36,744,416	)		49,650,073		3,533,813		3,840,941		—
OFG Bancorp		86,662,184		559,589		(781,787	)		(83,288	)		(4,800,550	)		81,556,148		3,245,370		1,137,037		—
O-I Glass, Inc.		146,725,678		20,292,979		(16,960,189	)		501,181			(3,496,807	)		147,062,842		11,356,204		—		—
Oil States International, Inc.		30,532,455		3,734,577		(2,508,520	)		101,858			(13,705,849	)		18,154,521		4,666,972		—		—
Olympic Steel, Inc.		25,713,971		2,705,270		(1,918,560	)		967,436			(11,461,815	)		16,006,302		701,723		121,702		—
Omnicell, Inc.^(c)		407,429,926		17,797,448		(380,212,794	)		105,673,887			(150,688,467	)		—		—		—		—
OneSpan, Inc.		35,579,568		4,101,809		(2,854,783	)		(622,617	)		(14,066,419	)		22,137,558		2,571,145		—		—
Onto Innovation, Inc.		306,564,777		34,426,487		(25,375,424	)		10,266,999			(93,818,865	)		232,063,974		3,623,169		—		—
OptimizeRx Corp.		47,963,311		4,994,390		(3,475,955	)		(3,621,411	)		(26,316,341	)		19,543,994		1,318,758		—		—
OraSure Technologies, Inc.		35,093,429		2,686,376		(2,771,489	)		(1,888,097	)		(13,048,042	)		20,072,177		5,296,089		—		—
Orion Office REIT, Inc.		56,739,102		6,719,448		(5,779,042	)		(2,208,647	)		(19,210,546	)		36,260,315		4,144,036		811,891		—
Orthofix Medical, Inc.		46,236,230		5,395,986		(4,122,293	)		(1,706,917	)		(17,831,298	)		27,971,708		1,463,721		—		—
OSI Systems, Inc.		99,778,004		8,008,831		(8,705,496	)		(779,565	)		(15,000,486	)		83,301,288		1,155,999		—		—
Owens & Minor, Inc.		237,798,945		23,645,084		(17,496,652	)		9,051,392			(118,986,164	)		134,012,605		5,560,689		—		—
Oxford Industries, Inc.		102,821,032		14,197,269		(17,445,465	)		1,643,887			(3,177,861	)		98,038,862		1,091,990		1,227,977		—
Pacific Premier Bancorp, Inc.		228,019,766		8,067,513		(1,293,032	)		(640,946	)		(28,273,233	)		205,880,068		6,649,873		4,370,271		—
Pacira BioSciences, Inc.		243,118,352		27,233,389		(18,304,914	)		3,887,474			(78,179,172	)		177,755,129		3,341,890		—		—
Palomar Holdings, Inc.		110,545,925		21,425,605		(12,549,266	)		(1,355,487	)		36,075,389			154,142,166		1,841,163		—		—
Park Aerospace Corp.		18,232,507		2,348,250		(1,415,985	)		(72,099	)		(2,843,802	)		16,248,871		1,471,818		283,133		—
Park National Corp.		135,674,418		16,579,218		(13,602,819	)		2,532,281			(9,857,320	)		131,325,778		1,054,995		2,171,010		—
Pathward Financial, Inc.^(k)		112,957,040		1,486,572		(569,248	)		(371,071	)		(45,016,830	)		68,486,463		2,077,866		206,731		—
Patrick Industries, Inc.		96,958,481		12,707,529		(13,449,967	)		(1,425,685	)		(25,343,721	)		69,446,637		1,584,093		1,055,258		—
Patterson-UTI Energy, Inc.		238,134,784		29,556,615		(23,300,059	)		11,333,296			(71,033,877	)		184,690,759		15,812,565		1,244,804		—
PBF Energy, Inc., Class A		166,060,470		48,696,083		(20,509,920	)		11,480,328			69,390,827			275,117,788		7,824,738		—		—
PDF Solutions, Inc.		59,598,908		7,785,871		(6,955,348	)		1,258,708			(8,781,909	)		52,906,230		2,156,797		—		—
Pediatrix Medical Group, Inc.^(l)		143,173,761		17,702,213		(14,732,622	)		(1,809,011	)		(42,766,901	)		101,567,440		6,151,874		—		—
Pennant Group, Inc.		35,999,327		4,454,245		(2,866,776	)		1,771,832			(17,964,548	)		21,394,080		2,055,147		—		—
PennyMac Mortgage Investment Trust^(e)		N/A		14,155,112		(16,072,947	)		(4,182,527	)		(43,512,795	)		77,939,566		6,616,262		6,261,055		—
Perdoceo Education Corp.		57,606,112		9,060,264		(9,140,170	)		(764,447	)		(5,864,247	)		50,897,512		4,941,506		—		—
Perficient, Inc.		259,611,926		37,616,202		(20,878,012	)		9,064,429			(121,332,869	)		164,081,676		2,523,557		—		—
PetMed Express, Inc.		38,966,720		4,630,009		(3,981,158	)		(387,621	)		(9,215,169	)		30,012,781		1,537,540		910,618		—
PGT Innovations, Inc.		76,723,141		11,729,627		(9,749,623	)		2,587,584			10,344,337			91,635,066		4,371,902		—		—
Phibro Animal Health Corp., Class A^(b)		29,130,392		3,843,399		(2,356,830	)		(257,469	)		14,016,696			N/A		N/A		354,150		—
Photronics, Inc.		74,493,294		13,562,889		(9,743,080	)		1,646,003			(14,278,040	)		65,681,066		4,492,549		—		—
Piper Sandler Cos		132,389,775		16,694,980		(16,958,538	)		1,863,512			(29,272,143	)		104,717,586		999,786		1,221,816		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds

Plantronics, Inc.^(c)	$	120,668,371	$	15,230,749	$	(137,743,925	)	$	39,460,421			$ (37,615,616	)	$	—		—	$	—	$	—
Plexus Corp.		164,407,748		22,398,619		(20,963,939	)		4,705,569			6,411,026			176,959,023		2,021,003		—		—
Powell Industries, Inc.		12,559,186		2,106,759		(1,321,278	)		80,447			905,639			14,330,753		679,827		343,987		—
PRA Group, Inc.		141,038,099		15,424,046		(25,212,815	)		(1,413,697	)		(36,308,154	)		93,527,479		2,846,241		—		—
Prestige Consumer Healthcare, Inc.		190,225,543		26,388,568		(23,104,125	)		2,665,552			(15,334,695	)		180,840,843		3,629,156		—		—
PriceSmart, Inc.		135,818,557		19,757,942		(13,171,183	)		(862,383	)		(36,312,469	)		105,230,464		1,827,235		767,728		—
ProAssurance Corp.		92,923,542		1,499,669		—			—			(25,638,404	)		68,784,807		3,525,618		352,562		—
PROG Holdings, Inc.		—		123,275,984		(59,968,680	)		35,784,511			(43,820,558	)		55,271,257		3,689,670		—		—
Progress Software Corp.		148,916,992		19,047,822		(18,298,145	)		3,967,026			(18,765,470	)		134,868,225		3,169,641		1,111,212		—
ProPetro Holding Corp.		84,754,257		9,816,364		(7,432,487	)		306,899			(35,987,654	)		51,457,379		6,392,221		—		—
Proto Labs, Inc.		104,431,636		13,044,493		(10,397,879	)		(6,689,673	)		(27,102,346	)		73,286,231		2,011,700		—		—
Provident Financial Services, Inc.		119,936,396		—		—			—			(19,989,400	)		99,946,996		5,125,487		2,460,234		—
Quaker Chemical Corp.		165,876,863		20,212,796		(14,138,374	)		(161,446	)		(28,314,668	)		143,475,171		993,733		794,472		—
Quanex Building Products Corp.		50,273,695		7,644,837		(6,205,863	)		89,278			(7,675,417	)		44,126,530		2,429,875		385,891		—
QuinStreet, Inc.		41,592,937		5,808,781		(3,814,604	)		402,903			(4,538,997	)		39,451,020		3,757,240		—		—
Rambus, Inc.		249,695,511		25,197,800		(19,334,990	)		6,190,662			(56,844,972	)		204,904,011		8,060,740		—		—
Ranger Oil Corp., Class A^(b)		52,271,514		7,603,103		(10,114,108	)		(3,840,245	)		14,399,708			N/A		N/A		115,098		—
Rayonier Advanced Materials, Inc.		30,075,292		2,385,736		(1,879,992	)		(94,430	)		(15,345,595	)		15,141,011		4,806,670		—		—
RE/MAX Holdings, Inc., Class A^(b)		37,066,442		6,129,492		(4,115,747	)		(2,116,876	)		14,002,988			N/A		N/A		641,897		—
Ready Capital Corp.^(e)		N/A		32,721,393		(1,195,479	)		(213,094	)		(29,990,334	)		75,411,474		7,437,029		3,123,255		—
Red Robin Gourmet Burgers, Inc.^(c)		19,037,149		344,178		(9,882,769	)		(29,592,094	)		20,093,536			—		—		—		—
Redwood Trust, Inc.		86,418,394		12,982,041		(10,542,036	)		(4,697,586	)		(35,280,574	)		48,880,239		8,515,721		3,899,329		—
REGENXBIO, Inc.		89,410,873		11,433,059		(8,940,564	)		(3,035,698	)		(16,372,929	)		72,494,741		2,742,896		—		—
Renasant Corp.		122,659,043		5,263,796		—			—			(8,228,793	)		119,694,046		3,826,536		1,662,243		—
Renewable Energy Group, Inc.^(c)		218,275,772		2,502,921		(223,831,696	)		101,187,403			(98,134,400	)		—		—		—		—
Rent-A-Center, Inc.		108,999,473		13,215,759		(22,074,866	)		(16,536,977	)		(15,566,253	)		68,037,136		3,885,616		2,918,987		—
Resideo Technologies, Inc.		246,333,903		29,030,829		(22,555,176	)		5,792,326			(56,093,823	)		202,508,059		10,624,767		—		—
Resources Connection, Inc.		37,511,987		6,537,744		(3,655,826	)		873,996			651,572			41,919,473		2,319,838		632,160		—
Retail Opportunity Investments Corp.		165,489,597		—		(425,137	)		(77,844	)		(47,896,818	)		117,089,798		8,509,433		2,382,641		—
REX American Resources Corp.		37,138,350		4,759,475		(3,149,835	)		733,666			(6,786,722	)		32,694,934		1,171,022		—		—
Rogers Corp.		364,370,893		44,710,494		(37,211,774	)		16,602,418			(58,075,803	)		330,396,228		1,365,951		—		—
RPT Realty		83,319,640		11,400,875		(9,482,964	)		(422,081	)		(37,699,169	)		47,116,301		6,232,315		1,580,103		—
Ruth’s Hospitality Group, Inc.		51,970,044		5,967,633		(6,420,760	)		127,676			(13,751,001	)		37,893,592		2,247,544		642,377		—
S&T Bancorp, Inc.		70,123,531		10,366,710		(111,592	)		(57,690	)		(212,655	)		80,108,304		2,733,139		1,641,106		—
Safety Insurance Group, Inc.		86,228,006		2,834,203		—			—			(8,970,941	)		80,091,268		981,992		1,751,694		—
Sally Beauty Holdings, Inc.		123,084,093		14,526,158		(15,035,920	)		666,231			(24,650,274	)		98,590,288		7,824,626		—		—
Sanmina Corp.		183,729,393		25,473,652		(39,343,212	)		5,997,541			18,584,374			194,441,748		4,219,656		—		—
ScanSource, Inc.		63,970,113		6,632,214		(6,669,398	)		108,887			(15,447,733	)		48,594,083		1,839,988		—		—
Seacoast Banking Corp. of Florida		146,555,548		10,766,396		(7,459,522	)		1,916,537			(22,289,721	)		129,489,238		4,283,468		1,422,930		—
Select Medical Holdings Corp.		181,828,319		25,217,613		(24,655,104	)		1,971,649			(17,949,831	)		166,412,646		7,529,984		1,899,909		—
Selectquote, Inc.		24,980,028		2,575,668		(2,047,824	)		(9,306,440	)		(9,637,013	)		6,564,419		8,992,355		—		—
Seneca Foods Corp., Class A		22,360,474		3,397,420		(4,516,664	)		628,547			(1,263,877	)		20,605,900		408,523		—		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds

Service Properties Trust	$	103,192,254	$	10,240,721	$	(7,116,867	)	$	(5,079,743	)	$	(38,730,709	)	$	62,505,656		12,043,479	$	238,815	$	—
ServisFirst Bancshares, Inc.		332,974,896		35,698,710		(29,318,132	)		11,950,929			(66,137,523	)		285,168,880		3,564,611		1,605,894		—
Shake Shack, Inc., Class A		190,071,451		18,647,386		(21,856,106	)		(9,311,382	)		(55,005,948	)		122,545,401		2,724,442		—		—
Shenandoah Telecommunications Co.		84,576,037		11,191,866		(8,948,181	)		(3,297,084	)		(20,833,263	)		62,689,375		3,683,277		—		—
Signet Jewelers Ltd.		273,905,174		27,168,307		(48,657,650	)		774,642			(59,190,040	)		194,000,433		3,392,209		1,449,110		—
Simmons First National Corp., Class A		190,104,518		39,195,347		—			—			(37,819,020	)		191,480,845		8,787,556		3,339,272		—
Simply Good Foods Co.		229,837,648		36,333,830		(28,487,580	)		(678,365	)		(37,965,640	)		199,039,893		6,221,941		—		—
Simulations Plus, Inc.		57,561,518		9,469,186		(6,627,583	)		(176,557	)		(3,552,328	)		56,674,236		1,167,578		136,374		—
Six Flags Entertainment Corp.		—		136,516,705		(10,609,098	)		274,661			(30,712,557	)		95,469,711		5,393,769		—		—
SkyWest, Inc.		104,003,904		11,810,202		(9,629,118	)		(3,983,814	)		(42,095,173	)		60,106,001		3,696,556		—		—
Sleep Number Corp.		82,168,963		9,766,744		(10,172,077	)		(748,984	)		(26,644,751	)		54,369,895		1,608,101		—		—
SM Energy Co.		338,768,910		41,925,416		(33,063,212	)		16,292,063			(27,667,249	)		336,255,928		8,940,599		87,181		—
SMART Global Holdings, Inc.		86,032,317		13,411,626		(7,546,379	)		1,001,584			(34,845,053	)		58,054,095		3,658,103		—		—
Sonic Automotive, Inc., Class A^(b)		63,134,619		8,925,714		(14,550,486	)		1,305,750			(20,272,859	)		N/A		N/A		727,644		—
Sonos, Inc.		258,040,886		24,892,482		(20,497,529	)		(7,255,345	)		(126,110,195	)		129,070,299		9,285,633		—		—
South Jersey Industries, Inc.		277,815,513		58,926,203		(28,347,918	)		6,755,173			(16,668,434	)		298,480,537		8,931,195		5,264,740		—
Southside Bancshares, Inc.		88,968,366		1,414,742		—			—			(11,954,522	)		78,428,586		2,218,003		1,481,717		—
Southwestern Energy Co.^(c)		572,104,123		29,177,779		(502,896,112	)		177,290,495			(275,676,285	)		—		—		—		—
SpartanNash Co.		85,110,307		11,998,879		(10,249,408	)		3,082,829			(13,484,861	)		76,457,746		2,634,657		1,095,048		—
SPS Commerce, Inc.		337,838,163		37,608,388		(29,993,119	)		12,114,458			(31,275,310	)		326,292,580		2,626,520		—		—
SPX FLOW, Inc.^(c)		259,082,047		1,269,690		(261,195,167	)		118,154,523			(117,311,093	)		—		—		—		—
SPX Technologies, Inc.^(m)		160,498,750		23,582,645		(19,959,533	)		5,965,537			11,991,164			182,078,563		3,297,330		—		—
Standard Motor Products, Inc.		59,270,564		8,435,336		(8,140,640	)		(1,205,366	)		(14,102,304	)		44,257,590		1,361,772		752,245		—
Standex International Corp.		87,658,417		11,422,758		(11,341,847	)		386,925			(16,732,065	)		71,394,188		874,393		461,349		—
Stepan Co.		150,510,653		21,282,149		(18,504,523	)		2,214,701			(10,750,514	)		144,752,466		1,545,345		1,027,733		—
Steven Madden Ltd.		211,645,113		24,067,120		(25,211,716	)		667,707			(66,473,499	)		144,694,725		5,425,374		2,295,276		—
Stewart Information Services Corp.		108,673,669		4,637,916		—			—			(30,977,306	)		82,334,279		1,886,670		1,530,831		—
StoneX Group, Inc.		90,898,940		13,732,478		(10,674,285	)		3,692,774			6,525,968			104,175,875		1,256,039		—		—
Strategic Education, Inc.		107,496,569		16,043,044		(14,249,305	)		(364,756	)		(8,517,132	)		100,408,420		1,635,050		1,975,199		—
Stride, Inc.		—		135,717,013		(15,822,580	)		2,761,734			2,058,948			124,715,115		2,967,288		—		—
Sturm Ruger & Co., Inc.		87,670,726		11,503,978		(9,413,573	)		630,051			(24,943,340	)		65,447,842		1,288,597		1,468,149		—
Summit Hotel Properties, Inc.		75,886,774		9,455,914		(8,127,659	)		(1,920,042	)		(22,905,047	)		52,389,940		7,796,122		318,890		—
SunCoke Energy, Inc.		52,991,824		6,542,447		(5,362,051	)		(227,995	)		(18,492,767	)		35,451,458		6,101,800		855,800		—
Sunstone Hotel Investors, Inc.		—		156,032,666		(2,503,829	)		89,964			(17,753,924	)		135,864,877		14,423,023		654,243		—
Supernus Pharmaceuticals, Inc.		122,972,590		15,758,555		(12,687,386	)		1,377,907			4,638,659			132,060,325		3,901,339		—		—
Surmodics, Inc.		45,178,643		5,427,653		(4,113,479	)		549,134			(15,827,961	)		31,213,990		1,026,776		—		—
Sylvamo Corp.		84,035,262		13,736,184		(18,509,802	)		1,747,007			813,135			81,821,786		2,413,622		551,440		—
Tactile Systems Technology, Inc.^(c)		28,711,529		493,892		(10,817,864	)		(48,778,697	)		30,391,140			—		—		—		—
Talos Energy, Inc.^(e)		N/A		35,912,562		(985,914	)		109,606			(5,755,208	)		79,434,569		4,770,845		—		—
Tanger Factory Outlet Centers, Inc.		127,881,154		21,014,256		(18,420,973	)		447,667			(26,794,048	)		104,128,056		7,611,700		3,021,412		—
TechTarget, Inc.		155,056,230		18,532,763		(13,823,906	)		5,091,884			(47,654,765	)		117,202,206		1,979,767		—		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds

Telephone & Data Systems, Inc.^(b)	$	133,432,927	$	19,488,380	$	(16,033,288	)	$	(1,518,662	)	$	2,282,510		$	N/A		N/A	$	2,564,801	$	—
Tennant Co.		104,301,650		12,109,051		(9,451,055	)		(676,805	)		(29,206,097	)		77,076,744		1,362,743		672,758		—
Thryv Holdings, Inc.^(e)		N/A		23,984,996		(713,353	)		(204,712	)		(17,675,373	)		51,150,775		2,240,507		—		—
TimkenSteel Corp.		64,404,568		8,336,003		(7,139,560	)		2,704,099			(23,329,863	)		44,975,247		3,000,350		—		—
Titan International, Inc.		53,931,214		8,142,465		(7,185,721	)		3,307,327			(13,154,817	)		45,040,468		3,710,088		—		—
Tivity Health, Inc.^(c)		102,231,306		4,597,360		(107,819,062	)		34,087,411			(33,097,015	)		—		—		—		—
Tompkins Financial Corp.		66,250,624		11,837,172		(6,026,832	)		393,863			(5,403,038	)		67,051,789		923,324		974,485		—
Tredegar Corp.		22,063,926		2,752,239		(2,689,708	)		(1,041,747	)		(3,624,703	)		17,460,007		1,849,577		466,036		—
TreeHouse Foods, Inc.		128,739,659		21,937,696		(35,173,243	)		1,095,304			39,439,966			156,039,382		3,678,439		—		—
Tri Pointe Homes, Inc.		—		180,979,351		(114,682,881	)		86,092,424			(40,260,017	)		112,128,877		7,420,839		—		—
Trinity Industries, Inc.		—		143,171,105		(7,581,027	)		2,527,112			(10,255,136	)		127,862,054		5,988,855		—		—
Trinseo PLC		133,136,232		14,235,707		(20,697,650	)		(7,109,924	)		(72,740,973	)		46,823,392		2,555,862		1,693,722		—
Triumph Bancorp, Inc.		159,258,692		10,246,436		(10,905,996	)		676,196			(68,168,912	)		91,106,416		1,676,291		—		—
Triumph Group, Inc.		93,800,075		6,906,827		(5,211,642	)		291,935			(62,531,001	)		33,256,194		3,871,501		—		—
TrueBlue, Inc.		73,580,548		7,586,203		(10,480,297	)		(2,023,189	)		(23,180,685	)		45,482,580		2,383,783		—		—
Trupanion, Inc.		218,695,578		22,504,617		(14,912,560	)		(1,385,972	)		(73,025,743	)		151,875,920		2,555,543		—		—
TrustCo Bank Corp.		38,574,952		—		—			—			(616,136	)		37,958,816		1,208,110		845,677		—
Trustmark Corp.		114,546,413		3,416,802		—			—			538,313			118,501,528		3,868,806		1,756,745		—
TTM Technologies, Inc.		110,982,608		14,046,383		(14,189,718	)		455,509			(12,819,252	)		98,475,530		7,471,588		—		—
Tupperware Brands Corp.		68,309,820		4,252,486		(9,788,640	)		(13,293,541	)		(31,002,562	)		18,477,563		2,821,002		—		—
Two Harbors Investment Corp.		136,053,578		23,351,639		(20,120,319	)		(3,161,485	)		(52,725,249	)		83,398,164		25,119,929		12,619,818		—
U.S. Ecology, Inc.^(c)		107,128,388		1,442,682		(108,839,944	)		7,170,326			(6,901,452	)		—		—		—		—
U.S. Physical Therapy, Inc.		91,860,274		13,981,156		(10,285,218	)		2,404,230			(25,864,746	)		72,095,696		948,378		774,112		—
U.S. Silica Holdings, Inc.		99,876,624		10,245,930		(8,951,961	)		1,990,457			(42,823,429	)		60,337,621		5,510,285		—		—
UFP Industries, Inc.		341,909,849		47,200,515		(41,047,529	)		11,710,381			(35,480,764	)		324,292,452		4,494,075		2,243,594		—
Ultra Clean Holdings, Inc.		136,152,483		14,680,687		(10,493,661	)		1,831,226			(56,854,367	)		85,316,368		3,313,257		—		—
Unifi, Inc.		17,937,480		1,858,721		(2,142,166	)		(1,710,826	)		(6,895,756	)		9,047,453		951,362		—		—
UniFirst Corp.^(b)		200,629,322		26,205,256		(22,405,107	)		999,754			(18,168,596	)		N/A		N/A		661,218		—
uniQure NV		46,786,302		14,245,799		(5,102,616	)		(1,087,004	)		1,576,756			56,419,237		3,007,422		—		—
Unisys Corp.		103,901,420		9,300,592		(6,917,865	)		(2,336,144	)		(66,623,664	)		37,324,339		4,943,621		—		—
United Community Banks, Inc.		254,860,619		2,581,227		(742,290	)		(254,917	)		(12,385,860	)		244,058,779		7,373,377		3,160,095		—
United Fire Group, Inc.		47,725,571		5,992,002		(3,645,521	)		502,311			(4,487,708	)		46,086,655		1,604,130		497,806		—
United Natural Foods, Inc.		171,786,549		22,977,261		(18,432,559	)		7,388,294			(37,606,626	)		146,112,919		4,251,176		—		—
Uniti Group, Inc.		232,300,985		22,942,979		(18,230,288	)		433,973			(117,195,170)			120,252,479		17,302,515		5,118,318		—
Unitil Corp.		57,003,513		9,553,519		(7,221,120	)		505,678			(5,056,741	)		54,784,849		1,179,437		916,970		—
Universal Corp.		102,545,813		13,718,679		(11,869,214	)		894,717			(22,532,312	)		82,757,683		1,797,517		2,753,054		—
Universal Electronics, Inc.		29,321,395		3,424,291		(4,343,006	)		(3,311,371	)		(7,699,705	)		17,391,604		884,169		—		—
Universal Health Realty Income Trust		53,217,155		7,442,290		(6,298,179	)		(1,567,227	)		(12,652,381	)		40,141,658		928,990		1,317,188		—
Universal Insurance Holdings, Inc.		27,029,508		1,644,878		(1,724,504	)		(56,752	)		(7,207,344	)		19,685,786		1,998,557		636,059		—
Urban Edge Properties		150,439,087		24,240,325		(13,706,900	)		(671,447	)		(46,043,672	)		114,257,393		8,565,022		2,548,719		—
Urstadt Biddle Properties, Inc., Class A		36,636,275		—		—			—			(6,427,417	)		30,208,858		1,947,702		925,158		—
Vanda Pharmaceuticals, Inc.		45,100,344		6,626,959		(4,941,787	)		(1,507,411	)		(4,523,283	)		40,754,822		4,124,982		—		—
Varex Imaging Corp.		60,217,722		9,573,966		(7,038,297	)		(779,065	)		61,342			62,035,668		2,934,516		—		—
Vector Group Ltd.		112,743,909		14,508,325		(11,731,253	)		1,620,320			(32,602,162	)		84,539,139		9,595,816		3,810,719		—
Veeco Instruments, Inc.		98,540,068		11,247,179		(8,513,339	)		2,805,340			(35,371,645	)		68,707,603		3,750,415		—		—
Vera Bradley, Inc.^(c)		13,955,166		240,570		(8,795,020	)		(11,624,937	)		6,224,221			—		—		—		—
Vericel Corp.		128,020,145		13,695,997		(10,612,788	)		(4,192,793	)		(47,087,017	)		79,823,544		3,440,670		—		—
Veris Residential, Inc.		99,880,230		11,799,329		(11,291,836	)		(772,879	)		(33,908,421	)		65,706,423		5,778,929		—		—
Veritex Holdings, Inc.		134,887,513		12,960,548		(6,357,624	)		2,894,692			(44,723,841	)		99,661,288		3,748,074		1,455,286		—


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Affiliates (continued)



Affiliated Issuer	Value at 03/31/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income		Capital Gain Distributions from Underlying Funds

Veritiv Corp.	$	132,495,898	$	16,940,401	$	(13,757,546	)	$	7,384,723		$	(43,488,837	)	$	99,574,639		1,018,458	$	—	$	—
Viad Corp.		52,372,980		7,114,832		(6,131,392	)		(747,660	)		(5,116,040	)		47,492,720		1,503,886		—		—
Viavi Solutions, Inc.		264,487,828		30,251,424		(27,009,999	)		5,900,899			(56,798,960	)		216,831,192		16,615,417		—		—
Virtus Investment Partners, Inc.		122,805,763		13,579,972		(15,269,723	)		(865,588	)		(40,693,333	)		79,557,091		498,728		1,541,470		—
Vista Outdoor, Inc.		143,628,159		16,596,496		(14,192,399	)		5,261,208			(51,029,570	)		100,263,894		4,122,693		—		—
Wabash National Corp.		51,999,241		8,196,093		(7,284,553	)		(29,284	)		2,212,449			55,093,946		3,540,742		558,188		—
Walker & Dunlop, Inc.		273,111,920		34,366,058		(20,874,529	)		9,543,064			(108,572,976	)		187,573,537		2,240,219		2,623,331		—
WD-40 Co.		179,528,754		23,484,434		(20,635,057	)		2,611,842			(10,339,385	)		174,650,588		993,801		1,520,708		—
Westamerica Bancorp		106,501,356		4,786,926		—			—			(14,942,075	)		96,346,207		1,842,536		1,513,213		—
Whitestone REIT		43,783,817		5,693,501		(4,743,362	)		224,143			(16,325,127	)		28,632,972		3,384,512		804,317		—
Winnebago Industries, Inc.		128,875,490		17,604,191		(20,395,448	)		1,538,860			(4,358,829	)		123,264,264		2,316,562		1,508,631		—
WisdomTree Investments, Inc.		45,910,215		5,773,189		(4,104,611	)		(279,603	)		(9,158,037	)		38,141,153		8,149,819		479,944		—
Wolverine World Wide, Inc.		132,926,995		17,167,153		(18,489,612	)		(6,918,478	)		(36,314,077	)		88,371,981		5,742,169		1,140,259		—
World Fuel Services Corp.		122,548,498		14,868,647		(15,488,448	)		(2,325,936	)		(13,758,058	)		105,844,703		4,515,559		1,166,428		—
WSFS Financial Corp.		193,477,522		8,533,207		—			—			820,390			202,831,119		4,365,715		1,194,370		—
WW International, Inc.		39,112,420		3,825,256		(3,098,478	)		(2,544,682	)		(21,912,524	)		15,381,992		3,913,993		—		—
Xencor, Inc.		111,628,239		17,080,208		(11,670,524	)		(2,337,579	)		(1,590,517	)		113,109,827		4,353,727		—		—
Xenia Hotels & Resorts, Inc.		157,588,903		18,044,758		(15,126,605	)		131,249			(45,318,961	)		115,319,344		8,362,534		836,180		—
XPEL, Inc.^(e)		N/A		15,079,109		(1,422,569	)		(5,672	)		2,192,821			92,146,171		1,429,953		—		—
Yelp, Inc.		—		154,047,188		(8,668,102	)		3,168,769			25,519,466			174,067,321		5,133,215		—		—
Zimvie, Inc.		34,275,851		3,845,054		(3,418,031	)		(877,915	)		(18,804,398	)		15,020,561		1,521,840		—		—
Zumiez, Inc.		53,421,286		5,439,912		(12,389,154	)		(3,430,179	)		(18,561,738	)		24,480,127		1,137,024		—		—

								$	1,441,299,550		$	(14,139,340,800	)	$	57,775,398,662			$	500,276,673	$	—

^(a)

Formerly the Xperi Holding Corp.

^(b)

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

^(c)

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

^(d)

Formerly the Realogy Holdings Corp.

^(e)

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

^(f)

Formerly the Allegheny Technologies, Inc.

^(g)

Represents net amount purchased (sold).

^(h)

⁽ⁱ⁾

Formerly the Washington Real Estate Investment Trust.

^(j)

Formerly the Schweitzer-Mauduit International, Inc.

^(k)

Formerly the Meta Financial Group, Inc.

^(l)

Formerly the MEDNAX, Inc.

^(m)

Formerly the SPX Corp.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
Russel 2000 E-Mini Index		2,495		12/16/22	$	208,308	$	(14,585,348	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

OTC Total Return Swaps




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

Equity Securities Long/Short	Monthly		Goldman Sachs Bank USA	^(b)		02/27/23	$	377,552,102	$	(31,620,814	)^(c)	$	345,828,964		0.6%
	Monthly		HSBC Bank PLC	^(d)		02/10/23		275,195,812		(23,980,099	)^(e)		251,536,750		0.5
	Monthly		JPMorgan Chase Bank NA	^(f)		02/08/23		244,773,535		(20,811,336	)^(g)		223,919,720		0.4


									$	(76,412,249	)	$	821,285,434

^(a)

^(c)

Amount includes $102,324 of net dividends, payable for referenced securities purchased and financing fees.

^(e)

Amount includes $(321,037) of net dividends, payable for referenced securities purchased and financing fees.

^(g)

Amount includes $42,479 of net dividends, payable for referenced securities purchased and financing fees.

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


	(b)	(d)	(f)
Range:	65 basis points	65 basis points	65 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Aerospace & Defense
Triumph Group, Inc.		666,030	$	5,480,119		1.6	%


Banks
Bancorp, Inc.		170,430		3,746,051		1.1
BankUnited, Inc.		223,907		7,650,902		2.2
Banner Corp.		36,145		2,135,447		0.6
Berkshire Hills Bancorp, Inc.		178,778		4,880,639		1.4
Brookline Bancorp, Inc.		97,109		1,131,320		0.3
Central Pacific Financial Corp.		108,720		2,249,417		0.7
City Holding Co.		87,496		7,760,020		2.2
Community Bank System, Inc.		156,299		8,269,531		2.4
First Bancorp		93,288		3,412,475		1.0
First Commonwealth Financial Corp.		337,382		4,331,985		1.3
First Financial Bancorp		400,647		8,445,639		2.4
Hanmi Financial Corp.		138,325		3,275,536		1.0
Heritage Financial Corp.		132,334		3,502,881		1.0
HomeStreet, Inc.		18,131		522,354		0.2
Hope Bancorp, Inc.		242,154		3,060,827		0.9
National Bank Holdings Corp., Class A		20,729		504,544		0.1
NBT Bancorp, Inc.		48,943		1,857,387		0.5
Northwest Bancshares, Inc.		720,517		8,968,938		2.6
OFG Bancorp		47,358		1,190,107		0.3
Pacific Premier Bancorp, Inc.		260,103		7,928,763		2.3
Preferred Bank		67,781		4,421,355		1.3
Renasant Corp.		3,211		100,440		0.0
S&T Bancorp, Inc.		78,203		2,292,130		0.7
Simmons First National Corp., Class A		239,668		5,222,366		1.5
Trustmark Corp.		241,639		7,401,403		2.1




	Shares		Value		% of Basket Value


Banks
United Community Banks, Inc.		339,978	$	11,253,272		3.3	%
Westamerica Bancorp		56,588		2,958,986		0.9


				118,474,715

Commercial Services & Supplies
Pitney Bowes, Inc.		3,710,507		8,645,481		2.5


Communications Equipment
Extreme Networks, Inc.		2,381,541		31,126,741		9.0


Equity Real Estate Investment Trusts (REITs)
Getty Realty Corp.		166,265		4,470,866		1.3
NexPoint Residential Trust, Inc.		192,442		8,892,745		2.6
Outfront Media, Inc.		4,815,433		73,146,427		21.1
Retail Opportunity Investments Corp.		22,703		312,393		0.1
SITE Centers Corp.		1,485,805		15,912,972		4.6
Urstadt Biddle Properties, Inc., Class A		160,044		2,482,282		0.7


				105,217,685

Gas Utilities
Chesapeake Utilities Corp.		13,436		1,550,380		0.5


Health Care Providers & Services
RadNet, Inc.		754,117		15,346,281		4.4


Insurance
Ambac Financial Group, Inc.		141,562		1,804,915		0.5
Employers Holdings, Inc.		79,413		2,738,954		0.8
Genworth Financial, Inc., Class A		1,389,278		4,862,473		1.4
Horace Mann Educators Corp.		81,039		2,859,866		0.8
James River Group Holdings Ltd.		74,117		1,427,952		0.4
ProAssurance Corp.		209,422		4,085,823		1.2
Safety Insurance Group, Inc.		71,378		5,821,590		1.7
Stewart Information Services Corp.		39,183		1,709,946		0.5


				25,311,519


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF




	Shares		Value		% of Basket Value


Metals & Mining
Warrior Met Coal, Inc.		52,133	$	1,482,663		0.4	%


Oil, Gas & Consumable Fuels
Green Plains, Inc.		52,741		1,533,181		0.5
Par Pacific Holdings, Inc.		485,407		7,965,529		2.3


				9,498,710

Software
Adeia, Inc.		123,069		886,615		0.2
Xperi Holding Co.		123,069		1,740,196		0.5
Xperi, Inc.		49,227		934,860		0.3


				3,561,671

Thrifts & Mortgage Finance
Provident Financial Services, Inc.		206,137		4,019,671		1.1
TrustCo Bank Corp.		84,075		2,641,636		0.8
WSFS Financial Corp.		179,645		8,346,307		2.4


				15,007,614

Water Utilities
Middlesex Water Co.		66,391		5,125,385		1.5


Net Value of Reference Entity — Goldman Sachs Bank USA			$	345,828,964




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Aerospace & Defense
Triumph Group, Inc.		158,084	$	1,357,942		0.5	%


Banks
Allegiance Bancshares, Inc.		52,665		2,192,444		0.9
Bancorp, Inc.		10,317		226,768		0.1
BankUnited, Inc.		102,294		3,495,386		1.4
Banner Corp.		42,334		2,501,093		1.0
Berkshire Hills Bancorp, Inc.		53,153		1,451,077		0.6
Brookline Bancorp, Inc.		266,778		3,107,964		1.2
City Holding Co.		4,321		383,229		0.1
Community Bank System, Inc.		22,002		1,321,880		0.5
Customers Bancorp, Inc.		26,537		782,311		0.3
First Commonwealth Financial Corp.		20,840		267,586		0.1
First Financial Bancorp		48,166		1,015,339		0.4
Hanmi Financial Corp.		31,783		752,621		0.3
Heritage Financial Corp.		72,142		1,909,599		0.8
HomeStreet, Inc.		21,263		612,587		0.2
Hope Bancorp, Inc.		230,536		2,913,975		1.2
Lakeland Financial Corp.		23,766		1,730,402		0.7
National Bank Holdings Corp., Class A		53,934		1,995,019		0.8
NBT Bancorp, Inc.		143,743		5,455,047		2.2
OFG Bancorp		165,602		4,161,578		1.6
Preferred Bank		264,460		17,250,726		6.9
Renasant Corp.		239,104		7,479,173		3.0
S&T Bancorp, Inc.		35,523		1,041,179		0.4




	Shares		Value		% of Basket Value


Banks
Simmons First National Corp., Class A		304,610	$	6,637,452		2.6	%
Trustmark Corp.		348,354		10,670,083		4.2
Westamerica Bancorp		60,435		3,160,146		1.3


				82,514,664

Commercial Services & Supplies
Pitney Bowes, Inc.		195,729		456,049		0.2


Equity Real Estate Investment Trusts (REITs)
Easterly Government Properties, Inc.		67,941		1,071,430		0.4
Retail Opportunity Investments Corp.		70,034		963,668		0.4
SITE Centers Corp.		1,052,703		11,274,449		4.5
Urstadt Biddle Properties, Inc., Class A		93,192		1,445,408		0.6


				14,754,955

Gas Utilities
Chesapeake Utilities Corp.		116,542		13,447,781		5.3


Insurance
Ambac Financial Group, Inc.		229,674		2,928,343		1.1
Employers Holdings, Inc.		186,929		6,447,181		2.5
Genworth Financial, Inc., Class A		1,849,410		6,472,935		2.6
Horace Mann Educators Corp.		164,950		5,821,086		2.3
James River Group Holdings Ltd.		65,871		1,502,518		0.6
ProAssurance Corp.		189,380		3,694,804		1.5
Safety Insurance Group, Inc.		20,924		1,706,561		0.7
Stewart Information Services Corp.		45,630		1,991,293		0.8


				30,564,721

Metals & Mining
Warrior Met Coal, Inc.		138,442		3,937,290		1.6


Oil, Gas & Consumable Fuels
Green Plains, Inc.		896,421		26,058,958		10.4
Par Pacific Holdings, Inc.		229,278		3,762,452		1.5


				29,821,410

Software
Adeia, Inc.		435,896		3,237,761		1.3
Xperi Holding Co.		435,896		6,163,569		2.4
Xperi, Inc.		174,358		3,414,012		1.4


				12,815,342

Thrifts & Mortgage Finance
Flagstar Bancorp, Inc.		284,448		9,500,563		3.8
Mr. Cooper Group, Inc.		992,579		40,199,450		16.0
Provident Financial Services Inc.		125,606		2,449,317		1.0
TrustCo Bank Corp.		82,672		2,597,554		1.0
WSFS Financial Corp.		53,512		2,486,168		1.0


				57,233,052

Water Utilities
Middlesex Water Co.		60,020		4,633,544		1.8


Net Value of Reference Entity — HSBC Bank PLC			$	251,536,750


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF




	Shares		Value		% of Basket Value


Reference Entity — Long

Common Stocks

Aerospace & Defense
Triumph Group, Inc.		70,616	$	606,591		0.3	%


Banks
BankUnited, Inc.		50,876		1,738,433		0.8
Banner Corp.		129,325		7,640,521		3.4
Central Pacific Financial Corp.		286,812		5,934,140		2.7
Columbia Banking System, Inc.		235,747		6,810,731		3.0
Community Bank System, Inc.		49,288		2,961,223		1.3
Customers Bancorp, Inc.		39,181		1,155,056		0.5
Eagle Bancorp, Inc.		67,026		3,004,105		1.3
First Bancorp		561,649		7,683,358		3.4
First Bancorp		33,767		1,235,197		0.6
First Commonwealth Financial Corp.		296,185		3,803,015		1.7
Hope Bancorp, Inc.		226,447		2,862,290		1.3
Independent Bank Corp.		196,496		14,644,847		6.5
National Bank Holdings Corp., Class A		75,008		2,774,546		1.2
Pathward Financial, Inc.		38,363		1,264,444		0.6
Preferred Bank		46,082		3,005,929		1.3
Seacoast Banking Corp. of Florida		182,208		5,508,148		2.5
Veritex Holdings, Inc.		174,919		4,651,096		2.1


				76,677,079

Commercial Services & Supplies
GEO Group, Inc.		271,695		2,092,052		0.9


Communications Equipment
Extreme Networks, Inc.		1,180,456		15,428,560		6.9


Equity Real Estate Investment Trusts (REITs)
Acadia Realty Trust		166,366		2,099,539		0.9




	Shares		Value		% of Basket Value


Equity Real Estate Investment Trusts (REITs)
Easterly Government Properties, Inc.		400,104	$	6,309,640		2.8	%
Getty Realty Corp.		45,903		1,234,332		0.6
NexPoint Residential Trust, Inc.		116,504		5,383,650		2.4
Retail Opportunity Investments Corp.		455,057		6,261,584		2.8
SITE Centers Corp.		1,730,781		18,536,665		8.3
Sunstone Hotel Investors, Inc.		1,850,734		10,364,609		4.6


				50,190,019

Health Care Providers & Services
RadNet, Inc.		320,797		6,528,219		2.9


Insurance
Ambac Financial Group, Inc.		681,211		8,685,440		3.9
Genworth Financial, Inc., Class A		2,357,817		8,252,360		3.7


				16,937,800

Metals & Mining
Warrior Met Coal, Inc.		1,095,679		31,161,111		13.9


Multi-Utilities
Avista Corp.		98,924		3,665,134		1.6


Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		431,988		7,088,923		3.2


Software
Adeia, Inc.		364,044		2,704,057		1.2
Xperi Holding Co.		364,044		5,147,582		2.3
Xperi, Inc.		145,617		2,851,235		1.3


				10,702,874

Thrifts & Mortgage Finance
Mr. Cooper Group, Inc.		31,115		1,260,158		0.6
TrustCo Bank Corp.		20,655		648,980		0.3
WSFS Financial Corp.		20,065		932,220		0.4


				2,841,358


Net Value of Reference Entity — JPMorgan Chase Bank NA			$ 223,919,720

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



Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation

OTC Swaps	$	—	$	—	$	—	$	(76,412,249	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	14,585,348	$	—	$	—	$	—	$	14,585,348
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		76,412,249		—		—		—		76,412,249


	$	—	$	—	$	90,997,597	$	—	$	—	$	—	$	90,997,597

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(6,829,671	)	$	—	$	—	$	—	$	(6,829,671	)
Swaps		—		—		(94,392,877	)		—		—		—		(94,392,877	)


	$	—	$	—	$	(101,222,548	)	$	—	$	—	$	—	$	(101,222,548	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(15,843,386	)	$	—	$	—	$	—	$	(15,843,386	)
Swaps		—		—		(87,003,947	)		—		—		—		(87,003,947	)


	$	—	$	—	$	(102,847,333	)	$	—	$	—	$	—	$	(102,847,333	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	197,666,775
Total return swaps
Average notional amount	$	755,732,625

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

Derivative Financial Instruments – Offsetting as of Period End

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



	Assets		Liabilities

Derivative Financial Instruments
Futures contracts	$	—	$	1,802,568
Swaps — OTC^(a)		—		76,412,249


Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	78,214,817


Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,802,568	)


Total derivative assets and liabilities subject to an MNA	$	—	$	76,412,249

^(a)

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


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P Small-Cap ETF

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



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

Goldman Sachs Bank USA	$	31,620,814	$	—	$	—	$	(31,620,814	)	$	—
HSBC Bank PLC		23,980,099		—		—		(23,980,099	)		—
JPMorgan Chase Bank N.A.		20,811,336		—		—		(20,811,336	)		—


	$	76,412,249	$	—	$	—	$	(76,412,249	)	$	—

^(a)

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

^(b)

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

^(c)

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

Fair Value Hierarchy as of Period End




	Level 1			Level 2			Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks	$	57,699,472,435		$	—		$	—	$	57,699,472,435
Short-Term Securities
Money Market Funds		4,232,670,577			—			—		4,232,670,577


	$	61,932,143,012		$	—		$	—	$	61,932,143,012


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(14,585,348	)	$	(76,412,249	)	$	—	$	(90,997,597	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.2%
Axon Enterprise, Inc.^(a)(b)		45,272	$	5,240,234
L3Harris Technologies, Inc.		53,664		11,152,989
TransDigm Group, Inc.		15,061		7,904,314


				24,297,537

Air Freight & Logistics — 0.5%
Expeditors International of Washington, Inc.		109,697		9,687,342
GXO Logistics, Inc.^(a)(b)		79,502		2,787,340
United Parcel Service, Inc., Class B		210,426		33,992,216


				46,466,898

Auto Components — 0.1%
Aptiv PLC^(a)		73,775		5,769,943
Fox Factory Holding Corp.^(a)		27,512		2,175,649
Gentex Corp.		83,445		1,989,329


				9,934,921

Automobiles — 4.5%
Tesla, Inc.^(a)		1,780,940		472,394,335


Banks — 2.3%
Bank of America Corp.		2,056,738		62,113,488
Bank of Hawaii Corp.		11,258		856,959
Bank OZK		35,073		1,387,488
Cathay General Bancorp		20,102		773,123
Comerica, Inc.		39,274		2,792,381
Commerce Bancshares, Inc.		36,476		2,413,252
Cullen/Frost Bankers, Inc.		24,062		3,181,478
East West Bancorp, Inc.		94,424		6,339,627
First Financial Bankshares, Inc.		85,402		3,572,366
First Republic Bank		122,501		15,992,505
Glacier Bancorp, Inc.		74,397		3,655,125
Hancock Whitney Corp.		26,013		1,191,655
Home BancShares, Inc.		46,754		1,052,432
JPMorgan Chase & Co.		902,022		94,261,299
PacWest Bancorp		80,909		1,828,543
Pinnacle Financial Partners, Inc.		50,780		4,118,258
Regions Financial Corp.		280,126		5,622,129
Signature Bank		41,845		6,318,595
SVB Financial Group^(a)(b)		39,352		13,213,615
Synovus Financial Corp.		38,769		1,454,225
UMB Financial Corp.		28,652		2,415,077
Umpqua Holdings Corp.		53,447		913,409
Webster Financial Corp.		49,148		2,221,490
Wintrust Financial Corp.		20,321		1,657,178
Zions Bancorp NA		48,130		2,447,892


				241,793,589

Beverages — 0.8%
Boston Beer Co., Inc., Class A, NVS^(a)(b)		3,673		1,188,766
Celsius Holdings, Inc.^(a)		26,870		2,436,572
Coca-Cola Consolidated, Inc.^(b)		3,065		1,261,952
Keurig Dr Pepper, Inc.		136,679		4,895,842
Monster Beverage Corp.^(a)(b)		134,113		11,662,467
PepsiCo, Inc.		387,574		63,275,331


				84,720,930

Biotechnology — 2.4%
AbbVie, Inc.		638,420		85,682,348
Amgen, Inc.		146,847		33,099,314
Arrowhead Pharmaceuticals, Inc.^(a)		70,785		2,339,444
Exelixis, Inc.^(a)		111,660		1,750,829
Halozyme Therapeutics, Inc.^(a)(b)		93,302		3,689,161
Incyte Corp.^(a)		53,811		3,585,965


Security	Shares		Value

Biotechnology (continued)
Moderna, Inc.^(a)(b)		224,742	$	26,575,742
Neurocrine Biosciences, Inc.^(a)		64,154		6,813,796
Regeneron Pharmaceuticals, Inc.^(a)		71,682		49,379,580
United Therapeutics Corp.^(a)		14,474		3,030,566
Vertex Pharmaceuticals, Inc.^(a)		102,974		29,815,092


				245,761,837

Building Products — 0.4%
A O Smith Corp.		42,174		2,048,813
Builders FirstSource, Inc.^(a)		104,688		6,168,217
Carlisle Cos., Inc.		34,357		9,634,046
Fortune Brands Home & Security, Inc.		38,772		2,081,669
Johnson Controls International PLC		281,766		13,868,522
Lennox International, Inc.		12,545		2,793,395
Masco Corp.		72,595		3,389,461
Simpson Manufacturing Co., Inc.		29,412		2,305,901
Trex Co., Inc.^(a)(b)		73,937		3,248,792


				45,538,816

Capital Markets — 3.4%
Affiliated Managers Group, Inc.		25,847		2,890,987
Ameriprise Financial, Inc.		44,241		11,146,520
BlackRock, Inc.^(c)		52,372		28,819,264
Cboe Global Markets, Inc.		41,210		4,836,818
Charles Schwab Corp.		694,295		49,898,982
Evercore, Inc., Class A		24,147		1,986,091
FactSet Research Systems, Inc.		14,607		5,844,407
Federated Hermes, Inc.		26,695		884,138
Franklin Resources, Inc.		84,127		1,810,413
Goldman Sachs Group, Inc.		228,252		66,889,249
Interactive Brokers Group, Inc., Class A		42,722		2,730,363
Intercontinental Exchange, Inc.		212,847		19,230,726
Janus Henderson Group PLC		40,922		831,126
Jefferies Financial Group, Inc.		124,711		3,678,974
MarketAxess Holdings, Inc.		12,209		2,716,380
Moody’s Corp.		69,419		16,876,453
Morgan Stanley		438,756		34,666,112
MSCI, Inc., Class A		53,987		22,771,177
Nasdaq, Inc.		177,283		10,048,400
Raymond James Financial, Inc.		76,671		7,576,628
S&P Global, Inc.		138,975		42,436,016
SEI Investments Co.		41,631		2,042,001
Stifel Financial Corp.		70,726		3,671,387
T Rowe Price Group, Inc.		105,940		11,124,759


				355,407,371

Chemicals — 1.0%
Albemarle Corp.		53,370		14,113,163
Ashland, Inc.		14,867		1,411,919
Avient Corp.		57,324		1,736,917
Celanese Corp.		28,748		2,597,094
CF Industries Holdings, Inc.		80,180		7,717,325
Ingevity Corp.^(a)		13,853		839,907
Linde PLC		169,943		45,814,933
Olin Corp.		90,525		3,881,712
RPM International, Inc.		44,057		3,670,389
Scotts Miracle-Gro Co., Class A		27,046		1,156,217
Sensient Technologies Corp.		15,926		1,104,309
Sherwin-Williams Co.		83,300		17,055,675
Valvoline, Inc.		120,302		3,048,453


				104,148,013

Commercial Services & Supplies — 0.6%
Cintas Corp.		26,522		10,295,575
Clean Harbors, Inc.^(a)		19,741		2,171,115


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Commercial Services & Supplies (continued)
Copart, Inc.^(a)		96,585	$	10,276,644
IAA, Inc.^(a)(b)		48,543		1,546,095
MSA Safety, Inc.		12,423		1,357,585
Republic Services, Inc.		60,580		8,241,303
Rollins, Inc.		66,395		2,302,579
Tetra Tech, Inc.		36,028		4,630,679
Waste Management, Inc.		127,977		20,503,195


				61,324,770

Communications Equipment — 0.9%
Arista Networks, Inc.^(a)		165,222		18,651,912
Calix, Inc.^(a)		36,431		2,227,391
Ciena Corp.^(a)		62,339		2,520,366
Cisco Systems, Inc.		1,246,005		49,840,200
F5, Inc.^(a)		21,250		3,075,513
Lumentum Holdings, Inc.^(a)(b)		21,604		1,481,386
Motorola Solutions, Inc.		65,832		14,744,393


				92,541,161

Construction & Engineering — 0.1%
Dycom Industries, Inc.^(a)(b)		7,832		748,191
MasTec, Inc.^(a)(b)		19,539		1,240,727
Quanta Services, Inc.^(b)		52,087		6,635,363
Valmont Industries, Inc.		14,055		3,775,454


				12,399,735

Construction Materials — 0.2%
Eagle Materials, Inc.		25,061		2,686,038
Martin Marietta Materials, Inc.		24,044		7,744,332
Vulcan Materials Co.		42,357		6,680,122


				17,110,492

Consumer Finance — 0.6%
American Express Co.		176,210		23,772,491
Capital One Financial Corp.		123,557		11,388,249
Discover Financial Services		182,039		16,550,986
Navient Corp.		74,327		1,091,863
SLM Corp.		168,627		2,359,092
Synchrony Financial		184,160		5,191,470


				60,354,151

Containers & Packaging — 0.1%
AptarGroup, Inc.		20,204		1,919,986
Avery Dennison Corp.		27,508		4,475,552
Sealed Air Corp.		54,277		2,415,869


				8,811,407

Distributors — 0.1%
LKQ Corp.		74,566		3,515,787
Pool Corp.		26,645		8,478,705


				11,994,492

Diversified Consumer Services — 0.1%
H&R Block, Inc.		49,236		2,094,499
Service Corp. International		106,086		6,125,406


				8,219,905

Diversified Telecommunication Services — 0.0%
Frontier Communications Parent, Inc.^(a)		49,157		1,151,748
Iridium Communications, Inc.^(a)		44,224		1,962,219


				3,113,967

Electric Utilities — 0.1%
NRG Energy, Inc.		158,562		6,068,168
OGE Energy Corp.		49,319		1,798,171


				7,866,339


Security	Shares		Value

Electrical Equipment — 0.3%
Acuity Brands, Inc.		21,929	$	3,453,160
Generac Holdings, Inc.^(a)(b)		42,621		7,592,505
Hubbell, Inc.		19,646		4,381,058
nVent Electric PLC		66,015		2,086,734
Regal Rexnord Corp.		18,898		2,652,523
Rockwell Automation, Inc.		40,092		8,624,190
SunPower Corp.^(a)		56,592		1,303,880
Vicor Corp.^(a)(b)		14,143		836,417


				30,930,467

Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		210,799		14,115,101
CDW Corp.		53,402		8,334,984
Cognex Corp.		74,243		3,077,373
Coherent Corp.^(a)		41,746		1,454,848
Jabil, Inc.		40,072		2,312,555
Keysight Technologies, Inc.^(a)		90,469		14,236,202
Littelfuse, Inc.		10,184		2,023,459
National Instruments Corp.		46,556		1,757,024
Novanta, Inc.^(a)		15,649		1,809,807
Trimble, Inc.^(a)(b)		93,590		5,079,129
Zebra Technologies Corp., Class A^(a)		25,230		6,610,512


				60,810,994

Energy Equipment & Services — 0.0%
ChampionX Corp.		63,178		1,236,394


Entertainment — 0.8%
Live Nation Entertainment, Inc.^(a)		40,965		3,114,979
Netflix, Inc.^(a)		297,366		70,011,851
Take-Two Interactive Software, Inc.^(a)		65,346		7,122,714
World Wrestling Entertainment, Inc., Class A		18,365		1,288,672


				81,538,216

Equity Real Estate Investment Trusts (REITs) — 2.5%
American Tower Corp.		158,743		34,082,122
Apartment Income REIT Corp.		49,144		1,897,941
AvalonBay Communities, Inc.		39,053		7,193,172
Brixmor Property Group, Inc.		108,785		2,009,259
Camden Property Trust		71,144		8,498,151
Crown Castle, Inc.		130,201		18,820,555
Douglas Emmett, Inc.		53,804		964,706
Duke Realty Corp.		166,258		8,013,636
EastGroup Properties, Inc.		29,204		4,215,305
Equinix, Inc.		27,995		15,924,676
Essex Property Trust, Inc.		19,409		4,701,442
Extra Space Storage, Inc.		89,839		15,516,094
Federal Realty Investment Trust		19,979		1,800,507
First Industrial Realty Trust, Inc.		59,852		2,681,968
Healthcare Realty Trust, Inc.		124,694		2,599,870
Independence Realty Trust, Inc.		147,210		2,462,823
Invitation Homes, Inc.		178,232		6,018,895
Iron Mountain, Inc.		119,760		5,265,847
Lamar Advertising Co., Class A		38,208		3,151,778
Life Storage, Inc.		56,390		6,245,756
Mid-America Apartment Communities, Inc.		48,200		7,474,374
National Retail Properties, Inc.		52,576		2,095,679
National Storage Affiliates Trust		56,814		2,362,326
PotlatchDeltic Corp.		23,765		975,316
Prologis, Inc.		297,562		30,232,299
Public Storage		62,491		18,297,990
Rayonier, Inc.		57,322		1,717,940
Rexford Industrial Realty, Inc.		114,682		5,963,464
SBA Communications Corp., Class A		40,263		11,460,863
Simon Property Group, Inc.		131,208		11,775,918


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
UDR, Inc.		112,618	$	4,697,297
Weyerhaeuser Co.		209,539		5,984,434


				255,102,403

Food & Staples Retailing — 0.7%
Costco Wholesale Corp.		151,053		71,337,800
Fresh Market, Inc. Escrow^(a)(d)		3,194		—


				71,337,800

Food Products — 0.2%
Darling Ingredients, Inc.^(a)		107,831		7,133,021
Hershey Co.		44,108		9,724,491
Lancaster Colony Corp.		6,259		940,602


				17,798,114

Gas Utilities — 0.0%
National Fuel Gas Co.		31,544		1,941,533


Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		620,613		60,050,514
ABIOMED, Inc.^(a)		16,590		4,075,499
Align Technology, Inc.^(a)		48,369		10,017,704
Dexcom, Inc.^(a)		262,267		21,122,984
Edwards Lifesciences Corp.^(a)(b)		261,931		21,643,358
Enovis Corp.^(a)		12,297		566,523
Globus Medical, Inc., Class A^(a)(b)		31,551		1,879,493
Hologic, Inc.^(a)		122,989		7,935,250
ICU Medical, Inc.^(a)		6,124		922,274
IDEXX Laboratories, Inc.^(a)		38,524		12,551,119
Inari Medical, Inc.^(a)(b)		32,179		2,337,483
Integra LifeSciences Holdings Corp.^(a)		24,339		1,031,000
Intuitive Surgical, Inc.^(a)(b)		164,652		30,862,371
LivaNova PLC^(a)(b)		21,232		1,077,949
Masimo Corp.^(a)		32,398		4,573,302
Neogen Corp.^(a)		85,807		1,198,724
Omnicell, Inc.^(a)		29,518		2,568,951
Penumbra, Inc.^(a)		25,403		4,816,409
QuidelOrtho Corp.^(a)(b)		36,355		2,598,655
ResMed, Inc.		56,779		12,394,856
Shockwave Medical, Inc.^(a)(b)		23,856		6,633,638
STAAR Surgical Co.^(a)		31,511		2,223,101
STERIS PLC		28,013		4,658,002
Stryker Corp.		92,237		18,681,682
Tandem Diabetes Care, Inc.^(a)(b)		42,254		2,021,854


				238,442,695

Health Care Providers & Services — 1.7%
Chemed Corp.		5,800		2,532,048
HCA Healthcare, Inc.		83,730		15,388,737
HealthEquity, Inc.^(a)		37,196		2,498,455
Laboratory Corp. of America Holdings		32,123		6,579,112
Molina Healthcare, Inc.^(a)		19,029		6,276,525
Option Care Health, Inc.^(a)		103,646		3,261,740
Progyny, Inc.^(a)(b)		28,734		1,064,882
Quest Diagnostics, Inc.		35,641		4,372,794
R1 RCM, Inc.^(a)		51,493		954,165
Tenet Healthcare Corp.^(a)		71,233		3,674,198
UnitedHealth Group, Inc.		262,688		132,667,948


				179,270,604

Hotels, Restaurants & Leisure — 1.5%
Boyd Gaming Corp.		54,604		2,601,881
Caesars Entertainment, Inc.^(a)(b)		91,087		2,938,467
Chipotle Mexican Grill, Inc.^(a)		12,412		18,652,257
Choice Hotels International, Inc.		13,231		1,449,059
Churchill Downs, Inc.		22,259		4,098,995


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Domino’s Pizza, Inc.		16,190	$	5,022,138
Hilton Worldwide Holdings, Inc.		75,136		9,062,904
Light & Wonder, Inc.^(a)		64,308		2,757,527
Marriott Vacations Worldwide Corp.		11,868		1,446,234
McDonald’s Corp.		221,371		51,079,145
Papa John’s International, Inc.		21,451		1,501,785
Starbucks Corp.		391,343		32,974,561
Texas Roadhouse, Inc.		26,606		2,321,640
Wendy’s Co.		58,830		1,099,533
Wingstop, Inc.		20,098		2,520,691
Wyndham Hotels & Resorts, Inc.		40,410		2,479,153
Yum! Brands, Inc.		89,416		9,508,497


				151,514,467

Household Durables — 0.2%
DR Horton, Inc.		111,972		7,541,314
Garmin Ltd.		51,619		4,145,522
Helen of Troy Ltd.^(a)(b)		16,124		1,554,998
Newell Brands, Inc.		133,513		1,854,496
NVR, Inc.^(a)		971		3,871,455
Tempur Sealy International, Inc.		117,308		2,831,815
TopBuild Corp.^(a)		21,818		3,595,170


				25,394,770

Independent Power and Renewable Electricity Producers — 0.0%
Ormat Technologies, Inc.		10,481		903,462


Insurance — 0.8%
American Financial Group, Inc.		21,992		2,703,477
Aon PLC, Class A		84,631		22,670,106
Arthur J. Gallagher & Co.		62,057		10,625,400
Brown & Brown, Inc.		107,563		6,505,410
Cincinnati Financial Corp.		50,152		4,492,115
First American Financial Corp.		31,352		1,445,327
Kinsale Capital Group, Inc.^(b)		14,522		3,709,209
Marsh & McLennan Cos., Inc.		203,391		30,364,242
Primerica, Inc.		15,418		1,903,352
RLI Corp.		15,974		1,635,418


				86,054,056

Interactive Media & Services — 9.1%
Alphabet, Inc., Class A^(a)(b)		4,009,293		383,488,876
Alphabet, Inc., Class C, NVS^(a)(b)		3,585,245		344,721,307
Meta Platforms, Inc., Class A^(a)		1,525,003		206,912,407
TripAdvisor, Inc.^(a)		29,603		653,634
Twitter, Inc.^(a)		216,491		9,490,965
Ziff Davis, Inc.^(a)(b)		32,045		2,194,442


				947,461,631

Internet & Direct Marketing Retail — 6.6%
Amazon.com, Inc.^(a)		5,926,466		669,690,658
eBay, Inc.		283,654		10,441,304
Etsy, Inc.^(a)(b)		84,505		8,461,485


				688,593,447

IT Services — 3.5%
Accenture PLC, Class A		245,327		63,122,637
Akamai Technologies, Inc.^(a)		45,540		3,657,773
Automatic Data Processing, Inc.		147,260		33,308,739
Broadridge Financial Solutions, Inc.		34,807		5,023,346
Concentrix Corp.		28,567		3,188,934
EPAM Systems, Inc.^(a)		38,211		13,839,642
Euronet Worldwide, Inc.^(a)		10,743		813,890
ExlService Holdings, Inc.^(a)		22,092		3,255,477
Gartner, Inc.^(a)		53,030		14,672,871
Genpact Ltd.		76,078		3,329,934


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

IT Services (continued)
Mastercard, Inc., Class A		268,138	$	76,242,359
Maximus, Inc.		40,973		2,371,108
Paychex, Inc.		113,340		12,717,881
PayPal Holdings, Inc.^(a)		418,453		36,016,250
Sabre Corp.^(a)(b)		103,409		532,556
VeriSign, Inc.^(a)		29,413		5,109,038
Visa, Inc., Class A		470,105		83,514,153
WEX, Inc.^(a)		12,843		1,630,291


				362,346,879

Leisure Products — 0.1%
Brunswick Corp.		49,775		3,257,774
Mattel, Inc.^(a)		233,751		4,427,244
Polaris, Inc.		16,282		1,557,373
YETI Holdings, Inc.^(a)(b)		58,143		1,658,238


				10,900,629

Life Sciences Tools & Services — 3.1%
Agilent Technologies, Inc.		119,839		14,566,430
Azenta, Inc.		50,473		2,163,273
Bio-Rad Laboratories, Inc., Class A^(a)		7,905		3,297,492
Bio-Techne Corp.		26,152		7,427,168
Bruker Corp.		67,649		3,589,456
Charles River Laboratories International, Inc.^(a)		34,121		6,715,013
Danaher Corp.		297,691		76,890,608
Illumina, Inc.^(a)		51,637		9,851,823
IQVIA Holdings, Inc.^(a)		91,297		16,537,539
Medpace Holdings, Inc.^(a)(b)		16,830		2,645,171
Mettler-Toledo International, Inc.^(a)		9,476		10,273,121
PerkinElmer, Inc.		83,951		10,101,824
Repligen Corp.^(a)		34,206		6,400,285
Sotera Health Co.^(a)		50,148		342,009
Syneos Health, Inc.^(a)		69,567		3,280,084
Thermo Fisher Scientific, Inc.^(b)		261,974		132,870,593
Waters Corp.^(a)		29,756		8,020,135
West Pharmaceutical Services, Inc.		49,715		12,233,867


				327,205,891

Machinery — 1.0%
Chart Industries, Inc.^(a)(b)		23,691		4,367,436
Crane Holdings Co.		16,240		1,421,650
Deere & Co.		85,548		28,563,622
Donaldson Co., Inc.		43,271		2,120,712
Dover Corp.		44,105		5,141,761
Esab Corp.		12,257		408,893
Graco, Inc.		67,879		4,069,346
IDEX Corp.		20,758		4,148,486
Illinois Tool Works, Inc.		77,402		13,982,671
ITT, Inc.		31,868		2,082,255
Lincoln Electric Holdings, Inc.		22,842		2,871,696
Middleby Corp.^(a)		23,127		2,964,188
Nordson Corp.		21,506		4,565,079
Otis Worldwide Corp.		113,211		7,222,862
Pentair PLC		63,976		2,599,345
Toro Co.		69,392		6,001,020
Watts Water Technologies, Inc., Class A		18,362		2,308,654
Xylem, Inc.		49,237		4,301,344


				99,141,020

Media — 0.1%
Cable One, Inc.		1,847		1,575,583
John Wiley & Sons, Inc., Class A		14,572		547,324


Security	Shares		Value

Media (continued)
New York Times Co., Class A		64,558	$	1,856,043
TEGNA, Inc.		66,337		1,371,849


				5,350,799

Metals & Mining — 0.4%
Alcoa Corp.		46,907		1,578,890
Cleveland-Cliffs, Inc.^(a)(b)		346,780		4,671,126
Freeport-McMoRan, Inc.		421,925		11,531,210
MP Materials Corp.^(a)(b)		61,860		1,688,778
Nucor Corp.		94,805		10,143,187
Royal Gold, Inc.		26,074		2,446,263
Steel Dynamics, Inc.		116,340		8,254,323


				40,313,777

Multiline Retail — 0.2%
Target Corp.		170,306		25,271,707


Oil, Gas & Consumable Fuels — 1.4%
Antero Midstream Corp.		224,547		2,061,342
APA Corp.		120,427		4,117,399
CNX Resources Corp.^(a)		59,174		918,972
Devon Energy Corp.		438,971		26,395,326
Diamondback Energy, Inc.		119,174		14,355,700
DT Midstream, Inc.		26,980		1,399,992
EOG Resources, Inc.		180,400		20,156,092
Hess Corp.		132,658		14,458,395
Matador Resources Co.^(b)		73,432		3,592,293
Murphy Oil Corp.		96,638		3,398,759
Occidental Petroleum Corp.^(b)		205,006		12,597,619
ONEOK, Inc.		127,653		6,540,940
PDC Energy, Inc.		64,849		3,747,624
Pioneer Natural Resources Co.		89,113		19,295,638
Range Resources Corp.		114,655		2,896,185
Southwestern Energy Co.^(a)		477,367		2,921,486
Targa Resources Corp.		150,848		9,102,168


				147,955,930

Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		49,549		2,536,413


Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		91,476		19,749,668


Pharmaceuticals — 2.8%
Catalent, Inc.^(a)		71,808		5,196,027
Eli Lilly & Co.		527,333		170,513,126
Pfizer, Inc.		2,026,494		88,679,377
Zoetis, Inc.		206,461		30,616,102


				295,004,632

Professional Services — 0.5%
ASGN, Inc.^(a)		33,437		3,021,702
CoStar Group, Inc.^(a)		132,285		9,213,650
Equifax, Inc.		81,856		14,032,574
FTI Consulting, Inc.^(a)(b)		22,660		3,754,989
Insperity, Inc.		24,303		2,481,093
Jacobs Solutions, Inc.		37,283		4,044,833
KBR, Inc.		60,651		2,621,336
Robert Half International, Inc.		49,203		3,764,029
Verisk Analytics, Inc.		53,215		9,074,754


				52,008,960

Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A^(a)		107,671		7,268,869
Jones Lang LaSalle, Inc.^(a)(b)		15,699		2,371,648


				9,640,517


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Road & Rail — 0.6%
Avis Budget Group, Inc.^(a)(b)		19,341	$	2,871,365
JB Hunt Transport Services, Inc.		33,055		5,170,463
Landstar System, Inc.^(b)		15,598		2,251,883
Old Dominion Freight Line, Inc.		61,381		15,269,751
Saia, Inc.^(a)(b)		17,580		3,340,200
Union Pacific Corp.		171,202		33,353,574


				62,257,236

Semiconductors & Semiconductor Equipment — 6.8%
Advanced Micro Devices, Inc.^(a)		1,079,435		68,393,002
Amkor Technology, Inc.		27,831		474,518
Applied Materials, Inc.		581,698		47,658,517
Broadcom, Inc.		153,903		68,334,471
Cirrus Logic, Inc.^(a)		18,646		1,282,845
Enphase Energy, Inc.^(a)		90,645		25,151,268
First Solar, Inc.^(a)		38,855		5,139,351
KLA Corp.		94,770		28,680,245
Lam Research Corp.		91,564		33,512,424
Lattice Semiconductor Corp.^(a)		91,164		4,486,180
MACOM Technology Solutions Holdings, Inc.^(a)(b)		25,528		1,322,095
Microchip Technology, Inc.		177,319		10,821,779
MKS Instruments, Inc.		21,503		1,777,008
Monolithic Power Systems, Inc.		29,789		10,825,323
NVIDIA Corp.		1,674,334		203,247,404
NXP Semiconductors N.V.		110,565		16,309,443
ON Semiconductor Corp.^(a)		220,169		13,723,134
Power Integrations, Inc.		38,349		2,466,608
Qorvo, Inc.^(a)		33,916		2,693,269
QUALCOMM, Inc.		750,899		84,836,569
Semtech Corp.^(a)		28,318		832,832
Silicon Laboratories, Inc.^(a)		22,953		2,833,318
SiTime Corp.^(a)		10,007		787,851
Skyworks Solutions, Inc.		50,417		4,299,058
SolarEdge Technologies, Inc.^(a)(b)		27,775		6,428,801
Synaptics, Inc.^(a)		26,092		2,583,369
Teradyne, Inc.		105,144		7,901,572
Texas Instruments, Inc.		299,365		46,335,715
Universal Display Corp.		28,748		2,712,374
Wolfspeed, Inc.^(a)		45,306		4,682,828


				710,533,171

Software — 15.8%
ACI Worldwide, Inc.^(a)		36,764		768,368
Adobe, Inc.^(a)(b)		312,942		86,121,638
ANSYS, Inc.^(a)		36,044		7,990,955
Aspen Technology, Inc.^(a)		19,388		4,618,222
Autodesk, Inc.^(a)		93,040		17,379,872
Blackbaud, Inc.^(a)		20,075		884,504
Cadence Design Systems, Inc.^(a)		182,983		29,904,912
Ceridian HCM Holding, Inc.^(a)		42,053		2,349,922
CommVault Systems, Inc.^(a)		19,769		1,048,548
Dynatrace, Inc.^(a)		134,403		4,678,568
Envestnet, Inc.^(a)		9,685		430,014
Fair Isaac Corp.^(a)(b)		9,828		4,049,234
Fortinet, Inc.^(a)		438,768		21,556,672
Intuit, Inc.		188,620		73,056,298
Manhattan Associates, Inc.^(a)(b)		42,098		5,600,297
Microsoft Corp.		4,986,811		1,161,428,282
Oracle Corp.		1,015,696		62,028,555
Paycom Software, Inc.^(a)		24,431		8,061,986
Paylocity Holding Corp.^(a)		27,434		6,627,506
PTC, Inc.^(a)		35,252		3,687,359
Qualys, Inc.^(a)		23,409		3,262,981
Salesforce, Inc.^(a)		405,837		58,375,594


Security	Shares		Value

Software (continued)
ServiceNow, Inc.^(a)		135,068	$	51,003,027
Synopsys, Inc.^(a)		68,542		20,940,266
Teradata Corp.^(a)		68,717		2,134,350
Tyler Technologies, Inc.^(a)		17,311		6,015,572


				1,644,003,502

Specialty Retail — 3.3%
Advance Auto Parts, Inc.		19,504		3,049,255
AutoNation, Inc.^(a)(b)		11,157		1,136,564
AutoZone, Inc.^(a)		13,014		27,875,077
Bath & Body Works, Inc.		99,511		3,244,059
CarMax, Inc.^(a)(b)		57,206		3,776,740
Dick’s Sporting Goods, Inc.		37,788		3,954,136
Five Below, Inc.^(a)(b)		37,240		5,126,831
GameStop Corp., Class A^(a)(b)		169,458		4,258,480
Home Depot, Inc.		522,283		144,118,771
Lowe’s Cos., Inc.		427,366		80,263,608
O’Reilly Automotive, Inc.^(a)		42,586		29,952,863
RH^(a)(b)		13,391		3,295,123
Tractor Supply Co.		74,203		13,792,854
Ulta Beauty, Inc.^(a)		19,578		7,854,498
Victoria’s Secret & Co.^(a)(b)		27,295		794,830
Williams-Sonoma, Inc.		45,962		5,416,622


				337,910,311

Technology Hardware, Storage & Peripherals — 13.6%
Apple Inc.		10,101,150		1,395,978,930
HP, Inc.		305,284		7,607,677
NetApp, Inc.		104,075		6,437,039
Seagate Technology Holdings PLC		96,412		5,132,011


				1,415,155,657

Textiles, Apparel & Luxury Goods — 0.5%
Capri Holdings Ltd.^(a)		56,420		2,168,785
Columbia Sportswear Co.		12,251		824,492
Crocs, Inc.^(a)		41,232		2,830,989
Deckers Outdoor Corp.^(a)		17,795		5,562,895
Nike, Inc., Class B		456,279		37,925,911
Skechers USA, Inc., Class A^(a)		42,174		1,337,759
Under Armour, Inc., Class A^(a)		54,048		359,419
Under Armour, Inc., Class C, NVS^(a)		61,628		367,303


				51,377,553

Trading Companies & Distributors — 0.2%
Fastenal Co.		183,868		8,465,283
United Rentals, Inc.^(a)		28,161		7,606,849
Watsco, Inc.		14,585		3,755,054


				19,827,186

Water Utilities — 0.0%
Essential Utilities, Inc.		100,732		4,168,290

Total Long-Term Investments — 99.9% (Cost: $9,888,486,192)				10,395,191,447


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Short-Term Securities^(c)(e)

Money Market Funds — 1.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(f)		171,468,164	$	171,519,604
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		12,148,170		12,148,170


Total Short-Term Securities — 1.7% (Cost: $183,579,633)				183,667,774


Total Investments — 101.6% (Cost: $10,072,065,825)				10,578,859,221
Liabilities in Excess of Other Assets — (1.6)%				(170,278,726	)


Net Assets — 100.0%			$	10,408,580,495

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

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

Affiliates



Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	58,826,169	$	112,594,811	^(a)	$	—		$	24,032	$	74,592		$	171,519,604		171,468,164	$	458,096	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		18,116,000		—			(5,967,830	)^(a)		—		—			12,148,170		12,148,170		107,597			—
BlackRock, Inc.		35,500,282		5,216,831			(1,506,175	)		248,234		(10,639,908	)		28,819,264		52,372		469,080			—


									$	272,266	$	(10,565,316	)	$	212,487,038			$	1,034,773		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
E-Mini Technology Select Sector Index		5		12/16/22	$	602		$	(74,309	)
Nasdaq 100 E-Mini Index		36		12/16/22		7,945			(936,408	)
S&P 500 E-Mini Index		20		12/16/22		3,602			(398,064	)


								$	(1,408,781	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	1,408,781	$	—	$	—	$	—	$	1,408,781

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(3,561,461)		$	—	$	—	$	—	$	(3,561,461	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(2,845,741	)	$	—	$	—	$	—	$	(2,845,741	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	15,905,198

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

Fair Value Hierarchy as of Period End




	Level 1			Level 2		Level 3		Total


Assets
Investments
Long-Term Investments Common Stocks	$	10,395,191,447		$	—	$	—	$	10,395,191,447
Short-Term Securities Money Market Funds		183,667,774			—		—		183,667,774


	$	10,578,859,221		$	—	$	—	$	10,578,859,221


Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(1,408,781	)	$	—	$	—	$	(1,408,781	)

^(a)

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

See notes to financial statements.


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

Schedule of Investments (unaudited)

September 30, 2022

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.9%
Boeing Co.^(a)(b)		362,430	$	43,883,025
Curtiss-Wright Corp.		24,590		3,421,944
General Dynamics Corp.		146,015		30,980,003
Hexcel Corp.		53,949		2,790,242
Howmet Aerospace, Inc.		240,055		7,424,901
Huntington Ingalls Industries, Inc.		26,076		5,775,834
L3Harris Technologies, Inc.		72,063		14,976,853
Lockheed Martin Corp.		153,225		59,189,285
Mercury Systems, Inc.^(a)		36,289		1,473,333
Northrop Grumman Corp.		94,425		44,409,966
Raytheon Technologies Corp.		958,709		78,479,919
Textron, Inc.		137,350		8,002,011
TransDigm Group, Inc.		18,738		9,834,077
Woodward, Inc.		39,068		3,135,598


				313,776,991

Air Freight & Logistics — 0.7%
CH Robinson Worldwide, Inc.		79,872		7,692,473
FedEx Corp.		155,224		23,046,107
United Parcel Service, Inc., Class B		270,863		43,755,209


				74,493,789

Airlines — 0.4%
Alaska Air Group, Inc.^(a)		82,991		3,249,098
American Airlines Group, Inc.^(a)(b)		423,230		5,095,689
Delta Air Lines, Inc.^(a)		418,121		11,732,475
JetBlue Airways Corp.^(a)		204,314		1,354,602
Southwest Airlines Co.^(a)		386,602		11,922,806
United Airlines Holdings, Inc.^(a)(b)		213,661		6,950,392


				40,305,062

Auto Components — 0.2%
Adient PLC^(a)(b)		60,598		1,681,594
Aptiv PLC^(a)(b)		103,371		8,084,646
BorgWarner, Inc.		153,775		4,828,535
Dana, Inc.		83,424		953,536
Gentex Corp.		72,511		1,728,662
Goodyear Tire & Rubber Co.^(a)		180,508		1,821,326
Lear Corp.		39,036		4,672,219
Visteon Corp.^(a)		17,900		1,898,474


				25,668,992

Automobiles — 0.6%
Ford Motor Co.		2,564,366		28,720,899
General Motors Co.		946,723		30,380,341
Harley-Davidson, Inc.		86,978		3,033,793
Thor Industries, Inc.		35,529		2,486,319


				64,621,352

Banks — 5.4%
Associated Banc-Corp.		101,705		2,042,236
Bank of America Corp.		2,541,892		76,765,138
Bank of Hawaii Corp.		14,951		1,138,070
Bank OZK		38,272		1,514,040
Cadence Bank		42,877		1,089,505
Cathay General Bancorp		30,297		1,165,223
Citigroup, Inc.		1,257,519		52,400,817
Citizens Financial Group, Inc.		323,982		11,132,022
Comerica, Inc.		46,459		3,303,235
Commerce Bancshares, Inc.		35,511		2,349,408
Cullen/Frost Bankers, Inc.		18,441		2,438,269
Fifth Third Bancorp		447,807		14,311,912
First Horizon Corp.		350,976		8,037,350
FNB Corp.		229,237		2,659,149


Security	Shares		Value

Banks (continued)
Fulton Financial Corp.		110,882	$	1,751,936
Hancock Whitney Corp.		30,676		1,405,268
Home BancShares, Inc.		77,239		1,738,650
Huntington Bancshares, Inc.		936,190		12,338,984
International Bancshares Corp.		34,183		1,452,777
JPMorgan Chase & Co.		1,028,236		107,450,662
KeyCorp.		609,778		9,768,644
M&T Bank Corp.		114,029		20,105,593
Old National Bancorp		189,598		3,122,679
PNC Financial Services Group, Inc.		266,294		39,789,649
Prosperity Bancshares, Inc.		59,153		3,944,322
Regions Financial Corp.		335,445		6,732,381
Synovus Financial Corp.		58,850		2,207,463
Texas Capital Bancshares, Inc.^(a)(b)		32,393		1,912,159
Truist Financial Corp.		861,239		37,498,346
Umpqua Holdings Corp.		88,226		1,507,782
United Bankshares, Inc.		87,667		3,134,095
US Bancorp		877,906		35,397,170
Valley National Bancorp		272,929		2,947,633
Washington Federal, Inc.		41,762		1,252,025
Webster Financial Corp.		67,358		3,044,582
Wells Fargo & Co.		2,462,859		99,056,189
Wintrust Financial Corp.		19,645		1,602,050
Zions Bancorp NA		52,162		2,652,959


				582,160,372

Beverages — 2.7%
Boston Beer Co., Inc., Class A, NVS^(a)(b)		2,502		809,772
Brown-Forman Corp., Class B		118,872		7,913,309
Coca-Cola Co.		2,527,214		141,574,528
Constellation Brands, Inc., Class A		103,455		23,761,545
Keurig Dr Pepper, Inc.		418,940		15,006,431
Molson Coors Beverage Co., Class B		122,926		5,899,219
Monster Beverage Corp.^(a)(b)		119,378		10,381,111
PepsiCo, Inc.		519,735		84,851,936


				290,197,851

Biotechnology — 2.1%
AbbVie, Inc.		528,098		70,876,033
Amgen, Inc.		204,926		46,190,320
Biogen, Inc.^(a)		94,226		25,158,342
Exelixis, Inc.^(a)		95,517		1,497,707
Gilead Sciences, Inc.		813,823		50,204,741
Incyte Corp.^(a)		68,328		4,553,378
United Therapeutics Corp.^(a)		15,393		3,222,986
Vertex Pharmaceuticals, Inc.^(a)		66,611		19,286,549


				220,990,056

Building Products — 0.7%
A O Smith Corp.		42,609		2,069,945
Allegion PLC		57,638		5,168,976
Carrier Global Corp.		546,449		19,431,726
Fortune Brands Home & Security, Inc.		45,922		2,465,552
Johnson Controls International PLC		174,426		8,585,248
Lennox International, Inc.		8,683		1,933,444
Masco Corp.		76,673		3,579,862
Owens Corning		62,798		4,936,551
Trane Technologies PLC		150,455		21,787,389


				69,958,693

Capital Markets — 2.4%
Ameriprise Financial, Inc.		27,391		6,901,162
Bank of New York Mellon Corp.		477,486		18,392,761
BlackRock, Inc.^(c)		46,988		25,856,557
Cboe Global Markets, Inc.		28,934		3,395,984


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Charles Schwab Corp.		317,263	$	22,801,692
CME Group, Inc.		233,383		41,339,131
FactSet Research Systems, Inc.		10,446		4,179,549
Federated Hermes, Inc.		29,350		972,072
Franklin Resources, Inc.		104,042		2,238,984
Interactive Brokers Group, Inc., Class A		25,533		1,631,814
Intercontinental Exchange, Inc.		156,716		14,159,291
Invesco Ltd.		297,158		4,071,065
Janus Henderson Group PLC		46,811		950,731
MarketAxess Holdings, Inc.		12,778		2,842,977
Moody’s Corp.		35,072		8,526,354
Morgan Stanley		443,449		35,036,905
Nasdaq, Inc.		49,764		2,820,623
Northern Trust Corp.		135,311		11,577,209
Raymond James Financial, Inc.		51,587		5,097,827
S&P Global, Inc.		86,277		26,344,682
SEI Investments Co.		27,855		1,366,288
State Street Corp.		238,695		14,515,043
T Rowe Price Group, Inc.		44,517		4,674,730


				259,693,431

Chemicals — 2.6%
Air Products and Chemicals, Inc.		144,016		33,516,844
Albemarle Corp.		24,526		6,485,655
Ashland, Inc.		18,248		1,733,013
Cabot Corp.		36,535		2,334,221
Celanese Corp.		37,152		3,356,312
CF Industries Holdings, Inc.		52,109		5,015,491
Chemours Co.		100,601		2,479,815
Corteva, Inc.		466,593		26,665,790
Dow, Inc.		466,312		20,485,086
DuPont de Nemours, Inc.		325,239		16,392,046
Eastman Chemical Co.		80,284		5,704,178
Ecolab, Inc.		160,989		23,250,031
FMC Corp.		81,319		8,595,418
Ingevity Corp.^(a)		11,484		696,275
International Flavors & Fragrances, Inc.		165,507		15,033,001
Linde PLC		158,562		42,746,730
LyondellBasell Industries NV, Class A		164,841		12,409,230
Mosaic Co.		223,594		10,806,298
NewMarket Corp.		4,345		1,307,106
PPG Industries, Inc.		152,596		16,890,851
RPM International, Inc.		40,836		3,402,047
Sensient Technologies Corp.		11,484		796,301
Sherwin-Williams Co.		71,922		14,726,030


				274,827,769

Commercial Services & Supplies — 0.5%
Brink’s Co.		31,494		1,525,569
Cintas Corp.		30,142		11,700,823
Clean Harbors, Inc.^(a)		13,225		1,454,486
Copart, Inc.^(a)		44,898		4,777,147
IAA, Inc.^(a)		39,941		1,272,121
MillerKnoll, Inc.		48,589		757,988
MSA Safety, Inc.		11,631		1,271,036
Republic Services, Inc.		74,381		10,118,791
Rollins, Inc.		84,715		2,937,916
Stericycle, Inc.^(a)		58,914		2,480,869
Waste Management, Inc.		119,671		19,172,491


				57,469,237

Communications Equipment — 0.8%
Ciena Corp.^(a)(b)		36,884		1,491,220
Cisco Systems, Inc.		1,478,820		59,152,800


Security	Shares		Value

Communications Equipment (continued)
F5, Inc.^(a)		17,931	$	2,595,154
Juniper Networks, Inc.		208,887		5,456,128
Lumentum Holdings, Inc.^(a)(b)		25,392		1,741,129
Motorola Solutions, Inc.^(b)		44,406		9,945,612
Viasat, Inc.^(a)(b)		50,264		1,519,481


			81,901,524

Construction & Engineering — 0.2%
AECOM		90,679		6,199,723
Dycom Industries, Inc.^(a)		11,679		1,115,695
EMCOR Group, Inc.		32,044		3,700,441
Fluor Corp.^(a)(b)		90,639		2,256,005
MasTec, Inc.^(a)		18,069		1,147,381
MDU Resources Group, Inc.		130,528		3,569,941
Quanta Services, Inc.		42,953		5,471,783


				23,460,969

Construction Materials — 0.1%
Martin Marietta Materials, Inc.		17,187		5,535,761
Vulcan Materials Co.		45,102		7,113,036


				12,648,797

Consumer Finance — 0.4%
American Express Co.		218,091		29,422,657
Bread Financial Holdings, Inc.		30,415		956,552
Capital One Financial Corp.		129,298		11,917,397
FirstCash Holdings, Inc.		24,732		1,814,092
Synchrony Financial		135,429		3,817,743


				47,928,441

Containers & Packaging — 0.5%
Amcor PLC		974,892		10,460,591
AptarGroup, Inc.		23,253		2,209,733
Avery Dennison Corp.^(b)		26,170		4,257,859
Ball Corp.		203,193		9,818,286
Greif, Inc., Class A, NVS		18,209		1,084,710
International Paper Co.		233,339		7,396,846
Packaging Corp. of America		61,033		6,853,396
Sealed Air Corp.		42,654		1,898,529
Silgan Holdings, Inc.		53,960		2,268,478
Sonoco Products Co.		62,999		3,573,933
Westrock Co.		164,984		5,096,356


				54,918,717

Distributors — 0.2%
Genuine Parts Co.		91,598		13,677,413
LKQ Corp.		95,890		4,521,214


				18,198,627

Diversified Consumer Services — 0.0%
Graham Holdings Co., Class B		2,432		1,308,368
Grand Canyon Education, Inc.^(a)		20,913		1,720,094
H&R Block, Inc.		56,030		2,383,516


				5,411,978

Diversified Financial Services — 3.0%
Berkshire Hathaway, Inc., Class B^(a)		1,171,889		312,917,801
Voya Financial, Inc.		62,669		3,791,474


				316,709,275

Diversified Telecommunication Services — 1.7%
AT&T Inc.		4,626,971		70,977,735
Frontier Communications Parent, Inc.^(a)		113,982		2,670,598
Iridium Communications, Inc.^(a)		40,003		1,774,933
Lumen Technologies, Inc.		622,596		4,532,499
Verizon Communications, Inc.		2,726,910		103,540,773


				183,496,538


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Electric Utilities — 3.8%
ALLETE, Inc.		37,914	$	1,897,596
Alliant Energy Corp.		162,789		8,626,189
American Electric Power Co., Inc.		333,574		28,837,472
Constellation Energy Corp.		212,222		17,654,748
Duke Energy Corp.		499,946		46,504,977
Edison International		247,668		14,013,056
Entergy Corp.		132,629		13,346,456
Evergy, Inc.		148,990		8,850,006
Eversource Energy		224,945		17,536,712
Exelon Corp.		643,954		24,122,517
FirstEnergy Corp.		352,113		13,028,181
Hawaiian Electric Industries, Inc.		70,034		2,427,379
IDACORP, Inc.		32,941		3,261,489
NextEra Energy, Inc.		1,275,747		100,031,322
OGE Energy Corp.		81,081		2,956,213
PG&E Corp.^(a)		1,172,320		14,654,000
Pinnacle West Capital Corp.		74,075		4,778,578
PNM Resources, Inc.		55,084		2,518,991
Portland General Electric Co.		57,789		2,511,510
PPL Corp.		476,558		12,080,745
Southern Co.		690,217		46,934,756
Xcel Energy, Inc.		355,163		22,730,432


				409,303,325

Electrical Equipment — 0.9%
AMETEK, Inc.		149,070		16,906,029
Eaton Corp. PLC		258,622		34,489,830
Emerson Electric Co.		383,936		28,111,794
EnerSys		26,942		1,567,216
Hubbell, Inc.		16,165		3,604,795
nVent Electric PLC		44,309		1,400,607
Regal Rexnord Corp.		25,121		3,525,984
Rockwell Automation, Inc.		35,752		7,690,613
Sunrun, Inc.^(a)		137,553		3,795,087


				101,091,955

Electronic Equipment, Instruments & Components — 0.9%
Amphenol Corp., Class A		182,086		12,192,479
Arrow Electronics, Inc.^(a)		41,955		3,867,832
Avnet, Inc.		60,802		2,196,168
Belden, Inc.		28,700		1,722,574
CDW Corp.		36,327		5,669,918
Cognex Corp.^(b)		42,417		1,758,185
Coherent Corp.^(a)		43,436		1,513,745
Corning, Inc.		495,820		14,388,696
IPG Photonics Corp.^(a)(b)		21,667		1,827,611
Jabil, Inc.		49,578		2,861,146
Keysight Technologies, Inc.^(a)		29,161		4,588,775
Littelfuse, Inc.		6,212		1,234,262
National Instruments Corp.		39,915		1,506,392
Novanta, Inc.^(a)(b)		8,078		934,221
TD SYNNEX Corp.		27,868		2,262,603
TE Connectivity Ltd.		207,671		22,918,572
Teledyne Technologies, Inc.^(a)(b)		30,305		10,227,028
Trimble, Inc.^(a)		71,003		3,853,333
Vishay Intertechnology, Inc.		85,246		1,516,526
Vontier Corp.		102,491		1,712,625
Zebra Technologies Corp., Class A^(a)		8,943		2,343,155


				101,095,846

Energy Equipment & Services — 0.6%
Baker Hughes Co.		656,362		13,757,348
ChampionX Corp.		68,740		1,345,242
Halliburton Co.		588,675		14,493,178


Security	Shares		Value

Energy Equipment & Services (continued)
NOV, Inc.		258,851	$	4,188,209
Schlumberger NV		918,372		32,969,555


				66,753,532

Entertainment — 1.8%
Activision Blizzard, Inc.		462,241		34,362,996
Electronic Arts, Inc.		171,510		19,845,422
Live Nation Entertainment, Inc.^(a)		52,935		4,025,177
Take-Two Interactive Software, Inc.^(a)(b)		38,741		4,222,769
Walt Disney Co.^(a)		1,183,727		111,660,968
Warner Bros Discovery, Inc.^(a)		1,434,395		16,495,543
World Wrestling Entertainment, Inc., Class A		10,854		761,625


				191,374,500

Equity Real Estate Investment Trusts (REITs) — 3.6%
Alexandria Real Estate Equities, Inc.		96,127		13,476,044
American Tower Corp.		148,133		31,804,155
Apartment Income REIT Corp.		53,545		2,067,908
AvalonBay Communities, Inc.		52,430		9,657,082
Boston Properties, Inc.		92,331		6,922,055
Brixmor Property Group, Inc.		85,792		1,584,578
Corporate Office Properties Trust		72,103		1,674,953
Cousins Properties, Inc.		99,837		2,331,194
Crown Castle, Inc.		154,647		22,354,224
Digital Realty Trust, Inc.		186,619		18,508,872
Douglas Emmett, Inc.		60,916		1,092,224
Duke Realty Corp.		87,584		4,221,549
EPR Properties		48,023		1,722,105
Equinix, Inc.		31,935		18,165,905
Equity Residential		219,795		14,774,620
Essex Property Trust, Inc.		23,799		5,764,832
Federal Realty Investment Trust		27,359		2,465,593
First Industrial Realty Trust, Inc.		26,670		1,195,083
Healthcare Realty Trust, Inc.		125,841		2,623,785
Healthpeak Properties, Inc.		350,089		8,024,040
Highwoods Properties, Inc.		67,153		1,810,445
Host Hotels & Resorts, Inc.		465,120		7,386,106
Invitation Homes, Inc.		204,142		6,893,875
Iron Mountain, Inc.		74,686		3,283,943
JBG SMITH Properties		65,073		1,209,056
Kilroy Realty Corp.		67,278		2,833,077
Kimco Realty Corp.		401,046		7,383,257
Kite Realty Group Trust		140,606		2,421,235
Lamar Advertising Co., Class A		19,096		1,575,229
Macerich Co.		136,804		1,086,224
Medical Properties Trust, Inc.		390,120		4,626,823
Mid-America Apartment Communities, Inc.		28,661		4,444,461
National Retail Properties, Inc.		64,655		2,577,148
Omega Healthcare Investors, Inc.		153,499		4,526,685
Park Hotels & Resorts, Inc.		142,615		1,605,845
Pebblebrook Hotel Trust		84,470		1,225,660
Physicians Realty Trust		147,886		2,224,205
PotlatchDeltic Corp.		29,499		1,210,639
Prologis, Inc.		192,133		19,520,713
Public Storage		41,963		12,287,186
Rayonier, Inc.		36,847		1,104,305
Realty Income Corp.		400,997		23,338,025
Regency Centers Corp.		100,828		5,429,588
Sabra Health Care REIT, Inc.		152,409		1,999,606
SBA Communications Corp., Class A		30,744		8,751,280
Simon Property Group, Inc.		85,328		7,658,188
SL Green Realty Corp.		41,212		1,655,074
Spirit Realty Capital, Inc.		89,758		3,245,649
STORE Capital Corp.		173,679		5,441,363


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Equity Real Estate Investment Trusts (REITs) (continued)
UDR, Inc.		89,833	$	3,746,934
Ventas, Inc.		258,700		10,391,979
VICI Properties, Inc.		627,027		18,716,756
Vornado Realty Trust		106,592		2,468,671
Welltower, Inc.		300,868		19,351,830
Weyerhaeuser Co.		277,992		7,939,451


				381,801,312

Food & Staples Retailing — 2.4%
BJ’s Wholesale Club Holdings, Inc.^(a)		87,794		6,392,281
Casey’s General Stores, Inc.		24,369		4,935,210
Costco Wholesale Corp.		140,934		66,558,900
Grocery Outlet Holding Corp.^(a)(b)		55,984		1,863,707
Kroger Co.		422,805		18,497,719
Performance Food Group Co.^(a)		101,463		4,357,836
Sprouts Farmers Market, Inc.^(a)(b)		67,977		1,886,362
Sysco Corp.		330,810		23,391,575
Walgreens Boots Alliance, Inc.		467,398		14,676,297
Walmart, Inc.		925,522		120,040,204


				262,600,091

Food Products — 2.1%
Archer-Daniels-Midland Co.		363,978		29,282,030
Campbell Soup Co.		130,173		6,133,752
Conagra Brands, Inc.		311,662		10,169,531
Flowers Foods, Inc.		126,146		3,114,545
General Mills, Inc.		386,798		29,632,595
Hershey Co.		52,419		11,556,817
Hormel Foods Corp.		186,792		8,487,829
Ingredion, Inc.		42,575		3,428,139
J M Smucker Co.		68,871		9,463,564
Kellogg Co.		165,222		11,509,365
Kraft Heinz Co.		517,196		17,248,487
Lamb Weston Holdings, Inc.		93,668		7,248,030
Lancaster Colony Corp.		6,955		1,045,197
McCormick & Co., Inc., NVS		163,038		11,619,718
Mondelez International, Inc., Class A		889,916		48,794,094
Pilgrim’s Pride Corp.^(a)		30,069		692,188
Post Holdings, Inc.^(a)		35,553		2,912,146
Tyson Foods, Inc., Class A		187,627		12,370,248


			224,708,275

Gas Utilities — 0.2%
Atmos Energy Corp.		90,986		9,266,924
National Fuel Gas Co.		28,039		1,725,800
New Jersey Resources Corp.		61,893		2,395,259
ONE Gas, Inc.		35,816		2,521,088
Southwest Gas Holdings, Inc.		40,309		2,811,553
Spire, Inc.		34,965		2,179,369
UGI Corp.		137,213		4,436,096


				25,336,089

Health Care Equipment & Supplies — 3.2%
Abbott Laboratories		534,427		51,711,157
ABIOMED, Inc.^(a)		13,318		3,271,700
Baxter International, Inc.		328,107		17,671,843
Becton Dickinson and Co.		185,179		41,263,437
Boston Scientific Corp.^(a)		929,559		36,001,820
Cooper Cos., Inc.		31,850		8,405,215
DENTSPLY SIRONA, Inc.		140,377		3,979,688
Edwards Lifesciences Corp.^(a)		148,310		12,254,855
Enovis Corp.^(a)(b)		19,247		886,709
Envista Holdings Corp.^(a)		106,474		3,493,412
Globus Medical, Inc., Class A^(a)(b)		20,322		1,210,582
Haemonetics Corp.^(a)(b)		32,942		2,438,696


Security	Shares		Value

Health Care Equipment & Supplies (continued)
Hologic, Inc.^(a)		42,207	$	2,723,196
ICU Medical, Inc.^(a)(b)		6,870		1,034,622
IDEXX Laboratories, Inc.^(a)		16,910		5,509,278
Integra LifeSciences Holdings Corp.^(a)		23,012		974,788
Intuitive Surgical, Inc.^(a)		72,043		13,503,740
LivaNova PLC^(a)		13,672		694,127
Medtronic PLC		862,738		69,666,094
Neogen Corp.^(a)		59,446		830,461
NuVasive, Inc.^(a)		33,310		1,459,311
ResMed, Inc.		39,881		8,706,022
STERIS PLC		37,825		6,289,541
Stryker Corp.		128,986		26,124,824
Teleflex, Inc.		30,515		6,147,552
Zimmer Biomet Holdings, Inc.		136,117		14,231,032


				340,483,702

Health Care Providers & Services — 5.3%
Acadia Healthcare Co., Inc.^(a)		59,281		4,634,589
Amedisys, Inc.^(a)(b)		21,142		2,046,334
AmerisourceBergen Corp.		100,810		13,642,617
Cardinal Health, Inc.		176,328		11,757,551
Centene Corp.^(a)		371,134		28,877,937
Chemed Corp.		4,251		1,855,817
Cigna Corp.		198,113		54,970,414
CVS Health Corp.		852,427		81,295,963
DaVita, Inc.^(a)(b)		36,419		3,014,401
Elevance Health, Inc.		155,838		70,787,853
Encompass Health Corp.		63,836		2,887,302
HCA Healthcare, Inc.		58,529		10,757,045
HealthEquity, Inc.^(a)		17,643		1,185,080
Henry Schein, Inc.^(a)		88,977		5,852,017
Humana, Inc.		82,172		39,869,033
Laboratory Corp. of America Holdings		27,588		5,650,298
LHC Group, Inc.^(a)		20,354		3,331,136
McKesson Corp.		93,327		31,719,047
Molina Healthcare, Inc.^(a)		19,237		6,345,132
Patterson Cos., Inc.		55,541		1,334,095
Progyny, Inc.^(a)(b)		17,001		630,057
Quest Diagnostics, Inc.		40,653		4,987,717
R1 RCM, Inc.^(a)		35,782		663,040
UnitedHealth Group, Inc.		352,262		177,906,400
Universal Health Services, Inc., Class B^(b)		42,327		3,732,395


				569,733,270

Hotels, Restaurants & Leisure — 2.4%
Booking Holdings, Inc.^(a)(b)		25,778		42,358,667
Caesars Entertainment, Inc.^(a)		50,032		1,614,032
Carnival Corp.^(a)		645,214		4,535,854
Chipotle Mexican Grill, Inc.^(a)(b)		5,947		8,936,914
Choice Hotels International, Inc.		5,697		623,935
Cracker Barrel Old Country Store, Inc.		14,971		1,386,015
Darden Restaurants, Inc.		79,594		10,054,314
Domino’s Pizza, Inc.		7,633		2,367,757
Expedia Group, Inc.^(a)		98,412		9,220,220
Hilton Worldwide Holdings, Inc.		105,075		12,674,147
Las Vegas Sands Corp.^(a)		214,815		8,059,859
Marriott International, Inc., Class A		179,125		25,102,578
Marriott Vacations Worldwide Corp.		14,030		1,709,696
McDonald’s Corp.		262,736		60,623,705
MGM Resorts International		213,325		6,340,019
Norwegian Cruise Line Holdings Ltd.^(a)(b)		269,952		3,066,655
Penn Entertainment, Inc.^(a)(b)		102,427		2,817,767
Royal Caribbean Cruises Ltd.^(a)		142,423		5,397,832
Starbucks Corp.		365,061		30,760,040


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Hotels, Restaurants & Leisure (continued)
Texas Roadhouse, Inc.		16,978	$	1,481,500
Travel + Leisure Co.		55,354		1,888,678
Wendy’s Co.		56,804		1,061,667
Wyndham Hotels & Resorts, Inc.		20,904		1,282,460
Wynn Resorts Ltd.^(a)(b)		68,127		4,294,045
Yum! Brands, Inc.		97,933		10,414,195


				258,072,551

Household Durables — 0.5%
DR Horton, Inc.		96,500		6,499,275
Garmin Ltd.		49,425		3,969,322
KB Home		55,009		1,425,833
Leggett & Platt, Inc.		85,636		2,844,828
Lennar Corp., Class A		165,242		12,318,791
Mohawk Industries, Inc.^(a)		33,371		3,043,102
Newell Brands, Inc.		114,142		1,585,432
NVR, Inc.^(a)		1,073		4,278,137
PulteGroup, Inc.		150,312		5,636,700
Taylor Morrison Home Corp.^(a)		73,796		1,720,923
Toll Brothers, Inc.		69,903		2,935,926
Whirlpool Corp.		35,636		4,804,089


				51,062,358

Household Products — 2.6%
Church & Dwight Co., Inc.		157,931		11,282,591
Clorox Co.		80,350		10,316,137
Colgate-Palmolive Co.		541,600		38,047,400
Energizer Holdings, Inc.		44,683		1,123,330
Kimberly-Clark Corp.		219,220		24,671,019
Procter & Gamble Co.		1,551,560		195,884,450


				281,324,927

Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		433,698		9,801,575
Ormat Technologies, Inc.		18,913		1,630,300


				11,431,875

Industrial Conglomerates — 1.5%
3M Co.		359,465		39,720,883
General Electric Co.		711,998		44,079,796
Honeywell International, Inc.		437,431		73,037,854


				156,838,533

Insurance — 3.8%
Aflac, Inc.		373,380		20,983,956
Alleghany Corp.^(a)		8,791		7,378,902
Allstate Corp.		175,507		21,855,887
American Financial Group, Inc.		24,457		3,006,499
American International Group, Inc.		493,745		23,443,013
Aon PLC, Class A		54,782		14,674,454
Arthur J. Gallagher & Co.		76,803		13,150,210
Assurant, Inc.		34,390		4,995,835
Brighthouse Financial, Inc.^(a)(b)		46,958		2,038,916
Brown & Brown, Inc.		46,774		2,828,892
Chubb Ltd.		271,178		49,321,855
Cincinnati Financial Corp.		55,145		4,939,338
CNO Financial Group, Inc.		73,169		1,314,847
Everest Re Group Ltd.		25,621		6,723,975
First American Financial Corp.		38,024		1,752,906
Globe Life, Inc.		59,541		5,936,238
Hanover Insurance Group, Inc.		22,981		2,944,785
Hartford Financial Services Group, Inc.		209,453		12,973,519
Kemper Corp.		41,729		1,721,739
Lincoln National Corp.		101,274		4,446,941
Loews Corp.		130,718		6,514,985


Security	Shares		Value

Insurance (continued)
Marsh & McLennan Cos., Inc.		126,365	$	18,865,031
MetLife, Inc.		435,033		26,441,306
Old Republic International Corp.		188,450		3,944,258
Primerica, Inc.		9,074		1,120,185
Principal Financial Group, Inc.		151,526		10,932,601
Progressive Corp.		379,788		44,135,163
Prudential Financial, Inc.		241,546		20,719,816
Reinsurance Group of America, Inc.		43,504		5,473,238
RenaissanceRe Holdings Ltd.		28,380		3,984,268
RLI Corp.		11,195		1,146,144
Selective Insurance Group, Inc.		38,985		3,173,379
Travelers Cos., Inc.		154,089		23,606,435
Unum Group		122,913		4,769,024
W R Berkley Corp.		133,532		8,623,497
Willis Towers Watson PLC		71,401		14,347,317


				404,229,354

Interactive Media & Services — 0.2%
Match Group, Inc.^(a)		184,915		8,829,691
TripAdvisor, Inc.^(a)		36,957		816,011
Twitter, Inc.^(a)		225,916		9,904,157


				19,549,859

Internet & Direct Marketing Retail — 0.0%
eBay, Inc.		83,321		3,067,046


IT Services — 4.9%
Accenture PLC, Class A		172,504		44,385,279
Akamai Technologies, Inc.^(a)(b)		60,627		4,869,561
Automatic Data Processing, Inc.		126,805		28,682,023
Broadridge Financial Solutions, Inc.		42,644		6,154,382
Cognizant Technology Solutions Corp., Class A		336,202		19,311,443
DXC Technology Co.^(a)		150,288		3,679,050
Euronet Worldwide, Inc.^(a)		20,331		1,540,277
Fidelity National Information Services, Inc.		394,766		29,832,467
Fiserv, Inc.^(a)(b)		415,288		38,858,498
FleetCor Technologies, Inc.^(a)		48,449		8,535,260
Genpact Ltd.		37,761		1,652,799
Global Payments, Inc.		179,968		19,445,542
International Business Machines Corp.		586,442		69,675,174
Jack Henry & Associates, Inc.		47,512		8,660,012
Kyndryl Holdings, Inc.^(a)		133,365		1,102,929
Mastercard, Inc., Class A		293,619		83,487,626
Paychex, Inc.		97,996		10,996,131
PayPal Holdings, Inc.^(a)		345,416		29,729,955
Sabre Corp.^(a)(b)		107,825		555,299
VeriSign, Inc.^(a)		32,341		5,617,632
Visa, Inc., Class A^(b)		605,131		107,501,522
Western Union Co.		249,959		3,374,447
WEX, Inc.^(a)		16,467		2,090,321


				529,737,629

Leisure Products — 0.1%
Hasbro, Inc.		84,904		5,724,227
Polaris, Inc.		20,432		1,954,321
Topgolf Callaway Brands Corp.^(a)		90,546		1,743,916


				9,422,464

Life Sciences Tools & Services — 0.7%
Agilent Technologies, Inc.		77,563		9,427,782
Bio-Rad Laboratories, Inc., Class A^(a)		6,349		2,648,422
Danaher Corp.		136,030		35,135,189
Illumina, Inc.^(a)(b)		52,163		9,952,179
IQVIA Holdings, Inc.^(a)		32,641		5,912,591
Mettler-Toledo International, Inc.^(a)(b)		5,448		5,906,286


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Life Sciences Tools & Services (continued)
Sotera Health Co.^(a)		15,285	$	104,244
Waters Corp.^(a)		10,197		2,748,397


				71,835,090

Machinery — 2.5%
AGCO Corp.		40,467		3,891,711
Caterpillar, Inc.		342,775		56,242,522
Crane Holdings Co.		16,416		1,437,057
Cummins, Inc.		91,350		18,590,639
Deere & Co.		97,522		32,561,621
Donaldson Co., Inc.		38,776		1,900,412
Dover Corp.		50,030		5,832,497
Esab Corp.		16,984		566,586
Flowserve Corp.		83,512		2,029,342
Fortive Corp.		230,603		13,444,155
Graco, Inc.		43,730		2,621,614
IDEX Corp.		28,772		5,750,084
Illinois Tool Works, Inc.		107,942		19,499,722
Ingersoll Rand, Inc.		261,658		11,319,325
ITT, Inc.		24,164		1,578,876
Kennametal, Inc.		53,804		1,107,286
Lincoln Electric Holdings, Inc.		16,031		2,015,417
Middleby Corp.^(a)(b)		12,933		1,657,623
Nordson Corp.		14,098		2,992,582
Oshkosh Corp.		42,993		3,021,978
Otis Worldwide Corp.		163,440		10,427,472
PACCAR, Inc.		225,776		18,895,193
Parker-Hannifin Corp.		83,220		20,165,038
Pentair PLC		44,615		1,812,707
Snap-on, Inc.		34,473		6,941,139
Stanley Black & Decker, Inc.		95,978		7,218,505
Terex Corp.		44,790		1,332,055
Timken Co.		44,342		2,617,952
Westinghouse Air Brake Technologies Corp.		118,172		9,613,292
Xylem, Inc.^(b)		68,685		6,000,322


				273,084,724

Marine — 0.0%
Kirby Corp.^(a)(b)		38,513		2,340,435


Media — 1.4%
Cable One, Inc.		1,293		1,102,994
Charter Communications, Inc., Class A^(a)		71,977		21,834,223
Comcast Corp., Class A		2,859,418		83,866,730
DISH Network Corp., Class A^(a)		160,386		2,218,138
Fox Corp., Class A, NVS		198,335		6,084,918
Fox Corp., Class B		90,806		2,587,971
Interpublic Group of Cos., Inc.		252,547		6,465,203
John Wiley & Sons, Inc., Class A		13,956		524,187
New York Times Co., Class A		45,012		1,294,095
News Corp., Class A, NVS		252,454		3,814,580
News Corp., Class B		78,240		1,206,461
Omnicom Group, Inc.		133,227		8,405,291
Paramount Global, Class B, NVS		330,269		6,288,322
TEGNA, Inc.		79,492		1,643,895


				147,337,008

Metals & Mining — 0.6%
Alcoa Corp.		69,079		2,325,199
Commercial Metals Co.		77,318		2,743,243
Freeport-McMoRan, Inc.		519,531		14,198,782
Newmont Corp.		514,209		21,612,204
Nucor Corp.		78,189		8,365,441
Reliance Steel & Aluminum Co.		39,418		6,874,894
Royal Gold, Inc.		17,282		1,621,397


Security	Shares		Value

Metals & Mining (continued)
United States Steel Corp.		155,106	$	2,810,521
Worthington Industries, Inc.		20,750		791,405


				61,343,086

Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		282,197		4,842,500


Multiline Retail — 0.8%
Dollar General Corp.		147,391		35,353,205
Dollar Tree, Inc.^(a)		137,057		18,653,458
Kohl’s Corp.		83,212		2,092,782
Macy’s, Inc.		176,344		2,763,311
Nordstrom, Inc.		71,807		1,201,331
Ollie’s Bargain Outlet Holdings, Inc.^(a)(b)		38,749		1,999,448
Target Corp.		135,483		20,104,322


				82,167,857

Multi-Utilities — 1.7%
Ameren Corp.		167,217		13,469,329
Black Hills Corp.		42,522		2,880,015
CenterPoint Energy, Inc.		408,029		11,498,257
CMS Energy Corp.		187,975		10,947,664
Consolidated Edison, Inc.		230,234		19,744,868
Dominion Energy, Inc.		540,548		37,357,272
DTE Energy Co.		125,547		14,444,182
NiSource, Inc.		262,814		6,620,285
NorthWestern Corp.		35,681		1,758,360
Public Service Enterprise Group, Inc.		325,018		18,275,762
Sempra Energy		204,081		30,599,905
WEC Energy Group, Inc.		204,813		18,316,427


				185,912,326

Oil, Gas & Consumable Fuels — 6.9%
APA Corp.		95,407		3,261,965
Chevron Corp.		1,169,300		167,993,331
CNX Resources Corp.^(a)		64,802		1,006,375
ConocoPhillips		826,591		84,593,323
Coterra Energy, Inc.		516,084		13,480,114
DT Midstream, Inc.		36,171		1,876,913
EOG Resources, Inc.		205,482		22,958,504
EQT Corp.		239,197		9,747,278
Equitrans Midstream Corp.		282,845		2,115,681
Exxon Mobil Corp.		2,706,080		236,267,845
Hess Corp.		52,820		5,756,852
HF Sinclair Corp.		94,983		5,113,885
Kinder Morgan, Inc.		1,287,347		21,421,454
Marathon Oil Corp.		438,411		9,899,320
Marathon Petroleum Corp.		323,763		32,159,379
Occidental Petroleum Corp.^(b)		285,479		17,542,684
ONEOK, Inc.		165,090		8,459,212
PetroCorp Escrow^(a)(d)		190		—
Phillips 66		312,351		25,212,973
Pioneer Natural Resources Co.		68,141		14,754,571
Range Resources Corp.		50,225		1,268,683
Southwestern Energy Co.^(a)		259,756		1,589,707
Valero Energy Corp.		255,806		27,332,871
Williams Cos., Inc.		791,199		22,652,027


				736,464,947

Personal Products — 0.2%
BellRing Brands, Inc.^(a)(b)		88,513		1,824,253
Coty, Inc., Class A^(a)(b)		229,678		1,451,565
Estee Lauder Cos., Inc., Class A^(b)		61,691		13,319,087
Nu Skin Enterprises, Inc., Class A		31,885		1,064,002


				17,658,907


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Pharmaceuticals — 5.9%
Bristol-Myers Squibb Co.		1,386,440	$	98,562,020
Catalent, Inc.^(a)		46,493		3,364,233
Jazz Pharmaceuticals PLC^(a)		41,164		5,486,750
Johnson & Johnson		1,707,146		278,879,371
Merck & Co., Inc.		1,644,877		141,656,807
Organon & Co.		166,345		3,892,473
Perrigo Co. PLC		88,959		3,172,278
Pfizer, Inc.		1,676,306		73,355,151
Viatris, Inc.		784,851		6,686,930
Zoetis, Inc.		103,084		15,286,326


				630,342,339

Professional Services — 0.5%
CACI International, Inc., Class A^(a)		15,267		3,985,603
CoStar Group, Inc.^(a)(b)		129,074		8,990,004
Jacobs Solutions, Inc.		46,269		5,019,724
KBR, Inc.		31,463		1,359,831
Leidos Holdings, Inc.		88,515		7,742,407
ManpowerGroup, Inc.		33,109		2,141,821
Nielsen Holdings PLC^(a)		235,246		6,521,019
Robert Half International, Inc.		22,973		1,757,434
Science Applications International Corp.		35,802		3,165,971
Verisk Analytics, Inc.^(b)		49,935		8,515,416


				49,199,230

Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A^(a)		104,272		7,039,403
Jones Lang LaSalle, Inc.^(a)		15,859		2,395,819


				9,435,222

Road & Rail — 1.2%
CSX Corp.		1,390,328		37,038,338
JB Hunt Transport Services, Inc.		22,477		3,515,852
Knight-Swift Transportation Holdings, Inc.		104,174		5,097,234
Landstar System, Inc.^(b)		8,156		1,177,482
Norfolk Southern Corp.		152,509		31,973,512
Ryder System, Inc.		32,838		2,478,940
Union Pacific Corp.		239,231		46,606,983
Werner Enterprises, Inc.		38,953		1,464,633
XPO Logistics, Inc.^(a)		75,165		3,346,346


				132,699,320

Semiconductors & Semiconductor Equipment — 2.7%
Amkor Technology, Inc.		37,951		647,065
Analog Devices, Inc.		337,517		47,029,619
Broadcom, Inc.		112,746		50,060,352
Cirrus Logic, Inc.^(a)		19,628		1,350,406
First Solar, Inc.^(a)		26,154		3,459,390
Intel Corp.		2,666,055		68,704,237
MACOM Technology Solutions Holdings, Inc.^(a)(b)		6,984		361,701
Microchip Technology, Inc.		186,544		11,384,780
Micron Technology, Inc.		716,280		35,885,628
MKS Instruments, Inc.		16,358		1,351,825
NXP Semiconductors N.V.		62,868		9,273,659
ON Semiconductor Corp.^(a)		67,510		4,207,898
Qorvo, Inc.^(a)		34,415		2,732,895
Semtech Corp.^(a)		14,026		412,505
Skyworks Solutions, Inc.		55,176		4,704,858
SolarEdge Technologies, Inc.^(a)(b)		9,029		2,089,852
Texas Instruments, Inc.		302,573		46,832,249
Wolfspeed, Inc.^(a)(b)		35,879		3,708,453


				294,197,372

Software — 1.1%
ACI Worldwide, Inc.^(a)		41,260		862,334


Security	Shares		Value

Software (continued)
ANSYS, Inc.^(a)(b)		21,668	$	4,803,796
Autodesk, Inc.^(a)		50,738		9,477,858
Blackbaud, Inc.^(a)		9,540		420,332
Ceridian HCM Holding, Inc.^(a)		59,019		3,297,982
Citrix Systems, Inc.^(a)		80,383		8,351,794
CommVault Systems, Inc.^(a)		10,231		542,652
Envestnet, Inc.^(a)		5,993		266,089
Fair Isaac Corp.^(a)(b)		6,869		2,830,097
NCR Corp.^(a)		88,474		1,681,891
NortonLifeLock, Inc.		384,443		7,742,682
Paycom Software, Inc.^(a)		7,741		2,554,452
PTC, Inc.^(a)		33,945		3,550,647
Roper Technologies, Inc.		68,834		24,755,460
Salesforce, Inc.^(a)		251,967		36,242,933
Synopsys, Inc.^(a)		32,815		10,025,311
Tyler Technologies, Inc.^(a)		10,413		3,618,517


				121,024,827

Specialty Retail — 1.4%
Advance Auto Parts, Inc.		20,306		3,174,640
AutoNation, Inc.^(a)(b)		13,384		1,363,428
Bath & Body Works, Inc.		52,249		1,703,317
Best Buy Co., Inc.		129,418		8,197,336
CarMax, Inc.^(a)(b)		48,834		3,224,021
Foot Locker, Inc.		52,528		1,635,197
Gap, Inc.		137,788		1,131,240
Home Depot, Inc.		160,157		44,193,723
Lithia Motors, Inc.		17,992		3,860,184
Murphy USA, Inc.^(b)		14,043		3,860,561
Ross Stores, Inc.^(b)		227,212		19,147,155
TJX Cos., Inc.		760,752		47,257,914
Ulta Beauty, Inc.^(a)		14,822		5,946,438
Victoria’s Secret & Co.^(a)		27,687		806,245


				145,501,399

Technology Hardware, Storage & Peripherals — 0.3%
Hewlett Packard Enterprise Co.		846,242		10,137,979
HP, Inc.		297,570		7,415,445
NetApp, Inc.		41,591		2,572,403
Seagate Technology Holdings PLC		35,395		1,884,076
Western Digital Corp.^(a)		204,534		6,657,582
Xerox Holdings Corp.		72,017		941,982


				29,609,467

Textiles, Apparel & Luxury Goods — 0.5%
Capri Holdings Ltd.^(a)		34,955		1,343,670
Carter’s, Inc.		25,496		1,670,753
Columbia Sportswear Co.		10,417		701,064
Hanesbrands, Inc.		224,070		1,559,527
Nike, Inc., Class B		377,430		31,371,982
PVH Corp.		43,317		1,940,602
Ralph Lauren Corp.		28,049		2,382,201
Skechers USA, Inc., Class A^(a)		45,783		1,452,237
Tapestry, Inc.		163,112		4,637,274
Under Armour, Inc., Class A^(a)		68,992		458,797
Under Armour, Inc., Class C, NVS^(a)		78,715		469,141
VF Corp.		215,844		6,455,894


				54,443,142

Thrifts & Mortgage Finance — 0.1%
Essent Group Ltd.		70,996		2,475,631
MGIC Investment Corp.		198,384		2,543,283
New York Community Bancorp, Inc.		310,246		2,646,398


				7,665,312


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Value ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value


Tobacco — 1.2%
Altria Group, Inc.		1,169,289	$	47,215,890
Philip Morris International, Inc.		1,006,530		83,552,055


				130,767,945

Trading Companies & Distributors — 0.3%
Fastenal Co.^(b)		194,471		8,953,445
GATX Corp.^(b)		22,899		1,949,850
MSC Industrial Direct Co., Inc., Class A		30,130		2,193,765
United Rentals, Inc.^(a)		18,162		4,905,919
Univar Solutions, Inc.^(a)(b)		109,751		2,495,738
Watsco, Inc.		7,299		1,879,201
WW Grainger, Inc.^(b)		29,368		14,366,532


				36,744,450

Water Utilities — 0.2%
American Water Works Co., Inc.		118,038		15,363,826
Essential Utilities, Inc.		57,673		2,386,509


				17,750,335

Wireless Telecommunication Services — 0.5%
T-Mobile U.S., Inc.^(a)		390,844		52,439,539


Total Long-Term Investments — 99.8% (Cost: $11,156,138,126)				10,712,663,733


Security	Shares		Value


Short-Term Securities^(c)(e)

Money Market Funds — 1.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.18%^(f)		126,793,811	$	126,831,849
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.81%		11,543,967		11,543,967


Total Short-Term Securities — 1.3% (Cost: $138,329,155)				138,375,816


Total Investments — 101.1% (Cost: $11,294,467,281)				10,851,039,549

Liabilities in Excess of Other Assets — (1.1)%				(122,470,025	)


Net Assets — 100.0%			$	10,728,569,524

^(a)	Non-income producing security.

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

^(c)	Affiliate of the Fund.

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

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

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

Affiliates



Affiliated Issuer	Value at 03/31/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/22		Shares Held at 09/30/22		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares	$	70,219,115	$	56,558,483	^(a)	$	—		$	25,395	$	28,856		$	126,831,849		126,793,811	$	92,179	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		22,420,000		—			(10,876,033	)^(a)		—		—			11,543,967		11,543,967		140,189			—
BlackRock, Inc.		31,448,652		4,525,942			(826,044	)		82,821		(9,374,814	)		25,856,557		46,988		417,806			—


									$	108,216	$	(9,345,958	)	$	164,232,373			$	650,174		$	—

^(a)

Represents net amount purchased (sold).

^(b)

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
S&P 500 E-Mini Index		103		12/16/22	$	18,548		$	(1,723,925	)
S&P MidCap 400 E-Mini Index		30		12/16/22		6,625			(606,873	)


								$	(2,330,798	)


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	2,330,798	$	—	$	—	$	—	$	2,330,798

^(a)

For the period ended September 30, 2022, the effect of derivative financial instruments in the Statements of Operations was as follows:



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

Net Realized Gain (Loss) from
Futures contracts	$	—	$	—	$	(4,247,871	)	$	—	$	—	$	—	$	(4,247,871	)


Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	(3,823,517	)	$	—	$	—	$	—	$	(3,823,517	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	29,778,238

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

Fair Value Hierarchy as of Period End




	Level 1		Level 2		Level 3		Total


Assets
Investments
Long-Term Investments
Common Stocks
Aerospace & Defense	$	313,776,991	$	—	$	—	$	313,776,991
Air Freight & Logistics		74,493,789		—		—		74,493,789
Airlines		40,305,062		—		—		40,305,062
Auto Components		25,668,992		—		—		25,668,992
Automobiles		64,621,352		—		—		64,621,352
Banks		582,160,372		—		—		582,160,372
Beverages		290,197,851		—		—		290,197,851
Biotechnology		220,990,056		—		—		220,990,056
Building Products		69,958,693		—		—		69,958,693
Capital Markets		259,693,431		—		—		259,693,431
Chemicals		274,827,769		—		—		274,827,769
Commercial Services & Supplies		57,469,237		—		—		57,469,237
Communications Equipment		81,901,524		—		—		81,901,524
Construction & Engineering		23,460,969		—		—		23,460,969
Construction Materials		12,648,797		—		—		12,648,797
Consumer Finance		47,928,441		—		—		47,928,441
Containers & Packaging		54,918,717		—		—		54,918,717
Distributors		18,198,627		—		—		18,198,627
Diversified Consumer Services		5,411,978		—		—		5,411,978


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

Schedule of Investments (unaudited) (continued)

September 30, 2022

iShares^® Core S&P U.S. Value ETF




	Level 1			Level 2		Level 3		Total


Common Stocks (continued)
Diversified Financial Services	$	316,709,275		$	—	$	—	$	316,709,275
Diversified Telecommunication Services		183,496,538			—		—		183,496,538
Electric Utilities		409,303,325			—		—		409,303,325
Electrical Equipment		101,091,955			—		—		101,091,955
Electronic Equipment, Instruments & Components		101,095,846			—		—		101,095,846
Energy Equipment & Services		66,753,532			—		—		66,753,532
Entertainment		191,374,500			—		—		191,374,500
Equity Real Estate Investment Trusts (REITs)		381,801,312			—		—		381,801,312
Food & Staples Retailing		262,600,091			—		—		262,600,091
Food Products		224,708,275			—		—		224,708,275
Gas Utilities		25,336,089			—		—		25,336,089
Health Care Equipment & Supplies		340,483,702			—		—		340,483,702
Health Care Providers & Services		569,733,270			—		—		569,733,270
Hotels, Restaurants & Leisure		258,072,551			—		—		258,072,551
Household Durables		51,062,358			—		—		51,062,358
Household Products		281,324,927			—		—		281,324,927
Independent Power and Renewable Electricity Producers		11,431,875			—		—		11,431,875
Industrial Conglomerates		156,838,533			—		—		156,838,533
Insurance		404,229,354			—		—		404,229,354
Interactive Media & Services		19,549,859			—		—		19,549,859
Internet & Direct Marketing Retail		3,067,046			—		—		3,067,046
IT Services		529,737,629			—		—		529,737,629
Leisure Products		9,422,464			—		—		9,422,464
Life Sciences Tools & Services		71,835,090			—		—		71,835,090
Machinery		273,084,724			—		—		273,084,724
Marine		2,340,435			—		—		2,340,435
Media		147,337,008			—		—		147,337,008
Metals & Mining		61,343,086			—		—		61,343,086
Mortgage Real Estate Investment Trusts (REITs)		4,842,500			—		—		4,842,500
Multiline Retail		82,167,857			—		—		82,167,857
Multi-Utilities		185,912,326			—		—		185,912,326
Oil, Gas & Consumable Fuels		736,464,947			—		—		736,464,947
Personal Products		17,658,907			—		—		17,658,907
Pharmaceuticals		630,342,339			—		—		630,342,339
Professional Services		49,199,230			—		—		49,199,230
Real Estate Management & Development		9,435,222			—		—		9,435,222
Road & Rail		132,699,320			—		—		132,699,320
Semiconductors & Semiconductor Equipment		294,197,372			—		—		294,197,372
Software		112,673,033			8,351,794		—		121,024,827
Specialty Retail		145,501,399			—		—		145,501,399
Technology Hardware, Storage & Peripherals		29,609,467			—		—		29,609,467
Textiles, Apparel & Luxury Goods		54,443,142			—		—		54,443,142
Thrifts & Mortgage Finance		7,665,312			—		—		7,665,312
Tobacco		130,767,945			—		—		130,767,945
Trading Companies & Distributors		36,744,450			—		—		36,744,450
Water Utilities		17,750,335			—		—		17,750,335
Wireless Telecommunication Services		52,439,539			—		—		52,439,539
Short-Term Securities
Money Market Funds		138,375,816			—		—		138,375,816


	$	10,842,687,755		$	8,351,794	$	—	$	10,851,039,549

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(2,330,798	)	$	—	$	—	$	(2,330,798	)

^(a)

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

See notes to financial statements.


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

Statements of Assets and Liabilities (unaudited)

September 30, 2022


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

ASSETS
Investments, at value — unaffiliated^(a)(b)	$	54,866,559,916		$	4,156,744,350		$	10,366,372,183	$	10,686,807,176
Investments, at value — affiliated^(c)		3,773,802,603			57,775,398,662			212,487,038		164,232,373
Cash		7,987,123			17,053,513			2,504,246		5,296,320
Cash pledged:
Collateral — OTC derivatives		3,094,000			103,230,000			—		—
Futures contracts		9,613,100			17,910,000			1,133,620		1,937,190
Receivables:
Investments sold		816,866,044			636,823,097			45,544,796		34,937,154
Securities lending income — affiliated		1,654,561			1,008,999			55,469		18,322
Swaps		112,632			—			—		—
Capital shares sold		338,610,736			362,273,645			28,409,443		15,643,896
Dividends — unaffiliated		69,328,655			74,662,758			2,305,456		14,982,747
Dividends — affiliated		328,494			2,084,454			33,016		40,076


Total assets		59,887,957,864			63,147,189,478			10,658,845,267		10,923,895,254


LIABILITIES
Collateral on securities loaned		3,646,278,536			3,201,861,938			171,451,598		126,787,019
Payables:
Investments purchased		713,070,810			740,803,578			78,183,892		67,769,205
Swaps		—			70,720,849			—		—
Capital shares redeemed		460,884,920			348,420,920			—		—
Investment advisory fees		2,446,694			3,124,527			367,775		380,494
Variation margin on futures contracts		1,198,500			1,802,568			261,507		389,012
Unrealized depreciation on OTC swaps		4,365,683			76,412,249			—		—


Total liabilities		4,828,245,143			4,443,146,629			250,264,772		195,325,730


NET ASSETS	$	55,059,712,721		$	58,704,042,849		$	10,408,580,495	$	10,728,569,524


NET ASSETS CONSIST OF:
Paid-in capital	$	56,435,005,325		$	63,139,095,441		$	10,140,441,960	$	11,705,800,656
Accumulated earnings (loss)		(1,375,292,604	)		(4,435,052,592	)		268,138,535		(977,231,132	)


NET ASSETS	$	55,059,712,721		$	58,704,042,849		$	10,408,580,495	$	10,728,569,524


NET ASSET VALUE
Shares outstanding	$	251,000,000		$	673,950,000		$	129,750,000	$	171,450,000


Net asset value	$	219.36		$	87.10		$	80.22	$	62.58


Shares authorized		Unlimited			Unlimited			Unlimited		Unlimited


Par value		None			None			None		None


^(a)Investments, at cost — unaffiliated	$	54,955,154,902		$	4,551,004,962		$	9,855,844,542	$	11,123,594,421
^(b)Securities loaned, at value	$	3,522,813,342		$	3,084,401,547		$	165,724,283	$	122,090,752
^(c)Investments, at cost — affiliated	$	3,772,067,321		$	61,259,085,033		$	216,221,283	$	170,872,860

See notes to financial statements.


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

Statements of Operations (unaudited)

Six Months Ended September 30, 2022


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

INVESTMENT INCOME
Dividends — unaffiliated	$	550,440,655		$	35,564,901		$	56,408,329		$	135,081,215
Dividends — affiliated		1,120,646			495,316,111			576,677			557,995
Securities lending income — affiliated — net		18,556,304			4,960,562			458,096			92,179
Foreign taxes withheld		—			(444,093	)		(27,365	)		(15,659	)


Total investment income		570,117,605			535,397,481			57,415,737			135,715,730


EXPENSES
Investment advisory		15,213,619			19,656,813			2,288,117			2,338,386


Total expenses		15,213,619			19,656,813			2,288,117			2,338,386


Net investment income		554,903,986			515,740,668			55,127,620			133,377,344


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(481,434,343	)		(134,352,677	)		(53,846,379	)		(43,768,613	)
Investments — affiliated		39,547			(271,473,660	)		(36,572	)		(79,372	)
Futures contracts		(14,641,148	)		(6,829,671	)		(3,561,461	)		(4,247,871	)
In-kind redemptions — unaffiliated^(a)		1,016,166,660			139,847,079			232,134,259			66,919,623
In-kind redemptions — affiliated^(a)		—			1,712,773,210			308,838			187,588
Swaps		(13,106,377	)		(94,392,877	)		—			—


		507,024,339			1,345,571,404			174,998,685			19,011,355

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(12,719,446,522	)		(1,154,127,528	)		(3,288,652,087	)		(2,197,000,436	)
Investments — affiliated		1,647,404			(14,139,340,800	)		(10,565,316	)		(9,345,958	)
Futures contracts		(15,649,286	)		(15,843,386	)		(2,845,741	)		(3,823,517	)
Swaps		(5,848,186	)		(87,003,947	)		—			—


		(12,739,296,590	)		(15,396,315,661	)		(3,302,063,144	)		(2,210,169,911	)


Net realized and unrealized loss		(12,232,272,251	)		(14,050,744,257	)		(3,127,064,459	)		(2,191,158,556	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(11,677,368,265	)	$	(13,535,003,589	)	$	(3,071,936,839	)	$	(2,057,781,212	)

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

See notes to financial statements.


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

Statements of Changes in Net Assets


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


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	554,903,986		$	811,894,676		$	515,740,668		$	722,885,353
Net realized gain		507,024,339			4,258,650,564			1,345,571,404			5,970,340,526
Net change in unrealized appreciation (depreciation)		(12,739,296,590	)		(2,379,387,402	)		(15,396,315,661	)		(6,138,369,512	)


Net increase (decrease) in net assets resulting from operations		(11,677,368,265	)		2,691,157,838			(13,535,003,589	)		554,856,367


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(534,910,588	)		(842,798,749	)		(502,436,760	)		(1,058,667,702	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		1,248,172,721			3,037,584,731			671,203,633			4,301,078,815


NET ASSETS
Total increase (decrease) in net assets		(10,964,106,132	)		4,885,943,820			(13,366,236,716	)		3,797,267,480
Beginning of period		66,023,818,853			61,137,875,033			72,070,279,565			68,273,012,085


End of period	$	55,059,712,721		$	66,023,818,853		$	58,704,042,849		$	72,070,279,565

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

See notes to financial statements.


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

Statements of Changes in Net Assets (continued)


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


	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22

INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	55,127,620		$	85,009,485		$	133,377,344		$	222,080,510
Net realized gain		174,998,685			1,351,036,924			19,011,355			543,813,091
Net change in unrealized appreciation (depreciation)		(3,302,063,144	)		327,529,213			(2,210,169,911	)		448,061,179


Net increase (decrease) in net assets resulting from operations		(3,071,936,839	)		1,763,575,622			(2,057,781,212	)		1,213,954,780


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(53,419,613	)		(85,386,412	)		(128,676,770	)		(219,854,566	)


CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		676,603,699			717,396,779			791,172,816			2,044,887,472


NET ASSETS
Total increase (decrease) in net assets		(2,448,752,753	)		2,395,585,989			(1,395,285,166	)		3,038,987,686
Beginning of period		12,857,333,248			10,461,747,259			12,123,854,690			9,084,867,004


End of period	$	10,408,580,495		$	12,857,333,248		$	10,728,569,524		$	12,123,854,690

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core S&P Mid-Cap ETF

	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18

Net asset value, beginning of period	$	268.39		$	260.16		$	143.87		$	189.34		$	187.51		$	171.29


Net investment income^(a)		2.24			3.41			2.74			3.12			2.85			2.69
Net realized and unrealized gain (loss)^(b)		(49.13	)		8.35			116.36			(45.14	)		1.84			15.96


Net increase (decrease) from investment operations		(46.89	)		11.76			119.10			(42.02	)		4.69			18.65


Distributions from net investment income^(c)		(2.14	)		(3.53	)		(2.81	)		(3.45	)		(2.86	)		(2.43	)


Net asset value, end of period	$	219.36		$	268.39		$	260.16		$	143.87		$	189.34		$	187.51


Total Return^(d)
Based on net asset value		(17.50	)%^(e)		4.51	%		83.36	%		(22.53	)%		2.50	%		10.95	%


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


Net investment income		1.82	%^(g)		1.26	%		1.36	%		1.62	%		1.50	%		1.49	%


Supplemental Data
Net assets, end of period (000)	$	55,059,713		$	66,023,819		$	61,137,875		$	35,722,456		$	48,206,329		$	44,663,981


Portfolio turnover rate^(h)		9	%		16	%		20	%		15	%		17	%		10	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core S&P Small-Cap ETF

	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18

Net asset value, beginning of period	$	107.93		$	108.34		$	56.22		$	77.13		$	77.05		$	69.23


Net investment income^(a)		0.78			1.13			1.03			1.06			1.09			0.98
Net realized and unrealized gain (loss)^(b)		(20.85	)		0.12			52.13			(20.77	)		0.11			7.78


Net increase (decrease) from investment operations		(20.07	)		1.25			53.16			(19.71	)		1.20			8.76


Distributions from net investment income^(c)		(0.76	)		(1.66	)		(1.04	)		(1.20	)		(1.12	)		(0.94	)


Net asset value, end of period	$	87.10		$	107.93		$	108.34		$	56.22		$	77.13		$	77.05


Total Return^(d)
Based on net asset value		(18.63	)%^(e)		1.12	%		95.23	%^(f)		(25.89	)%		1.53	%		12.71	%


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


Net investment income		1.57	%^(h)		1.02	%		1.28	%		1.36	%		1.35	%		1.33	%


Supplemental Data
Net assets, end of period (000)	$	58,704,043		$	72,070,280		$	68,273,012		$	31,863,332		$	43,064,083		$	36,636,388


Portfolio turnover rate⁽ⁱ⁾		10	%		16	%		20	%		16	%		14	%		12	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

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

^(h)	Annualized.

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core S&P U.S. Growth ETF

	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18

Net asset value, beginning of period	$	105.47		$	90.74		$	57.16		$	60.31		$	54.56		$	46.36


Net investment income^(a)		0.44			0.72			0.76			0.92			0.81			0.76
Net realized and unrealized gain (loss)^(b)		(25.27	)		14.73			33.62			(2.97	)		5.68			8.16


Net increase (decrease) from investment operations		(24.83	)		15.45			34.38			(2.05	)		6.49			8.92


Distributions from net investment income^(c)		(0.42	)		(0.72	)		(0.80	)		(1.10	)		(0.74	)		(0.72	)


Net asset value, end of period	$	80.22		$	105.47		$	90.74		$	57.16		$	60.31		$	54.56


Total Return^(d)
Based on net asset value		(23.57	)%^(e)		17.03	%		60.34	%		(3.54	)%		11.95	%		19.33	%


Ratios to Average Net Assets^(f)
Total expenses		0.04	%^(g)		0.04	%		0.04	%		0.04	%		0.04	%		0.05	%


Net investment income		0.96	%^(g)		0.69	%		0.96	%		1.44	%		1.41	%		1.46	%


Supplemental Data
Net assets, end of period (000)	$	10,408,580		$	12,857,333		$	10,461,747		$	6,893,329		$	5,985,790		$	3,693,673


Portfolio turnover rate^(h)		2	%		15	%		14	%		35	%		31	%		24	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


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

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core S&P U.S. Value ETF

	Six Months Ended 09/30/22 (unaudited)			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19			Year Ended 03/31/18

Net asset value, beginning of period	$	75.80		$	68.82		$	46.23		$	54.82		$	53.08		$	50.45


Net investment income^(a)		0.81			1.50			1.43			1.45			1.37			1.28
Net realized and unrealized gain (loss)^(b)		(13.26	)		6.93			22.60			(8.57	)		1.68			2.51


Net increase (decrease) from investment operations		(12.45	)		8.43			24.03			(7.12	)		3.05			3.79


Distributions from net investment income^(c)		(0.77	)		(1.45	)		(1.44	)		(1.47	)		(1.31	)		(1.16	)


Net asset value, end of period	$	62.58		$	75.80		$	68.82		$	46.23		$	54.82		$	53.08


Total Return^(d)
Based on net asset value		(16.49	)%^(e)		12.33	%		52.59	%		(13.34	)%		5.83	%		7.55	%


Ratios to Average Net Assets^(f)
Total expenses		0.04	%^(g)		0.04	%		0.04	%		0.04	%		0.04	%		0.05	%


Net investment income		2.28	%^(g)		2.04	%		2.48	%		2.52	%		2.53	%		2.42	%


Supplemental Data
Net assets, end of period (000)	$	10,728,570		$	12,123,855		$	9,084,867		$	5,270,383		$	5,208,349		$	3,434,150


Portfolio turnover rate^(h)		2	%		20	%		25	%		34	%		35	%		27	%

^(a)	Based on average shares outstanding.

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

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

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

^(e)	Not annualized.

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

^(g)	Annualized.

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

See notes to financial statements.


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

Notes to Financial Statements (unaudited)

1.	*ORGANIZATION*

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

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




iShares ETF		Diversification Classification


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

^(a)

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

2.	*SIGNIFICANT ACCOUNTING POLICIES*

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend dates may have passed are subsequently recorded when the Fund is informed of the ex-dividend dates. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdiction in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved


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

Notes to Financial Statements (unaudited) (continued)

the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

•

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

•

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

•

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

•

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

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

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

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

•

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

•

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

•

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

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4.	*SECURITIES AND OTHER INVESTMENTS*

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral.


N O T E S T O F I N A N C I A L S T A T E M E N T S		69

Notes to Financial Statements (unaudited) (continued)

In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount	^(b)

Core S&P Mid-Cap
Barclays Bank PLC	$	35,548,522	$	(35,548,522	)	$	—		$	—
Barclays Capital, Inc.		10,572,759		(10,572,759	)		—			—
BMO Capital Markets Corp.		2,942,983		(2,942,983	)		—			—
BNP Paribas SA		475,265,387		(475,265,387	)		—			—
BofA Securities, Inc.		186,576,894		(186,576,894	)		—			—
Citadel Clearing LLC		5,152,533		(5,152,533	)		—			—
Citigroup Global Markets, Inc.		110,537,843		(110,537,843	)		—			—
Credit Suisse Securities (USA) LLC		721,161		(721,161	)		—			—
Deutsche Bank Securities, Inc.		1,073,260		(1,073,260	)		—			—
Goldman Sachs & Co. LLC		741,955,017		(741,955,017	)		—			—
HSBC Bank PLC		78,578,386		(78,578,386	)		—			—
ING Financial Markets LLC		598,094		(598,094	)		—			—
J.P. Morgan Securities LLC		474,090,330		(474,090,330	)		—			—
Jefferies LLC		18,630,276		(18,630,276	)		—			—
Mizuho Securities USA LLC		84,350		(84,350	)		—			—
Morgan Stanley		483,727,136		(483,727,136	)		—			—
National Financial Services LLC		29,445,694		(29,445,694	)		—			—
Natixis SA		14,372,091		(14,372,091	)		—			—
Nomura Securities International, Inc.		3,910		(3,910	)		—			—
RBC Capital Market LLC		197,841,069		(197,841,069	)		—			—
Scotia Capital (USA), Inc.		68,986,018		(68,986,018	)		—			—
SG Americas Securities LLC		6,806,525		(6,806,525	)		—			—
State Street Bank & Trust Co.		30,973,949		(30,973,949	)		—			—
Toronto-Dominion Bank		118,275,857		(118,275,857	)		—			—
UBS AG		342,086,008		(342,086,008	)		—			—
UBS Securities LLC		34,014,088		(34,014,088	)		—			—
Virtu Americas LLC		14,504,658		(14,504,658	)		—			—
Wells Fargo Bank N.A.		35,307,599		(35,307,599	)		—			—
Wells Fargo Securities LLC		4,140,945		(4,140,945	)		—			—


	$	3,522,813,342	$	(3,522,813,342	)	$	—		$	—

Core S&P Small-Cap
Barclays Bank PLC	$	11,593,447	$	(11,593,447	)	$	—		$	—
Barclays Capital, Inc.		5,284,441		(5,284,441	)		—			—
BMO Capital Markets Corp.		139,769		(139,769	)		—			—
BNP Paribas SA		416,861,249		(416,861,249	)		—			—
BofA Securities, Inc.		175,589,647		(175,589,647	)		—			—
Citadel Clearing LLC		11,792,213		(11,792,213	)		—			—
Citigroup Global Markets, Inc.		100,488,507		(100,488,507	)		—			—
Credit Suisse Securities (USA) LLC		232,965		(232,965	)		—			—
Deutsche Bank Securities, Inc.		336,339		(336,339	)		—			—
Goldman Sachs & Co. LLC		653,082,080		(653,082,080	)		—			—
HSBC Bank PLC		34,064,329		(34,064,329	)		—			—
ING Financial Markets LLC		65,618		(65,618	)		—			—
J.P. Morgan Securities LLC		497,287,025		(497,287,025	)		—			—
Jefferies LLC		51,301,548		(51,301,548	)		—			—
Morgan Stanley		434,800,526		(434,800,526	)		—			—
National Financial Services LLC		92,738,569		(92,738,569	)		—			—
Natixis SA		2,057,105		(2,057,105	)		—			—
Nomura Securities International, Inc.		2,680,431		(2,680,431	)		—			—
Pershing LLC		4,560,485		(4,560,485	)		—			—
RBC Capital Market LLC		9,009,244		(9,009,244	)		—			—
Scotia Capital (USA), Inc.		28,955,063		(28,955,063	)		—			—
SG Americas Securities LLC		11,153,347		(11,153,347	)		—			—
State Street Bank & Trust Co.		108,729,925		(108,729,925	)		—			—
Toronto-Dominion Bank		107,448,272		(107,448,272	)		—			—
UBS AG		139,821,101		(139,821,101	)		—			—
UBS Securities LLC		44,793,683		(44,793,683	)		—			—


70		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)



iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	^(a)		Non-Cash Collateral Received, at Fair Value	^(a)		Net Amount	^(b)

Core S&P Small-Cap (continued)
Virtu Americas LLC	$	11,222,166	$	(11,222,166	)	$	—		$	—
Wells Fargo Bank N.A.		109,877,251		(109,877,251	)		—			—
Wells Fargo Securities LLC		18,435,202		(18,435,202	)		—			—


	$	3,084,401,547	$	(3,084,401,547	)	$	—		$	—

Core S&P U.S. Growth
Barclays Bank PLC	$	47,076,976	$	(47,076,976	)	$	—		$	—
BMO Capital Markets Corp.		424,999		(424,999	)		—			—
BNP Paribas SA		10,793,386		(10,793,386	)		—			—
BofA Securities, Inc.		30,517,227		(30,517,227	)		—			—
Citigroup Global Markets, Inc.		1,886,021		(1,886,021	)		—			—
Goldman Sachs & Co. LLC		7,582,824		(7,582,824	)		—			—
HSBC Bank PLC		700,380		(700,380	)		—			—
J.P. Morgan Securities LLC		11,070,319		(11,070,319	)		—			—
Morgan Stanley		4,165,407		(4,165,407	)		—			—
National Financial Services LLC		207,844		(205,100	)		—			2,744
RBC Capital Market LLC		9,109,899		(9,109,899	)		—			—
Scotia Capital (USA), Inc.		6,619,650		(6,619,650	)		—			—
Toronto-Dominion Bank		20,390,845		(20,390,845	)		—			—
UBS AG		13,044,865		(13,044,865	)		—			—
UBS Securities LLC		1,309,951		(1,309,951	)		—			—
Wells Fargo Bank N.A.		823,690		(823,690	)		—			—


	$	165,724,283	$	(165,721,539	)	$	—		$	2,744

Core S&P U.S. Value
Barclays Bank PLC	$	44,002	$	(44,002	)	$	—		$	—
Barclays Capital, Inc.		1,324		(1,324	)		—			—
BNP Paribas SA		16,027,356		(16,027,356	)		—			—
BofA Securities, Inc.		4,474,708		(4,474,708	)		—			—
Citigroup Global Markets, Inc.		12,080,746		(12,080,746	)		—			—
Credit Suisse Securities (USA) LLC		122,304		(122,304	)		—			—
Goldman Sachs & Co. LLC		3,478,037		(3,478,037	)		—			—
HSBC Bank PLC		13,083,275		(13,083,275	)		—			—
J.P. Morgan Securities LLC		2,693,731		(2,693,731	)		—			—
Jefferies LLC		535,669		(535,669	)		—			—
Morgan Stanley		2,937,202		(2,937,202	)		—			—
RBC Capital Market LLC		4,573,040		(4,573,040	)		—			—
Scotia Capital (USA), Inc.		1,147,467		(1,147,467	)		—			—
SG Americas Securities LLC		1,675,318		(1,675,318	)		—			—
State Street Bank & Trust Co.		2,821,647		(2,821,647	)		—			—
Toronto-Dominion Bank		19,372,994		(19,372,994	)		—			—
UBS AG		36,109,517		(36,109,517	)		—			—
UBS Securities LLC		289,895		(289,895	)		—			—
Virtu Americas LLC		240,317		(240,317	)		—			—
Wells Fargo Bank N.A.		382,203		(382,203	)		—			—


	$	122,090,752	$	(122,090,752	)	$	—		$	—

^(a)

Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b)

The market value of the loaned securities is determined as of September 30, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value on the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in


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Notes to Financial Statements (unaudited) (continued)

an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained to 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.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of the agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.


72		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6.	*INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES*

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:



iShares ETF	Investment Advisory Fees

Core S&P Mid-Cap		0.05	%
Core S&P Small-Cap		0.06
Core S&P U.S. Growth		0.04
Core S&P U.S. Value		0.04

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. Each Fund does not pay BRIL for ETF Services.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company (“SSB”) for the Funds, with the exception of iShares Core S&P Small-Cap ETF, which SSB performed ETF Services prior to April 11, 2022.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2022, the Funds paid BTC the following amounts for securities lending agent services:




iShares ETF	Amounts


Core S&P Mid-Cap	$	5,008,205
Core S&P Small-Cap		1,840,012
Core S&P U.S. Growth		136,666
Core S&P U.S. Value		38,585

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.


N O T E S T O F I N A N C I A L S T A T E M E N T S		73

Notes to Financial Statements (unaudited) (continued)

For the six months ended September 30, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:



iShares ETF	Purchases		Sales		Net Realized Gain (Loss)

Core S&P Mid-Cap	$	883,627,438	$	1,217,727,913	$	(332,592,498	)
Core S&P Small-Cap		942,473,576		857,529,031		33,649,741
Core S&P U.S. Growth		38,738,859		17,730,900		(9,527,051	)
Core S&P U.S. Value		52,921,048		25,203,143		(6,540,406	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7.	*PURCHASES AND SALES*

For the six months ended September 30, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:




iShares ETF	Purchases		Sales


Core S&P Mid-Cap	$	5,404,266,456	$	5,378,145,742
Core S&P Small-Cap		6,317,677,675		6,465,991,387
Core S&P U.S. Growth		195,568,175		190,919,502
Core S&P U.S. Value		282,149,704		263,402,715

For the six months ended September 30, 2022, in-kind transactions were as follows:




iShares ETF	In-kind Purchases		In-kind Sales


Core S&P Mid-Cap	$	4,318,825,624	$	3,099,861,142
Core S&P Small-Cap		6,348,659,947		5,463,772,298
Core S&P U.S. Growth		1,197,057,804		522,336,037
Core S&P U.S. Value		1,060,262,733		273,688,826

8.	*INCOME TAX INFORMATION*

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of September 30, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:




iShares ETF	Amounts


Core S&P Mid-Cap	$	1,362,420,891
Core S&P Small-Cap		1,050,074,976
Core S&P U.S. Growth		395,394,677
Core S&P U.S. Value		515,825,848

As of September 30, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:




iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)


Core S&P Mid-Cap	$	59,158,754,497	$	7,227,673,615	$	(7,760,057,041	)	$	(532,383,426	)
Core S&P Small-Cap		66,573,148,607		7,071,773,133		(11,803,776,325	)		(4,732,003,192	)
Core S&P U.S. Growth		10,089,186,960		1,313,609,552		(825,240,621	)		488,368,931
Core S&P U.S. Value		11,334,651,189		944,503,838		(1,430,024,471	)		(485,520,633	)


74		2 0 2 2 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

9.	*PRINCIPAL RISKS*

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against 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.

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.


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Notes to Financial Statements (unaudited) (continued)

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:



	Six Months Ended 09/30/22						Year Ended 03/31/22


iShares ETF	Shares			Amount			Shares			Amount

Core S&P Mid-Cap
Shares sold		17,850,000		$	4,367,020,789			44,950,000		$	12,187,553,091
Shares redeemed		(12,850,000	)		(3,118,848,068	)		(33,950,000	)		(9,149,968,360	)


		5,000,000		$	1,248,172,721			11,000,000		$	3,037,584,731


Core S&P Small-Cap
Shares sold		64,950,000		$	6,333,914,358			122,700,000		$	13,651,203,551
Shares redeemed		(58,750,000	)		(5,662,710,725	)		(85,100,000	)		(9,350,124,736	)


		6,200,000		$	671,203,633			37,600,000		$	4,301,078,815


Core S&P U.S. Growth
Shares sold		13,600,000		$	1,200,419,873			32,600,000		$	3,543,506,031
Shares redeemed		(5,750,000	)		(523,816,174	)		(26,000,000	)		(2,826,109,252	)


		7,850,000		$	676,603,699			6,600,000		$	717,396,779


Core S&P U.S. Value
Shares sold		15,550,000		$	1,066,129,278			45,100,000		$	3,309,869,059
Shares redeemed		(4,050,000	)		(274,956,462	)		(17,150,000	)		(1,264,981,587	)


		11,500,000		$	791,172,816			27,950,000		$	2,044,887,472

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.


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Board Review and Approval of Investment Advisory Contract

iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of another fund in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the


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Board Review and Approval of Investment Advisory Contract (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds, and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Core S&PU.S. Growth ETF, iShares Core S&PU.S. Value ETF (each the “Fund”)


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Board Review and Approval of Investment Advisory Contract (continued)

response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.


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Board Review and Approval of Investment Advisory Contract (continued)

impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.


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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2022



	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date


iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share

Core S&P Mid-Cap^(a)	$	2.067384	$	—	$	0.072500	$	2.139884		97	%		—	%		3	%		100	%
Core S&P Small-Cap^(a)		0.703602		—		0.052900		0.756502		93			—			7			100

^(a)

The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.


S U P P L E M E N T A L I N F O R M A T I O N		81

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

•

Go to icsdelivery.com.

•

If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.


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Glossary of Terms Used in this Report


Portfolio Abbreviation

NVS		Non-Voting Shares

REIT		Real Estate Investment Trust

S&P		Standard & Poor’s


G L O S S A R Y O F T E R M S U S E D I N T H I S R E P O R T		83

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

iS-SAR-302-0922