iSHARES TRUST


		OCTOBER 31, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

iShares Core Dividend ETF | DIVB | Cboe BZX

iShares Core Dividend Growth ETF | DGRO | NYSE Arca

iShares Core High Dividend ETF | HDV | NYSE Arca

iShares Select Dividend ETF | DVY | NASDAQ

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended October 31, 2023. Significantly tighter monetary policy helped to rein in inflation, as the annual increase in the Consumer Price Index declined to its long-term average of approximately 3% in October 2023. Meanwhile, real economic growth proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades before rising slightly. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were solid during the period, as the durability of consumer spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy continued to show strength, and growth further accelerated in the third quarter of 2023. However, equity returns were uneven, as the performance of a few notable technology companies supported gains among large-capitalization U.S. stocks, while small-capitalization U.S. stocks declined overall. Meanwhile, international developed market equities advanced, and emerging market equities posted solid gains.

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

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period, but slowed and then paused its tightening later in the period. The Fed also wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity.

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

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

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

Sincerely,

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.


Total Returns as of October 31, 2023

	6-Month			12-Month

U.S. large cap equities (S&P 500^® Index)		1.39	%		10.14	%

U.S. small cap equities (Russell 2000^® Index)		(5.29	)		(8.56	)

International equities (MSCI Europe, Australasia, Far East Index)		(7.88	)		14.40

Emerging market equities (MSCI Emerging Markets Index)		(4.78	)		10.80

3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.63			4.77

U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(9.70	)		(3.25	)

U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.13	)		0.36

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.65	)		2.64

U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		0.02			6.23

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		30
Statements of Operations		31
Statements of Changes in Net Assets		32
Financial Highlights		34
Notes to Financial Statements		38
Board Review and Approval of Investment Advisory Contract		45
Supplemental Information		49
General Information		50
Glossary of Terms Used in this Report		51


		3


Fund Summary as of October 31, 2023		iShares^® Core Dividend ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(2.06	)%		0.45	%		9.40	%		8.84	%		0.45	%		56.72	%		66.01	%
Fund Market		(2.08	)		0.41			9.41			8.84			0.41			56.79			66.01
Index		(2.05	)		0.47			9.64			9.09			0.47			58.42			68.25

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

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	979.40	$	0.25		$	1,000.00	$	1,024.89	$	0.25		0.05	%

^(a)

Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information


SECTOR ALLOCATION
Sector	Percent of Total Investments	^(a)
Information Technology	21.8	%
Financials	18.4
Health Care	10.9
Industrials	9.8
Energy	9.5
Consumer Staples	9.2
Consumer Discretionary	6.0
Communication Services	4.8
Materials	3.4
Real Estate	3.1
Utilities	3.1

^(a)	Excludes money market funds.


TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Broadcom, Inc.	5.0	%
Cisco Systems, Inc.	4.6
Exxon Mobil Corp.	2.8
International Business Machines Corp.	2.5
QUALCOMM, Inc.	2.4
Procter & Gamble Co. (The)	2.1
Texas Instruments, Inc.	2.1
Home Depot, Inc. (The)	1.9
JPMorgan Chase & Co.	1.9
Wells Fargo & Co.	1.7


4		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2023		iShares^® Core Dividend Growth ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(3.99	)%		1.01	%		9.20	%		9.80	%		1.01	%		55.30	%		140.62	%
Fund Market		(3.99	)		0.95			9.20			9.80			0.95			55.27			140.62
Index		(3.98	)		1.02			9.28			9.87			1.02			55.83			141.94

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

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	960.10	$	0.39		$	1,000.00	$	1,024.73	$	0.41		0.08	%

^(a)

Portfolio Information


SECTOR ALLOCATION
Sector	Percent of Total Investments	^(a)
Health Care	19.4	%
Financials	18.8
Information Technology	15.6
Industrials	11.5
Consumer Staples	10.8
Utilities	6.9
Energy	6.8
Consumer Discretionary	6.0
Materials	2.7
Communication Services	1.5

^(a)	Excludes money market funds.


TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Microsoft Corp.	3.2	%
JPMorgan Chase & Co.	2.9
Apple Inc.	2.9
Exxon Mobil Corp.	2.8
Johnson & Johnson	2.8
AbbVie, Inc.	2.6
Chevron Corp.	2.4
Procter & Gamble Co. (The)	2.3
Pfizer, Inc.	2.1
UnitedHealth Group, Inc.	2.0


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


Fund Summary as of October 31, 2023		iShares^® Core High Dividend ETF

Investment Objective

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

Performance


				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		(5.31	)%		(3.46	)%		5.45	%		7.03	%		(3.46	)%		30.37	%		97.33	%
Fund Market		(5.33	)		(3.51	)		5.44			7.03			(3.51	)		30.35			97.24
Index		(5.30	)		(3.41	)		5.52			7.14			(3.41	)		30.84			99.34

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	946.90	$	0.39		$	1,000.00	$	1,024.73	$	0.41		0.08	%

^(a)

Portfolio Information


SECTOR ALLOCATION
Sector	Percent of Total Investments	^(a)
Energy	22.3	%
Health Care	19.2
Consumer Staples	14.8
Utilities	10.4
Communication Services	9.4
Information Technology	9.3
Financials	8.3
Industrials	3.4
Materials	2.3
Other (each representing less than 1%)	0.6

^(a)	Excludes money market funds.


TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Exxon Mobil Corp.	8.1	%
Verizon Communications, Inc.	6.7
Johnson & Johnson	6.4
AbbVie, Inc.	6.0
Chevron Corp.	5.6
Coca-Cola Co. (The)	4.1
PepsiCo, Inc.	3.9
Altria Group, Inc.	3.7
International Business Machines Corp.	3.5
Cisco Systems, Inc.	3.5


6		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S


Fund Summary as of October 31, 2023		iShares^® Select Dividend ETF

Investment Objective

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

Performance


				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(9.13	)%		(7.93	)%		5.59	%		7.80	%		(7.93	)%		31.28	%		111.97	%
Fund Market		(9.15	)		(7.99	)		5.58			7.79			(7.99	)		31.21			111.80
Index		(8.93	)		(7.53	)		6.02			8.24			(7.53	)		33.94			120.64

Expense Example


Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)		Beginning Account Value (05/01/23)		Ending Account Value (10/31/23)		Expenses Paid During the Period	^(a)	Annualized Expense Ratio
$	1,000.00	$	908.70	$	1.84		$	1,000.00	$	1,023.21	$	1.93		0.38	%

^(a)

Portfolio Information


SECTOR ALLOCATION
Sector	Percent of Total Investments	^(a)
Utilities	27.3	%
Financials	22.9
Consumer Staples	9.5
Materials	8.9
Consumer Discretionary	7.1
Energy	6.5
Communication Services	5.9
Information Technology	4.9
Industrials	3.7
Health Care	3.3

^(a)	Excludes money market funds.


TEN LARGEST HOLDINGS
Security	Percent of Total Investments	^(a)
Altria Group, Inc.	2.5	%
Verizon Communications, Inc.	2.3
International Business Machines Corp.	2.1
ONEOK, Inc.	2.0
AT&T Inc.	1.7
Prudential Financial, Inc.	1.7
LyondellBasell Industries NV, Class A	1.7
Philip Morris International, Inc.	1.7
Seagate Technology Holdings PLC	1.7
International Paper Co.	1.6


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


About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

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

Disclosure of Expenses

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

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

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

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


8		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

October 31, 2023

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.4%
General Dynamics Corp.		2,691	$	649,365
Huntington Ingalls Industries, Inc.		349		76,717
L3Harris Technologies, Inc.		4,656		835,333
Lockheed Martin Corp.		5,442		2,474,151
RTX Corp.		20,801		1,692,994


				5,728,560
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		4,069		332,966
FedEx Corp.		2,683		644,189
United Parcel Service, Inc., Class B		12,781		1,805,316


				2,782,471
Automobile Components — 0.1%
Autoliv, Inc.		806		73,870
Dana, Inc.		945		10,849
LCI Industries		276		29,943
Lear Corp.		600		77,856


				192,518
Automobiles — 0.3%
Ford Motor Co.		62,851		612,797
Harley-Davidson, Inc.		2,667		71,609
Thor Industries, Inc.		662		58,210


				742,616
Banks — 8.5%
Associated Banc-Corp.		2,245		36,392
Atlantic Union Bankshares Corp.		1,232		35,494
Bank of America Corp.		143,847		3,788,930
Bank OZK		2,931		104,959
BOK Financial Corp.		357		23,391
Cadence Bank		353		7,477
Cathay General Bancorp		1,460		49,509
Citigroup, Inc.		44,352		1,751,461
Citizens Financial Group, Inc.		11,347		265,860
Columbia Banking System, Inc.		519		10,209
Comerica, Inc.		2,551		100,509
Commerce Bancshares, Inc.		1,306		57,281
Cullen/Frost Bankers, Inc.		625		56,869
CVB Financial Corp.		2,352		36,738
East West Bancorp, Inc.		1,478		79,250
Eastern Bankshares, Inc.		2,963		32,623
Fifth Third Bancorp		13,241		313,944
First Financial Bankshares, Inc.		844		20,298
First Hawaiian, Inc.		2,067		37,061
First Horizon Corp.		9,649		103,727
First Interstate BancSystem, Inc., Class A		2,466		56,891
FNB Corp.		4,557		48,714
Glacier Bancorp, Inc.		1,195		36,077
Hancock Whitney Corp.		808		27,819
Home BancShares, Inc.		2,011		41,125
Huntington Bancshares, Inc.		26,565		256,352
International Bancshares Corp.		476		20,863
JPMorgan Chase & Co.		31,934		4,440,742
KeyCorp		24,308		248,428
M&T Bank Corp.		3,989		449,760
New York Community Bancorp, Inc., Class A		10,250		97,170
Old National Bancorp		3,500		47,950
Pacific Premier Bancorp, Inc.		361		6,859
PNC Financial Services Group, Inc. (The)		10,032		1,148,363
Popular, Inc.		1,706		110,958
Prosperity Bancshares, Inc.		1,260		68,720


Security	Shares		Value

Banks (continued)
Regions Financial Corp.		13,828	$	200,921
ServisFirst Bancshares, Inc.		239		11,271
Simmons First National Corp., Class A		2,333		33,152
SouthState Corp.		861		56,912
Synovus Financial Corp.		2,103		54,825
Truist Financial Corp.		25,170		713,821
U.S. Bancorp		17,936		571,800
UMB Financial Corp.		361		22,642
United Bankshares, Inc.		1,919		54,576
United Community Banks, Inc.		781		17,252
Valley National Bancorp		5,619		43,716
Webster Financial Corp.		2,729		103,620
Wells Fargo & Co.		103,208		4,104,582
WSFS Financial Corp.		714		25,276


				20,033,139
Beverages — 1.9%
Coca-Cola Co. (The)		36,807		2,079,227
Keurig Dr Pepper, Inc.		8,138		246,826
Molson Coors Beverage Co., Class B		1,534		88,619
PepsiCo, Inc.		12,683		2,070,880


				4,485,552
Biotechnology — 3.2%
AbbVie, Inc.		24,198		3,416,274
Amgen, Inc.		10,388		2,656,212
Gilead Sciences, Inc.		17,675		1,388,194


				7,460,680
Broadline Retail — 0.0%
Nordstrom, Inc.		1,925		26,912


Building Products — 0.5%
A O Smith Corp.		1,913		133,451
Fortune Brands Innovations, Inc.		2,674		149,209
Johnson Controls International PLC		10,957		537,112
Masco Corp.		4,508		234,822
Owens Corning		1,764		199,985


				1,254,579
Capital Markets — 4.1%
Ameriprise Financial, Inc.		1,853		582,898
Ares Management Corp., Class A		1,037		102,238
Artisan Partners Asset Management, Inc., Class A		951		31,383
Bank of New York Mellon Corp. (The)		18,038		766,615
BlackRock, Inc.^(a)		1,700		1,040,876
Blackstone, Inc., Class A, NVS		7,112		656,793
Blue Owl Capital, Inc., Class A		4,251		52,415
Carlyle Group, Inc. (The)		3,146		86,641
CME Group, Inc., Class A		3,234		690,330
Cohen & Steers, Inc.		256		13,373
Federated Hermes, Inc., Class B		1,987		62,988
Franklin Resources, Inc.		3,803		86,670
Goldman Sachs Group, Inc. (The)		5,575		1,692,626
Hamilton Lane, Inc., Class A		359		30,199
Houlihan Lokey, Inc., Class A		578		58,100
Invesco Ltd.		8,775		113,812
Janus Henderson Group PLC		2,644		60,997
Jefferies Financial Group, Inc.		4,617		148,575
Moelis & Co., Class A		1,345		56,006
Morgan Stanley		34,301		2,429,197
Northern Trust Corp.		2,471		162,864
State Street Corp.		6,473		418,350


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

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Capital Markets (continued)
Stifel Financial Corp.		1,302	$	74,214
T Rowe Price Group, Inc.		4,151		375,665


				9,793,825
Chemicals — 1.9%
Air Products & Chemicals, Inc.		1,486		419,706
Ashland, Inc.		1,739		133,260
Avient Corp.		805		25,454
Celanese Corp., Class A		1,175		134,549
CF Industries Holdings, Inc.		4,966		396,187
Chemours Co. (The)		4,402		106,132
Dow, Inc.		18,753		906,520
DuPont de Nemours, Inc.		12,571		916,175
Eastman Chemical Co.		4,691		350,558
International Flavors & Fragrances, Inc.		3,400		232,390
LyondellBasell Industries NV, Class A		4,817		434,686
Mosaic Co. (The)		11,433		371,344
NewMarket Corp.		135		65,090
Scotts Miracle-Gro Co. (The)		1,193		53,017


				4,545,068
Communications Equipment — 4.8%
Cisco Systems, Inc.		209,057		10,898,141
Juniper Networks, Inc.		19,603		527,713


				11,425,854
Construction & Engineering — 0.0%
MDU Resources Group, Inc.		2,502		46,562


Consumer Finance — 0.3%
Discover Financial Services		9,311		764,247


Consumer Staples Distribution & Retail — 1.2%
Kroger Co. (The)		10,313		467,901
Sysco Corp.		6,379		424,140
Target Corp.		13,536		1,499,653
Walgreens Boots Alliance, Inc.		19,493		410,912


				2,802,606
Containers & Packaging — 0.5%
Amcor PLC		40,602		360,952
Crown Holdings, Inc.		2,588		208,593
Greif, Inc., Class A, NVS		366		23,241
Greif, Inc., Class B		103		6,598
Packaging Corp. of America		1,662		254,369
Sealed Air Corp.		2,897		89,199
Sonoco Products Co.		1,230		63,726
Westrock Co.		5,963		214,250


				1,220,928
Distributors — 0.2%
Genuine Parts Co.		1,484		191,228
LKQ Corp.		5,916		259,831


				451,059
Diversified Consumer Services — 0.2%
ADT, Inc.		1,583		8,960
H&R Block, Inc.		5,575		228,853
Service Corp. International		3,771		205,218


				443,031
Diversified REITs — 0.1%
WP Carey, Inc.		3,040		163,096


Diversified Telecommunication Services — 2.5%
AT&T Inc.		168,580		2,596,132


Security	Shares		Value

Diversified Telecommunication Services (continued)
Cogent Communications Holdings, Inc.		682	$	44,317
Verizon Communications, Inc.		93,356		3,279,596


				5,920,045
Electric Utilities — 1.9%
Alliant Energy Corp.		2,384		116,315
American Electric Power Co., Inc.		4,142		312,887
Duke Energy Corp.		10,362		921,078
Edison International		4,764		300,418
Entergy Corp.		1,158		110,693
Evergy, Inc.		3,085		151,597
Eversource Energy		3,910		210,319
Exelon Corp.		10,294		400,848
FirstEnergy Corp.		7,056		251,194
Hawaiian Electric Industries, Inc.		3,731		48,428
IDACORP, Inc.		495		46,881
NRG Energy, Inc.		5,160		218,681
OGE Energy Corp.		2,908		99,454
Pinnacle West Capital Corp.		1,531		113,570
PNM Resources, Inc.		903		38,161
PPL Corp.		8,199		201,449
Southern Co. (The)		9,104		612,699
Xcel Energy, Inc.		3,803		225,404


				4,380,076
Electrical Equipment — 0.3%
Emerson Electric Co.		7,704		685,425


Electronic Equipment, Instruments & Components — 0.5%
Avnet, Inc.		5,857		271,355
Corning, Inc.		31,093		832,048


				1,103,403
Energy Equipment & Services — 0.2%
Baker Hughes Co., Class A		10,363		356,695
Helmerich & Payne, Inc.		2,258		89,349
Patterson-UTI Energy, Inc.		2,679		34,023


				480,067
Entertainment — 0.0%
Warner Music Group Corp., Class A		662		20,721


Financial Services — 1.2%
Apollo Global Management, Inc.		2,965		229,610
Enact Holdings, Inc.		287		7,910
Essent Group Ltd.		1,198		56,593
Fidelity National Information Services, Inc.		46,336		2,275,561
MGIC Investment Corp.		7,441		125,306
TFS Financial Corp.		964		11,433
Voya Financial, Inc.		3,195		213,330
Walker & Dunlop, Inc.		350		22,680


				2,942,423
Food Products — 1.3%
Archer-Daniels-Midland Co.		8,215		587,947
Bunge Ltd.		1,007		106,722
Cal-Maine Foods, Inc.		1,251		56,683
Campbell Soup Co.		2,900		117,189
Conagra Brands, Inc.		7,422		203,066
Flowers Foods, Inc.		2,653		58,180
General Mills, Inc.		11,570		754,827
Hormel Foods Corp.		2,509		81,668
Ingredion, Inc.		729		68,220
J M Smucker Co. (The)		1,946		221,533
Kellanova		3,021		152,470


10		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Food Products (continued)
Kraft Heinz Co. (The)		11,434	$	359,713
Tyson Foods, Inc., Class A		6,114		283,384


				3,051,602
Gas Utilities — 0.1%
National Fuel Gas Co.		946		48,199
New Jersey Resources Corp.		888		36,035
ONE Gas, Inc.		278		16,791
Spire, Inc.		607		33,767
UGI Corp.		3,705		77,064


				211,856
Ground Transportation — 1.5%
Norfolk Southern Corp.		5,637		1,075,483
Ryder System, Inc.		1,359		132,557
Union Pacific Corp.		11,029		2,289,731


				3,497,771
Health Care Equipment & Supplies — 0.6%
Baxter International, Inc.		4,455		144,476
Medtronic PLC		17,277		1,219,065


				1,363,541
Health Care Providers & Services — 2.1%
Cardinal Health, Inc.		6,714		610,974
Cigna Group (The)		7,941		2,455,357
CVS Health Corp.		21,272		1,467,981
Patterson Cos., Inc.		1,482		45,142
Premier, Inc., Class A		2,851		54,796
Quest Diagnostics, Inc.		2,652		345,025


				4,979,275
Health Care REITs — 0.3%
Healthpeak Properties, Inc.		7,694		119,642
Medical Properties Trust, Inc.		25,777		123,214
National Health Investors, Inc.		1,338		66,954
Omega Healthcare Investors, Inc.		5,332		176,489
Physicians Realty Trust		1,538		16,703
Sabra Health Care REIT, Inc.		4,925		67,177
Ventas, Inc.		2,779		117,996


				688,175
Hotel & Resort REITs — 0.1%
Apple Hospitality REIT, Inc.		3,892		61,027
Host Hotels & Resorts, Inc.		7,327		113,422
Park Hotels & Resorts, Inc.		6,538		75,383


				249,832
Hotels, Restaurants & Leisure — 0.6%
Bloomin’ Brands, Inc.		1,596		37,251
Cracker Barrel Old Country Store, Inc.		885		58,729
Darden Restaurants, Inc.		2,619		381,143
Domino’s Pizza, Inc.		394		133,562
Marriott Vacations Worldwide Corp.		1,560		140,182
Papa John’s International, Inc.		908		59,038
Red Rock Resorts, Inc., Class A		2,061		81,512
Travel + Leisure Co.		3,033		103,213
Vail Resorts, Inc.		692		146,877
Wendy’s Co. (The)		4,016		76,384
Wyndham Hotels & Resorts, Inc.		1,820		131,768


				1,349,659
Household Durables — 0.3%
Garmin Ltd.		4,897		502,089
Leggett & Platt, Inc.		2,909		68,158
MDC Holdings, Inc.		828		31,423


Security	Shares		Value

Household Durables (continued)
Newell Brands, Inc.		6,634	$	44,580
Tempur Sealy International, Inc.		4,185		167,107


				813,357
Household Products — 2.8%
Clorox Co. (The)		1,138		133,943
Colgate-Palmolive Co.		11,324		850,659
Energizer Holdings, Inc.		1,006		31,769
Kimberly-Clark Corp.		3,950		472,578
Procter & Gamble Co. (The)		33,282		4,993,298
Reynolds Consumer Products, Inc.		606		15,411
Spectrum Brands Holdings, Inc.		1,496		112,679


				6,610,337
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		7,358		109,634
Clearway Energy, Inc., Class A		693		14,117
Clearway Energy, Inc., Class C		1,524		33,086


				156,837
Industrial Conglomerates — 1.2%
3M Co.		13,088		1,190,354
Honeywell International, Inc.		9,328		1,709,449


				2,899,803
Industrial REITs — 0.3%
LXP Industrial Trust		2,203		17,426
Prologis, Inc.		7,352		740,714


				758,140
Insurance — 4.0%
Aflac, Inc.		10,077		787,115
Allstate Corp. (The)		7,438		953,031
American International Group, Inc.		20,472		1,255,138
Assurant, Inc.		1,307		194,612
Axis Capital Holdings Ltd.		583		33,289
Chubb Ltd.		5,491		1,178,479
Cincinnati Financial Corp.		1,703		169,738
CNO Financial Group, Inc.		2,895		67,106
Fidelity National Financial, Inc., Class A		4,746		185,521
First American Financial Corp.		1,805		92,849
Hanover Insurance Group, Inc. (The)		338		39,617
Hartford Financial Services Group, Inc. (The)		7,118		522,817
Kemper Corp.		424		16,909
MetLife, Inc.		15,897		953,979
Old Republic International Corp.		4,569		125,099
Principal Financial Group, Inc.		5,105		345,506
Prudential Financial, Inc.		8,624		788,579
Reinsurance Group of America, Inc.		623		93,120
Travelers Cos., Inc. (The)		4,486		751,136
Unum Group		2,008		98,191
Willis Towers Watson PLC		3,650		860,999


				9,512,830
Interactive Media & Services — 0.0%
Shutterstock, Inc.		421		17,126


IT Services — 2.5%
International Business Machines Corp.		40,145		5,806,573


Leisure Products — 0.1%
Acushnet Holdings Corp.		562		28,639
Brunswick Corp.		1,634		113,514
Hasbro, Inc.		1,697		76,620
Polaris, Inc.		1,207		104,309


				323,082


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

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Machinery — 1.5%
Allison Transmission Holdings, Inc.		2,123	$	107,042
Caterpillar, Inc.		6,928		1,566,074
Crane Co.		646		62,875
Cummins, Inc.		1,517		328,127
Flowserve Corp.		758		27,834
Hillenbrand, Inc.		1,287		48,945
Illinois Tool Works, Inc.		3,319		743,854
Kennametal, Inc.		1,493		34,503
Oshkosh Corp.		343		30,091
Snap-on, Inc.		597		153,990
Stanley Black & Decker, Inc.		5,049		429,418


				3,532,753
Marine Transportation — 0.0%
Matson, Inc.		1,322		115,080


Media — 2.2%
Cable One, Inc.		111		61,036
Comcast Corp., Class A		99,067		4,090,477
Fox Corp., Class A, NVS		8,993		273,297
Fox Corp., Class B		4,618		128,888
Interpublic Group of Cos., Inc. (The)		5,596		158,926
John Wiley & Sons, Inc., Class A		762		23,066
Omnicom Group, Inc.		4,905		367,434
Paramount Global, Class A		129		1,793
Paramount Global, Class B, NVS		8,605		93,622
Sirius XM Holdings, Inc.		13,856		59,304
TEGNA, Inc.		1,591		23,085


				5,280,928
Metals & Mining — 1.0%
Arch Resources, Inc., Class A		541		81,599
Newmont Corp.		12,894		483,138
Nucor Corp.		6,059		895,460
Southern Copper Corp.		1,111		78,770
Steel Dynamics, Inc.		4,945		526,692
United States Steel Corp.		5,832		197,646
Worthington Industries, Inc.		300		18,486


				2,281,791
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
AGNC Investment Corp.		15,935		117,600
Blackstone Mortgage Trust, Inc., Class A		930		18,554
Rithm Capital Corp.		13,779		128,558
Starwood Property Trust, Inc.		5,400		95,850


				360,562
Multi-Utilities — 1.1%
Ameren Corp.		1,661		125,754
Black Hills Corp.		300		14,505
CenterPoint Energy, Inc.		5,053		135,825
CMS Energy Corp.		3,355		182,311
Consolidated Edison, Inc.		5,418		475,646
Dominion Energy, Inc.		8,463		341,228
DTE Energy Co.		448		43,178
Public Service Enterprise Group, Inc.		5,453		336,177
Sempra		7,833		548,545
WEC Energy Group, Inc.		3,625		295,039


				2,498,208
Office REITs — 0.2%
Boston Properties, Inc.		2,462		131,889
COPT Defense Properties		1,443		32,900
Cousins Properties, Inc.		2,441		43,621
Douglas Emmett, Inc.		4,088		45,827
Highwoods Properties, Inc.		2,506		44,832


Security	Shares		Value

Office REITs (continued)
Kilroy Realty Corp.		1,893	$	54,102
Vornado Realty Trust		2,840		54,528


				407,699
Oil, Gas & Consumable Fuels — 9.3%
Antero Midstream Corp.		6,846		84,480
APA Corp.		9,075		360,459
California Resources Corp.		1,655		87,036
Chevron Corp.		16,702		2,433,982
Chord Energy Corp.		1,104		182,513
Civitas Resources, Inc.		555		41,864
Comstock Resources, Inc.		1,090		13,734
ConocoPhillips		21,223		2,521,292
CONSOL Energy, Inc.		304		27,935
Coterra Energy, Inc.		19,083		524,783
CVR Energy, Inc.		432		14,148
Devon Energy Corp.		19,299		898,754
Diamondback Energy, Inc.		4,175		669,336
DT Midstream, Inc.		1,371		73,993
EOG Resources, Inc.		4,487		566,484
Equitrans Midstream Corp.		7,332		65,035
Exxon Mobil Corp.		61,313		6,489,981
HF Sinclair Corp.		3,553		196,765
Kinder Morgan, Inc.		39,800		644,760
Magnolia Oil & Gas Corp., Class A		3,694		82,930
Marathon Oil Corp.		19,479		531,972
Murphy Oil Corp.		901		40,428
New Fortress Energy, Inc., Class A		1,481		44,874
ONEOK, Inc.		7,032		458,486
Ovintiv, Inc.		4,686		224,928
Phillips 66		8,225		938,226
Pioneer Natural Resources Co.		7,318		1,749,002
Targa Resources Corp.		2,028		169,561
Valero Energy Corp.		9,717		1,234,059
Williams Cos., Inc. (The)		16,767		576,785


				21,948,585
Pharmaceuticals — 5.0%
Bristol-Myers Squibb Co.		53,345		2,748,868
Johnson & Johnson		27,103		4,020,459
Merck & Co., Inc.		21,426		2,200,450
Organon & Co.		4,206		62,207
Perrigo Co. PLC		1,241		34,301
Pfizer, Inc.		86,385		2,639,926
Viatris, Inc.		20,168		179,495


				11,885,706
Professional Services — 0.6%
Automatic Data Processing, Inc.		4,085		891,429
ManpowerGroup, Inc.		1,349		94,389
Paychex, Inc.		2,773		307,942
Robert Half, Inc.		1,975		147,671


				1,441,431
Real Estate Management & Development — 0.0%
Kennedy-Wilson Holdings, Inc.		2,720		35,006


Residential REITs — 0.4%
Apartment Income REIT Corp.		3,742		109,304
AvalonBay Communities, Inc.		1,058		175,353
Equity LifeStyle Properties, Inc.		1,010		66,458
Equity Residential		4,029		222,924
Essex Property Trust, Inc.		902		192,956


12		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Core Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Residential REITs (continued)
Invitation Homes, Inc.		777	$	23,069
Mid-America Apartment Communities, Inc.		1,314		155,249


				945,313
Retail REITs — 0.5%
Brixmor Property Group, Inc.		3,775		78,482
Federal Realty Investment Trust		438		39,941
Kimco Realty Corp.		8,051		144,435
Kite Realty Group Trust		2,887		61,551
Macerich Co. (The)		3,086		29,996
NNN REIT, Inc.		1,986		72,151
Regency Centers Corp.		1,872		112,807
Simon Property Group, Inc.		6,193		680,549
SITE Centers Corp.		2,450		28,567


				1,248,479
Semiconductors & Semiconductor Equipment — 12.3%
Broadcom, Inc.		14,114		11,875,096
Intel Corp.		103,036		3,760,814
NXP Semiconductors NV		12,512		2,157,444
QUALCOMM, Inc.		51,294		5,590,533
Skyworks Solutions, Inc.		8,770		760,710
Texas Instruments, Inc.		34,820		4,944,788


				29,089,385
Software — 0.2%
Gen Digital, Inc.		32,582		542,816


Specialized REITs — 1.2%
American Tower Corp.		2,840		506,060
Crown Castle, Inc.		8,009		744,677
Digital Realty Trust, Inc.		1,204		149,729
EPR Properties		1,697		72,462
Extra Space Storage, Inc.		2,876		297,925
Gaming & Leisure Properties, Inc.		646		29,322
Iron Mountain, Inc.		3,287		194,163
Lamar Advertising Co., Class A		1,390		114,355
Outfront Media, Inc.		4,681		45,687
PotlatchDeltic Corp.		1,076		46,107
Public Storage		1,662		396,736
Rayonier, Inc.		810		20,444
Weyerhaeuser Co.		8,232		236,176


				2,853,843
Specialty Retail — 3.8%
American Eagle Outfitters, Inc.		4,144		72,396
Dick’s Sporting Goods, Inc.		2,713		290,155
Gap, Inc. (The)		5,318		68,070
Home Depot, Inc. (The)		15,823		4,504,650
Lowe’s Cos., Inc.		19,240		3,666,567
Penske Automotive Group, Inc.		578		82,700
Williams-Sonoma, Inc.		2,416		362,980


				9,047,518


Security	Shares		Value

Technology Hardware, Storage & Peripherals — 1.5%
Hewlett Packard Enterprise Co.		61,627	$	947,823
NetApp, Inc.		15,195		1,105,892
Seagate Technology Holdings PLC		20,487		1,398,238


				3,451,953
Textiles, Apparel & Luxury Goods — 0.3%
Kontoor Brands, Inc.		1,171		54,393
Ralph Lauren Corp., Class A		1,558		175,322
Steven Madden Ltd.		1,764		57,842
Tapestry, Inc.		12,806		352,933
VF Corp.		10,076		148,419


				788,909
Tobacco — 1.9%
Altria Group, Inc.		55,931		2,246,748
Philip Morris International, Inc.		26,054		2,322,975


				4,569,723
Trading Companies & Distributors — 0.5%
Fastenal Co.		4,678		272,915
Ferguson PLC		4,403		661,331
Herc Holdings, Inc.		350		37,376
MSC Industrial Direct Co., Inc., Class A		656		62,156
Watsco, Inc.		280		97,689


				1,131,467
Water Utilities — 0.0%
Essential Utilities, Inc.		779		26,065


Total Long-Term Investments — 99.6% (Cost: $253,917,345)				235,668,479


Short-Term Securities

Money Market Funds — 0.4%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(a)(b)		863,690		863,690


Total Short-Term Securities — 0.4% (Cost: $863,690)				863,690


Total Investments — 100.0% (Cost: $254,781,035)				236,532,169
Liabilities in Excess of Other Assets — (0.0)%				(30,765	)

Net Assets — 100.0%			$	236,501,404

^(a)	Affiliate of the Fund.

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


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

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Core Dividend ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:


Affiliated Issuer		Value at 04/30/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/23	Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	859,810	$	3,880	^(a)	$	—		$	—		$	—		$	863,690	863,690	$	20,550	$	—
BlackRock, Inc.		1,322,935		104,745			(299,318	)		(34,925	)		(52,561	)		1,040,876	1,700		17,795		—

									$	(34,925	)	$	(52,561	)	$	1,904,566		$	38,345	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

Micro E-Mini S&P 500 Index

12/15/23

$800

(25,025

)

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)	$	—	$	—	$	25,025	$	—	$	—	$	—	$	25,025

^(a)

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

For the period ended October 31, 2023, 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	$	—	$	—	$	3,505		$	—	$	—	$	—	$	3,505


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(42,854	)	$	—	$	—	$	—		$ (42,854	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	1,000,049

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


14		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Core Dividend ETF

Fair Value Hierarchy as of Period End

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

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



	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	235,668,479		$	—	$	—	$	235,668,479
Short-Term Securities
Money Market Funds		863,690			—		—		863,690

	$	236,532,169		$	—	$	—	$	236,532,169

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(25,025	)	$	—	$	—	$	(25,025	)

^(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		15

Schedule of Investments (unaudited)

October 31, 2023

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 2.6%
BWX Technologies, Inc.		67,675	$	5,026,899
Curtiss-Wright Corp.		10,143		2,016,530
General Dynamics Corp.		317,569		76,632,575
HEICO Corp.		3,786		599,740
HEICO Corp., Class A		7,445		946,483
Huntington Ingalls Industries, Inc.		54,291		11,934,248
L3Harris Technologies, Inc.		295,047		52,934,382
Lockheed Martin Corp.		371,581		168,935,586
Northrop Grumman Corp.		147,001		69,300,682
RTX Corp.		2,405,259		195,764,030


				584,091,155
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		190,199		15,563,984
Expeditors International of Washington, Inc.		105,994		11,579,845
Forward Air Corp.		20,513		1,321,242
United Parcel Service, Inc., Class B		1,685,513		238,078,711


				266,543,782
Automobile Components — 0.0%
Gentex Corp.		202,220		5,799,670


Automobiles — 0.0%
Thor Industries, Inc.		54,804		4,818,916


Banks — 8.2%
Associated Banc-Corp.		441,602		7,158,368
Atlantic Union Bankshares Corp.		130,119		3,748,728
BancFirst Corp.		18,491		1,499,805
Bank of America Corp.		13,656,795		359,719,980
Bank OZK		232,243		8,316,622
BOK Financial Corp.		44,614		2,923,109
Cadence Bank		145,900		3,090,162
Cathay General Bancorp		153,149		5,193,283
Citigroup, Inc.		5,811,281		229,487,487
Comerica, Inc.		469,949		18,515,991
Commerce Bancshares, Inc.		150,322		6,593,123
Community Bank System, Inc.		101,405		4,051,130
Cullen/Frost Bankers, Inc.		148,718		13,531,851
CVB Financial Corp.		344,693		5,384,105
East West Bancorp, Inc.		298,453		16,003,050
Fifth Third Bancorp		1,976,296		46,857,978
First Bancorp		367,396		4,904,737
First Financial Bankshares, Inc.		199,086		4,788,018
First Horizon Corp.		1,585,168		17,040,556
Glacier Bancorp, Inc.		294,106		8,879,060
Home BancShares, Inc.		360,278		7,367,685
Independent Bank Corp.		69,304		3,382,035
JPMorgan Chase & Co.		4,697,280		653,203,757
M&T Bank Corp.		414,378		46,721,120
PNC Financial Services Group, Inc. (The)		1,217,880		139,410,724
Popular, Inc.		144,912		9,425,076
Prosperity Bancshares, Inc.		214,657		11,707,393
Regions Financial Corp.		2,910,061		42,283,186
ServisFirst Bancshares, Inc.		68,585		3,234,469
Simmons First National Corp., Class A		262,560		3,730,978
SouthState Corp.		130,272		8,610,979
Synovus Financial Corp.		424,793		11,074,354
U.S. Bancorp		4,319,418		137,703,046
UMB Financial Corp.		63,334		3,972,308
United Community Banks, Inc.		232,614		5,138,443
Wintrust Financial Corp.		74,663		5,576,579


Security	Shares		Value

Banks (continued)
WSFS Financial Corp.		31,138	$	1,102,285
Zions Bancorp N.A.		408,064		12,588,774


				1,873,920,334
Beverages — 3.6%
Brown-Forman Corp., Class A		42,675		2,450,398
Brown-Forman Corp., Class B, NVS		138,714		7,790,178
Coca-Cola Co. (The)		7,097,175		400,919,416
Constellation Brands, Inc., Class A		129,026		30,211,438
PepsiCo, Inc.		2,324,056		379,471,864


				820,843,294
Biotechnology — 4.8%
AbbVie, Inc.		4,178,391		589,905,241
Amgen, Inc.		1,065,013		272,323,824
Gilead Sciences, Inc.		2,936,246		230,612,761


				1,092,841,826
Broadline Retail — 0.0%
Dillard’s, Inc., Class A		880		273,196


Building Products — 0.5%
A O Smith Corp.		120,968		8,438,728
AAON, Inc.		18,806		1,024,551
Advanced Drainage Systems, Inc.		18,857		2,014,493
Allegion PLC		85,377		8,397,682
Carlisle Cos., Inc.		39,479		10,031,219
Fortune Brands Innovations, Inc.		102,919		5,742,880
Lennox International, Inc.		21,891		8,111,491
Masco Corp.		260,380		13,563,194
Owens Corning		76,919		8,720,307
Simpson Manufacturing Co., Inc.		19,455		2,591,017
Trane Technologies PLC		194,870		37,085,710
UFP Industries, Inc.		42,297		4,025,405


				109,746,677
Capital Markets — 5.0%
Ameriprise Financial, Inc.		96,228		30,270,442
Bank of New York Mellon Corp. (The)		1,569,713		66,712,802
BlackRock, Inc.^(a)		251,439		153,951,071
CME Group, Inc., Class A		452,766		96,647,430
Cohen & Steers, Inc.		54,222		2,832,557
Evercore, Inc., Class A		45,422		5,913,036
FactSet Research Systems, Inc.		20,377		8,800,623
Goldman Sachs Group, Inc. (The)		663,322		201,391,192
Hamilton Lane, Inc., Class A		44,780		3,766,894
Houlihan Lokey, Inc., Class A		62,375		6,269,935
Intercontinental Exchange, Inc.		481,318		51,712,806
Jefferies Financial Group, Inc.		355,925		11,453,667
MarketAxess Holdings, Inc.		27,748		5,931,135
Moody’s Corp.		83,510		25,721,080
Morgan Stanley		3,065,620		217,107,208
Morningstar, Inc.		8,843		2,239,401
MSCI, Inc., Class A		47,709		22,497,179
Nasdaq, Inc.		338,060		16,767,776
Northern Trust Corp.		475,949		31,369,799
Raymond James Financial, Inc.		178,325		17,019,338
S&P Global, Inc.		174,060		60,800,899
SEI Investments Co.		87,989		4,721,490
State Street Corp.		700,920		45,300,460
Stifel Financial Corp.		137,682		7,847,874
T Rowe Price Group, Inc.		571,289		51,701,654


				1,148,747,748
Chemicals — 2.0%
Air Products & Chemicals, Inc.		308,920		87,251,365


16		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Chemicals (continued)
Albemarle Corp.		57,833	$	7,332,068
Ashland, Inc.		50,203		3,847,056
Avient Corp.		126,815		4,009,890
Balchem Corp.		9,978		1,159,843
Cabot Corp.		72,706		4,833,495
Celanese Corp., Class A		129,246		14,799,959
Eastman Chemical Co.		266,295		19,900,225
Ecolab, Inc.		169,188		28,379,595
HB Fuller Co.		37,732		2,495,972
Innospec, Inc.		19,353		1,896,594
International Flavors & Fragrances, Inc.		676,924		46,267,755
Linde PLC		379,454		145,012,141
NewMarket Corp.		8,093		3,902,040
PPG Industries, Inc.		259,525		31,861,884
Quaker Chemical Corp.		6,988		1,004,315
RPM International, Inc.		129,289		11,800,207
Sensient Technologies Corp.		62,628		3,533,472
Sherwin-Williams Co. (The)		122,687		29,225,270
Stepan Co.		22,532		1,685,394
Westlake Corp.		31,525		3,636,724


				453,835,264
Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		75,945		2,987,676
Brady Corp., Class A, NVS		48,976		2,520,305
Cintas Corp.		55,132		27,958,540
MSA Safety, Inc.		22,986		3,629,030
Republic Services, Inc.		164,075		24,363,497
Tetra Tech, Inc.		20,689		3,122,177
Veralto Corp.^(b)		54,136		3,735,384
Waste Management, Inc.		386,392		63,495,797


				131,812,406
Communications Equipment — 1.6%
Cisco Systems, Inc.		6,511,539		339,446,528
Motorola Solutions, Inc.		122,190		34,025,027


				373,471,555
Construction & Engineering — 0.0%
Comfort Systems U.S.A., Inc.		10,429		1,896,513
MDU Resources Group, Inc.		536,134		9,977,454


				11,873,967
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		24,558		10,042,749
Vulcan Materials Co.		61,935		12,169,608


				22,212,357
Consumer Finance — 0.6%
American Express Co.		526,491		76,883,481
Discover Financial Services		451,768		37,081,117
FirstCash Holdings, Inc.		32,125		3,499,055
Nelnet, Inc., Class A		11,564		980,743
Synchrony Financial		790,316		22,168,364


				140,612,760
Consumer Staples Distribution & Retail — 2.3%
Casey’s General Stores, Inc.		15,902		4,323,913
Costco Wholesale Corp.		192,713		106,462,370
Dollar General Corp.		239,159		28,469,487
Kroger Co. (The)		975,159		44,242,964
Sysco Corp.		860,642		57,224,087
Target Corp.		956,241		105,941,940
Walmart, Inc.		1,153,701		188,526,280


				535,191,041


Security	Shares		Value

Containers & Packaging — 0.2%
AptarGroup, Inc.		50,909	$	6,224,644
Avery Dennison Corp.		82,844		14,420,655
Ball Corp.		277,956		13,383,581
Silgan Holdings, Inc.		81,638		3,270,418
Sonoco Products Co.		211,667		10,966,467


				48,265,765
Distributors — 0.2%
Genuine Parts Co.		205,874		26,528,924
Pool Corp.		28,528		9,008,286


				35,537,210
Diversified Consumer Services — 0.1%
Graham Holdings Co., Class B		2,623		1,517,982
H&R Block, Inc.		265,656		10,905,179
Service Corp. International		154,042		8,382,966


				20,806,127
Electric Utilities — 4.4%
ALLETE, Inc.		166,586		8,919,014
Alliant Energy Corp.		536,759		26,188,472
American Electric Power Co., Inc.		1,303,594		98,473,491
Duke Energy Corp.		2,103,820		187,008,560
Edison International		969,841		61,158,174
Entergy Corp.		562,800		53,798,052
Evergy, Inc.		613,667		30,155,596
Eversource Energy		897,930		48,299,655
IDACORP, Inc.		98,392		9,318,706
MGE Energy, Inc.		47,415		3,396,336
NextEra Energy, Inc.		3,355,351		195,616,963
Otter Tail Corp.		58,198		4,477,754
PNM Resources, Inc.		166,723		7,045,714
Portland General Electric Co.		248,665		9,951,573
Southern Co. (The)		2,684,515		180,667,860
Xcel Energy, Inc.		1,184,619		70,212,368


				994,688,288
Electrical Equipment — 0.9%
AMETEK, Inc.		85,282		12,005,147
Eaton Corp. PLC		344,073		71,536,217
Emerson Electric Co.		702,413		62,493,685
Hubbell, Inc.		44,121		11,917,082
nVent Electric PLC		121,515		5,848,517
Regal Rexnord Corp.		33,477		3,964,012
Rockwell Automation, Inc.		102,215		26,863,124


				194,627,784
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		332,572		26,788,675
Avnet, Inc.		124,747		5,779,529
Badger Meter, Inc.		10,138		1,404,620
CDW Corp.		87,206		17,476,082
Cognex Corp.		56,931		2,048,947
Corning, Inc.		1,570,586		42,028,881
Littelfuse, Inc.		14,566		3,156,015
TD SYNNEX Corp.		36,068		3,306,714
TE Connectivity Ltd.		332,370		39,169,804


				141,159,267
Financial Services — 1.6%
Equitable Holdings, Inc.		608,283		16,162,079
Fidelity National Information Services, Inc.		1,294,971		63,596,026
Jack Henry & Associates, Inc.		57,343		8,084,790
Mastercard, Inc., Class A		268,873		101,190,353


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

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Financial Services (continued)
Visa, Inc., Class A		689,317	$	162,058,427
Walker & Dunlop, Inc.		59,430		3,851,064


				354,942,739
Food Products — 1.6%
Archer-Daniels-Midland Co.		735,800		52,661,206
Flowers Foods, Inc.		459,985		10,087,471
Hershey Co. (The)		194,159		36,375,689
Hormel Foods Corp.		500,458		16,289,908
Ingredion, Inc.		109,290		10,227,358
J & J Snack Foods Corp.		15,029		2,353,692
J M Smucker Co. (The)		187,473		21,341,926
Kellanova		604,205		30,494,226
Lamb Weston Holdings, Inc.		98,601		8,854,370
Lancaster Colony Corp.		24,112		4,079,027
McCormick & Co., Inc., NVS		285,760		18,260,064
Mondelez International, Inc., Class A		1,752,951		116,062,886
Tyson Foods, Inc., Class A		622,143		28,836,328
WK Kellogg Co.^(b)		151,179		1,514,813


				357,438,964
Gas Utilities — 0.4%
Atmos Energy Corp.		222,968		24,004,735
Chesapeake Utilities Corp.		22,802		2,020,485
National Fuel Gas Co.		206,847		10,538,855
New Jersey Resources Corp.		213,952		8,682,172
ONE Gas, Inc.		114,834		6,935,974
Southwest Gas Holdings, Inc.		158,189		9,271,457
Spire, Inc.		151,589		8,432,896
UGI Corp.		735,159		15,291,307


				85,177,881
Ground Transportation — 1.4%
CSX Corp.		1,755,705		52,407,794
JB Hunt Transport Services, Inc.		43,730		7,515,875
Landstar System, Inc.		15,125		2,492,298
Norfolk Southern Corp.		361,125		68,899,039
Old Dominion Freight Line, Inc.		19,835		7,471,051
Ryder System, Inc.		77,210		7,531,063
Schneider National, Inc., Class B		31,183		789,865
Union Pacific Corp.		867,800		180,163,958
Werner Enterprises, Inc.		41,696		1,514,399


				328,785,342
Health Care Equipment & Supplies — 2.4%
Abbott Laboratories		2,034,680		192,378,994
Baxter International, Inc.		860,553		27,907,734
Becton Dickinson & Co.		225,437		56,985,965
DENTSPLY SIRONA, Inc.		189,670		5,767,865
Medtronic PLC		2,650,164		186,995,572
ResMed, Inc.		107,554		15,188,776
STERIS PLC		48,760		10,238,625
Stryker Corp.		204,685		55,309,980


				550,773,511
Health Care Providers & Services — 3.0%
Cardinal Health, Inc.		339,568		30,900,688
Cencora, Inc.		105,532		19,539,250
Chemed Corp.		2,478		1,394,247
Elevance Health, Inc.		183,282		82,493,395
Encompass Health Corp.		49,651		3,106,166
Ensign Group, Inc. (The)		8,891		858,871
HCA Healthcare, Inc.		104,819		23,703,769
Humana, Inc.		55,668		29,152,775
McKesson Corp.		47,828		21,778,958


Security	Shares		Value

Health Care Providers & Services (continued)
Quest Diagnostics, Inc.		146,271	$	19,029,857
UnitedHealth Group, Inc.		855,029		457,919,331


				689,877,307
Hotels, Restaurants & Leisure — 1.9%
Domino’s Pizza, Inc.		26,086		8,842,893
McDonald’s Corp.		938,723		246,105,009
Starbucks Corp.		1,475,487		136,098,921
Texas Roadhouse, Inc.		85,318		8,663,190
Wingstop, Inc.		9,978		1,823,679
Yum! Brands, Inc.		310,599		37,538,995


				439,072,687
Household Durables — 0.2%
DR Horton, Inc.		156,163		16,303,417
Garmin Ltd.		252,276		25,865,858


				42,169,275
Household Products — 3.1%
Church & Dwight Co., Inc.		168,143		15,290,924
Colgate-Palmolive Co.		1,283,328		96,403,599
Kimberly-Clark Corp.		733,069		87,704,375
Procter & Gamble Co. (The)		3,395,652		509,449,670
WD-40 Co.		13,664		2,888,570


				711,737,138
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		1,490,970		22,215,453


Industrial Conglomerates — 0.7%
Honeywell International, Inc.		865,603		158,630,406


Insurance — 3.3%
Aflac, Inc.		723,560		56,517,272
Allstate Corp. (The)		503,952		64,571,370
American Equity Investment Life Holding Co.^(b)		24,708		1,308,536
American Financial Group, Inc.		90,861		9,936,559
Aon PLC, Class A		87,956		27,213,586
Arthur J. Gallagher & Co.		120,245		28,316,495
Assurant, Inc.		63,263		9,419,861
Assured Guaranty Ltd.		65,270		4,072,848
Axis Capital Holdings Ltd.		146,873		8,386,448
Brown & Brown, Inc.		87,066		6,044,122
Chubb Ltd.		411,020		88,213,113
Cincinnati Financial Corp.		262,388		26,152,212
CNO Financial Group, Inc.		171,520		3,975,834
Erie Indemnity Co., Class A, NVS		25,427		7,022,683
Everest Group Ltd.		45,246		17,900,223
First American Financial Corp.		203,875		10,487,330
Globe Life, Inc.		43,583		5,071,318
Hanover Insurance Group, Inc. (The)		63,767		7,474,130
Hartford Financial Services Group, Inc. (The)		426,692		31,340,527
Kinsale Capital Group, Inc.		2,142		715,235
Marsh & McLennan Cos., Inc.		422,325		80,093,936
MetLife, Inc.		1,234,112		74,059,061
Old Republic International Corp.		580,458		15,892,940
Primerica, Inc.		29,007		5,544,978
Principal Financial Group, Inc.		441,109		29,854,257
Reinsurance Group of America, Inc.		95,183		14,227,003
RenaissanceRe Holdings Ltd.		22,692		4,982,936
RLI Corp.		19,342		2,577,128
Selective Insurance Group, Inc.		42,198		4,393,234
Travelers Cos., Inc. (The)		334,330		55,980,215
Unum Group		325,546		15,919,199


18		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Insurance (continued)
W. R. Berkley Corp.		81,689	$	5,507,472
Willis Towers Watson PLC		99,683		23,514,223


				746,686,284
IT Services — 0.7%
Accenture PLC, Class A		504,996		150,029,262


Leisure Products — 0.1%
Acushnet Holdings Corp.		30,070		1,532,367
Brunswick Corp.		85,382		5,931,487
Polaris, Inc.		75,180		6,497,056


				13,960,910
Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc.		133,640		13,814,367
Danaher Corp.		162,040		31,114,921
Thermo Fisher Scientific, Inc.		58,814		26,158,703
West Pharmaceutical Services, Inc.		8,185		2,605,203


				73,693,194
Machinery — 2.3%
AGCO Corp.		33,870		3,883,534
Caterpillar, Inc.		551,730		124,718,567
Cummins, Inc.		234,687		50,762,798
Donaldson Co., Inc.		112,106		6,464,032
Dover Corp.		115,014		14,946,069
Franklin Electric Co., Inc.		21,016		1,822,508
Graco, Inc.		120,296		8,944,008
Hillenbrand, Inc.		78,144		2,971,816
IDEX Corp.		51,070		9,775,309
Illinois Tool Works, Inc.		345,885		77,519,746
Ingersoll Rand, Inc.		30,962		1,878,774
ITT, Inc.		55,492		5,180,178
Kadant, Inc.		4,074		896,280
Lincoln Electric Holdings, Inc.		46,287		8,090,968
Nordson Corp.		35,806		7,611,998
Oshkosh Corp.		61,150		5,364,690
Otis Worldwide Corp.		387,148		29,891,697
PACCAR, Inc.		398,289		32,870,791
Parker-Hannifin Corp.		107,125		39,519,484
Pentair PLC		121,987		7,089,884
Snap-on, Inc.		76,427		19,713,580
Stanley Black & Decker, Inc.		305,904		26,017,135
Terex Corp.		41,558		1,903,356
Timken Co. (The)		67,201		4,644,933
Toro Co. (The)		80,771		6,529,528
Watts Water Technologies, Inc., Class A		12,736		2,203,455
Xylem, Inc.		188,919		17,671,483


				518,886,601
Marine Transportation — 0.0%
Matson, Inc.		31,422		2,735,285


Media — 1.5%
Cable One, Inc.		5,331		2,931,357
Comcast Corp., Class A		6,255,496		258,289,430
Interpublic Group of Cos., Inc. (The)		864,267		24,545,183
John Wiley & Sons, Inc., Class A		100,046		3,028,392
Nexstar Media Group, Inc., Class A		80,485		11,274,339
Omnicom Group, Inc.		407,650		30,537,062
Sirius XM Holdings, Inc.^(c)		913,483		3,909,707


				334,515,470
Metals & Mining — 0.4%
Nucor Corp.		177,882		26,289,181
Reliance Steel & Aluminum Co.		51,056		12,987,625


Security	Shares		Value

Metals & Mining (continued)
Royal Gold, Inc.		53,100	$	5,539,923
Southern Copper Corp.		249,978		17,723,440
Steel Dynamics, Inc.		153,530		16,352,480
Worthington Industries, Inc.		29,446		1,814,463


				80,707,112
Multi-Utilities — 1.9%
Ameren Corp.		495,232		37,494,015
Black Hills Corp.		182,179		8,808,355
CMS Energy Corp.		601,988		32,712,028
Consolidated Edison, Inc.		754,364		66,225,616
DTE Energy Co.		452,522		43,614,070
NiSource, Inc.		918,490		23,109,208
Public Service Enterprise Group, Inc.		1,119,683		69,028,457
Sempra		1,253,821		87,805,085
WEC Energy Group, Inc.		699,606		56,940,932


				425,737,766
Oil, Gas & Consumable Fuels — 6.8%
Chevron Corp.		3,758,558		547,734,657
ConocoPhillips		1,168,459		138,812,929
EOG Resources, Inc.		844,494		106,617,368
Exxon Mobil Corp.		6,076,214		643,167,252
Phillips 66		962,534		109,796,254
Texas Pacific Land Corp.		2,495		4,605,645


				1,550,734,105
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		63,427		3,252,537


Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		227,264		29,287,512
Inter Parfums, Inc.		20,615		2,620,372


				31,907,884
Pharmaceuticals — 8.8%
Bristol-Myers Squibb Co.		4,676,163		240,962,679
Eli Lilly & Co.		370,444		205,200,045
Johnson & Johnson		4,225,617		626,828,026
Merck & Co., Inc.		4,053,067		416,249,981
Perrigo Co. PLC		257,862		7,127,306
Pfizer, Inc.		15,691,372		479,528,328
Zoetis, Inc., Class A		215,699		33,864,743


				2,009,761,108
Professional Services — 0.8%
Automatic Data Processing, Inc.		479,361		104,606,158
Booz Allen Hamilton Holding Corp., Class A		127,074		15,239,985
Broadridge Financial Solutions, Inc.		107,935		18,418,028
Exponent, Inc.		34,582		2,534,515
Genpact Ltd.		148,297		4,973,881
Insperity, Inc.		48,061		5,086,776
ManpowerGroup, Inc.		113,995		7,976,230
Robert Half, Inc.		167,153		12,498,030
SS&C Technologies Holdings, Inc.		217,719		10,940,380


				182,273,983
Semiconductors & Semiconductor Equipment — 5.3%
Analog Devices, Inc.		556,492		87,552,886
Applied Materials, Inc.		410,442		54,321,999
Broadcom, Inc.		512,272		431,010,293
KLA Corp.		80,883		37,990,745
Lam Research Corp.		77,353		45,500,582
Microchip Technology, Inc.		644,268		45,929,866
Monolithic Power Systems, Inc.		19,996		8,833,033
NXP Semiconductors NV		296,543		51,132,909


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)

October 31, 2023

iShares^® Core Dividend Growth ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Semiconductors & Semiconductor Equipment (continued)
Power Integrations, Inc.		29,686	$	2,058,130
QUALCOMM, Inc.		1,810,814		197,360,618
Skyworks Solutions, Inc.		238,477		20,685,495
Texas Instruments, Inc.		1,560,531		221,611,007
Universal Display Corp.		23,850		3,319,443

				1,207,307,006
Software — 4.0%
Dolby Laboratories, Inc., Class A		46,010		3,724,050
Intuit, Inc.		92,415		45,740,804
Microsoft Corp.		2,171,517		734,211,613
Oracle Corp.		1,153,617		119,283,998
Roper Technologies, Inc.		34,476		16,843,939

				919,804,404
Specialty Retail — 3.0%
Best Buy Co., Inc.		564,682		37,732,051
Dick’s Sporting Goods, Inc.		128,802		13,775,374
Group 1 Automotive, Inc.		6,667		1,682,284
Home Depot, Inc. (The)		1,512,754		430,665,936
Lithia Motors, Inc., Class A		10,512		2,546,111
Lowe’s Cos., Inc.		665,611		126,845,488
Penske Automotive Group, Inc.		25,296		3,619,352
Ross Stores, Inc.		223,640		25,935,531
Tractor Supply Co.		121,712		23,436,863
Valvoline, Inc.		129,810		3,851,463
Williams-Sonoma, Inc.		98,142		14,744,854

				684,835,307
Technology Hardware, Storage & Peripherals — 3.3%
Apple Inc.		3,789,942		647,208,395
Hewlett Packard Enterprise Co.		2,037,107		31,330,706
HP, Inc.		1,763,968		46,445,278
NetApp, Inc.		313,149		22,790,984

				747,775,363
Textiles, Apparel & Luxury Goods — 0.5%
Carter’s, Inc.		101,142		6,792,697
Columbia Sportswear Co.		31,573		2,330,087
NIKE, Inc., Class B		974,442		100,143,404
Steven Madden Ltd.		110,883		3,635,854

				112,902,042
Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A		118,019		4,086,998


Security	Shares		Value

Trading Companies & Distributors (continued)
Applied Industrial Technologies, Inc.		19,950	$	3,062,525
Boise Cascade Co.		17,498		1,640,438
Fastenal Co.		831,985		48,538,005
GATX Corp.		39,653		4,146,911
McGrath RentCorp		27,389		2,755,333
MSC Industrial Direct Co., Inc., Class A		93,031		8,814,687
Rush Enterprises, Inc., Class A		54,583		1,942,063
Rush Enterprises, Inc., Class B		9,937		401,852
Watsco, Inc.		54,690		19,080,794
WW Grainger, Inc.		28,005		20,438,889

				114,908,495
Water Utilities — 0.2%
American States Water Co.		45,552		3,555,333
American Water Works Co., Inc.		235,897		27,753,282
California Water Service Group		70,160		3,415,389
Essential Utilities, Inc.		486,268		16,270,527
SJW Group		39,093		2,442,531

				53,437,062


Total Long-Term Investments — 99.7% (Cost: $21,227,187,679)				22,718,392,272


Short-Term Securities

Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%^(a)(d)(e)		3,963,080		3,964,665
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(a)(d)		46,583,009		46,583,009


Total Short-Term Securities — 0.2% (Cost: $50,547,599)				50,547,674


Total Investments — 99.9% (Cost: $21,277,735,278)				22,768,939,946
Other Assets Less Liabilities — 0.1%				27,688,679

Net Assets — 100.0%			$	22,796,628,625

^(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.


20		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Core Dividend Growth ETF

Affiliates


Affiliated Issuer		Value at 04/30/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/23	Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	644,774	$	3,319,464	^(a)	$	—		$	352	$	75		$	3,964,665	3,963,080	$	221,846	^(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		46,636,422		—			(53,413	)^(a)		—		—			46,583,009	46,583,009		1,446,116			—
BlackRock, Inc.		162,805,601		15,312,289			(9,508,264	)		1,237,703		(15,896,258	)		153,951,071	251,439		2,464,715			—

									$	1,238,055	$	(15,896,183	)	$	204,498,745		$	4,132,677		$	—

^(a)

Represents net amount purchased (sold).

^(b)

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount
(000)

Value/
Unrealized
Appreciation
(Depreciation)

Long Contracts

S&P 500 E-Mini Index

346

12/15/23

$72,872

(3,047,144

)

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)	$	—	$	—	$	3,047,144	$	—	$	—	$	—	$	3,047,144

^(a)

For the period ended October 31, 2023, 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	$	—	$	—	$	6,044,926		$	—	$	—	$	—	$	6,044,926


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—		$ (7,658,504	)	$	—	$	—	$	—		$ (7,658,504	)


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)

October 31, 2023

iShares^® Core Dividend Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	83,157,775

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	22,718,392,272		$	—	$	—	$	22,718,392,272
Short-Term Securities
Money Market Funds		50,547,674			—		—		50,547,674

	$	22,768,939,946		$	—	$	—	$	22,768,939,946

Derivative Financial Instruments^(a)
Liabilities
Equity Contracts	$	(3,047,144	)	$	—	$	—	$	(3,047,144	)

^(a)

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

See notes to financial statements.


22		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited)

October 31, 2023

iShares^® Core High Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Air Freight & Logistics — 2.4%
United Parcel Service, Inc., Class B		1,671,521	$	236,102,341


Banks — 3.0%
Wells Fargo & Co.		7,397,706		294,206,768


Beverages — 8.0%
Coca-Cola Co. (The)		7,038,019		397,577,693
PepsiCo, Inc.		2,304,684		376,308,804


				773,886,497
Biotechnology — 8.4%
AbbVie, Inc.		4,143,586		584,991,471
Gilead Sciences, Inc.		2,911,713		228,685,939


				813,677,410
Capital Markets — 4.3%
Ares Management Corp., Class A		281,823		27,784,930
Artisan Partners Asset Management, Inc., Class A		229,999		7,589,967
BlackRock, Inc.^(a)		249,251		152,611,402
Blackstone, Inc., Class A, NVS		1,194,534		110,315,215
Carlyle Group, Inc. (The)		548,489		15,105,387
Cohen & Steers, Inc.		51,955		2,714,129
Franklin Resources, Inc.		764,357		17,419,696
Invesco Ltd.		1,369,207		17,758,615
Janus Henderson Group PLC		442,446		10,207,229
Moelis & Co., Class A		203,532		8,475,073
T Rowe Price Group, Inc.		568,740		51,470,970


				421,452,613
Chemicals — 1.7%
Dow, Inc.		2,084,269		100,753,564
LyondellBasell Industries NV, Class A		735,234		66,347,516


				167,101,080
Communications Equipment — 3.5%
Cisco Systems, Inc.		6,457,278		336,617,902


Consumer Staples Distribution & Retail — 0.6%
Sysco Corp.		855,201		56,862,314


Containers & Packaging — 0.4%
Amcor PLC		4,493,471		39,946,957


Diversified Telecommunication Services — 6.7%
Verizon Communications, Inc.		18,544,116		651,454,795


Electric Utilities — 7.4%
ALLETE, Inc.		166,777		8,929,241
Alliant Energy Corp.		529,888		25,853,236
Duke Energy Corp.		2,086,218		185,443,918
IDACORP, Inc.		98,612		9,339,543
NextEra Energy, Inc.		3,327,398		193,987,303
PNM Resources, Inc.		165,225		6,982,409
PPL Corp.		1,676,746		41,197,649
Southern Co. (The)		2,662,165		179,163,704
Xcel Energy, Inc.		1,173,724		69,566,621


				720,463,624
Financial Services — 0.2%
Radian Group, Inc.		310,007		7,855,577
Western Union Co. (The)		1,453,864		16,414,125


				24,269,702
Food Products — 1.3%
General Mills, Inc.		1,215,626		79,307,440


Security	Shares		Value

Food Products (continued)
Hormel Foods Corp.		495,297	$	16,121,917
Kellanova		601,869		30,376,329


				125,805,686
Gas Utilities — 0.1%
New Jersey Resources Corp.		214,260		8,694,671


Health Care Equipment & Supplies — 1.9%
Medtronic PLC		2,628,135		185,441,206


Hotels, Restaurants & Leisure — 0.4%
Darden Restaurants, Inc.		246,204		35,830,068


Household Durables — 0.3%
Garmin Ltd.		249,046		25,534,686


Household Products — 1.2%
Clorox Co. (The)		223,920		26,355,384
Kimberly-Clark Corp.		726,673		86,939,158
Reynolds Consumer Products, Inc.		113,093		2,875,955


				116,170,497
Insurance — 0.6%
Cincinnati Financial Corp.		261,636		26,077,260
Old Republic International Corp.		574,600		15,732,548
Unum Group		322,723		15,781,155


				57,590,963
IT Services — 3.5%
International Business Machines Corp.		2,352,414		340,253,161


Media — 2.6%
Comcast Corp., Class A		6,203,352		256,136,404


Metals & Mining — 0.2%
Southern Copper Corp.		247,836		17,571,572


Multi-Utilities — 2.7%
DTE Energy Co.		449,945		43,365,699
Northwestern Energy Group, Inc.		178,974		8,592,542
Public Service Enterprise Group, Inc.		1,109,343		68,390,996
Sempra		1,242,912		87,041,127
WEC Energy Group, Inc.		692,718		56,380,318


				263,770,682
Oil, Gas & Consumable Fuels — 22.3%
Antero Midstream Corp.		1,499,311		18,501,498
Chevron Corp.		3,727,163		543,159,464
Chord Energy Corp.		80,157		13,251,555
Coterra Energy, Inc.		1,249,262		34,354,705
DT Midstream, Inc.		308,414		16,645,104
EOG Resources, Inc.		837,525		105,737,531
Exxon Mobil Corp.		7,423,994		785,829,765
Kinder Morgan, Inc.		7,741,554		125,413,175
ONEOK, Inc.		1,551,239		101,140,783
Phillips 66		954,465		108,875,822
Pioneer Natural Resources Co.		747,351		178,616,889
Williams Cos., Inc. (The)		3,722,310		128,047,464


				2,159,573,755
Pharmaceuticals — 8.9%
Bristol-Myers Squibb Co.		4,637,129		238,951,257
Johnson & Johnson		4,190,417		621,606,458


				860,557,715
Professional Services — 0.6%
Paychex, Inc.		548,702		60,933,357


Semiconductors & Semiconductor Equipment — 2.3%
Texas Instruments, Inc.		1,547,531		219,764,877


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)

October 31, 2023

iShares^® Core High Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Tobacco — 3.7%
Altria Group, Inc.		8,906,828	$	357,787,281


Trading Companies & Distributors — 0.3%
MSC Industrial Direct Co., Inc., Class A		91,556		8,674,931
Watsco, Inc.		53,395		18,628,982

				27,303,913

Water Utilities — 0.2%
Essential Utilities, Inc.		484,796		16,221,274


Total Long-Term Investments — 99.7% (Cost: $10,275,297,812)				9,670,983,771


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(a)(b)		10,847,919		10,847,919


Total Short-Term Securities — 0.1% (Cost: $10,847,919)				10,847,919


Total Investments — 99.8% (Cost: $10,286,145,731)				9,681,831,690
Other Assets Less Liabilities — 0.2%				15,043,841

Net Assets — 100.0%			$	9,696,875,531

^(a)	Affiliate of the Fund.

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

Affiliates


Affiliated Issuer	Value at 04/30/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/23		Shares Held at 10/31/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	22,682,184	$	—	$	(11,834,265	)^(a)	$	—		$	—		$	10,847,919		10,847,919	$	522,602	$	—
BlackRock, Inc.		—		197,547,708		(22,081,673	)		(339,197	)		(22,515,436	)		152,611,402		249,251		1,318,790		—

								$	(339,197	)	$	(22,515,436	)	$	163,459,321			$	1,841,392	$	—

^(a)

Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts



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

Long Contracts
E-Mini Consumer Staples Index		147		12/15/23	$	10,090	$	219,294
E-Mini Dow Jones Industrial Average Index		44		12/15/23		7,290		(44,111	)
E-Mini Energy Select Sector Index		67		12/15/23		6,004		(64,801	)

							$	110,382


24		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Core High Dividend 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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts	$	—	$	—	$	219,294	$	—	$	—	$	—	$	219,294


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	108,912	$	—	$	—	$	—	$	108,912

^(a)

For the period ended October 31, 2023, 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	$	—	$	—	$	(854,568	)	$	—	$	—	$	—	$	(854,568	)

Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,675,345	)	$	—	$	—	$	—	$	(1,675,345	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments


Futures contracts
Average notional value of contracts — long	$	28,591,108

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	$	9,670,983,771		$	—	$	—	$	9,670,983,771
Short-Term Securities
Money Market Funds		10,847,919			—		—		10,847,919

	$	9,681,831,690		$	—	$	—	$	9,681,831,690

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	219,294		$	—	$	—	$	219,294
Liabilities
Equity Contracts		(108,912	)		—		—		(108,912	)

	$	110,382		$	—	$	—	$	110,382

^(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		25

Schedule of Investments (unaudited)

October 31, 2023

iShares^® Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Common Stocks

Aerospace & Defense — 0.9%
Lockheed Martin Corp.		321,370	$	146,107,657


Automobiles — 1.3%
Ford Motor Co.		23,308,805		227,260,849


Banks — 10.1%
Citizens Financial Group, Inc.		6,422,962		150,490,000
Comerica, Inc.		3,150,301		124,121,859
Fifth Third Bancorp		6,562,184		155,589,383
First Horizon Corp.		6,976,837		75,000,998
FNB Corp.		8,407,965		89,881,146
Huntington Bancshares, Inc.		17,039,154		164,427,836
KeyCorp		15,763,547		161,103,450
New York Community Bancorp, Inc., Class A		16,499,091		156,411,383
Regions Financial Corp.		9,595,191		139,418,125
Truist Financial Corp.		6,153,651		174,517,542
U.S. Bancorp		5,376,192		171,393,001
United Bankshares, Inc.		3,225,975		91,746,729
Valley National Bancorp		10,260,067		79,823,321


				1,733,924,773

Beverages — 1.0%
Coca-Cola Co. (The)		3,134,282		177,055,590


Biotechnology — 1.3%
Gilead Sciences, Inc.		2,824,045		221,800,494


Broadline Retail — 0.4%
Kohl’s Corp.		2,796,695		63,065,472


Capital Markets — 4.1%
Federated Hermes, Inc., Class B		1,927,397		61,098,485
Franklin Resources, Inc.		6,684,267		152,334,445
Invesco Ltd.		10,600,076		137,482,986
Janus Henderson Group PLC		3,124,087		72,072,687
Lazard Ltd., Class A		2,569,610		71,358,070
T Rowe Price Group, Inc.		2,348,211		212,513,095


				706,859,768

Chemicals — 2.8%
Chemours Co. (The)		3,444,962		83,058,034
Huntsman Corp.		4,255,845		99,288,864
LyondellBasell Industries NV, Class A		3,213,437		289,980,555


				472,327,453

Consumer Staples Distribution & Retail — 1.2%
Walgreens Boots Alliance, Inc.		9,528,448		200,859,684


Containers & Packaging — 4.9%
International Paper Co.		8,044,378		271,336,870
Packaging Corp. of America		1,612,090		246,730,375
Sonoco Products Co.		2,283,293		118,297,410
Westrock Co.		5,804,028		208,538,726


				844,903,381

Distributors — 0.6%
Genuine Parts Co.		773,332		99,651,562


Diversified Consumer Services — 0.8%
H&R Block, Inc.		3,519,228		144,464,309


Diversified Telecommunication Services — 4.0%
AT&T Inc.		19,197,106		295,635,432
Verizon Communications, Inc.		10,906,089		383,130,907


				678,766,339

Electric Utilities — 15.4%
Alliant Energy Corp.		4,166,476		203,282,364


Security	Shares		Value

Electric Utilities (continued)
American Electric Power Co., Inc.		2,572,189	$	194,303,157
Edison International		3,966,632		250,135,814
Entergy Corp.		2,437,829		233,032,074
Eversource Energy		2,910,558		156,558,915
Exelon Corp.		5,260,360		204,838,418
FirstEnergy Corp.		6,046,983		215,272,595
IDACORP, Inc.		1,171,396		110,942,915
NextEra Energy, Inc.		2,158,014		125,812,216
NRG Energy, Inc.		5,095,145		215,932,245
OGE Energy Corp.		4,588,231		156,917,500
Pinnacle West Capital Corp.		2,475,619		183,641,417
PPL Corp.		7,994,110		196,415,283
Xcel Energy, Inc.		3,044,372		180,439,929


				2,627,524,842

Electrical Equipment — 0.9%
Emerson Electric Co.		1,785,715		158,875,064


Financial Services — 0.6%
Western Union Co. (The)		9,171,039		103,541,030


Food Products — 1.8%
Conagra Brands, Inc.		6,146,244		168,161,236
General Mills, Inc.		2,089,964		136,349,251


				304,510,487

Gas Utilities — 1.6%
New Jersey Resources Corp.		2,177,118		88,347,448
Southwest Gas Holdings, Inc.		1,438,591		84,315,819
UGI Corp.		4,898,203		101,882,622


				274,545,889

Hotels, Restaurants & Leisure — 1.3%
McDonald’s Corp.		528,657		138,598,006
Wendy’s Co. (The)		4,024,111		76,538,591


				215,136,597

Household Durables — 2.7%
Garmin Ltd.		1,842,053		188,865,694
Leggett & Platt, Inc.		3,179,540		74,496,622
Newell Brands, Inc.		9,499,831		63,838,864
Whirlpool Corp.		1,259,017		131,642,818


				458,843,998

Household Products — 1.3%
Kimberly-Clark Corp.		1,855,619		222,006,257


Insurance — 8.0%
Cincinnati Financial Corp.		1,294,005		128,973,478
Fidelity National Financial, Inc., Class A		6,734,884		263,266,616
MetLife, Inc.		2,511,363		150,706,894
Old Republic International Corp.		6,761,797		185,138,002
Principal Financial Group, Inc.		2,091,293		141,538,710
Prudential Financial, Inc.		3,208,946		293,426,022
Unum Group		4,094,076		200,200,316


				1,363,250,038

IT Services — 2.1%
International Business Machines Corp.		2,426,144		350,917,468


Media — 1.9%
Interpublic Group of Cos., Inc. (The)		6,075,862		172,554,481
Omnicom Group, Inc.		2,087,021		156,338,743


				328,893,224

Metals & Mining — 1.2%
Newmont Corp.		5,296,440		198,457,607


26		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Select Dividend ETF

(Percentages shown are based on Net Assets)


Security	Shares		Value

Multi-Utilities — 10.3%
Avista Corp.		1,709,226	$	54,165,372
Black Hills Corp.		1,505,659		72,798,612
CenterPoint Energy, Inc.		5,935,967		159,558,793
CMS Energy Corp.		3,364,172		182,809,106
Dominion Energy, Inc.		5,315,993		214,340,838
DTE Energy Co.		1,969,285		189,799,688
NiSource, Inc.		8,001,586		201,319,904
Northwestern Energy Group, Inc.		1,350,019		64,814,412
Public Service Enterprise Group, Inc.		3,890,097		239,824,480
Sempra		2,596,990		181,867,210
WEC Energy Group, Inc.		2,397,194		195,107,620


				1,756,406,035

Oil, Gas & Consumable Fuels — 6.4%
Chevron Corp.		1,401,378		204,222,816
Exxon Mobil Corp.		1,832,743		193,995,847
Marathon Petroleum Corp.		1,155,274		174,735,192
ONEOK, Inc.		5,294,763		345,218,548
Valero Energy Corp.		1,419,881		180,324,887


				1,098,497,290

Pharmaceuticals — 2.0%
Merck & Co., Inc.		1,544,890		158,660,203
Pfizer, Inc.		6,132,377		187,405,441


				346,065,644

Technology Hardware, Storage & Peripherals — 2.8%
HP, Inc.		7,657,695		201,627,110
Seagate Technology Holdings PLC		4,148,425		283,130,006


				484,757,116


Security	Shares		Value

Tobacco — 4.1%
Altria Group, Inc.		10,531,591	$	423,054,010
Philip Morris International, Inc.		3,185,580		284,026,313


				707,080,323

Trading Companies & Distributors — 1.9%
MSC Industrial Direct Co., Inc., Class A		1,066,039		101,007,195
Watsco, Inc.		638,168		222,650,434


				323,657,629


Total Long-Term Investments — 99.7% (Cost: $18,715,110,990)				17,040,013,869


Short-Term Securities

Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.33%^(a)(b)		14,962,651		14,962,651


Total Short-Term Securities — 0.1% (Cost: $14,962,651)				14,962,651


Total Investments — 99.8% (Cost: $18,730,073,641)				17,054,976,520

Other Assets Less Liabilities — 0.2%				34,658,960


Net Assets — 100.0%			$	17,089,635,480

^(a)	Affiliate of the Fund.

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

Affiliates



Affiliated Issuer	Value at 04/30/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/23		Shares Held at 10/31/23		Income			Capital Gain Distributions from Underlying Funds

BlackRock Cash Funds: Institutional, SL Agency Shares^(a)	$	—	$	—	$	(48	)^(b)	$	48	$	—	$	—		—	$	803	^(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		30,848,274		—		(15,885,623	)^(b)		—		—		14,962,651		14,962,651		985,804			—

								$	48	$	—	$	14,962,651			$	986,607		$	—

^(a)

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

^(b)

Represents net amount purchased (sold).

^(c)


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)

October 31, 2023

iShares^® Select Dividend ETF

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 Energy Select Sector Index		74		12/15/23	$	6,632	$	(96,819	)
E-Mini Financials Select Sector Index		249		12/15/23		24,922		(485,718	)
E-Mini Utilities Select Sector Index		278		12/15/23		16,791		171,268

							$	(411,269	)

Derivative Financial Instruments Categorized by Risk Exposure

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



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

Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts^(a)	$	—	$	—	$	171,268	$	—	$	—	$	—	$	171,268


Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts^(a)	$	—	$	—	$	582,537	$	—	$	—	$	—	$	582,537

^(a)

For the period ended October 31, 2023, 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	$	—	$	—	$	(3,119,889	)	$	—	$	—	$	—	$	(3,119,889	)


Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(2,540,824	)	$	—	$	—	$	—	$	(2,540,824	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments



Futures contracts
Average notional value of contracts — long	$	49,672,221

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


28		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued)

October 31, 2023

iShares^® Select Dividend ETF

Fair Value Hierarchy as of Period End



	Level 1			Level 2		Level 3		Total

Assets
Investments
Long-Term Investments
Common Stocks	$	17,040,013,869		$	—	$	—	$	17,040,013,869
Short-Term Securities
Money Market Funds		14,962,651			—		—		14,962,651

	$	17,054,976,520		$	—	$	—	$	17,054,976,520

Derivative Financial Instruments^(a)
Assets
Equity Contracts	$	171,268		$	—	$	—	$	171,268
Liabilities
Equity Contracts		(582,537	)		—		—		(582,537	)

	$	(411,269	)	$	—	$	—	$	(411,269	)

^(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		29

Statements of Assets and Liabilities (unaudited)

October 31, 2023


	iShares Core Dividend ETF			iShares Core Dividend Growth ETF		iShares Core High Dividend ETF			iShares Select Dividend ETF


ASSETS
Investments, at value — unaffiliated^(a)(b)	$	234,627,603		$	22,564,441,201	$	9,518,372,369		$	17,040,013,869
Investments, at value — affiliated^(c)		1,904,566			204,498,745		163,459,321			14,962,651
Cash		2			1,534		147			1,127
Cash pledged:
Futures contracts		41,000			3,914,000		1,255,000			2,056,000
Receivables:
Investments sold		—			220,256		395,861			2,497,185
Securities lending income — affiliated		—			86,381		22,951			225
Capital shares sold		—			1,871,302		—			—
Dividends — unaffiliated		436,957			26,613,380		30,241,741			35,781,652
Dividends — affiliated		3,777			244,931		84,408			142,018
Variation margin on futures contracts		5,003			458,450		76,780			384,577


Total assets		237,018,908			22,802,350,180		9,713,908,578			17,095,839,304


LIABILITIES
Collateral on securities loaned		—			3,964,612		—			—
Payables:
Investments purchased		507,566			220,256		16,322,381			—
Capital shares redeemed		—			—		39,308			505,517
Investment advisory fees		9,938			1,536,687		671,358			5,698,307

Total liabilities		517,504			5,721,555		17,033,047			6,203,824


Commitments and contingent liabilities

NET ASSETS	$	236,501,404		$	22,796,628,625	$	9,696,875,531		$	17,089,635,480


NET ASSETS CONSIST OF:
Paid-in capital	$	278,793,693		$	22,145,928,378	$	11,756,850,001		$	19,718,952,610
Accumulated earnings (loss)		(42,292,289	)		650,700,247		(2,059,974,470	)		(2,629,317,130	)


NET ASSETS	$	236,501,404		$	22,796,628,625	$	9,696,875,531		$	17,089,635,480


NET ASSET VALUE
Shares outstanding	$	6,550,000		$	472,700,000	$	101,550,000		$	163,250,000


Net asset value	$	36.11		$	48.23	$	95.49		$	104.68


Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited


Par value		None			None		None			None


^(a)Investments, at cost — unaffiliated	$	252,666,874		$	21,073,570,735	$	10,100,170,974		$	18,715,110,990
^(b)Securities loaned, at value	$	—		$	3,770,787	$	—		$	—
^(c)Investments, at cost — affiliated	$	2,114,161		$	204,164,543	$	185,974,757		$	14,962,651

See notes to financial statements.


30		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended October 31, 2023


	iShares Core Dividend ETF			iShares Core Dividend Growth ETF			iShares Core High Dividend ETF			iShares Select Dividend ETF


INVESTMENT INCOME
Dividends — unaffiliated	$	4,278,876		$	305,286,669		$	206,996,601		$	436,527,397
Dividends — affiliated		38,345			3,910,831			1,841,392			985,804
Interest — unaffiliated		—			14,955			4,708			—
Securities lending income — affiliated — net		—			221,846			—			803
Foreign taxes withheld		(4,562	)		(107,484	)		—			—


Total investment income		4,312,659			309,326,817			208,842,701			437,514,004


EXPENSES
Investment advisory		63,526			9,437,676			4,196,470			37,213,594
Interest expense		—			61			249			1,358


Total expenses		63,526			9,437,737			4,196,719			37,214,952


Net investment income		4,249,133			299,889,080			204,645,982			400,299,052


REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		2,890,638			177,089,245			(36,450,778	)		(103,604,502	)
Investments — affiliated		(41,009	)		(315,964	)		(267,637	)		48
Futures contracts		3,505			6,044,926			(854,568	)		(3,119,889	)
In-kind redemptions — unaffiliated^(a)		(9,589	)		182,575,429			108,614,167			447,144,030
In-kind redemptions — affiliated^(a)		6,084			1,554,019			(71,560	)		—


		2,849,629			366,947,655			70,969,624			340,419,687

Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(11,051,746	)		(1,574,133,397	)		(812,425,304	)		(2,567,032,472	)
Investments — affiliated		(52,561	)		(15,896,183	)		(22,515,436	)		—
Futures contracts		(42,854	)		(7,658,504	)		(1,675,345	)		(2,540,824	)


		(11,147,161	)		(1,597,688,084	)		(836,616,085	)		(2,569,573,296	)


Net realized and unrealized loss		(8,297,532	)		(1,230,740,429	)		(765,646,461	)		(2,229,153,609	)


NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(4,048,399	)	$	(930,851,349	)	$	(561,000,479	)	$	(1,828,854,557	)

^(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		31

Statements of Changes in Net Assets


	iShares Core Dividend ETF						iShares Core Dividend Growth ETF


	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	4,249,133		$	6,460,263		$	299,889,080		$	575,258,915
Net realized gain (loss)		2,849,629			(12,617,681	)		366,947,655			248,197,630
Net change in unrealized appreciation (depreciation)		(11,147,161	)		(962,486	)		(1,597,688,084	)		(65,720,886	)


Net increase (decrease) in net assets resulting from operations		(4,048,399	)		(7,119,904	)		(930,851,349	)		757,735,659


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(4,275,715	)		(6,069,221	)		(298,719,311	)		(566,321,278	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(15,873,963	)		13,625,180			514,996,250			576,990,646


NET ASSETS
Total increase (decrease) in net assets		(24,198,077	)		436,055			(714,574,410	)		768,405,027
Beginning of period		260,699,481			260,263,426			23,511,203,035			22,742,798,008


End of period	$	236,501,404		$	260,699,481		$	22,796,628,625		$	23,511,203,035

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

See notes to financial statements.


32		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)


	iShares Core High Dividend ETF						iShares Select Dividend ETF


	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23


INCREASE (DECREASE) IN NET ASSETS

OPERATIONS
Net investment income	$	204,645,982		$	467,160,044		$	400,299,052		$	779,187,674
Net realized gain		70,969,624			187,210,528			340,419,687			684,182,466
Net change in unrealized appreciation (depreciation)		(836,616,085	)		(426,134,339	)		(2,569,573,296	)		(1,827,432,545	)


Net increase (decrease) in net assets resulting from operations		(561,000,479	)		228,236,233			(1,828,854,557	)		(364,062,405	)


DISTRIBUTIONS TO SHAREHOLDERS^(a)
Decrease in net assets resulting from distributions to shareholders		(194,001,369	)		(476,667,345	)		(391,161,171	)		(783,757,169	)


CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(685,787,406	)		1,755,194,226			(2,112,736,310	)		908,270,822


NET ASSETS
Total increase (decrease) in net assets		(1,440,789,254	)		1,506,763,114			(4,332,752,038	)		(239,548,752	)
Beginning of period		11,137,664,785			9,630,901,671			21,422,387,518			21,661,936,270


End of period	$	9,696,875,531		$	11,137,664,785		$	17,089,635,480		$	21,422,387,518

^(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		33

Financial Highlights

(For a share outstanding throughout each period)


	iShares Core Dividend ETF

		Six Months Ended 10/31/23 (unaudited	)		Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19


Net asset value, beginning of period	$	37.51		$	39.14		$	38.39		$	25.94		$	27.96		$	25.30

Net investment income^(a)		0.64			0.96			0.77			0.70			0.64			0.61
Net realized and unrealized gain (loss)^(b)		(1.39	)		(1.68	)		0.68			12.43			(2.02	)		2.67

Net increase (decrease) from investment operations		(0.75	)		(0.72	)		1.45			13.13			(1.38	)		3.28


Distributions^(c)
From net investment income		(0.65	)		(0.91	)		(0.70	)		(0.68	)		(0.64	)		(0.58	)
From net realized gain		—			—			—			—			—			(0.04	)

Total distributions		(0.65	)		(0.91	)		(0.70	)		(0.68	)		(0.64	)		(0.62	)


Net asset value, end of period	$	36.11		$	37.51		$	39.14		$	38.39		$	25.94		$	27.96


Total Return^(d)
Based on net asset value		(2.06	)%^(e)		(1.75	)%		3.71	%		51.33	%		(4.95	)%		13.21	%


Ratios to Average Net Assets^(f)
Total expenses		0.05	%^(g)		0.15	%		0.25	%		0.25	%		0.25	%		0.25	%

Net investment income		3.34	%^(g)		2.54	%		1.87	%		2.20	%		2.31	%		2.34	%


Supplemental Data
Net assets, end of period (000)	$	236,501		$	260,699		$	260,263		$	67,180		$	24,645		$	8,389

Portfolio turnover rate^(h)		24	%		65	%		25	%		30	%		33	%		31	%

^(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.


34		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core Dividend Growth ETF

	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19


Net asset value, beginning of period	$	50.88		$	50.58		$	49.87		$	36.39		$	38.13		$	33.86

Net investment income^(a)		0.65			1.22			1.10			1.08			0.99			0.91
Net realized and unrealized gain (loss)^(b)		(2.65	)		0.28			0.68			13.44			(1.77	)		4.20

Net increase (decrease) from investment operations		(2.00	)		1.50			1.78			14.52			(0.78	)		5.11

Distributions from net investment income^(c)		(0.65	)		(1.20	)		(1.07	)		(1.04	)		(0.96	)		(0.84	)


Net asset value, end of period	$	48.23		$	50.88		$	50.58		$	49.87		$	36.39		$	38.13


Total Return^(d)
Based on net asset value		(3.99	)%^(e)		3.13	%		3.51	%		40.52	%		(2.05	)%		15.30	%


Ratios to Average Net Assets^(f)
Total expenses		0.08	%^(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%

Net investment income		2.54	%^(g)		2.47	%		2.10	%		2.53	%		2.55	%		2.55	%


Supplemental Data
Net assets, end of period (000)	$	22,796,629		$	23,511,203		$	22,742,798		$	18,403,156		$	9,355,727		$	7,084,809

Portfolio turnover rate^(h)		10	%		30	%		22	%		31	%		24	%		26	%

^(a)	Based on average shares outstanding.

^(b)

^(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		35

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Core High Dividend ETF

	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19


Net asset value, beginning of period	$	102.75		$	103.67		$	95.59		$	81.85		$	95.42		$	84.44

Net investment income^(a)		1.97			3.95			3.68			3.56			3.24			3.09
Net realized and unrealized gain (loss)^(b)		(7.36	)		(0.88	)		7.80			13.72			(13.51	)		11.01

Net increase (decrease) from investment operations		(5.39	)		3.07			11.48			17.28			(10.27	)		14.10

Distributions from net investment income^(c)		(1.87	)		(3.99	)		(3.40	)		(3.54	)		(3.30	)		(3.12	)


Net asset value, end of period	$	95.49		$	102.75		$	103.67		$	95.59		$	81.85		$	95.42


Total Return^(d)
Based on net asset value		(5.31	)%^(e)		3.16	%		12.21	%		21.70	%		(10.86	)%		17.05	%


Ratios to Average Net Assets^(f)
Total expenses		0.08	%^(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%

Net investment income		3.90	%^(g)		3.86	%		3.68	%		4.13	%		3.53	%		3.48	%


Supplemental Data
Net assets, end of period (000)	$	9,696,876		$	11,137,665		$	9,630,902		$	6,839,327		$	6,036,798		$	7,175,741

Portfolio turnover rate^(h)		35	%		74	%		74	%		75	%		62	%		57	%

^(a)	Based on average shares outstanding.

^(b)

^(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.


36		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)


	iShares Select Dividend ETF

	Six Months Ended 10/31/23 (unaudited)			Year Ended 04/30/23			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19


Net asset value, beginning of period	$	117.61		$	123.50		$	118.37		$	80.66		$	101.13		$	96.31

Net investment income^(a)		2.32			4.24			3.91			3.51			3.51			3.31
Net realized and unrealized gain (loss)^(b)		(12.97	)		(5.87	)		4.97			37.74			(20.30	)		4.80

Net increase (decrease) from investment operations		(10.65	)		(1.63	)		8.88			41.25			(16.79	)		8.11

Distributions from net investment income^(c)		(2.28	)		(4.26	)		(3.75	)		(3.54	)		(3.68	)		(3.29	)


Net asset value, end of period	$	104.68		$	117.61		$	123.50		$	118.37		$	80.66		$	101.13


Total Return^(d)
Based on net asset value		(9.13	)%^(e)		(1.23	)%		7.63	%		52.54	%		(16.96	)%		8.63	%


Ratios to Average Net Assets^(f)
Total expenses		0.38	%^(g)		0.38	%		0.38	%		0.38	%		0.39	%		0.39	%

Net investment income		4.13	%^(g)		3.52	%		3.23	%		3.78	%		3.60	%		3.40	%


Supplemental Data
Net assets, end of period (000)	$	17,089,635		$	21,422,388		$	21,666,936		$	18,495,567		$	13,257,023		$	17,585,695

Portfolio turnover rate^(h)		3	%		15	%		15	%		55	%		6	%		21	%

^(a)	Based on average shares outstanding.

^(b)

^(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		37

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 Dividend		Diversified
Core Dividend Growth		Diversified
Core High Dividend		Non-Diversified
Select Dividend		Diversified

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. 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

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 jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of October 31, 2023, 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 include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Bank Overdraft: Certain Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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.

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

3.	*INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS*

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


38		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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 may be valued at the last traded price.

•

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

•

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

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

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

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

•

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

•

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

•

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

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

4.	*SECURITIES AND OTHER INVESTMENTS*

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

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

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in


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		39

Notes to Financial Statements (unaudited) (continued)

connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

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


iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received^(a)			Non-Cash Collateral Received, at Fair Value^(a)		Net Amount
Core Dividend Growth
Morgan Stanley	$	3,770,787	$	(3,770,787	)	$	—	$	—

^(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.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5.	*DERIVATIVE FINANCIAL INSTRUMENTS*

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained 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.

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 Dividend		0.05	%
Core Dividend Growth		0.08
Core High Dividend		0.08

For its investment advisory services to the iShares Select Dividend ETF, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Fund, based on the Fund’s allocable portion of the aggregate of the average daily net assets of the Fund and certain other iShares funds, as follows:


Aggregate Average Daily Net Assets	Investment Advisory Fees
First $46 billion		0.4000	%
Over $46 billion, up to and including $81 billion		0.3800
Over $81 billion, up to and including $111 billion		0.3610
Over $111 billion, up to and including $141 billion		0.3430
Over $141 billion, up to and including $171 billion		0.3259
Over $171 billion		0.3096


40		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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.

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 October 31, 2023, the Funds paid BTC the following amounts for securities lending agent services:



iShares ETF	Amounts
Core Dividend Growth	$	52,487

Select Dividend		237

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended October 31, 2023, 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 Dividend	$	27,166,082	$	28,207,082	$	(988,159	)
Core Dividend Growth		716,034,495		758,240,703		68,265,671
Core High Dividend		545,950,029		280,481,990		4,425,675
Select Dividend		67,272,755		3,979,821		(1,067,412	)

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 October 31, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:


iShares ETF	Purchases		Sales
Core Dividend	$	59,083,422	$	59,179,415
Core Dividend Growth		2,323,771,036		2,319,525,891
Core High Dividend		3,661,265,810		3,655,820,349
Select Dividend		523,365,474		572,040,926


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		41

Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2023, in-kind transactions were as follows:



iShares ETF	In-kind Purchases		In-kind Sales

Core Dividend	$	8,988,916	$	24,757,455
Core Dividend Growth		1,122,487,409		610,896,864
Core High Dividend		293,351,079		974,594,635
Select Dividend		395,339,687		2,464,554,013

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 October 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:


iShares ETF	Non-Expiring Capital Loss Carryforwards
Core Dividend	$	27,102,633
Core Dividend Growth		1,198,672,614
Core High Dividend		1,517,558,189
Select Dividend		1,183,909,294

As of October 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:



iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)

Core Dividend	$	255,289,092	$	8,863,888	$	(27,645,836	)	$	(18,781,948	)
Core Dividend Growth		21,326,772,276		2,909,668,657		(1,470,548,131)			1,439,120,526
Core High Dividend		10,322,356,491		365,006,401		(1,005,420,820	)		(640,414,419	)
Select Dividend		18,873,732,603		1,045,332,592		(2,864,499,944	)		(1,819,167,352	)

9.	*PRINCIPAL RISKS*

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant


42		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (unaudited) (continued)

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. may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class 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.

Certain 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.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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.

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 10/31/23						Year Ended 04/30/23

iShares ETF	Shares			Amount			Shares			Amount
Core Dividend
Shares sold		250,000		$	9,081,019			3,000,000		$	113,592,280
Shares redeemed		(650,000	)		(24,954,982	)		(2,700,000	)		(99,967,100	)


		(400,000	)	$	(15,873,963	)		300,000		$	13,625,180


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		43

Notes to Financial Statements (unaudited) (continued)


	Six Months Ended 10/31/23						Year Ended 04/30/23

iShares ETF	Shares			Amount			Shares			Amount
Core Dividend Growth
Shares sold		22,700,000		$	1,129,529,079			70,700,000		$	3,514,986,304
Shares redeemed		(12,050,000	)		(614,532,829	)		(58,300,000	)		(2,937,995,658	)


		10,650,000		$	514,996,250			12,400,000		$	576,990,646

Core High Dividend
Shares sold		2,950,000		$	295,927,118			64,500,000		$	6,706,128,749
Shares redeemed		(9,800,000	)		(981,714,524	)		(49,000,000	)		(4,950,934,523	)


		(6,850,000	)	$	(685,787,406	)		15,500,000		$	1,755,194,226

Select Dividend
Shares sold		3,600,000		$	405,101,684			48,000,000		$	5,672,978,227
Shares redeemed		(22,500,000	)		(2,517,837,994	)		(41,250,000	)		(4,764,707,405	)


		(18,900,000	)	$	(2,112,736,310	)		6,750,000		$	908,270,822

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.


44		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

Board Review and Approval of Investment Advisory Contract

iShares Core Dividend ETF, iShares Core Dividend Growth ETF, iShares Core High Dividend 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 the approval of 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 2, 2023 and May 15, 2023, 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 7-8, 2023, 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 other fund(s) 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 any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any 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, 2022, 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 ongoing 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, including related programs implemented pursuant to regulatory requirements. 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 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

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.


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		45

Board Review and Approval of Investment Advisory Contract (continued)

calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), 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 do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: 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, as applicable (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 further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. 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 Select Dividend ETF (the “Fund”)


46		2 0 2 3 B L A C K R O C K 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

Board Review and Approval of Investment Advisory Contract (continued)

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 2, 2023 and May 15, 2023, 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 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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 other fund(s) 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 any waivers and reimbursements) for the Fund were within range of the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).


B O A R D R E V I E W A N D A P P R O V A L O F I N V E S T M E N T A D V I S O R Y C O N T R A C T		47

Board Review and Approval of Investment Advisory Contract (continued)

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 (as discussed above), 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 already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.


48		2 0 2 3 B L A C K R O C K 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

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.

October 31, 2023


	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core High Dividend^(a)	$	1.802137	$	—	$	0.072370	$	1.874507		96	%		—	%		4	%		100	%
Select Dividend^(a)		2.202923		—		0.078170		2.281093		97			—			3			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.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Fund.


S U P P L E M E N T A L I N F O R M A T I O N		49

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.


50		2 0 2 3 I S H A R E S S E M I - A N N U A L R E P O R T T O S H A R E H O L D E R S

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		51

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by Morningstar, Inc. or S&P Dow Jones Indices LLC, nor do these companies make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the companies listed above

iS-SAR-409-1023