LOGO

  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 IndexSM (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 IndexSM (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.

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        $ 960.10        $ 0.39             $ 1,000.00        $ 1,024.73        $ 0.41              0.08

 

(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) 

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 IndexSM (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  

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        $ 946.90        $ 0.39             $ 1,000.00        $ 1,024.73        $ 0.41              0.08

 

(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) 

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  

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        $ 908.70        $ 1.84             $ 1,000.00        $ 1,023.21        $ 1.93              0.38

 

(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) 

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

     38          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