September
30,
2022
iShares
Trust
iShares
Russell
1000
ETF
|
IWB
|
NYSE
Arca
iShares
Russell
1000
Growth
ETF
|
IWF
|
NYSE
Arca
iShares
Russell
1000
Value
ETF
|
IWD
|
NYSE
Arca
2022
Semi-Annual
Report
(Unaudited)
Dear
Shareholder,
The
12-month
reporting
period
as
of
September
30,
2022
saw
the
emergence
of
significant
challenges
that
disrupted
the
economic
recovery
and
strong
financial
markets
of
2021.
The
U.S.
economy
shrank
in
the
first
half
of
2022,
ending
the
run
of
robust
growth
that
followed
the
reopening
of
global
economies
and
the
development
of
COVID-19
vaccines.
Changes
in
consumer
spending
patterns
and
a
tight
labor
market
led
to
elevated
inflation,
which
reached
a
40-year
high.
Moreover,
while
the
foremost
effect
of
Russia’s
invasion
of
Ukraine
has
been
a
severe
humanitarian
crisis,
the
ongoing
war
continued
to
present
challenges
for
both
investors
and
policymakers.
Equity
prices
fell
as
interest
rates
rose,
particularly
weighing
on
relatively
high-valuation
growth
stocks
and
economically
sensitive
small-capitalization
stocks.
While
both
large-
and
small-capitalization
U.S.
stocks
fell,
declines
for
small-capitalization
U.S.
stocks
were
steeper.
Both
emerging
market
stocks
and
international
equities
from
developed
markets
fell
significantly,
pressured
by
rising
interest
rates
and
a
strengthening
U.S.
dollar.
The
10-year
U.S.
Treasury
yield
(which
is
inversely
related
to
bond
prices)
rose
notably
during
the
reporting
period
as
investors
reacted
to
higher
inflation
and
attempted
to
anticipate
its
impact
on
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
and
increasing
uncertainty
led
to
higher
corporate
bond
spreads
(the
difference
in
yield
between
U.S.
Treasuries
and
similarly-dated
corporate
bonds).
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
is
proving
more
persistent
than
expected,
raised
interest
rates
five
times
while
indicating
that
additional
rate
hikes
were
likely.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
is
accelerating
the
reduction
of
its
balance
sheet.
As
investors
attempted
to
assess
the
Fed’s
future
trajectory,
the
Fed’s
statements
late
in
the
reporting
period
led
markets
to
believe
that
additional
tightening
is
likely
in
the
near
term.
The
pandemic’s
restructuring
of
the
economy
brought
an
ongoing
mismatch
between
supply
and
demand,
contributing
to
the
current
inflationary
regime.
While
growth
has
slowed
in
2022,
we
believe
that
taming
inflation
requires
a
more
dramatic
economic
decline
to
bring
demand
back
to
a
lower
level
that
is
more
in
line
with
the
economy’s
capacity.
The
Fed
has
been
raising
interest
rates
at
the
fastest
pace
in
decades,
and
seems
set
to
overtighten
in
its
effort
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
and
the
outlook
for
Europe
and
the
U.K.
is
also
troubling.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Rising
input
costs
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
However,
we
see
better
opportunities
in
credit,
where
higher
spreads
provide
income
opportunities
and
partially
compensate
for
inflation
risk.
We
believe
that
investment-grade
corporates,
local-currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Total
Returns
as
of
September
30,
2022
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
(20.20
)%
(15.47
)%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(19.01
)
(23.50
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
(22.51
)
(25.13
)
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
(21.70
)
(28.11
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
0.58
0.63
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
(10.81
)
(16.20
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
(9.22
)
(14.60
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
(6.30
)
(11.50
)
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
(10.42
)
(14.15
)
2
This
Page
is
not
Part
of
Your
Fund
Report
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
7
Disclosure
of
Expenses
...................................................................................................
7
Schedules
of
Investments
.................................................................................................
8
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
38
Statements
of
Operations
................................................................................................
39
Statements
of
Changes
in
Net
Assets
........................................................................................
40
Financial
Highlights
.....................................................................................................
42
Notes
to
Financial
Statements
...............................................................................................
45
Board
Review
and
Approval
of
Investment
Advisory
Contract
...........................................................................
53
Supplemental
Information
.................................................................................................
55
General
Information
.....................................................................................................
56
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
57
iShares
®
Russell
1000
ETF
4
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
Russell
1000
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
large-
and
mid-capitalization
U.S.
equities,
as
represented
by
the
Russell
1000
®
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(20.56
)
%
(17.33
)
%
8.85
%
11.46
%
(17.33
)
%
52.82
%
195.89
%
Fund
Market
................
(20.48
)
(17.23
)
8.88
11.48
%
(17.23
)
53.04
196.40
Index
.....................
(20.51
)
(17.22
)
9.00
11.60
(17.22
)
53.86
199.77
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
794.40
$
0.67
$
1,000.00
$
1,024.32
$
0.76
0.15
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
26.0‌
%
Health
Care
...................................
14.7‌
Consumer
Discretionary
...........................
11.6‌
Financials
.....................................
11.4‌
Industrials
.....................................
8.6‌
Communication
Services
...........................
7.8‌
Consumer
Staples
...............................
6.4‌
Energy
.......................................
4.6‌
Real
Estate
....................................
3.2‌
Utilities
.......................................
3.0‌
Materials
.....................................
2.7‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Apple,
Inc.
....................................
6.3‌
%
Microsoft
Corp.
.................................
5.2‌
Amazon.com,
Inc.
...............................
3.0‌
Tesla,
Inc.
.....................................
2.0‌
Alphabet,
Inc.,
Class
A
............................
1.7‌
Alphabet,
Inc.,
Class
C,
NVS
........................
1.6‌
Berkshire
Hathaway,
Inc.,
Class
B
....................
1.4‌
UnitedHealth
Group,
Inc.
...........................
1.4‌
Johnson
&
Johnson
..............................
1.3‌
Exxon
Mobil
Corp.
...............................
1.1‌
aaa
aa
iShares
®
Russell
1000
Growth
ETF
5
Fund
Summary
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
Russell
1000
Growth
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
large-
and
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
Russell
1000
®
Growth
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(23.84
)
%
(22.73
)
%
11.95
%
13.49
%
(22.73
)
%
75.85
%
254.39
%
Fund
Market
................
(23.88
)
(22.67
)
11.97
13.50
%
(22.67
)
75.97
254.73
Index
.....................
(23.77
)
(22.59
)
12.17
13.70
(22.59
)
77.54
261.10
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
761.60
$
0.84
$
1,000.00
$
1,024.12
$
0.96
0.19
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Information
Technology
............................
42.7‌
%
Consumer
Discretionary
...........................
17.0‌
Health
Care
...................................
12.2‌
Communication
Services
...........................
7.6‌
Industrials
.....................................
7.2‌
Consumer
Staples
...............................
5.7‌
Financials
.....................................
3.0‌
Real
Estate
....................................
1.6‌
Energy
.......................................
1.6‌
Materials
.....................................
1.4‌
Utilities
.......................................
0.0‌
(b)
a
a
(a)
Excludes
money
market
funds.
(b)
Rounds
to
less
than
0.1%.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Apple,
Inc.
....................................
12.5‌
%
Microsoft
Corp.
.................................
10.3‌
Amazon.com,
Inc.
...............................
5.9‌
Tesla,
Inc.
.....................................
4.0‌
Alphabet,
Inc.,
Class
A
............................
2.9‌
Alphabet,
Inc.,
Class
C,
NVS
........................
2.7‌
UnitedHealth
Group,
Inc.
...........................
2.5‌
Visa,
Inc.,
Class
A
...............................
1.7‌
NVIDIA
Corp.
..................................
1.7‌
Mastercard,
Inc.,
Class
A
...........................
1.5‌
      aaa
aa
iShares
®
Russell
1000
Value
ETF
6
2022
iShares
Semi-Annual
Report
to
Shareholders
Fund
Summary
as
of
September
30,
2022
Investment
Objective
The
iShares
Russell
1000
Value
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
large-
and
mid-capitalization
U.S.
equities
that
exhibit
value
characteristics,
as
represented
by
the
Russell
1000
®
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
Past
performance
is
not
an
indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance”
for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
..................
(17.21
)
%
(11.54
)
%
5.12
%
8.98
%
(11.54
)
%
28.34
%
136.24
%
Fund
Market
................
(17.17
)
(11.40
)
5.14
8.99
%
(11.40
)
28.49
136.60
Index
.....................
(17.14
)
(11.36
)
5.29
9.17
(11.36
)
29.38
140.50
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(04/01/22)
Ending
Account
Value
(09/30/22)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00
$
827.90
$
0.87
$
1,000.00
$
1,024.12
$
0.96
0.19
%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
183/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
SECTOR
ALLOCATION
Sector
Percent
of
Total
Investments
(a)
Financials
.....................................
20.0‌
%
Health
Care
...................................
17.3‌
Industrials
.....................................
10.0‌
Information
Technology
............................
8.8‌
Communication
Services
...........................
8.0‌
Energy
.......................................
7.8‌
Consumer
Staples
...............................
7.2‌
Consumer
Discretionary
...........................
6.0‌
Utilities
.......................................
6.0‌
Real
Estate
....................................
4.8‌
Materials
.....................................
4.1‌
a
a
(a)
Excludes
money
market
funds.
TEN
LARGEST
HOLDINGS
Security
Percent
of
Total
Investments
(a)
Berkshire
Hathaway,
Inc.,
Class
B
....................
2.9‌
%
Johnson
&
Johnson
..............................
2.6‌
Exxon
Mobil
Corp.
...............................
2.2‌
JPMorgan
Chase
&
Co.
...........................
1.8‌
Chevron
Corp.
..................................
1.7‌
Pfizer,
Inc.
....................................
1.5‌
Meta
Platforms,
Inc.,
Class
A
........................
1.5‌
Bank
of
America
Corp.
............................
1.3‌
Walmart,
Inc.
...................................
1.1‌
Thermo
Fisher
Scientific,
Inc.
........................
1.1‌
aaa
aa
About
Fund
Performance
7
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of each
Fund's
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market
Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated.
Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of
Expenses
Shareholders
of
each
Fund
may
incur
the
following
charges:
(1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown
(which
are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
each
Fund
and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide
information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to
estimate
the
expenses
a
shareholder
paid
during
the
period
covered
by
this
report,
shareholders
can
divide
their
account
value
by
$1,000
and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the Period.”
The
expense
examples
also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on
a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the
ongoing
expenses
of
investing
in
the
Funds
and
other
funds,
compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples
are
intended
to
highlight
shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples
are
useful
in
comparing
ongoing
expenses
only
and
will
not
help
shareholders
determine
the
relative
total
expenses
of
owning
different
funds.
If
these
transactional
expenses
were
included,
shareholder
expenses
would
have
been
higher.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
8
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
1
.6
%
Axon
Enterprise,
Inc.
(a)
...................
49,671
$
5,749,418
Boeing
Co.
(The)
(a)
(b)
.....................
404,322
48,955,308
BWX
Technologies,
Inc.
..................
62,687
3,157,544
Curtiss-Wright
Corp.
.....................
29,625
4,122,615
General
Dynamics
Corp.
..................
179,084
37,996,252
HEICO
Corp.
.........................
32,899
4,736,798
HEICO
Corp.
,
Class
A
....................
57,085
6,543,083
Hexcel
Corp.
..........................
62,474
3,231,155
Howmet
Aerospace,
Inc.
..................
281,638
8,711,063
Huntington
Ingalls
Industries,
Inc.
............
29,097
6,444,986
L3Harris
Technologies,
Inc.
(b)
...............
141,726
29,454,915
Lockheed
Martin
Corp.
...................
175,139
67,654,444
Mercury
Systems,
Inc.
(a)
..................
41,545
1,686,727
Northrop
Grumman
Corp.
.................
107,904
50,749,409
Raytheon
Technologies
Corp.
..............
1,097,221
89,818,511
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
......
81,224
1,780,430
Textron,
Inc.
(b)
.........................
153,848
8,963,185
TransDigm
Group,
Inc.
...................
38,020
19,953,656
Woodward,
Inc.
........................
46,040
3,695,171
403,404,670
a
Air
Freight
&
Logistics
 — 
0
.6
%
CH
Robinson
Worldwide,
Inc.
..............
89,874
8,655,765
Expeditors
International
of
Washington,
Inc.
.....
120,417
10,634,026
FedEx
Corp.
..........................
178,185
26,455,127
GXO
Logistics,
Inc.
(a)
(b)
...................
77,737
2,725,459
United
Parcel
Service,
Inc.
,
Class
B
..........
542,406
87,620,265
136,090,642
a
Airlines
 — 
0
.2
%
Alaska
Air
Group,
Inc.
(a)
...................
90,041
3,525,105
American
Airlines
Group,
Inc.
(a)
(b)
............
476,176
5,733,159
Copa
Holdings
SA
,
Class
A
,
NVS
(a)
(b)
..........
19,411
1,300,731
Delta
Air
Lines,
Inc.
(a)
....................
479,655
13,459,119
JetBlue
Airways
Corp.
(a)
..................
231,399
1,534,176
Southwest
Airlines
Co.
(a)
..................
436,112
13,449,694
United
Airlines
Holdings,
Inc.
(a)
(b)
.............
239,627
7,795,066
46,797,050
a
Auto
Components
 — 
0
.1
%
Aptiv
PLC
(a)
...........................
200,328
15,667,653
BorgWarner,
Inc.
.......................
167,960
5,273,944
Gentex
Corp.
.........................
164,773
3,928,188
Lear
Corp.
...........................
45,242
5,415,015
QuantumScape
Corp.
(a)
(b)
.................
204,242
1,717,675
32,002,475
a
Automobiles
 — 
2
.4
%
Ford
Motor
Co.
........................
2,903,854
32,523,165
General
Motors
Co.
.....................
1,071,611
34,387,997
Harley-Davidson,
Inc.
....................
98,994
3,452,911
Lucid
Group,
Inc.
(a)
(b)
.....................
407,692
5,695,457
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
...........
384,387
12,650,176
Tesla,
Inc.
(a)
...........................
1,876,985
497,870,271
Thor
Industries,
Inc.
.....................
41,035
2,871,629
589,451,606
a
Banks
 — 
3
.7
%
Bank
of
America
Corp.
...................
5,182,326
156,506,245
Bank
of
Hawaii
Corp.
....................
28,326
2,156,175
Bank
OZK
...........................
82,770
3,274,381
BOK
Financial
Corp.
.....................
19,053
1,693,050
Citigroup,
Inc.
.........................
1,428,291
59,516,886
Citizens
Financial
Group,
Inc.
..............
362,600
12,458,936
Security
Shares
Value
a
Banks
(continued)
Comerica,
Inc.
.........................
97,999
$
6,967,729
Commerce
Bancshares,
Inc.
...............
83,779
5,542,819
Cullen/Frost
Bankers,
Inc.
.................
42,186
5,577,833
East
West
Bancorp,
Inc.
..................
101,260
6,798,596
Fifth
Third
Bancorp
.....................
509,321
16,277,899
First
Citizens
BancShares,
Inc.
,
Class
A
(b)
......
8,976
7,157,732
First
Hawaiian,
Inc.
.....................
84,896
2,090,988
First
Horizon
Corp.
......................
391,964
8,975,976
First
Republic
Bank
.....................
134,621
17,574,771
FNB
Corp.
...........................
254,762
2,955,239
Huntington
Bancshares,
Inc.
...............
1,062,867
14,008,587
JPMorgan
Chase
&
Co.
..................
2,152,234
224,908,453
KeyCorp
.............................
692,566
11,094,907
M&T
Bank
Corp.
.......................
129,506
22,834,498
PacWest
Bancorp
......................
85,951
1,942,493
Pinnacle
Financial
Partners,
Inc.
.............
54,970
4,458,067
PNC
Financial
Services
Group,
Inc.
(The)
......
304,174
45,449,679
Popular,
Inc.
..........................
51,691
3,724,853
Prosperity
Bancshares,
Inc.
................
64,706
4,314,596
Regions
Financial
Corp.
..................
688,161
13,811,391
Signature
Bank
........................
45,425
6,859,175
SVB
Financial
Group
(a)
...................
43,919
14,747,122
Synovus
Financial
Corp.
..................
106,573
3,997,553
Truist
Financial
Corp.
....................
979,341
42,640,507
U.S.
Bancorp
.........................
994,468
40,096,950
Umpqua
Holdings
Corp.
..................
168,105
2,872,914
Webster
Financial
Corp.
..................
128,303
5,799,296
Wells
Fargo
&
Co.
......................
2,798,345
112,549,436
Western
Alliance
Bancorp
.................
79,517
5,227,448
Wintrust
Financial
Corp.
..................
44,198
3,604,347
Zions
Bancorp
NA
......................
109,888
5,588,904
906,056,431
a
Beverages
 — 
1
.7
%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
,
NVS
(a)
(b)
....
6,964
2,253,899
Brown-Forman
Corp.
,
Class
A
(b)
.............
33,850
2,286,906
Brown-Forman
Corp.
,
Class
B
,
NVS
..........
135,793
9,039,740
Coca-Cola
Co.
(The)
....................
2,881,016
161,394,516
Constellation
Brands,
Inc.
,
Class
A
...........
111,849
25,689,478
Keurig
Dr
Pepper,
Inc.
...................
632,263
22,647,661
Molson
Coors
Beverage
Co.
,
Class
B
.........
131,490
6,310,205
Monster
Beverage
Corp.
(a)
.................
275,014
23,915,217
PepsiCo,
Inc.
.........................
1,020,056
166,534,343
420,071,965
a
Biotechnology
 — 
2
.4
%
AbbVie,
Inc.
..........................
1,304,066
175,018,698
Alnylam
Pharmaceuticals,
Inc.
(a)
.............
88,937
17,801,630
Amgen,
Inc.
..........................
394,000
88,807,600
Biogen,
Inc.
(a)
.........................
107,385
28,671,795
BioMarin
Pharmaceutical,
Inc.
(a)
.............
136,009
11,529,483
Exact
Sciences
Corp.
(a)
(b)
..................
128,779
4,184,030
Exelixis,
Inc.
(a)
.........................
225,059
3,528,925
Gilead
Sciences,
Inc.
....................
926,212
57,138,018
Horizon
Therapeutics
PLC
(a)
...............
165,418
10,237,720
Incyte
Corp.
(a)
(b)
........................
134,477
8,961,547
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
..............
101,815
4,503,278
Mirati
Therapeutics,
Inc.
(a)
(b)
................
31,558
2,204,011
Moderna,
Inc.
(a)
(b)
.......................
250,371
29,606,371
Natera,
Inc.
(a)
.........................
66,918
2,932,347
Neurocrine
Biosciences,
Inc.
(a)
..............
70,006
7,435,337
Novavax,
Inc.
(a)
(b)
.......................
52,922
963,180
Regeneron
Pharmaceuticals,
Inc.
(a)
(b)
..........
76,425
52,646,890
Sarepta
Therapeutics,
Inc.
(a)
(b)
..............
61,763
6,827,282
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
9
Schedule
of
Investments
Security
Shares
Value
a
Biotechnology
(continued)
Seagen,
Inc.
(a)
.........................
100,800
$
13,792,464
Ultragenyx
Pharmaceutical,
Inc.
(a)
............
45,386
1,879,434
United
Therapeutics
Corp.
(a)
................
31,905
6,680,269
Vertex
Pharmaceuticals,
Inc.
(a)
(b)
.............
188,495
54,576,842
589,927,151
a
Building
Products
 — 
0
.6
%
A
O
Smith
Corp.
.......................
96,374
4,681,849
Advanced
Drainage
Systems,
Inc.
...........
47,420
5,897,625
Allegion
PLC
..........................
67,073
6,015,107
Armstrong
World
Industries,
Inc.
.............
33,801
2,678,053
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
(b)
............
74,435
1,237,110
Builders
FirstSource,
Inc.
(a)
................
114,162
6,726,425
Carlisle
Companies,
Inc.
..................
37,900
10,627,539
Carrier
Global
Corp.
.....................
623,718
22,179,412
Fortune
Brands
Home
&
Security,
Inc.
.........
91,532
4,914,353
Hayward
Holdings,
Inc.
(a)
(b)
.................
52,713
467,564
Johnson
Controls
International
PLC
..........
512,024
25,201,821
Lennox
International,
Inc.
.................
22,757
5,067,301
Masco
Corp.
..........................
166,776
7,786,772
Owens
Corning
........................
73,460
5,774,691
Trane
Technologies
PLC
..................
171,996
24,906,741
Trex
Co.,
Inc.
(a)
(b)
.......................
77,434
3,402,450
137,564,813
a
Capital
Markets
 — 
3
.2
%
Affiliated
Managers
Group,
Inc.
.............
29,050
3,249,243
Ameriprise
Financial,
Inc.
.................
79,838
20,115,184
Ares
Management
Corp.
,
Class
A
............
115,230
7,138,499
Bank
of
New
York
Mellon
Corp.
(The)
.........
540,666
20,826,454
BlackRock,
Inc.
(c)
.......................
110,719
60,926,451
Blackstone,
Inc.
,
NVS
....................
518,347
43,385,644
Blue
Owl
Capital,
Inc.
,
Class
A
..............
321,322
2,965,802
Carlyle
Group,
Inc.
(The)
..................
151,767
3,921,659
Cboe
Global
Markets,
Inc.
.................
78,018
9,156,973
Charles
Schwab
Corp.
(The)
...............
1,121,481
80,600,839
CME
Group,
Inc.
,
Class
A
.................
264,262
46,808,728
Coinbase
Global,
Inc.
,
Class
A
(a)
(b)
............
117,557
7,581,251
Evercore,
Inc.
,
Class
A
...................
25,106
2,064,969
FactSet
Research
Systems,
Inc.
.............
27,942
11,179,874
Franklin
Resources,
Inc.
..................
208,281
4,482,207
Goldman
Sachs
Group,
Inc.
(The)
...........
245,455
71,930,588
Interactive
Brokers
Group,
Inc.
,
Class
A
........
68,273
4,363,327
Intercontinental
Exchange,
Inc.
.............
406,491
36,726,462
Invesco
Ltd.
..........................
274,805
3,764,829
Janus
Henderson
Group
PLC
..............
89,834
1,824,529
Jefferies
Financial
Group,
Inc.
..............
156,166
4,606,897
KKR
&
Co.,
Inc.
........................
426,500
18,339,500
Lazard
Ltd.
,
Class
A
.....................
65,715
2,091,708
LPL
Financial
Holdings,
Inc.
(b)
..............
58,738
12,833,078
MarketAxess
Holdings,
Inc.
................
27,763
6,176,990
Moody's
Corp.
.........................
117,676
28,608,212
Morgan
Stanley
........................
924,044
73,008,716
Morningstar,
Inc.
.......................
17,343
3,682,266
MSCI,
Inc.
,
Class
A
.....................
58,006
24,466,351
Nasdaq,
Inc.
..........................
257,524
14,596,460
Northern
Trust
Corp.
.....................
151,279
12,943,431
Raymond
James
Financial,
Inc.
.............
142,706
14,102,207
Robinhood
Markets,
Inc.
,
Class
A
(a)
(b)
..........
434,293
4,386,359
S&P
Global,
Inc.
.......................
245,900
75,085,565
SEI
Investments
Co.
.....................
80,282
3,937,832
State
Street
Corp.
......................
270,081
16,423,626
Stifel
Financial
Corp.
....................
75,233
3,905,345
T
Rowe
Price
Group,
Inc.
.................
167,144
17,551,791
Tradeweb
Markets,
Inc.
,
Class
A
.............
76,537
4,318,218
Security
Shares
Value
a
Capital
Markets
(continued)
Virtu
Financial,
Inc.
,
Class
A
................
61,057
$
1,268,154
785,346,218
a
Chemicals
 — 
1
.8
%
Air
Products
and
Chemicals,
Inc.
............
163,333
38,012,489
Albemarle
Corp.
.......................
86,090
22,765,640
Ashland,
Inc.
..........................
38,218
3,629,563
Axalta
Coating
Systems
Ltd.
(a)
(b)
.............
162,499
3,422,229
Celanese
Corp.
........................
81,205
7,336,060
CF
Industries
Holdings,
Inc.
................
147,229
14,170,791
Chemours
Co.
(The)
.....................
116,535
2,872,588
Corteva,
Inc.
..........................
533,667
30,499,069
Dow,
Inc.
............................
530,690
23,313,212
DuPont
de
Nemours,
Inc.
.................
369,917
18,643,817
Eastman
Chemical
Co.
...................
90,610
6,437,840
Ecolab,
Inc.
..........................
182,693
26,384,523
Element
Solutions,
Inc.
...................
156,203
2,541,423
FMC
Corp.
...........................
92,745
9,803,147
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
603,941
1,884,296
Huntsman
Corp.
.......................
134,131
3,291,575
International
Flavors
&
Fragrances,
Inc.
........
188,483
17,119,911
Linde
PLC
...........................
370,722
99,942,944
LyondellBasell
Industries
NV
,
Class
A
.........
192,637
14,501,713
Mosaic
Co.
(The)
.......................
255,316
12,339,422
NewMarket
Corp.
.......................
4,827
1,452,106
Olin
Corp.
............................
93,931
4,027,761
PPG
Industries,
Inc.
.....................
175,712
19,449,561
RPM
International,
Inc.
...................
94,329
7,858,549
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
.........
25,213
1,077,856
Sherwin-Williams
Co.
(The)
................
176,164
36,069,579
Valvoline,
Inc.
.........................
139,060
3,523,780
Westlake
Corp.
........................
21,543
1,871,656
434,243,100
a
Commercial
Services
&
Supplies
 — 
0
.6
%
Cintas
Corp.
..........................
63,927
24,815,822
Clean
Harbors,
Inc.
(a)
....................
37,553
4,130,079
Copart,
Inc.
(a)
(b)
........................
156,872
16,691,181
Driven
Brands
Holdings,
Inc.
(a)
..............
39,791
1,113,352
IAA,
Inc.
(a)
(b)
...........................
91,769
2,922,843
MSA
Safety,
Inc.
.......................
27,057
2,956,789
Republic
Services,
Inc.
...................
151,840
20,656,313
Rollins,
Inc.
...........................
169,779
5,887,936
Stericycle,
Inc.
(a)
.......................
67,709
2,851,226
Tetra
Tech,
Inc.
........................
39,210
5,039,661
Waste
Management,
Inc.
..................
305,763
48,986,290
136,051,492
a
Communications
Equipment
 — 
0
.8
%
Arista
Networks,
Inc.
(a)
...................
181,280
20,464,699
Ciena
Corp.
(a)
.........................
110,220
4,456,195
Cisco
Systems,
Inc.
.....................
3,067,862
122,714,480
F5,
Inc.
(a)
............................
43,702
6,324,990
Juniper
Networks,
Inc.
...................
236,068
6,166,096
Lumentum
Holdings,
Inc.
(a)
(b)
...............
50,735
3,478,899
Motorola
Solutions,
Inc.
..................
121,208
27,146,956
Ubiquiti,
Inc.
(b)
.........................
4,639
1,361,825
Viasat,
Inc.
(a)
(b)
.........................
56,177
1,698,231
193,812,371
a
Construction
&
Engineering
 — 
0
.1
%
AECOM
.............................
97,022
6,633,394
MasTec,
Inc.
(a)
(b)
........................
41,104
2,610,104
MDU
Resources
Group,
Inc.
...............
153,703
4,203,777
Quanta
Services,
Inc.
....................
104,879
13,360,536
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
10
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Construction
&
Engineering
(continued)
Valmont
Industries,
Inc.
...................
14,596
$
3,920,777
WillScot
Mobile
Mini
Holdings
Corp.
,
Class
A
(a)
...
152,969
6,169,240
36,897,828
a
Construction
Materials
 — 
0
.1
%
Eagle
Materials,
Inc.
.....................
27,669
2,965,563
Martin
Marietta
Materials,
Inc.
..............
45,656
14,705,341
Vulcan
Materials
Co.
....................
98,691
15,564,558
33,235,462
a
Consumer
Finance
 — 
0
.5
%
Ally
Financial,
Inc.
......................
228,197
6,350,722
American
Express
Co.
...................
444,217
59,929,315
Capital
One
Financial
Corp.
................
281,982
25,990,281
Credit
Acceptance
Corp.
(a)
(b)
................
4,555
1,995,090
Discover
Financial
Services
................
202,027
18,368,295
OneMain
Holdings,
Inc.
...................
78,659
2,322,014
SLM
Corp.
...........................
182,328
2,550,769
SoFi
Technologies,
Inc.
(a)
(b)
................
585,101
2,855,293
Synchrony
Financial
.....................
355,415
10,019,149
Upstart
Holdings,
Inc.
(a)
(b)
..................
43,212
898,377
131,279,305
a
Containers
&
Packaging
 — 
0
.4
%
Amcor
PLC
...........................
1,118,494
12,001,441
AptarGroup,
Inc.
.......................
47,962
4,557,829
Ardagh
Group
SA
,
Class
A
................
12,001
102,969
Ardagh
Metal
Packaging
SA
...............
108,872
526,940
Avery
Dennison
Corp.
....................
59,920
9,748,984
Ball
Corp.
............................
226,197
10,929,839
Berry
Global
Group,
Inc.
(a)
.................
90,865
4,227,948
Crown
Holdings,
Inc.
....................
84,010
6,807,330
Graphic
Packaging
Holding
Co.
.............
224,601
4,433,624
International
Paper
Co.
...................
265,531
8,417,333
Packaging
Corp.
.......................
69,666
7,822,795
Sealed
Air
Corp.
.......................
109,976
4,895,032
Silgan
Holdings,
Inc.
.....................
60,134
2,528,033
Sonoco
Products
Co.
....................
71,622
4,063,116
Westrock
Co.
.........................
181,598
5,609,562
86,672,775
a
Distributors
 — 
0
.1
%
Genuine
Parts
Co.
......................
102,282
15,272,748
LKQ
Corp.
...........................
188,090
8,868,444
Pool
Corp.
...........................
27,971
8,900,652
33,041,844
a
Diversified
Consumer
Services
 — 
0
.1
%
ADT,
Inc.
(b)
...........................
153,805
1,151,999
Bright
Horizons
Family
Solutions,
Inc.
(a)
........
45,461
2,620,827
Grand
Canyon
Education,
Inc.
(a)
.............
23,295
1,916,014
H&R
Block,
Inc.
........................
118,077
5,022,996
Mister
Car
Wash,
Inc.
(a)
(b)
..................
56,719
486,649
Service
Corp.
International
................
113,591
6,558,744
Terminix
Global
Holdings,
Inc.
(a)
.............
87,969
3,368,333
21,125,562
a
Diversified
Financial
Services
 — 
1
.5
%
Apollo
Global
Management,
Inc.
.............
342,817
15,940,991
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
..........
1,331,207
355,458,893
Equitable
Holdings,
Inc.
..................
272,700
7,185,645
Voya
Financial,
Inc.
.....................
71,449
4,322,664
382,908,193
a
Security
Shares
Value
a
Diversified
Telecommunication
Services
 — 
0
.8
%
AT&T,
Inc.
............................
5,282,870
$
81,039,226
Frontier
Communications
Parent,
Inc.
(a)
(b)
.......
180,254
4,223,351
Lumen
Technologies,
Inc.
.................
755,044
5,496,720
Verizon
Communications,
Inc.
..............
3,101,276
117,755,450
208,514,747
a
Electric
Utilities
 — 
1
.9
%
Alliant
Energy
Corp.
.....................
187,208
9,920,152
American
Electric
Power
Co.,
Inc.
............
378,742
32,742,246
Avangrid,
Inc.
.........................
52,166
2,175,322
Constellation
Energy
Corp.
................
240,736
20,026,828
Duke
Energy
Corp.
.....................
568,071
52,841,964
Edison
International
.....................
274,928
15,555,426
Entergy
Corp.
.........................
148,958
14,989,644
Evergy,
Inc.
...........................
163,596
9,717,602
Eversource
Energy
.....................
252,422
19,678,819
Exelon
Corp.
..........................
735,516
27,552,429
FirstEnergy
Corp.
......................
404,013
14,948,481
Hawaiian
Electric
Industries,
Inc.
............
75,071
2,601,961
IDACORP,
Inc.
........................
37,092
3,672,479
NextEra
Energy,
Inc.
....................
1,448,662
113,589,588
NRG
Energy,
Inc.
.......................
173,541
6,641,414
OGE
Energy
Corp.
......................
147,183
5,366,292
PG&E
Corp.
(a)
(b)
........................
1,142,492
14,281,150
Pinnacle
West
Capital
Corp.
...............
84,357
5,441,870
PPL
Corp.
...........................
551,763
13,987,192
Southern
Co.
(The)
(b)
....................
783,033
53,246,244
Xcel
Energy,
Inc.
.......................
402,056
25,731,584
464,708,687
a
Electrical
Equipment
 — 
0
.7
%
Acuity
Brands,
Inc.
......................
23,758
3,741,172
AMETEK,
Inc.
.........................
171,853
19,489,849
ChargePoint
Holdings,
Inc.
,
Class
A
(a)
(b)
........
185,127
2,732,475
Eaton
Corp.
PLC
.......................
294,463
39,269,586
Emerson
Electric
Co.
(b)
...................
434,869
31,841,108
Generac
Holdings,
Inc.
(a)
..................
45,514
8,107,864
Hubbell,
Inc.
..........................
39,648
8,841,504
nVent
Electric
PLC
......................
114,648
3,624,023
Plug
Power,
Inc.
(a)
(b)
.....................
391,888
8,233,567
Regal
Rexnord
Corp.
....................
49,616
6,964,102
Rockwell
Automation,
Inc.
.................
85,357
18,361,144
Sensata
Technologies
Holding
PLC
..........
108,501
4,044,917
Sunrun,
Inc.
(a)
(b)
........................
149,335
4,120,153
Vertiv
Holdings
Co.
,
Class
A
(b)
..............
229,939
2,235,007
161,606,471
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.6
%
Amphenol
Corp.
,
Class
A
.................
430,434
28,821,861
Arrow
Electronics,
Inc.
(a)
..................
45,641
4,207,644
Avnet,
Inc.
...........................
65,382
2,361,598
CDW
Corp.
...........................
99,539
15,536,047
Cognex
Corp.
.........................
123,702
5,127,448
Coherent
Corp.
(a)
.......................
88,116
3,070,843
Corning,
Inc.
..........................
561,248
16,287,417
IPG
Photonics
Corp.
(a)
...................
24,505
2,066,997
Jabil,
Inc.
............................
98,929
5,709,192
Keysight
Technologies,
Inc.
(a)
...............
132,705
20,882,459
Littelfuse,
Inc.
(b)
........................
16,944
3,366,603
National
Instruments
Corp.
................
94,848
3,579,563
TD
SYNNEX
Corp.
......................
30,787
2,499,596
Teledyne
Technologies,
Inc.
(a)
...............
34,353
11,593,107
Trimble,
Inc.
(a)
.........................
186,992
10,148,056
Vontier
Corp.
..........................
125,793
2,102,001
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
11
Schedule
of
Investments
Security
Shares
Value
a
Electronic
Equipment,
Instruments
&
Components
(continued)
Zebra
Technologies
Corp.
,
Class
A
(a)
..........
38,110
$
9,985,201
147,345,633
a
Energy
Equipment
&
Services
 — 
0
.3
%
Baker
Hughes
Co.
,
Class
A
................
704,420
14,764,643
Halliburton
Co.
........................
662,335
16,306,688
NOV,
Inc.
............................
288,274
4,664,274
Schlumberger
NV
......................
1,042,077
37,410,564
73,146,169
a
Entertainment
 — 
1
.4
%
Activision
Blizzard,
Inc.
...................
572,981
42,595,408
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
...
380,349
2,651,032
Electronic
Arts,
Inc.
.....................
205,077
23,729,460
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(a)
(b)
11,517
604,873
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
,
NVS
(a)
.............................
146,516
8,571,186
Live
Nation
Entertainment,
Inc.
(a)
............
116,321
8,845,049
Madison
Square
Garden
Sports
Corp.
,
Class
A
(a)
..
13,029
1,780,543
Netflix,
Inc.
(a)
..........................
323,024
76,052,771
Playtika
Holding
Corp.
(a)
(b)
.................
76,518
718,504
ROBLOX
Corp.
,
Class
A
(a)
(b)
................
330,080
11,830,067
Roku,
Inc.
,
Class
A
(a)
(b)
...................
92,151
5,197,316
Spotify
Technology
SA
(a)
(b)
.................
102,444
8,840,917
Take-Two
Interactive
Software,
Inc.
(a)
(b)
........
120,910
13,179,190
Walt
Disney
Co.
(The)
(a)
(b)
.................
1,344,416
126,818,761
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
(b)
.......
1,736,494
19,969,681
World
Wrestling
Entertainment,
Inc.
,
Class
A
....
34,486
2,419,883
353,804,641
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 
3
.1
%
Alexandria
Real
Estate
Equities,
Inc.
..........
121,043
16,969,018
American
Homes
4
Rent
,
Class
A
............
219,028
7,186,309
American
Tower
Corp.
...................
342,331
73,498,466
Americold
Realty
Trust,
Inc.
(b)
...............
193,052
4,749,079
Apartment
Income
REIT
Corp.
..............
108,993
4,209,310
AvalonBay
Communities,
Inc.
..............
102,740
18,923,681
Boston
Properties,
Inc.
...................
116,499
8,733,930
Brixmor
Property
Group,
Inc.
...............
231,590
4,277,467
Camden
Property
Trust
...................
76,260
9,109,257
Cousins
Properties,
Inc.
..................
107,223
2,503,657
Crown
Castle,
Inc.
......................
318,332
46,014,891
CubeSmart
...........................
161,639
6,475,258
Digital
Realty
Trust,
Inc.
..................
207,991
20,628,547
Douglas
Emmett,
Inc.
....................
114,766
2,057,754
Duke
Realty
Corp.
......................
279,647
13,478,985
EastGroup
Properties,
Inc.
................
30,228
4,363,110
EPR
Properties
........................
54,665
1,960,287
Equinix,
Inc.
..........................
66,949
38,083,269
Equity
LifeStyle
Properties,
Inc.
.............
127,739
8,027,119
Equity
Residential
......................
272,836
18,340,036
Essex
Property
Trust,
Inc.
.................
47,688
11,551,464
Extra
Space
Storage,
Inc.
.................
97,585
16,853,905
Federal
Realty
Investment
Trust
.............
60,900
5,488,308
First
Industrial
Realty
Trust,
Inc.
.............
94,583
4,238,264
Gaming
and
Leisure
Properties,
Inc.
..........
180,722
7,995,141
Healthcare
Realty
Trust,
Inc.
,
Class
A
.........
278,925
5,815,586
Healthpeak
Properties,
Inc.
................
403,404
9,246,020
Highwoods
Properties,
Inc.
................
80,870
2,180,255
Host
Hotels
&
Resorts,
Inc.
................
521,350
8,279,038
Hudson
Pacific
Properties,
Inc.
..............
117,655
1,288,322
Invitation
Homes,
Inc.
....................
448,627
15,150,134
Iron
Mountain,
Inc.
......................
213,277
9,377,790
JBG
SMITH
Properties
...................
90,108
1,674,207
Kilroy
Realty
Corp.
......................
85,666
3,607,395
Security
Shares
Value
a
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Kimco
Realty
Corp.
.....................
444,601
$
8,185,104
Lamar
Advertising
Co.
,
Class
A
.............
66,458
5,482,120
Life
Storage,
Inc.
.......................
62,280
6,898,133
Medical
Properties
Trust,
Inc.
...............
436,065
5,171,731
Mid-America
Apartment
Communities,
Inc.
......
85,883
13,317,877
National
Retail
Properties,
Inc.
..............
129,242
5,151,586
National
Storage
Affiliates
Trust
.............
62,479
2,597,877
Omega
Healthcare
Investors,
Inc.
............
171,435
5,055,618
Park
Hotels
&
Resorts,
Inc.
................
151,359
1,704,302
Prologis,
Inc.
..........................
544,931
55,364,990
Public
Storage
.........................
115,097
33,701,553
Rayonier,
Inc.
.........................
103,735
3,108,938
Realty
Income
Corp.
.....................
456,193
26,550,433
Regency
Centers
Corp.
..................
127,981
6,891,777
Rexford
Industrial
Realty,
Inc.
..............
128,162
6,664,424
SBA
Communications
Corp.
,
Class
A
..........
78,471
22,336,770
Simon
Property
Group,
Inc.
................
239,658
21,509,306
SL
Green
Realty
Corp.
...................
52,207
2,096,633
Spirit
Realty
Capital,
Inc.
..................
97,844
3,538,039
STORE
Capital
Corp.
....................
188,051
5,891,638
Sun
Communities,
Inc.
...................
90,062
12,188,091
UDR,
Inc.
............................
241,148
10,058,283
Ventas,
Inc.
..........................
291,333
11,702,847
VICI
Properties,
Inc.
.....................
708,118
21,137,322
Vornado
Realty
Trust
....................
124,300
2,878,788
Welltower,
Inc.
.........................
342,238
22,012,748
Weyerhaeuser
Co.
......................
555,649
15,869,335
WP
Carey,
Inc.
(b)
.......................
141,533
9,879,003
759,280,525
a
Food
&
Staples
Retailing
 — 
1
.5
%
Albertsons
Companies,
Inc.
,
Class
A
..........
124,566
3,096,711
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
..........
98,668
7,184,017
Casey's
General
Stores,
Inc.
(b)
..............
27,393
5,547,630
Costco
Wholesale
Corp.
..................
326,676
154,279,274
Grocery
Outlet
Holding
Corp.
(a)
..............
62,958
2,095,872
Kroger
Co.
(The)
.......................
483,376
21,147,700
Performance
Food
Group
Co.
(a)
.............
111,722
4,798,460
Sysco
Corp.
..........................
374,107
26,453,106
U.S.
Foods
Holding
Corp.
(a)
(b)
...............
149,529
3,953,547
Walgreens
Boots
Alliance,
Inc.
..............
536,060
16,832,284
Walmart,
Inc.
..........................
1,063,677
137,958,907
383,347,508
a
Food
Products
 — 
1
.1
%
Archer-Daniels-Midland
Co.
................
413,025
33,227,861
Bunge
Ltd.
...........................
101,545
8,384,571
Campbell
Soup
Co.
.....................
145,223
6,842,908
Conagra
Brands,
Inc.
....................
344,702
11,247,626
Darling
Ingredients,
Inc.
(a)
.................
117,667
7,783,672
Flowers
Foods,
Inc.
.....................
137,745
3,400,924
Freshpet,
Inc.
(a)
(b)
.......................
31,305
1,568,068
General
Mills,
Inc.
......................
439,936
33,703,497
Hershey
Co.
(The)
......................
107,056
23,602,636
Hormel
Foods
Corp.
.....................
208,562
9,477,057
Ingredion,
Inc.
.........................
49,816
4,011,184
JM
Smucker
Co.
(The)
...................
76,306
10,485,208
Kellogg
Co.
...........................
188,534
13,133,279
Kraft
Heinz
Co.
(The)
....................
515,237
17,183,154
Lamb
Weston
Holdings,
Inc.
...............
107,616
8,327,326
McCormick
&
Co.,
Inc.
,
NVS
...............
183,657
13,089,234
Mondelez
International,
Inc.
,
Class
A
..........
1,019,447
55,896,279
Pilgrim's
Pride
Corp.
(a)
...................
24,809
571,103
Post
Holdings,
Inc.
(a)
(b)
....................
42,231
3,459,141
Seaboard
Corp.
........................
201
683,935
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
12
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Food
Products
(continued)
Tyson
Foods,
Inc.
,
Class
A
................
209,831
$
13,834,158
279,912,821
a
Gas
Utilities
 — 
0
.1
%
Atmos
Energy
Corp.
.....................
101,995
10,388,191
National
Fuel
Gas
Co.
...................
66,481
4,091,906
UGI
Corp.
............................
155,901
5,040,279
19,520,376
a
Health
Care
Equipment
&
Supplies
 — 
2
.6
%
Abbott
Laboratories
.....................
1,265,261
122,426,654
ABIOMED,
Inc.
(a)
.......................
32,910
8,084,671
Align
Technology,
Inc.
(a)
(b)
..................
58,251
12,064,365
Baxter
International,
Inc.
..................
370,565
19,958,631
Becton
Dickinson
and
Co.
.................
209,215
46,619,378
Boston
Scientific
Corp.
(a)
..................
1,052,734
40,772,388
Cooper
Companies,
Inc.
(The)
..............
35,524
9,374,784
Dentsply
Sirona,
Inc.
....................
165,231
4,684,299
Dexcom,
Inc.
(a)
........................
288,736
23,254,797
Edwards
Lifesciences
Corp.
(a)
..............
455,148
37,608,879
Enovis
Corp.
(a)
.........................
34,027
1,567,624
Envista
Holdings
Corp.
(a)
(b)
.................
118,326
3,882,276
Globus
Medical,
Inc.
,
Class
A
(a)
(b)
............
55,654
3,315,309
Hologic,
Inc.
(a)
.........................
182,793
11,793,804
ICU
Medical,
Inc.
(a)
......................
15,864
2,389,118
IDEXX
Laboratories,
Inc.
(a)
(b)
...............
62,163
20,252,705
Insulet
Corp.
(a)
(b)
........................
50,615
11,611,081
Integra
LifeSciences
Holdings
Corp.
(a)
.........
51,379
2,176,414
Intuitive
Surgical,
Inc.
(a)
(b)
..................
264,014
49,486,784
Masimo
Corp.
(a)
........................
34,148
4,820,332
Medtronic
PLC
........................
986,228
79,637,911
Novocure
Ltd.
(a)
(b)
.......................
76,473
5,810,419
Penumbra,
Inc.
(a)
(b)
......................
25,058
4,750,997
QuidelOrtho
Corp.
(a)
(b)
....................
33,323
2,381,928
ResMed,
Inc.
.........................
106,372
23,221,008
STERIS
PLC
(b)
........................
73,860
12,281,441
Stryker
Corp.
.........................
259,212
52,500,798
Tandem
Diabetes
Care,
Inc.
(a)
..............
46,842
2,241,390
Teleflex,
Inc.
..........................
34,494
6,949,161
Zimmer
Biomet
Holdings,
Inc.
..............
155,330
16,239,752
642,159,098
a
Health
Care
Providers
&
Services
 — 
3
.4
%
Acadia
Healthcare
Co.,
Inc.
(a)
(b)
..............
64,976
5,079,824
agilon
health,
Inc.
(a)
(b)
....................
148,838
3,485,786
Amedisys,
Inc.
(a)
.......................
23,593
2,283,566
AmerisourceBergen
Corp.
.................
109,304
14,792,110
Cardinal
Health,
Inc.
.....................
201,734
13,451,623
Centene
Corp.
(a)
.......................
421,029
32,760,267
Chemed
Corp.
.........................
11,225
4,900,386
Cigna
Corp.
..........................
220,640
61,220,981
CVS
Health
Corp.
......................
967,205
92,242,341
DaVita,
Inc.
(a)
..........................
39,970
3,308,317
Elevance
Health,
Inc.
....................
178,191
80,941,480
Encompass
Health
Corp.
.................
76,437
3,457,246
Enhabit,
Inc.
(a)
.........................
35,511
498,574
Guardant
Health,
Inc.
(a)
(b)
..................
67,892
3,654,626
HCA
Healthcare,
Inc.
....................
162,314
29,831,690
Henry
Schein,
Inc.
(a)
.....................
97,131
6,388,306
Humana,
Inc.
.........................
93,153
45,196,904
Laboratory
Corp.
of
America
Holdings
.........
66,869
13,695,440
McKesson
Corp.
.......................
106,938
36,345,018
Molina
Healthcare,
Inc.
(a)
..................
42,226
13,927,824
Oak
Street
Health,
Inc.
(a)
(b)
.................
85,727
2,102,026
Premier,
Inc.
,
Class
A
....................
89,825
3,048,661
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
Quest
Diagnostics,
Inc.
...................
86,177
$
10,573,056
Signify
Health,
Inc.
,
Class
A
(a)
...............
52,389
1,527,139
Tenet
Healthcare
Corp.
(a)
..................
78,224
4,034,794
UnitedHealth
Group,
Inc.
..................
690,184
348,570,527
Universal
Health
Services,
Inc.
,
Class
B
.......
44,974
3,965,807
841,284,319
a
Health
Care
Technology
 — 
0
.1
%
Certara,
Inc.
(a)
(b)
........................
100,180
1,330,390
Change
Healthcare,
Inc.
(a)
.................
195,769
5,381,690
Definitive
Healthcare
Corp.
,
Class
A
(a)
(b)
........
29,413
457,078
Doximity,
Inc.
,
Class
A
(a)
(b)
.................
80,492
2,432,468
Teladoc
Health,
Inc.
(a)
(b)
...................
110,826
2,809,439
Veeva
Systems,
Inc.
,
Class
A
(a)
.............
104,038
17,153,786
29,564,851
a
Hotels,
Restaurants
&
Leisure
 — 
2
.0
%
Airbnb,
Inc.
,
Class
A
(a)
(b)
...................
289,295
30,387,547
Aramark
.............................
171,509
5,351,081
Booking
Holdings,
Inc.
(a)
..................
29,271
48,098,400
Boyd
Gaming
Corp.
.....................
57,853
2,756,695
Caesars
Entertainment,
Inc.
(a)
(b)
.............
153,716
4,958,878
Carnival
Corp.
(a)
(b)
.......................
704,215
4,950,631
Chipotle
Mexican
Grill,
Inc.
(a)
...............
20,639
31,015,464
Choice
Hotels
International,
Inc.
.............
26,543
2,906,989
Churchill
Downs,
Inc.
....................
26,654
4,908,334
Darden
Restaurants,
Inc.
.................
90,498
11,431,707
Domino's
Pizza,
Inc.
.....................
26,444
8,202,929
DraftKings,
Inc.
,
Class
A
(a)
(b)
................
239,812
3,630,754
Expedia
Group,
Inc.
(a)
....................
113,940
10,675,038
Hilton
Worldwide
Holdings,
Inc.
.............
200,051
24,130,152
Hyatt
Hotels
Corp.
,
Class
A
(a)
(b)
..............
36,317
2,940,224
Las
Vegas
Sands
Corp.
(a)
.................
244,205
9,162,572
Marriott
International,
Inc.
,
Class
A
...........
202,407
28,365,317
Marriott
Vacations
Worldwide
Corp.
...........
28,388
3,459,362
McDonald's
Corp.
......................
545,289
125,819,984
MGM
Resorts
International
(b)
...............
243,087
7,224,546
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
(b)
.......
307,803
3,496,642
Penn
Entertainment,
Inc.
(a)
(b)
...............
116,899
3,215,891
Planet
Fitness,
Inc.
,
Class
A
(a)
..............
61,489
3,545,456
Royal
Caribbean
Cruises
Ltd.
(a)
.............
161,982
6,139,118
Six
Flags
Entertainment
Corp.
(a)
.............
44,268
783,544
Starbucks
Corp.
........................
846,089
71,291,459
Travel
+
Leisure
Co.
.....................
55,766
1,902,736
Vail
Resorts,
Inc.
.......................
29,472
6,355,342
Wendy's
Co.
(The)
......................
131,113
2,450,502
Wyndham
Hotels
&
Resorts,
Inc.
............
65,279
4,004,867
Wynn
Resorts
Ltd.
(a)
(b)
....................
80,218
5,056,140
Yum!
Brands,
Inc.
......................
210,810
22,417,535
501,035,836
a
Household
Durables
 — 
0
.3
%
DR
Horton,
Inc.
........................
233,763
15,743,938
Garmin
Ltd.
...........................
112,319
9,020,339
Leggett
&
Platt,
Inc.
.....................
96,186
3,195,299
Lennar
Corp.
,
Class
A
....................
183,508
13,680,521
Lennar
Corp.
,
Class
B
...................
12,566
747,803
Mohawk
Industries,
Inc.
(a)
(b)
................
38,699
3,528,962
Newell
Brands,
Inc.
.....................
269,458
3,742,772
NVR,
Inc.
(a)
...........................
2,219
8,847,330
PulteGroup,
Inc.
.......................
165,937
6,222,637
Tempur
Sealy
International,
Inc.
.............
129,468
3,125,358
Toll
Brothers,
Inc.
.......................
74,978
3,149,076
TopBuild
Corp.
(a)
.......................
24,746
4,077,646
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
13
Schedule
of
Investments
Security
Shares
Value
a
Household
Durables
(continued)
Whirlpool
Corp.
........................
38,575
$
5,200,296
80,281,977
a
Household
Products
 — 
1
.3
%
Church
&
Dwight
Co.,
Inc.
.................
180,461
12,892,134
Clorox
Co.
(The)
.......................
91,114
11,698,127
Colgate-Palmolive
Co.
...................
610,783
42,907,506
Kimberly-Clark
Corp.
....................
247,923
27,901,254
Procter
&
Gamble
Co.
(The)
...............
1,763,505
222,642,506
Reynolds
Consumer
Products,
Inc.
...........
32,776
852,504
Spectrum
Brands
Holdings,
Inc.
.............
26,877
1,049,009
319,943,040
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.1
%
AES
Corp.
(The)
.......................
491,730
11,113,098
Brookfield
Renewable
Corp.
,
Class
A
.........
92,099
3,009,795
Vistra
Corp.
..........................
302,986
6,362,706
20,485,599
a
Industrial
Conglomerates
 — 
0
.7
%
3M
Co.
..............................
418,175
46,208,338
General
Electric
Co.
.....................
807,509
49,992,882
Honeywell
International,
Inc.
...............
497,270
83,029,172
179,230,392
a
Insurance
 — 
2
.4
%
Aflac,
Inc.
............................
464,008
26,077,250
Alleghany
Corp.
(a)
.......................
9,927
8,332,426
Allstate
Corp.
(The)
.....................
199,465
24,839,376
American
Financial
Group,
Inc.
.............
50,592
6,219,275
American
International
Group,
Inc.
...........
563,484
26,754,220
Aon
PLC
,
Class
A
......................
154,986
41,516,100
Arch
Capital
Group
Ltd.
(a)
(b)
................
259,497
11,817,493
Arthur
J
Gallagher
&
Co.
..................
153,130
26,218,919
Assurant,
Inc.
(b)
........................
37,856
5,499,341
Assured
Guaranty
Ltd.
...................
39,816
1,929,085
Axis
Capital
Holdings
Ltd.
.................
60,819
2,989,254
Brighthouse
Financial,
Inc.
(a)
...............
48,876
2,122,196
Brown
&
Brown,
Inc.
.....................
173,459
10,490,800
Chubb
Ltd.
...........................
306,526
55,750,949
Cincinnati
Financial
Corp.
.................
115,072
10,306,999
CNA
Financial
Corp.
.....................
18,397
678,849
Erie
Indemnity
Co.
,
Class
A
,
NVS
............
18,258
4,058,936
Everest
Re
Group
Ltd.
...................
28,406
7,454,871
Fidelity
National
Financial,
Inc.
..............
194,214
7,030,547
First
American
Financial
Corp.
..............
71,082
3,276,880
Globe
Life,
Inc.
........................
63,894
6,370,232
Hanover
Insurance
Group,
Inc.
(The)
.........
26,832
3,438,252
Hartford
Financial
Services
Group,
Inc.
(The)
....
237,472
14,709,016
Kemper
Corp.
.........................
46,751
1,928,946
Lincoln
National
Corp.
...................
120,557
5,293,658
Loews
Corp.
(b)
.........................
144,950
7,224,308
Markel
Corp.
(a)
.........................
9,995
10,836,779
Marsh
&
McLennan
Companies,
Inc.
..........
369,799
55,207,293
MetLife,
Inc.
..........................
497,550
30,241,089
Old
Republic
International
Corp.
.............
218,310
4,569,228
Primerica,
Inc.
.........................
27,550
3,401,048
Principal
Financial
Group,
Inc.
..............
180,547
13,026,466
Progressive
Corp.
(The)
..................
430,413
50,018,295
Prudential
Financial,
Inc.
..................
276,269
23,698,355
Reinsurance
Group
of
America,
Inc.
..........
47,453
5,970,062
RenaissanceRe
Holdings
Ltd.
..............
30,442
4,273,752
Ryan
Specialty
Holdings,
Inc.
,
Class
A
(a)
.......
60,523
2,458,444
Travelers
Companies,
Inc.
(The)
.............
174,755
26,772,466
Unum
Group
..........................
149,769
5,811,037
Security
Shares
Value
a
Insurance
(continued)
W
R
Berkley
Corp.
......................
151,529
$
9,785,743
White
Mountains
Insurance
Group
Ltd.
........
1,970
2,566,949
Willis
Towers
Watson
PLC
.................
80,303
16,136,085
587,101,269
a
Interactive
Media
&
Services
 — 
4
.4
%
Alphabet,
Inc.
,
Class
A
(a)
..................
4,438,467
424,539,369
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
..............
3,985,921
383,246,304
IAC,
Inc.
(a)
(b)
..........................
54,151
2,998,882
Match
Group,
Inc.
(a)
.....................
211,287
10,088,954
Meta
Platforms,
Inc.
,
Class
A
(a)
..............
1,691,914
229,558,892
Pinterest,
Inc.
,
Class
A
(a)
(b)
.................
431,090
10,044,397
TripAdvisor,
Inc.
(a)
......................
75,416
1,665,185
Twitter,
Inc.
(a)
..........................
549,433
24,087,143
ZoomInfo
Technologies,
Inc.
(a)
(b)
.............
208,380
8,681,111
1,094,910,237
a
Internet
&
Direct
Marketing
Retail
 — 
3
.1
%
Amazon.com,
Inc.
(a)
.....................
6,558,329
741,091,177
DoorDash,
Inc.
,
Class
A
(a)
(b)
................
188,187
9,305,847
eBay,
Inc.
............................
405,958
14,943,314
Etsy,
Inc.
(a)
(b)
..........................
93,272
9,339,325
Wayfair,
Inc.
,
Class
A
(a)
(b)
..................
54,359
1,769,386
776,449,049
a
IT
Services
 — 
4
.6
%
Accenture
PLC
,
Class
A
..................
467,528
120,294,954
Affirm
Holdings,
Inc.
,
Class
A
(a)
(b)
.............
140,438
2,634,617
Akamai
Technologies,
Inc.
(a)
(b)
...............
112,898
9,067,967
Amdocs
Ltd.
..........................
91,390
7,260,936
Automatic
Data
Processing,
Inc.
.............
308,103
69,689,818
Block,
Inc.
,
Class
A
(a)
....................
391,173
21,510,603
Broadridge
Financial
Solutions,
Inc.
..........
85,930
12,401,418
Cloudflare,
Inc.
,
Class
A
(a)
(b)
................
205,550
11,368,971
Cognizant
Technology
Solutions
Corp.
,
Class
A
...
383,243
22,013,478
Concentrix
Corp.
.......................
32,949
3,678,097
DXC
Technology
Co.
(a)
...................
170,283
4,168,528
EPAM
Systems,
Inc.
(a)
....................
40,611
14,708,898
Euronet
Worldwide,
Inc.
(a)
.................
32,304
2,447,351
Fidelity
National
Information
Services,
Inc.
......
448,928
33,925,489
Fiserv,
Inc.
(a)
(b)
.........................
433,597
40,571,671
FleetCor
Technologies,
Inc.
(a)
...............
54,071
9,525,688
Gartner,
Inc.
(a)
.........................
56,632
15,669,508
Genpact
Ltd.
..........................
131,480
5,754,880
Global
Payments,
Inc.
...................
203,629
22,002,113
Globant
SA
(a)
(b)
........................
30,017
5,615,580
GoDaddy,
Inc.
,
Class
A
(a)
(b)
.................
115,542
8,189,617
International
Business
Machines
Corp.
........
664,000
78,889,840
Jack
Henry
&
Associates,
Inc.
..............
53,628
9,774,776
Kyndryl
Holdings,
Inc.
(a)
...................
157,965
1,306,371
Mastercard,
Inc.
,
Class
A
..................
635,183
180,607,934
MongoDB,
Inc.
,
Class
A
(a)
(b)
................
48,268
9,584,094
Okta,
Inc.
,
Class
A
(a)
.....................
110,385
6,277,595
Paychex,
Inc.
.........................
236,990
26,592,648
PayPal
Holdings,
Inc.
(a)
(b)
..................
854,217
73,522,457
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
............
33,378
1,488,993
Snowflake,
Inc.
,
Class
A
(a)
(b)
................
227,015
38,583,469
SS&C
Technologies
Holdings,
Inc.
...........
164,897
7,873,832
Switch,
Inc.
,
Class
A
.....................
105,560
3,556,316
Thoughtworks
Holding,
Inc.
(a)
(b)
..............
62,654
657,240
Toast,
Inc.
,
Class
A
(a)
(b)
...................
183,791
3,072,986
Twilio,
Inc.
,
Class
A
(a)
....................
129,762
8,971,745
VeriSign,
Inc.
(a)
........................
69,029
11,990,337
Visa,
Inc.
,
Class
A
(b)
.....................
1,214,763
215,802,647
Western
Union
Co.
(The)
.................
293,607
3,963,694
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
14
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
IT
Services
(continued)
WEX,
Inc.
(a)
...........................
31,210
$
3,961,797
Wix.com
Ltd.
(a)
(b)
.......................
39,458
3,086,799
1,132,065,752
a
Leisure
Products
 — 
0
.1
%
Brunswick
Corp.
.......................
51,377
3,362,625
Hasbro,
Inc.
..........................
95,463
6,436,115
Mattel,
Inc.
(a)
..........................
257,388
4,874,929
Peloton
Interactive,
Inc.
,
Class
A
(a)
(b)
..........
221,041
1,531,814
Polaris,
Inc.
...........................
40,814
3,903,859
YETI
Holdings,
Inc.
(a)
....................
57,769
1,647,572
21,756,914
a
Life
Sciences
Tools
&
Services
 — 
1
.8
%
10X
Genomics,
Inc.
,
Class
A
(a)
..............
75,047
2,137,338
Agilent
Technologies,
Inc.
.................
220,576
26,811,013
Avantor,
Inc.
(a)
.........................
456,530
8,947,988
Azenta,
Inc.
..........................
52,153
2,235,278
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
..........
15,794
6,588,309
Bio-Techne
Corp.
.......................
28,634
8,132,056
Bruker
Corp.
..........................
80,073
4,248,673
Charles
River
Laboratories
International,
Inc.
(a)
...
36,320
7,147,776
Danaher
Corp.
........................
477,640
123,369,636
Illumina,
Inc.
(a)
.........................
115,761
22,086,041
IQVIA
Holdings,
Inc.
(a)
....................
137,307
24,871,790
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
...
73,457
1,875,357
Mettler-Toledo
International,
Inc.
(a)
...........
16,697
18,101,552
PerkinElmer,
Inc.
.......................
92,759
11,161,690
QIAGEN
NV
(a)
.........................
165,740
6,841,747
Repligen
Corp.
(a)
(b)
......................
40,636
7,603,402
Sotera
Health
Co.
(a)
.....................
55,399
377,821
Syneos
Health,
Inc.
,
Class
A
(a)
..............
72,065
3,397,865
Thermo
Fisher
Scientific,
Inc.
...............
288,714
146,432,854
Waters
Corp.
(a)
........................
44,891
12,099,471
West
Pharmaceutical
Services,
Inc.
..........
53,986
13,284,875
457,752,532
a
Machinery
 — 
1
.7
%
AGCO
Corp.
..........................
43,446
4,178,202
Allison
Transmission
Holdings,
Inc.
...........
74,724
2,522,682
Caterpillar,
Inc.
........................
389,491
63,907,683
Crane
Holdings
Co.
.....................
36,101
3,160,282
Cummins,
Inc.
.........................
103,766
21,117,419
Deere
&
Co.
..........................
206,815
69,053,460
Donaldson
Co.,
Inc.
.....................
93,326
4,573,907
Dover
Corp.
..........................
105,436
12,291,729
Esab
Corp.
...........................
33,504
1,117,693
Flowserve
Corp.
.......................
94,254
2,290,372
Fortive
Corp.
..........................
264,059
15,394,640
Gates
Industrial
Corp.
PLC
(a)
(b)
..............
68,014
663,817
Graco,
Inc.
...........................
124,043
7,436,378
IDEX
Corp.
...........................
56,900
11,371,465
Illinois
Tool
Works,
Inc.
...................
228,260
41,235,169
Ingersoll
Rand,
Inc.
(b)
....................
304,529
13,173,924
ITT,
Inc.
(b)
............................
64,423
4,209,399
Lincoln
Electric
Holdings,
Inc.
..............
41,742
5,247,804
Middleby
Corp.
(The)
(a)
...................
38,137
4,888,019
Nordson
Corp.
.........................
42,621
9,047,160
Oshkosh
Corp.
........................
48,288
3,394,163
Otis
Worldwide
Corp.
....................
315,427
20,124,243
PACCAR,
Inc.
.........................
250,049
20,926,601
Parker-Hannifin
Corp.
....................
94,173
22,819,060
Pentair
PLC
..........................
124,211
5,046,693
Snap-on,
Inc.
.........................
38,708
7,793,856
Stanley
Black
&
Decker,
Inc.
...............
107,845
8,111,022
Security
Shares
Value
a
Machinery
(continued)
Timken
Co.
(The)
.......................
46,128
$
2,723,397
Toro
Co.
(The)
.........................
77,489
6,701,249
Westinghouse
Air
Brake
Technologies
Corp.
.....
133,263
10,840,945
Xylem,
Inc.
...........................
131,180
11,459,885
416,822,318
a
Marine
 — 
0
.0
%
Kirby
Corp.
(a)
..........................
43,644
2,652,246
a
Media
 — 
0
.9
%
Altice
USA,
Inc.
,
Class
A
(a)
(b)
................
154,942
903,312
Cable
One,
Inc.
........................
4,131
3,523,950
Charter
Communications,
Inc.
,
Class
A
(a)
.......
82,030
24,883,800
Comcast
Corp.
,
Class
A
..................
3,231,240
94,772,269
DISH
Network
Corp.
,
Class
A
(a)
(b)
............
183,424
2,536,754
Fox
Corp.
,
Class
A
,
NVS
..................
222,858
6,837,283
Fox
Corp.
,
Class
B
......................
97,938
2,791,233
Interpublic
Group
of
Companies,
Inc.
(The)
.....
288,244
7,379,046
Liberty
Broadband
Corp.
,
Class
A
(a)
(b)
..........
12,411
925,860
Liberty
Broadband
Corp.
,
Class
C
,
NVS
(a)
......
91,397
6,745,099
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(a)
(b)
.
55,233
2,102,720
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
C
,
NVS
(a)
.............................
118,267
4,459,849
New
York
Times
Co.
(The)
,
Class
A
...........
128,141
3,684,054
News
Corp.
,
Class
A
,
NVS
................
285,285
4,310,656
News
Corp.
,
Class
B
(b)
...................
86,361
1,331,687
Nexstar
Media
Group,
Inc.
.................
26,348
4,396,164
Omnicom
Group,
Inc.
....................
150,900
9,520,281
Paramount
Global
,
Class
A
(b)
...............
12
259
Paramount
Global
,
Class
B
,
NVS
(b)
...........
433,236
8,248,813
Sirius
XM
Holdings,
Inc.
(b)
.................
476,570
2,721,215
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
............
323,476
19,327,691
211,401,995
a
Metals
&
Mining
 — 
0
.5
%
Alcoa
Corp.
...........................
133,076
4,479,338
Cleveland-Cliffs,
Inc.
(a)
(b)
..................
363,696
4,898,985
Freeport-McMoRan,
Inc.
..................
1,056,037
28,861,491
MP
Materials
Corp.
,
Class
A
(a)
(b)
.............
66,781
1,823,121
Newmont
Corp.
........................
585,404
24,604,530
Nucor
Corp.
..........................
193,458
20,698,071
Reliance
Steel
&
Aluminum
Co.
.............
43,821
7,642,821
Royal
Gold,
Inc.
........................
46,854
4,395,842
Southern
Copper
Corp.
...................
60,500
2,712,820
SSR
Mining,
Inc.
(b)
......................
156,019
2,295,040
Steel
Dynamics,
Inc.
.....................
128,023
9,083,232
United
States
Steel
Corp.
(b)
................
173,998
3,152,844
114,648,135
a
Mortgage
Real
Estate
Investment
 — 
0
.1
%
AGNC
Investment
Corp.
..................
402,538
3,389,370
Annaly
Capital
Management,
Inc.
............
316,576
5,432,444
Rithm
Capital
Corp.
.....................
336,036
2,459,784
Starwood
Property
Trust,
Inc.
...............
214,177
3,902,305
15,183,903
a
Multiline
Retail
 — 
0
.5
%
Dollar
General
Corp.
....................
168,490
40,414,011
Dollar
Tree,
Inc.
(a)
.......................
156,523
21,302,780
Kohl's
Corp.
..........................
94,164
2,368,225
Macy's,
Inc.
..........................
192,971
3,023,856
Nordstrom,
Inc.
(b)
.......................
81,701
1,366,858
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
(b)
........
43,384
2,238,614
Target
Corp.
..........................
341,695
50,704,121
121,418,465
a
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
15
Schedule
of
Investments
Security
Shares
Value
a
Multi-Utilities
 — 
0
.8
%
Ameren
Corp.
.........................
190,619
$
15,354,360
CenterPoint
Energy,
Inc.
(b)
.................
463,976
13,074,844
CMS
Energy
Corp.
......................
216,333
12,599,234
Consolidated
Edison,
Inc.
.................
261,629
22,437,303
Dominion
Energy,
Inc.
....................
613,319
42,386,476
DTE
Energy
Co.
.......................
141,953
16,331,693
NiSource,
Inc.
.........................
298,922
7,529,845
Public
Service
Enterprise
Group,
Inc.
.........
366,573
20,612,400
Sempra
Energy
........................
231,749
34,748,445
WEC
Energy
Group,
Inc.
..................
231,959
20,744,093
205,818,693
a
Oil,
Gas
&
Consumable
Fuels
 — 
4
.3
%
Antero
Midstream
Corp.
..................
234,792
2,155,391
Antero
Resources
Corp.
(a)
.................
209,808
6,405,438
APA
Corp.
...........................
240,869
8,235,311
Cheniere
Energy,
Inc.
....................
184,294
30,576,218
Chesapeake
Energy
Corp.
................
89,653
8,446,209
Chevron
Corp.
.........................
1,450,050
208,328,684
ConocoPhillips
........................
939,591
96,157,743
Continental
Resources,
Inc.
................
26,537
1,772,937
Coterra
Energy,
Inc.
.....................
580,917
15,173,552
Devon
Energy
Corp.
.....................
484,019
29,104,063
Diamondback
Energy,
Inc.
.................
128,118
15,433,094
DT
Midstream,
Inc.
......................
71,328
3,701,210
Enviva,
Inc.
...........................
22,525
1,352,852
EOG
Resources,
Inc.
....................
431,389
48,199,093
EQT
Corp.
...........................
276,616
11,272,102
Exxon
Mobil
Corp.
......................
3,077,181
268,668,673
Hess
Corp.
...........................
206,880
22,547,851
HF
Sinclair
Corp.
.......................
105,679
5,689,757
Kinder
Morgan,
Inc.
,
Class
P
...............
1,462,771
24,340,509
Marathon
Oil
Corp.
......................
500,064
11,291,445
Marathon
Petroleum
Corp.
................
368,867
36,639,559
New
Fortress
Energy,
Inc.
,
Class
A
(b)
..........
35,457
1,549,825
Occidental
Petroleum
Corp.
................
602,639
37,032,167
ONEOK,
Inc.
..........................
329,414
16,879,173
Ovintiv,
Inc.
...........................
185,071
8,513,266
PDC
Energy,
Inc.
.......................
69,635
4,024,207
Phillips
66
............................
354,301
28,599,177
Pioneer
Natural
Resources
Co.
.............
174,931
37,877,809
Range
Resources
Corp.
..................
185,264
4,679,769
Southwestern
Energy
Co.
(a)
................
852,962
5,220,127
Targa
Resources
Corp.
...................
163,557
9,869,029
Texas
Pacific
Land
Corp.
..................
4,324
7,684,743
Valero
Energy
Corp.
.....................
291,260
31,121,131
Williams
Companies,
Inc.
(The)
.............
893,927
25,593,130
1,074,135,244
a
Paper
&
Forest
Products
 — 
0
.0
%
Louisiana-Pacific
Corp.
...................
54,216
2,775,317
a
Personal
Products
 — 
0
.2
%
Coty,
Inc.
,
Class
A
(a)
(b)
....................
226,740
1,432,997
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
....
169,274
36,546,256
Olaplex
Holdings,
Inc.
(a)
(b)
.................
91,458
873,424
38,852,677
a
Pharmaceuticals
 — 
4
.3
%
Bristol-Myers
Squibb
Co.
..................
1,571,455
111,714,736
Catalent,
Inc.
(a)
........................
126,214
9,132,845
Elanco
Animal
Health,
Inc.
(a)
................
334,195
4,147,360
Eli
Lilly
&
Co.
.........................
621,739
201,039,306
Jazz
Pharmaceuticals
PLC
(a)
...............
44,938
5,989,786
Johnson
&
Johnson
.....................
1,941,913
317,230,908
Security
Shares
Value
a
Pharmaceuticals
(continued)
Merck
&
Co.,
Inc.
.......................
1,866,589
$
160,750,645
Organon
&
Co.
........................
187,489
4,387,242
Perrigo
Co.
PLC
.......................
101,968
3,636,179
Pfizer,
Inc.
...........................
4,170,391
182,496,310
Royalty
Pharma
PLC
,
Class
A
..............
270,290
10,860,252
Viatris,
Inc.
...........................
917,479
7,816,921
Zoetis,
Inc.
,
Class
A
.....................
347,384
51,513,573
1,070,716,063
a
Professional
Services
 — 
0
.5
%
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.....
95,038
8,776,759
CACI
International,
Inc.
,
Class
A
(a)
...........
17,054
4,452,117
Clarivate
PLC
(a)
(b)
.......................
340,821
3,200,309
CoStar
Group,
Inc.
(a)
.....................
289,539
20,166,391
Dun
&
Bradstreet
Holdings,
Inc.
.............
185,034
2,292,571
Equifax,
Inc.
..........................
88,799
15,222,813
FTI
Consulting,
Inc.
(a)
(b)
...................
24,849
4,117,728
Jacobs
Solutions,
Inc.
....................
94,109
10,209,886
KBR,
Inc.
............................
101,873
4,402,951
Leidos
Holdings,
Inc.
....................
100,334
8,776,215
ManpowerGroup,
Inc.
....................
38,066
2,462,490
Nielsen
Holdings
PLC
....................
264,699
7,337,456
Robert
Half
International,
Inc.
...............
79,358
6,070,887
Science
Applications
International
Corp.
.......
40,328
3,566,205
TransUnion
...........................
141,654
8,426,997
Verisk
Analytics,
Inc.
.....................
115,819
19,750,614
129,232,389
a
Real
Estate
Management
&
Development
 — 
0
.1
%
CBRE
Group,
Inc.
,
Class
A
(a)
...............
237,226
16,015,127
Howard
Hughes
Corp.
(The)
(a)
(b)
.............
24,476
1,355,726
Jones
Lang
LaSalle,
Inc.
(a)
(b)
................
34,569
5,222,339
Opendoor
Technologies,
Inc.
(a)
(b)
.............
301,187
936,691
WeWork,
Inc.
,
Class
A
(a)
(b)
.................
95,646
253,462
Zillow
Group,
Inc.
,
Class
A
(a)
(b)
..............
41,415
1,185,711
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
(b)
..........
118,642
3,394,348
28,363,404
a
Road
&
Rail
 — 
1
.1
%
AMERCO
............................
6,668
3,395,479
Avis
Budget
Group,
Inc.
(a)
.................
21,891
3,249,938
CSX
Corp.
...........................
1,575,981
41,984,134
Hertz
Global
Holdings,
Inc.
(a)
(b)
..............
150,799
2,455,008
JB
Hunt
Transport
Services,
Inc.
............
62,386
9,758,418
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
111,410
5,451,291
Landstar
System,
Inc.
(b)
...................
26,639
3,845,872
Lyft,
Inc.
,
Class
A
(a)
(b)
.....................
214,212
2,821,172
Norfolk
Southern
Corp.
...................
173,647
36,405,094
Old
Dominion
Freight
Line,
Inc.
(b)
............
74,407
18,510,229
Ryder
System,
Inc.
......................
38,218
2,885,077
Schneider
National,
Inc.
,
Class
B
............
43,773
888,592
Uber
Technologies,
Inc.
(a)
.................
1,391,221
36,867,356
Union
Pacific
Corp.
.....................
463,208
90,242,183
XPO
Logistics,
Inc.
(a)
....................
71,628
3,188,879
261,948,722
a
Semiconductors
&
Semiconductor
Equipment
 — 
4
.4
%
Advanced
Micro
Devices,
Inc.
(a)
.............
1,191,766
75,510,294
Allegro
MicroSystems,
Inc.
(a)
(b)
..............
54,090
1,181,866
Analog
Devices,
Inc.
.....................
385,122
53,662,899
Applied
Materials,
Inc.
...................
642,477
52,638,141
Broadcom,
Inc.
........................
291,420
129,393,394
Cirrus
Logic,
Inc.
(a)
......................
40,175
2,764,040
Enphase
Energy,
Inc.
(a)
...................
96,364
26,738,119
Entegris,
Inc.
..........................
112,083
9,305,131
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
1000
ETF
(Percentages
shown
are
based
on
Net
Assets)
16
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Semiconductors
&
Semiconductor
Equipment
(continued)
First
Solar,
Inc.
(a)
.......................
77,430
$
10,241,666
GlobalFoundries,
Inc.
(a)
(b)
..................
50,663
2,449,556
Intel
Corp.
...........................
3,019,483
77,812,077
KLA
Corp.
............................
105,067
31,796,426
Lam
Research
Corp.
....................
100,715
36,861,690
Lattice
Semiconductor
Corp.
(a)
..............
99,824
4,912,339
Marvell
Technology,
Inc.
..................
624,589
26,801,114
Microchip
Technology,
Inc.
.................
396,206
24,180,452
Micron
Technology,
Inc.
...................
811,175
40,639,867
MKS
Instruments,
Inc.
(b)
..................
39,502
3,264,445
Monolithic
Power
Systems,
Inc.
.............
33,527
12,183,712
NVIDIA
Corp.
.........................
1,776,956
215,704,689
ON
Semiconductor
Corp.
(a)
(b)
...............
319,357
19,905,522
Qorvo,
Inc.
(a)
..........................
74,385
5,906,913
QUALCOMM,
Inc.
......................
826,771
93,408,588
Skyworks
Solutions,
Inc.
..................
120,729
10,294,562
Teradyne,
Inc.
.........................
114,529
8,606,854
Texas
Instruments,
Inc.
...................
680,332
105,301,787
Universal
Display
Corp.
..................
31,971
3,016,464
Wolfspeed,
Inc.
(a)
.......................
86,069
8,896,092
1,093,378,699
a
Software
 — 
9
.0
%
Adobe,
Inc.
(a)
..........................
348,217
95,829,318
Alteryx,
Inc.
,
Class
A
(a)
(b)
..................
43,768
2,444,005
ANSYS,
Inc.
(a)
.........................
63,905
14,167,739
AppLovin
Corp.
,
Class
A
(a)
.................
154,786
3,016,779
Aspen
Technology,
Inc.
(a)
(b)
.................
19,851
4,728,508
Atlassian
Corp.
,
Class
A
(a)
.................
100,607
21,186,828
Autodesk,
Inc.
(a)
........................
160,203
29,925,920
Avalara,
Inc.
(a)
.........................
61,504
5,646,067
Bentley
Systems,
Inc.
,
Class
B
(b)
.............
124,073
3,795,393
Bill.com
Holdings,
Inc.
(a)
(b)
.................
73,488
9,727,607
Black
Knight,
Inc.
(a)
......................
115,574
7,481,105
Cadence
Design
Systems,
Inc.
(a)
............
200,823
32,820,503
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
......
124,455
1,132,541
Ceridian
HCM
Holding,
Inc.
(a)
(b)
..............
100,481
5,614,878
Citrix
Systems,
Inc.
.....................
92,369
9,606,376
Confluent,
Inc.
,
Class
A
(a)
(b)
................
91,399
2,172,554
Coupa
Software,
Inc.
(a)
...................
57,190
3,362,772
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
(b)
........
154,674
25,491,822
Datadog,
Inc.
,
Class
A
(a)
(b)
.................
196,549
17,449,620
DocuSign,
Inc.
(a)
(b)
......................
142,355
7,611,722
Dolby
Laboratories,
Inc.
,
Class
A
............
42,339
2,758,386
DoubleVerify
Holdings,
Inc.
(a)
(b)
..............
48,714
1,332,328
Dropbox,
Inc.
,
Class
A
(a)
..................
192,267
3,983,772
Dynatrace,
Inc.
(a)
.......................
153,143
5,330,908
Elastic
NV
(a)
(b)
.........................
55,906
4,010,696
Fair
Isaac
Corp.
(a)
.......................
17,687
7,287,221
Five9,
Inc.
(a)
(b)
.........................
51,087
3,830,503
Fortinet,
Inc.
(a)
.........................
477,519
23,460,508
Guidewire
Software,
Inc.
(a)
(b)
................
64,765
3,988,229
HubSpot,
Inc.
(a)
(b)
.......................
33,288
8,991,755
Informatica,
Inc.
,
Class
A
(a)
(b)
...............
25,019
502,131
Intuit,
Inc.
............................
203,340
78,757,649
Jamf
Holding
Corp.
(a)
(b)
...................
48,006
1,063,813
Manhattan
Associates,
Inc.
(a)
...............
45,572
6,062,443
Microsoft
Corp.
........................
5,521,083
1,285,860,231
nCino,
Inc.
(a)
(b)
.........................
51,532
1,757,757
NCR
Corp.
(a)
..........................
97,604
1,855,452
New
Relic,
Inc.
(a)
.......................
42,735
2,452,134
NortonLifeLock,
Inc.
.....................
416,771
8,393,768
Nutanix,
Inc.
,
Class
A
(a)
...................
162,654
3,388,083
Oracle
Corp.
..........................
1,116,135
68,162,364
Palantir
Technologies,
Inc.
,
Class
A
(a)
(b)
........
1,331,956
10,828,802
Security
Shares
Value
a
Software
(continued)
Palo
Alto
Networks,
Inc.
(a)
.................
217,773
$
35,669,040
Paycom
Software,
Inc.
(a)
..................
38,429
12,681,186
Paycor
HCM,
Inc.
(a)
(b)
....................
26,426
781,153
Paylocity
Holding
Corp.
(a)
.................
30,104
7,272,524
Pegasystems,
Inc.
......................
25,653
824,487
Procore
Technologies,
Inc.
(a)
(b)
..............
51,395
2,543,025
PTC,
Inc.
(a)
(b)
..........................
77,466
8,102,944
RingCentral,
Inc.
,
Class
A
(a)
................
59,250
2,367,630
Roper
Technologies,
Inc.
..................
77,674
27,934,677
Salesforce,
Inc.
(a)
.......................
710,126
102,144,524
SentinelOne,
Inc.
,
Class
A
(a)
................
136,826
3,497,273
ServiceNow,
Inc.
(a)
......................
147,744
55,789,612
Smartsheet,
Inc.
,
Class
A
(a)
(b)
...............
91,268
3,135,969
Splunk,
Inc.
(a)
(b)
........................
121,357
9,126,046
Synopsys,
Inc.
(a)
.......................
112,384
34,334,436
Teradata
Corp.
(a)
.......................
81,204
2,522,196
Tyler
Technologies,
Inc.
(a)
.................
30,068
10,448,630
UiPath,
Inc.
,
Class
A
(a)
(b)
..................
274,601
3,462,719
Unity
Software,
Inc.
(a)
(b)
...................
160,532
5,114,550
VMware,
Inc.
,
Class
A
....................
153,791
16,372,590
Workday,
Inc.
,
Class
A
(a)
..................
146,170
22,249,997
Zendesk,
Inc.
(a)
........................
89,582
6,817,190
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
....
185,853
13,676,922
Zscaler,
Inc.
(a)
(b)
........................
62,755
10,315,039
2,234,455,349
a
Specialty
Retail
 — 
2
.2
%
Advance
Auto
Parts,
Inc.
..................
46,449
7,261,837
AutoNation,
Inc.
(a)
(b)
.....................
28,195
2,872,225
AutoZone,
Inc.
(a)
.......................
14,414
30,873,779
Bath
&
Body
Works,
Inc.
..................
169,368
5,521,397
Best
Buy
Co.,
Inc.
......................
147,890
9,367,353
Burlington
Stores,
Inc.
(a)
(b)
.................
49,544
5,543,478
CarMax,
Inc.
(a)
(b)
........................
118,004
7,790,624
Carvana
Co.
,
Class
A
(a)
(b)
..................
76,771
1,558,451
Dick's
Sporting
Goods,
Inc.
(b)
...............
37,945
3,970,565
Five
Below,
Inc.
(a)
(b)
......................
40,626
5,592,981
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
.......
73,369
5,154,906
GameStop
Corp.
,
Class
A
(a)
(b)
...............
207,325
5,210,077
Gap,
Inc.
(The)
........................
118,886
976,054
Home
Depot,
Inc.
(The)
..................
762,422
210,382,727
Leslie's,
Inc.
(a)
(b)
........................
128,377
1,888,426
Lithia
Motors,
Inc.
......................
19,863
4,261,607
Lowe's
Companies,
Inc.
..................
471,813
88,611,200
O'Reilly
Automotive,
Inc.
(a)
.................
46,452
32,672,014
Penske
Automotive
Group,
Inc.
(b)
............
17,612
1,733,549
Petco
Health
&
Wellness
Co.,
Inc.
,
Class
A
(a)
(b)
...
59,228
660,984
RH
(a)
(b)
..............................
14,637
3,601,727
Ross
Stores,
Inc.
.......................
254,178
21,419,580
TJX
Companies,
Inc.
(The)
................
866,229
53,810,145
Tractor
Supply
Co.
......................
82,413
15,318,928
Ulta
Beauty,
Inc.
(a)
(b)
.....................
38,459
15,429,366
Victoria's
Secret
&
Co.
(a)
(b)
.................
53,564
1,559,784
Williams-Sonoma,
Inc.
...................
49,298
5,809,769
548,853,533
a
Technology
Hardware,
Storage
&
Peripherals
 — 
6
.5
%
Apple,
Inc.
...........................
11,282,860
1,559,291,252
Dell
Technologies,
Inc.
,
Class
C
.............
186,314
6,366,350
Hewlett
Packard
Enterprise
Co.
.............
956,091
11,453,970
HP,
Inc.
.............................
765,749
19,082,465
NetApp,
Inc.
..........................
161,159
9,967,684
Pure
Storage,
Inc.
,
Class
A
(a)
...............
199,976
5,473,343
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
17
Schedule
of
Investments
Security
Shares
Value
a
Technology
Hardware,
Storage
&
Peripherals
(continued)
Western
Digital
Corp.
(a)
...................
229,056
$
7,455,773
1,619,090,837
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.6
%
Capri
Holdings
Ltd.
(a)
....................
99,689
3,832,045
Carter's,
Inc.
..........................
27,668
1,813,084
Columbia
Sportswear
Co.
.................
25,959
1,747,041
Deckers
Outdoor
Corp.
(a)
..................
19,511
6,099,334
Hanesbrands,
Inc.
......................
235,998
1,642,546
Lululemon
Athletica,
Inc.
(a)
.................
82,185
22,975,639
Nike,
Inc.
,
Class
B
......................
904,117
75,150,205
PVH
Corp.
...........................
51,533
2,308,678
Ralph
Lauren
Corp.
,
Class
A
...............
30,763
2,612,701
Skechers
U.S.A.,
Inc.
,
Class
A
(a)
.............
96,746
3,068,783
Tapestry,
Inc.
..........................
186,459
5,301,029
Under
Armour,
Inc.
,
Class
A
(a)
(b)
.............
146,164
971,991
Under
Armour,
Inc.
,
Class
C
(a)
..............
137,073
816,955
VF
Corp.
............................
263,915
7,893,698
136,233,729
a
Thrifts
&
Mortgage
Finance
 — 
0
.0
%
MGIC
Investment
Corp.
..................
206,317
2,644,984
New
York
Community
Bancorp,
Inc.
..........
341,643
2,914,215
Rocket
Companies,
Inc.
,
Class
A
(b)
...........
54,418
343,921
TFS
Financial
Corp.
.....................
28,484
370,292
UWM
Holdings
Corp.
,
Class
A
(b)
.............
67,429
197,567
6,470,979
a
Tobacco
 — 
0
.6
%
Altria
Group,
Inc.
.......................
1,336,353
53,961,934
Philip
Morris
International,
Inc.
..............
1,143,369
94,911,061
148,872,995
a
Trading
Companies
&
Distributors
 — 
0
.3
%
Air
Lease
Corp.
,
Class
A
..................
76,910
2,384,979
Core
&
Main,
Inc.
,
Class
A
(a)
................
54,126
1,230,825
Fastenal
Co.
..........................
426,241
19,624,136
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
........
35,419
2,578,857
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
...........
34,365
3,578,771
United
Rentals,
Inc.
(a)
....................
51,647
13,950,888
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
Univar
Solutions,
Inc.
(a)
...................
127,034
$
2,888,753
Watsco,
Inc.
..........................
24,259
6,245,722
WESCO
International,
Inc.
(a)
...............
32,785
3,913,873
WW
Grainger,
Inc.
......................
34,051
16,657,409
73,054,213
a
Water
Utilities
 — 
0
.1
%
American
Water
Works
Co.,
Inc.
.............
133,427
17,366,858
Essential
Utilities,
Inc.
....................
170,215
7,043,497
24,410,355
a
Wireless
Telecommunication
Services
 — 
0
.2
%
T-Mobile
U.S.,
Inc.
(a)
.....................
439,566
58,976,570
a
Total
Long-Term
Investments — 99.8%
(Cost:
$
24,133,877,916
)
............................
24,708,956,226
a
Short-Term
Securities
Money
Market
Funds
 — 
2
.2
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.18
%
(c)
(d)
(e)
....................
525,831,500
525,989,250
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.81
%
(c)
(d)
.....................
31,431,602
31,431,602
a
Total
Short-Term
Securities — 2.2%
(Cost:
$
557,083,232
)
..............................
557,420,852
Total
Investments
102.0%
(Cost:
$
24,690,961,148
)
............................
25,266,377,078
Liabilities
in
Excess
of
Other
Assets
(
2
.0
)
%
.............
(
506,450,720
)
Net
Assets
100.0%
...............................
$
24,759,926,358
(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.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
1000
ETF
18
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
382,039,449
$
143,694,445
(a)
$
$
8,482
$
246,874
$
525,989,250
525,831,500
$
1,681,961
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
49,500,000
(
18,068,398
)
(a)
31,431,602
31,431,602
167,496
BlackRock,
Inc.
..
78,453,513
14,207,840
(
9,173,680
)
2,983,433
(
25,544,655
)
60,926,451
110,719
511,253
$
2,991,915
$
(
25,297,781
)
$
618,347,303
$
2,360,710
$
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
S&P
500
E-Mini
Index
..................................................................
306
12/16/22
$
55,103
$
(
4,694,964
)
S&P
MidCap
400
E-Mini
Index
............................................................
22
12/16/22
4,858
(
399,818
)
$
(
5,094,782
)
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)
.............
$
$
$
5,094,782
$
$
$
$
5,094,782
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
$
$
(
5,830,140
)
$
$
$
$
(
5,830,140
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
$
$
(
8,203,272
)
$
$
$
$
(
8,203,272
)
iShares
®
Russell
1000
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
19
Schedule
of
Investments
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Futures
contracts
Average
notional
value
of
contracts
long
...................................................................................
$
61,575,142
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
24,708,853,257
$
102,969
$
$
24,708,956,226
Short-Term
Securities
Money
Market
Funds
......................................
557,420,852
557,420,852
$
25,266,274,109
$
102,969
$
$
25,266,377,078
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
5,094,782
)
$
$
$
(
5,094,782
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
Russell
1000
Growth
ETF
(Percentages
shown
are
based
on
Net
Assets)
20
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
0
.9
%
Axon
Enterprise,
Inc.
(a)
(b)
..................
173,898
$
20,128,694
Boeing
Co.
(The)
(a)
......................
552,917
66,947,190
BWX
Technologies,
Inc.
..................
115,239
5,804,588
HEICO
Corp.
(b)
........................
139,574
20,095,865
HEICO
Corp.
,
Class
A
....................
243,094
27,863,434
Howmet
Aerospace,
Inc.
(b)
.................
118,469
3,664,246
Huntington
Ingalls
Industries,
Inc.
............
28,003
6,202,665
Lockheed
Martin
Corp.
...................
770,260
297,543,735
Northrop
Grumman
Corp.
.................
56,537
26,590,482
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(b)
.....
340,980
7,474,282
TransDigm
Group,
Inc.
...................
64,592
33,899,173
516,214,354
a
Air
Freight
&
Logistics
 — 
0
.7
%
CH
Robinson
Worldwide,
Inc.
..............
103,306
9,949,401
Expeditors
International
of
Washington,
Inc.
.....
161,144
14,230,627
GXO
Logistics,
Inc.
(a)
(b)
...................
24,575
861,599
United
Parcel
Service,
Inc.
,
Class
B
..........
2,127,987
343,755,020
368,796,647
a
Airlines
 — 
0
.1
%
Delta
Air
Lines,
Inc.
(a)
....................
2,066,467
57,985,064
a
Auto
Components
 — 
0
.0
%
Aptiv
PLC
(a)
...........................
225,066
17,602,412
a
Automobiles
 — 
4
.0
%
Lucid
Group,
Inc.
(a)
(b)
.....................
1,642,124
22,940,472
Tesla,
Inc.
(a)
(b)
.........................
8,255,456
2,189,759,704
2,212,700,176
a
Banks
 — 
0
.1
%
First
Citizens
BancShares,
Inc.
,
Class
A
(b)
......
10,387
8,282,906
Signature
Bank
........................
10,164
1,534,764
SVB
Financial
Group
(a)
(b)
..................
120,290
40,390,976
Western
Alliance
Bancorp
.................
216,935
14,261,307
64,469,953
a
Beverages
 — 
2
.3
%
Boston
Beer
Co.,
Inc.
(The)
,
Class
A
,
NVS
(a)
(b)
....
28,966
9,374,846
Brown-Forman
Corp.
,
Class
A
(b)
.............
86,201
5,823,740
Brown-Forman
Corp.
,
Class
B
,
NVS
(b)
.........
356,537
23,734,668
Coca-Cola
Co.
(The)
....................
9,503,565
532,389,711
Monster
Beverage
Corp.
(a)
(b)
................
1,115,260
96,983,009
PepsiCo,
Inc.
.........................
3,791,084
618,932,374
1,287,238,348
a
Biotechnology
 — 
3
.1
%
AbbVie,
Inc.
..........................
5,735,608
769,775,950
Alnylam
Pharmaceuticals,
Inc.
(a)
(b)
............
389,557
77,973,729
Amgen,
Inc.
..........................
1,455,653
328,104,186
Exact
Sciences
Corp.
(a)
(b)
..................
88,477
2,874,618
Exelixis,
Inc.
(a)
.........................
883,506
13,853,374
Horizon
Therapeutics
PLC
(a)
...............
669,708
41,448,228
Incyte
Corp.
(a)
.........................
518,315
34,540,512
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
..............
430,739
19,051,586
Moderna,
Inc.
(a)
(b)
.......................
65,511
7,746,676
Natera,
Inc.
(a)
(b)
........................
258,447
11,325,148
Neurocrine
Biosciences,
Inc.
(a)
..............
311,621
33,097,266
Novavax,
Inc.
(a)
(b)
.......................
267,897
4,875,725
Regeneron
Pharmaceuticals,
Inc.
(a)
(b)
..........
49,701
34,237,528
Sarepta
Therapeutics,
Inc.
(a)
...............
270,106
29,857,517
Seagen,
Inc.
(a)
.........................
437,716
59,892,680
Ultragenyx
Pharmaceutical,
Inc.
(a)
(b)
...........
156,411
6,476,980
Security
Shares
Value
a
Biotechnology
(continued)
Vertex
Pharmaceuticals,
Inc.
(a)
..............
783,345
$
226,809,711
1,701,941,414
a
Building
Products
 — 
0
.3
%
A
O
Smith
Corp.
.......................
87,764
4,263,575
Advanced
Drainage
Systems,
Inc.
(b)
..........
208,148
25,887,367
Allegion
PLC
..........................
230,352
20,657,967
Armstrong
World
Industries,
Inc.
.............
79,545
6,302,350
Carlisle
Companies,
Inc.
..................
139,682
39,168,230
Fortune
Brands
Home
&
Security,
Inc.
.........
135,121
7,254,647
Masco
Corp.
..........................
26,932
1,257,455
Trane
Technologies
PLC
..................
438,088
63,439,523
Trex
Co.,
Inc.
(a)
(b)
.......................
355,450
15,618,473
183,849,587
a
Capital
Markets
 — 
1
.5
%
Ameriprise
Financial,
Inc.
.................
224,052
56,449,901
Ares
Management
Corp.
,
Class
A
............
497,157
30,798,876
Blackstone,
Inc.
,
NVS
....................
2,271,168
190,096,762
Blue
Owl
Capital,
Inc.
,
Class
A
..............
1,351,102
12,470,671
Charles
Schwab
Corp.
(The)
...............
2,736,019
196,637,686
FactSet
Research
Systems,
Inc.
(b)
...........
122,096
48,851,831
LPL
Financial
Holdings,
Inc.
(b)
..............
256,398
56,017,835
MarketAxess
Holdings,
Inc.
................
122,162
27,179,823
Moody's
Corp.
(b)
........................
488,780
118,827,306
Morningstar,
Inc.
(b)
......................
70,967
15,067,713
MSCI,
Inc.
,
Class
A
.....................
191,637
80,830,570
Raymond
James
Financial,
Inc.
.............
50,247
4,965,409
Tradeweb
Markets,
Inc.
,
Class
A
.............
228,212
12,875,721
851,070,104
a
Chemicals
 — 
1
.0
%
Albemarle
Corp.
(b)
......................
194,596
51,458,966
Axalta
Coating
Systems
Ltd.
(a)
(b)
.............
172,846
3,640,137
CF
Industries
Holdings,
Inc.
................
646,258
62,202,333
Chemours
Co.
(The)
.....................
302,567
7,458,277
Ecolab,
Inc.
..........................
710,490
102,608,966
FMC
Corp.
...........................
144,386
15,261,600
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
533,154
1,663,440
Linde
PLC
...........................
344,235
92,802,314
Mosaic
Co.
(The)
.......................
131,772
6,368,541
PPG
Industries,
Inc.
.....................
403,458
44,658,766
RPM
International,
Inc.
...................
15,104
1,258,314
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
.........
44,835
1,916,696
Sherwin-Williams
Co.
(The)
................
775,247
158,731,823
Valvoline,
Inc.
.........................
554,385
14,048,116
564,078,289
a
Commercial
Services
&
Supplies
 — 
0
.8
%
Cintas
Corp.
..........................
262,524
101,909,192
Copart,
Inc.
(a)
(b)
........................
687,619
73,162,662
Driven
Brands
Holdings,
Inc.
(a)
(b)
.............
32
895
IAA,
Inc.
(a)
(b)
...........................
357,633
11,390,611
MSA
Safety,
Inc.
.......................
45,943
5,020,651
Republic
Services,
Inc.
...................
42,554
5,789,046
Rollins,
Inc.
...........................
708,977
24,587,322
Tetra
Tech,
Inc.
(b)
.......................
74,891
9,625,740
Waste
Management,
Inc.
..................
1,260,872
202,004,303
433,490,422
a
Communications
Equipment
 — 
0
.2
%
Arista
Networks,
Inc.
(a)
...................
799,759
90,284,794
Ubiquiti,
Inc.
(b)
.........................
5,600
1,643,936
91,928,730
a
iShares
®
Russell
1000
Growth
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
21
Schedule
of
Investments
Security
Shares
Value
a
Construction
&
Engineering
 — 
0
.1
%
AECOM
.............................
17,608
$
1,203,859
Quanta
Services,
Inc.
(b)
...................
250,412
31,899,985
Valmont
Industries,
Inc.
...................
9,394
2,523,416
WillScot
Mobile
Mini
Holdings
Corp.
,
Class
A
(a)
...
356,302
14,369,660
49,996,920
a
Construction
Materials
 — 
0
.1
%
Eagle
Materials,
Inc.
.....................
99,293
10,642,224
Martin
Marietta
Materials,
Inc.
..............
17,594
5,666,851
Vulcan
Materials
Co.
....................
207,705
32,757,156
49,066,231
a
Consumer
Finance
 — 
0
.0
%
American
Express
Co.
...................
122,285
16,497,469
Credit
Acceptance
Corp.
(a)
(b)
................
1,926
843,588
Upstart
Holdings,
Inc.
(a)
(b)
..................
72
1,497
17,342,554
a
Containers
&
Packaging
 — 
0
.2
%
Ardagh
Metal
Packaging
SA
...............
156,832
759,067
Avery
Dennison
Corp.
....................
160,556
26,122,461
Ball
Corp.
............................
392,091
18,945,837
Berry
Global
Group,
Inc.
(a)
.................
191,236
8,898,211
Crown
Holdings,
Inc.
....................
332,346
26,929,996
Graphic
Packaging
Holding
Co.
.............
785,963
15,514,910
Sealed
Air
Corp.
.......................
481,563
21,434,369
118,604,851
a
Distributors
 — 
0
.1
%
Genuine
Parts
Co.
......................
36,177
5,401,950
Pool
Corp.
...........................
123,991
39,455,176
44,857,126
a
Diversified
Consumer
Services
 — 
0
.0
%
Bright
Horizons
Family
Solutions,
Inc.
(a)
(b)
.......
44,902
2,588,600
H&R
Block,
Inc.
........................
426,437
18,140,630
Mister
Car
Wash,
Inc.
(a)
(b)
..................
154,209
1,323,113
22,052,343
a
Diversified
Financial
Services
 — 
0
.1
%
Apollo
Global
Management,
Inc.
.............
1,134,598
52,758,807
a
Electrical
Equipment
 — 
0
.3
%
ChargePoint
Holdings,
Inc.
,
Class
A
(a)
(b)
........
812,553
11,993,282
Emerson
Electric
Co.
(b)
...................
606,326
44,395,190
Generac
Holdings,
Inc.
(a)
(b)
.................
200,841
35,777,816
Plug
Power,
Inc.
(a)
(b)
.....................
856,128
17,987,249
Rockwell
Automation,
Inc.
.................
253,739
54,581,796
Vertiv
Holdings
Co.
,
Class
A
(b)
..............
111,171
1,080,582
165,815,915
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.6
%
Amphenol
Corp.
,
Class
A
.................
1,431,858
95,877,212
Arrow
Electronics,
Inc.
(a)
..................
16
1,475
CDW
Corp.
(b)
..........................
436,548
68,136,412
Cognex
Corp.
(b)
........................
522,822
21,670,972
Coherent
Corp.
(a)
.......................
51,734
1,802,930
Corning,
Inc.
..........................
127,549
3,701,472
Jabil,
Inc.
............................
356,052
20,547,761
Keysight
Technologies,
Inc.
(a)
...............
539,402
84,880,299
National
Instruments
Corp.
(b)
...............
54,663
2,062,981
Vontier
Corp.
..........................
301,698
5,041,373
Zebra
Technologies
Corp.
,
Class
A
(a)
..........
67,493
17,683,841
321,406,728
a
Security
Shares
Value
a
Energy
Equipment
&
Services
 — 
0
.1
%
Halliburton
Co.
........................
1,310,641
$
32,267,981
a
Entertainment
 — 
0
.8
%
Electronic
Arts,
Inc.
(b)
....................
55,918
6,470,272
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(a)
(b)
16
840
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
,
NVS
(a)
.............................
72,293
4,229,141
Live
Nation
Entertainment,
Inc.
(a)
(b)
...........
254,858
19,379,402
Madison
Square
Garden
Sports
Corp.
,
Class
A
(a)
(b)
30,692
4,194,369
Netflix,
Inc.
(a)
(b)
.........................
640,481
150,794,847
Playtika
Holding
Corp.
(a)
(b)
.................
304,951
2,863,490
ROBLOX
Corp.
,
Class
A
(a)
(b)
................
1,418,989
50,856,566
Roku,
Inc.
,
Class
A
(a)
(b)
...................
110,237
6,217,367
Spotify
Technology
SA
(a)
(b)
.................
457,665
39,496,489
Take-Two
Interactive
Software,
Inc.
(a)
(b)
........
439,458
47,900,922
Walt
Disney
Co.
(The)
(a)
..................
394,074
37,173,000
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
(b)
.......
5,612,527
64,544,060
World
Wrestling
Entertainment,
Inc.
,
Class
A
(b)
...
147,616
10,358,215
444,478,980
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 
1
.6
%
American
Tower
Corp.
...................
1,154,878
247,952,307
Apartment
Income
REIT
Corp.
..............
26,249
1,013,736
Camden
Property
Trust
...................
27,999
3,344,481
Crown
Castle,
Inc.
......................
1,400,104
202,385,033
Equinix,
Inc.
(b)
.........................
222,092
126,334,813
Equity
LifeStyle
Properties,
Inc.
.............
359,619
22,598,458
Extra
Space
Storage,
Inc.
.................
54,005
9,327,204
Iron
Mountain,
Inc.
......................
701,801
30,858,190
Lamar
Advertising
Co.
,
Class
A
.............
251,874
20,777,086
Public
Storage
.........................
402,481
117,850,462
SBA
Communications
Corp.
,
Class
A
..........
80,334
22,867,073
Simon
Property
Group,
Inc.
................
518,026
46,492,833
851,801,676
a
Food
&
Staples
Retailing
 — 
1
.5
%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
..........
279,813
20,373,184
Costco
Wholesale
Corp.
..................
1,436,835
678,574,065
Grocery
Outlet
Holding
Corp.
(a)
(b)
.............
20,993
698,857
Performance
Food
Group
Co.
(a)
(b)
............
163,346
7,015,711
Sysco
Corp.
..........................
1,647,018
116,460,643
823,122,460
a
Food
Products
 — 
0
.3
%
Darling
Ingredients,
Inc.
(a)
(b)
................
29,987
1,983,640
Freshpet,
Inc.
(a)
(b)
.......................
82,208
4,117,799
Hershey
Co.
(The)
......................
410,328
90,465,014
Kellogg
Co.
...........................
454,760
31,678,582
Lamb
Weston
Holdings,
Inc.
...............
464,042
35,907,570
Pilgrim's
Pride
Corp.
(a)
...................
61,059
1,405,578
165,558,183
a
Gas
Utilities
 — 
0
.0
%
National
Fuel
Gas
Co.
...................
22,822
1,404,694
a
Health
Care
Equipment
&
Supplies
 — 
1
.9
%
Abbott
Laboratories
.....................
732,110
70,838,964
ABIOMED,
Inc.
(a)
(b)
......................
146,471
35,982,066
Align
Technology,
Inc.
(a)
...................
189,245
39,194,532
Baxter
International,
Inc.
..................
262,939
14,161,895
Dexcom,
Inc.
(a)
........................
1,275,948
102,764,852
Edwards
Lifesciences
Corp.
(a)
..............
2,002,083
165,432,118
Globus
Medical,
Inc.
,
Class
A
(a)
(b)
............
13,783
821,053
ICU
Medical,
Inc.
(a)
......................
12,054
1,815,332
IDEXX
Laboratories,
Inc.
(a)
(b)
...............
270,217
88,036,699
Insulet
Corp.
(a)
(b)
........................
221,673
50,851,786
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
1000
Growth
ETF
(Percentages
shown
are
based
on
Net
Assets)
22
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Health
Care
Equipment
&
Supplies
(continued)
Intuitive
Surgical,
Inc.
(a)
...................
1,069,503
$
200,467,642
Masimo
Corp.
(a)
........................
117,938
16,648,128
Novocure
Ltd.
(a)
(b)
.......................
332,040
25,228,399
Penumbra,
Inc.
(a)
(b)
......................
115,346
21,869,602
ResMed,
Inc.
.........................
468,460
102,264,818
Stryker
Corp.
.........................
609,628
123,474,055
Tandem
Diabetes
Care,
Inc.
(a)
(b)
.............
190,693
9,124,660
1,068,976,601
a
Health
Care
Providers
&
Services
 — 
3
.4
%
agilon
health,
Inc.
(a)
(b)
....................
551,216
12,909,479
AmerisourceBergen
Corp.
.................
479,663
64,912,794
Chemed
Corp.
.........................
17,633
7,697,862
Cigna
Corp.
..........................
154,830
42,960,680
DaVita,
Inc.
(a)
(b)
........................
181,583
15,029,625
Elevance
Health,
Inc.
....................
237,614
107,933,783
Guardant
Health,
Inc.
(a)
(b)
..................
314,323
16,920,007
HCA
Healthcare,
Inc.
(b)
...................
43,460
7,987,513
Humana,
Inc.
.........................
289,520
140,472,209
McKesson
Corp.
.......................
91,194
30,994,105
Molina
Healthcare,
Inc.
(a)
..................
144,270
47,586,017
Signify
Health,
Inc.
,
Class
A
(a)
...............
64
1,866
UnitedHealth
Group,
Inc.
(b)
.................
2,762,361
1,395,102,799
1,890,508,739
a
Health
Care
Technology
 — 
0
.2
%
Certara,
Inc.
(a)
(b)
........................
224,096
2,975,995
Change
Healthcare,
Inc.
(a)
(b)
................
66,568
1,829,954
Definitive
Healthcare
Corp.
,
Class
A
(a)
(b)
........
52,179
810,862
Doximity,
Inc.
,
Class
A
(a)
(b)
.................
164,636
4,975,300
Teladoc
Health,
Inc.
(a)
....................
49,569
1,256,574
Veeva
Systems,
Inc.
,
Class
A
(a)
.............
452,597
74,624,193
86,472,878
a
Hotels,
Restaurants
&
Leisure
 — 
2
.2
%
Airbnb,
Inc.
,
Class
A
(a)
(b)
...................
1,269,892
133,389,456
Booking
Holdings,
Inc.
(a)
(b)
.................
129,125
212,179,491
Caesars
Entertainment,
Inc.
(a)
(b)
.............
467,159
15,070,550
Chipotle
Mexican
Grill,
Inc.
(a)
(b)
..............
90,220
135,579,007
Choice
Hotels
International,
Inc.
.............
113,791
12,462,390
Churchill
Downs,
Inc.
....................
120,044
22,106,103
Darden
Restaurants,
Inc.
.................
289,464
36,565,093
Domino's
Pizza,
Inc.
.....................
83,801
25,995,070
DraftKings,
Inc.
,
Class
A
(a)
(b)
................
1,052,764
15,938,847
Expedia
Group,
Inc.
(a)
....................
491,068
46,008,161
Hilton
Worldwide
Holdings,
Inc.
.............
634,881
76,579,346
Las
Vegas
Sands
Corp.
(a)
.................
400,258
15,017,680
Marriott
International,
Inc.
,
Class
A
(b)
..........
890,093
124,737,633
McDonald's
Corp.
......................
582,322
134,364,978
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
.........
99,537
1,130,740
Planet
Fitness,
Inc.
,
Class
A
(a)
(b)
.............
199,611
11,509,570
Six
Flags
Entertainment
Corp.
(a)
.............
99,509
1,761,309
Starbucks
Corp.
........................
1,339,676
112,881,100
Travel
+
Leisure
Co.
.....................
188,390
6,427,867
Vail
Resorts,
Inc.
.......................
122,045
26,317,784
Wendy's
Co.
(The)
......................
526,816
9,846,191
Wyndham
Hotels
&
Resorts,
Inc.
............
200,177
12,280,859
Wynn
Resorts
Ltd.
(a)
(b)
....................
34,144
2,152,096
Yum!
Brands,
Inc.
......................
111,474
11,854,145
1,202,155,466
a
Household
Durables
 — 
0
.2
%
DR
Horton,
Inc.
(b)
.......................
536,979
36,165,536
NVR,
Inc.
(a)
(b)
..........................
6,933
27,642,426
PulteGroup,
Inc.
(b)
......................
282,504
10,593,900
Security
Shares
Value
a
Household
Durables
(continued)
Toll
Brothers,
Inc.
.......................
169,424
$
7,115,808
TopBuild
Corp.
(a)
.......................
87,848
14,475,593
95,993,263
a
Household
Products
 — 
1
.2
%
Church
&
Dwight
Co.,
Inc.
.................
352,319
25,169,669
Clorox
Co.
(The)
.......................
333,954
42,876,354
Colgate-Palmolive
Co.
...................
1,651,719
116,033,260
Kimberly-Clark
Corp.
....................
648,453
72,976,901
Procter
&
Gamble
Co.
(The)
...............
3,304,199
417,155,124
674,211,308
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.1
%
AES
Corp.
(The)
.......................
408,789
9,238,631
Vistra
Corp.
..........................
767,191
16,111,011
25,349,642
a
Industrial
Conglomerates
 — 
0
.2
%
General
Electric
Co.
.....................
206,142
12,762,251
Honeywell
International,
Inc.
...............
644,544
107,619,512
120,381,763
a
Insurance
 — 
1
.2
%
Alleghany
Corp.
(a)
.......................
6,776
5,687,571
Aon
PLC
,
Class
A
(b)
.....................
642,513
172,109,957
Arch
Capital
Group
Ltd.
(a)
(b)
................
364,800
16,612,992
Arthur
J
Gallagher
&
Co.
(b)
.................
79,594
13,628,085
Assurant,
Inc.
.........................
10,477
1,521,994
Brown
&
Brown,
Inc.
(b)
....................
57,933
3,503,788
Erie
Indemnity
Co.
,
Class
A
,
NVS
............
58,901
13,094,281
Everest
Re
Group
Ltd.
...................
40,923
10,739,832
Lincoln
National
Corp.
...................
101,971
4,477,547
Markel
Corp.
(a)
(b)
........................
10,385
11,259,625
Marsh
&
McLennan
Companies,
Inc.
..........
1,452,474
216,839,843
Progressive
Corp.
(The)
..................
1,651,822
191,958,235
RenaissanceRe
Holdings
Ltd.
(b)
.............
79,585
11,172,938
Ryan
Specialty
Holdings,
Inc.
,
Class
A
(a)
(b)
......
278,966
11,331,599
683,938,287
a
Interactive
Media
&
Services
 — 
6
.3
%
Alphabet,
Inc.
,
Class
A
(a)
(b)
.................
16,983,710
1,624,491,862
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
..............
15,252,022
1,466,481,915
Match
Group,
Inc.
(a)
.....................
859,276
41,030,429
Meta
Platforms,
Inc.
,
Class
A
(a)
..............
1,585,008
215,053,885
Pinterest,
Inc.
,
Class
A
(a)
(b)
.................
420,150
9,789,495
TripAdvisor,
Inc.
(a)
......................
48
1,060
Twitter,
Inc.
(a)
..........................
2,252,939
98,768,846
ZoomInfo
Technologies,
Inc.
(a)
(b)
.............
885,133
36,874,641
3,492,492,133
a
Internet
&
Direct
Marketing
Retail
 — 
6
.1
%
Amazon.com,
Inc.
(a)
.....................
28,845,130
3,259,499,690
DoorDash,
Inc.
,
Class
A
(a)
(b)
................
711,847
35,200,834
eBay,
Inc.
............................
226,504
8,337,612
Etsy,
Inc.
(a)
(b)
..........................
413,507
41,404,456
Wayfair,
Inc.
,
Class
A
(a)
(b)
..................
169,946
5,531,743
3,349,974,335
a
IT
Services
 — 
6
.7
%
Accenture
PLC
,
Class
A
..................
2,056,336
529,095,253
Automatic
Data
Processing,
Inc.
.............
1,243,930
281,364,527
Broadridge
Financial
Solutions,
Inc.
..........
341,868
49,338,390
Cloudflare,
Inc.
,
Class
A
(a)
.................
901,777
49,877,286
EPAM
Systems,
Inc.
(a)
(b)
..................
178,356
64,598,760
Euronet
Worldwide,
Inc.
(a)
(b)
................
109,866
8,323,448
Fiserv,
Inc.
(a)
(b)
.........................
168,994
15,812,769
iShares
®
Russell
1000
Growth
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
23
Schedule
of
Investments
Security
Shares
Value
a
IT
Services
(continued)
FleetCor
Technologies,
Inc.
(a)
(b)
..............
237,319
$
41,808,488
Gartner,
Inc.
(a)
(b)
........................
249,444
69,018,660
Genpact
Ltd.
..........................
320,006
14,006,663
Globant
SA
(a)
(b)
........................
134,073
25,082,377
GoDaddy,
Inc.
,
Class
A
(a)
(b)
.................
64,037
4,538,943
International
Business
Machines
Corp.
........
1,950,909
231,787,498
Jack
Henry
&
Associates,
Inc.
..............
233,665
42,590,120
Mastercard,
Inc.
,
Class
A
..................
2,793,671
794,352,412
MongoDB,
Inc.
,
Class
A
(a)
(b)
................
211,894
42,073,673
Okta,
Inc.
,
Class
A
(a)
.....................
65,901
3,747,790
Paychex,
Inc.
.........................
1,045,747
117,343,271
PayPal
Holdings,
Inc.
(a)
(b)
..................
1,154,119
99,335,022
Shift4
Payments,
Inc.
,
Class
A
(a)
(b)
............
158,346
7,063,815
Snowflake,
Inc.
,
Class
A
(a)
(b)
................
932,655
158,514,044
Switch,
Inc.
,
Class
A
(b)
....................
274,087
9,233,991
Thoughtworks
Holding,
Inc.
(a)
(b)
..............
273,944
2,873,673
Toast,
Inc.
,
Class
A
(a)
(b)
...................
806,757
13,488,977
Twilio,
Inc.
,
Class
A
(a)
(b)
...................
216,832
14,991,764
VeriSign,
Inc.
(a)
........................
29,589
5,139,609
Visa,
Inc.
,
Class
A
(b)
.....................
5,342,787
949,146,110
Western
Union
Co.
(The)
.................
416,739
5,625,976
WEX,
Inc.
(a)
(b)
..........................
100,928
12,811,800
Wix.com
Ltd.
(a)
(b)
.......................
135,396
10,592,029
3,673,577,138
a
Leisure
Products
 — 
0
.1
%
Brunswick
Corp.
.......................
34,369
2,249,451
Mattel,
Inc.
(a)
..........................
548,607
10,390,617
Polaris,
Inc.
...........................
140,523
13,441,025
YETI
Holdings,
Inc.
(a)
(b)
...................
264,133
7,533,073
33,614,166
a
Life
Sciences
Tools
&
Services
 — 
1
.3
%
10X
Genomics,
Inc.
,
Class
A
(a)
(b)
.............
280,985
8,002,453
Agilent
Technologies,
Inc.
.................
873,211
106,138,797
Avantor,
Inc.
(a)
(b)
........................
1,854,519
36,348,572
Bio-Techne
Corp.
.......................
127,408
36,183,872
Bruker
Corp.
(b)
.........................
352,377
18,697,124
Charles
River
Laboratories
International,
Inc.
(a)
...
154,804
30,465,427
Danaher
Corp.
........................
144,257
37,260,141
IQVIA
Holdings,
Inc.
(a)
....................
599,105
108,521,880
Maravai
LifeSciences
Holdings,
Inc.
,
Class
A
(a)
...
354,331
9,046,070
Mettler-Toledo
International,
Inc.
(a)
...........
72,240
78,316,829
Repligen
Corp.
(a)
(b)
......................
129,855
24,297,169
Sotera
Health
Co.
(a)
(b)
....................
346,450
2,362,789
Syneos
Health,
Inc.
,
Class
A
(a)
..............
57,798
2,725,176
Thermo
Fisher
Scientific,
Inc.
...............
155,181
78,706,251
Waters
Corp.
(a)
........................
194,451
52,410,378
West
Pharmaceutical
Services,
Inc.
..........
238,753
58,752,338
688,235,266
a
Machinery
 — 
1
.6
%
AGCO
Corp.
..........................
26,417
2,540,523
Allison
Transmission
Holdings,
Inc.
...........
262,053
8,846,909
Caterpillar,
Inc.
........................
1,492,376
244,869,054
Deere
&
Co.
..........................
909,705
303,741,402
Donaldson
Co.,
Inc.
.....................
66,794
3,273,574
Graco,
Inc.
...........................
380,873
22,833,336
IDEX
Corp.
...........................
43,556
8,704,667
Illinois
Tool
Works,
Inc.
...................
902,110
162,966,172
Lincoln
Electric
Holdings,
Inc.
..............
185,136
23,275,298
Middleby
Corp.
(The)
(a)
...................
8,075
1,034,973
Nordson
Corp.
.........................
43,689
9,273,864
Otis
Worldwide
Corp.
....................
174,783
11,151,155
Parker-Hannifin
Corp.
....................
95,936
23,246,252
Security
Shares
Value
a
Machinery
(continued)
Toro
Co.
(The)
.........................
343,397
$
29,696,973
Xylem,
Inc.
...........................
75,445
6,590,875
862,045,027
a
Media
 — 
0
.4
%
Cable
One,
Inc.
........................
11,213
9,565,250
Charter
Communications,
Inc.
,
Class
A
(a)
.......
359,944
109,189,012
Liberty
Broadband
Corp.
,
Class
A
(a)
(b)
..........
24,663
1,839,860
Liberty
Broadband
Corp.
,
Class
C
,
NVS
(a)
......
186,410
13,757,058
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(a)
(b)
.
67,106
2,554,725
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
C
,
NVS
(a)
.............................
138,365
5,217,744
Nexstar
Media
Group,
Inc.
.................
9,416
1,571,060
Trade
Desk,
Inc.
(The)
,
Class
A
(a)
............
1,420,375
84,867,406
228,562,115
a
Metals
&
Mining
 — 
0
.0
%
MP
Materials
Corp.
,
Class
A
(a)
(b)
.............
310,585
8,478,970
Royal
Gold,
Inc.
........................
13,708
1,286,085
Southern
Copper
Corp.
...................
181,591
8,142,540
17,907,595
a
Multiline
Retail
 — 
0
.6
%
Dollar
General
Corp.
....................
741,298
177,807,738
Dollar
Tree,
Inc.
(a)
(b)
.....................
211,923
28,842,720
Nordstrom,
Inc.
........................
311,626
5,213,503
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
(b)
........
10,235
528,126
Target
Corp.
..........................
831,532
123,391,034
335,783,121
a
Oil,
Gas
&
Consumable
Fuels
 — 
1
.5
%
Antero
Resources
Corp.
(a)
.................
600,932
18,346,454
Cheniere
Energy,
Inc.
....................
465,195
77,180,502
Continental
Resources,
Inc.
................
87,370
5,837,190
Coterra
Energy,
Inc.
.....................
410,955
10,734,145
Devon
Energy
Corp.
.....................
1,037,748
62,399,787
Diamondback
Energy,
Inc.
.................
321,120
38,682,115
Enviva,
Inc.
...........................
98,631
5,923,778
EOG
Resources,
Inc.
....................
1,386,297
154,890,964
Hess
Corp.
(b)
..........................
714,912
77,918,259
New
Fortress
Energy,
Inc.
,
Class
A
(b)
..........
166,245
7,266,569
Occidental
Petroleum
Corp.
(b)
...............
2,190,509
134,606,778
ONEOK,
Inc.
..........................
171,188
8,771,673
Ovintiv,
Inc.
...........................
580,367
26,696,882
PDC
Energy,
Inc.
.......................
172,008
9,940,342
Pioneer
Natural
Resources
Co.
.............
425,067
92,039,758
Range
Resources
Corp.
..................
539,710
13,633,075
Southwestern
Energy
Co.
(a)
................
254,145
1,555,367
Targa
Resources
Corp.
...................
728,709
43,970,301
Texas
Pacific
Land
Corp.
(b)
................
18,817
33,442,137
823,836,076
a
Paper
&
Forest
Products
 — 
0
.0
%
Louisiana-Pacific
Corp.
...................
23,093
1,182,131
a
Personal
Products
 — 
0
.3
%
Estee
Lauder
Companies,
Inc.
(The)
,
Class
A
....
743,126
160,440,904
Olaplex
Holdings,
Inc.
(a)
(b)
.................
399,875
3,818,806
164,259,710
a
Pharmaceuticals
 — 
2
.3
%
Catalent,
Inc.
(a)
(b)
.......................
182,182
13,182,690
Eli
Lilly
&
Co.
.........................
2,225,897
719,743,795
Merck
&
Co.,
Inc.
.......................
3,439,871
296,241,690
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
1000
Growth
ETF
(Percentages
shown
are
based
on
Net
Assets)
24
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Pharmaceuticals
(continued)
Zoetis,
Inc.
,
Class
A
.....................
1,527,938
$
226,577,926
1,255,746,101
a
Professional
Services
 — 
0
.4
%
Booz
Allen
Hamilton
Holding
Corp.
,
Class
A
.....
423,554
39,115,212
CoStar
Group,
Inc.
(a)
.....................
175,680
12,236,112
Equifax,
Inc.
(b)
.........................
195,971
33,595,308
FTI
Consulting,
Inc.
(a)
....................
45,766
7,583,884
KBR,
Inc.
............................
301,231
13,019,204
Robert
Half
International,
Inc.
...............
314,102
24,028,803
TransUnion
...........................
463,780
27,590,272
Verisk
Analytics,
Inc.
(b)
...................
503,634
85,884,706
243,053,501
a
Real
Estate
Management
&
Development
 — 
0
.1
%
CBRE
Group,
Inc.
,
Class
A
(a)
...............
508,197
34,308,380
Opendoor
Technologies,
Inc.
(a)
(b)
.............
407,984
1,268,830
Zillow
Group,
Inc.
,
Class
A
(a)
(b)
..............
24
687
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
(b)
..........
48
1,373
35,579,270
a
Road
&
Rail
 — 
1
.3
%
CSX
Corp.
...........................
1,753,424
46,711,215
JB
Hunt
Transport
Services,
Inc.
............
243,351
38,064,963
Landstar
System,
Inc.
(b)
...................
101,798
14,696,577
Lyft,
Inc.
,
Class
A
(a)
(b)
.....................
827,277
10,895,238
Old
Dominion
Freight
Line,
Inc.
(b)
............
326,589
81,245,546
Uber
Technologies,
Inc.
(a)
.................
5,306,803
140,630,280
Union
Pacific
Corp.
.....................
2,037,359
396,918,280
XPO
Logistics,
Inc.
(a)
....................
14,015
623,948
729,786,047
a
Semiconductors
&
Semiconductor
Equipment
 — 
6
.5
%
Advanced
Micro
Devices,
Inc.
(a)
(b)
............
4,130,475
261,706,896
Allegro
MicroSystems,
Inc.
(a)
(b)
..............
215,248
4,703,169
Analog
Devices,
Inc.
.....................
340,081
47,386,886
Applied
Materials,
Inc.
...................
2,817,844
230,865,959
Broadcom,
Inc.
........................
1,281,774
569,120,474
Enphase
Energy,
Inc.
(a)
...................
423,535
117,518,256
Entegris,
Inc.
(b)
........................
480,390
39,881,978
GlobalFoundries,
Inc.
(a)
(b)
..................
48,879
2,363,300
KLA
Corp.
(b)
..........................
461,199
139,572,653
Lam
Research
Corp.
(b)
...................
443,548
162,338,568
Lattice
Semiconductor
Corp.
(a)
(b)
.............
448,060
22,049,033
Microchip
Technology,
Inc.
.................
1,493,072
91,122,184
Micron
Technology,
Inc.
...................
668,827
33,508,233
Monolithic
Power
Systems,
Inc.
.............
146,438
53,215,569
NVIDIA
Corp.
(b)
........................
7,815,532
948,727,430
ON
Semiconductor
Corp.
(a)
(b)
...............
873,418
54,440,144
QUALCOMM,
Inc.
......................
3,636,396
410,840,020
Teradyne,
Inc.
.........................
461,318
34,668,048
Texas
Instruments,
Inc.
...................
2,049,685
317,250,244
Universal
Display
Corp.
..................
140,220
13,229,757
3,554,508,801
a
Software
 — 
16
.2
%
Adobe,
Inc.
(a)
..........................
1,531,467
421,459,718
Alteryx,
Inc.
,
Class
A
(a)
(b)
..................
188,669
10,535,277
ANSYS,
Inc.
(a)
.........................
150,308
33,323,284
AppLovin
Corp.
,
Class
A
(a)
(b)
................
699,560
13,634,424
Aspen
Technology,
Inc.
(a)
(b)
.................
87,605
20,867,511
Atlassian
Corp.
,
Class
A
(a)
(b)
................
444,567
93,621,365
Autodesk,
Inc.
(a)
(b)
.......................
705,625
131,810,750
Avalara,
Inc.
(a)
(b)
........................
286,175
26,270,865
Bentley
Systems,
Inc.
,
Class
B
(b)
.............
560,935
17,159,002
Black
Knight,
Inc.
(a)
......................
46,229
2,992,403
Security
Shares
Value
a
Software
(continued)
Cadence
Design
Systems,
Inc.
(a)
(b)
...........
884,481
$
144,550,730
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
......
211,007
1,920,164
Ceridian
HCM
Holding,
Inc.
(a)
(b)
..............
83,628
4,673,133
Citrix
Systems,
Inc.
.....................
190,744
19,837,376
Confluent,
Inc.
,
Class
A
(a)
(b)
................
421,611
10,021,693
Coupa
Software,
Inc.
(a)
...................
135,320
7,956,816
Crowdstrike
Holdings,
Inc.
,
Class
A
(a)
(b)
........
681,446
112,309,115
Datadog,
Inc.
,
Class
A
(a)
(b)
.................
862,788
76,598,319
DocuSign,
Inc.
(a)
(b)
......................
647,484
34,620,970
DoubleVerify
Holdings,
Inc.
(a)
(b)
..............
177,059
4,842,564
Dropbox,
Inc.
,
Class
A
(a)
..................
815,731
16,901,946
Dynatrace,
Inc.
(a)
.......................
637,145
22,179,017
Elastic
NV
(a)
(b)
.........................
253,057
18,154,309
Fair
Isaac
Corp.
(a)
.......................
79,774
32,867,686
Five9,
Inc.
(a)
(b)
.........................
229,476
17,206,111
Fortinet,
Inc.
(a)
.........................
2,097,356
103,043,100
HubSpot,
Inc.
(a)
(b)
.......................
148,922
40,226,811
Informatica,
Inc.
,
Class
A
(a)
(b)
...............
40
803
Intuit,
Inc.
............................
894,313
346,385,311
Jamf
Holding
Corp.
(a)
(b)
...................
180,404
3,997,753
Manhattan
Associates,
Inc.
(a)
...............
129,195
17,186,811
Microsoft
Corp.
........................
24,283,121
5,655,538,881
nCino,
Inc.
(a)
(b)
.........................
52,730
1,798,620
NCR
Corp.
(a)
(b)
.........................
32
608
New
Relic,
Inc.
(a)
.......................
176,676
10,137,669
NortonLifeLock,
Inc.
.....................
643,002
12,950,060
Nutanix,
Inc.
,
Class
A
(a)
...................
381,326
7,943,021
Oracle
Corp.
..........................
3,372,583
205,963,644
Palantir
Technologies,
Inc.
,
Class
A
(a)
(b)
........
5,816,310
47,286,600
Palo
Alto
Networks,
Inc.
(a)
(b)
................
955,915
156,569,318
Paycom
Software,
Inc.
(a)
..................
166,274
54,868,757
Paylocity
Holding
Corp.
(a)
.................
130,466
31,517,976
Pegasystems,
Inc.
......................
120,465
3,871,745
Procore
Technologies,
Inc.
(a)
(b)
..............
161,616
7,996,760
PTC,
Inc.
(a)
(b)
..........................
345,049
36,092,125
RingCentral,
Inc.
,
Class
A
(a)
(b)
...............
274,641
10,974,654
Salesforce,
Inc.
(a)
.......................
671,623
96,606,252
SentinelOne,
Inc.
,
Class
A
(a)
(b)
..............
422,249
10,792,684
ServiceNow,
Inc.
(a)
......................
649,779
245,363,048
Smartsheet,
Inc.
,
Class
A
(a)
(b)
...............
400,366
13,756,576
Splunk,
Inc.
(a)
(b)
........................
525,644
39,528,429
Synopsys,
Inc.
(a)
.......................
493,942
150,904,220
Teradata
Corp.
(a)
(b)
......................
163,572
5,080,546
Tyler
Technologies,
Inc.
(a)
.................
116,367
40,437,533
UiPath,
Inc.
,
Class
A
(a)
(b)
..................
110,404
1,392,194
Unity
Software,
Inc.
(a)
(b)
...................
468,526
14,927,238
VMware,
Inc.
,
Class
A
....................
333,419
35,495,787
Workday,
Inc.
,
Class
A
(a)
(b)
.................
641,641
97,670,593
Zendesk,
Inc.
(a)
........................
399,156
30,375,772
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
(b)
...
411,649
30,293,250
Zscaler,
Inc.
(a)
(b)
........................
268,086
44,065,296
8,907,354,993
a
Specialty
Retail
 — 
2
.9
%
Advance
Auto
Parts,
Inc.
..................
15,514
2,425,459
AutoZone,
Inc.
(a)
(b)
......................
57,434
123,019,608
Best
Buy
Co.,
Inc.
......................
211,208
13,377,915
Burlington
Stores,
Inc.
(a)
(b)
.................
203,494
22,768,944
CarMax,
Inc.
(a)
(b)
........................
59,980
3,959,880
Carvana
Co.
,
Class
A
(a)
(b)
..................
353,208
7,170,122
Five
Below,
Inc.
(a)
(b)
......................
180,611
24,864,716
Floor
&
Decor
Holdings,
Inc.
,
Class
A
(a)
(b)
.......
340,557
23,927,535
Home
Depot,
Inc.
(The)
..................
1,944,887
536,672,119
Leslie's,
Inc.
(a)
(b)
........................
417,006
6,134,158
Lowe's
Companies,
Inc.
..................
1,790,855
336,340,477
iShares
®
Russell
1000
Growth
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
25
Schedule
of
Investments
Security
Shares
Value
a
Specialty
Retail
(continued)
O'Reilly
Automotive,
Inc.
(a)
.................
83,216
$
58,529,974
RH
(a)
(b)
..............................
24,027
5,912,324
Ross
Stores,
Inc.
(b)
......................
474,576
39,992,519
TJX
Companies,
Inc.
(The)
................
3,809,970
236,675,336
Tractor
Supply
Co.
......................
360,748
67,055,838
Ulta
Beauty,
Inc.
(a)
(b)
.....................
166,615
66,844,272
Victoria's
Secret
&
Co.
(a)
(b)
.................
190,594
5,550,097
Williams-Sonoma,
Inc.
...................
173,269
20,419,752
1,601,641,045
a
Technology
Hardware,
Storage
&
Peripherals
 — 
12
.7
%
Apple,
Inc.
...........................
49,624,826
6,858,150,953
Dell
Technologies,
Inc.
,
Class
C
.............
117,026
3,998,779
HP,
Inc.
.............................
1,543,563
38,465,590
NetApp,
Inc.
..........................
713,874
44,153,107
Pure
Storage,
Inc.
,
Class
A
(a)
(b)
..............
928,001
25,399,387
6,970,167,816
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.8
%
Deckers
Outdoor
Corp.
(a)
(b)
.................
75,008
23,448,251
Lululemon
Athletica,
Inc.
(a)
(b)
................
362,148
101,242,095
Nike,
Inc.
,
Class
B
......................
3,976,488
330,525,682
Skechers
U.S.A.,
Inc.
,
Class
A
(a)
(b)
............
65,230
2,069,096
Tapestry,
Inc.
..........................
96,870
2,754,014
460,039,138
a
Thrifts
&
Mortgage
Finance
 — 
0
.0
%
Rocket
Companies,
Inc.
,
Class
A
(b)
...........
133,236
842,052
UWM
Holdings
Corp.
,
Class
A
(b)
.............
158,194
463,508
1,305,560
a
Security
Shares
Value
a
Trading
Companies
&
Distributors
 — 
0
.4
%
Core
&
Main,
Inc.
,
Class
A
(a)
................
66,576
$
1,513,938
Fastenal
Co.
..........................
1,866,436
85,930,713
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
...........
87,143
9,075,072
United
Rentals,
Inc.
(a)
(b)
...................
103,671
28,003,611
Watsco,
Inc.
..........................
58,265
15,000,907
WESCO
International,
Inc.
(a)
...............
80,319
9,588,482
WW
Grainger,
Inc.
(b)
.....................
147,188
72,002,898
221,115,621
a
Total
Long-Term
Investments — 99.9%
(Cost:
$
48,796,689,937
)
............................
55,011,655,602
a
Short-Term
Securities
Money
Market
Funds
 — 
2
.3
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.18
%
(c)
(d)
(e)
....................
1,079,771,301
1,080,095,232
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.81
%
(c)
(d)
.....................
198,971,860
198,971,860
a
Total
Short-Term
Securities — 2.3%
(Cost:
$
1,278,443,577
)
.............................
1,279,067,092
Total
Investments
102.2%
(Cost:
$
50,075,133,514
)
............................
56,290,722,694
Liabilities
in
Excess
of
Other
Assets
(
2
.2
)
%
.............
(
1,190,550,610
)
Net
Assets
100.0%
...............................
$
55,100,172,084
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
.
$
1,167,477,245
$
$
(
87,961,816
)
(a)
$
81,248
$
498,555
$
1,080,095,232
1,079,771,301
$
3,276,670
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
91,770,000
107,201,860
(a)
198,971,860
198,971,860
363,929
$
81,248
$
498,555
$
1,279,067,092
$
3,640,599
$
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
1000
Growth
ETF
26
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
NASDAQ
100
E-Mini
Index
..............................................................
300
12/16/22
$
66,213
$
(
6,812,679
)
S&P
500
E-Mini
Index
..................................................................
196
12/16/22
35,295
(
3,412,546
)
$
(
10,225,225
)
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)
.............
$
$
$
10,225,225
$
$
$
$
10,225,225
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
$
$
(
15,343,735
)
$
$
$
$
(
15,343,735
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
$
$
(
18,290,378
)
$
$
$
$
(
18,290,378
)
Futures
contracts
Average
notional
value
of
contracts
long
...................................................................................
$
101,869,268
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
iShares
®
Russell
1000
Growth
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
27
Schedule
of
Investments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
55,011,655,602
$
$
$
55,011,655,602
Short-Term
Securities
Money
Market
Funds
......................................
1,279,067,092
1,279,067,092
$
56,290,722,694
$
$
$
56,290,722,694
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
10,225,225
)
$
$
$
(
10,225,225
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
September
30,
2022
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
28
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Common
Stocks
Aerospace
&
Defense
 — 
2
.3
%
Axon
Enterprise,
Inc.
(a)
(b)
..................
43,475
$
5,032,231
Boeing
Co.
(The)
(a)
......................
1,076,838
130,383,545
BWX
Technologies,
Inc.
..................
158,579
7,987,624
Curtiss-Wright
Corp.
.....................
107,580
14,970,833
General
Dynamics
Corp.
..................
693,701
147,182,541
HEICO
Corp.
(b)
........................
4,774
687,361
HEICO
Corp.
,
Class
A
....................
12,615
1,445,931
Hexcel
Corp.
(b)
.........................
231,498
11,973,077
Howmet
Aerospace,
Inc.
..................
976,940
30,216,754
Huntington
Ingalls
Industries,
Inc.
............
86,733
19,211,359
L3Harris
Technologies,
Inc.
................
548,617
114,019,071
Mercury
Systems,
Inc.
(a)
(b)
.................
155,853
6,327,632
Northrop
Grumman
Corp.
(b)
................
368,653
173,384,879
Raytheon
Technologies
Corp.
..............
4,241,187
347,183,568
Spirit
AeroSystems
Holdings,
Inc.
,
Class
A
(b)
.....
54
1,184
Textron,
Inc.
(b)
.........................
604,285
35,205,644
TransDigm
Group,
Inc.
...................
89,692
47,072,155
Woodward,
Inc.
........................
165,668
13,296,514
1,105,581,903
a
Air
Freight
&
Logistics
 — 
0
.4
%
CH
Robinson
Worldwide,
Inc.
..............
254,431
24,504,250
Expeditors
International
of
Washington,
Inc.
.....
321,338
28,377,359
FedEx
Corp.
..........................
684,554
101,635,732
GXO
Logistics,
Inc.
(a)
(b)
...................
279,382
9,795,133
United
Parcel
Service,
Inc.
,
Class
B
..........
229,022
36,996,214
201,308,688
a
Airlines
 — 
0
.3
%
Alaska
Air
Group,
Inc.
(a)
...................
344,021
13,468,422
American
Airlines
Group,
Inc.
(a)
(b)
............
1,876,882
22,597,659
Copa
Holdings
SA
,
Class
A
,
NVS
(a)
(b)
..........
79,936
5,356,512
JetBlue
Airways
Corp.
(a)
..................
863,654
5,726,026
Southwest
Airlines
Co.
(a)
..................
1,685,943
51,994,482
United
Airlines
Holdings,
Inc.
(a)
..............
942,757
30,667,885
129,810,986
a
Auto
Components
 — 
0
.2
%
Aptiv
PLC
(a)
(b)
..........................
576,607
45,096,433
BorgWarner,
Inc.
(b)
......................
667,478
20,958,809
Gentex
Corp.
.........................
658,157
15,690,463
Lear
Corp.
...........................
167,414
20,037,782
QuantumScape
Corp.
(a)
(b)
.................
742,803
6,246,973
108,030,460
a
Automobiles
 — 
0
.7
%
Ford
Motor
Co.
........................
11,239,029
125,877,125
General
Motors
Co.
.....................
4,147,052
133,078,899
Harley-Davidson,
Inc.
....................
383,107
13,362,772
Lucid
Group,
Inc.
(a)
(b)
.....................
92,336
1,289,934
Rivian
Automotive,
Inc.
,
Class
A
(a)
(b)
...........
1,485,872
48,900,047
Thor
Industries,
Inc.
.....................
157,440
11,017,651
333,526,428
a
Banks
 — 
7
.3
%
Bank
of
America
Corp.
...................
20,031,786
604,959,937
Bank
of
Hawaii
Corp.
....................
112,645
8,574,537
Bank
OZK
...........................
316,338
12,514,331
BOK
Financial
Corp.
.....................
78,897
7,010,787
Citigroup,
Inc.
.........................
5,520,863
230,054,361
Citizens
Financial
Group,
Inc.
..............
1,390,916
47,791,874
Comerica,
Inc.
.........................
372,127
26,458,230
Commerce
Bancshares,
Inc.
...............
313,730
20,756,377
Cullen/Frost
Bankers,
Inc.
.................
166,162
21,969,940
Security
Shares
Value
a
Banks
(continued)
East
West
Bancorp,
Inc.
..................
402,819
$
27,045,268
Fifth
Third
Bancorp
.....................
1,941,106
62,037,748
First
Citizens
BancShares,
Inc.
,
Class
A
(b)
......
26,725
21,311,317
First
Hawaiian,
Inc.
.....................
352,140
8,673,208
First
Horizon
Corp.
......................
1,507,561
34,523,147
First
Republic
Bank
(b)
....................
520,089
67,897,619
FNB
Corp.
...........................
994,088
11,531,421
Huntington
Bancshares,
Inc.
...............
4,089,088
53,894,180
JPMorgan
Chase
&
Co.
..................
8,319,195
869,355,878
KeyCorp
.............................
2,646,792
42,401,608
M&T
Bank
Corp.
.......................
497,897
87,789,199
PacWest
Bancorp
......................
350,945
7,931,357
Pinnacle
Financial
Partners,
Inc.
.............
213,504
17,315,174
PNC
Financial
Services
Group,
Inc.
(The)
......
1,177,288
175,910,373
Popular,
Inc.
..........................
205,614
14,816,545
Prosperity
Bancshares,
Inc.
................
244,637
16,312,395
Regions
Financial
Corp.
..................
2,655,772
53,301,344
Signature
Bank
........................
170,411
25,732,061
SVB
Financial
Group
(a)
(b)
..................
61,935
20,796,534
Synovus
Financial
Corp.
..................
410,131
15,384,014
Truist
Financial
Corp.
....................
3,791,072
165,063,275
U.S.
Bancorp
.........................
3,826,925
154,301,616
Umpqua
Holdings
Corp.
..................
593,771
10,147,546
Webster
Financial
Corp.
..................
500,593
22,626,804
Wells
Fargo
&
Co.
......................
10,816,756
435,049,926
Western
Alliance
Bancorp
.................
116,838
7,680,930
Wintrust
Financial
Corp.
..................
170,684
13,919,280
Zions
Bancorp
NA
......................
424,276
21,578,677
3,444,418,818
a
Beverages
 — 
1
.0
%
Brown-Forman
Corp.
,
Class
A
(b)
.............
46,286
3,127,082
Brown-Forman
Corp.
,
Class
B
,
NVS
..........
215,442
14,341,974
Coca-Cola
Co.
(The)
....................
2,784,073
155,963,770
Constellation
Brands,
Inc.
,
Class
A
...........
431,678
99,147,803
Keurig
Dr
Pepper,
Inc.
...................
2,444,044
87,545,656
Molson
Coors
Beverage
Co.
,
Class
B
.........
507,796
24,369,130
Monster
Beverage
Corp.
(a)
.................
73,669
6,406,256
PepsiCo,
Inc.
.........................
611,163
99,778,471
490,680,142
a
Biotechnology
 — 
1
.7
%
Amgen,
Inc.
..........................
243,673
54,923,894
Biogen,
Inc.
(a)
.........................
415,409
110,914,203
BioMarin
Pharmaceutical,
Inc.
(a)
(b)
............
525,800
44,572,066
Exact
Sciences
Corp.
(a)
(b)
..................
420,382
13,658,211
Exelixis,
Inc.
(a)
.........................
91,254
1,430,863
Gilead
Sciences,
Inc.
....................
3,580,235
220,864,697
Horizon
Therapeutics
PLC
(a)
...............
36,912
2,284,484
Incyte
Corp.
(a)
(b)
........................
63,135
4,207,316
Ionis
Pharmaceuticals,
Inc.
(a)
(b)
..............
40,897
1,808,874
Mirati
Therapeutics,
Inc.
(a)
(b)
................
128,839
8,998,116
Moderna,
Inc.
(a)
(b)
.......................
905,754
107,105,411
Natera,
Inc.
(a)
.........................
26,939
1,180,467
Regeneron
Pharmaceuticals,
Inc.
(a)
(b)
..........
252,447
173,903,165
Ultragenyx
Pharmaceutical,
Inc.
(a)
(b)
...........
31,020
1,284,538
United
Therapeutics
Corp.
(a)
................
127,064
26,604,660
Vertex
Pharmaceuticals,
Inc.
(a)
..............
39,228
11,358,075
785,099,040
a
Building
Products
 — 
0
.8
%
A
O
Smith
Corp.
.......................
267,272
12,984,074
Allegion
PLC
..........................
51,953
4,659,145
Armstrong
World
Industries,
Inc.
.............
49,746
3,941,375
AZEK
Co.,
Inc.
(The)
,
Class
A
(a)
(b)
............
293,737
4,881,909
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
29
Schedule
of
Investments
Security
Shares
Value
a
Building
Products
(continued)
Builders
FirstSource,
Inc.
(a)
................
439,125
$
25,873,245
Carlisle
Companies,
Inc.
..................
22,337
6,263,518
Carrier
Global
Corp.
.....................
2,415,841
85,907,306
Fortune
Brands
Home
&
Security,
Inc.
.........
234,974
12,615,754
Hayward
Holdings,
Inc.
(a)
(b)
.................
146,518
1,299,615
Johnson
Controls
International
PLC
..........
1,982,950
97,600,799
Lennox
International,
Inc.
.................
89,934
20,025,604
Masco
Corp.
..........................
608,747
28,422,397
Owens
Corning
........................
280,915
22,082,728
Trane
Technologies
PLC
..................
281,822
40,810,644
367,368,113
a
Capital
Markets
 — 
4
.8
%
Affiliated
Managers
Group,
Inc.
(b)
............
105,143
11,760,245
Ameriprise
Financial,
Inc.
.................
111,402
28,067,734
Bank
of
New
York
Mellon
Corp.
(The)
.........
2,093,620
80,646,242
BlackRock,
Inc.
(c)
.......................
427,955
235,495,077
Carlyle
Group,
Inc.
(The)
..................
606,050
15,660,332
Cboe
Global
Markets,
Inc.
.................
301,619
35,401,022
Charles
Schwab
Corp.
(The)
...............
1,929,106
138,644,848
CME
Group,
Inc.
,
Class
A
.................
1,022,767
181,162,719
Coinbase
Global,
Inc.
,
Class
A
(a)
(b)
............
452,520
29,183,015
Evercore,
Inc.
,
Class
A
...................
103,615
8,522,334
Franklin
Resources,
Inc.
..................
806,027
17,345,701
Goldman
Sachs
Group,
Inc.
(The)
...........
948,727
278,024,447
Interactive
Brokers
Group,
Inc.
,
Class
A
(b)
.......
264,393
16,897,357
Intercontinental
Exchange,
Inc.
.............
1,573,612
142,175,844
Invesco
Ltd.
..........................
1,063,509
14,570,073
Janus
Henderson
Group
PLC
..............
370,452
7,523,880
Jefferies
Financial
Group,
Inc.
..............
579,329
17,090,206
KKR
&
Co.,
Inc.
........................
1,628,981
70,046,183
Lazard
Ltd.
,
Class
A
.....................
256,223
8,155,578
Moody's
Corp.
(b)
........................
27,757
6,748,004
Morgan
Stanley
........................
3,571,754
282,204,284
Morningstar,
Inc.
(b)
......................
5,912
1,255,236
MSCI,
Inc.
,
Class
A
(b)
....................
56,577
23,863,613
Nasdaq,
Inc.
(b)
.........................
979,332
55,508,538
Northern
Trust
Corp.
.....................
585,570
50,101,369
Raymond
James
Financial,
Inc.
.............
510,158
50,413,814
Robinhood
Markets,
Inc.
,
Class
A
(a)
(b)
..........
1,630,123
16,464,242
S&P
Global,
Inc.
.......................
950,479
290,228,763
SEI
Investments
Co.
.....................
289,777
14,213,562
State
Street
Corp.
......................
1,045,119
63,553,686
Stifel
Financial
Corp.
....................
292,722
15,195,199
T
Rowe
Price
Group,
Inc.
.................
637,227
66,915,207
Tradeweb
Markets,
Inc.
,
Class
A
.............
112,993
6,375,065
Virtu
Financial,
Inc.
,
Class
A
................
260,082
5,401,903
2,284,815,322
a
Chemicals
 — 
2
.5
%
Air
Products
and
Chemicals,
Inc.
............
631,399
146,945,489
Albemarle
Corp.
(b)
......................
161,709
42,762,328
Ashland,
Inc.
..........................
143,183
13,598,089
Axalta
Coating
Systems
Ltd.
(a)
(b)
.............
468,617
9,869,074
Celanese
Corp.
........................
313,287
28,302,348
Chemours
Co.
(The)
.....................
174,569
4,303,126
Corteva,
Inc.
..........................
2,065,030
118,016,464
Dow,
Inc.
............................
2,053,766
90,221,940
DuPont
de
Nemours,
Inc.
.................
1,431,775
72,161,460
Eastman
Chemical
Co.
...................
350,921
24,932,937
Ecolab,
Inc.
(b)
.........................
82,566
11,924,182
Element
Solutions,
Inc.
...................
640,265
10,417,112
FMC
Corp.
...........................
236,136
24,959,575
Ginkgo
Bioworks
Holdings,
Inc.
,
Class
A
(a)
(b)
.....
1,864,229
5,816,394
Huntsman
Corp.
.......................
541,372
13,285,269
Security
Shares
Value
a
Chemicals
(continued)
International
Flavors
&
Fragrances,
Inc.
........
726,015
$
65,943,942
Linde
PLC
...........................
1,132,018
305,180,733
LyondellBasell
Industries
NV
,
Class
A
.........
732,133
55,114,972
Mosaic
Co.
(The)
.......................
867,205
41,912,018
NewMarket
Corp.
.......................
16,808
5,056,351
Olin
Corp.
............................
383,317
16,436,633
PPG
Industries,
Inc.
.....................
314,869
34,852,850
RPM
International,
Inc.
...................
344,726
28,719,123
Scotts
Miracle-Gro
Co.
(The)
,
Class
A
.........
75,588
3,231,387
Westlake
Corp.
........................
93,851
8,153,775
1,182,117,571
a
Commercial
Services
&
Supplies
 — 
0
.3
%
Cintas
Corp.
..........................
15,462
6,002,194
Clean
Harbors,
Inc.
(a)
(b)
...................
145,091
15,957,108
Driven
Brands
Holdings,
Inc.
(a)
(b)
.............
158,766
4,442,273
IAA,
Inc.
(a)
(b)
...........................
50,301
1,602,087
MSA
Safety,
Inc.
.......................
64,583
7,057,630
Republic
Services,
Inc.
...................
550,061
74,830,298
Rollins,
Inc.
...........................
58,867
2,041,508
Stericycle,
Inc.
(a)
(b)
......................
268,422
11,303,250
Tetra
Tech,
Inc.
(b)
.......................
93,132
11,970,256
Waste
Management,
Inc.
..................
71,986
11,532,877
146,739,481
a
Communications
Equipment
 — 
1
.4
%
Ciena
Corp.
(a)
(b)
........................
420,036
16,982,055
Cisco
Systems,
Inc.
.....................
11,858,586
474,343,440
F5,
Inc.
(a)
............................
168,748
24,422,898
Juniper
Networks,
Inc.
...................
928,804
24,260,361
Lumentum
Holdings,
Inc.
(a)
(b)
...............
202,996
13,919,436
Motorola
Solutions,
Inc.
..................
469,205
105,087,844
Ubiquiti,
Inc.
(b)
.........................
12,076
3,545,031
Viasat,
Inc.
(a)
(b)
.........................
216,315
6,539,202
669,100,267
a
Construction
&
Engineering
 — 
0
.2
%
AECOM
.............................
353,646
24,178,777
MasTec,
Inc.
(a)
.........................
167,119
10,612,057
MDU
Resources
Group,
Inc.
...............
565,744
15,473,099
Quanta
Services,
Inc.
(b)
...................
184,052
23,446,384
Valmont
Industries,
Inc.
...................
51,523
13,840,108
WillScot
Mobile
Mini
Holdings
Corp.
,
Class
A
(a)
...
276,370
11,146,002
98,696,427
a
Construction
Materials
 — 
0
.2
%
Eagle
Materials,
Inc.
.....................
14,439
1,547,572
Martin
Marietta
Materials,
Inc.
(b)
.............
161,604
52,051,033
Vulcan
Materials
Co.
....................
193,154
30,462,317
84,060,922
a
Consumer
Finance
 — 
1
.0
%
Ally
Financial,
Inc.
......................
883,777
24,595,514
American
Express
Co.
...................
1,608,903
217,057,104
Capital
One
Financial
Corp.
................
1,085,236
100,026,202
Credit
Acceptance
Corp.
(a)
(b)
................
16,682
7,306,716
Discover
Financial
Services
................
780,697
70,980,971
OneMain
Holdings,
Inc.
...................
319,945
9,444,776
SLM
Corp.
...........................
716,991
10,030,704
SoFi
Technologies,
Inc.
(a)
(b)
................
2,347,584
11,456,210
Synchrony
Financial
.....................
1,376,507
38,803,732
Upstart
Holdings,
Inc.
(a)
(b)
..................
148,459
3,086,463
492,788,392
a
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
30
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Containers
&
Packaging
 — 
0
.5
%
Amcor
PLC
...........................
4,273,192
$
45,851,350
AptarGroup,
Inc.
.......................
183,635
17,450,834
Ardagh
Group
SA
,
Class
A
................
42,326
363,157
Ardagh
Metal
Packaging
SA
(b)
..............
216,122
1,046,030
Avery
Dennison
Corp.
....................
89,256
14,521,951
Ball
Corp.
............................
529,132
25,567,658
Berry
Global
Group,
Inc.
(a)
.................
182,369
8,485,630
Crown
Holdings,
Inc.
....................
34,754
2,816,117
Graphic
Packaging
Holding
Co.
.............
199,662
3,941,328
International
Paper
Co.
...................
1,032,011
32,714,749
Packaging
Corp.
.......................
263,264
29,561,914
Silgan
Holdings,
Inc.
(b)
...................
239,218
10,056,725
Sonoco
Products
Co.
....................
273,878
15,537,099
Westrock
Co.
.........................
733,993
22,673,044
230,587,586
a
Distributors
 — 
0
.2
%
Genuine
Parts
Co.
......................
363,549
54,285,137
LKQ
Corp.
...........................
736,055
34,704,993
88,990,130
a
Diversified
Consumer
Services
 — 
0
.1
%
ADT,
Inc.
(b)
...........................
595,297
4,458,775
Bright
Horizons
Family
Solutions,
Inc.
(a)
........
112,959
6,512,086
Grand
Canyon
Education,
Inc.
(a)
.............
84,353
6,938,034
H&R
Block,
Inc.
........................
75,799
3,224,489
Mister
Car
Wash,
Inc.
(a)
(b)
..................
324
2,780
Service
Corp.
International
(b)
...............
447,848
25,858,744
Terminix
Global
Holdings,
Inc.
(a)
.............
337,809
12,934,707
59,929,615
a
Diversified
Financial
Services
 — 
3
.0
%
Apollo
Global
Management,
Inc.
.............
320,461
14,901,437
Berkshire
Hathaway,
Inc.
,
Class
B
(a)
..........
5,145,630
1,373,986,123
Equitable
Holdings,
Inc.
..................
1,072,583
28,262,562
Voya
Financial,
Inc.
.....................
274,511
16,607,915
1,433,758,037
a
Diversified
Telecommunication
Services
 — 
1
.7
%
AT&T,
Inc.
............................
20,420,484
313,250,225
Frontier
Communications
Parent,
Inc.
(a)
(b)
.......
717,793
16,817,890
Lumen
Technologies,
Inc.
.................
2,984,541
21,727,458
Verizon
Communications,
Inc.
..............
11,987,635
455,170,501
806,966,074
a
Electric
Utilities
 — 
3
.8
%
Alliant
Energy
Corp.
.....................
714,208
37,845,882
American
Electric
Power
Co.,
Inc.
............
1,465,980
126,733,971
Avangrid,
Inc.
.........................
201,695
8,410,681
Constellation
Energy
Corp.
(b)
...............
930,574
77,414,451
Duke
Energy
Corp.
.....................
2,195,883
204,261,037
Edison
International
.....................
1,071,224
60,609,854
Entergy
Corp.
.........................
578,448
58,209,222
Evergy,
Inc.
...........................
633,172
37,610,417
Eversource
Energy
.....................
982,048
76,560,462
Exelon
Corp.
..........................
2,832,528
106,106,499
FirstEnergy
Corp.
......................
1,547,397
57,253,689
Hawaiian
Electric
Industries,
Inc.
............
309,900
10,741,134
IDACORP,
Inc.
........................
143,371
14,195,163
NextEra
Energy,
Inc.
....................
5,599,601
439,064,714
NRG
Energy,
Inc.
.......................
671,747
25,707,758
OGE
Energy
Corp.
......................
568,878
20,741,292
PG&E
Corp.
(a)
(b)
........................
4,420,068
55,250,850
Pinnacle
West
Capital
Corp.
...............
321,602
20,746,545
PPL
Corp.
...........................
2,099,899
53,232,439
Southern
Co.
(The)
.....................
3,026,700
205,815,600
Security
Shares
Value
a
Electric
Utilities
(continued)
Xcel
Energy,
Inc.
.......................
1,554,184
$
99,467,776
1,795,979,436
a
Electrical
Equipment
 — 
1
.0
%
Acuity
Brands,
Inc.
(b)
.....................
92,402
14,550,543
AMETEK,
Inc.
.........................
656,481
74,451,510
Eaton
Corp.
PLC
.......................
1,138,255
151,797,687
Emerson
Electric
Co.
....................
1,146,652
83,957,859
Hubbell,
Inc.
..........................
152,551
34,018,873
nVent
Electric
PLC
......................
462,416
14,616,970
Plug
Power,
Inc.
(a)
(b)
.....................
761,308
15,995,081
Regal
Rexnord
Corp.
....................
190,898
26,794,443
Rockwell
Automation,
Inc.
.................
109,823
23,624,026
Sensata
Technologies
Holding
PLC
..........
434,389
16,194,022
Sunrun,
Inc.
(a)
(b)
........................
598,467
16,511,705
Vertiv
Holdings
Co.
,
Class
A
(b)
..............
767,409
7,459,215
479,971,934
a
Electronic
Equipment,
Instruments
&
Components
 — 
0
.6
%
Amphenol
Corp.
,
Class
A
.................
417,578
27,961,023
Arrow
Electronics,
Inc.
(a)
(b)
.................
172,679
15,919,277
Avnet,
Inc.
...........................
263,970
9,534,596
Cognex
Corp.
(b)
........................
21,834
905,019
Coherent
Corp.
(a)
.......................
316,728
11,037,971
Corning,
Inc.
..........................
2,023,734
58,728,760
IPG
Photonics
Corp.
(a)
...................
92,945
7,839,911
Jabil,
Inc.
(b)
...........................
62,517
3,607,856
Keysight
Technologies,
Inc.
(a)
...............
35,167
5,533,879
Littelfuse,
Inc.
.........................
71,165
14,139,774
National
Instruments
Corp.
................
324,108
12,231,836
TD
SYNNEX
Corp.
......................
117,346
9,527,322
Teledyne
Technologies,
Inc.
(a)
(b)
.............
131,915
44,517,355
Trimble,
Inc.
(a)
(b)
........................
719,837
39,065,554
Vontier
Corp.
..........................
147,897
2,471,359
Zebra
Technologies
Corp.
,
Class
A
(a)
(b)
.........
86,075
22,552,511
285,574,003
a
Energy
Equipment
&
Services
 — 
0
.5
%
Baker
Hughes
Co.
,
Class
A
................
2,720,913
57,030,337
Halliburton
Co.
........................
1,399,662
34,459,678
NOV,
Inc.
............................
1,121,347
18,143,395
Schlumberger
NV
......................
4,028,117
144,609,400
254,242,810
a
Entertainment
 — 
2
.1
%
Activision
Blizzard,
Inc.
...................
2,214,868
164,653,287
AMC
Entertainment
Holdings,
Inc.
,
Class
A
(a)
(b)
...
1,527,011
10,643,267
Electronic
Arts,
Inc.
.....................
739,745
85,595,894
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
A
(a)
(b)
44,254
2,324,220
Liberty
Media
Corp.-Liberty
Formula
One
,
Class
C
,
NVS
(a)
(b)
...........................
507,401
29,682,959
Live
Nation
Entertainment,
Inc.
(a)
............
224,987
17,108,011
Madison
Square
Garden
Sports
Corp.
,
Class
A
(a)
..
29,806
4,073,288
Netflix,
Inc.
(a)
..........................
685,443
161,380,700
Playtika
Holding
Corp.
(a)
(b)
.................
135
1,268
Roku,
Inc.
,
Class
A
(a)
(b)
...................
252,091
14,217,932
Take-Two
Interactive
Software,
Inc.
(a)
..........
81,828
8,919,252
Walt
Disney
Co.
(The)
(a)
(b)
.................
4,848,577
457,366,268
Warner
Bros
Discovery,
Inc.
,
Series
A
(a)
(b)
.......
1,788,162
20,563,863
976,530,209
a
Equity
Real
Estate
Investment
Trusts
(REITs)
 — 
4
.6
%
Alexandria
Real
Estate
Equities,
Inc.
..........
461,588
64,710,022
American
Homes
4
Rent
,
Class
A
(b)
...........
863,831
28,342,295
American
Tower
Corp.
...................
308,136
66,156,799
Americold
Realty
Trust,
Inc.
(b)
...............
765,705
18,836,343
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
31
Schedule
of
Investments
Security
Shares
Value
a
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Apartment
Income
REIT
Corp.
..............
393,944
$
15,214,117
AvalonBay
Communities,
Inc.
(b)
.............
397,095
73,140,928
Boston
Properties,
Inc.
...................
446,319
33,460,535
Brixmor
Property
Group,
Inc.
...............
874,088
16,144,405
Camden
Property
Trust
...................
268,519
32,074,595
Cousins
Properties,
Inc.
..................
441,655
10,312,644
CubeSmart
...........................
648,320
25,971,699
Digital
Realty
Trust,
Inc.
..................
809,423
80,278,573
Douglas
Emmett,
Inc.
....................
480,991
8,624,169
Duke
Realty
Corp.
......................
1,089,391
52,508,646
EastGroup
Properties,
Inc.
................
120,255
17,357,607
EPR
Properties
........................
203,183
7,286,142
Equinix,
Inc.
(b)
.........................
63,721
36,247,054
Equity
LifeStyle
Properties,
Inc.
.............
195,736
12,300,050
Equity
Residential
......................
1,052,532
70,751,201
Essex
Property
Trust,
Inc.
.................
185,088
44,833,866
Extra
Space
Storage,
Inc.
.................
332,617
57,446,282
Federal
Realty
Investment
Trust
(b)
............
230,037
20,730,934
First
Industrial
Realty
Trust,
Inc.
.............
375,096
16,808,052
Gaming
and
Leisure
Properties,
Inc.
..........
688,935
30,478,484
Healthcare
Realty
Trust,
Inc.
,
Class
A
.........
1,101,377
22,963,710
Healthpeak
Properties,
Inc.
................
1,555,762
35,658,065
Highwoods
Properties,
Inc.
................
295,665
7,971,128
Host
Hotels
&
Resorts,
Inc.
................
2,044,920
32,473,330
Hudson
Pacific
Properties,
Inc.
..............
365,289
3,999,915
Invitation
Homes,
Inc.
....................
1,738,046
58,693,813
Iron
Mountain,
Inc.
......................
215,961
9,495,805
JBG
SMITH
Properties
...................
288,107
5,353,028
Kilroy
Realty
Corp.
......................
341,398
14,376,270
Kimco
Realty
Corp.
.....................
1,745,490
32,134,471
Lamar
Advertising
Co.
,
Class
A
.............
25,377
2,093,349
Life
Storage,
Inc.
.......................
239,529
26,530,232
Medical
Properties
Trust,
Inc.
...............
1,691,137
20,056,885
Mid-America
Apartment
Communities,
Inc.
......
327,054
50,716,264
National
Retail
Properties,
Inc.
..............
499,795
19,921,829
National
Storage
Affiliates
Trust
.............
252,443
10,496,580
Omega
Healthcare
Investors,
Inc.
............
655,629
19,334,499
Park
Hotels
&
Resorts,
Inc.
................
614,570
6,920,058
Prologis,
Inc.
..........................
2,106,389
214,009,122
Public
Storage
.........................
91,741
26,862,682
Rayonier,
Inc.
.........................
430,133
12,891,086
Realty
Income
Corp.
.....................
1,763,873
102,657,409
Regency
Centers
Corp.
..................
496,935
26,759,950
Rexford
Industrial
Realty,
Inc.
..............
482,310
25,080,120
SBA
Communications
Corp.
,
Class
A
..........
233,973
66,600,415
Simon
Property
Group,
Inc.
................
483,618
43,404,716
SL
Green
Realty
Corp.
...................
190,381
7,645,701
Spirit
Realty
Capital,
Inc.
..................
393,824
14,240,676
STORE
Capital
Corp.
....................
723,764
22,675,526
Sun
Communities,
Inc.
...................
345,415
46,745,012
UDR,
Inc.
............................
916,669
38,234,264
Ventas,
Inc.
..........................
1,137,100
45,677,307
VICI
Properties,
Inc.
.....................
2,741,123
81,822,522
Vornado
Realty
Trust
....................
502,472
11,637,252
Welltower,
Inc.
.........................
1,322,995
85,095,038
Weyerhaeuser
Co.
......................
2,120,618
60,564,850
WP
Carey,
Inc.
........................
546,010
38,111,498
2,189,919,819
a
Food
&
Staples
Retailing
 — 
1
.6
%
Albertsons
Companies,
Inc.
,
Class
A
(b)
.........
482,296
11,989,878
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
..........
140,848
10,255,143
Casey's
General
Stores,
Inc.
(b)
..............
105,588
21,383,682
Grocery
Outlet
Holding
Corp.
(a)
(b)
.............
221,738
7,381,658
Kroger
Co.
(The)
.......................
1,868,601
81,751,294
Security
Shares
Value
a
Food
&
Staples
Retailing
(continued)
Performance
Food
Group
Co.
(a)
.............
309,584
$
13,296,633
U.S.
Foods
Holding
Corp.
(a)
(b)
...............
561,360
14,842,358
Walgreens
Boots
Alliance,
Inc.
..............
2,059,234
64,659,948
Walmart,
Inc.
..........................
4,111,599
533,274,390
758,834,984
a
Food
Products
 — 
2
.0
%
Archer-Daniels-Midland
Co.
................
1,596,611
128,447,355
Bunge
Ltd.
...........................
399,184
32,960,623
Campbell
Soup
Co.
.....................
544,781
25,670,081
Conagra
Brands,
Inc.
....................
1,341,216
43,763,878
Darling
Ingredients,
Inc.
(a)
(b)
................
424,365
28,071,745
Flowers
Foods,
Inc.
.....................
533,934
13,182,830
Freshpet,
Inc.
(a)
(b)
.......................
44,554
2,231,710
General
Mills,
Inc.
......................
1,698,595
130,129,363
Hershey
Co.
(The)
......................
53,057
11,697,477
Hormel
Foods
Corp.
.....................
816,835
37,116,982
Ingredion,
Inc.
.........................
182,636
14,705,851
JM
Smucker
Co.
(The)
...................
291,401
40,041,411
Kellogg
Co.
...........................
325,089
22,645,700
Kraft
Heinz
Co.
(The)
....................
1,991,730
66,424,195
McCormick
&
Co.,
Inc.
,
NVS
...............
720,700
51,364,289
Mondelez
International,
Inc.
,
Class
A
..........
3,940,634
216,064,962
Pilgrim's
Pride
Corp.
(a)
...................
80,218
1,846,618
Post
Holdings,
Inc.
(a)
(b)
....................
150,330
12,313,530
Seaboard
Corp.
(b)
.......................
574
1,953,127
Tyson
Foods,
Inc.
,
Class
A
................
811,721
53,516,766
934,148,493
a
Gas
Utilities
 — 
0
.2
%
Atmos
Energy
Corp.
.....................
393,164
40,043,753
National
Fuel
Gas
Co.
...................
229,443
14,122,217
UGI
Corp.
............................
595,819
19,262,828
73,428,798
a
Health
Care
Equipment
&
Supplies
 — 
3
.3
%
Abbott
Laboratories
.....................
4,245,145
410,760,230
Align
Technology,
Inc.
(a)
(b)
..................
57,947
12,001,403
Baxter
International,
Inc.
..................
1,210,613
65,203,616
Becton
Dickinson
and
Co.
(b)
................
809,767
180,440,381
Boston
Scientific
Corp.
(a)
..................
4,069,334
157,605,306
Cooper
Companies,
Inc.
(The)
..............
140,097
36,971,598
Dentsply
Sirona,
Inc.
....................
598,252
16,960,444
Enovis
Corp.
(a)
.........................
134,282
6,186,372
Envista
Holdings
Corp.
(a)
..................
477,932
15,680,949
Globus
Medical,
Inc.
,
Class
A
(a)
.............
198,768
11,840,610
Hologic,
Inc.
(a)
.........................
708,404
45,706,226
ICU
Medical,
Inc.
(a)
......................
49,774
7,495,964
Integra
LifeSciences
Holdings
Corp.
(a)
.........
217,126
9,197,457
Intuitive
Surgical,
Inc.
(a)
(b)
..................
82,992
15,556,021
Masimo
Corp.
(a)
........................
29,650
4,185,394
Medtronic
PLC
........................
3,812,109
307,827,802
QuidelOrtho
Corp.
(a)
(b)
....................
146,964
10,504,987
STERIS
PLC
(b)
........................
282,545
46,981,583
Stryker
Corp.
.........................
465,936
94,370,678
Tandem
Diabetes
Care,
Inc.
(a)
..............
19,045
911,303
Teleflex,
Inc.
..........................
135,868
27,371,967
Zimmer
Biomet
Holdings,
Inc.
..............
597,606
62,479,707
1,546,239,998
a
Health
Care
Providers
&
Services
 — 
3
.4
%
Acadia
Healthcare
Co.,
Inc.
(a)
(b)
..............
253,626
19,828,481
agilon
health,
Inc.
(a)
(b)
....................
189
4,426
Amedisys,
Inc.
(a)
(b)
......................
95,445
9,238,121
Cardinal
Health,
Inc.
.....................
776,325
51,765,351
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
32
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Health
Care
Providers
&
Services
(continued)
Centene
Corp.
(a)
(b)
......................
1,620,356
$
126,079,900
Chemed
Corp.
.........................
26,795
11,697,625
Cigna
Corp.
..........................
717,952
199,210,141
CVS
Health
Corp.
......................
3,738,661
356,556,100
Elevance
Health,
Inc.
(b)
...................
478,516
217,361,108
Encompass
Health
Corp.
.................
278,860
12,612,838
Enhabit,
Inc.
(a)
.........................
105,640
1,483,186
HCA
Healthcare,
Inc.
....................
586,551
107,802,208
Henry
Schein,
Inc.
(a)
(b)
....................
381,177
25,070,011
Humana,
Inc.
.........................
105,978
51,419,466
Laboratory
Corp.
of
America
Holdings
.........
256,728
52,580,462
McKesson
Corp.
.......................
332,609
113,043,821
Molina
Healthcare,
Inc.
(a)
..................
35,463
11,697,116
Oak
Street
Health,
Inc.
(a)
(b)
.................
350,126
8,585,089
Premier,
Inc.
,
Class
A
....................
322,577
10,948,263
Quest
Diagnostics,
Inc.
...................
333,282
40,890,369
Signify
Health,
Inc.
,
Class
A
(a)
...............
174,825
5,096,149
Tenet
Healthcare
Corp.
(a)
(b)
.................
311,436
16,063,869
UnitedHealth
Group,
Inc.
..................
240,090
121,255,054
Universal
Health
Services,
Inc.
,
Class
B
.......
177,770
15,675,759
1,585,964,913
a
Health
Care
Technology
 — 
0
.1
%
Certara,
Inc.
(a)
(b)
........................
82,884
1,100,700
Change
Healthcare,
Inc.
(a)
(b)
................
684,499
18,816,878
Definitive
Healthcare
Corp.
,
Class
A
(a)
(b)
........
189
2,937
Doximity,
Inc.
,
Class
A
(a)
(b)
.................
166,405
5,028,759
Teladoc
Health,
Inc.
(a)
(b)
...................
399,804
10,135,031
35,084,305
a
Hotels,
Restaurants
&
Leisure
 — 
1
.9
%
Aramark
(b)
............................
674,194
21,034,853
Boyd
Gaming
Corp.
.....................
218,712
10,421,627
Caesars
Entertainment,
Inc.
(a)
(b)
.............
183,540
5,921,000
Carnival
Corp.
(a)
(b)
.......................
2,773,834
19,500,053
Darden
Restaurants,
Inc.
.................
91,795
11,595,544
Domino's
Pizza,
Inc.
.....................
27,509
8,533,292
Hilton
Worldwide
Holdings,
Inc.
.............
212,567
25,639,832
Hyatt
Hotels
Corp.
,
Class
A
(a)
(b)
..............
138,482
11,211,503
Las
Vegas
Sands
Corp.
(a)
(b)
................
604,132
22,667,033
Marriott
Vacations
Worldwide
Corp.
...........
109,921
13,394,973
McDonald's
Corp.
(b)
.....................
1,595,579
368,163,898
MGM
Resorts
International
(b)
...............
941,538
27,982,509
Norwegian
Cruise
Line
Holdings
Ltd.
(a)
(b)
.......
1,103,252
12,532,943
Penn
Entertainment,
Inc.
(a)
(b)
...............
452,689
12,453,474
Planet
Fitness,
Inc.
,
Class
A
(a)
(b)
.............
69,870
4,028,704
Royal
Caribbean
Cruises
Ltd.
(a)
.............
627,563
23,784,638
Six
Flags
Entertainment
Corp.
(a)
.............
106,012
1,876,412
Starbucks
Corp.
........................
2,093,128
176,366,965
Travel
+
Leisure
Co.
.....................
76,047
2,594,724
Vail
Resorts,
Inc.
.......................
6,175
1,331,577
Wyndham
Hotels
&
Resorts,
Inc.
............
71,188
4,367,384
Wynn
Resorts
Ltd.
(a)
(b)
....................
255,751
16,119,986
Yum!
Brands,
Inc.
......................
722,015
76,779,075
878,301,999
a
Household
Durables
 — 
0
.5
%
DR
Horton,
Inc.
(b)
.......................
430,461
28,991,548
Garmin
Ltd.
...........................
439,127
35,266,290
Leggett
&
Platt,
Inc.
.....................
390,478
12,971,679
Lennar
Corp.
,
Class
A
....................
717,550
53,493,353
Lennar
Corp.
,
Class
B
...................
37,212
2,214,486
Mohawk
Industries,
Inc.
(a)
(b)
................
154,917
14,126,881
Newell
Brands,
Inc.
.....................
1,105,965
15,361,854
NVR,
Inc.
(a)
...........................
2,282
9,098,517
Security
Shares
Value
a
Household
Durables
(continued)
PulteGroup,
Inc.
.......................
396,804
$
14,880,150
Tempur
Sealy
International,
Inc.
(b)
............
468,980
11,321,177
Toll
Brothers,
Inc.
.......................
138,765
5,828,130
TopBuild
Corp.
(a)
.......................
11,645
1,918,863
Whirlpool
Corp.
........................
152,709
20,586,700
226,059,628
a
Household
Products
 — 
1
.4
%
Church
&
Dwight
Co.,
Inc.
.................
378,448
27,036,325
Clorox
Co.
(The)
.......................
60,051
7,709,948
Colgate-Palmolive
Co.
...................
908,993
63,856,758
Kimberly-Clark
Corp.
....................
390,438
43,939,893
Procter
&
Gamble
Co.
(The)
...............
3,912,761
493,986,076
Reynolds
Consumer
Products,
Inc.
...........
168,316
4,377,899
Spectrum
Brands
Holdings,
Inc.
.............
120,114
4,688,050
645,594,949
a
Independent
Power
and
Renewable
Electricity
Producers
 — 
0
.1
%
AES
Corp.
(The)
.......................
1,558,219
35,215,749
Brookfield
Renewable
Corp.
,
Class
A
.........
363,303
11,872,742
Vistra
Corp.
..........................
514,112
10,796,352
57,884,843
a
Industrial
Conglomerates
 — 
1
.2
%
3M
Co.
..............................
1,618,573
178,852,317
General
Electric
Co.
.....................
2,948,352
182,532,472
Honeywell
International,
Inc.
...............
1,357,044
226,585,637
587,970,426
a
Insurance
 — 
3
.5
%
Aflac,
Inc.
............................
1,785,656
100,353,867
Alleghany
Corp.
(a)
.......................
31,722
26,626,495
Allstate
Corp.
(The)
.....................
767,218
95,541,658
American
Financial
Group,
Inc.
.............
192,829
23,704,469
American
International
Group,
Inc.
...........
2,168,597
102,964,986
Aon
PLC
,
Class
A
(b)
.....................
34,913
9,352,145
Arch
Capital
Group
Ltd.
(a)
.................
682,053
31,060,694
Arthur
J
Gallagher
&
Co.
..................
525,292
89,940,496
Assurant,
Inc.
.........................
143,061
20,782,471
Assured
Guaranty
Ltd.
...................
165,595
8,023,078
Axis
Capital
Holdings
Ltd.
.................
213,490
10,493,034
Brighthouse
Financial,
Inc.
(a)
(b)
..............
200,812
8,719,257
Brown
&
Brown,
Inc.
.....................
622,284
37,635,736
Chubb
Ltd.
(b)
..........................
1,185,258
215,574,725
Cincinnati
Financial
Corp.
.................
445,448
39,898,777
CNA
Financial
Corp.
.....................
66,281
2,445,769
Erie
Indemnity
Co.
,
Class
A
,
NVS
............
20,736
4,609,820
Everest
Re
Group
Ltd.
...................
78,450
20,588,418
Fidelity
National
Financial,
Inc.
..............
756,119
27,371,508
First
American
Financial
Corp.
..............
280,400
12,926,440
Globe
Life,
Inc.
........................
252,619
25,186,114
Hanover
Insurance
Group,
Inc.
(The)
.........
101,443
12,998,906
Hartford
Financial
Services
Group,
Inc.
(The)
....
922,105
57,115,184
Kemper
Corp.
.........................
180,925
7,464,965
Lincoln
National
Corp.
...................
376,476
16,531,061
Loews
Corp.
..........................
569,942
28,405,909
Markel
Corp.
(a)
(b)
........................
29,340
31,811,015
Marsh
&
McLennan
Companies,
Inc.
..........
152,955
22,834,652
MetLife,
Inc.
..........................
1,914,893
116,387,197
Old
Republic
International
Corp.
.............
809,952
16,952,295
Primerica,
Inc.
.........................
106,615
13,161,622
Principal
Financial
Group,
Inc.
..............
704,917
50,859,762
Progressive
Corp.
(The)
..................
216,449
25,153,538
Prudential
Financial,
Inc.
..................
1,069,398
91,732,960
Reinsurance
Group
of
America,
Inc.
..........
190,344
23,947,179
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
33
Schedule
of
Investments
Security
Shares
Value
a
Insurance
(continued)
RenaissanceRe
Holdings
Ltd.
..............
52,703
$
7,398,974
Travelers
Companies,
Inc.
(The)
(b)
...........
675,367
103,466,224
Unum
Group
..........................
581,201
22,550,599
W
R
Berkley
Corp.
......................
586,526
37,877,849
White
Mountains
Insurance
Group
Ltd.
(b)
.......
7,978
10,395,494
Willis
Towers
Watson
PLC
.................
312,621
62,818,064
1,673,663,406
a
Interactive
Media
&
Services
 — 
2
.5
%
Alphabet,
Inc.
,
Class
A
(a)
..................
2,230,330
213,331,064
Alphabet,
Inc.
,
Class
C
,
NVS
(a)
..............
2,002,938
192,582,489
IAC,
Inc.
(a)
(b)
..........................
229,714
12,721,561
Match
Group,
Inc.
(a)
.....................
51,125
2,441,219
Meta
Platforms,
Inc.
,
Class
A
(a)
..............
5,146,847
698,324,201
Pinterest,
Inc.
,
Class
A
(a)
(b)
.................
1,317,066
30,687,638
TripAdvisor,
Inc.
(a)
(b)
.....................
267,259
5,901,079
Twitter,
Inc.
(a)
..........................
145,847
6,393,932
1,162,383,183
a
Internet
&
Direct
Marketing
Retail
 — 
0
.1
%
DoorDash,
Inc.
,
Class
A
(a)
(b)
................
81,833
4,046,642
eBay,
Inc.
............................
1,358,328
50,000,053
Wayfair,
Inc.
,
Class
A
(a)
(b)
..................
90,487
2,945,352
56,992,047
a
IT
Services
 — 
2
.4
%
Affirm
Holdings,
Inc.
,
Class
A
(a)
(b)
.............
521,159
9,776,943
Akamai
Technologies,
Inc.
(a)
(b)
...............
446,967
35,900,389
Amdocs
Ltd.
..........................
342,723
27,229,342
Automatic
Data
Processing,
Inc.
.............
97,650
22,087,453
Block,
Inc.
,
Class
A
(a)
(b)
...................
1,509,668
83,016,643
Broadridge
Financial
Solutions,
Inc.
..........
28,928
4,174,889
Cognizant
Technology
Solutions
Corp.
,
Class
A
...
1,483,381
85,205,405
Concentrix
Corp.
.......................
122,946
13,724,462
DXC
Technology
Co.
(a)
...................
653,233
15,991,144
Euronet
Worldwide,
Inc.
(a)
.................
38,824
2,941,306
Fidelity
National
Information
Services,
Inc.
......
1,739,530
131,456,282
Fiserv,
Inc.
(a)
(b)
.........................
1,526,109
142,798,019
Genpact
Ltd.
..........................
242,752
10,625,255
Global
Payments,
Inc.
(b)
..................
786,115
84,939,726
GoDaddy,
Inc.
,
Class
A
(a)
(b)
.................
384,412
27,247,123
International
Business
Machines
Corp.
........
852,134
101,242,041
Kyndryl
Holdings,
Inc.
(a)
(b)
.................
563,660
4,661,468
Okta,
Inc.
,
Class
A
(a)
.....................
366,328
20,833,073
PayPal
Holdings,
Inc.
(a)
...................
2,284,930
196,663,925
Snowflake,
Inc.
,
Class
A
(a)
(b)
................
55,332
9,404,227
SS&C
Technologies
Holdings,
Inc.
...........
635,688
30,354,102
Switch,
Inc.
,
Class
A
.....................
154,332
5,199,445
Twilio,
Inc.
,
Class
A
(a)
(b)
...................
310,605
21,475,230
VeriSign,
Inc.
(a)
........................
239,402
41,584,127
Western
Union
Co.
(The)
.................
727,865
9,826,178
WEX,
Inc.
(a)
(b)
..........................
31,951
4,055,860
Wix.com
Ltd.
(a)
(b)
.......................
26,820
2,098,129
1,144,512,186
a
Leisure
Products
 — 
0
.1
%
Brunswick
Corp.
.......................
175,409
11,480,519
Hasbro,
Inc.
..........................
380,681
25,665,513
Mattel,
Inc.
(a)
..........................
540,950
10,245,593
Peloton
Interactive,
Inc.
,
Class
A
(a)
(b)
..........
898,741
6,228,275
Polaris,
Inc.
...........................
41,683
3,986,979
57,606,879
a
Life
Sciences
Tools
&
Services
 — 
2
.5
%
10X
Genomics,
Inc.
,
Class
A
(a)
..............
108
3,076
Agilent
Technologies,
Inc.
.................
84,814
10,309,142
Security
Shares
Value
a
Life
Sciences
Tools
&
Services
(continued)
Avantor,
Inc.
(a)
.........................
101,077
$
1,981,109
Azenta,
Inc.
..........................
220,978
9,471,117
Bio-Rad
Laboratories,
Inc.
,
Class
A
(a)
..........
61,963
25,847,246
Charles
River
Laboratories
International,
Inc.
(a)
...
7,763
1,527,758
Danaher
Corp.
........................
1,720,744
444,450,968
Illumina,
Inc.
(a)
(b)
........................
447,955
85,465,334
PerkinElmer,
Inc.
(b)
......................
363,136
43,696,155
QIAGEN
NV
(a)
.........................
645,884
26,662,091
Repligen
Corp.
(a)
.......................
47,588
8,904,191
Syneos
Health,
Inc.
,
Class
A
(a)
..............
250,625
11,816,969
Thermo
Fisher
Scientific,
Inc.
...............
979,825
496,957,442
1,167,092,598
a
Machinery
 — 
1
.8
%
AGCO
Corp.
..........................
150,477
14,471,373
Allison
Transmission
Holdings,
Inc.
...........
70,387
2,376,265
Caterpillar,
Inc.
........................
195,214
32,030,713
Crane
Holdings
Co.
.....................
138,037
12,083,759
Cummins,
Inc.
.........................
401,529
81,715,167
Donaldson
Co.,
Inc.
.....................
292,345
14,327,828
Dover
Corp.
..........................
409,853
47,780,663
Esab
Corp.
...........................
144,349
4,815,483
Flowserve
Corp.
.......................
386,912
9,401,961
Fortive
Corp.
..........................
1,021,992
59,582,134
Gates
Industrial
Corp.
PLC
(a)
(b)
..............
269,586
2,631,159
Graco,
Inc.
...........................
150,119
8,999,634
IDEX
Corp.
...........................
177,930
35,559,310
Illinois
Tool
Works,
Inc.
...................
88,303
15,951,937
Ingersoll
Rand,
Inc.
(b)
....................
1,156,784
50,042,476
ITT,
Inc.
.............................
234,197
15,302,432
Middleby
Corp.
(The)
(a)
(b)
..................
140,545
18,013,653
Nordson
Corp.
.........................
126,402
26,831,352
Oshkosh
Corp.
........................
184,448
12,964,850
Otis
Worldwide
Corp.
....................
1,058,528
67,534,086
PACCAR,
Inc.
.........................
972,262
81,368,607
Parker-Hannifin
Corp.
....................
281,915
68,310,824
Pentair
PLC
..........................
468,728
19,044,419
Snap-on,
Inc.
.........................
149,800
30,162,230
Stanley
Black
&
Decker,
Inc.
...............
421,365
31,690,862
Timken
Co.
(The)
.......................
173,825
10,262,628
Westinghouse
Air
Brake
Technologies
Corp.
.....
513,559
41,778,025
Xylem,
Inc.
...........................
436,356
38,120,060
853,153,890
a
Marine
 — 
0
.0
%
Kirby
Corp.
(a)
..........................
164,816
10,015,868
a
Media
 — 
1
.3
%
Altice
USA,
Inc.
,
Class
A
(a)
(b)
................
595,638
3,472,570
Cable
One,
Inc.
(b)
.......................
6,000
5,118,300
Comcast
Corp.
,
Class
A
..................
12,490,101
366,334,662
DISH
Network
Corp.
,
Class
A
(a)
(b)
............
743,929
10,288,538
Fox
Corp.
,
Class
A
,
NVS
..................
858,015
26,323,900
Fox
Corp.
,
Class
B
......................
400,208
11,405,928
Interpublic
Group
of
Companies,
Inc.
(The)
.....
1,120,045
28,673,152
Liberty
Broadband
Corp.
,
Class
A
(a)
(b)
..........
26,165
1,951,909
Liberty
Broadband
Corp.
,
Class
C
,
NVS
(a)
(b)
.....
187,543
13,840,673
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
A
(a)
(b)
.
141,858
5,400,534
Liberty
Media
Corp.-Liberty
SiriusXM
,
Class
C
,
NVS
(a)
.............................
318,272
12,002,037
New
York
Times
Co.
(The)
,
Class
A
(b)
.........
461,562
13,269,908
News
Corp.
,
Class
A
,
NVS
................
1,088,953
16,454,080
News
Corp.
,
Class
B
....................
322,483
4,972,688
Nexstar
Media
Group,
Inc.
.................
96,284
16,064,985
Omnicom
Group,
Inc.
....................
579,705
36,573,588
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
34
2022
iShares
Semi-Annual
Report
to
Shareholders
Security
Shares
Value
a
Media
(continued)
Paramount
Global
,
Class
A
(b)
...............
135
$
2,908
Paramount
Global
,
Class
B
,
NVS
............
1,666,596
31,731,988
Sirius
XM
Holdings,
Inc.
(b)
.................
1,934,128
11,043,871
614,926,219
a
Metals
&
Mining
 — 
0
.9
%
Alcoa
Corp.
...........................
513,371
17,280,068
Cleveland-Cliffs,
Inc.
(a)
(b)
..................
1,442,462
19,429,963
Freeport-McMoRan,
Inc.
..................
4,064,315
111,077,729
Newmont
Corp.
........................
2,265,016
95,198,623
Nucor
Corp.
..........................
747,360
79,960,046
Reliance
Steel
&
Aluminum
Co.
.............
171,018
29,827,249
Royal
Gold,
Inc.
........................
174,553
16,376,563
Southern
Copper
Corp.
...................
83,166
3,729,163
SSR
Mining,
Inc.
(b)
......................
640,701
9,424,712
Steel
Dynamics,
Inc.
.....................
496,411
35,220,360
United
States
Steel
Corp.
(b)
................
665,525
12,059,313
429,583,789
a
Mortgage
Real
Estate
Investment
 — 
0
.1
%
AGNC
Investment
Corp.
..................
1,470,250
12,379,505
Annaly
Capital
Management,
Inc.
............
1,232,448
21,148,808
Rithm
Capital
Corp.
.....................
1,177,612
8,620,120
Starwood
Property
Trust,
Inc.
...............
836,352
15,238,333
57,386,766
a
Multiline
Retail
 — 
0
.4
%
Dollar
Tree,
Inc.
(a)
(b)
.....................
417,785
56,860,538
Kohl's
Corp.
..........................
364,347
9,163,327
Macy's,
Inc.
..........................
772,582
12,106,360
Nordstrom,
Inc.
(b)
.......................
189
3,162
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
(b)
........
165,789
8,554,712
Target
Corp.
..........................
593,040
88,001,206
174,689,305
a
Multi-Utilities
 — 
1
.7
%
Ameren
Corp.
.........................
733,399
59,075,289
CenterPoint
Energy,
Inc.
..................
1,795,400
50,594,372
CMS
Energy
Corp.
......................
824,961
48,045,729
Consolidated
Edison,
Inc.
.................
1,011,342
86,732,690
Dominion
Energy,
Inc.
....................
2,373,305
164,019,108
DTE
Energy
Co.
.......................
549,637
63,235,737
NiSource,
Inc.
.........................
1,156,868
29,141,505
Public
Service
Enterprise
Group,
Inc.
.........
1,418,991
79,789,864
Sempra
Energy
........................
896,957
134,489,733
WEC
Energy
Group,
Inc.
..................
899,325
80,426,635
795,550,662
a
Oil,
Gas
&
Consumable
Fuels
 — 
7
.2
%
Antero
Midstream
Corp.
..................
921,307
8,457,598
Antero
Resources
Corp.
(a)
(b)
................
279,590
8,535,883
APA
Corp.
...........................
932,831
31,893,492
Cheniere
Energy,
Inc.
(b)
...................
302,313
50,156,750
Chesapeake
Energy
Corp.
................
347,211
32,710,748
Chevron
Corp.
.........................
5,605,078
805,281,556
ConocoPhillips
........................
3,631,935
371,692,228
Continental
Resources,
Inc.
................
25,414
1,697,909
Coterra
Energy,
Inc.
.....................
1,873,888
48,945,955
Devon
Energy
Corp.
.....................
957,776
57,591,071
Diamondback
Energy,
Inc.
.................
212,786
25,632,202
DT
Midstream,
Inc.
......................
269,064
13,961,731
EOG
Resources,
Inc.
....................
448,628
50,125,206
EQT
Corp.
...........................
1,048,892
42,742,349
Exxon
Mobil
Corp.
......................
11,894,519
1,038,510,454
Hess
Corp.
(b)
..........................
174,129
18,978,320
HF
Sinclair
Corp.
.......................
417,335
22,469,316
Security
Shares
Value
a
Oil,
Gas
&
Consumable
Fuels
(continued)
Kinder
Morgan,
Inc.
,
Class
P
...............
5,663,542
$
94,241,339
Marathon
Oil
Corp.
......................
1,930,352
43,587,348
Marathon
Petroleum
Corp.
................
1,419,511
141,000,028
Occidental
Petroleum
Corp.
................
405,905
24,942,862
ONEOK,
Inc.
..........................
1,123,149
57,550,155
Ovintiv,
Inc.
...........................
202,184
9,300,464
PDC
Energy,
Inc.
.......................
132,586
7,662,145
Phillips
66
............................
1,371,360
110,696,179
Pioneer
Natural
Resources
Co.
.............
303,948
65,813,860
Range
Resources
Corp.
..................
238,639
6,028,021
Southwestern
Energy
Co.
(a)
(b)
...............
3,007,783
18,407,632
Valero
Energy
Corp.
.....................
1,120,705
119,747,329
Williams
Companies,
Inc.
(The)
.............
3,471,176
99,379,769
3,427,739,899
a
Paper
&
Forest
Products
 — 
0
.0
%
Louisiana-Pacific
Corp.
...................
189,605
9,705,880
a
Personal
Products
 — 
0
.0
%
Coty,
Inc.
,
Class
A
(a)
(b)
....................
931,013
5,884,002
a
Pharmaceuticals
 — 
6
.4
%
Bristol-Myers
Squibb
Co.
..................
6,074,221
431,816,371
Catalent,
Inc.
(a)
........................
336,746
24,366,940
Elanco
Animal
Health,
Inc.
(a)
(b)
..............
1,302,071
16,158,701
Eli
Lilly
&
Co.
.........................
446,994
144,535,510
Jazz
Pharmaceuticals
PLC
(a)
...............
176,949
23,585,532
Johnson
&
Johnson
.....................
7,506,260
1,226,222,634
Merck
&
Co.,
Inc.
.......................
4,191,981
361,013,404
Organon
&
Co.
........................
742,016
17,363,174
Perrigo
Co.
PLC
.......................
375,253
13,381,522
Pfizer,
Inc.
...........................
16,120,242
705,421,790
Royalty
Pharma
PLC
,
Class
A
..............
1,045,505
42,008,391
Viatris,
Inc.
...........................
3,451,862
29,409,864
3,035,283,833
a
Professional
Services
 — 
0
.6
%
CACI
International,
Inc.
,
Class
A
(a)
...........
65,386
17,069,669
Clarivate
PLC
(a)
(b)
.......................
1,319,730
12,392,265
CoStar
Group,
Inc.
(a)
.....................
959,060
66,798,529
Dun
&
Bradstreet
Holdings,
Inc.
.............
751,512
9,311,234
Equifax,
Inc.
(b)
.........................
175,907
30,155,737
FTI
Consulting,
Inc.
(a)
(b)
...................
58,037
9,617,311
Jacobs
Solutions,
Inc.
....................
364,149
39,506,525
KBR,
Inc.
(b)
...........................
138,902
6,003,344
Leidos
Holdings,
Inc.
....................
385,443
33,714,699
ManpowerGroup,
Inc.
....................
145,775
9,430,185
Nielsen
Holdings
PLC
(b)
..................
1,020,447
28,286,791
Robert
Half
International,
Inc.
...............
30,127
2,304,716
Science
Applications
International
Corp.
.......
163,545
14,462,284
TransUnion
...........................
153,812
9,150,276
288,203,565
a
Real
Estate
Management
&
Development
 — 
0
.2
%
CBRE
Group,
Inc.
,
Class
A
(a)
...............
463,757
31,308,235
Howard
Hughes
Corp.
(The)
(a)
(b)
.............
97,302
5,389,558
Jones
Lang
LaSalle,
Inc.
(a)
(b)
................
133,732
20,202,893
Opendoor
Technologies,
Inc.
(a)
(b)
.............
872,774
2,714,327
WeWork,
Inc.
,
Class
A
(a)
(b)
.................
239,854
635,613
Zillow
Group,
Inc.
,
Class
A
(a)
(b)
..............
141,152
4,041,182
Zillow
Group,
Inc.
,
Class
C
,
NVS
(a)
(b)
..........
418,691
11,978,750
76,270,558
a
Road
&
Rail
 — 
0
.8
%
AMERCO
............................
26,408
13,447,482
Avis
Budget
Group,
Inc.
(a)
.................
87,808
13,035,976
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
(Percentages
shown
are
based
on
Net
Assets)
35
Schedule
of
Investments
Security
Shares
Value
a
Road
&
Rail
(continued)
CSX
Corp.
(b)
..........................
4,563,150
$
121,562,316
Hertz
Global
Holdings,
Inc.
(a)
(b)
..............
575,070
9,362,140
JB
Hunt
Transport
Services,
Inc.
............
28,208
4,412,295
Knight-Swift
Transportation
Holdings,
Inc.
,
Class
A
441,935
21,623,879
Landstar
System,
Inc.
(b)
...................
8,799
1,270,312
Lyft,
Inc.
,
Class
A
(a)
(b)
.....................
204,922
2,698,823
Norfolk
Southern
Corp.
...................
668,313
140,111,820
Ryder
System,
Inc.
......................
140,650
10,617,668
Schneider
National,
Inc.
,
Class
B
(b)
...........
139,372
2,829,252
Uber
Technologies,
Inc.
(a)
.................
737,606
19,546,559
XPO
Logistics,
Inc.
(a)
....................
279,391
12,438,487
372,957,009
a
Semiconductors
&
Semiconductor
Equipment
 — 
2
.3
%
Advanced
Micro
Devices,
Inc.
(a)
.............
976,611
61,878,073
Analog
Devices,
Inc.
.....................
1,189,523
165,748,135
Cirrus
Logic,
Inc.
(a)
......................
158,243
10,887,118
First
Solar,
Inc.
(a)
.......................
302,640
40,030,193
GlobalFoundries,
Inc.
(a)
(b)
..................
143,842
6,954,761
Intel
Corp.
...........................
11,671,503
300,774,632
Marvell
Technology,
Inc.
..................
2,418,514
103,778,436
Microchip
Technology,
Inc.
.................
223,869
13,662,725
Micron
Technology,
Inc.
...................
2,548,225
127,666,072
MKS
Instruments,
Inc.
(b)
..................
168,646
13,936,905
ON
Semiconductor
Corp.
(a)
................
464,806
28,971,358
Qorvo,
Inc.
(a)
(b)
.........................
293,067
23,272,450
Skyworks
Solutions,
Inc.
..................
463,217
39,498,514
Teradyne,
Inc.
.........................
36,150
2,716,673
Texas
Instruments,
Inc.
...................
828,365
128,214,335
Wolfspeed,
Inc.
(a)
(b)
......................
327,294
33,829,108
1,101,819,488
a
Software
 — 
1
.7
%
ANSYS,
Inc.
(a)
.........................
119,307
26,450,362
Bill.com
Holdings,
Inc.
(a)
(b)
.................
277,929
36,789,462
Black
Knight,
Inc.
(a)
......................
399,326
25,848,372
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
(b)
......
239,771
2,181,916
Ceridian
HCM
Holding,
Inc.
(a)
(b)
..............
324,322
18,123,113
Citrix
Systems,
Inc.
.....................
190,544
19,816,576
Coupa
Software,
Inc.
(a)
...................
95,075
5,590,410
Dolby
Laboratories,
Inc.
,
Class
A
(b)
...........
172,591
11,244,304
DoubleVerify
Holdings,
Inc.
(a)
(b)
..............
81
2,215
Dropbox,
Inc.
,
Class
A
(a)
..................
30,569
633,390
Guidewire
Software,
Inc.
(a)
(b)
................
232,627
14,325,171
Informatica,
Inc.
,
Class
A
(a)
(b)
...............
62,087
1,246,086
Jamf
Holding
Corp.
(a)
(b)
...................
44,098
977,212
Manhattan
Associates,
Inc.
(a)
...............
72,116
9,593,591
nCino,
Inc.
(a)
(b)
.........................
155,261
5,295,953
NCR
Corp.
(a)
..........................
360,661
6,856,166
NortonLifeLock,
Inc.
.....................
1,039,390
20,933,315
Nutanix,
Inc.
,
Class
A
(a)
(b)
..................
309,582
6,448,593
Oracle
Corp.
..........................
1,350,411
82,469,600
Paycor
HCM,
Inc.
(a)
(b)
....................
134,440
3,974,046
Procore
Technologies,
Inc.
(a)
(b)
..............
47,217
2,336,297
Roper
Technologies,
Inc.
..................
300,985
108,246,245
Salesforce,
Inc.
(a)
.......................
2,157,483
310,332,355
SentinelOne,
Inc.
,
Class
A
(a)
(b)
..............
163,485
4,178,677
Teradata
Corp.
(a)
.......................
119,569
3,713,813
Tyler
Technologies,
Inc.
(a)
(b)
................
13,588
4,721,830
UiPath,
Inc.
,
Class
A
(a)
(b)
..................
1,000,769
12,619,697
Unity
Software,
Inc.
(a)
(b)
...................
193,897
6,177,558
VMware,
Inc.
,
Class
A
....................
305,398
32,512,671
Zoom
Video
Communications,
Inc.
,
Class
A
(a)
(b)
...
363,224
26,729,654
810,368,650
a
Security
Shares
Value
a
Specialty
Retail
 — 
1
.5
%
Advance
Auto
Parts,
Inc.
..................
160,228
$
25,050,046
AutoNation,
Inc.
(a)
(b)
.....................
109,146
11,118,703
AutoZone,
Inc.
(a)
(b)
......................
4,956
10,615,405
Bath
&
Body
Works,
Inc.
..................
655,934
21,383,448
Best
Buy
Co.,
Inc.
......................
393,291
24,911,052
Burlington
Stores,
Inc.
(a)
(b)
.................
11,594
1,297,253
CarMax,
Inc.
(a)
(b)
........................
403,842
26,661,649
Dick's
Sporting
Goods,
Inc.
................
153,522
16,064,542
GameStop
Corp.
,
Class
A
(a)
(b)
...............
782,855
19,673,146
Gap,
Inc.
(The)
........................
520,738
4,275,259
Home
Depot,
Inc.
(The)
..................
1,237,748
341,544,183
Leslie's,
Inc.
(a)
(b)
........................
49,531
728,601
Lithia
Motors,
Inc.
......................
77,731
16,677,186
Lowe's
Companies,
Inc.
..................
251,416
47,218,439
O'Reilly
Automotive,
Inc.
(a)
.................
105,804
74,417,243
Penske
Automotive
Group,
Inc.
(b)
............
73,307
7,215,608
Petco
Health
&
Wellness
Co.,
Inc.
,
Class
A
(a)
(b)
...
229,139
2,557,191
RH
(a)
(b)
..............................
35,448
8,722,689
Ross
Stores,
Inc.
.......................
566,350
47,726,315
Victoria's
Secret
&
Co.
(a)
..................
67,114
1,954,360
Williams-Sonoma,
Inc.
...................
37,746
4,448,366
714,260,684
a
Technology
Hardware,
Storage
&
Peripherals
 — 
0
.3
%
Dell
Technologies,
Inc.
,
Class
C
.............
624,513
21,339,609
Hewlett
Packard
Enterprise
Co.
.............
3,700,484
44,331,798
HP,
Inc.
.............................
1,598,605
39,837,237
Western
Digital
Corp.
(a)
...................
906,578
29,509,114
135,017,758
a
Textiles,
Apparel
&
Luxury
Goods
 — 
0
.3
%
Capri
Holdings
Ltd.
(a)
(b)
...................
385,836
14,831,536
Carter's,
Inc.
..........................
106,592
6,984,974
Columbia
Sportswear
Co.
.................
109,528
7,371,234
Deckers
Outdoor
Corp.
(a)
(b)
.................
7,513
2,348,639
Hanesbrands,
Inc.
......................
1,052,168
7,323,089
PVH
Corp.
(b)
..........................
183,598
8,225,190
Ralph
Lauren
Corp.
,
Class
A
...............
121,333
10,304,812
Skechers
U.S.A.,
Inc.
,
Class
A
(a)
(b)
............
317,717
10,077,983
Tapestry,
Inc.
..........................
624,718
17,760,733
Under
Armour,
Inc.
,
Class
A
(a)
(b)
.............
486,170
3,233,031
Under
Armour,
Inc.
,
Class
C
(a)
..............
553,642
3,299,706
VF
Corp.
............................
1,008,160
30,154,066
121,914,993
a
Thrifts
&
Mortgage
Finance
 — 
0
.1
%
MGIC
Investment
Corp.
..................
840,510
10,775,338
New
York
Community
Bancorp,
Inc.
..........
1,279,550
10,914,562
Rocket
Companies,
Inc.
,
Class
A
(b)
...........
79,195
500,512
TFS
Financial
Corp.
.....................
121,345
1,577,485
UWM
Holdings
Corp.
,
Class
A
(b)
.............
134,893
395,237
24,163,134
a
Tobacco
 — 
1
.2
%
Altria
Group,
Inc.
.......................
5,165,647
208,588,826
Philip
Morris
International,
Inc.
..............
4,419,604
366,871,328
575,460,154
a
Trading
Companies
&
Distributors
 — 
0
.2
%
Air
Lease
Corp.
,
Class
A
..................
307,030
9,521,000
Core
&
Main,
Inc.
,
Class
A
(a)
(b)
..............
112,904
2,567,437
MSC
Industrial
Direct
Co.,
Inc.
,
Class
A
........
131,622
9,583,398
SiteOne
Landscape
Supply,
Inc.
(a)
(b)
...........
49,688
5,174,508
United
Rentals,
Inc.
(a)
(b)
...................
107,707
29,093,815
Univar
Solutions,
Inc.
(a)
...................
460,565
10,473,248
Watsco,
Inc.
..........................
43,487
11,196,163
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
iShares
®
Russell
1000
Value
ETF
(Percentages
shown
are
based
on
Net
Assets)
36
2022
iShares
Semi-Annual
Report
to
Shareholders
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Security
Shares
Value
a
Trading
Companies
&
Distributors
(continued)
WESCO
International,
Inc.
(a)
...............
63,555
$
7,587,196
85,196,765
a
Water
Utilities
 — 
0
.2
%
American
Water
Works
Co.,
Inc.
.............
518,356
67,469,217
Essential
Utilities,
Inc.
....................
659,242
27,279,434
94,748,651
a
Wireless
Telecommunication
Services
 — 
0
.5
%
T-Mobile
U.S.,
Inc.
(a)
(b)
....................
1,699,112
227,969,857
a
Total
Long-Term
Investments — 99.7%
(Cost:
$
48,289,857,345
)
............................
47,160,627,627
Security
Shares
Value
a
Short-Term
Securities
Money
Market
Funds
 — 
2
.5
%
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
,
3.18
%
(c)
(d)
(e)
....................
813,059,461
$
813,303,378
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
,
2.81
%
(c)
(d)
.....................
360,072,300
360,072,300
a
Total
Short-Term
Securities — 2.5%
(Cost:
$
1,172,896,292
)
.............................
1,173,375,678
Total
Investments
102.2%
(Cost:
$
49,462,753,637
)
............................
48,334,003,305
Liabilities
in
Excess
of
Other
Assets
(
2
.2
)
%
.............
(
1,051,624,546
)
Net
Assets
100.0%
...............................
$
47,282,378,759
(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.
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the
six
months
ended
September
30,
2022
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Affiliated
Issuer
Value
at
03/31/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
09/30/22
  Shares
Held
at
09/30/22
Income
  Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
555,372,018
$
257,497,147
(a)
$
$
30,336
$
403,877
$
813,303,378
813,059,461
$
3,185,957
(b)
$
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
.
115,810,000
244,262,300
(a)
360,072,300
360,072,300
379,041
BlackRock,
Inc.
...
303,843,926
45,293,739
(
26,345,304
)
9,140,651
(
96,437,935
)
235,495,077
427,955
1,944,983
$
9,170,987
$
(
96,034,058
)
$
1,408,870,755
$
5,509,981
$
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
DIJA
Mini
e-CBOT
Index
................................................................
427
12/16/22
$
61,490
$
(
4,477,434
)
S&P
500
E-Mini
Index
..................................................................
126
12/16/22
22,689
(
1,631,838
)
S&P
MidCap
400
E-Mini
Index
............................................................
218
12/16/22
48,139
(
3,614,857
)
$
(
9,724,129
)
iShares
®
Russell
1000
Value
ETF
Schedule
of
Investments
(unaudited)
(continued)
September
30,
2022
37
Schedule
of
Investments
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure 
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statements
of
Assets
and
Liabilities
were
as
follows: 
For
the period
ended
September
30,
2022,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Fair
Value
Hierarchy
as
of
Period
End 
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund’s
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
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)
.............
$
$
$
9,724,129
$
$
$
$
9,724,129
(a)
Net
cumulative
unrealized
appreciation
(depreciation)
on
futures
contracts
are
reported
in
the
Schedule
of
Investments.
In
the
Statements
of
Assets
and
Liabilities,
only
current
day’s
variation
margin
is
reported
in
receivables
or
payables
and
the
net
cumulative
unrealized
appreciation
(depreciation)
is
included
in
accumulated
earnings
(loss).
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.................................
$
$
$
(
9,757,225
)
$
$
$
$
(
9,757,225
)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.................................
$
$
$
(
14,154,561
)
$
$
$
$
(
14,154,561
)
Futures
contracts
Average
notional
value
of
contracts
long
...................................................................................
$
117,670,728
a
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
47,160,264,470
$
363,157
$
$
47,160,627,627
Short-Term
Securities
Money
Market
Funds
......................................
1,173,375,678
1,173,375,678
$
48,333,640,148
$
363,157
$
$
48,334,003,305
Derivative
Financial
Instruments
(a)
Liabilities
Equity
Contracts
...........................................
$
(
9,724,129
)
$
$
$
(
9,724,129
)
a
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
38
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Assets
and
Liabilities
(unaudited)
September
30,
2022
See
notes
to
financial
statements.
iShares
Russell
1000
ETF
iShares
Russell
1000
Growth
ETF
iShares
Russell
1000
Value
ETF
ASSETS
Investments,
at
value
unaffiliated
(a)(b)
.....................................................
$
24,648,029,775
$
55,011,655,602
$
46,925,132,550
Investments,
at
value
affiliated
(c)
........................................................
618,347,303
1,279,067,092
1,408,870,755
Cash
............................................................................
400,956
Cash
pledged:
Futures
contracts
..................................................................
3,330,000
7,177,840
8,227,740
Receivables:
Securities
lending
income
affiliated
....................................................
330,493
323,700
702,213
Capital
shares
sold
.................................................................
256,667
Dividends
unaffiliated
.............................................................
19,603,965
16,958,709
61,011,146
Dividends
affiliated
...............................................................
96,434
213,615
248,564
Total
assets
.......................................................................
25,290,138,926
56,315,653,225
48,404,192,968
LIABILITIES
Bank
overdraft
......................................................................
124,687,170
298,754,509
Collateral
on
securities
loaned
...........................................................
525,772,065
1,079,889,929
812,879,001
Payables:
Investments
purchased
..............................................................
252,386
Capital
shares
redeemed
.............................................................
57,132
578,321
Investment
advisory
fees
.............................................................
3,287,834
9,230,592
7,866,113
Variation
margin
on
futures
contracts
.....................................................
843,151
1,673,450
1,736,265
Total
liabilities
......................................................................
530,212,568
1,215,481,141
1,121,814,209
NET
ASSETS
......................................................................
$
24,759,926,358
$
55,100,172,084
$
47,282,378,759
NET
ASSETS
CONSIST
OF:
Paid-in
capital
......................................................................
$
23,916,292,660
$
49,636,445,436
$
49,921,305,683
Accumulated
earnings
(loss)
............................................................
843,633,698
5,463,726,648
(2,638,926,924
)
NET
ASSETS
......................................................................
$
24,759,926,358
$
55,100,172,084
$
47,282,378,759
NET
ASSET
VALUE
Shares
outstanding
..................................................................
125,600,000
261,950,000
348,100,000
Net
asset
value
.....................................................................
$
197.13
$
210.35
$
135.83
Shares
authorized
...................................................................
Unlimited
Unlimited
Unlimited
Par
value
.........................................................................
None
None
None
(a)
Securities
loaned,
at
value
...........................................................
$
505,731,305
$
1,046,794,116
$
781,796,705
(b)
Investments,
at
cost
unaffiliated
......................................................
$
24,068,658,890
$
48,796,689,937
$
48,045,028,221
(c)
Investments,
at
cost
affiliated
........................................................
$
622,302,258
$
1,278,443,577
$
1,417,725,416
39
Financial
Statements
Statements
of
Operations
(unaudited)
Six
Months
Ended
September
30,
2022
See
notes
to
financial
statements.
iShares
Russell
1000
ETF
iShares
Russell
1000
Growth
ETF
iShares
Russell
1000
Value
ETF
INVESTMENT
INCOME
Dividends
unaffiliated
............................................................
$
226,110,495
$
307,523,223
$
605,617,623
Dividends
affiliated
..............................................................
678,749
363,929
2,324,024
Interest
unaffiliated
..............................................................
1,070
3,119
2,871
Securities
lending
income
affiliated
net
...............................................
1,681,961
3,276,670
3,185,957
Foreign
taxes
withheld
.............................................................
(
43,401
)
(
39,753
)
(
127,561
)
Total
investment
income
..............................................................
228,428,874
311,127,188
611,002,914
EXPENSES
Investment
advisory
...............................................................
20,781,817
58,088,550
50,076,302
Total
expenses
....................................................................
20,781,817
58,088,550
50,076,302
Net
investment
income
...............................................................
207,647,057
253,038,638
560,926,612
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
Net
realized
gain
(loss)
from:
Investments
unaffiliated
.........................................................
(
306,100,190
)
(
2,768,318,992
)
(
27,947,598
)
Investments
affiliated
...........................................................
(
165,500
)
81,248
(
1,166,686
)
Futures
contracts
...............................................................
(
5,830,140
)
(
15,343,735
)
(
9,757,225
)
In-kind
redemptions
unaffiliated
(a)
...................................................
1,406,610,521
3,807,795,279
1,394,532,709
In-kind
redemptions
affiliated
(a)
....................................................
3,157,415
10,337,673
1,097,672,105
1,024,213,800
1,365,998,873
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
unaffiliated
.........................................................
(
7,573,682,275
)
(
18,106,750,777
)
(
11,644,640,083
)
Investments
affiliated
...........................................................
(
25,297,781
)
498,555
(
96,034,058
)
Futures
contracts
...............................................................
(
8,203,272
)
(
18,290,378
)
(
14,154,561
)
(
7,607,183,328
)
(
18,124,542,600
)
(
11,754,828,702
)
Net
realized
and
unrealized
loss
.........................................................
(
6,509,511,223
)
(
17,100,328,800
)
(
10,388,829,829
)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
..............................
$
(
6,301,864,166
)
$
(
16,847,290,162
)
$
(
9,827,903,217
)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
40
2022
iShares
Semi-Annual
Report
to
Shareholders
Statements
of
Changes
in
Net
Assets
See
notes
to
financial
statements.
iShares
Russell
1000
ETF
iShares
Russell
1000
Growth
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
.........................................
$
207,647,057
$
352,228,600
$
253,038,638
$
393,666,414
Net
realized
gain
.............................................
1,097,672,105
2,691,261,956
1,024,213,800
11,550,274,041
Net
change
in
unrealized
appreciation
(depreciation)
.....................
(
7,607,183,328
)
581,292,941
(
18,124,542,600
)
(
2,627,760,691
)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
(
6,301,864,166
)
3,624,783,497
(
16,847,290,162
)
9,316,179,764
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
..............
(
197,791,540
)
(
357,765,384
)
(
253,890,648
)
(
401,934,860
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
......
839,113,586
5,598,922
1,466,595,293
(
1,335,411,437
)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
................................
(
5,660,542,120
)
3,272,617,035
(
15,634,585,517
)
7,578,833,467
Beginning
of
period
.............................................
30,420,468,478
27,147,851,443
70,734,757,601
63,155,924,134
End
of
period
.................................................
$
24,759,926,358
$
30,420,468,478
$
55,100,172,084
$
70,734,757,601
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
41
Statements
of
Changes
in
Net
Assets
Statements
of
Changes
in
Net
Assets
(continued)
See
notes
to
financial
statements.
iShares
Russell
1000
Value
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
............................................................................
$
560,926,612
$
974,949,729
Net
realized
gain
................................................................................
1,365,998,873
4,757,318,937
Net
change
in
unrealized
appreciation
(depreciation)
........................................................
(
11,754,828,702
)
219,585,533
Net
increase
(decrease)
in
net
assets
resulting
from
operations
...................................................
(
9,827,903,217
)
5,951,854,199
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.................................................
(
548,385,481
)
(
973,061,947
)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.........................................
(
306,850,428
)
1,878,160,955
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...................................................................
(
10,683,139,126
)
6,856,953,207
Beginning
of
period
................................................................................
57,965,517,885
51,108,564,678
End
of
period
....................................................................................
$
47,282,378,759
$
57,965,517,885
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
42
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Russell
1000
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
......
$
250.07
$
223.72
$
141.59
$
157.27
$
146.79
$
131.25
Net
investment
income
(a)
..............
1
.68
2
.88
2
.74
2
.96
2
.74
2
.50
Net
realized
and
unrealized
gain
(loss)
(b)
....
(
53.03
)
26.40
82.26
(
15.46
)
10.60
15.54
Net
increase
(decrease)
from
investment
operations
........................
(
51.35
)
29.28
85.00
(
12.50
)
13.34
18.04
Distributions
from
net
investment
income
(c)
....
(
1
.59
)
(
2
.93
)
(
2
.87
)
(
3
.18
)
(
2
.86
)
(
2
.50
)
Net
asset
value,
end
of
period
...........
$
197.13
$
250.07
$
223.72
$
141.59
$
157.27
$
146.79
Total
Return
(d)
Based
on
net
asset
value
...............
(
20.56
)
%
(e)
13.09
%
60.37
%
(
8
.15
)
%
9
.18
%
(f)
13.83
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
......................
0
.15
%
(h)
0
.15
%
0
.15
%
0
.15
%
0
.15
%
0
.15
%
Net
investment
income
.................
1
.50
%
(h)
1
.17
%
1
.44
%
1
.78
%
1
.80
%
1
.77
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
24,759,926
$
30,420,468
$
27,147,851
$
17,924,896
$
19,312,905
$
19,353,884
Portfolio
turnover
rate
(i)
.................
3
%
6
%
5
%
5
%
6
%
4
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
43
Financial
Highlights
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Russell
1000
Growth
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
.......
$
277.39
$
243.05
$
150.69
$
151.33
$
136.02
$
113.76
Net
investment
income
(a)
...............
0
.97
1
.53
1
.54
1
.72
1
.69
1
.55
Net
realized
and
unrealized
gain
(loss)
(b)
.....
(
67.04
)
34.37
92.34
(
0
.62
)
15.31
22.26
Net
increase
(decrease)
from
investment
operations
.........................
(
66.07
)
35.90
93.88
1
.10
17.00
23.81
Distributions
from
net
investment
income
(c)
.....
(
0
.97
)
(
1
.56
)
(
1
.52
)
(
1
.74
)
(
1
.69
)
(
1
.55
)
Net
asset
value,
end
of
period
............
$
210.35
$
277.39
$
243.05
$
150.69
$
151.33
$
136.02
Total
Return
(d)
Based
on
net
asset
value
................
(
23.84
)
%
(e)
14.77
%
62.44
%
0
.68
%
12.57
%
21.02
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
.......................
0
.19
%
(g)
0
.18
%
0
.19
%
0
.19
%
0
.19
%
0
.20
%
Net
investment
income
..................
0
.82
%
(g)
0
.55
%
0
.72
%
1
.05
%
1
.17
%
1
.21
%
Supplemental
Data
Net
assets,
end
of
period
(000)
............
$
55,100,172
$
70,734,758
$
63,155,924
$
42,834,345
$
42,729,330
$
39,975,377
Portfolio
turnover
rate
(h)
..................
13
%
13
%
14
%
18
%
12
%
13
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Annualized.
(h)
Portfolio
turnover
rate
excludes
in-kind
transactions.
44
2022
iShares
Semi-Annual
Report
to
Shareholders
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
See
notes
to
financial
statements.
iShares
Russell
1000
Value
ETF
Six
Months
Ended
09/30/22
(unaudited)
Year
Ended
03/31/22
Year
Ended
03/31/21
Year
Ended
03/31/20
Year
Ended
03/31/19
Year
Ended
03/31/18
Net
asset
value,
beginning
of
period
......
$
165.88
$
151.43
$
99.22
$
123.48
$
119.95
$
114.90
Net
investment
income
(a)
..............
1
.62
2
.83
2
.69
3
.14
2
.86
2
.67
Net
realized
and
unrealized
gain
(loss)
(b)
....
(
30.09
)
14.44
52.15
(
23.93
)
3
.67
5
.08
Net
increase
(decrease)
from
investment
operations
........................
(
28.47
)
17.27
54.84
(
20.79
)
6
.53
7
.75
Distributions
from
net
investment
income
(c)
....
(
1
.58
)
(
2
.82
)
(
2
.63
)
(
3
.47
)
(
3
.00
)
(
2
.70
)
Net
asset
value,
end
of
period
...........
$
135.83
$
165.88
$
151.43
$
99.22
$
123.48
$
119.95
Total
Return
(d)
Based
on
net
asset
value
...............
(
17.21
)
%
(e)
11.45
%
55.84
%
(
17.30
)
%
5
.53
%
(f)
6
.78
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
......................
0
.19
%
(h)
0
.18
%
0
.19
%
0
.19
%
0
.19
%
0
.20
%
Net
investment
income
.................
2
.10
%
(h)
1
.75
%
2
.15
%
2
.46
%
2
.36
%
2
.23
%
Supplemental
Data
Net
assets,
end
of
period
(000)
...........
$
47,282,379
$
57,965,518
$
51,108,565
$
31,175,791
$
37,877,550
$
36,217,697
Portfolio
turnover
rate
(i)
.................
14
%
17
%
18
%
16
%
17
%
15
%
(a)
Based
on
average
shares
outstanding.
(b)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(c)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(d)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(e)
Not
annualized.
(f)
Includes
payment
from
an
affiliate,
which
had
no
impact
on
the
Fund’s
total
return.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
Notes
to
Financial
Statements
(unaudited)
45
Notes
to
Financial
Statements
1.
Organization
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment
Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method. Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value. Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest. Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Foreign
Taxes:
The
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its
Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
September
30,
2022,
if
any,
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
The Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
includes
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Bank
Overdraft:
The
iShares
Russell
1000
Growth
ETF
and
iShares
Russell
1000
Value
ETF
had
outstanding
cash
disbursements
exceeding
deposited
cash
amounts
at
the
custodian
and
utilized
their
ability
to
temporarily
borrow
from
that
custodian
for
operational
purposes.
Each
Fund
is
obligated
to
repay
the
custodian
for
any
overdraft,
including
any
related
costs
or
expenses,
where
applicable.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the
Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments. 
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
The
character
and
timing
of
distributions
are
determined
in
accordance
with
U.S.
federal
income
tax
regulations,
which
may
differ
from
U.S.
GAAP.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of Trustees of
the
Trust (the
“Board”)
of
each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser,
as
the
valuation
designee
for each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
iShares
ETF
Diversification
Classification
Russell
1000
........................................................................................................
Diversified
Russell
1000
Growth
..................................................................................................
Diversified
Russell
1000
Value
...................................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
46
2022
iShares
Semi-Annual
Report
to
Shareholders
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s
policies
and
procedures
as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop
pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of each
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are
valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the
Valuation
Committee,
in
accordance
with BFA’s
policies
and
procedures
as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the
Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the
Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the
Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the
Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the
Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments 
Securities
Lending:
Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
Notes
to
Financial
Statements
(unaudited)
(
continued)
47
Notes
to
Financial
Statements
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency.
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Russell
1000
Barclays
Bank
PLC
...............................................
$
76,899,690‌
$
(76,899,690‌)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
267,237‌
(267,237‌)
—‌
—‌
BMO
Capital
Markets
Corp.
.........................................
111,453‌
(111,453‌)
—‌
—‌
BNP
Paribas
SA
.................................................
77,181,394‌
(77,181,394‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
22,915,148‌
(22,915,148‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
34,178,570‌
(34,178,570‌)
—‌
—‌
Deutsche
Bank
Securities,
Inc.
.......................................
2,064‌
(2,064‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
68,881,842‌
(68,881,842‌)
—‌
—‌
HSBC
Bank
PLC
................................................
1,883,298‌
(1,871,084‌)
—‌
12,214‌
J.P.
Morgan
Securities
LLC
.........................................
32,955,191‌
(32,955,191‌)
—‌
—‌
Jefferies
LLC
...................................................
7,714,504‌
(7,714,504‌)
—‌
—‌
Morgan
Stanley
.................................................
37,433,917‌
(37,433,917‌)
—‌
—‌
National
Financial
Services
LLC
......................................
733,085‌
(733,085‌)
—‌
—‌
Natixis
S.A.
....................................................
3,190,679‌
(3,190,679‌)
—‌
—‌
Pershing
LLC
...................................................
2,334‌
(2,334‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
9,543,392‌
(9,543,392‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
8,310,472‌
(8,310,472‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
3,412,444‌
(3,412,444‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
5,245,972‌
(5,245,972‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
62,547,751‌
(62,547,751‌)
—‌
—‌
UBS
AG
......................................................
43,819,642‌
(43,819,642‌)
—‌
—‌
UBS
Securities
LLC
..............................................
3,832,622‌
(3,832,622‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
2,681,018‌
(2,681,018‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
1,548,611‌
(1,548,611‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
438,975‌
(438,975‌)
—‌
—‌
$
505,731,305‌
$
(505,719,091‌)
$
—‌
$
12,214‌
a
Russell
1000
Growth
Barclays
Bank
PLC
...............................................
32,151,976‌
(32,151,976‌)
—‌
—‌
Barclays
Capital,
Inc.
.............................................
1,335,454‌
(1,335,454‌)
—‌
—‌
BMO
Capital
Markets
Corp.
.........................................
12,694‌
(12,694‌)
—‌
—‌
BNP
Paribas
SA
.................................................
161,955,666‌
(161,955,666‌)
—‌
—‌
BofA
Securities,
Inc.
..............................................
22,768,369‌
(22,768,369‌)
—‌
—‌
Citadel
Clearing
LLC
..............................................
3,590,745‌
(3,590,745‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
120,339,376‌
(120,339,376‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................................
84,236‌
(84,236‌)
—‌
—‌
Deutsche
Bank
Securities,
Inc.
.......................................
6,989‌
(6,989‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
189,961,515‌
(189,961,515‌)
—‌
—‌
HSBC
Bank
PLC
................................................
52,343,661‌
(52,343,661‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
162,850,688‌
(162,850,688‌)
—‌
—‌
Jefferies
LLC
...................................................
3,505,724‌
(3,505,724‌)
—‌
—‌
Morgan
Stanley
.................................................
58,205,555‌
(58,205,555‌)
—‌
—‌
National
Financial
Services
LLC
......................................
2,673,972‌
(2,673,972‌)
—‌
—‌
Natixis
S.A.
....................................................
2,177,942‌
(2,177,942‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
11,111,773‌
(11,111,773‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
15,776,735‌
(15,776,735‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
36,308,317‌
(36,308,317‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
7,864,378‌
(7,864,378‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
3,990,015‌
(3,990,015‌)
—‌
—‌
UBS
AG
......................................................
129,905,927‌
(129,905,927‌)
—‌
—‌
UBS
Securities
LLC
..............................................
2,059,444‌
(2,059,444‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
1,959,632‌
(1,959,632‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
7,831,547‌
(7,831,547‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
16,021,786‌
(16,021,786‌)
—‌
—‌
$
1,046,794,116‌
$
(1,046,794,116‌)
$
—‌
$
—‌
a
Notes
to
Financial
Statements
(unaudited)
(continued)
48
2022
iShares
Semi-Annual
Report
to
Shareholders
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
each
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
Each
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
each
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts:
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets. 
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Russell
1000
Value
Barclays
Bank
PLC
...............................................
$
24,901,180‌
$
(24,901,180‌)
$
—‌
$
—‌
Barclays
Capital,
Inc.
.............................................
577,371‌
(577,371‌)
—‌
—‌
BMO
Capital
Markets
Corp.
.........................................
438,198‌
(438,198‌)
—‌
—‌
BNP
Paribas
SA
.................................................
167,814,665‌
(167,769,388‌)
—‌
45,277‌
BofA
Securities,
Inc.
..............................................
87,622,071‌
(87,622,071‌)
—‌
—‌
Citigroup
Global
Markets,
Inc.
........................................
20,877,225‌
(20,877,225‌)
—‌
—‌
Credit
Suisse
Securities
(USA)
LLC
....................................
263,949‌
(263,949‌)
—‌
—‌
Deutsche
Bank
Securities,
Inc.
.......................................
84,379‌
(84,379‌)
—‌
—‌
Goldman
Sachs
&
Co.
LLC
.........................................
87,596,195‌
(87,596,195‌)
—‌
—‌
HSBC
Bank
PLC
................................................
9,562,476‌
(9,562,476‌)
—‌
—‌
ING
Financial
Markets
LLC
.........................................
478,234‌
(478,234‌)
—‌
—‌
J.P.
Morgan
Securities
LLC
.........................................
81,765,238‌
(81,765,238‌)
—‌
—‌
Jefferies
LLC
...................................................
11,706,195‌
(11,706,195‌)
—‌
—‌
Morgan
Stanley
.................................................
72,817,212‌
(72,817,212‌)
—‌
—‌
National
Financial
Services
LLC
......................................
6,657,505‌
(6,657,505‌)
—‌
—‌
Natixis
S.A.
....................................................
812,404‌
(812,404‌)
—‌
—‌
Pershing
LLC
...................................................
109,101‌
(109,101‌)
—‌
—‌
RBC
Capital
Markets
LLC
..........................................
21,192,401‌
(21,192,401‌)
—‌
—‌
Scotia
Capital
(USA),
Inc.
..........................................
23,693,888‌
(23,693,888‌)
—‌
—‌
SG
Americas
Securities
LLC
........................................
20,108,047‌
(20,108,047‌)
—‌
—‌
State
Street
Bank
&
Trust
Co.
........................................
9,046,675‌
(9,046,675‌)
—‌
—‌
Toronto-Dominion
Bank
............................................
11,534,241‌
(11,534,241‌)
—‌
—‌
UBS
AG
......................................................
108,675,364‌
(108,675,364‌)
—‌
—‌
UBS
Securities
LLC
..............................................
5,053,714‌
(5,053,714‌)
—‌
—‌
Virtu
Americas
LLC
...............................................
420,111‌
(420,111‌)
—‌
—‌
Wells
Fargo
Bank
N.A.
............................................
5,050,016‌
(5,050,016‌)
—‌
—‌
Wells
Fargo
Securities
LLC
.........................................
2,938,650‌
(2,938,650‌)
—‌
—‌
$
781,796,705‌
$
(781,751,428‌)
$
—‌
$
45,277‌
a
(a)
Collateral
received
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statement
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
September
30,
2022.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
a
counterparty.
Notes
to
Financial
Statements
(unaudited)
(
continued)
49
Notes
to
Financial
Statements
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates 
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust, BFA manages
the
investment
of
each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by BlackRock.
Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees).
For
its
investment
advisory
services
to the
following Fund,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
its
investment
advisory
services
to
each
of
the
iShares
Russell
1000
Growth
and
iShares
Russell
1000
Value
ETFs,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
each
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
 BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. Each
Fund
does
not
pay
BRIL
for
ETF
Services.
Prior
to
April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
The
share
of
securities
lending
income
earned
by
each
Fund
is
shown
as
securities
lending
income
affiliated
net
in
its Statements
of
Operations.
For
the six
months
ended September
30,
2022,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or
trustees
of
the
Trust
are
officers
and/or trustees
of
BlackRock
or
its
affiliates.
iShares
ETF
Investment
Advisory
Fees
Russell
1000
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
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.
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.
.
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.
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.
.
.
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.
.
.
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.
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.
.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15%
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$121
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.2000%
Over
$121
billion,
up
to
and
including
$181
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.1900
Over
$181
billion,
up
to
and
including
$231
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.1805
Over
$231
billion,
up
to
and
including
$281
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
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.
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.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.1715
Over
$281
billion
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
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0.1630
iShares
ETF
Amounts
Russell
1000
.......................................................................................................
$
504,776
Russell
1000
Growth
.................................................................................................
1,012,414
Russell
1000
Value
..................................................................................................
903,030
Notes
to
Financial
Statements
(unaudited)
(continued)
50
2022
iShares
Semi-Annual
Report
to
Shareholders
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the
six
months
ended
September
30,
2022,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the six
months
ended
September
30,
2022,
purchases
and
sales
of
investments,
excluding
short-term
securities
and
in-kind
transactions,
were
as
follows:
For
the six
months
ended
September
30,
2022,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
September
30,
2022,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
As
of March
31,
2022,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
September
30,
2022,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Russell
1000
...................................................................
$
258,619,844
$
222,595,429
$
(138,269,659
)
Russell
1000
Growth
.............................................................
5,751,748,819
4,366,106,839
(1,990,690,149
)
Russell
1000
Value
..............................................................
5,358,823,389
5,545,635,947
225,431,492
iShares
ETF
Purchases
Sales
Russell
1000
.....................................................................................
$
876,834,975
$
861,064,958
Russell
1000
Growth
...............................................................................
7,942,112,588
7,958,016,412
Russell
1000
Value
................................................................................
7,175,574,917
7,197,454,122
iShares
ETF
In-kind
Purchases
In-kind
Sales
Russell
1000
.....................................................................................
$
4,348,260,234
$
3,511,768,823
Russell
1000
Growth
...............................................................................
8,281,720,169
6,818,220,736
Russell
1000
Value
................................................................................
4,487,324,798
4,793,795,393
iShares
ETF
Amounts
Russell
1000
.......................................................................................................
$
666,718,178
Russell
1000
Growth
.................................................................................................
1,603,451,678
Russell
1000
Value
..................................................................................................
2,426,541,811
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Russell
1000
.................................................
$
24,855,349,552
$
3,152,818,927
$
(2,746,886,183
)
$
405,932,744
Russell
1000
Growth
...........................................
50,236,068,745
9,311,943,007
(3,267,514,283
)
6,044,428,724
Russell
1000
Value
............................................
49,920,947,601
4,461,382,680
(6,058,051,105
)
(1,596,668,425
)
Notes
to
Financial
Statements
(unaudited)
(
continued)
51
Notes
to
Financial
Statements
9.
Principal
Risks
In
the
normal
course
of
business,
each
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Funds
and
their
investments.
Each
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Market
Risk:
An
outbreak
of
respiratory
disease
caused
by
a
novel
coronavirus
has
developed
into
a
global
pandemic
and
has
resulted
in
closing
borders,
quarantines,
disruptions
to
supply
chains
and
customer
activity,
as
well
as
general
concern
and
uncertainty.
The
impact
of
this
pandemic,
and
other
global
health
crises
that
may
arise
in
the
future,
could
affect
the
economies
of
many
nations,
individual
companies
and
the
market
in
general
in
ways
that
cannot
necessarily
be
foreseen
at
the
present
time.
This
pandemic
may
result
in
substantial
market
volatility
and
may
adversely
impact
the
prices
and
liquidity
of
a
fund’s
investments.
Although
vaccines
have
been
developed
and
approved
for
use
by
various
governments,
the
duration
of
this
pandemic
and
its
effects
cannot
be
determined
with
certainty.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests. 
The
price
the
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
the
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs. 
Counterparty
Credit
Risk:
The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that
BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures
with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
Fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31,
2021,
a
selection
of
widely
used
USD
LIBOR
Notes
to
Financial
Statements
(unaudited)
(continued)
52
2022
iShares
Semi-Annual
Report
to
Shareholders
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
10.
Capital
Share
Transactions 
Capital
shares
are
issued
and
redeemed
by each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the
Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the
Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Six
Months
Ended
09/30/22
Year
Ended
03/31/22
iShares
ETF
Shares
Amount
Shares
Amount
Russell
1000
Shares
sold
...............................................
19,950,000
$
4,362,738,521
22,500,000
$
5,575,530,487
Shares
redeemed
...........................................
(16,000,000
)
(3,523,624,935
)
(22,200,000
)
(5,569,931,565
)
3,950,000
$
839,113,586
300,000
$
5,598,922
Russell
1000
Growth
Shares
sold
...............................................
35,550,000
$
8,298,370,253
70,050,000
$
19,313,363,514
Shares
redeemed
...........................................
(28,600,000
)
(6,831,774,960
)
(74,900,000
)
(20,648,774,951
)
6,950,000
$
1,466,595,293
(4,850,000
)
$
(1,335,411,437
)
Russell
1000
Value
Shares
sold
...............................................
30,000,000
$
4,511,493,396
79,150,000
$
12,783,707,883
Shares
redeemed
...........................................
(31,350,000
)
(4,818,343,824
)
(67,200,000
)
(10,905,546,928
)
(1,350,000
)
$
(306,850,428
)
11,950,000
$
1,878,160,955
Board
Review
and
Approval
of
Investment
Advisory
Contract
53
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
Russell
1000
ETF,
iShares
Russell
1000
Growth
ETF,
iSha
res
Russell
1000
Value
ETF
(each
the
“Fund”)
Under
Section
15(c)
of
the
Investment
Company
Act
of
1940
(the
“1940
Act”),
the
Trust’s
Board
of
Trustees
(the
“Board”),
including
a
majority
of
Board
Members
who
are
not
“interested
persons”
of
the
Trust
(as
that
term
is
defined
in
the
1940
Act)
(the
“Independent
Board
Members),
is
required
annually
to
consider
and
approve
the
Investment
Advisory
Agreement
between
the
Trust
and
BFA
(the
“Advisory
Agreement”)
on
behalf
of
the
Fund.
The
Board’s
consideration
entails
a
year-long
process
whereby
the
Board
and
its
committees
(composed
solely
of
Independent
Board
Members)
assess
BlackRock’s
services
to
the
Fund,
including
investment
management;
fund
accounting;
administrative
and
shareholder
services;
oversight
of
the
Fund’s
service
providers;
risk
management
and
oversight;
legal
and
compliance
services;
and
ability
to
meet
applicable
legal
and
regulatory
requirements.
The
Independent
Board
Members
requested,
and
BFA
provided,
such
information
as
the
Independent
Board
Members,
with
advice
from
independent
counsel,
deemed
reasonably
necessary
to
evaluate
the
Advisory
Agreement.
At
meetings
on
May
3,
2022
and
May
18,
2022,
a
committee
composed
of
all
of
the
Independent
Board
Members
(the
“15(c)
Committee”),
with
independent
counsel,
met
with
management
and
reviewed
and
discussed
information
provided
in
response
to
initial
requests
of
the
15(c)
Committee
and/or
its
independent
counsel,
and
requested
certain
additional
information,
which
management
agreed
to
provide.
At
a
meeting
held
on
June
13-15,
2022,
the
Board,
including
the
Independent
Board
Members,
reviewed
the
additional
information
provided
by
management
in
response
to
these
requests.
After
extensive
discussions
and
deliberations,
the
Board,
including
all
of
the
Independent
Board
Members,
approved
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
based
on
a
review
of
qualitative
and
quantitative
information
provided
by
BFA
and
their
cumulative
experience
as
Board
Members.
The
Board
noted
its
satisfaction
with
the
extent
and
quality
of
information
provided
and
its
frequent
interactions
with
management,
as
well
as
the
detailed
responses
and
other
information
provided
by
BFA.
The
Independent
Board
Members
were
advised
by
their
independent
counsel
throughout
the
process,
including
about
the
legal
standards
applicable
to
their
review.
In
approving
the
continuance
of
the
Advisory
Agreement
for
the
Fund,
the
Board,
including
the
Independent
Board
Members,
considered
various
factors,
including:
(i)
the
expenses
and
performance
of
the
Fund;
(ii)
the
nature,
extent
and
quality
of
the
services
provided
by
BFA;
(iii)
the
costs
of
services
provided
to
the
Fund
and
profits
realized
by
BFA
and
its
affiliates;
(iv)
potential
economies
of
scale
and
the
sharing
of
related
benefits;
(v)
the
fees
and
services
provided
for
other
comparable
funds/accounts
managed
by
BFA
and
its
affiliates;
and
(vi)
other
benefits
to
BFA
and/or
its
affiliates.
The
material
factors,
none
of
which
was
controlling,
and
conclusions
that
formed
the
basis
for
the
Board,
including
the
Independent
Board
Members,
to
approve
the
continuance
of
the
Advisory
Agreement
are
discussed
below.
Expenses
and
Performance
of
the
Fund:
The
Board
reviewed
statistical
information
prepared
by
Broadridge
Financial
Solutions
Inc.
(“Broadridge”),
an
independent
provider
of
investment
company
data,
regarding
the
expense
ratio
components,
including
gross
and
net
total
expenses,
fees
and
expenses
of
another
fund
in
which
the
Fund
invests
(if
applicable),
and
waivers/reimbursements
(if
applicable)
of
the
Fund
in
comparison
with
the
same
information
for
other
ETFs,
objectively
selected
by
Broadridge
as
comprising
the
Fund’s
applicable
expense
peer
group
pursuant
to
Broadridge’s
proprietary
ETF
methodology
(the
“Peer
Group”).
The
Board
was
provided
with
a
detailed
description
of
the
proprietary
ETF
methodology
used
by
Broadridge
to
determine
the
Fund’s
Peer
Group.
The
Board
noted
that,
due
to
the
limitations
in
providing
comparable
funds
in
the
Peer
Group,
the
statistical
information
provided
in
Broadridge’s
report
may
or
may
not
provide
meaningful
direct
comparisons
to
the
Fund
in
all
instances.
The
Board
also
noted
that
the
investment
advisory
fee
rate
and
overall
expenses
(net
of
waivers
and
reimbursements)
for
the
Fund
were
lower
than
the
median
of
the
investment
advisory
fee
rates
and
overall
expenses
(net
of
waivers
and
reimbursements)
of
the
funds
in
its
Peer
Group,
excluding
iShares
funds.
In
addition,
to
the
extent
that
any
of
the
comparison
funds
included
in
the
Peer
Group,
excluding
iShares
funds,
track
the
same
index
as
the
Fund,
Broadridge
also
provided,
and
the
Board
reviewed,
a
comparison
of
the
Fund’s
performance
for
the
one-year,
three-year,
five-year,
ten-year,
and
since
inception
periods,
as
applicable,
and
for
the
quarter
ended
December
31,
2021,
to
that
of
such
relevant
comparison
fund(s)
for
the
same
periods.
The
Board
noted
that
the
Fund
seeks
to
track
its
specified
underlying
index
and
that,
during
the
year,
the
Board
received
periodic
reports
on
the
Fund’s
short-
and
longer-term
performance
in
comparison
with
its
underlying
index.
Such
periodic
comparative
performance
information,
including
additional
detailed
information
as
requested
by
the
Board,
was
also
considered.
The
Board
noted
that
the
Fund
generally
performed
in
line
with
its
underlying
index
over
the
relevant
periods.
Based
on
this
review,
the
other
factors
considered
at
the
meeting,
and
their
general
knowledge
of
ETF
pricing,
the
Board
concluded
that
the
investment
advisory
fee
rate
and
expense
level
and
the
historical
performance
of
the
Fund
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Nature,
Extent
and
Quality
of
Services
Provided:
Based
on
management’s
representations,
including
information
about
recent
enhancements
and
initiatives
with
respect
to
the
iShares
business,
including
with
respect
to
capital
markets
support
and
analysis,
technology,
portfolio
management,
product
design
and
quality,
compliance
and
risk
management,
global
public
policy
and
other
services,
the
Board
expected
that
there
would
be
no
diminution
in
the
scope
of
services
required
of
or
provided
by
BFA
under
the
Advisory
Agreement
for
the
coming
year
as
compared
with
the
scope
of
services
provided
by
BFA
during
prior
years.
In
reviewing
the
scope
of
these
services,
the
Board
considered
BFA’s
investment
philosophy
and
experience,
noting
that
BFA
and
its
affiliates
have
committed
significant
resources
over
time,
including
during
the
past
year,
to
support
the
iShares
funds
and
their
shareholders
and
have
made
significant
investments
into
the
iShares
business.
The
Board
also
considered
BFA’s
compliance
program
and
its
compliance
record
with
respect
to
the
Fund.
In
that
regard,
the
Board
noted
that
BFA
reports
to
the
Board
about
portfolio
management
and
compliance
matters
on
a
periodic
basis
in
connection
with
regularly
scheduled
meetings
of
the
Board,
and
on
other
occasions
as
necessary
and
appropriate,
and
has
provided
information
and
made
relevant
officers
and
other
employees
of
BFA
(and
its
affiliates)
available
as
needed
to
provide
further
assistance
with
these
matters.
The
Board
also
reviewed
the
background
and
experience
of
the
persons
responsible
for
the
day-to-day
management
of
the
Fund,
as
well
as
the
resources
available
to
them
in
managing
the
Fund.
In
addition
to
the
above
considerations,
the
Board
reviewed
and
considered
detailed
presentations
regarding
BFA’s
investment
performance,
investment
and
risk
management
processes
and
strategies,
provided
at
the
May
3,
2022
meeting
and
throughout
the
year,
and
matters
related
to
BFA’s
portfolio
compliance
program.
Based
on
review
of
this
information,
and
the
performance
information
discussed
above,
the
Board
concluded
that
the
nature,
extent
and
quality
of
services
provided
to
the
Fund
under
the
Advisory
Agreement
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Costs
of
Services
Provided
to
the
Fund
and
Profits
Realized
by
BFA
and
its
Affiliates:
The
Board
reviewed
information
about
the
estimated
profitability
to
BlackRock
in
managing
the
Fund,
based
on
the
fees
payable
to
BFA
and
its
affiliates
(including
fees
under
the
Advisory
Agreement),
and
other
sources
of
revenue
and
expense
to
BFA
and
its
affiliates
from
the
Fund’s
operations
for
the
last
calendar
year.
The
Board
reviewed
BlackRock’s
methodology
for
calculating
estimated
profitability
of
the
iShares
funds,
noting
that
the
15(c)
Committee
and
the
Board
had
focused
on
the
methodology
and
profitability
presentation.
The
Board
recognized
that
profitability
may
be
affected
by
numerous
factors,
including,
among
other
things,
fee
waivers
by
BFA,
the
types
of
funds
managed,
expense
allocations
and
business
mix.
The
Board
thus
recognized
that
calculating
and
comparing
profitability
at
individual
fund
levels
is
challenging.
The
Board
discussed
with
management
the
sources
of
direct
and
ancillary
revenue,
including
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
54
2022
iShares
Semi-Annual
Report
to
Shareholders
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
manage
Other
Accounts
with
substantially
the
same
investment
objective
and
strategy
as
the
Fund
and
that
track
the
same
index
as
the
Fund.
The
Board
also
acknowledged
management’s
assertion
that,
for
certain
iShares
funds,
and
for
client
segmentation
purposes,
BlackRock
has
launched
an
iShares
fund
that
may
provide
a
similar
investment
exposure
at
a
lower
investment
advisory
fee
rate.
The
Board
considered
the
“all-inclusive”
nature
of
the
Fund’s
advisory
fee
structure,
and
the
Fund’s
expenses
borne
by
BFA
under
this
arrangement
and
noted
that
the
investment
advisory
fee
rate
under
the
Advisory
Agreement
for
the
Fund
was
generally
higher
than
the
investment
advisory/management
fee
rates
for
certain
of
the
Other
Accounts
(particularly
institutional
clients)
and
concluded
that
the
differences
appeared
to
be
consistent
with
the
factors
discussed.
Other
Benefits
to
BFA
and/or
its
Affiliates:
The
Board
reviewed
other
benefits
or
ancillary
revenue
received
by
BFA
and/or
its
affiliates
in
connection
with
the
services
provided
to
the
Fund
by
BFA,
both
direct
and
indirect,
including,
but
not
limited
to,
payment
of
revenue
to
BTC,
the
Fund’s
securities
lending
agent,
for
loaning
portfolio
securities
(which
was
included
in
the
profit
margins
reviewed
by
the
Board
pursuant
to
BFA’s
estimated
profitability
methodology),
payment
of
advisory
fees
or
other
fees
to
BFA
(or
its
affiliates)
in
connection
with
any
investments
by
the
Fund
in
other
funds
for
which
BFA
(or
its
affiliates)
provides
investment
advisory
services
or
other
services,
and
BlackRock’s
profile
in
the
investment
community.
The
Board
also
noted
the
revenue
received
by
BFA
and/or
its
affiliates
pursuant
to
an
agreement
that
permits
a
service
provider
to
use
certain
portions
of
BlackRock’s
technology
platform
to
service
accounts
managed
by
BFA
and/or
its
affiliates,
including
the
iShares
funds.
The
Board
noted
that
BFA
generally
does
not
use
soft
dollars
or
consider
the
value
of
research
or
other
services
that
may
be
provided
to
BFA
(including
its
affiliates)
in
selecting
brokers
for
portfolio
transactions
for
the
Fund.
The
Board
concluded
that
any
such
ancillary
benefits
would
not
be
disadvantageous
to
the
Fund
and
thus
would
not
alter
the
Board’s
conclusion
with
respect
to
the
appropriateness
of
approving
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Conclusion:
Based
on
a
review
of
the
factors
described
above,
as
well
as
such
other
factors
as
deemed
appropriate
by
the
Board,
the
Board,
including
all
of
the
Independent
Board
Members,
determined
that
the
Fund’s
investment
advisory
fee
rate
under
the
Advisory
Agreement
does
not
constitute
a
fee
that
is
so
disproportionately
large
as
to
bear
no
reasonable
relationship
to
the
services
rendered
and
that
could
not
have
been
the
product
of
arm’s-length
bargaining,
and
concluded
to
approve
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Supplemental
Information
(unaudited)
55
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
September
30,
2022
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year-to-Date
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Russell
1000
......................
$
1.593522
$
$
$
1.593522
100
%
%
%
100
%
Russell
1000
Value
(a)
................
1.554528
0.022145
1.576673
99
1
100
(a)
The
Fund
estimates
that
it
has
distributed
more
than
its
net
investment
income
and
net
realized
capital
gains;
therefore,
a
portion
of
the
distribution
may
be
a
return
of
capital.
A
return
of
capital
may
occur,
for
example,
when
some
or
all
of
the
shareholder’s
investment
in
the
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
the
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
the
Fund’s
net
asset
value
per
share.
General
Information
56
2022
iShares
Semi-Annual
Report
to
Shareholders
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
Go
to
icsdelivery.com
.
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the Trust’s
policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
57
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
NVS
Non-Voting
Shares
iS-SAR-317-0922

Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by
FTSE
Russell,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2022
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.