LOGO

  SEPTEMBER 30, 2023

 

 

   

  

2023 Semi-Annual Report

(Unaudited)

 

 

iShares Trust

· iShares S&P 100 ETF | OEF | NYSE Arca

· iShares S&P 500 Growth ETF | IVW | NYSE Arca

· iShares S&P 500 Value ETF | IVE | NYSE Arca

· iShares S&P Small-Cap 600 Value ETF | IJS | NYSE Arca


The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

 

LOGO

Rob Kapito

President, BlackRock, Inc.

LOGO

Rob Kapito

President, BlackRock, Inc.

 

Total Returns as of September 30, 2023

 

    

 

 6-Month 

 

 

 

 12-Month 

 

 

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

 

  5.18%   21.62%

 

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

 

  (0.19)       8.93  

 

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

 

  (1.28)     25.65  

 

Emerging market equities (MSCI Emerging Markets Index)

 

  (2.05)      11.70  

 

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

 

    2.50        4.47  

 

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

 

  (6.98)     (2.90)

 

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

 

  (4.05)       0.64  

 

Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)

 

  (4.05)       2.66  

 

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

 

    2.22      10.28  

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

 

 

 

2  

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


Table of Contents

 

      Page  

The Markets in Review

     2  

Semi-Annual Report:

  

Fund Summary

     4  

About Fund Performance

     8  

Disclosure of Expenses

     8  

Schedules of Investments

     9  

Financial Statements:

  

Statements of Assets and Liabilities

     35  

Statements of Operations

     36  

Statements of Changes in Net Assets

     37  

Financial Highlights

     39  

Notes to Financial Statements

     43  

Board Review and Approval of Investment Advisory Contract

     52  

Supplemental Information

     56  

General Information

     57  

Glossary of Terms Used in this Report

     58  

 

 

  3


Fund Summary  as of September 30, 2023    iShares® S&P 100 ETF

 

Investment Objective

The iShares S&P100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization U.S. equities, as represented by the S&P 100® (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

    7.95      25.41      10.89     12.38     25.41      67.67      221.26

Fund Market

    7.99        25.26        10.90       12.38       25.26        67.72        221.31  

Index

    8.05        25.66        11.12       12.60       25.66        69.39        227.61  

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

Expense Example

 

Actual              Hypothetical 5% Return           

 

 

        

 

 

      
 

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

              

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized
Expense
Ratio
 
 
 
  $       1,000.00          $        1,079.50          $          1.04                  $      1,000.00          $       1,024.00          $        1.01          0.20

 

(a) 

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

 

Portfolio Information

 

SECTOR ALLOCATION

 

 
Sector  

Percent of   

Total Investments(a)

 

 

 

Information Technology

    32.9%  

Health Care

    12.6     

Communication Services

    12.2     

Financials

    12.0     

Consumer Discretionary

    11.9     

Consumer Staples

    7.1     

Industrials

    5.1     

Energy

    3.7     

Utilities

    1.2     

Other (each representing less than 1%)

    1.3     

 

(a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 
Security  

Percent of   

Total Investments(a)

 

 

 

Apple Inc.

    10.3%  

Microsoft Corp.

    9.6     

Amazon.com, Inc.

    4.7     

NVIDIA Corp.

    4.4     

Alphabet, Inc., Class A

    3.2     

Tesla, Inc.

    2.8     

Meta Platforms, Inc., Class A

    2.7     

Alphabet, Inc., Class C, NVS

    2.7     

Berkshire Hathaway, Inc., Class B

    2.6     

Exxon Mobil Corp.

    1.9     

 

 

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Fund Summary  as of September 30, 2023    iShares® S&P 500 Growth ETF

 

Investment Objective

The iShares S&P 500 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the S&P 500 Growth Index™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns         Cumulative Total Returns      
   

 

 

   

 

 

 
    

6-Month Total

Returns

    1 Year     5 Years     10 Years     1 Year     5 Years     10 Years  

Fund NAV

    7.63     19.61     10.25     13.26     19.61     62.90     247.33

Fund Market

    7.68       19.54       10.25       13.25       19.54       62.87       247.15  

Index

    7.73       19.82       10.44       13.46       19.82       64.30       253.61  

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

Expense Example

 

Actual        Hypothetical 5% Return           

 

 

      

 

 

      
 

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $       1,000.00          $        1,076.30          $          0.93          $      1,000.00          $       1,024.10          $        0.91          0.18

 

(a)

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

 

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of   

Total Investments(a)

 

 

 

Information Technology

    35.2%  

Health Care

    17.3     

Consumer Discretionary

    10.4     

Communication Services

    7.9     

Financials

    7.4     

Energy

    7.2     

Consumer Staples

    6.3     

Industrials

    5.1     

Materials

    1.9     

Other (each representing less than 1%)

    1.3     

 

 

 

(a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 

 
Security   Percent of   
Total Investments(a)
 

 

 

Apple Inc.

    12.8%  

Microsoft Corp.

    6.9     

NVIDIA Corp.

    5.5     

Alphabet, Inc., Class A

    3.9     

Tesla, Inc.

    3.5     

Alphabet, Inc., Class C, NVS

    3.4     

Amazon.com, Inc.

    2.7     

Exxon Mobil Corp.

    2.4     

UnitedHealth Group, Inc.

    2.4     

Eli Lilly & Co.

    2.2     

 

 

 

 

 

F U N D    S U M M A R Y

    5  


Fund Summary  as of September 30, 2023    iShares® S&P 500 Value ETF

 

Investment Objective

The iShares S&P 500 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the S&P 500 Value Index™ (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

 

          Average Annual Total Returns         Cumulative Total Returns      
   

 

 

   

 

 

 
    

6-Month Total

Returns

    1 Year     5 Years     10 Years     1 Year     5 Years     10 Years  

Fund NAV

    2.19     21.99     8.23     9.46     21.99     48.52     146.85

Fund Market

    2.28       22.04       8.25       9.46       22.04       48.62       146.94  

Index

    2.27       22.19       8.41       9.64       22.19       49.77       150.96  

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

Expense Example

 

Actual           Hypothetical 5% Return           

 

 

     

 

 

      
 


Beginning

Account Value
(04/01/23)

 


 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

           

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $     1,000.00          $        1,021.90          $          0.91               $      1,000.00          $       1,024.10          $        0.91          0.18

 

(a) 

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

 

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of   

Total Investments(a)

 

 

 

Financials

    19.4%  

Information Technology

    18.0      

Industrials

    12.2      

Consumer Discretionary

    11.1      

Communication Services

    10.1      

Health Care

    8.6      

Consumer Staples

    6.8      

Utilities

    4.8      

Real Estate

    4.2      

Materials

    3.1      

Energy

    1.7      

 

 

 

(a) 

Excludes money market funds.

 

TEN LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Total Investments(a)

 

 

 

Microsoft Corp.

    6.1%  

Meta Platforms, Inc., Class A

    4.1      

Berkshire Hathaway, Inc., Class B

    3.9      

Amazon.com, Inc.

    3.8      

JPMorgan Chase & Co.

    2.6      

Walmart, Inc.

    1.4      

Cisco Systems, Inc.

    1.3      

Salesforce, Inc.

    1.2      

Bank of America Corp.

    1.2      

Comcast Corp., Class A

    1.1      

 

 

 

 

 

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Fund Summary  as of September 30, 2023    iShares® S&P Small-Cap 600 Value ETF

 

Investment Objective

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

Performance

 

          Average Annual Total Returns     Cumulative Total Returns  
   

 

 

   

 

 

 
    

6-Month Total

Returns

    1 Year     5 Years     10 Years     1 Year     5 Years     10 Years  

Fund NAV

    (3.82 )%      10.01     2.99     7.37     10.01     15.89     103.67

Fund Market

    (3.71     10.01       2.99       7.37       10.01       15.89       103.66  

Index

    (3.76     10.26       3.23       7.58       10.26       17.22       107.61  

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

Expense Example

 

Actual

      

Hypothetical 5% Return

          

 

 

      

 

 

      
 

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Beginning

Account Value

(04/01/23)

 

 

 

      

Ending

Account Value

(09/30/23)

 

 

 

      

Expenses

Paid During

the Period

 

 

(a) 

      

Annualized

Expense

Ratio

 

 

 

  $       1,000.00          $          961.80          $          0.88          $       1,000.00          $       1,024.10          $        0.91          0.18

 

(a)

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

 

Portfolio Information

 

SECTOR ALLOCATION

 

 

 
Sector  

Percent of   

Total Investments(a)

 

 

 

Consumer Discretionary

    19.6%  

Financials

    19.2     

Industrials

    16.2     

Real Estate

    11.8     

Information Technology

    7.6     

Health Care

    7.4     

Energy

    4.7     

Materials

    4.5     

Communication Services

    3.8     

Consumer Staples

    3.7     

Utilities

    1.5     

 

 

TEN LARGEST HOLDINGS

 

 

 
Security  

Percent of   

Total Investments(a)

 

 

 

Meritage Homes Corp.

    0.9%  

Insight Enterprises, Inc.

    0.9     

Group 1 Automotive, Inc.

    0.8     

Blackstone Mortgage Trust, Inc., Class A

    0.8     

Lincoln National Corp.

    0.7     

Newell Brands, Inc.

    0.7     

Essential Properties Realty Trust, Inc.

    0.7     

John Bean Technologies Corp.

    0.7     

Advance Auto Parts, Inc.

    0.7     

Carpenter Technology Corp.

    0.7     

 

 

 

(a) 

Excludes money market funds.

 

 

 

F U N D    S U M M A R Y

    7  


About Fund Performance  

 

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

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

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

Disclosure of Expenses

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

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

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

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

 

 

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Schedule of Investments  (unaudited)

September 30, 2023

  

iShares® S&P 100 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   
Aerospace & Defense — 1.5%            

Boeing Co. (The)(a)

    195,563     $     37,485,516  

General Dynamics Corp.

    78,028       17,241,847  

Lockheed Martin Corp.

    77,303       31,613,835  

RTX Corp.

    502,010       36,129,659  
   

 

 

 
      122,470,857  
Air Freight & Logistics — 0.7%            

FedEx Corp.

    79,807       21,142,471  

United Parcel Service, Inc., Class B

    249,460       38,883,330  
   

 

 

 
      60,025,801  
Automobiles — 3.2%            

Ford Motor Co.

    1,358,412       16,871,477  

General Motors Co.

    473,492       15,611,031  

Tesla, Inc.(a)

    952,402       238,310,029  
   

 

 

 
      270,792,537  
Banks — 3.7%            

Bank of America Corp.

    2,384,422       65,285,475  

Citigroup, Inc.

    664,176       27,317,559  

JPMorgan Chase & Co.

    1,002,312       145,355,286  

U.S. Bancorp

    536,205       17,726,937  

Wells Fargo & Co.

    1,261,920       51,562,051  
   

 

 

 
      307,247,308  
Beverages — 1.9%            

Coca-Cola Co. (The)

    1,342,325       75,143,353  

PepsiCo, Inc.

    474,784       80,447,401  
   

 

 

 
      155,590,754  
Biotechnology — 2.1%            

AbbVie, Inc.

    608,766       90,742,660  

Amgen, Inc.

    184,488       49,582,995  

Gilead Sciences, Inc.

    429,753       32,205,690  
   

 

 

 
      172,531,345  
Broadline Retail — 4.7%            

Amazon.com, Inc.(a)

    3,131,572       398,085,433  
   

 

 

 
Capital Markets — 1.7%            

Bank of New York Mellon Corp. (The)

    269,473       11,493,023  

BlackRock, Inc.(b)

    48,405       31,293,348  

Charles Schwab Corp. (The)

    512,864       28,156,234  

Goldman Sachs Group, Inc. (The)

    113,703       36,790,880  

Morgan Stanley

    440,049       35,938,802  
   

 

 

 
      143,672,287  
Chemicals — 0.9%            

Dow, Inc.

    242,771       12,517,273  

Linde PLC

    168,292       62,663,526  
   

 

 

 
      75,180,799  
Communications Equipment — 0.9%            

Cisco Systems, Inc.

    1,405,494       75,559,357  
   

 

 

 
Consumer Finance — 0.5%            

American Express Co.

    200,665       29,937,211  

Capital One Financial Corp.

    131,450       12,757,223  
   

 

 

 
      42,694,434  
Consumer Staples Distribution & Retail — 2.2%  

Costco Wholesale Corp.

    152,843       86,350,181  

Target Corp.

    159,497       17,635,583  

Walmart, Inc.

    492,243       78,724,423  
   

 

 

 
      182,710,187  
Security   Shares     Value  

 

 
Diversified Telecommunication Services — 1.0%  

AT&T Inc.

    2,465,700     $     37,034,814  

Verizon Communications, Inc.

    1,449,980       46,993,852  
   

 

 

 
      84,028,666  
Electric Utilities — 1.2%            

Duke Energy Corp.

    266,363       23,509,198  

Exelon Corp.

    342,448       12,941,110  

NextEra Energy, Inc.

    697,982       39,987,389  

Southern Co. (The)

    376,132       24,343,263  
   

 

 

 
      100,780,960  
Electrical Equipment — 0.2%            

Emerson Electric Co.

    197,492       19,071,802  
   

 

 

 
Entertainment — 1.3%            

Netflix, Inc.(a)

    152,843       57,713,517  

Walt Disney Co. (The)(a)

    631,094       51,150,168  
   

 

 

 
      108,863,685  
Financial Services — 5.8%            

Berkshire Hathaway, Inc., Class B(a)

    628,990       220,335,197  

Mastercard, Inc., Class A

    286,963       113,611,521  

PayPal Holdings, Inc.(a)

    378,480       22,125,941  

Visa, Inc., Class A

    554,182       127,467,402  
   

 

 

 
      483,540,061  
Food Products — 0.5%            

Kraft Heinz Co. (The)

    275,691       9,274,245  

Mondelez International, Inc., Class A

    469,211       32,563,244  
   

 

 

 
      41,837,489  
Ground Transportation — 0.5%            

Union Pacific Corp.

    210,201       42,803,230  
   

 

 

 
Health Care Equipment & Supplies — 1.1%            

Abbott Laboratories

    598,529       57,967,534  

Medtronic PLC

    459,118       35,976,486  
   

 

 

 
      93,944,020  
Health Care Providers & Services — 2.3%            

CVS Health Corp.

    442,991       30,929,631  

UnitedHealth Group, Inc.

    319,483       161,080,134  
   

 

 

 
      192,009,765  
Hotels, Restaurants & Leisure — 1.7%            

Booking Holdings, Inc.(a)

    12,309       37,960,341  

McDonald’s Corp.

    251,350       66,215,644  

Starbucks Corp.

    395,050       36,056,213  
   

 

 

 
      140,232,198  
Household Products — 1.7%            

Colgate-Palmolive Co.

    284,856       20,256,110  

Procter & Gamble Co. (The)

    813,038       118,589,723  
   

 

 

 
      138,845,833  
Industrial Conglomerates — 1.2%            

3M Co.

    190,647       17,848,372  

General Electric Co.

    375,384       41,498,701  

Honeywell International, Inc.

    229,001       42,305,645  
   

 

 

 
      101,652,718  
Insurance — 0.3%            

American International Group, Inc.

    244,958       14,844,455  

MetLife, Inc.

    218,579       13,750,805  
   

 

 

 
      28,595,260  
Interactive Media & Services — 8.6%            

Alphabet, Inc., Class A(a)

    2,046,300       267,778,818  

 

 

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

  9


Schedule of Investments  (unaudited)  (continued)

September 30, 2023

  

iShares® S&P 100 ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 
Interactive Media & Services (continued)            

Alphabet, Inc., Class C, NVS(a)

    1,740,672     $     229,507,603  

Meta Platforms, Inc., Class A(a)

    766,571       230,132,280  
   

 

 

 
      727,418,701  
IT Services — 1.3%            

Accenture PLC, Class A

    217,563       66,815,773  

International Business Machines Corp.

    314,206       44,083,102  
   

 

 

 
      110,898,875  
Life Sciences Tools & Services — 1.5%            

Danaher Corp.

    226,647       56,231,121  

Thermo Fisher Scientific, Inc.

    133,114       67,378,313  
   

 

 

 
      123,609,434  
Machinery — 1.0%            

Caterpillar, Inc.

    175,948       48,033,804  

Deere & Co.

    94,044       35,490,325  
   

 

 

 
      83,524,129  
Media — 0.9%            

Charter Communications, Inc., Class A(a)(c)

    35,025       15,404,696  

Comcast Corp., Class A

    1,419,507       62,940,940  
   

 

 

 
      78,345,636  
Oil, Gas & Consumable Fuels — 3.7%            

Chevron Corp.

    611,946       103,186,334  

ConocoPhillips

    413,017       49,479,437  

Exxon Mobil Corp.

    1,380,706       162,343,412  
   

 

 

 
      315,009,183  
Pharmaceuticals — 5.6%            

Bristol-Myers Squibb Co.

    720,534       41,819,793  

Eli Lilly & Co.

    275,026       147,724,716  

Johnson & Johnson

    830,527       129,354,580  

Merck & Co., Inc.

    875,195       90,101,325  

Pfizer, Inc.

    1,947,299       64,591,908  
   

 

 

 
      473,592,322  
Retail REITs — 0.1%            

Simon Property Group, Inc.

    113,042       12,211,927  
   

 

 

 
Semiconductors & Semiconductor Equipment — 8.2%  

Advanced Micro Devices, Inc.(a)

    557,248       57,296,239  

Broadcom, Inc.

    142,335       118,220,604  

Intel Corp.

    1,444,446       51,350,055  

NVIDIA Corp.

    851,908       370,571,461  

QUALCOMM, Inc.

    384,909       42,747,994  

Texas Instruments, Inc.

    313,159       49,795,413  
   

 

 

 
      689,981,766  
Software — 12.1%            

Adobe, Inc.(a)

    157,207       80,159,849  
Security   Shares     Value  

 

 
Software (continued)            

Microsoft Corp.

    2,562,537     $ 809,121,058  

Oracle Corp.

    542,968       57,511,171  

Salesforce, Inc.(a)

    335,935       68,120,899  
   

 

 

 
      1,014,912,977  
Specialized REITs — 0.3%            

American Tower Corp.

    160,777       26,439,778  
   

 

 

 
Specialty Retail — 1.7%            

Home Depot, Inc. (The)

    346,756       104,775,793  

Lowe’s Cos., Inc.

    202,105       42,005,503  
   

 

 

 
      146,781,296  
Technology Hardware, Storage & Peripherals — 10.3%  

Apple Inc.

    5,068,733       867,817,777  
   

 

 

 
Textiles, Apparel & Luxury Goods — 0.5%  

NIKE, Inc., Class B

    422,529       40,402,223  
   

 

 

 
Tobacco — 0.9%            

Altria Group, Inc.

    612,050       25,736,703  

Philip Morris International, Inc.

    535,406       49,567,887  
   

 

 

 
      75,304,590  
Wireless Telecommunication Services — 0.3%  

T-Mobile U.S., Inc.(a)

    178,504       24,999,485  
   

 

 

 

Total Long-Term Investments — 99.8%

   

    (Cost: $7,107,191,880)

      8,394,016,885  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.7%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(b)(d)(e)

    15,716,314       15,722,601  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(d)

    47,409,678       47,409,678  
   

 

 

 

Total Short-Term Securities — 0.7%

   

    (Cost: $63,132,082)

      63,132,279  
   

 

 

 

Total Investments — 100.5%

   

    (Cost: $7,170,323,962)

      8,457,149,164  

Liabilities in Excess of Other Assets — (0.5)%

 

    (42,868,390
   

 

 

 

Net Assets — 100.0%

    $   8,414,280,774  
   

 

 

 

 

(a)

Non-income producing security.

(b)

Affiliate of the Fund.

(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.

 

 

10  

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


Schedule of Investments  (unaudited)  (continued)

September 30, 2023

  

iShares® S&P 100 ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
       Affiliated Issuer  

Value at

03/31/23

   

Purchases

at Cost

   

Proceeds

from Sale

    

Net

Realized

Gain (Loss)

    

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

09/30/23

   

Shares

Held at

09/30/23

    Income    

Capital

Gain

Distributions

from Underlying

Funds

   

     

 
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $     $ 15,721,538 (a)    $       $ 866       $ 197     $ 15,722,601       15,716,314     $ 11,979 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    14,929,868         32,479,810 (a)                          47,409,678       47,409,678       510,398          
 

BlackRock, Inc.

    33,178,984       3,410,680       (4,325,674      (61,967      (908,675     31,293,348       48,405       507,480          
          

 

 

    

 

 

   

 

 

     

 

 

   

 

 

   
            $ (61,101     $ (908,478   $   94,425,627       $ 1,029,857     $    
          

 

 

    

 

 

   

 

 

     

 

 

   

 

 

   
 

 

(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

     93        12/15/23      $   20,114      $ (796,468
           

 

 

 

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)

   $      $      $   796,468      $      $      $      $   796,468  

 

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

  

For the period ended September 30, 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

     $          —      $      $ 2,351,967      $      $      $      $ 2,351,967  

Net Change in Unrealized Appreciation (Depreciation) on:

                    

Futures contracts

     $          —      $      $   (1,809,626)      $      $      $      $   (1,809,626)  

 

 

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

    11  


Schedule of Investments  (unaudited)  (continued)

September 30, 2023

  

iShares® S&P 100 ETF

 

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

 

Futures contracts

  

Average notional value of contracts — long

   $ 21,838,444  

 

 

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

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

   $         8,394,016,885        $        $        $         8,394,016,885  

Short-Term Securities

                 

Money Market Funds

     63,132,279                            63,132,279  
  

 

 

      

 

 

      

 

 

      

 

 

 
   $ 8,457,149,164        $        $        $ 8,457,149,164  
  

 

 

      

 

 

      

 

 

      

 

 

 

Derivative Financial Instruments(a)

                 

Liabilities

                 

Equity Contracts

   $ (796,468      $                     —        $                     —        $ (796,468
  

 

 

      

 

 

      

 

 

      

 

 

 

 

(a) 

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

 

See notes to financial statements.

 

 

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)  

September 30, 2023

  

iShares® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Common Stocks

   

Aerospace & Defense — 1.0%

   

Axon Enterprise, Inc.(a)

    120,923     $ 24,062,468  

General Dynamics Corp.

    205,648       45,442,039  

L3Harris Technologies, Inc.

    162,564       28,305,644  

Lockheed Martin Corp.

    272,670       111,511,123  

Northrop Grumman Corp.

    175,460       77,235,737  

TransDigm Group, Inc.(a)

    44,341       37,385,227  
   

 

 

 
      323,942,238  
Air Freight & Logistics — 0.1%            

CH Robinson Worldwide, Inc.

    106,512       9,173,878  

Expeditors International of Washington, Inc.

    254,230       29,142,385  
   

 

 

 
      38,316,263  
Automobiles — 3.5%            

Tesla, Inc.(a)

    4,731,557       1,183,930,192  
   

 

 

 
Beverages — 2.3%            

Brown-Forman Corp., Class B, NVS

    172,095       9,928,160  

Coca-Cola Co. (The)

    4,334,656       242,654,043  

Constellation Brands, Inc., Class A

    154,781       38,901,109  

Keurig Dr Pepper, Inc.

    864,668       27,297,569  

Monster Beverage Corp.(a)(b)

    1,274,377       67,478,262  

PepsiCo, Inc.

    2,358,743       399,665,414  
   

 

 

 
      785,924,557  
Biotechnology — 3.8%            

AbbVie, Inc.

    3,024,369       450,812,443  

Amgen, Inc.

    916,541       246,329,559  

Biogen, Inc.(a)

    116,694       29,991,525  

Gilead Sciences, Inc.

    2,135,018       159,998,249  

Incyte Corp.(a)

    318,639       18,407,775  

Moderna, Inc.(a)(b)

    567,179       58,583,919  

Regeneron Pharmaceuticals, Inc.(a)

    182,900       150,519,384  

Vertex Pharmaceuticals, Inc.(a)

    442,240       153,784,538  
   

 

 

 
      1,268,427,392  
Broadline Retail — 2.7%            

Amazon.com, Inc.(a)

    7,156,557       909,741,526  

Etsy, Inc.(a)(b)

    123,371       7,967,299  
   

 

 

 
      917,708,825  
Building Products — 0.0%            

Masco Corp.

    274,185       14,655,188  
   

 

 

 
Capital Markets — 1.3%            

Ameriprise Financial, Inc.

    175,811       57,961,371  

Blackstone, Inc., Class A, NVS

    1,216,143       130,297,561  

Cboe Global Markets, Inc.

    121,140       18,923,279  

Charles Schwab Corp. (The)

    1,503,271       82,529,578  

FactSet Research Systems, Inc.

    39,182       17,132,721  

MarketAxess Holdings, Inc.

    31,525       6,735,001  

Moody’s Corp.

    126,880       40,115,650  

MSCI, Inc., Class A

    77,101       39,558,981  

Nasdaq, Inc.

    370,806       18,017,464  

Raymond James Financial, Inc.

    323,094       32,448,330  
   

 

 

 
      443,719,936  
Chemicals — 1.3%            

Air Products & Chemicals, Inc.

    380,648       107,875,643  

Albemarle Corp.(b)

    200,583       34,107,134  

CF Industries Holdings, Inc.

    331,670       28,437,386  

Corteva, Inc.

    837,964       42,870,238  

FMC Corp.

    215,092       14,404,711  
Security   Shares     Value  

 

 

Chemicals (continued)

   

Linde PLC

    510,012     $ 189,902,968  

Mosaic Co. (The)

    567,093       20,188,511  
   

 

 

 
      437,786,591  
Commercial Services & Supplies — 0.6%            

Cintas Corp.

    87,311       41,997,464  

Copart, Inc.(a)

    1,488,910       64,157,132  

Republic Services, Inc.

    193,723       27,607,465  

Rollins, Inc.

    482,610       18,015,831  

Waste Management, Inc.

    372,558       56,792,741  
   

 

 

 
      208,570,633  
Communications Equipment — 0.4%            

Arista Networks, Inc.(a)(b)

    429,652       79,025,892  

Motorola Solutions, Inc.

    157,187       42,792,589  
   

 

 

 
      121,818,481  
Construction & Engineering — 0.1%            

Quanta Services, Inc.

    248,794       46,541,894  
   

 

 

 
Construction Materials — 0.1%            

Vulcan Materials Co.

    134,587       27,189,266  
   

 

 

 
Consumer Finance — 0.3%            

American Express Co.

    488,485       72,877,077  

Discover Financial Services

    249,204       21,588,543  
   

 

 

 
      94,465,620  
Consumer Staples Distribution & Retail — 1.1%  

Costco Wholesale Corp.

    501,154       283,131,964  

Dollar General Corp.

    375,835       39,763,343  

Dollar Tree, Inc.(a)(b)

    359,151       38,231,624  
   

 

 

 
      361,126,931  
Distributors — 0.1%            

Genuine Parts Co.

    173,696       25,078,229  

Pool Corp.

    42,031       14,967,239  
   

 

 

 
      40,045,468  
Electric Utilities — 0.2%            

NRG Energy, Inc.

    185,485       7,144,882  

PG&E Corp.(a)

    3,583,145       57,796,129  
   

 

 

 
      64,941,011  
Electrical Equipment — 0.1%            

AMETEK, Inc.(b)

    198,120       29,274,211  
   

 

 

 
Electronic Equipment, Instruments & Components — 0.4%  

Amphenol Corp., Class A

    1,022,011       85,838,704  

CDW Corp.

    145,165       29,288,490  

Keysight Technologies, Inc.(a)

    165,041       21,836,575  
   

 

 

 
      136,963,769  
Energy Equipment & Services — 0.2%            

Schlumberger NV

    1,290,640       75,244,312  
   

 

 

 
Entertainment — 0.3%            

Activision Blizzard, Inc.

    723,238       67,716,774  

Electronic Arts, Inc.

    286,492       34,493,637  
   

 

 

 
      102,210,411  
Financial Services — 3.9%            

Fiserv, Inc.(a)

    720,747       81,415,581  

FleetCor Technologies, Inc.(a)(b)

    67,104       17,134,335  

Jack Henry & Associates, Inc.

    124,820       18,865,295  

Mastercard, Inc., Class A

    1,425,640       564,425,133  

Visa, Inc., Class A

    2,753,197       633,262,842  
   

 

 

 
      1,315,103,186  

 

 

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

  13


Schedule of Investments  (unaudited)  (continued)

September 30, 2023

  

iShares® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Food Products — 0.9%

   

Archer-Daniels-Midland Co.

    451,557     $ 34,056,429  

Bunge Ltd.

    106,112       11,486,624  

Campbell Soup Co.

    198,369       8,148,999  

General Mills, Inc.

    680,943       43,573,543  

Hershey Co. (The)

    257,598       51,540,208  

Hormel Foods Corp.

    356,277       13,549,214  

Kellanova

    244,028       14,522,106  

Lamb Weston Holdings, Inc.

    249,164       23,037,703  

McCormick & Co., Inc., NVS

    218,598       16,534,753  

Mondelez International, Inc., Class A

    1,258,766       87,358,360  
   

 

 

 
          303,807,939  
Gas Utilities — 0.0%            

Atmos Energy Corp.

    155,672       16,490,335  
   

 

 

 
Ground Transportation — 0.7%            

CSX Corp.

    1,649,034       50,707,796  

JB Hunt Transport Services, Inc.

    140,345       26,457,839  

Old Dominion Freight Line, Inc.(b)

    153,516       62,809,536  

Union Pacific Corp.

    522,145       106,324,386  
   

 

 

 
      246,299,557  
Health Care Equipment & Supplies — 1.4%  

Abbott Laboratories

    1,546,219       149,751,310  

Boston Scientific Corp.(a)

    1,329,724       70,209,427  

Dexcom, Inc.(a)

    663,993       61,950,547  

Hologic, Inc.(a)

    421,048       29,220,731  

IDEXX Laboratories, Inc.(a)

    69,511       30,395,075  

Insulet Corp.(a)(b)

    120,276       19,182,819  

Intuitive Surgical, Inc.(a)

    294,999       86,225,258  

ResMed, Inc.

    136,550       20,191,649  
   

 

 

 
      467,126,816  
Health Care Providers & Services — 3.7%            

Cigna Group (The)

    248,505       71,089,825  

Elevance Health, Inc.

    403,778       175,813,017  

HCA Healthcare, Inc.

    186,036       45,761,135  

Humana, Inc.

    135,880       66,108,338  

McKesson Corp.

    106,213       46,186,723  

Molina Healthcare, Inc.(a)

    99,980       32,782,442  

Quest Diagnostics, Inc.

    126,787       15,450,264  

UnitedHealth Group, Inc.

    1,587,203       800,251,881  
   

 

 

 
      1,253,443,625  
Hotels, Restaurants & Leisure — 1.6%            

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

    291,646       40,016,747  

Chipotle Mexican Grill, Inc.(a)

    47,272       86,594,268  

Domino’s Pizza, Inc.

    27,934       10,581,120  

Hilton Worldwide Holdings, Inc.

    215,777       32,405,390  

Marriott International, Inc., Class A

    218,601       42,968,212  

McDonald’s Corp.

    774,207       203,957,092  

Starbucks Corp.

    1,000,936       91,355,429  

Yum! Brands, Inc.

    307,286       38,392,313  
   

 

 

 
      546,270,571  
Household Durables — 0.1%            

DR Horton, Inc.

    261,693       28,124,147  
   

 

 

 
Household Products — 1.3%            

Clorox Co. (The)

    95,271       12,486,217  

Colgate-Palmolive Co.

    778,830       55,382,601  

Kimberly-Clark Corp.

    277,483       33,533,821  

Procter & Gamble Co. (The)

    2,221,557       324,036,304  
   

 

 

 
      425,438,943  
Independent Power and Renewable Electricity Producers — 0.0%  

AES Corp. (The)

    682,078       10,367,586  
   

 

 

 
Security   Shares     Value  

 

 

Insurance — 1.8%

   

Aon PLC, Class A

    229,420     $ 74,382,552  

Arch Capital Group Ltd.(a)(b)

    639,049       50,938,596  

Arthur J. Gallagher & Co.

    236,416       53,886,299  

Brown & Brown, Inc.

    237,699       16,600,898  

Chubb Ltd.

    401,158       83,513,073  

Everest Group Ltd.

    42,727       15,880,344  

Globe Life, Inc.

    104,628       11,376,203  

Marsh & McLennan Cos., Inc.

    541,683       103,082,275  

Principal Financial Group, Inc.

    233,177       16,805,066  

Progressive Corp. (The)

    1,002,957       139,711,910  

Travelers Cos., Inc. (The)

    211,319       34,510,506  

W R Berkley Corp.

    346,219       21,981,444  
   

 

 

 
      622,669,166  
Interactive Media & Services — 7.3%            

Alphabet, Inc., Class A(a)

    10,166,067       1,330,331,528  

Alphabet, Inc., Class C, NVS(a)

    8,647,700       1,140,199,245  
   

 

 

 
      2,470,530,773  
IT Services — 0.7%            

Accenture PLC, Class A

    529,619       162,651,291  

EPAM Systems, Inc.(a)

    67,634       17,293,337  

Gartner, Inc.(a)

    134,934       46,364,672  

VeriSign, Inc.(a)

    75,437       15,278,256  
   

 

 

 
      241,587,556  
Life Sciences Tools & Services — 2.2%            

Agilent Technologies, Inc.

    304,287       34,025,372  

Bio-Techne Corp.

    129,005       8,781,370  

Danaher Corp.

    1,125,982       279,356,134  

IQVIA Holdings, Inc.(a)(b)

    150,093       29,530,798  

Mettler-Toledo International, Inc.(a)

    24,436       27,076,799  

Thermo Fisher Scientific, Inc.

    661,316       334,738,320  

Waters Corp.(a)(b)

    101,531       27,840,815  
   

 

 

 
      741,349,608  
Machinery — 1.3%            

Caterpillar, Inc.

    524,471       143,180,583  

Cummins, Inc.

    124,015       28,332,467  

Deere & Co.

    467,210       176,315,710  

IDEX Corp.

    73,666       15,324,001  

Illinois Tool Works, Inc.

    240,389       55,363,990  

Snap-on, Inc.

    51,812       13,215,169  
   

 

 

 
      431,731,920  
Metals & Mining — 0.6%            

Freeport-McMoRan, Inc.

    2,456,505       91,603,071  

Nucor Corp.

    426,179       66,633,087  

Steel Dynamics, Inc.

    267,656       28,698,076  
   

 

 

 
          186,934,234  
Multi-Utilities — 0.2%            

Sempra

    646,983       44,014,253  

WEC Energy Group, Inc.

    280,785       22,617,232  
   

 

 

 
      66,631,485  
Oil, Gas & Consumable Fuels — 7.0%            

APA Corp.

    527,446       21,678,031  

Chevron Corp.

    3,040,157       512,631,273  

ConocoPhillips

    2,051,873       245,814,385  

Coterra Energy, Inc.

    1,298,943       35,136,408  

Devon Energy Corp.

    1,097,056       52,329,571  

Diamondback Energy, Inc.

    306,058       47,402,263  

EOG Resources, Inc.

    997,690       126,467,184  

EQT Corp.

    618,337       25,092,116  

Exxon Mobil Corp.

    6,859,385       806,526,488  

 

 

14  

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


Schedule of Investments  (unaudited)  (continued)

September 30, 2023

  

iShares® S&P 500 Growth ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

 

 

Oil, Gas & Consumable Fuels (continued)

   

Hess Corp.

    473,514     $ 72,447,642  

Marathon Oil Corp.

    1,041,172       27,851,351  

Marathon Petroleum Corp.

    328,617       49,732,897  

Occidental Petroleum Corp.

    1,136,911       73,762,786  

ONEOK, Inc.

    997,635       63,279,988  

Pioneer Natural Resources Co.

    399,483       91,701,323  

Targa Resources Corp.

    384,557       32,964,226  

Williams Cos., Inc. (The)

    2,084,312       70,220,471  
   

 

 

 
      2,355,038,403  
Personal Care Products — 0.2%            

Kenvue, Inc.

    2,952,775       59,291,722  
   

 

 

 
Pharmaceuticals — 6.2%            

Bristol-Myers Squibb Co.

    3,579,634       207,761,957  

Eli Lilly & Co.

    1,366,341       733,902,741  

Johnson & Johnson

    2,558,170       398,434,978  

Merck & Co., Inc.

    4,347,988       447,625,365  

Pfizer, Inc.

    9,674,230       320,894,209  
   

 

 

 
          2,108,619,250  
Professional Services — 0.9%            

Automatic Data Processing, Inc.

    705,932       169,833,120  

Broadridge Financial Solutions, Inc.

    97,755       17,503,033  

Equifax, Inc.

    102,984       18,864,609  

Leidos Holdings, Inc.

    154,213       14,212,270  

Paychex, Inc.

    313,327       36,136,003  

Paycom Software, Inc.

    83,686       21,697,269  

Verisk Analytics, Inc.

    114,183       26,974,592  
   

 

 

 
          305,220,896  
Real Estate Management & Development — 0.2%  

CoStar Group, Inc.(a)(b)

    699,363       53,774,021  
   

 

 

 
Semiconductors & Semiconductor Equipment — 10.4%  

Advanced Micro Devices, Inc.(a)

    1,494,946       153,710,348  

Analog Devices, Inc.

    403,809       70,702,918  

Applied Materials, Inc.

    1,438,888       199,214,044  

Broadcom, Inc.

    424,276       352,395,160  

Enphase Energy, Inc.(a)(b)

    234,389       28,161,838  

First Solar, Inc.(a)

    183,637       29,673,903  

KLA Corp.

    234,267       107,448,902  

Lam Research Corp.

    228,401       143,154,895  

Microchip Technology, Inc.

    455,904       35,583,307  

Monolithic Power Systems, Inc.

    81,687       37,739,394  

NVIDIA Corp.

    4,232,291       1,841,004,262  

NXP Semiconductors NV

    260,451       52,069,364  

ON Semiconductor Corp.(a)(b)

    739,415       68,728,624  

QUALCOMM, Inc.

    1,912,241       212,373,486  

SolarEdge Technologies, Inc.(a)(b)

    97,328       12,604,949  

Teradyne, Inc.(b)

    128,626       12,921,768  

Texas Instruments, Inc.

    980,143       155,852,538  
   

 

 

 
      3,513,339,700  
Software — 10.5%            

Adobe, Inc.(a)

    367,071       187,169,503  

Autodesk, Inc.(a)

    201,090       41,607,532  

Cadence Design Systems, Inc.(a)

    465,705       109,114,681  

Fair Isaac Corp.(a)

    42,507       36,918,605  

Fortinet, Inc.(a)(b)

    1,116,895       65,539,399  

Gen Digital, Inc.

    514,447       9,095,423  

Intuit, Inc.

    254,335       129,949,925  

Microsoft Corp.

    7,383,828       2,331,443,691  

Oracle Corp.(b)

    1,591,513       168,573,057  

Palo Alto Networks, Inc.(a)(b)

    524,075       122,864,143  
Security   Shares     Value  

 

 

Software (continued)

   

PTC, Inc.(a)(b)

    204,269     $ 28,940,832  

ServiceNow, Inc.(a)

    349,551       195,385,027  

Synopsys, Inc.(a)

    260,721       119,663,117  

Tyler Technologies, Inc.(a)

    33,887       13,085,126  
   

 

 

 
      3,559,350,061  
Specialized REITs — 0.7%            

American Tower Corp.

    423,337       69,617,769  

Extra Space Storage, Inc.

    180,503       21,945,555  

Iron Mountain, Inc.

    314,226       18,680,736  

Public Storage

    168,109       44,300,084  

SBA Communications Corp., Class A

    104,264       20,870,525  

VICI Properties, Inc.

    989,271       28,787,786  

Weyerhaeuser Co.

    711,681       21,820,139  
   

 

 

 
      226,022,594  
Specialty Retail — 2.3%            

AutoZone, Inc.(a)

    31,109       79,016,549  

Home Depot, Inc. (The)

    913,026       275,879,936  

Lowe’s Cos., Inc.

    692,804       143,992,384  

O’Reilly Automotive, Inc.(a)

    103,499       94,066,101  

TJX Cos., Inc. (The)

    1,260,284       112,014,042  

Tractor Supply Co.

    186,063       37,780,092  

Ulta Beauty, Inc.(a)

    85,605       34,194,917  
   

 

 

 
      776,944,021  
Technology Hardware, Storage & Peripherals — 12.8%  

Apple Inc.

    25,181,581       4,311,338,483  
   

 

 

 
Tobacco — 0.6%            

Altria Group, Inc.

    1,581,194       66,489,208  

Philip Morris International, Inc.

    1,436,351       132,977,375  
   

 

 

 
      199,466,583  
Trading Companies & Distributors — 0.2%  

Fastenal Co.

    481,104       26,287,523  

WW Grainger, Inc.

    76,200       52,718,208  
   

 

 

 
      79,005,731  
Wireless Telecommunication Services — 0.2%  

T-Mobile U.S., Inc.(a)

    603,137       84,469,337  
   

 

 

 

Total Long-Term Investments — 99.8%
(Cost: $25,078,370,854)

      33,728,591,438  
   

 

 

 

Short-Term Securities

   
Money Market Funds — 0.9%            

BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)

    145,103,696       145,161,737  

BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)

    153,222,760       153,222,760  
   

 

 

 

Total Short-Term Securities — 0.9%
(Cost: $298,334,664)

      298,384,497  
   

 

 

 

Total Investments — 100.7%
(Cost: $25,376,705,518)

      34,026,975,935  

Liabilities in Excess of Other Assets — (0.7)%

 

    (238,664,465
   

 

 

 

Net Assets — 100.0%

    $ 33,788,311,470  
   

 

 

 

 

(a)

Non-income producing security.

(b)

All or a portion of this security is on loan.

(c)

Affiliate of the Fund.

(d)

Annualized 7-day yield as of period end.

(e)

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

 

 

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

  15


Schedule of Investments  (unaudited)  (continued)

September 30, 2023

  

iShares® S&P 500 Growth ETF

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

 

                   
       Affiliated Issuer  

Value at

03/31/23

   

Purchases

at Cost

   

Proceeds

from Sale

   

Net

Realized

Gain (Loss)

   

Change in

Unrealized

Appreciation

(Depreciation)

   

Value at

09/30/23

   

Shares

Held at

09/30/23

    Income    

Capital

Gain
Distributions

from Underlying
Funds

   

  

 
 

BlackRock Cash Funds: Institutional, SL Agency Shares

  $   237,690,559       $       $  (92,574,916 )(a)    $ 20,983     $ 25,111     $   145,161,737       145,103,696     $   1,195,928 (b)    $    
 

BlackRock Cash Funds: Treasury, SL Agency Shares

    41,154,407       112,068,353 (a)                        153,222,760       153,222,760       1,284,199          
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   
          $ 20,983     $ 25,111     $ 298,384,497       $ 2,480,127     $    
         

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

  (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

     239        12/15/23      $ 51,690      $ (2,269,654
           

 

 

 

Derivative Financial Instruments Categorized by Risk Exposure

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

 

               
     

Commodity

Contracts

    

Credit

Contracts

    

Equity

Contracts

    

Foreign

Currency

Exchange

Contracts

    

Interest

Rate

Contracts

    

Other

Contracts

     Total  

Liabilities — Derivative Financial Instruments

                    

Futures contracts

                    

Unrealized depreciation on futures contracts(a)

   $      $      $   2,269,654      $      $      $      $   2,269,654  

 

  (a)

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

 

For the period ended September 30, 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

   $      $      $   6,943,310      $      $      $      $   6,943,310  

Net Change in Unrealized Appreciation (Depreciation) on:

                    

Futures contracts

   $      $      $   (4,810,946    $      $      $      $   (4,810,946

Average Quarterly Balances of Outstanding Derivative Financial Instruments

 

   

Futures contracts

 

Average notional value of contracts — long

  $ 58,833,500  

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

 

 

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)

September 30, 2023

  

iShares® S&P 500 Growth 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

   $       33,728,591,438      $      $      $       33,728,591,438  

Short-Term Securities

           

Money Market Funds

     298,384,497                                —                                —        298,384,497  
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 34,026,975,935      $      $      $ 34,026,975,935  
  

 

 

    

 

 

    

 

 

    

 

 

 

Derivative Financial Instruments(a)

           

Liabilities

           

Equity Contracts

   $ (2,269,654    $      $      $ (2,269,654
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(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

    17  


Schedule of Investments  (unaudited)

September 30, 2023

  

iShares® S&P 500 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Common Stocks

 

Aerospace & Defense — 2.2%

 

Boeing Co. (The)(a)

    835,220     $ 160,094,970  

General Dynamics Corp.

    156,756       34,638,373  

Howmet Aerospace, Inc.

    579,576       26,805,390  

Huntington Ingalls Industries, Inc.

    59,028       12,075,948  

L3Harris Technologies, Inc.

    139,298       24,254,568  

Lockheed Martin Corp.

    95,714       39,143,198  

Northrop Grumman Corp.

    58,659       25,821,105  

RTX Corp.

    2,144,004       154,303,968  

Textron, Inc.

    290,579       22,705,843  

TransDigm Group, Inc.(a)

    43,049       36,295,903  
   

 

 

 
      536,139,266  
Air Freight & Logistics — 1.1%  

CH Robinson Worldwide, Inc.

    79,045       6,808,146  

FedEx Corp.

    340,841       90,295,597  

United Parcel Service, Inc., Class B

    1,065,401       166,064,054  
   

 

 

 
      263,167,797  
Automobile Components — 0.2%  

Aptiv PLC(a)

    416,545       41,067,172  

BorgWarner, Inc.

    347,647       14,034,509  
   

 

 

 
      55,101,681  
Automobiles — 0.6%            

Ford Motor Co.

    5,790,995       71,924,158  

General Motors Co.

    2,026,737       66,821,519  
   

 

 

 
      138,745,677  
Banks — 6.6%  

Bank of America Corp.

    10,183,499             278,824,203  

Citigroup, Inc.

    2,836,599       116,669,317  

Citizens Financial Group, Inc.

    699,009       18,733,441  

Comerica, Inc.

    195,803       8,135,615  

Fifth Third Bancorp

    1,002,964       25,405,078  

Huntington Bancshares, Inc.

    2,130,849       22,160,830  

JPMorgan Chase & Co.

    4,280,723       620,790,449  

KeyCorp.

    1,369,249       14,733,119  

M&T Bank Corp.

    244,365       30,899,954  

PNC Financial Services Group, Inc. (The)

    586,638       72,021,547  

Regions Financial Corp.

    1,382,249       23,774,683  

Truist Financial Corp.

    1,962,028       56,133,621  

U.S. Bancorp

    2,293,442       75,821,193  

Wells Fargo & Co.

    5,389,463       220,213,458  

Zions Bancorp N.A.

    218,182       7,612,370  
   

 

 

 
      1,591,928,878  
Beverages — 0.8%  

Brown-Forman Corp., Class B, NVS

    119,657       6,903,012  

Coca-Cola Co. (The)

    2,006,503       112,324,038  

Constellation Brands, Inc., Class A

    104,875       26,358,234  

Keurig Dr Pepper, Inc.

    744,475       23,503,076  

Molson Coors Beverage Co., Class B

    274,559       17,459,207  
   

 

 

 
      186,547,567  
Biotechnology — 0.1%  

Biogen, Inc.(a)(b)

    113,063       29,058,322  
   

 

 

 
Broadline Retail — 4.0%  

Amazon.com, Inc.(a)

    7,222,214       918,087,844  

eBay, Inc.

    782,971       34,521,191  

Etsy, Inc.(a)(b)

    76,902       4,966,331  
   

 

 

 
      957,575,366  
Building Products — 0.9%  

A O Smith Corp.

    182,049       12,038,900  
Security   Shares     Value  

Building Products (continued)

 

Allegion PLC

    129,687     $ 13,513,386  

Carrier Global Corp.

    1,233,843       68,108,134  

Johnson Controls International PLC

    1,002,125       53,323,071  

Masco Corp.

    95,272       5,092,288  

Trane Technologies PLC

    336,435       68,266,026  
   

 

 

 
      220,341,805  
Capital Markets — 4.7%  

Bank of New York Mellon Corp. (The)

    1,147,162       48,926,459  

BlackRock, Inc.(c)

    206,731       133,649,524  

Cboe Global Markets, Inc.

    51,050       7,974,521  

Charles Schwab Corp. (The)

    898,047       49,302,780  

CME Group, Inc., Class A

    529,913       106,099,181  

FactSet Research Systems, Inc.

    22,292       9,747,400  

Franklin Resources, Inc.

    420,887       10,345,403  

Goldman Sachs Group, Inc. (The)

    485,612       157,129,475  

Intercontinental Exchange, Inc.

    843,067       92,754,231  

Invesco Ltd.

    662,804       9,623,914  

MarketAxess Holdings, Inc.

    27,992       5,980,211  

Moody’s Corp.

    123,202       38,952,776  

Morgan Stanley

    1,879,375       153,488,556  

MSCI, Inc., Class A

    50,333       25,824,856  

Nasdaq, Inc.

    177,899       8,644,112  

Northern Trust Corp.

    305,773       21,245,108  

S&P Global, Inc.

    479,321       175,148,687  

State Street Corp.

    468,647       31,380,603  

T Rowe Price Group, Inc.

    331,272       34,740,495  
   

 

 

 
            1,120,958,292  
Chemicals — 2.2%  

Celanese Corp., Class A

    147,645       18,532,400  

Corteva, Inc.

    322,263       16,486,975  

Dow, Inc.

    1,035,644       53,397,805  

DuPont de Nemours, Inc.

    676,206       50,438,206  

Eastman Chemical Co.

    174,215       13,365,775  

Ecolab, Inc.

    373,676       63,300,714  

International Flavors & Fragrances, Inc.

    375,201       25,577,452  

Linde PLC

    280,314       104,374,918  

LyondellBasell Industries NV, Class A

    379,059       35,896,887  

PPG Industries, Inc.

    346,916       45,029,697  

Sherwin-Williams Co. (The)

    348,483       88,880,589  
   

 

 

 
      515,281,418  
Commercial Services & Supplies — 0.3%  

Cintas Corp.

    52,353       25,182,317  

Republic Services, Inc.

    136,118       19,398,176  

Waste Management, Inc.

    222,394       33,901,741  
   

 

 

 
      78,482,234  
Communications Equipment — 1.6%  

Cisco Systems, Inc.

    6,002,645       322,702,195  

F5, Inc.(a)

    87,775       14,144,063  

Juniper Networks, Inc.

    470,982       13,088,590  

Motorola Solutions, Inc.

    110,516       30,086,876  
   

 

 

 
      380,021,724  
Construction Materials — 0.2%            

Martin Marietta Materials, Inc.

    91,039       37,369,689  

Vulcan Materials Co.

    80,645       16,291,903  
   

 

 

 
      53,661,592  
Consumer Finance — 0.6%  

American Express Co.

    437,074       65,207,070  

Capital One Financial Corp.

    561,871       54,529,581  

 

 

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)

September 30, 2023

  

iShares® S&P 500 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Consumer Finance (continued)

 

Discover Financial Services

    155,087     $ 13,435,187  

Synchrony Financial

    612,550       18,725,653  
   

 

 

 
      151,897,491  
Consumer Staples Distribution & Retail — 2.7%  

Costco Wholesale Corp.

    221,941             125,387,787  

Kroger Co. (The)

    972,674       43,527,162  

Sysco Corp.

    744,040       49,143,842  

Target Corp.

    679,887       75,175,106  

Walgreens Boots Alliance, Inc.

    1,057,922       23,528,185  

Walmart, Inc.

    2,102,299       336,220,679  
   

 

 

 
      652,982,761  
Containers & Packaging — 0.5%  

Amcor PLC

    2,165,250       19,833,690  

Avery Dennison Corp.

    118,053       21,564,741  

Ball Corp.

    465,021       23,148,745  

International Paper Co.

    511,948       18,158,796  

Packaging Corp. of America

    132,674       20,372,093  

Sealed Air Corp.

    214,399       7,045,151  

Westrock Co.

    376,301       13,471,576  
   

 

 

 
      123,594,792  
Distributors — 0.2%            

Genuine Parts Co.

    57,668       8,326,106  

LKQ Corp.

    391,944       19,405,147  

Pool Corp.

    21,547       7,672,887  
   

 

 

 
      35,404,140  
Diversified Telecommunication Services — 1.5%  

AT&T Inc.

    10,530,625       158,169,987  

Verizon Communications, Inc.

    6,192,638       200,703,398  
   

 

 

 
      358,873,385  
Electric Utilities — 3.3%            

Alliant Energy Corp.

    373,235       18,083,236  

American Electric Power Co., Inc.

    758,865       57,081,825  

Constellation Energy Corp.

    473,712       51,672,505  

Duke Energy Corp.

    1,135,269       100,198,842  

Edison International

    564,593       35,733,091  

Entergy Corp.

    311,479       28,811,808  

Evergy, Inc.

    337,393       17,105,825  

Eversource Energy

    514,211       29,901,370  

Exelon Corp.

    1,465,978       55,399,309  

FirstEnergy Corp.

    758,186       25,914,797  

NextEra Energy, Inc.

    2,980,973       170,779,943  

NRG Energy, Inc.

    178,091       6,860,065  

Pinnacle West Capital Corp.

    167,377       12,332,337  

PPL Corp.

    1,087,266       25,615,987  

Southern Co. (The)

    1,606,398       103,966,079  

Xcel Energy, Inc.

    811,650       46,442,613  
   

 

 

 
      785,899,632  
Electrical Equipment — 1.2%            

AMETEK, Inc.(b)

    170,142       25,140,182  

Eaton Corp. PLC

    587,735       125,352,121  

Emerson Electric Co.

    841,831       81,295,620  

Generac Holdings, Inc.(a)

    92,316       10,058,751  

Rockwell Automation, Inc.

    169,191       48,366,631  
   

 

 

 
      290,213,305  
Electronic Equipment, Instruments & Components — 0.8%  

CDW Corp.

    73,005       14,729,489  

Corning, Inc.

    1,134,515       34,568,672  

Keysight Technologies, Inc.(a)

    120,957       16,003,821  

TE Connectivity Ltd.

    462,439       57,125,090  
Security   Shares     Value  

Electronic Equipment, Instruments & Components (continued)

 

Teledyne Technologies, Inc.(a)(b)

    69,342     $ 28,331,754  

Trimble, Inc.(a)

    366,840       19,758,002  

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

    75,223       17,792,496  
   

 

 

 
      188,309,324  
Energy Equipment & Services — 0.7%            

Baker Hughes Co., Class A

    1,487,241       52,529,352  

Halliburton Co.

    1,323,577       53,604,869  

Schlumberger NV

    983,915       57,362,244  
   

 

 

 
      163,496,465  
Entertainment — 2.5%            

Activision Blizzard, Inc.

    432,060       40,453,778  

Electronic Arts, Inc.

    116,759       14,057,784  

Live Nation Entertainment, Inc.(a)(b)

    209,839       17,425,031  

Netflix, Inc.(a)

    652,765             246,484,064  

Take-Two Interactive Software, Inc.(a)

    232,313       32,614,422  

Walt Disney Co. (The)(a)

    2,695,302       218,454,227  

Warner Bros Discovery, Inc., Class A(a)(b)

    3,267,189       35,481,672  
   

 

 

 
      604,970,978  
Financial Services — 4.9%            

Berkshire Hathaway, Inc., Class B(a)

    2,686,321       941,018,247  

Fidelity National Information Services, Inc.

    872,204       48,206,715  

Fiserv, Inc.(a)

    277,974       31,399,943  

FleetCor Technologies, Inc.(a)

    51,518       13,154,606  

Global Payments, Inc.

    382,977       44,191,716  

PayPal Holdings, Inc.(a)

    1,617,431       94,555,016  
   

 

 

 
      1,172,526,243  
Food Products — 1.1%            

Archer-Daniels-Midland Co.

    402,059       30,323,290  

Bunge Ltd.

    130,126       14,086,139  

Campbell Soup Co.

    120,202       4,937,898  

Conagra Brands, Inc.

    703,770       19,297,373  

General Mills, Inc.

    276,534       17,695,411  

Hormel Foods Corp.

    118,180       4,494,385  

J M Smucker Co. (The)

    151,123       18,574,528  

Kellanova

    175,566       10,447,933  

Kraft Heinz Co. (The)

    1,176,048       39,562,255  

McCormick & Co., Inc., NVS

    181,687       13,742,805  

Mondelez International, Inc., Class A

    921,805       63,973,267  

Tyson Foods, Inc., Class A

    419,638       21,187,522  
   

 

 

 
      258,322,806  
Gas Utilities — 0.0%            

Atmos Energy Corp.

    84,159       8,914,963  
   

 

 

 
Ground Transportation — 0.9%  

CSX Corp.

    1,536,790       47,256,292  

Norfolk Southern Corp.

    334,398       65,852,998  

Union Pacific Corp.

    448,871       91,403,602  
   

 

 

 
      204,512,892  
Health Care Equipment & Supplies — 4.0%  

Abbott Laboratories

    1,226,985       118,833,497  

Align Technology, Inc.(a)

    104,845       32,011,275  

Baxter International, Inc.

    747,953       28,227,746  

Becton Dickinson & Co.

    427,337       110,479,435  

Boston Scientific Corp.(a)(b)

    1,013,710       53,523,888  

Cooper Cos., Inc. (The)

    73,142       23,259,887  

DENTSPLY SIRONA, Inc.

    311,216       10,631,139  

Edwards Lifesciences Corp.(a)(b)

    895,473       62,038,369  

GE HealthCare Technologies, Inc.(b)

    576,188       39,203,832  

IDEXX Laboratories, Inc.(a)

    62,477       27,319,318  

Intuitive Surgical, Inc.(a)

    263,952       77,150,530  

 

 

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

    19  


Schedule of Investments  (unaudited)  (continued)

September 30, 2023

  

iShares® S&P 500 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Health Care Equipment & Supplies (continued)

 

Medtronic PLC

    1,960,820     $ 153,649,855  

ResMed, Inc.

    100,040       14,792,915  

STERIS PLC

    145,315       31,885,017  

Stryker Corp.

    497,885       136,057,034  

Teleflex, Inc.

    69,216       13,594,715  

Zimmer Biomet Holdings, Inc.

    307,205       34,474,545  
   

 

 

 
      967,132,997  
Health Care Providers & Services — 2.1%  

Cardinal Health, Inc.

    375,031       32,560,191  

Cencora, Inc.

    245,566       44,194,513  

Centene Corp.(a)(b)

    797,610       54,939,377  

Cigna Group (The)

    222,352       63,608,237  

CVS Health Corp.

    1,891,946       132,095,670  

DaVita, Inc.(a)(b)

    79,135       7,480,632  

HCA Healthcare, Inc.

    136,235       33,511,085  

Henry Schein, Inc.(a)(b)

    193,241       14,348,144  

Humana, Inc.

    65,614       31,922,523  

Laboratory Corp. of America Holdings

    130,510       26,239,036  

McKesson Corp.

    107,305       46,661,579  

Quest Diagnostics, Inc.

    56,492       6,884,115  

Universal Health Services, Inc., Class B

    91,970       11,563,388  
   

 

 

 
      506,008,490  
Health Care REITs — 0.4%            

Healthpeak Properties, Inc.

    807,042       14,817,291  

Ventas, Inc.

    591,159       24,905,529  

Welltower, Inc.

    764,099       62,594,990  
   

 

 

 
      102,317,810  
Hotel & Resort REITs — 0.1%            

Host Hotels & Resorts, Inc.

    1,053,127       16,923,751  
   

 

 

 
Hotels, Restaurants & Leisure — 2.8%  

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

    376,821       51,703,609  

Booking Holdings, Inc.(a)

    52,575             162,138,671  

Caesars Entertainment, Inc.(a)

    316,003       14,646,739  

Carnival Corp.(a)(b)

    1,489,358       20,433,992  

Darden Restaurants, Inc.

    178,566       25,574,222  

Domino’s Pizza, Inc.

    27,927       10,578,468  

Expedia Group, Inc.(a)(b)

    202,026       20,822,820  

Hilton Worldwide Holdings, Inc.

    199,910       30,022,484  

Las Vegas Sands Corp.

    482,053       22,097,310  

Marriott International, Inc., Class A

    180,652       35,508,957  

McDonald’s Corp.

    407,924       107,463,499  

MGM Resorts International

    415,461       15,272,346  

Norwegian Cruise Line Holdings Ltd.(a)

    620,974       10,233,652  

Royal Caribbean Cruises Ltd.(a)

    346,619       31,937,475  

Starbucks Corp.

    826,727       75,455,373  

Wynn Resorts Ltd.

    143,334       13,245,495  

Yum! Brands, Inc.

    149,281       18,651,168  
   

 

 

 
      665,786,280  
Household Durables — 0.7%            

DR Horton, Inc.

    225,311       24,214,173  

Garmin Ltd.

    225,697       23,743,324  

Lennar Corp., Class A

    371,976       41,746,867  

Mohawk Industries, Inc.(a)

    77,816       6,677,391  

NVR, Inc.(a)(b)

    4,796       28,599,987  

PulteGroup, Inc.

    322,080       23,850,024  

Whirlpool Corp.

    80,907       10,817,266  
   

 

 

 
      159,649,032  
Household Products — 1.4%            

Church & Dwight Co., Inc.

    362,415       33,208,086  

Clorox Co. (The)

    100,212       13,133,785  
Security   Shares     Value  

Household Products (continued)

   

Colgate-Palmolive Co.

    547,656     $ 38,943,818  

Kimberly-Clark Corp.

    258,728       31,267,279  

Procter & Gamble Co. (The)

    1,562,562       227,915,293  
   

 

 

 
      344,468,261  
Independent Power and Renewable Electricity Producers — 0.0%  

AES Corp. (The)

    408,722       6,212,574  
   

 

 

 
Industrial Conglomerates — 1.8%            

3M Co.

    813,096       76,122,047  

General Electric Co.

    1,603,203       177,234,092  

Honeywell International, Inc.

    978,028       180,680,893  
   

 

 

 
      434,037,032  
Industrial REITs — 0.6%            

Prologis, Inc.

    1,360,868       152,702,998  
   

 

 

 
Insurance — 2.6%            

Aflac, Inc.

    796,310       61,116,792  

Allstate Corp. (The)

    385,304       42,926,719  

American International Group, Inc.

    1,048,644       63,547,826  

Aon PLC, Class A

    101,426       32,884,338  

Arthur J. Gallagher & Co.

    114,637       26,129,211  

Assurant, Inc.

    78,764       11,308,935  

Brown & Brown, Inc.

    140,951       9,844,018  

Chubb Ltd.

    260,159       54,159,901  

Cincinnati Financial Corp.

    231,052       23,634,309  

Everest Group Ltd.

    26,542       9,864,865  

Globe Life, Inc.

    37,682       4,097,164  

Hartford Financial Services Group, Inc. (The)

    449,877       31,900,778  

Loews Corp.

    273,683       17,326,871  

Marsh & McLennan Cos., Inc.

    261,737       49,808,551  

MetLife, Inc.

    930,505       58,538,070  

Principal Financial Group, Inc.

    127,743       9,206,438  

Prudential Financial, Inc.

    534,707       50,738,347  

Travelers Cos., Inc. (The)

    155,705       25,428,184  

Willis Towers Watson PLC

    154,401       32,263,633  
   

 

 

 
      614,724,950  
Interactive Media & Services — 4.2%  

Match Group, Inc.(a)(b)

    411,736       16,129,758  

Meta Platforms, Inc., Class A(a)

    3,273,911       982,860,821  
   

 

 

 
      998,990,579  
IT Services — 1.8%            

Accenture PLC, Class A

    473,879             145,532,980  

Akamai Technologies, Inc.(a)(b)

    224,513       23,919,615  

Cognizant Technology Solutions Corp., Class A

    743,936       50,394,225  

DXC Technology Co.(a)

    303,664       6,325,321  

EPAM Systems, Inc.(a)

    27,637       7,066,504  

International Business Machines Corp.

    1,341,931       188,272,919  

VeriSign, Inc.(a)

    67,594       13,689,813  
   

 

 

 
      435,201,377  
Leisure Products — 0.1%            

Hasbro, Inc.

    193,248       12,781,423  
   

 

 

 
Life Sciences Tools & Services — 0.8%  

Agilent Technologies, Inc.

    173,655       19,418,102  

Bio-Rad Laboratories, Inc., Class A(a)(b)

    30,908       11,078,973  

Bio-Techne Corp.

    121,567       8,275,066  

Charles River Laboratories
International, Inc.(a)(b)

    75,925       14,879,782  

Illumina, Inc.(a)(b)

    232,916       31,974,708  

IQVIA Holdings, Inc.(a)(b)

    139,927       27,530,637  

Mettler-Toledo International, Inc.(a)(b)

    11,245       12,460,247  

 

 

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)

September 30, 2023

  

iShares® S&P 500 Value ETF

(Percentages shown are based on Net Assets)

 

Security   Shares     Value  

Life Sciences Tools & Services (continued)

 

Revvity, Inc.

    181,896     $ 20,135,887  

West Pharmaceutical Services, Inc.

    108,780       40,815,344  
   

 

 

 
      186,568,746  
Machinery — 2.4%            

Caterpillar, Inc.

    300,580       82,058,340  

Cummins, Inc.

    102,315       23,374,885  

Dover Corp.

    206,037       28,744,222  

Fortive Corp.

    518,313       38,438,092  

IDEX Corp.

    48,328       10,053,191  

Illinois Tool Works, Inc.

    198,616       45,743,251  

Ingersoll Rand, Inc.(b)

    597,428       38,068,112  

Nordson Corp.

    80,120       17,880,380  

Otis Worldwide Corp.

    606,509       48,708,738  

PACCAR, Inc.

    770,103       65,474,157  

Parker-Hannifin Corp.

    188,983       73,612,658  

Pentair PLC

    243,566       15,770,898  

Snap-on, Inc.

    33,221       8,473,348  

Stanley Black & Decker, Inc.

    225,913       18,881,809  

Westinghouse Air Brake Technologies Corp.

    263,230       27,973,452  

Xylem, Inc.

    354,233       32,245,830  
   

 

 

 
      575,501,363  
Media — 1.7%            

Charter Communications, Inc., Class A(a)(b)

    149,919       65,937,375  

Comcast Corp., Class A

    6,062,495             268,811,028  

Fox Corp., Class A, NVS

    375,460       11,714,352  

Fox Corp., Class B

    195,253       5,638,907  

Interpublic Group of Cos., Inc. (The)

    564,855       16,188,744  

News Corp., Class A, NVS

    558,037       11,194,222  

News Corp., Class B

    171,001       3,568,791  

Omnicom Group, Inc.

    289,698       21,576,707  

Paramount Global, Class B, NVS

    713,693       9,206,640  
   

 

 

 
          413,836,766  
Metals & Mining — 0.2%            

Newmont Corp.

    1,170,657       43,255,776