UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o BlackRock Fund Advisors

400 Howard Street, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant’s telephone number, including area code: (415) 670-2000

Date of fiscal year end: March 31, 2024

Date of reporting period: September 30, 2023

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

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

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

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

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

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.18%	21.62%
U.S. small cap equities (Russell 2000® Index)	(0.19)	8.93
International equities (MSCI Europe, Australasia, Far East Index)	(1.28)	25.65
Emerging market equities (MSCI Emerging Markets Index)	(2.05)	11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.50	4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.98)	(2.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.05)	0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.05)	2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.22	10.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		8
Disclosure of Expenses		8
Schedules of Investments		9
Financial Statements:
Statements of Assets and Liabilities		35
Statements of Operations		36
Statements of Changes in Net Assets		37
Financial Highlights		39
Notes to Financial Statements		43
Board Review and Approval of Investment Advisory Contract		52
Supplemental Information		56
General Information		57
Glossary of Terms Used in this Report		58

3

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

Investment Objective

The iShares S&P100 ETF (the “Fund”) seeks to track the investment results of an index composed of 100 large-capitalization U.S. equities, as represented by the S&P 100^® (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.95	%		25.41	%		10.89	%		12.38	%		25.41	%		67.67	%		221.26	%
Fund Market		7.99			25.26			10.90			12.38			25.26			67.72			221.31
Index		8.05			25.66			11.12			12.60			25.66			69.39			227.61

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$        1,079.50	$          1.04			$      1,000.00	$       1,024.00	$        1.01		0.20	%

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Information Technology		32.9%
Health Care		12.6
Communication Services		12.2
Financials		12.0
Consumer Discretionary		11.9
Consumer Staples		7.1
Industrials		5.1
Energy		3.7
Utilities		1.2
Other (each representing less than 1%)		1.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.		10.3%
Microsoft Corp.		9.6
Amazon.com, Inc.		4.7
NVIDIA Corp.		4.4
Alphabet, Inc., Class A		3.2
Tesla, Inc.		2.8
Meta Platforms, Inc., Class A		2.7
Alphabet, Inc., Class C, NVS		2.7
Berkshire Hathaway, Inc., Class B		2.6
Exxon Mobil Corp.		1.9

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

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.63	%		19.61	%		10.25	%		13.26	%		19.61	%		62.90	%		247.33	%
Fund Market		7.68			19.54			10.25			13.25			19.54			62.87			247.15
Index		7.73			19.82			10.44			13.46			19.82			64.30			253.61

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$        1,076.30	$          0.93			$      1,000.00	$       1,024.10	$        0.91		0.18	%

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Information Technology		35.2%
Health Care		17.3
Consumer Discretionary		10.4
Communication Services		7.9
Financials		7.4
Energy		7.2
Consumer Staples		6.3
Industrials		5.1
Materials		1.9
Other (each representing less than 1%)		1.3

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Apple Inc.		12.8%
Microsoft Corp.		6.9
NVIDIA Corp.		5.5
Alphabet, Inc., Class A		3.9
Tesla, Inc.		3.5
Alphabet, Inc., Class C, NVS		3.4
Amazon.com, Inc.		2.7
Exxon Mobil Corp.		2.4
UnitedHealth Group, Inc.		2.4
Eli Lilly & Co.		2.2

F U N D    S U M M A R Y 5

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

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.19	%		21.99	%		8.23	%		9.46	%		21.99	%		48.52	%		146.85	%
Fund Market		2.28			22.04			8.25			9.46			22.04			48.62			146.94
Index		2.27			22.19			8.41			9.64			22.19			49.77			150.96

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$     1,000.00	$        1,021.90	$          0.91			$      1,000.00	$       1,024.10	$        0.91		0.18	%

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Financials		19.4%
Information Technology		18.0
Industrials		12.2
Consumer Discretionary		11.1
Communication Services		10.1
Health Care		8.6
Consumer Staples		6.8
Utilities		4.8
Real Estate		4.2
Materials		3.1
Energy		1.7

^(a)  Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Microsoft Corp.		6.1%
Meta Platforms, Inc., Class A		4.1
Berkshire Hathaway, Inc., Class B		3.9
Amazon.com, Inc.		3.8
JPMorgan Chase & Co.		2.6
Walmart, Inc.		1.4
Cisco Systems, Inc.		1.3
Salesforce, Inc.		1.2
Bank of America Corp.		1.2
Comcast Corp., Class A		1.1

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

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(3.82	)%		10.01	%		2.99	%		7.37	%		10.01	%		15.89	%		103.67	%
Fund Market		(3.71	)		10.01			2.99			7.37			10.01			15.89			103.66
Index		(3.76	)		10.26			3.23			7.58			10.26			17.22			107.61

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$          961.80	$          0.88			$       1,000.00	$       1,024.10	$        0.91		0.18	%

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of    Total Investments(a)
Consumer Discretionary		19.6%
Financials		19.2
Industrials		16.2
Real Estate		11.8
Information Technology		7.6
Health Care		7.4
Energy		4.7
Materials		4.5
Communication Services		3.8
Consumer Staples		3.7
Utilities		1.5

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Meritage Homes Corp.		0.9%
Insight Enterprises, Inc.		0.9
Group 1 Automotive, Inc.		0.8
Blackstone Mortgage Trust, Inc., Class A		0.8
Lincoln National Corp.		0.7
Newell Brands, Inc.		0.7
Essential Properties Realty Trust, Inc.		0.7
John Bean Technologies Corp.		0.7
Advance Auto Parts, Inc.		0.7
Carpenter Technology Corp.		0.7

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 7

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

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Schedule of Investments  (unaudited) September 30, 2023 iShares^® S&P 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
Boeing Co. (The)(a)		195,563	$	37,485,516
General Dynamics Corp.		78,028		17,241,847
Lockheed Martin Corp.		77,303		31,613,835
RTX Corp.		502,010		36,129,659
				122,470,857
Air Freight & Logistics — 0.7%
FedEx Corp.		79,807		21,142,471
United Parcel Service, Inc., Class B		249,460		38,883,330
				60,025,801
Automobiles — 3.2%
Ford Motor Co.		1,358,412		16,871,477
General Motors Co.		473,492		15,611,031
Tesla, Inc.(a)		952,402		238,310,029
				270,792,537
Banks — 3.7%
Bank of America Corp.		2,384,422		65,285,475
Citigroup, Inc.		664,176		27,317,559
JPMorgan Chase & Co.		1,002,312		145,355,286
U.S. Bancorp		536,205		17,726,937
Wells Fargo & Co.		1,261,920		51,562,051
				307,247,308
Beverages — 1.9%
Coca-Cola Co. (The)		1,342,325		75,143,353
PepsiCo, Inc.		474,784		80,447,401
				155,590,754
Biotechnology — 2.1%
AbbVie, Inc.		608,766		90,742,660
Amgen, Inc.		184,488		49,582,995
Gilead Sciences, Inc.		429,753		32,205,690
				172,531,345
Broadline Retail — 4.7%
Amazon.com, Inc.(a)		3,131,572		398,085,433
Capital Markets — 1.7%
Bank of New York Mellon Corp. (The)		269,473		11,493,023
BlackRock, Inc.(b)		48,405		31,293,348
Charles Schwab Corp. (The)		512,864		28,156,234
Goldman Sachs Group, Inc. (The)		113,703		36,790,880
Morgan Stanley		440,049		35,938,802
				143,672,287
Chemicals — 0.9%
Dow, Inc.		242,771		12,517,273
Linde PLC		168,292		62,663,526
				75,180,799
Communications Equipment — 0.9%
Cisco Systems, Inc.		1,405,494		75,559,357
Consumer Finance — 0.5%
American Express Co.		200,665		29,937,211
Capital One Financial Corp.		131,450		12,757,223
				42,694,434
Consumer Staples Distribution & Retail — 2.2%
Costco Wholesale Corp.		152,843		86,350,181
Target Corp.		159,497		17,635,583
Walmart, Inc.		492,243		78,724,423
				182,710,187

Security	Shares		Value
Diversified Telecommunication Services — 1.0%
AT&T Inc.		2,465,700	$	37,034,814
Verizon Communications, Inc.		1,449,980		46,993,852
				84,028,666
Electric Utilities — 1.2%
Duke Energy Corp.		266,363		23,509,198
Exelon Corp.		342,448		12,941,110
NextEra Energy, Inc.		697,982		39,987,389
Southern Co. (The)		376,132		24,343,263
				100,780,960
Electrical Equipment — 0.2%
Emerson Electric Co.		197,492		19,071,802
Entertainment — 1.3%
Netflix, Inc.(a)		152,843		57,713,517
Walt Disney Co. (The)(a)		631,094		51,150,168
				108,863,685
Financial Services — 5.8%
Berkshire Hathaway, Inc., Class B(a)		628,990		220,335,197
Mastercard, Inc., Class A		286,963		113,611,521
PayPal Holdings, Inc.(a)		378,480		22,125,941
Visa, Inc., Class A		554,182		127,467,402
				483,540,061
Food Products — 0.5%
Kraft Heinz Co. (The)		275,691		9,274,245
Mondelez International, Inc., Class A		469,211		32,563,244
				41,837,489
Ground Transportation — 0.5%
Union Pacific Corp.		210,201		42,803,230
Health Care Equipment & Supplies — 1.1%
Abbott Laboratories		598,529		57,967,534
Medtronic PLC		459,118		35,976,486
				93,944,020
Health Care Providers & Services — 2.3%
CVS Health Corp.		442,991		30,929,631
UnitedHealth Group, Inc.		319,483		161,080,134
				192,009,765
Hotels, Restaurants & Leisure — 1.7%
Booking Holdings, Inc.(a)		12,309		37,960,341
McDonald’s Corp.		251,350		66,215,644
Starbucks Corp.		395,050		36,056,213
				140,232,198
Household Products — 1.7%
Colgate-Palmolive Co.		284,856		20,256,110
Procter & Gamble Co. (The)		813,038		118,589,723
				138,845,833
Industrial Conglomerates — 1.2%
3M Co.		190,647		17,848,372
General Electric Co.		375,384		41,498,701
Honeywell International, Inc.		229,001		42,305,645
				101,652,718
Insurance — 0.3%
American International Group, Inc.		244,958		14,844,455
MetLife, Inc.		218,579		13,750,805
				28,595,260
Interactive Media & Services — 8.6%
Alphabet, Inc., Class A(a)		2,046,300		267,778,818

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
Alphabet, Inc., Class C, NVS(a)		1,740,672	$	229,507,603
Meta Platforms, Inc., Class A(a)		766,571		230,132,280
				727,418,701
IT Services — 1.3%
Accenture PLC, Class A		217,563		66,815,773
International Business Machines Corp.		314,206		44,083,102
				110,898,875
Life Sciences Tools & Services — 1.5%
Danaher Corp.		226,647		56,231,121
Thermo Fisher Scientific, Inc.		133,114		67,378,313
				123,609,434
Machinery — 1.0%
Caterpillar, Inc.		175,948		48,033,804
Deere & Co.		94,044		35,490,325
				83,524,129
Media — 0.9%
Charter Communications, Inc., Class A(a)(c)		35,025		15,404,696
Comcast Corp., Class A		1,419,507		62,940,940
				78,345,636
Oil, Gas & Consumable Fuels — 3.7%
Chevron Corp.		611,946		103,186,334
ConocoPhillips		413,017		49,479,437
Exxon Mobil Corp.		1,380,706		162,343,412
				315,009,183
Pharmaceuticals — 5.6%
Bristol-Myers Squibb Co.		720,534		41,819,793
Eli Lilly & Co.		275,026		147,724,716
Johnson & Johnson		830,527		129,354,580
Merck & Co., Inc.		875,195		90,101,325
Pfizer, Inc.		1,947,299		64,591,908
				473,592,322
Retail REITs — 0.1%
Simon Property Group, Inc.		113,042		12,211,927
Semiconductors & Semiconductor Equipment — 8.2%
Advanced Micro Devices, Inc.(a)		557,248		57,296,239
Broadcom, Inc.		142,335		118,220,604
Intel Corp.		1,444,446		51,350,055
NVIDIA Corp.		851,908		370,571,461
QUALCOMM, Inc.		384,909		42,747,994
Texas Instruments, Inc.		313,159		49,795,413
				689,981,766
Software — 12.1%
Adobe, Inc.(a)		157,207		80,159,849

Security	Shares		Value
Software (continued)
Microsoft Corp.		2,562,537	$	809,121,058
Oracle Corp.		542,968		57,511,171
Salesforce, Inc.(a)		335,935		68,120,899
				1,014,912,977
Specialized REITs — 0.3%
American Tower Corp.		160,777		26,439,778
Specialty Retail — 1.7%
Home Depot, Inc. (The)		346,756		104,775,793
Lowe’s Cos., Inc.		202,105		42,005,503
				146,781,296
Technology Hardware, Storage & Peripherals — 10.3%
Apple Inc.		5,068,733		867,817,777
Textiles, Apparel & Luxury Goods — 0.5%
NIKE, Inc., Class B		422,529		40,402,223
Tobacco — 0.9%
Altria Group, Inc.		612,050		25,736,703
Philip Morris International, Inc.		535,406		49,567,887
				75,304,590
Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.(a)		178,504		24,999,485
Total Long-Term Investments — 99.8%
(Cost: $7,107,191,880)				8,394,016,885
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(b)(d)(e)		15,716,314		15,722,601
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(d)		47,409,678		47,409,678
Total Short-Term Securities — 0.7%
(Cost: $63,132,082)				63,132,279
Total Investments — 100.5%
(Cost: $7,170,323,962)				8,457,149,164
Liabilities in Excess of Other Assets — (0.5)%				(42,868,390	)
Net Assets — 100.0%			$	8,414,280,774

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

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

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

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

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 100 ETF

Affiliates

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

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	15,721,538	(a)	$	—		$	866		$	197		$	15,722,601		15,716,314	$	11,979	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,929,868		32,479,810	(a)		—			—			—			47,409,678		47,409,678		510,398			—
BlackRock, Inc.		33,178,984		3,410,680			(4,325,674	)		(61,967	)		(908,675	)		31,293,348		48,405		507,480			—
									$	(61,101	)	$	(908,478	)	$	94,425,627			$	1,029,857		$	—
(a) Represents net amount purchased (sold). (b) All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts S&P 500 E-Mini Index		93		12/15/23	$	20,114	$	(796,468	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	796,468	$	—	$	—	$	—	$	796,468
(a) Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statement of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts		$          —	$	—	$	2,351,967	$	—	$	—	$	—	$	2,351,967
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts		$          —	$	—	$	(1,809,626)	$	—	$	—	$	—	$	(1,809,626)

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 100 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	21,838,444

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	8,394,016,885		$	—	$	—	$	8,394,016,885
Short-Term Securities
Money Market Funds		63,132,279			—		—		63,132,279
	$	8,457,149,164		$	—	$	—	$	8,457,149,164
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(796,468	)	$	—	$	—	$	(796,468	)

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

See notes to financial statements.

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

Schedule of Investments  (unaudited) September 30, 2023 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
Axon Enterprise, Inc.(a)		120,923	$	24,062,468
General Dynamics Corp.		205,648		45,442,039
L3Harris Technologies, Inc.		162,564		28,305,644
Lockheed Martin Corp.		272,670		111,511,123
Northrop Grumman Corp.		175,460		77,235,737
TransDigm Group, Inc.(a)		44,341		37,385,227
				323,942,238
Air Freight & Logistics — 0.1%
CH Robinson Worldwide, Inc.		106,512		9,173,878
Expeditors International of Washington, Inc.		254,230		29,142,385
				38,316,263
Automobiles — 3.5%
Tesla, Inc.(a)		4,731,557		1,183,930,192
Beverages — 2.3%
Brown-Forman Corp., Class B, NVS		172,095		9,928,160
Coca-Cola Co. (The)		4,334,656		242,654,043
Constellation Brands, Inc., Class A		154,781		38,901,109
Keurig Dr Pepper, Inc.		864,668		27,297,569
Monster Beverage Corp.(a)(b)		1,274,377		67,478,262
PepsiCo, Inc.		2,358,743		399,665,414
				785,924,557
Biotechnology — 3.8%
AbbVie, Inc.		3,024,369		450,812,443
Amgen, Inc.		916,541		246,329,559
Biogen, Inc.(a)		116,694		29,991,525
Gilead Sciences, Inc.		2,135,018		159,998,249
Incyte Corp.(a)		318,639		18,407,775
Moderna, Inc.(a)(b)		567,179		58,583,919
Regeneron Pharmaceuticals, Inc.(a)		182,900		150,519,384
Vertex Pharmaceuticals, Inc.(a)		442,240		153,784,538
				1,268,427,392
Broadline Retail — 2.7%
Amazon.com, Inc.(a)		7,156,557		909,741,526
Etsy, Inc.(a)(b)		123,371		7,967,299
				917,708,825
Building Products — 0.0%
Masco Corp.		274,185		14,655,188
Capital Markets — 1.3%
Ameriprise Financial, Inc.		175,811		57,961,371
Blackstone, Inc., Class A, NVS		1,216,143		130,297,561
Cboe Global Markets, Inc.		121,140		18,923,279
Charles Schwab Corp. (The)		1,503,271		82,529,578
FactSet Research Systems, Inc.		39,182		17,132,721
MarketAxess Holdings, Inc.		31,525		6,735,001
Moody’s Corp.		126,880		40,115,650
MSCI, Inc., Class A		77,101		39,558,981
Nasdaq, Inc.		370,806		18,017,464
Raymond James Financial, Inc.		323,094		32,448,330
				443,719,936
Chemicals — 1.3%
Air Products & Chemicals, Inc.		380,648		107,875,643
Albemarle Corp.(b)		200,583		34,107,134
CF Industries Holdings, Inc.		331,670		28,437,386
Corteva, Inc.		837,964		42,870,238
FMC Corp.		215,092		14,404,711

Security	Shares		Value
Chemicals (continued)
Linde PLC		510,012	$	189,902,968
Mosaic Co. (The)		567,093		20,188,511
				437,786,591
Commercial Services & Supplies — 0.6%
Cintas Corp.		87,311		41,997,464
Copart, Inc.(a)		1,488,910		64,157,132
Republic Services, Inc.		193,723		27,607,465
Rollins, Inc.		482,610		18,015,831
Waste Management, Inc.		372,558		56,792,741
				208,570,633
Communications Equipment — 0.4%
Arista Networks, Inc.(a)(b)		429,652		79,025,892
Motorola Solutions, Inc.		157,187		42,792,589
				121,818,481
Construction & Engineering — 0.1%
Quanta Services, Inc.		248,794		46,541,894
Construction Materials — 0.1%
Vulcan Materials Co.		134,587		27,189,266
Consumer Finance — 0.3%
American Express Co.		488,485		72,877,077
Discover Financial Services		249,204		21,588,543
				94,465,620
Consumer Staples Distribution & Retail — 1.1%
Costco Wholesale Corp.		501,154		283,131,964
Dollar General Corp.		375,835		39,763,343
Dollar Tree, Inc.(a)(b)		359,151		38,231,624
				361,126,931
Distributors — 0.1%
Genuine Parts Co.		173,696		25,078,229
Pool Corp.		42,031		14,967,239
				40,045,468
Electric Utilities — 0.2%
NRG Energy, Inc.		185,485		7,144,882
PG&E Corp.(a)		3,583,145		57,796,129
				64,941,011
Electrical Equipment — 0.1%
AMETEK, Inc.(b)		198,120		29,274,211
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		1,022,011		85,838,704
CDW Corp.		145,165		29,288,490
Keysight Technologies, Inc.(a)		165,041		21,836,575
				136,963,769
Energy Equipment & Services — 0.2%
Schlumberger NV		1,290,640		75,244,312
Entertainment — 0.3%
Activision Blizzard, Inc.		723,238		67,716,774
Electronic Arts, Inc.		286,492		34,493,637
				102,210,411
Financial Services — 3.9%
Fiserv, Inc.(a)		720,747		81,415,581
FleetCor Technologies, Inc.(a)(b)		67,104		17,134,335
Jack Henry & Associates, Inc.		124,820		18,865,295
Mastercard, Inc., Class A		1,425,640		564,425,133
Visa, Inc., Class A		2,753,197		633,262,842
				1,315,103,186

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products — 0.9%
Archer-Daniels-Midland Co.		451,557	$	34,056,429
Bunge Ltd.		106,112		11,486,624
Campbell Soup Co.		198,369		8,148,999
General Mills, Inc.		680,943		43,573,543
Hershey Co. (The)		257,598		51,540,208
Hormel Foods Corp.		356,277		13,549,214
Kellanova		244,028		14,522,106
Lamb Weston Holdings, Inc.		249,164		23,037,703
McCormick & Co., Inc., NVS		218,598		16,534,753
Mondelez International, Inc., Class A		1,258,766		87,358,360
			303,807,939
Gas Utilities — 0.0%
Atmos Energy Corp.		155,672		16,490,335
Ground Transportation — 0.7%
CSX Corp.		1,649,034		50,707,796
JB Hunt Transport Services, Inc.		140,345		26,457,839
Old Dominion Freight Line, Inc.(b)		153,516		62,809,536
Union Pacific Corp.		522,145		106,324,386
				246,299,557
Health Care Equipment & Supplies — 1.4%
Abbott Laboratories		1,546,219		149,751,310
Boston Scientific Corp.(a)		1,329,724		70,209,427
Dexcom, Inc.(a)		663,993		61,950,547
Hologic, Inc.(a)		421,048		29,220,731
IDEXX Laboratories, Inc.(a)		69,511		30,395,075
Insulet Corp.(a)(b)		120,276		19,182,819
Intuitive Surgical, Inc.(a)		294,999		86,225,258
ResMed, Inc.		136,550		20,191,649
				467,126,816
Health Care Providers & Services — 3.7%
Cigna Group (The)		248,505		71,089,825
Elevance Health, Inc.		403,778		175,813,017
HCA Healthcare, Inc.		186,036		45,761,135
Humana, Inc.		135,880		66,108,338
McKesson Corp.		106,213		46,186,723
Molina Healthcare, Inc.(a)		99,980		32,782,442
Quest Diagnostics, Inc.		126,787		15,450,264
UnitedHealth Group, Inc.		1,587,203		800,251,881
				1,253,443,625
Hotels, Restaurants & Leisure — 1.6%
Airbnb, Inc., Class A(a)(b)		291,646		40,016,747
Chipotle Mexican Grill, Inc.(a)		47,272		86,594,268
Domino’s Pizza, Inc.		27,934		10,581,120
Hilton Worldwide Holdings, Inc.		215,777		32,405,390
Marriott International, Inc., Class A		218,601		42,968,212
McDonald’s Corp.		774,207		203,957,092
Starbucks Corp.		1,000,936		91,355,429
Yum! Brands, Inc.		307,286		38,392,313
				546,270,571
Household Durables — 0.1%
DR Horton, Inc.		261,693		28,124,147
Household Products — 1.3%
Clorox Co. (The)		95,271		12,486,217
Colgate-Palmolive Co.		778,830		55,382,601
Kimberly-Clark Corp.		277,483		33,533,821
Procter & Gamble Co. (The)		2,221,557		324,036,304
				425,438,943
Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		682,078		10,367,586

Security	Shares		Value
Insurance — 1.8%
Aon PLC, Class A		229,420	$	74,382,552
Arch Capital Group Ltd.(a)(b)		639,049		50,938,596
Arthur J. Gallagher & Co.		236,416		53,886,299
Brown & Brown, Inc.		237,699		16,600,898
Chubb Ltd.		401,158		83,513,073
Everest Group Ltd.		42,727		15,880,344
Globe Life, Inc.		104,628		11,376,203
Marsh & McLennan Cos., Inc.		541,683		103,082,275
Principal Financial Group, Inc.		233,177		16,805,066
Progressive Corp. (The)		1,002,957		139,711,910
Travelers Cos., Inc. (The)		211,319		34,510,506
W R Berkley Corp.		346,219		21,981,444
				622,669,166
Interactive Media & Services — 7.3%
Alphabet, Inc., Class A(a)		10,166,067		1,330,331,528
Alphabet, Inc., Class C, NVS(a)		8,647,700		1,140,199,245
				2,470,530,773
IT Services — 0.7%
Accenture PLC, Class A		529,619		162,651,291
EPAM Systems, Inc.(a)		67,634		17,293,337
Gartner, Inc.(a)		134,934		46,364,672
VeriSign, Inc.(a)		75,437		15,278,256
				241,587,556
Life Sciences Tools & Services — 2.2%
Agilent Technologies, Inc.		304,287		34,025,372
Bio-Techne Corp.		129,005		8,781,370
Danaher Corp.		1,125,982		279,356,134
IQVIA Holdings, Inc.(a)(b)		150,093		29,530,798
Mettler-Toledo International, Inc.(a)		24,436		27,076,799
Thermo Fisher Scientific, Inc.		661,316		334,738,320
Waters Corp.(a)(b)		101,531		27,840,815
				741,349,608
Machinery — 1.3%
Caterpillar, Inc.		524,471		143,180,583
Cummins, Inc.		124,015		28,332,467
Deere & Co.		467,210		176,315,710
IDEX Corp.		73,666		15,324,001
Illinois Tool Works, Inc.		240,389		55,363,990
Snap-on, Inc.		51,812		13,215,169
				431,731,920
Metals & Mining — 0.6%
Freeport-McMoRan, Inc.		2,456,505		91,603,071
Nucor Corp.		426,179		66,633,087
Steel Dynamics, Inc.		267,656		28,698,076
			186,934,234
Multi-Utilities — 0.2%
Sempra		646,983		44,014,253
WEC Energy Group, Inc.		280,785		22,617,232
				66,631,485
Oil, Gas & Consumable Fuels — 7.0%
APA Corp.		527,446		21,678,031
Chevron Corp.		3,040,157		512,631,273
ConocoPhillips		2,051,873		245,814,385
Coterra Energy, Inc.		1,298,943		35,136,408
Devon Energy Corp.		1,097,056		52,329,571
Diamondback Energy, Inc.		306,058		47,402,263
EOG Resources, Inc.		997,690		126,467,184
EQT Corp.		618,337		25,092,116
Exxon Mobil Corp.		6,859,385		806,526,488

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Hess Corp.		473,514	$	72,447,642
Marathon Oil Corp.		1,041,172		27,851,351
Marathon Petroleum Corp.		328,617		49,732,897
Occidental Petroleum Corp.		1,136,911		73,762,786
ONEOK, Inc.		997,635		63,279,988
Pioneer Natural Resources Co.		399,483		91,701,323
Targa Resources Corp.		384,557		32,964,226
Williams Cos., Inc. (The)		2,084,312		70,220,471
				2,355,038,403
Personal Care Products — 0.2%
Kenvue, Inc.		2,952,775		59,291,722
Pharmaceuticals — 6.2%
Bristol-Myers Squibb Co.		3,579,634		207,761,957
Eli Lilly & Co.		1,366,341		733,902,741
Johnson & Johnson		2,558,170		398,434,978
Merck & Co., Inc.		4,347,988		447,625,365
Pfizer, Inc.		9,674,230		320,894,209
			2,108,619,250
Professional Services — 0.9%
Automatic Data Processing, Inc.		705,932		169,833,120
Broadridge Financial Solutions, Inc.		97,755		17,503,033
Equifax, Inc.		102,984		18,864,609
Leidos Holdings, Inc.		154,213		14,212,270
Paychex, Inc.		313,327		36,136,003
Paycom Software, Inc.		83,686		21,697,269
Verisk Analytics, Inc.		114,183		26,974,592
			305,220,896
Real Estate Management & Development — 0.2%
CoStar Group, Inc.(a)(b)		699,363		53,774,021
Semiconductors & Semiconductor Equipment — 10.4%
Advanced Micro Devices, Inc.(a)		1,494,946		153,710,348
Analog Devices, Inc.		403,809		70,702,918
Applied Materials, Inc.		1,438,888		199,214,044
Broadcom, Inc.		424,276		352,395,160
Enphase Energy, Inc.(a)(b)		234,389		28,161,838
First Solar, Inc.(a)		183,637		29,673,903
KLA Corp.		234,267		107,448,902
Lam Research Corp.		228,401		143,154,895
Microchip Technology, Inc.		455,904		35,583,307
Monolithic Power Systems, Inc.		81,687		37,739,394
NVIDIA Corp.		4,232,291		1,841,004,262
NXP Semiconductors NV		260,451		52,069,364
ON Semiconductor Corp.(a)(b)		739,415		68,728,624
QUALCOMM, Inc.		1,912,241		212,373,486
SolarEdge Technologies, Inc.(a)(b)		97,328		12,604,949
Teradyne, Inc.(b)		128,626		12,921,768
Texas Instruments, Inc.		980,143		155,852,538
				3,513,339,700
Software — 10.5%
Adobe, Inc.(a)		367,071		187,169,503
Autodesk, Inc.(a)		201,090		41,607,532
Cadence Design Systems, Inc.(a)		465,705		109,114,681
Fair Isaac Corp.(a)		42,507		36,918,605
Fortinet, Inc.(a)(b)		1,116,895		65,539,399
Gen Digital, Inc.		514,447		9,095,423
Intuit, Inc.		254,335		129,949,925
Microsoft Corp.		7,383,828		2,331,443,691
Oracle Corp.(b)		1,591,513		168,573,057
Palo Alto Networks, Inc.(a)(b)		524,075		122,864,143

Security	Shares		Value
Software (continued)
PTC, Inc.(a)(b)		204,269	$	28,940,832
ServiceNow, Inc.(a)		349,551		195,385,027
Synopsys, Inc.(a)		260,721		119,663,117
Tyler Technologies, Inc.(a)		33,887		13,085,126
				3,559,350,061
Specialized REITs — 0.7%
American Tower Corp.		423,337		69,617,769
Extra Space Storage, Inc.		180,503		21,945,555
Iron Mountain, Inc.		314,226		18,680,736
Public Storage		168,109		44,300,084
SBA Communications Corp., Class A		104,264		20,870,525
VICI Properties, Inc.		989,271		28,787,786
Weyerhaeuser Co.		711,681		21,820,139
				226,022,594
Specialty Retail — 2.3%
AutoZone, Inc.(a)		31,109		79,016,549
Home Depot, Inc. (The)		913,026		275,879,936
Lowe’s Cos., Inc.		692,804		143,992,384
O’Reilly Automotive, Inc.(a)		103,499		94,066,101
TJX Cos., Inc. (The)		1,260,284		112,014,042
Tractor Supply Co.		186,063		37,780,092
Ulta Beauty, Inc.(a)		85,605		34,194,917
				776,944,021
Technology Hardware, Storage & Peripherals — 12.8%
Apple Inc.		25,181,581		4,311,338,483
Tobacco — 0.6%
Altria Group, Inc.		1,581,194		66,489,208
Philip Morris International, Inc.		1,436,351		132,977,375
				199,466,583
Trading Companies & Distributors — 0.2%
Fastenal Co.		481,104		26,287,523
WW Grainger, Inc.		76,200		52,718,208
				79,005,731
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.(a)		603,137		84,469,337
Total Long-Term Investments — 99.8% (Cost: $25,078,370,854)				33,728,591,438
Short-Term Securities
Money Market Funds — 0.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		145,103,696		145,161,737
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		153,222,760		153,222,760
Total Short-Term Securities — 0.9% (Cost: $298,334,664)				298,384,497
Total Investments — 100.7% (Cost: $25,376,705,518)				34,026,975,935
Liabilities in Excess of Other Assets — (0.7)%				(238,664,465	)
Net Assets — 100.0%			$	33,788,311,470

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

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

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

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 500 Growth ETF

Affiliates

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

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	237,690,559	$	—			$  (92,574,916	)(a)	$	20,983	$	25,111	$	145,161,737		145,103,696	$	1,195,928	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		41,154,407		112,068,353	(a)		—			—		—		153,222,760		153,222,760		1,284,199			—
									$	20,983	$	25,111	$	298,384,497			$	2,480,127		$	—

^(a) Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts S&P 500 E-Mini Index		239		12/15/23	$	51,690	$	(2,269,654	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,269,654	$	—	$	—	$	—	$	2,269,654

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	6,943,310		$	—	$	—	$	—	$	6,943,310
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(4,810,946	)	$	—	$	—	$	—	$	(4,810,946	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	58,833,500

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

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 500 Growth ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	33,728,591,438		$	—	$	—	$	33,728,591,438
Short-Term Securities
Money Market Funds		298,384,497			—		—		298,384,497
	$	34,026,975,935		$	—	$	—	$	34,026,975,935
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(2,269,654	)	$	—	$	—	$	(2,269,654	)

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

See notes to financial statements.

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

Schedule of Investments  (unaudited) September 30, 2023 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.2%
Boeing Co. (The)(a)		835,220	$	160,094,970
General Dynamics Corp.		156,756		34,638,373
Howmet Aerospace, Inc.		579,576		26,805,390
Huntington Ingalls Industries, Inc.		59,028		12,075,948
L3Harris Technologies, Inc.		139,298		24,254,568
Lockheed Martin Corp.		95,714		39,143,198
Northrop Grumman Corp.		58,659		25,821,105
RTX Corp.		2,144,004		154,303,968
Textron, Inc.		290,579		22,705,843
TransDigm Group, Inc.(a)		43,049		36,295,903
				536,139,266
Air Freight & Logistics — 1.1%
CH Robinson Worldwide, Inc.		79,045		6,808,146
FedEx Corp.		340,841		90,295,597
United Parcel Service, Inc., Class B		1,065,401		166,064,054
				263,167,797
Automobile Components — 0.2%
Aptiv PLC(a)		416,545		41,067,172
BorgWarner, Inc.		347,647		14,034,509
				55,101,681
Automobiles — 0.6%
Ford Motor Co.		5,790,995		71,924,158
General Motors Co.		2,026,737		66,821,519
				138,745,677
Banks — 6.6%
Bank of America Corp.		10,183,499		278,824,203
Citigroup, Inc.		2,836,599		116,669,317
Citizens Financial Group, Inc.		699,009		18,733,441
Comerica, Inc.		195,803		8,135,615
Fifth Third Bancorp		1,002,964		25,405,078
Huntington Bancshares, Inc.		2,130,849		22,160,830
JPMorgan Chase & Co.		4,280,723		620,790,449
KeyCorp.		1,369,249		14,733,119
M&T Bank Corp.		244,365		30,899,954
PNC Financial Services Group, Inc. (The)		586,638		72,021,547
Regions Financial Corp.		1,382,249		23,774,683
Truist Financial Corp.		1,962,028		56,133,621
U.S. Bancorp		2,293,442		75,821,193
Wells Fargo & Co.		5,389,463		220,213,458
Zions Bancorp N.A.		218,182		7,612,370
				1,591,928,878
Beverages — 0.8%
Brown-Forman Corp., Class B, NVS		119,657		6,903,012
Coca-Cola Co. (The)		2,006,503		112,324,038
Constellation Brands, Inc., Class A		104,875		26,358,234
Keurig Dr Pepper, Inc.		744,475		23,503,076
Molson Coors Beverage Co., Class B		274,559		17,459,207
				186,547,567
Biotechnology — 0.1%
Biogen, Inc.(a)(b)		113,063		29,058,322
Broadline Retail — 4.0%
Amazon.com, Inc.(a)		7,222,214		918,087,844
eBay, Inc.		782,971		34,521,191
Etsy, Inc.(a)(b)		76,902		4,966,331
				957,575,366
Building Products — 0.9%
A O Smith Corp.		182,049		12,038,900

Security	Shares		Value
Building Products (continued)
Allegion PLC		129,687	$	13,513,386
Carrier Global Corp.		1,233,843		68,108,134
Johnson Controls International PLC		1,002,125		53,323,071
Masco Corp.		95,272		5,092,288
Trane Technologies PLC		336,435		68,266,026
				220,341,805
Capital Markets — 4.7%
Bank of New York Mellon Corp. (The)		1,147,162		48,926,459
BlackRock, Inc.(c)		206,731		133,649,524
Cboe Global Markets, Inc.		51,050		7,974,521
Charles Schwab Corp. (The)		898,047		49,302,780
CME Group, Inc., Class A		529,913		106,099,181
FactSet Research Systems, Inc.		22,292		9,747,400
Franklin Resources, Inc.		420,887		10,345,403
Goldman Sachs Group, Inc. (The)		485,612		157,129,475
Intercontinental Exchange, Inc.		843,067		92,754,231
Invesco Ltd.		662,804		9,623,914
MarketAxess Holdings, Inc.		27,992		5,980,211
Moody’s Corp.		123,202		38,952,776
Morgan Stanley		1,879,375		153,488,556
MSCI, Inc., Class A		50,333		25,824,856
Nasdaq, Inc.		177,899		8,644,112
Northern Trust Corp.		305,773		21,245,108
S&P Global, Inc.		479,321		175,148,687
State Street Corp.		468,647		31,380,603
T Rowe Price Group, Inc.		331,272		34,740,495
				1,120,958,292
Chemicals — 2.2%
Celanese Corp., Class A		147,645		18,532,400
Corteva, Inc.		322,263		16,486,975
Dow, Inc.		1,035,644		53,397,805
DuPont de Nemours, Inc.		676,206		50,438,206
Eastman Chemical Co.		174,215		13,365,775
Ecolab, Inc.		373,676		63,300,714
International Flavors & Fragrances, Inc.		375,201		25,577,452
Linde PLC		280,314		104,374,918
LyondellBasell Industries NV, Class A		379,059		35,896,887
PPG Industries, Inc.		346,916		45,029,697
Sherwin-Williams Co. (The)		348,483		88,880,589
				515,281,418
Commercial Services & Supplies — 0.3%
Cintas Corp.		52,353		25,182,317
Republic Services, Inc.		136,118		19,398,176
Waste Management, Inc.		222,394		33,901,741
				78,482,234
Communications Equipment — 1.6%
Cisco Systems, Inc.		6,002,645		322,702,195
F5, Inc.(a)		87,775		14,144,063
Juniper Networks, Inc.		470,982		13,088,590
Motorola Solutions, Inc.		110,516		30,086,876
				380,021,724
Construction Materials — 0.2%
Martin Marietta Materials, Inc.		91,039		37,369,689
Vulcan Materials Co.		80,645		16,291,903
				53,661,592
Consumer Finance — 0.6%
American Express Co.		437,074		65,207,070
Capital One Financial Corp.		561,871		54,529,581

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance (continued)
Discover Financial Services		155,087	$	13,435,187
Synchrony Financial		612,550		18,725,653
				151,897,491
Consumer Staples Distribution & Retail — 2.7%
Costco Wholesale Corp.		221,941		125,387,787
Kroger Co. (The)		972,674		43,527,162
Sysco Corp.		744,040		49,143,842
Target Corp.		679,887		75,175,106
Walgreens Boots Alliance, Inc.		1,057,922		23,528,185
Walmart, Inc.		2,102,299		336,220,679
				652,982,761
Containers & Packaging — 0.5%
Amcor PLC		2,165,250		19,833,690
Avery Dennison Corp.		118,053		21,564,741
Ball Corp.		465,021		23,148,745
International Paper Co.		511,948		18,158,796
Packaging Corp. of America		132,674		20,372,093
Sealed Air Corp.		214,399		7,045,151
Westrock Co.		376,301		13,471,576
				123,594,792
Distributors — 0.2%
Genuine Parts Co.		57,668		8,326,106
LKQ Corp.		391,944		19,405,147
Pool Corp.		21,547		7,672,887
				35,404,140
Diversified Telecommunication Services — 1.5%
AT&T Inc.		10,530,625		158,169,987
Verizon Communications, Inc.		6,192,638		200,703,398
				358,873,385
Electric Utilities — 3.3%
Alliant Energy Corp.		373,235		18,083,236
American Electric Power Co., Inc.		758,865		57,081,825
Constellation Energy Corp.		473,712		51,672,505
Duke Energy Corp.		1,135,269		100,198,842
Edison International		564,593		35,733,091
Entergy Corp.		311,479		28,811,808
Evergy, Inc.		337,393		17,105,825
Eversource Energy		514,211		29,901,370
Exelon Corp.		1,465,978		55,399,309
FirstEnergy Corp.		758,186		25,914,797
NextEra Energy, Inc.		2,980,973		170,779,943
NRG Energy, Inc.		178,091		6,860,065
Pinnacle West Capital Corp.		167,377		12,332,337
PPL Corp.		1,087,266		25,615,987
Southern Co. (The)		1,606,398		103,966,079
Xcel Energy, Inc.		811,650		46,442,613
				785,899,632
Electrical Equipment — 1.2%
AMETEK, Inc.(b)		170,142		25,140,182
Eaton Corp. PLC		587,735		125,352,121
Emerson Electric Co.		841,831		81,295,620
Generac Holdings, Inc.(a)		92,316		10,058,751
Rockwell Automation, Inc.		169,191		48,366,631
				290,213,305
Electronic Equipment, Instruments & Components — 0.8%
CDW Corp.		73,005		14,729,489
Corning, Inc.		1,134,515		34,568,672
Keysight Technologies, Inc.(a)		120,957		16,003,821
TE Connectivity Ltd.		462,439		57,125,090

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Teledyne Technologies, Inc.(a)(b)		69,342	$	28,331,754
Trimble, Inc.(a)		366,840		19,758,002
Zebra Technologies Corp., Class A(a)(b)		75,223		17,792,496
				188,309,324
Energy Equipment & Services — 0.7%
Baker Hughes Co., Class A		1,487,241		52,529,352
Halliburton Co.		1,323,577		53,604,869
Schlumberger NV		983,915		57,362,244
				163,496,465
Entertainment — 2.5%
Activision Blizzard, Inc.		432,060		40,453,778
Electronic Arts, Inc.		116,759		14,057,784
Live Nation Entertainment, Inc.(a)(b)		209,839		17,425,031
Netflix, Inc.(a)		652,765		246,484,064
Take-Two Interactive Software, Inc.(a)		232,313		32,614,422
Walt Disney Co. (The)(a)		2,695,302		218,454,227
Warner Bros Discovery, Inc., Class A(a)(b)		3,267,189		35,481,672
				604,970,978
Financial Services — 4.9%
Berkshire Hathaway, Inc., Class B(a)		2,686,321		941,018,247
Fidelity National Information Services, Inc.		872,204		48,206,715
Fiserv, Inc.(a)		277,974		31,399,943
FleetCor Technologies, Inc.(a)		51,518		13,154,606
Global Payments, Inc.		382,977		44,191,716
PayPal Holdings, Inc.(a)		1,617,431		94,555,016
				1,172,526,243
Food Products — 1.1%
Archer-Daniels-Midland Co.		402,059		30,323,290
Bunge Ltd.		130,126		14,086,139
Campbell Soup Co.		120,202		4,937,898
Conagra Brands, Inc.		703,770		19,297,373
General Mills, Inc.		276,534		17,695,411
Hormel Foods Corp.		118,180		4,494,385
J M Smucker Co. (The)		151,123		18,574,528
Kellanova		175,566		10,447,933
Kraft Heinz Co. (The)		1,176,048		39,562,255
McCormick & Co., Inc., NVS		181,687		13,742,805
Mondelez International, Inc., Class A		921,805		63,973,267
Tyson Foods, Inc., Class A		419,638		21,187,522
				258,322,806
Gas Utilities — 0.0%
Atmos Energy Corp.		84,159		8,914,963
Ground Transportation — 0.9%
CSX Corp.		1,536,790		47,256,292
Norfolk Southern Corp.		334,398		65,852,998
Union Pacific Corp.		448,871		91,403,602
				204,512,892
Health Care Equipment & Supplies — 4.0%
Abbott Laboratories		1,226,985		118,833,497
Align Technology, Inc.(a)		104,845		32,011,275
Baxter International, Inc.		747,953		28,227,746
Becton Dickinson & Co.		427,337		110,479,435
Boston Scientific Corp.(a)(b)		1,013,710		53,523,888
Cooper Cos., Inc. (The)		73,142		23,259,887
DENTSPLY SIRONA, Inc.		311,216		10,631,139
Edwards Lifesciences Corp.(a)(b)		895,473		62,038,369
GE HealthCare Technologies, Inc.(b)		576,188		39,203,832
IDEXX Laboratories, Inc.(a)		62,477		27,319,318
Intuitive Surgical, Inc.(a)		263,952		77,150,530

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Medtronic PLC		1,960,820	$	153,649,855
ResMed, Inc.		100,040		14,792,915
STERIS PLC		145,315		31,885,017
Stryker Corp.		497,885		136,057,034
Teleflex, Inc.		69,216		13,594,715
Zimmer Biomet Holdings, Inc.		307,205		34,474,545
				967,132,997
Health Care Providers & Services — 2.1%
Cardinal Health, Inc.		375,031		32,560,191
Cencora, Inc.		245,566		44,194,513
Centene Corp.(a)(b)		797,610		54,939,377
Cigna Group (The)		222,352		63,608,237
CVS Health Corp.		1,891,946		132,095,670
DaVita, Inc.(a)(b)		79,135		7,480,632
HCA Healthcare, Inc.		136,235		33,511,085
Henry Schein, Inc.(a)(b)		193,241		14,348,144
Humana, Inc.		65,614		31,922,523
Laboratory Corp. of America Holdings		130,510		26,239,036
McKesson Corp.		107,305		46,661,579
Quest Diagnostics, Inc.		56,492		6,884,115
Universal Health Services, Inc., Class B		91,970		11,563,388
				506,008,490
Health Care REITs — 0.4%
Healthpeak Properties, Inc.		807,042		14,817,291
Ventas, Inc.		591,159		24,905,529
Welltower, Inc.		764,099		62,594,990
				102,317,810
Hotel & Resort REITs — 0.1%
Host Hotels & Resorts, Inc.		1,053,127		16,923,751
Hotels, Restaurants & Leisure — 2.8%
Airbnb, Inc., Class A(a)(b)		376,821		51,703,609
Booking Holdings, Inc.(a)		52,575		162,138,671
Caesars Entertainment, Inc.(a)		316,003		14,646,739
Carnival Corp.(a)(b)		1,489,358		20,433,992
Darden Restaurants, Inc.		178,566		25,574,222
Domino’s Pizza, Inc.		27,927		10,578,468
Expedia Group, Inc.(a)(b)		202,026		20,822,820
Hilton Worldwide Holdings, Inc.		199,910		30,022,484
Las Vegas Sands Corp.		482,053		22,097,310
Marriott International, Inc., Class A		180,652		35,508,957
McDonald’s Corp.		407,924		107,463,499
MGM Resorts International		415,461		15,272,346
Norwegian Cruise Line Holdings Ltd.(a)		620,974		10,233,652
Royal Caribbean Cruises Ltd.(a)		346,619		31,937,475
Starbucks Corp.		826,727		75,455,373
Wynn Resorts Ltd.		143,334		13,245,495
Yum! Brands, Inc.		149,281		18,651,168
				665,786,280
Household Durables — 0.7%
DR Horton, Inc.		225,311		24,214,173
Garmin Ltd.		225,697		23,743,324
Lennar Corp., Class A		371,976		41,746,867
Mohawk Industries, Inc.(a)		77,816		6,677,391
NVR, Inc.(a)(b)		4,796		28,599,987
PulteGroup, Inc.		322,080		23,850,024
Whirlpool Corp.		80,907		10,817,266
				159,649,032
Household Products — 1.4%
Church & Dwight Co., Inc.		362,415		33,208,086
Clorox Co. (The)		100,212		13,133,785

Security	Shares		Value
Household Products (continued)
Colgate-Palmolive Co.		547,656	$	38,943,818
Kimberly-Clark Corp.		258,728		31,267,279
Procter & Gamble Co. (The)		1,562,562		227,915,293
				344,468,261
Independent Power and Renewable Electricity Producers — 0.0%
AES Corp. (The)		408,722		6,212,574
Industrial Conglomerates — 1.8%
3M Co.		813,096		76,122,047
General Electric Co.		1,603,203		177,234,092
Honeywell International, Inc.		978,028		180,680,893
				434,037,032
Industrial REITs — 0.6%
Prologis, Inc.		1,360,868		152,702,998
Insurance — 2.6%
Aflac, Inc.		796,310		61,116,792
Allstate Corp. (The)		385,304		42,926,719
American International Group, Inc.		1,048,644		63,547,826
Aon PLC, Class A		101,426		32,884,338
Arthur J. Gallagher & Co.		114,637		26,129,211
Assurant, Inc.		78,764		11,308,935
Brown & Brown, Inc.		140,951		9,844,018
Chubb Ltd.		260,159		54,159,901
Cincinnati Financial Corp.		231,052		23,634,309
Everest Group Ltd.		26,542		9,864,865
Globe Life, Inc.		37,682		4,097,164
Hartford Financial Services Group, Inc. (The)		449,877		31,900,778
Loews Corp.		273,683		17,326,871
Marsh & McLennan Cos., Inc.		261,737		49,808,551
MetLife, Inc.		930,505		58,538,070
Principal Financial Group, Inc.		127,743		9,206,438
Prudential Financial, Inc.		534,707		50,738,347
Travelers Cos., Inc. (The)		155,705		25,428,184
Willis Towers Watson PLC		154,401		32,263,633
				614,724,950
Interactive Media & Services — 4.2%
Match Group, Inc.(a)(b)		411,736		16,129,758
Meta Platforms, Inc., Class A(a)		3,273,911		982,860,821
				998,990,579
IT Services — 1.8%
Accenture PLC, Class A		473,879		145,532,980
Akamai Technologies, Inc.(a)(b)		224,513		23,919,615
Cognizant Technology Solutions Corp., Class A		743,936		50,394,225
DXC Technology Co.(a)		303,664		6,325,321
EPAM Systems, Inc.(a)		27,637		7,066,504
International Business Machines Corp.		1,341,931		188,272,919
VeriSign, Inc.(a)		67,594		13,689,813
				435,201,377
Leisure Products — 0.1%
Hasbro, Inc.		193,248		12,781,423
Life Sciences Tools & Services — 0.8%
Agilent Technologies, Inc.		173,655		19,418,102
Bio-Rad Laboratories, Inc., Class A(a)(b)		30,908		11,078,973
Bio-Techne Corp.		121,567		8,275,066
Charles River Laboratories International, Inc.(a)(b)		75,925		14,879,782
Illumina, Inc.(a)(b)		232,916		31,974,708
IQVIA Holdings, Inc.(a)(b)		139,927		27,530,637
Mettler-Toledo International, Inc.(a)(b)		11,245		12,460,247

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
Revvity, Inc.		181,896	$	20,135,887
West Pharmaceutical Services, Inc.		108,780		40,815,344
				186,568,746
Machinery — 2.4%
Caterpillar, Inc.		300,580		82,058,340
Cummins, Inc.		102,315		23,374,885
Dover Corp.		206,037		28,744,222
Fortive Corp.		518,313		38,438,092
IDEX Corp.		48,328		10,053,191
Illinois Tool Works, Inc.		198,616		45,743,251
Ingersoll Rand, Inc.(b)		597,428		38,068,112
Nordson Corp.		80,120		17,880,380
Otis Worldwide Corp.		606,509		48,708,738
PACCAR, Inc.		770,103		65,474,157
Parker-Hannifin Corp.		188,983		73,612,658
Pentair PLC		243,566		15,770,898
Snap-on, Inc.		33,221		8,473,348
Stanley Black & Decker, Inc.		225,913		18,881,809
Westinghouse Air Brake Technologies Corp.		263,230		27,973,452
Xylem, Inc.		354,233		32,245,830
				575,501,363
Media — 1.7%
Charter Communications, Inc., Class A(a)(b)		149,919		65,937,375
Comcast Corp., Class A		6,062,495		268,811,028
Fox Corp., Class A, NVS		375,460		11,714,352
Fox Corp., Class B		195,253		5,638,907
Interpublic Group of Cos., Inc. (The)		564,855		16,188,744
News Corp., Class A, NVS		558,037		11,194,222
News Corp., Class B		171,001		3,568,791
Omnicom Group, Inc.		289,698		21,576,707
Paramount Global, Class B, NVS		713,693		9,206,640
			413,836,766
Metals & Mining — 0.2%
Newmont Corp.		1,170,657		43,255,776
Multi-Utilities — 1.3%
Ameren Corp.		387,036		28,961,904
CenterPoint Energy, Inc.		930,888		24,994,343
CMS Energy Corp.		429,497		22,810,586
Consolidated Edison, Inc.		508,080		43,456,082
Dominion Energy, Inc.		1,232,584		55,059,527
DTE Energy Co.		303,702		30,151,535
NiSource, Inc.		609,319		15,037,993
Public Service Enterprise Group, Inc.		735,201		41,840,289
Sempra		371,766		25,291,241
WEC Energy Group, Inc.		222,846		17,950,245
				305,553,745
Office REITs — 0.2%
Alexandria Real Estate Equities, Inc.		228,502		22,873,050
Boston Properties, Inc.		211,452		12,577,165
				35,450,215
Oil, Gas & Consumable Fuels — 1.0%
Kinder Morgan, Inc.		2,855,456		47,343,460
Marathon Petroleum Corp.		306,269		46,350,750
Phillips 66		655,918		78,808,548
Valero Energy Corp.		520,173		73,713,716
				246,216,474
Passenger Airlines — 0.4%
Alaska Air Group, Inc.(a)		187,416		6,949,385
American Airlines Group, Inc.(a)		965,643		12,369,887

Security	Shares		Value
Passenger Airlines (continued)
Delta Air Lines, Inc.		947,319	$	35,050,803
Southwest Airlines Co.		874,708		23,678,345
United Airlines Holdings, Inc.(a)(b)		484,266		20,484,452
				98,532,872
Personal Care Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A		341,551		49,371,197
Pharmaceuticals — 1.5%
Catalent, Inc.(a)		265,192		12,074,192
Johnson & Johnson		1,347,881		209,932,465
Organon & Co.		375,444		6,517,708
Viatris, Inc.		1,764,335		17,396,343
Zoetis, Inc., Class A		678,056		117,968,183
				363,888,891
Professional Services — 0.6%
Broadridge Financial Solutions, Inc.		90,557		16,214,231
Ceridian HCM Holding, Inc.(a)(b)		229,463		15,569,065
Equifax, Inc.		91,949		16,843,218
Jacobs Solutions, Inc.		186,155		25,410,157
Leidos Holdings, Inc.		69,819		6,434,519
Paychex, Inc.		202,725		23,380,274
Robert Half, Inc.(b)		158,049		11,581,831
Verisk Analytics, Inc.		115,333		27,246,268
				142,679,563
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		455,700		33,658,002
Residential REITs — 0.7%
AvalonBay Communities, Inc.		209,193		35,926,806
Camden Property Trust		157,498		14,896,161
Equity Residential		507,126		29,773,367
Essex Property Trust, Inc.		94,298		19,999,663
Invitation Homes, Inc.		845,250		26,785,973
Mid-America Apartment Communities, Inc.		171,868		22,110,818
UDR, Inc.		448,629		16,002,596
				165,495,384
Retail REITs — 0.6%
Federal Realty Investment Trust		108,539		9,836,890
Kimco Realty Corp.		909,123		15,991,473
Realty Income Corp.		1,044,059		52,140,306
Regency Centers Corp.		240,532		14,297,222
Simon Property Group, Inc.		481,959		52,066,031
				144,331,922
Semiconductors & Semiconductor Equipment — 3.8%
Advanced Micro Devices, Inc.(a)		1,094,762		112,563,429
Analog Devices, Inc.		391,458		68,540,381
Broadcom, Inc.		243,157		201,961,341
Intel Corp.		6,169,011		219,308,341
Microchip Technology, Inc.		410,288		32,022,979
Micron Technology, Inc.		1,613,403		109,759,806
NXP Semiconductors NV		155,421		31,071,766
Qorvo, Inc.(a)		144,910		13,834,558
Skyworks Solutions, Inc.		235,392		23,207,297
Teradyne, Inc.		115,548		11,607,952
Texas Instruments, Inc.		494,858		78,687,371
				902,565,221
Software — 9.5%
Adobe, Inc.(a)		355,844		181,444,856
ANSYS, Inc.(a)		127,845		38,040,280
Autodesk, Inc.(a)(b)		141,626		29,303,836
Gen Digital, Inc.		386,840		6,839,331

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Intuit, Inc.		193,891	$	99,066,667
Microsoft Corp.		4,596,563		1,451,364,767
Oracle Corp.		950,762		100,704,711
Roper Technologies, Inc.		157,188		76,123,005
Salesforce, Inc.(a)		1,434,722		290,932,927
Tyler Technologies, Inc.(a)(b)		32,777		12,656,511
				2,286,476,891
Specialized REITs — 1.5%
American Tower Corp.		322,729		53,072,784
Crown Castle, Inc.		638,818		58,790,421
Digital Realty Trust, Inc.		445,897		53,962,455
Equinix, Inc.		137,823		100,095,332
Extra Space Storage, Inc.		155,889		18,952,985
Iron Mountain, Inc.		160,439		9,538,099
Public Storage		88,224		23,248,788
SBA Communications Corp., Class A		69,948		14,001,491
VICI Properties, Inc.		643,334		18,721,019
Weyerhaeuser Co.		460,735		14,126,135
				364,509,509
Specialty Retail — 1.8%
Bath & Body Works, Inc.		338,274		11,433,661
Best Buy Co., Inc.		285,030		19,801,034
CarMax, Inc.(a)(b)		233,090		16,486,456
Home Depot, Inc. (The)		696,042		210,316,051
Lowe’s Cos., Inc.		267,580		55,613,827
Ross Stores, Inc.		501,793		56,677,519
TJX Cos., Inc. (The)		609,040		54,131,475
				424,460,023
Technology Hardware, Storage & Peripherals — 0.5%
Hewlett Packard Enterprise Co.		1,899,728		32,998,276
HP, Inc.		1,277,653		32,835,682
NetApp, Inc.		309,382		23,475,906
Seagate Technology Holdings PLC		283,507		18,697,287
Western Digital Corp.(a)		469,964		21,444,457
				129,451,608
Textiles, Apparel & Luxury Goods — 0.8%
NIKE, Inc., Class B		1,804,559		172,551,932
Ralph Lauren Corp., Class A		59,776		6,939,396
Tapestry, Inc.		341,915		9,830,056
VF Corp.		490,571		8,668,389
				197,989,773

Security	Shares		Value
Tobacco — 0.6%
Altria Group, Inc.		1,254,738	$	52,761,733
Philip Morris International, Inc.		1,051,853		97,380,551
				150,142,284
Trading Companies & Distributors — 0.3%
Fastenal Co.		429,866		23,487,878
United Rentals, Inc.		100,582		44,715,740
				68,203,618
Water Utilities — 0.2%
American Water Works Co., Inc.		286,751		35,508,376
Wireless Telecommunication Services — 0.1%
T-Mobile U.S., Inc.(a)		243,723		34,133,406
Total Long-Term Investments — 99.8% (Cost: $23,364,412,244)				23,941,649,975
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		126,722,233		126,772,922
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		168,132,024		168,132,024
Total Short-Term Securities — 1.2% (Cost: $294,843,617)				294,904,946
Total Investments — 101.0% (Cost: $23,659,255,861)				24,236,554,921
Liabilities in Excess of Other Assets — (1.0)%				(238,326,196	)
Net Assets — 100.0%			$	23,998,228,725

^(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.

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 500 Value ETF

Affiliates

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

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	210,104,994	$	—		$	(83,345,144	)(a)	$	9,739		$	3,333		$	126,772,922		126,722,233	$	694,602	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		39,913,921		128,218,103	(a)		—			—			—			168,132,024		168,132,024		1,070,765			—
BlackRock, Inc.		152,128,447		6,266,535			(20,457,742	)		(1,051,273	)		(3,236,443	)		133,649,524		206,731		2,220,535			—
									$	(1,041,534	)	$	(3,233,110	)	$	428,554,470			$	3,985,902		$	—

^(a) Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts S&P 500 E-Mini Index		228		12/15/23	$	49,311	$	(2,043,062	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts Unrealized depreciation on futures contracts(a)	$	—	$	—	$	2,043,062	$	—	$	—	$	—	$	2,043,062

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	8,324,454		$	—	$	—	$	—	$	8,324,454
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(5,213,991	)	$	—	$	—	$	—	$	(5,213,991	)

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P 500 Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long $56,858,544 

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	23,941,649,975		$	—	$	—	$	23,941,649,975
Short-Term Securities
Money Market Funds		294,904,946			—		—		294,904,946
	$	24,236,554,921		$	—	$	—	$	24,236,554,921
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(2,043,062	)	$	—	$	—	$	(2,043,062	)

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

See notes to financial statements.

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

Schedule of Investments  (unaudited) September 30, 2023 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.1%
AAR Corp.(a)		418,997	$	24,942,891
Kaman Corp.		355,775		6,990,979
Mercury Systems, Inc.(a)		270,269		10,024,277
Moog, Inc., Class A		141,162		15,945,660
National Presto Industries, Inc.		65,759		4,764,897
Triumph Group, Inc.(a)		966,997		7,407,197
				70,075,901
Air Freight & Logistics — 0.3%
Hub Group, Inc., Class A(a)		217,797		17,105,776
Automobile Components — 1.7%
American Axle & Manufacturing Holdings, Inc.(a)		1,480,750		10,750,245
Dana, Inc.		1,619,286		23,754,926
Gentherm, Inc.(a)(b)		162,539		8,819,366
LCI Industries		159,609		18,741,289
Patrick Industries, Inc.		263,191		19,755,116
Phinia, Inc.(b)		592,324		15,868,360
Standard Motor Products, Inc.		235,777		7,926,823
				105,616,125
Automobiles — 0.2%
Winnebago Industries, Inc.		205,322		12,206,393
Banks — 7.5%
Ameris Bancorp		320,935		12,320,695
Atlantic Union Bankshares Corp.		578,714		16,655,389
Axos Financial, Inc.(a)(b)		305,275		11,557,712
Banc of California, Inc.		667,068		8,258,302
Bank of Hawaii Corp.		245,161		12,182,050
BankUnited, Inc.		938,029		21,293,258
Berkshire Hills Bancorp, Inc.		224,289		4,496,994
Brookline Bancorp, Inc.		1,115,715		10,164,164
Capitol Federal Financial, Inc.		1,602,128		7,642,151
Cathay General Bancorp		318,911		11,085,346
Central Pacific Financial Corp.		306,136		5,106,348
Community Bank System, Inc.		292,809		12,359,468
Customers Bancorp, Inc.(a)		173,020		5,960,539
Eagle Bancorp, Inc.		378,652		8,122,085
FB Financial Corp.		215,253		6,104,575
First Bancorp/Southern Pines NC		210,291		5,917,589
First Commonwealth Financial Corp.		588,506		7,185,658
First Financial Bancorp		538,740		10,559,304
First Hawaiian, Inc.		771,455		13,924,763
Fulton Financial Corp.		922,812		11,175,253
Hilltop Holdings, Inc.		582,460		16,518,566
Hope Bancorp, Inc.		1,525,028		13,496,498
Independent Bank Corp.		266,940		13,104,085
Independent Bank Group, Inc.		452,770		17,907,054
National Bank Holdings Corp., Class A		157,255		4,679,909
Northfield Bancorp, Inc.		209,340		1,978,263
Northwest Bancshares, Inc.		772,438		7,902,041
Pacific Premier Bancorp, Inc.		1,208,869		26,304,989
PacWest Bancorp(b)		1,491,539		11,798,074
Pathward Financial, Inc.		89,914		4,144,136
Provident Financial Services, Inc.		956,232		14,620,787
Renasant Corp.		707,628		18,532,777
S&T Bancorp, Inc.		151,737		4,109,038
Seacoast Banking Corp. of Florida		492,665		10,818,923
Simmons First National Corp., Class A		1,591,581		26,993,214
Southside Bancshares, Inc.		155,730		4,469,451
Tompkins Financial Corp.		52,061		2,550,468
Triumph Financial, Inc.(a)(b)		103,770		6,723,258

Security	Shares		Value
Banks (continued)
TrustCo Bank Corp.		84,007	$	2,292,551
Trustmark Corp.		241,570		5,249,316
United Community Banks, Inc.		528,105		13,419,148
Veritex Holdings, Inc.		354,773		6,368,175
Washington Federal, Inc.		386,494		9,901,976
WSFS Financial Corp.		769,647		28,092,116
				474,046,456
Beverages — 0.1%
National Beverage Corp.(a)		94,998		4,466,806
Biotechnology — 0.5%
Avid Bioservices, Inc.(a)(b)		247,352		2,335,003
Ironwood Pharmaceuticals, Inc., Class A(a)(b)		639,730		6,160,600
Myriad Genetics, Inc.(a)(b)		1,032,085		16,554,644
Vericel Corp.(a)(b)		258,741		8,672,998
				33,723,245
Building Products — 2.3%
American Woodmark Corp.(a)(b)		206,348		15,601,972
Apogee Enterprises, Inc.		119,440		5,623,235
AZZ, Inc.		314,743		14,345,986
Gibraltar Industries, Inc.(a)		383,506		25,890,490
Hayward Holdings, Inc.(a)		1,584,996		22,348,444
Insteel Industries, Inc.		133,480		4,332,761
Masterbrand, Inc.(a)		1,609,493		19,555,340
Quanex Building Products Corp.(b)		178,008		5,014,485
Resideo Technologies, Inc.(a)		1,861,222		29,407,308
				142,120,021
Capital Markets — 0.8%
Artisan Partners Asset Management, Inc., Class A .		269,482		10,084,016
B Riley Financial, Inc.		105,600		4,328,544
Brightsphere Investment Group, Inc.		197,671		3,832,841
Donnelley Financial Solutions, Inc.(a)		157,347		8,855,489
Moelis & Co., Class A		270,412		12,203,694
Virtus Investment Partners, Inc.		41,983		8,480,146
WisdomTree, Inc.		647,486		4,532,402
				52,317,132
Chemicals — 1.7%
AdvanSix, Inc.		342,166		10,634,519
HB Fuller Co.		244,422		16,769,794
Koppers Holdings, Inc.		263,996		10,441,042
Mativ Holdings, Inc.		687,561		9,804,620
Minerals Technologies, Inc.		410,230		22,464,195
Sensient Technologies Corp.		532,577		31,145,103
Stepan Co.		93,686		7,023,639
				108,282,912
Commercial Services & Supplies — 3.4%
ABM Industries, Inc.		833,796		33,360,178
Brady Corp., Class A, NVS		202,152		11,102,188
CoreCivic, Inc.(a)		1,430,354		16,091,483
Deluxe Corp.		551,773		10,422,992
Enviri Corp.(a)		1,005,342		7,258,569
GEO Group, Inc. (The)(a)		1,587,367		12,984,662
Healthcare Services Group, Inc.		932,090		9,721,699
HNI Corp.		586,768		20,319,776
Interface, Inc., Class A		732,461		7,185,442
Liquidity Services, Inc.(a)		128,240		2,259,589
Matthews International Corp., Class A		383,861		14,936,032
MillerKnoll, Inc.		954,240		23,331,168
OPENLANE, Inc.(a)(b)		1,379,722		20,585,452
Pitney Bowes, Inc.		1,941,853		5,864,396

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
UniFirst Corp.		77,926	$	12,702,717
Viad Corp.(a)		263,237		6,896,809
				215,023,152
Communications Equipment — 0.5%
ADTRAN Holdings, Inc.		279,131		2,297,248
Viasat, Inc.(a)(b)		938,140		17,318,065
Viavi Solutions, Inc.(a)		1,347,681		12,317,804
				31,933,117
Construction & Engineering — 1.0%
Arcosa, Inc.		208,901		15,019,982
Dycom Industries, Inc.(a)(b)		118,712		10,565,368
Granite Construction, Inc.		553,628		21,048,936
MYR Group, Inc.(a)		105,250		14,183,490
				60,817,776
Consumer Finance — 1.7%
Bread Financial Holdings, Inc.		497,094		17,000,615
Encore Capital Group, Inc.(a)(b)		296,611		14,166,142
Enova International, Inc.(a)		388,082		19,741,731
EZCORP, Inc., Class A, NVS(a)(b)		654,921		5,403,098
Navient Corp.		1,103,645		19,004,767
PRA Group, Inc.(a)		495,820		9,524,702
PROG Holdings, Inc.(a)		576,192		19,135,336
World Acceptance Corp.(a)(b)		42,881		5,448,460
				109,424,851
Consumer Staples Distribution & Retail — 0.9%
Andersons, Inc. (The)		221,884		11,429,245
Chefs’ Warehouse, Inc. (The)(a)(b)		170,636		3,614,071
PriceSmart, Inc.		324,849		24,178,511
SpartanNash Co.		436,265		9,597,830
United Natural Foods, Inc.(a)		740,138		10,465,551
				59,285,208
Containers & Packaging — 0.3%
O-I Glass, Inc.(a)(b)		1,055,479		17,658,164
Diversified Consumer Services — 0.5%
Frontdoor, Inc.(a)		485,373		14,847,560
Mister Car Wash, Inc.(a)(b)		564,839		3,112,263
Perdoceo Education Corp.		305,257		5,219,894
Strategic Education, Inc.		119,575		8,998,019
				32,177,736
Diversified REITs — 1.5%
Alexander & Baldwin, Inc.		914,435		15,298,498
American Assets Trust, Inc.		611,282		11,889,435
Armada Hoffler Properties, Inc.		302,496		3,097,559
Essential Properties Realty Trust, Inc.		1,966,553		42,536,541
Global Net Lease, Inc.		2,449,717		23,541,780
				96,363,813
Diversified Telecommunication Services — 0.6%
Cogent Communications Holdings, Inc.		224,467		13,894,507
Consolidated Communications Holdings, Inc.(a)(b)		949,299		3,246,603
Lumen Technologies, Inc.(a)		12,706,048		18,042,588
				35,183,698
Electric Utilities — 0.2%
Otter Tail Corp.		204,895		15,555,628
Electrical Equipment — 0.2%
Powell Industries, Inc.		115,364		9,563,676
SunPower Corp.(a)(b)		480,442		2,964,327
				12,528,003

Security	Shares		Value
Electronic Equipment, Instruments & Components — 3.7%
Arlo Technologies, Inc.(a)(b)		592,225	$	6,099,917
Benchmark Electronics, Inc.		451,254		10,947,422
ePlus, Inc.(a)		176,221		11,193,558
Insight Enterprises, Inc.(a)(b)		381,150		55,457,325
Itron, Inc.(a)		573,041		34,714,824
Knowles Corp.(a)(b)		1,148,824		17,014,083
Methode Electronics, Inc.		217,062		4,959,867
OSI Systems, Inc.(a)		95,396		11,260,544
PC Connection, Inc.		142,449		7,603,928
Rogers Corp.(a)		211,196		27,765,938
Sanmina Corp.(a)		389,539		21,144,177
ScanSource, Inc.(a)		314,664		9,537,466
TTM Technologies, Inc.(a)		1,309,152		16,861,878
				234,560,927
Energy Equipment & Services — 2.6%
Archrock, Inc.		1,736,013		21,873,764
Bristow Group, Inc.(a)		302,412		8,518,946
Core Laboratories, Inc.(b)		305,978		7,346,532
Dril-Quip, Inc.(a)(b)		202,188		5,695,636
Helix Energy Solutions Group, Inc.(a)		1,787,051		19,961,360
Helmerich & Payne, Inc.		526,392		22,192,687
Liberty Energy, Inc., Class A		1,368,192		25,338,916
Nabors Industries Ltd.(a)		36,040		4,437,965
Oceaneering International, Inc.(a)		356,358		9,165,528
Oil States International, Inc.(a)		805,222		6,739,708
Patterson-UTI Energy, Inc.		1,292,914		17,893,930
ProPetro Holding Corp.(a)(b)		1,092,730		11,615,720
U.S. Silica Holdings, Inc.(a)		407,591		5,722,577
				166,503,269
Entertainment — 0.6%
Cinemark Holdings, Inc.(a)(b)		1,364,586		25,040,153
Madison Square Garden Sports Corp., Class A		50,369		8,880,055
Marcus Corp. (The)(b)		309,046		4,790,213
				38,710,421
Financial Services — 1.7%
EVERTEC, Inc.		286,148		10,638,983
Jackson Financial, Inc., Class A		120,636		4,610,708
NMI Holdings, Inc., Class A(a)		509,391		13,799,402
Payoneer Global, Inc.(a)		1,649,018		10,091,990
Radian Group, Inc.		1,346,598		33,813,076
Walker & Dunlop, Inc.		420,326		31,205,002
				104,159,161
Food Products — 0.9%
B&G Foods, Inc.		913,678		9,036,275
Calavo Growers, Inc.		223,842		5,647,534
Fresh Del Monte Produce, Inc.		423,730		10,949,183
Hain Celestial Group, Inc. (The)(a)(b)		1,125,285		11,669,206
John B Sanfilippo & Son, Inc.		44,445		4,391,166
TreeHouse Foods, Inc.(a)(b)		342,562		14,928,852
				56,622,216
Gas Utilities — 0.2%
Chesapeake Utilities Corp.		74,123		7,245,523
Northwest Natural Holding Co.		163,561		6,241,488
				13,487,011
Ground Transportation — 1.0%
ArcBest Corp.		302,844		30,784,093
Heartland Express, Inc.(b)		204,057		2,997,597
RXO, Inc.(a)(b)		1,474,603		29,093,917
				62,875,607

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies — 2.5%
Artivion, Inc.(a)		491,750	$	7,454,930
Avanos Medical, Inc.(a)(b)		589,918		11,928,142
CONMED Corp.(b)		197,620		19,929,977
Embecta Corp.		382,222		5,752,441
Glaukos Corp.(a)		202,310		15,223,828
Integer Holdings Corp.(a)		419,860		32,929,620
LeMaitre Vascular, Inc.		78,136		4,256,849
Omnicell, Inc.(a)(b)		569,915		25,668,972
OraSure Technologies, Inc.(a)(b)		923,182		5,474,469
Orthofix Medical, Inc.(a)		462,291		5,945,062
STAAR Surgical Co.(a)		195,816		7,867,887
Tandem Diabetes Care, Inc.(a)(b)		328,065		6,813,910
Varex Imaging Corp.(a)(b)		507,255		9,531,321
				158,777,408
Health Care Providers & Services — 2.9%
Agiliti, Inc.(a)(b)		244,087		1,584,125
Apollo Medical Holdings, Inc.(a)(b)		530,131		16,354,541
Community Health Systems, Inc.(a)(b)		1,595,690		4,627,501
CorVel Corp.(a)(b)		40,053		7,876,422
Enhabit, Inc.(a)(b)		632,036		7,110,405
Fulgent Genetics, Inc.(a)		142,368		3,806,920
ModivCare, Inc.(a)(b)		154,932		4,881,907
NeoGenomics, Inc.(a)(b)		1,608,169		19,780,479
Owens & Minor, Inc.(a)		964,234		15,582,021
Pediatrix Medical Group, Inc.(a)(b)		1,041,226		13,233,983
Premier, Inc., Class A		1,110,757		23,881,276
RadNet, Inc.(a)(b)		760,331		21,433,731
Select Medical Holdings Corp.		1,314,203		33,209,910
U.S. Physical Therapy, Inc.		73,691		6,759,675
				180,122,896
Health Care REITs — 0.3%
CareTrust REIT, Inc.		474,702		9,731,391
Community Healthcare Trust, Inc.		125,675		3,732,547
LTC Properties, Inc.		182,321		5,857,974
Universal Health Realty Income Trust		56,612		2,288,823
				21,610,735
Health Care Technology — 0.4%
Certara, Inc.(a)(b)		567,448		8,250,694
HealthStream, Inc.		111,011		2,395,617
Schrodinger, Inc.(a)(b)		384,259		10,863,002
Simulations Plus, Inc.		66,920		2,790,564
				24,299,877
Hotel & Resort REITs — 2.2%
Apple Hospitality REIT, Inc.		1,743,438		26,744,339
Chatham Lodging Trust		614,961		5,885,177
DiamondRock Hospitality Co.		2,642,428		21,218,697
Pebblebrook Hotel Trust(b)		1,518,974		20,642,857
Service Properties Trust		2,084,982		16,033,511
Summit Hotel Properties, Inc.		1,356,929		7,870,188
Sunstone Hotel Investors, Inc.		2,611,646		24,418,890
Xenia Hotels & Resorts, Inc.		1,351,600		15,921,848
				138,735,507
Hotels, Restaurants & Leisure — 2.3%
BJ’s Restaurants, Inc.(a)(b)		297,191		6,972,101
Bloomin’ Brands, Inc.		460,167		11,315,507
Brinker International, Inc.(a)(b)		558,292		17,636,444
Cheesecake Factory, Inc. (The)		594,645		18,017,744
Chuy’s Holdings, Inc.(a)(b)		105,548		3,755,398
Cracker Barrel Old Country Store, Inc.		279,234		18,764,525
Dave & Buster’s Entertainment, Inc.(a)(b)		190,435		7,059,425

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Dine Brands Global, Inc.		79,128	$	3,912,880
Golden Entertainment, Inc.(b)		107,396		3,670,795
Papa John’s International, Inc.		226,874		15,477,344
Sabre Corp.(a)		2,593,161		11,643,293
Shake Shack, Inc., Class A(a)		222,104		12,897,579
Six Flags Entertainment Corp.(a)		513,791		12,079,226
				143,202,261
Household Durables — 4.9%
Century Communities, Inc.		359,226		23,989,112
Installed Building Products, Inc.		101,065		12,622,008
iRobot Corp.(a)		347,498		13,170,174
La-Z-Boy, Inc.		545,540		16,846,275
LGI Homes, Inc.(a)(b)		258,221		25,690,407
M/I Homes, Inc.(a)		350,417		29,449,045
MDC Holdings, Inc.		751,745		30,994,446
Meritage Homes Corp.		463,437		56,720,055
Newell Brands, Inc.		4,803,457		43,375,217
Sonos, Inc.(a)(b)		1,616,741		20,872,126
Tri Pointe Homes, Inc.(a)		1,247,857		34,128,889
				307,857,754
Household Products — 0.8%
Central Garden & Pet Co.(a)(b)		62,505		2,758,970
Central Garden & Pet Co., Class A, NVS(a)		269,208		10,792,549
Energizer Holdings, Inc.		838,019		26,850,129
WD-40 Co.(b)		59,742		12,141,964
				52,543,612
Industrial REITs — 0.5%
LXP Industrial Trust		3,688,410		32,826,849
Insurance — 3.7%
Ambac Financial Group, Inc.(a)		571,276		6,889,588
American Equity Investment Life Holding Co.(a)		374,261		20,075,360
AMERISAFE, Inc.		108,566		5,435,900
Assured Guaranty Ltd.		343,689		20,800,058
Employers Holdings, Inc.		161,703		6,460,035
Genworth Financial, Inc., Class A(a)		5,837,388		34,207,094
Goosehead Insurance, Inc., Class A(a)(b)		129,097		9,621,599
HCI Group, Inc.		75,345		4,090,480
Horace Mann Educators Corp.		516,578		15,177,062
James River Group Holdings Ltd.		476,471		7,313,830
Lincoln National Corp.		1,789,713		44,188,014
Mercury General Corp.		335,902		9,415,333
ProAssurance Corp.		655,894		12,389,838
Safety Insurance Group, Inc.		80,534		5,491,613
SiriusPoint Ltd.(a)		1,113,182		11,321,061
Stewart Information Services Corp.		344,707		15,098,166
United Fire Group, Inc.		266,545		5,264,264
				233,239,295
Interactive Media & Services — 0.9%
Cargurus, Inc., Class A(a)		548,396		9,607,898
QuinStreet, Inc.(a)(b)		313,902		2,815,701
Shutterstock, Inc.		158,236		6,020,880
TripAdvisor, Inc.(a)		1,357,117		22,501,000
Yelp, Inc.(a)		363,621		15,122,997
				56,068,476
IT Services — 0.2%
Perficient, Inc.(a)		189,384		10,957,758

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Leisure Products — 0.3%
Sturm Ruger & Co., Inc.		86,713	$	4,519,482
Vista Outdoor, Inc.(a)(b)		401,694		13,304,105
				17,823,587
Life Sciences Tools & Services — 0.6%
Cytek Biosciences, Inc.(a)(b)		698,890		3,857,873
Fortrea Holdings, Inc.(a)(b)		1,116,837		31,930,370
Mesa Laboratories, Inc.		24,723		2,597,645
				38,385,888
Machinery — 3.6%
3D Systems Corp.(a)(b)		1,682,529		8,261,217
Alamo Group, Inc.		35,113		6,069,633
Astec Industries, Inc.		286,301		13,487,640
Barnes Group, Inc.		638,173		21,678,737
CIRCOR International, Inc.(a)		257,611		14,361,813
Enerpac Tool Group Corp., Class A		240,243		6,349,623
ESCO Technologies, Inc.(b)		103,790		10,839,828
Greenbrier Cos., Inc. (The)		389,168		15,566,720
John Bean Technologies Corp.(b)		401,330		42,195,836
Kennametal, Inc.		1,004,788		24,999,125
Proto Labs, Inc.(a)		329,510		8,699,064
SPX Technologies, Inc.(a)		218,378		17,775,969
Standex International Corp.		47,797		6,963,545
Tennant Co.		234,246		17,369,341
Trinity Industries, Inc.		421,993		10,275,530
Wabash National Corp.		248,133		5,240,569
				230,134,190
Media — 1.1%
AMC Networks, Inc., Class A(a)		384,093		4,524,615
DISH Network Corp., Class A(a)(b)		3,128,103		18,330,684
EW Scripps Co. (The), Class A, NVS(a)(b)		747,446		4,096,004
John Wiley & Sons, Inc., Class A		536,417		19,938,620
Scholastic Corp., NVS		351,930		13,422,610
Thryv Holdings, Inc.(a)(b)		383,853		7,204,921
				67,517,454
Metals & Mining — 2.1%
ATI, Inc.(a)(b)		615,928		25,345,437
Carpenter Technology Corp.		611,991		41,131,915
Century Aluminum Co.(a)(b)		658,076		4,731,567
Compass Minerals International, Inc.		424,437		11,863,014
Haynes International, Inc.		53,444		2,486,215
Materion Corp.		112,260		11,440,417
Olympic Steel, Inc.		123,419		6,937,382
SunCoke Energy, Inc.		1,059,149		10,750,362
TimkenSteel Corp.(a)(b)		277,510		6,027,517
Warrior Met Coal, Inc.		288,511		14,737,142
				135,450,968
Mortgage Real Estate Investment Trusts (REITs) — 3.5%
Apollo Commercial Real Estate Finance, Inc.		1,639,170		16,604,792
Arbor Realty Trust, Inc.(b)		2,035,222		30,894,670
Blackstone Mortgage Trust, Inc., Class A		2,172,059		47,242,283
Ellington Financial, Inc.		859,513		10,718,127
Franklin BSP Realty Trust, Inc.		1,035,477		13,709,716
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		810,249		17,177,279
Invesco Mortgage Capital, Inc.		305,931		3,062,369
KKR Real Estate Finance Trust, Inc.		733,347		8,704,829
New York Mortgage Trust, Inc.		1,146,372		9,732,698
PennyMac Mortgage Investment Trust		1,092,432		13,546,157
Ready Capital Corp.		1,991,649		20,135,571

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Redwood Trust, Inc.		1,435,371	$	10,234,195
Two Harbors Investment Corp.		1,211,806		16,044,312
				217,806,998
Multi-Utilities — 0.5%
Avista Corp.		964,627		31,224,976
Office REITs — 2.2%
Brandywine Realty Trust		2,175,346		9,876,071
Douglas Emmett, Inc.		2,100,468		26,801,972
Easterly Government Properties, Inc.		1,180,422		13,492,223
Highwoods Properties, Inc.		1,332,086		27,454,292
Hudson Pacific Properties, Inc.		1,594,925		10,606,251
JBG SMITH Properties		1,186,538		17,157,340
SL Green Realty Corp.		811,635		30,273,986
				135,662,135
Oil, Gas & Consumable Fuels — 2.0%
California Resources Corp.		580,166		32,495,098
Callon Petroleum Co.(a)(b)		352,249		13,779,981
CVR Energy, Inc.		165,078		5,617,604
Green Plains, Inc.(a)(b)		750,373		22,586,227
Par Pacific Holdings, Inc.(a)		708,191		25,452,384
Talos Energy, Inc.(a)(b)		584,125		9,603,015
World Kinect Corp.		758,806		17,020,019
				126,554,328
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)		210,674		7,636,932
Mercer International, Inc.		313,038		2,685,866
Sylvamo Corp.		193,158		8,487,363
				18,810,161
Passenger Airlines — 1.0%
Allegiant Travel Co.		190,538		14,644,750
Hawaiian Holdings, Inc.(a)(b)		656,755		4,157,259
JetBlue Airways Corp.(a)(b)		4,200,743		19,323,418
SkyWest, Inc.(a)		530,220		22,237,427
				60,362,854
Personal Care Products — 0.5%
Edgewell Personal Care Co.		332,577		12,292,046
Nu Skin Enterprises, Inc., Class A		628,424		13,328,873
USANA Health Sciences, Inc.(a)		141,355		8,284,817
				33,905,736
Pharmaceuticals — 0.4%
ANI Pharmaceuticals, Inc.(a)		96,758		5,617,769
Ligand Pharmaceuticals, Inc.(a)(b)		94,437		5,658,665
Phibro Animal Health Corp., Class A		258,702		3,303,625
Prestige Consumer Healthcare, Inc.(a)		186,962		10,692,357
				25,272,416
Professional Services — 0.8%
Forrester Research, Inc.(a)		144,617		4,179,431
Heidrick & Struggles International, Inc.		252,013		6,305,365
Kelly Services, Inc., Class A, NVS		404,166		7,351,780
Korn Ferry		351,196		16,660,738
Resources Connection, Inc.		402,738		6,004,824
TrueBlue, Inc.(a)		390,063		5,722,224
TTEC Holdings, Inc.		120,637		3,163,102
				49,387,464
Real Estate Management & Development — 0.8%
Anywhere Real Estate, Inc.(a)		1,388,113		8,925,566
Cushman & Wakefield PLC(a)(b)		2,118,861		16,145,721

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development (continued)
eXp World Holdings, Inc.(b)		705,428	$	11,456,151
Kennedy-Wilson Holdings, Inc.		954,238		14,065,468
				50,592,906
Residential REITs — 0.6%
Centerspace		188,077		11,333,520
Elme Communities		1,106,432		15,091,732
NexPoint Residential Trust, Inc.		136,600		4,395,788
Veris Residential, Inc.		444,553		7,335,125
				38,156,165
Retail REITs — 2.7%
Acadia Realty Trust		1,199,881		17,218,292
Getty Realty Corp.		208,259		5,775,022
Macerich Co. (The)		2,713,384		29,603,019
Phillips Edison & Co., Inc.		843,527		28,291,896
Retail Opportunity Investments Corp.		1,588,328		19,663,501
RPT Realty		1,009,839		10,663,900
Saul Centers, Inc.		70,714		2,494,083
SITE Centers Corp.		2,268,662		27,972,603
Tanger Factory Outlet Centers, Inc.		597,780		13,509,828
Urban Edge Properties		725,143		11,065,682
Whitestone REIT		591,929		5,700,276
				171,958,102
Semiconductors & Semiconductor Equipment — 1.7%
CEVA, Inc.(a)		117,243		2,273,342
Cohu, Inc.(a)		204,022		7,026,517
FormFactor, Inc.(a)(b)		978,884		34,202,207
Ichor Holdings Ltd.(a)(b)		368,017		11,393,806
Semtech Corp.(a)(b)		806,215		20,760,036
SiTime Corp.(a)(b)		99,515		11,369,589
SMART Global Holdings, Inc.(a)(b)		630,234		15,346,198
Ultra Clean Holdings, Inc.(a)(b)		253,546		7,522,710
				109,894,405
Software — 0.9%
Adeia, Inc.		1,348,139		14,398,125
Cerence, Inc.(a)(b)		507,166		10,330,971
Consensus Cloud Solutions, Inc.(a)		72,967		1,837,309
Digital Turbine, Inc.(a)(b)		414,259		2,506,267
Ebix, Inc.		310,509		3,067,829
LiveRamp Holdings, Inc.(a)		376,800		10,866,912
N-able, Inc.(a)(b)		282,302		3,641,696
OneSpan, Inc.(a)(b)		233,418		2,509,243
Xperi, Inc.(a)		544,239		5,366,197
				54,524,549
Specialized REITs — 0.7%
Four Corners Property Trust, Inc.		377,493		8,376,570
Outfront Media, Inc.		1,830,778		18,490,858
Safehold, Inc.(a)		562,712		10,016,273
Uniti Group, Inc.		1,656,721		7,819,723
				44,703,424
Specialty Retail — 7.7%
Abercrombie & Fitch Co., Class A(a)(b)		631,088		35,574,431
Academy Sports & Outdoors, Inc.(b)		510,785		24,144,807
Advance Auto Parts, Inc.		749,314		41,909,132
American Eagle Outfitters, Inc.		2,339,608		38,860,889
America’s Car-Mart, Inc.(a)(b)		75,256		6,847,543
Asbury Automotive Group, Inc.(a)(b)		142,646		32,818,565
Boot Barn Holdings, Inc.(a)(b)		147,188		11,950,194
Buckle, Inc. (The)		117,391		3,919,686
Caleres, Inc.		429,040		12,339,190
Chico’s FAS, Inc.(a)(b)		1,556,113		11,639,725

Security	Shares		Value
Specialty Retail (continued)
Designer Brands, Inc., Class A		621,417	$	7,867,139
Foot Locker, Inc.		1,030,035		17,871,107
Group 1 Automotive, Inc.		177,118		47,593,378
Guess?, Inc.		344,150		7,447,406
Haverty Furniture Cos., Inc.		83,719		2,409,433
Hibbett, Inc.		76,206		3,620,547
Leslie’s, Inc.(a)(b)		819,174		4,636,525
MarineMax, Inc.(a)(b)		251,621		8,258,201
Monro, Inc.		395,188		10,974,371
National Vision Holdings, Inc.(a)		413,584		6,691,789
ODP Corp. (The)(a)(b)		426,864		19,699,774
Sally Beauty Holdings, Inc.(a)(b)		1,355,774		11,361,386
Shoe Carnival, Inc.		226,645		5,446,279
Signet Jewelers Ltd.(b)		572,398		41,103,900
Sleep Number Corp.(a)(b)		265,866		6,537,645
Sonic Automotive, Inc., Class A		200,025		9,553,194
Upbound Group, Inc.		578,605		17,039,917
Urban Outfitters, Inc.(a)(b)		712,781		23,300,811
Victoria’s Secret & Co.(a)(b)		972,214		16,216,530
				487,633,494
Technology Hardware, Storage & Peripherals — 0.5%
Avid Technology, Inc.(a)(b)		174,520		4,689,352
Corsair Gaming, Inc.(a)(b)		241,270		3,505,653
Xerox Holdings Corp.		1,426,001		22,373,956
				30,568,961
Textiles, Apparel & Luxury Goods — 1.7%
G-III Apparel Group Ltd.(a)(b)		510,802		12,729,186
Hanesbrands, Inc.(b)		4,409,050		17,459,838
Kontoor Brands, Inc.		629,643		27,647,624
Movado Group, Inc.		196,215		5,366,480
Oxford Industries, Inc.		55,726		5,356,941
Steven Madden Ltd.		892,412		28,351,929
Wolverine World Wide, Inc.		1,003,834		8,090,902
				105,002,900
Tobacco — 0.4%
Universal Corp.		310,030		14,636,516
Vector Group Ltd.		932,509		9,921,896
				24,558,412
Trading Companies & Distributors — 1.3%
DXP Enterprises, Inc.(a)		172,688		6,033,719
GMS, Inc.(a)		513,972		32,878,789
NOW, Inc.(a)		1,344,087		15,954,313
Veritiv Corp.		170,816		28,850,822
				83,717,643
Water Utilities — 0.5%
American States Water Co.		144,218		11,347,072
California Water Service Group		276,900		13,100,139
Middlesex Water Co.		80,341		5,322,592
				29,769,803
Wireless Telecommunication Services — 0.6%
Gogo, Inc.(a)(b)		275,015		3,280,929
Shenandoah Telecommunications Co.		633,597		13,058,434
Telephone & Data Systems, Inc.		1,234,139		22,597,085
				38,936,448
Total Long-Term Investments — 98.3% (Cost: $6,831,136,553)				6,201,389,320

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 9.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		431,104,260	$	431,276,702
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		145,219,528		145,219,528
Total Short-Term Securities — 9.2%
(Cost: $576,289,121)				576,496,230
Total Investments — 107.5%
(Cost: $7,407,425,674)				6,777,885,550
Liabilities in Excess of Other Assets — (7.5)%				(471,744,531	)
Net Assets — 100.0%			$	6,306,141,019

^(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	417,296,861	$	13,927,521	(a)	$	—		$	(24,835	)	$	77,155	$	431,276,702		431,104,260	$	1,133,117	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		198,053,688		—			(52,834,160	)(a)		—			—		145,219,528		145,219,528		3,099,790			—
									$	(24,835	)	$	77,155	$	576,496,230			$	4,232,907		$	—

^(a) Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		260		12/15/23	$	23,382	$	(476,139	)

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P Small-Cap 600 Value ETF

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional			Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA(b)		08/19/26	$	(26,386,538	)	$	(1,406,113	)(c)	$	25,028,636		0.4	%
	Monthly	HSBC Bank PLC(d)		02/10/28		(25,757,636	)		(494,013	)(e)		25,356,279		0.4
	Monthly	JPMorgan Chase Bank NA(f)		02/08/24		(27,086,086	)		(1,067,624	)(g)		26,105,374		0.4
								$	(2,967,750	)	$	76,490,289
(a) The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions. (c)  Amount includes $(48,211) of net dividends, payable for referenced securities purchased and financing fees. (e) Amount includes $(92,656) of net dividends, payable for referenced securities purchased and financing fees. (g) Amount includes $(86,912) of net dividends, payable for referenced securities purchased and financing fees. The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	0-75 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Atlantic Union Bankshares Corp.		1,979	$	56,956		0.2	%
Berkshire Hills Bancorp, Inc.		26		521		0.0
Cathay General Bancorp		129,118		4,488,142		17.9
Northwest Bancshares, Inc.		15		153		0.0
TrustCo Bank Corp.		571		15,582		0.1
United Community Banks, Inc.		1,409		35,803		0.2
Washington Federal, Inc.		1,295		33,178		0.1
				4,630,335
Capital Markets
Moelis & Co., Class A		157,569		7,111,089		28.4
WisdomTree, Inc.		8,140		56,980		0.2
				7,168,069
Commercial Services & Supplies
Pitney Bowes, Inc.		2,851		8,610		0.0
Consumer Finance
Bread Financial Holdings, Inc.		135,999		4,651,166		18.6
Green Dot Corp., Class A		24,813		345,645		1.4
				4,996,811
Financial Services
Jackson Financial, Inc., Class A		55,252		2,111,731		8.4
Payoneer Global, Inc.		207,022		1,266,975		5.1
				3,378,706

	Shares		Value		% of Basket Value
Insurance
Horace Mann Educators Corp.		1,749	$	51,386		0.2	%
James River Group Holdings Ltd.		149		2,287		0.0
				53,673
Mortgage Real Estate Investment Trusts (REITs)
Arbor Realty Trust, Inc.		315,707		4,792,432		19.2
Net Value of Reference Entity —
Goldman Sachs Bank USA			$	25,028,636

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Ameris Bancorp		14	$	538		0.0	%
Central Pacific Financial Corp.		31,835		531,008		2.1
Community Bank System, Inc.		1,386		58,503		0.2
First Bancorp		2,223		62,555		0.3
First Commonwealth Financial Corp.		5,034		61,465		0.2
Fulton Financial Corp.		131,217		1,589,038		6.3
Hope Bancorp, Inc.		5,431		48,064		0.2
Provident Financial Services, Inc.		4,034		61,680		0.2
S&T Bancorp, Inc.		2,300		62,284		0.3
Southside Bancshares, Inc.		2,168		62,222		0.2
TrustCo Bank Corp.		571		15,583		0.1

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P Small-Cap 600 Value ETF     

	Shares		Value		% of       Basket Value
Banks (continued)
Trustmark Corp.		2,929	$	63,647		0.3	%
Veritex Holdings, Inc.		3,395		60,940		0.2
				2,677,527
Capital Markets
Artisan Partners Asset Management, Inc., Class A		3,615		135,273		0.5
Consumer Finance
Green Dot Corp., Class A		216,917		3,021,654		11.9
Financial Services
Jackson Financial, Inc., Class A		274,394		10,487,339		41.4
Radian Group, Inc.		16,314		409,644		1.6
				10,896,983
Insurance
Lincoln National Corp.		348,639		8,607,897		33.9
Office REITs
Douglas Emmett, Inc.		1,328		16,945		0.1
Net Value of Reference Entity — HSBC Bank PLC			$	25,356,279

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.

	Shares		Value		% of       Basket Value
Reference Entity — Long
Common Stocks
Banks
Banc of California, Inc.		3,616	$	44,766		0.2	%
Veritex Holdings, Inc.		997		17,896		0.0
				62,662

	Shares		Value		% of       Basket Value
Capital Markets
Artisan Partners Asset Management, Inc., Class A		158,436	$	5,928,675		22.7	%
Consumer Finance
Green Dot Corp., Class A		323,625		4,508,096		17.3
Financial Services
Radian Group, Inc.		621,503		15,605,941		59.8
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	26,105,374

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized     Appreciation		Unrealized  Depreciation
OTC Swaps	$	—	$	—	$	—	$  (2,967,750)

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P Small-Cap 600 Value

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	476,139	$	—	$	—	$	—	$	476,139
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		2,967,750		—		—		—		2,967,750
	$	—	$	—	$	3,443,889	$	—	$	—	$	—	$	3,443,889

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	1,712,626		$	—	$	—	$	—	$	1,712,626
Swaps		—		—		(1,472,381	)		—		—		—		(1,472,381	)
	$	—	$	—	$	240,245		$	—	$	—	$	—	$	240,245
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,831,487	)	$	—	$	—	$	—	$	(1,831,487	)
Swaps		—		—		3,508,306			—		—		—		3,508,306
	$	—	$	—	$	1,676,819		$	—	$	—	$	—	$	1,676,819

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$23,684,210
Total return swaps
Average notional amount	$122,167,769

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

Derivative Financial Instruments – Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments
Futures contracts	$	—	$	136,500
Swaps — OTC(a)		—		2,967,750
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	3,104,250
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(136,500	)
Total derivative assets and liabilities subject to an MNA	$	—	$	2,967,750

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

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

Schedule of Investments  (unaudited)  (continued) September 30, 2023 iShares^® S&P Small-Cap 600 Value ETF

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

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Pledged(b)		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(c)
Goldman Sachs Bank USA	$	1,406,113	$	—	$	—	$	(1,370,000	)	$	36,113
HSBC Bank PLC		494,013		—		—		(494,013	)		—
JPMorgan Chase Bank N.A.		1,067,624		—		—		(1,067,624	)		—
	$	2,967,750	$	—	$	—	$	(2,931,637	)	$	36,113

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

^(b)  Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c) Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	6,201,389,320		$	—		$	—	$	6,201,389,320
Short-Term Securities
Money Market Funds		576,496,230			—			—		576,496,230
	$	6,777,885,550		$	—		$	—	$	6,777,885,550
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(476,139	)	$	(2,967,750	)	$	—	$	(3,443,889	)

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

See notes to financial statements.

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

Statements of Assets and Liabilities  (unaudited) 

September 30, 2023

	iShares S&P 100 ETF		iShares S&P 500 Growth ETF		iShares S&P 500 Value ETF			iShares S&P Small-Cap 600 Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	8,362,723,537	$	33,728,591,438	$	23,808,000,451		$	6,201,389,320
Investments, at value — affiliated(c)		94,425,627		298,384,497		428,554,470			576,496,230
Cash		153		538		159,788			470,714
Cash pledged:
Collateral — OTC derivatives		—		—		—			7,150,000
Futures contracts		1,157,640		2,974,340		2,837,360			1,791,000
Receivables:
Investments sold		373,184		8,506,817		10,499,690			24,820,515
Securities lending income — affiliated		31,966		44,285		19,998			137,283
Swaps		—		—		—			993
Dividends — unaffiliated		4,043,357		18,284,429		20,008,537			11,153,774
Dividends — affiliated		94,439		281,445		221,041			452,646
Due from broker		81		—		—			417,020
Total assets		8,462,849,984		34,057,067,789		24,270,301,335			6,824,279,495
LIABILITIES
Collateral on securities loaned		15,721,307		144,944,538		126,631,440			431,203,495
Payables:
Investments purchased		373,184		8,506,817		10,499,689			41,531,505
Swaps		—		—		—			4,354,134
Capital shares redeemed		22,454		—		—			—
Income dividend distributions		30,978,822		110,002,344		131,124,937			36,978,433
Investment advisory fees		1,417,553		5,159,220		3,679,744			966,659
Variation margin on futures contracts		55,890		143,400		136,800			136,500
Unrealized depreciation on OTC swaps		—		—		—			2,967,750
Total liabilities		48,569,210		268,756,319		272,072,610			518,138,476
Commitments and contingent liabilities
NET ASSETS	$	8,414,280,774	$	33,788,311,470	$	23,998,228,725		$	6,306,141,019
NET ASSETS CONSIST OF:
Paid-in capital	$	7,373,849,803	$	27,535,209,957	$	24,811,825,345		$	8,227,993,469
Accumulated earnings (loss)		1,040,430,971		6,253,101,513		(813,596,620	)		(1,921,852,450	)
NET ASSETS	$	8,414,280,774	$	33,788,311,470	$	23,998,228,725		$	6,306,141,019
NET ASSET VALUE
Shares outstanding		41,950,000		493,800,000		156,100,000			70,700,000
Net asset value	$	200.58	$	68.43	$	153.74		$	89.20
Shares authorized		Unlimited		Unlimited		Unlimited			Unlimited
Par value		None		None		None			None
(a) Investments, at cost — unaffiliated	$	7,077,464,442	$	25,078,370,854	$	23,215,045,322		$	6,831,136,553
(b) Securities loaned, at value	$	15,250,319	$	142,477,449	$	123,380,222		$	418,587,514
(c)  Investments, at cost — affiliated	$	92,859,520	$	298,334,664	$	444,210,539		$	576,289,121

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 35

Statements of Operations (unaudited)

Six Months Ended September 30, 2023

	iShares S&P 100 ETF			iShares S&P 500 Growth ETF			iShares S&P 500 Value ETF			iShares S&P Small-Cap 600 Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	62,368,662		$	207,773,755		$	242,203,145		$	72,911,597
Dividends — affiliated		1,017,878			1,284,199			3,291,300			3,099,790
Securities lending income — affiliated — net		11,979			1,195,928			694,602			1,133,117
Foreign taxes withheld		—			(78,507	)		(47,956	)		—
Total investment income		63,398,519			210,175,375			246,141,091			77,144,504
EXPENSES
Investment advisory		8,209,107			29,529,187			22,431,369			6,064,963
Interest expense		2,557			14,260			—			11,649
Total expenses		8,211,664			29,543,447			22,431,369			6,076,612
Net investment income		55,186,855			180,631,928			223,709,722			71,067,892
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(24,611,967	)		(30,389,301	)		(100,546,151	)		(405,705,881	)
Investments — affiliated		(669,282	)		20,983			(3,107,870	)		(24,835	)
Futures contracts		2,351,967			6,943,310			8,324,454			1,712,626
In-kind redemptions — unaffiliated(a)		168,584,769			821,952,972			339,707,206			32,777,227
In-kind redemptions — affiliated(a)		608,181			—			2,066,336			—
Swaps		—			—			—			(1,472,381	)
		146,263,668			798,527,964			246,443,975			(372,713,244	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		401,243,026			1,246,678,644			76,415,380			40,707,530
Investments — affiliated		(908,478	)		25,111			(3,233,110	)		77,155
Futures contracts		(1,809,626	)		(4,810,946	)		(5,213,991	)		(1,831,487	)
Swaps		—			—			—			3,508,306
		398,524,922			1,241,892,809			67,968,279			42,461,504
Net realized and unrealized gain (loss)		544,788,590			2,040,420,773			314,412,254			(330,251,740	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	599,975,445		$	2,221,052,701		$	538,121,976		$	(259,183,848	)

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

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares S&P 100 ETF						iShares S&P 500 Growth ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	55,186,855		$	113,224,910		$	180,631,928		$	280,085,567
Net realized gain		146,263,668			407,479,441			798,527,964			191,710,832
Net change in unrealized appreciation (depreciation)		398,524,922			(1,345,332,448	)		1,241,892,809			(5,994,083,405	)
Net increase (decrease) in net assets resulting from operations		599,975,445			(824,628,097	)		2,221,052,701			(5,522,287,006	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(55,469,491	)		(113,384,492	)		(179,363,147	)		(273,353,269	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		321,747,280			(291,408,168	)		1,582,530,431			(798,680,236	)
NET ASSETS
Total increase (decrease) in net assets		866,253,234			(1,229,420,757	)		3,624,219,985			(6,594,320,511	)
Beginning of period		7,548,027,540			8,777,448,297			30,164,091,485			36,758,411,996
End of period	$	8,414,280,774		$	7,548,027,540		$	33,788,311,470		$	30,164,091,485

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 37

Statements of Changes in Net Assets   (continued)

	iShares S&P 500 Value ETF						iShares S&P Small-Cap 600 Value ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	223,709,722		$	503,287,391		$	71,067,892		$	126,569,524
Net realized gain (loss)		246,443,975			2,360,039,333			(372,713,244	)		41,006,441
Net change in unrealized appreciation (depreciation)		67,968,279			(3,132,333,186	)		42,461,504			(885,835,581	)
Net increase (decrease) in net assets resulting from operations		538,121,976			(269,006,462	)		(259,183,848	)		(718,259,616	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(216,687,425	)		(505,414,298	)		(65,368,033	)		(106,591,690	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(799,481,074	)		(635,658,997	)		(352,655,152	)		(741,070,327	)
NET ASSETS
Total decrease in net assets		(478,046,523	)		(1,410,079,757	)		(677,207,033	)		(1,565,921,633	)
Beginning of period		24,476,275,248			25,886,355,005			6,983,348,052			8,549,269,685
End of period	$	23,998,228,725		$	24,476,275,248		$	6,306,141,019		$	6,983,348,052

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

See notes to financial statements.

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

Financial Highlights  

(For a share outstanding throughout each period)

	iShares S&P 100 ETF
		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	187.06		$	208.24		$	179.83		$	118.50		$	125.31		$	115.89
Net investment income(a)		1.35			2.66			2.41			2.37			2.48			2.35
Net realized and unrealized gain(b)		13.50			(21.16	)		28.36			61.39			(6.58	)		9.45
Net increase from investment operations		14.85			(18.50	)		30.77			63.76			(4.10	)		11.80
Distributions from net investment income(c)		(1.33	)		(2.68	)		(2.36	)		(2.43	)		(2.71	)		(2.38	)
Net asset value, end of period	$	200.58		$	187.06		$	208.24		$	179.83		$	118.50		$	125.31
Total Return(d)
Based on net asset value		7.95	%(e)		(8.80	)%		17.14	%		54.11	%		(3.42	)%		10.25	%
Ratios to Average Net Assets(f)
Total expenses		0.20	%(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.34	%(g)		1.48	%		1.19	%		1.52	%		1.86	%		1.94	%
Supplemental Data
Net assets, end of period (000)	$	8,414,281		$	7,548,028		$	8,777,448		$	6,977,233		$	4,852,686		$	4,824,336
Portfolio turnover rate(h)		2	%		3	%		2	%		8	%		4	%		7	%

^(a)  Based on average shares outstanding.

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

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

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

^(e) Not annualized.

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

^(g) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 39

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares S&P 500 Growth ETF
		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)
Net asset value, beginning of period	$	63.92		$	76.34		$	65.08		$	41.25		$	43.10		$	38.76
Net investment income(b)		0.38			0.60			0.41			0.47			0.60			0.52
Net realized and unrealized gain(c)		4.50			(12.44	)		11.27			23.85			(1.68	)		4.33
Net increase from investment operations		4.88			(11.84	)		11.68			24.32			(1.08	)		4.85
Distributions from net investment income(d)		(0.37	)		(0.58	)		(0.42	)		(0.49	)		(0.77	)		(0.51	)
Net asset value, end of period	$	68.43		$	63.92		$	76.34		$	65.08		$	41.25		$	43.10
Total Return(e)
Based on net asset value		7.63	%(f)		(15.48	)%		17.94	%		59.13	%		(2.65	)%		12.59	%
Ratios to Average Net Assets(g)
Total expenses		0.18	%(h)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		1.10	%(h)		0.94	%		0.55	%		0.82	%		1.30	%		1.27	%
Supplemental Data
Net assets, end of period (000)	$	33,788,311		$	30,164,091		$	36,758,412		$	31,174,756		$	22,307,379		$	22,550,900
Portfolio turnover rate(i)		2	%		34	%		14	%		13	%		27	%		27	%

^(a) Per share amounts reflect a four-for-one stock split effective after the close of trading on October 16, 2020.

^(b) Based on average shares outstanding.

^(c) 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.

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

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

^(f)  Not annualized.

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

^(h) Annualized.

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

See notes to financial statements.

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

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares S&P 500 Value ETF
		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	151.79		$	155.61		$	141.09		$	96.29		$	112.76		$	109.32
Net investment income(a)		1.42			3.00			2.89			2.83			2.86			2.69
Net realized and unrealized gain(b)		1.91			(3.78	)		14.48			44.86			(16.41	)		3.53
Net increase from investment operations		3.33			(0.78	)		17.37			47.69			(13.55	)		6.22
Distributions from net investment income(c)		(1.38	)		(3.04	)		(2.85	)		(2.89	)		(2.92	)		(2.78	)
Net asset value, end of period	$	153.74		$	151.79		$	155.61		$	141.09		$	96.29		$	112.76
Total Return(d)
Based on net asset value		2.19	%(e)		(0.35	)%		12.39	%		50.10	%		(12.34	)%		5.79	%
Ratios to Average Net Assets(f)
Total expenses		0.18	%(g)		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		1.80	%(g)		2.06	%		1.92	%		2.39	%		2.40	%		2.43	%
Supplemental Data
Net assets, end of period (000)	$	23,998,229		$	24,476,275		$	25,886,355		$	21,424,451		$	14,187,829		$	15,234,432
Portfolio turnover rate(h)		2	%		29	%		18	%		26	%		32	%		31	%

^(a)  Based on average shares outstanding.

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

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

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

^(e) Not annualized.

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

^(g) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 41

Financial Highlights  (continued)

(For a share outstanding throughout each period)

		iShares S&P Small-Cap 600 Value ETF
	Six Months Ended 09/30/23 (unaudited)					Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)		Year Ended 03/31/19	(a)
Net asset value, beginning of period		$	93.67		$	102.39		$	100.53		$	50.14		$	73.81		$	75.49
Net investment income(b)			0.98			1.62			1.07			1.12			1.10			1.20
Net realized and unrealized gain(c)			(4.53	)		(8.96	)		2.32			50.16			(23.45	)		(1.71	)
Net increase from investment operations			(3.55	)		(7.34	)		3.39			51.28			(22.35	)		(0.51	)
Distributions from net investment income(d)			(0.92	)		(1.38	)		(1.53	)		(0.89	)		(1.32	)		(1.17	)
Net asset value, end of period		$	89.20		$	93.67		$	102.39		$	100.53		$	50.14		$	73.81
Total Return(e)
Based on net asset value			(3.82	)%(f)		(7.08	)%		3.38	%		103.08	%(g)		(30.75	)%		(0.71	)%
Ratios to Average Net Assets(h)
Total expenses			0.18	%(i)		0.18	%		0.18	%		0.21	%		0.25	%		0.25	%
Net investment income			2.11	%(i)		1.71	%		1.04	%		1.56	%		1.48	%		1.54	%
Supplemental Data
Net assets, end of period (000)		$	6,306,141		$	6,983,348		$	8,549,270		$	8,806,141		$	4,120,917		$	6,155,204
Portfolio turnover rate(j)			18	%		54	%		42	%		52	%		53	%		38	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on October 16, 2020.

^(b) Based on average shares outstanding.

^(c) 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.

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

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

^(f) Not annualized.

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

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

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

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
S&P 100	Diversified
S&P 500 Growth	Diversified
S&P 500 Value	Diversified
S&P Small-Cap 600 Value	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Fund is 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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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Notes to Financial Statements (unaudited)(continued)

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

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

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

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

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

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Fund uses current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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 the Manager’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

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Notes to Financial Statements (unaudited)(continued)

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

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

	Securities				Cash		Non-Cash Collateral Received,					Net
iShares ETF and Counterparty	Loaned at Value				Collateral Received	(a)			at Fair Value	(a)		Amount	(b)
S&P 100
Barclays Bank PLC		$	510,191	$	(510,191	)		$	—		$	—
UBS AG			14,740,128		(14,740,128	)			—			—
		$	15,250,319	$	(15,250,319	)		$	—		$	—
S&P 500 Growth
Barclays Bank PLC		$	4,191,945	$	(4,191,945	)		$	—		$	—
BNP Paribas SA			29,920,998		(29,920,998	)			—			—
BofA Securities, Inc.			27,460,935		(27,460,935	)			—			—
Citigroup Global Markets, Inc.			4,732,020		(4,732,020	)			—			—
Goldman Sachs & Co. LLC			20,059,737		(20,059,737	)			—			—
HSBC Bank PLC			1,251,424		(1,251,424	)			—			—
J.P. Morgan Securities LLC			11,279,057		(11,279,057	)			—			—
Jefferies LLC			738,800		(738,800	)			—			—
RBC Capital Market LLC			4,939,363		(4,939,363	)			—			—
Scotia Capital (USA), Inc.			230,945		(230,945	)			—			—
SG Americas Securities LLC			2,128,590		(2,128,590	)			—			—
Toronto-Dominion Bank			12,127,031		(12,127,031	)			—			—
UBS AG			20,389,461		(20,225,190	)			—			164,271
Wells Fargo Bank N.A.			3,027,143		(3,027,143	)			—			—
		$	142,477,449	$	(142,313,178	)		$	—		$	164,271
S&P 500 Value
Barclays Bank PLC		$	52,348,492	$	(52,348,492	)		$	—		$	—
Barclays Capital, Inc.			2,948,968		(2,948,968	)			—			—
BNP Paribas SA			16,044,232		(16,044,232	)			—			—
BofA Securities, Inc.			596,330		(596,330	)			—			—
Citadel Clearing LLC			6,625,409		(6,625,409	)			—			—
Citigroup Global Markets, Inc.			156,023		(156,023	)			—			—
Goldman Sachs & Co. LLC			3,884,227		(3,884,227	)			—			—
HSBC Bank PLC			9,689,388		(9,689,388	)			—			—
J.P. Morgan Securities LLC			18,453,073		(18,453,073	)			—			—
Jefferies LLC			507,367		(507,367	)			—			—
RBC Capital Market LLC			26,279		(26,279	)			—			—
Scotia Capital (USA), Inc.			3,822,446		(3,822,446	)			—			—
Scotia Capital, Inc.			2,003		(2,003	)			—			—
SG Americas Securities LLC			4,540,382		(4,540,382	)			—			—
Toronto-Dominion Bank			205,541		(205,541	)			—			—
UBS AG			1,559,321		(1,548,147	)			—			11,174
UBS Securities LLC			115,842		(115,842	)			—			—
Virtu Americas LLC			124,704		(124,704	)			—			—
Wells Fargo Bank N.A.			1,730,195		(1,730,195	)			—			—
		$	123,380,222	$	(123,369,048	)		$	—		$	11,174
S&P Small-Cap 600 Value
Barclays Bank PLC		$	4,902,214	$	(4,902,214	)		$	—		$	—
Barclays Capital, Inc.			266,031		(266,031	)			—			—
BMO Capital Markets Corp.			986		(986	)			—			—
BNP Paribas SA			74,533,651		(74,533,651	)			—			—
BofA Securities, Inc.			18,980,153		(18,980,153	)			—			—
Citadel Clearing LLC			3,202,485		(3,202,485	)			—			—
Citigroup Global Markets, Inc.			3,184,415		(3,184,415	)			—			—
Credit Suisse Securities (USA) LLC			1,869		(1,869	)			—			—
Goldman Sachs & Co. LLC			70,821,192		(70,821,192	)			—			—
HSBC Bank PLC			690,732		(690,732	)			—			—
J.P. Morgan Securities LLC			64,081,100		(64,081,100	)			—			—
Jefferies LLC			2,584,838		(2,584,838	)			—			—
Morgan Stanley			98,280,424		(98,280,424	)			—			—
National Financial Services LLC			8,295,124		(8,295,124	)			—			—
Natixis SA			3,733,421		(3,733,421	)			—			—
RBC Capital Market LLC			32,700,901		(32,700,901	)			—			—
Scotia Capital (USA), Inc.			139,470		(139,470	)			—			—

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Notes to Financial Statements (unaudited)(continued)

			Securities		Cash		Non-Cash Collateral Received,					Net
iShares ETF and Counterparty	Loaned at Value				Collateral Received	(a)			at Fair Value	(a)		Amount	(b)
S&P Small-Cap 600 Value (continued)
SG Americas Securities LLC		$	253,259	$	(253,259	)		$	—		$	—
State Street Bank & Trust Co.			25,574,270		(25,574,270	)			—			—
Toronto-Dominion Bank			2,645,900		(2,645,900	)			—			—
UBS AG			2,716,415		(2,716,415	)			—			—
UBS Securities LLC			217,551		(217,434	)			—			117
Virtu Americas LLC			279,450		(279,450	)			—			—
Wells Fargo Bank N.A.			193,584		(193,584	)			—			—
Wells Fargo Securities LLC			308,079		(308,079	)			—			—
		$	418,587,514	$	(418,587,397	)		$	—		$	117

^(a) Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b) The market value of the loaned securities is determined as of September 30, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value 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.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares S&P Small-Cap 600 Value to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short

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Notes to Financial Statements (unaudited)(continued)

positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statement of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, is reported separately in the Statement of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedule of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statement of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
S&P 100	0.20%
S&P 500 Growth	0.18
S&P 500 Value	0.18
S&P Small-Cap 600 Value	0.18

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. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities

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Notes to Financial Statements (unaudited)(continued)

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

iShares ETF	Amounts
S&P 100	$	4,855
S&P 500 Growth		333,480
S&P 500 Value		192,715
S&P Small-Cap 600 Value		359,409

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

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

For the six months ended September 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized  Gain (Loss)
S&P 100	$	33,575,048	$	10,463,121	$	(2,800,279)
S&P 500 Growth		233,574,740		62,244,403		(4,787,647)
S&P 500 Value		85,725,230		49,671,880		(28,025,079)
S&P Small-Cap 600 Value		342,483,225		76,357,300		(14,812,026)

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

iShares ETF	Purchases		Sales
S&P 100	$	130,818,294	$	130,452,449
S&P 500 Growth		591,789,039		585,384,954
S&P 500 Value		420,607,201		407,768,277
S&P Small-Cap 600 Value		1,316,116,358		1,223,744,827

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Notes to Financial Statements (unaudited)(continued)

For the six months ended September 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
S&P 100	$	757,464,664	$	436,899,112
S&P 500 Growth		3,397,367,110		1,817,612,484
S&P 500 Value		756,400,007		1,552,966,167
S&P Small-Cap 600 Value		62,248,127		412,456,728

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

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards		Qualified Late-Year Ordinary Losses
S&P 100	$	362,360,219	$	—
S&P 500 Growth		3,160,067,414		—
S&P 500 Value		1,566,023,135		—
S&P Small-Cap 600 Value		854,325,126		26,519,224

As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
S&P 100	$	7,200,347,206	$	1,707,088,159	$	(451,082,669	)	$	1,256,005,490
S&P 500 Growth		25,415,525,105		9,673,894,480		(1,064,713,304	)		8,609,181,176
S&P 500 Value		23,733,364,669		3,023,838,812		(2,522,691,622	)		501,147,190
S&P Small-Cap 600 Value		7,453,557,083		539,123,867		(1,218,239,289	)		(679,115,422	)

9. PRINCIPAL RISKS

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

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

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

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

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 49

Notes to Financial Statements (unaudited)(continued)

increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

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 the Manager 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 Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

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

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
S&P 100
Shares sold		3,750,000		$	759,990,565			6,650,000		$	1,223,360,035
Shares redeemed		(2,150,000	)		(438,243,285	)		(8,450,000	)		(1,514,768,203	)
		1,600,000		$	321,747,280			(1,800,000	)	$	(291,408,168	)
S&P 500 Growth
Shares sold		48,450,000		$	3,403,231,759			65,500,000		$	4,123,265,045
Shares redeemed		(26,550,000	)		(1,820,701,328	)		(75,100,000	)		(4,921,945,281	)
		21,900,000		$	1,582,530,431			(9,600,000	)	$	(798,680,236	)

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Notes to Financial Statements (unaudited)(continued)

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
S&P 500 Value
Shares sold		4,800,000		$	759,381,347			67,300,000		$	9,872,676,861
Shares redeemed		(9,950,000	)		(1,558,862,421	)		(72,400,000	)		(10,508,335,858	)
		(5,150,000	)	$	(799,481,074	)		(5,100,000	)	$	(635,658,997	)
S&P Small-Cap 600 Value
Shares sold		650,000		$	62,869,057			39,800,000		$	3,828,377,839
Shares redeemed		(4,500,000	)		(415,524,209	)		(48,750,000	)		(4,569,448,166	)
		(3,850,000	)	$	(352,655,152	)		(8,950,000	)	$	(741,070,327	)

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.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 51

Board Review and Approval of Investment Advisory Contract  

iShares S&P 100 ETF, iShares S&P Small-Cap 600 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 the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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Board Review and Approval of Investment Advisory Contract  (continued)

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares S&P 500 Growth ETF, iShares S&P 500 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 the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet

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Board Review and Approval of Investment Advisory Contract  (continued)

applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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.

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Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
S&P 100	$	1.330995	$	—	$	—	$	1.330995		100	%		—	%		—	%		100	%
S&P Small-Cap 600 Value(a)		0.868960		—		0.048370		0.917330		95			—			5			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L   I N F O R M A T I O N 57

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

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Want to know more?

iShares.com   |  1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©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.

iS-SAR-301-0923

SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Preferred and Income Securities ETF | PFF | NASDAQ

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.18%	21.62%
U.S. small cap equities (Russell 2000® Index)	(0.19)	8.93
International equities (MSCI Europe, Australasia, Far East Index)	(1.28)	25.65
Emerging market equities (MSCI Emerging Markets Index)	(2.05)	11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.50	4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.98)	(2.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.05)	0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.05)	2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.22	10.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		5
Disclosure of Expenses		5
Schedule of Investments		6
Financial Statements:
Statement of Assets and Liabilities		14
Statement of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		18
Board Review and Approval of Investment Advisory Contract		24
Supplemental Information		26
General Information		27
Glossary of Terms Used in this Report		28

3

Fund Summary  as of September 30, 2023 iShares^® Preferred and Income Securities ETF

Investment Objective

The iShares Preferred and Income Securities ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. dollar-denominated preferred and hybrid securities, as represented by the ICE Exchange-Listed Preferred & Hybrid Securities Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment portfolio similar to the index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.13	)%		1.60	%		1.26	%		3.48	%		1.60	%		6.48	%		40.78	%
Fund Market		(0.29	)		1.82			1.26			3.46			1.82			6.45			40.54
Index(a)		0.09			2.03			1.89			4.13			2.03			9.79			49.88

^(a)  Index returns through January 31, 2019 reflect the performance of the S&P U.S. Preferred Stock Index, which, effective as of February 1 2019, was replaced by the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index as the Underlying Index of the Fund. Index returns from February 1, 2019 through October 31, 2019 reflect the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index. Index returns beginning on November 1, 2019 reflect the performance of the ICE Exchange-Listed Preferred & Hybrid Securities Index, which, effective as of November 1, 2019, replaced the ICE Exchange-Listed Preferred & Hybrid Securities Transition Index as the Underlying Index of the Fund.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$         1,000.00	$         998.70	$         2.30			$         1,000.00	$         1,022.69	$         2.33		0.46	%

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	65.9	%
Utilities	10.7
Real Estate	8.2
Communication Services	4.9
Industrials	3.3
Energy	2.6
Consumer Discretionary	2.4
Consumer Staples	1.7
Other (each representing less than 1%)	0.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Wells Fargo & Co., Series L, NVS	2.1	%
Citigroup Capital XIII, (3-mo. CME Term SOFR + 6.632%), NVS	1.8
Bank of America Corp., Series L, NVS	1.3
Apollo Global Management, Inc	1.1
JPMorgan Chase & Co., Series EE, NVS	1.1
NextEra Energy, Inc.	1.0
Citigroup, Inc., Series K, (3-mo. CME Term SOFR + 4.392%), NVS	1.0
JPMorgan Chase & Co., Series DD, NVS	0.9
AT&T Inc., Series C, NVS	0.9
JPMorgan Chase & Co., Series MM, NVS	0.8

^(a)  Excludes money market funds.

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About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of the 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 the 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 example shown (which is based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) is intended to assist shareholders both in calculating expenses based on an investment in the Fund and in comparing these expenses with similar costs of investing in other funds.

The expense example provides 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 example also provides 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 Fund and other funds, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense example 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 example is 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.

A B O U T    F U N D    P E R F O  R M A N C E    /    D I S C L O S U R E    O F    E X  P E N S E S 5

Schedule of Investments  (unaudited)  September 30, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Securities
Preferred Stocks — 98.6%
Automobiles — 1.3%
Ford Motor Co. 6.00%		2,751,539	$	61,304,289
6.50%, NVS		2,063,570		47,193,846
6.20%		2,579,592		58,530,942
				167,029,077
Banks — 26.1%
Associated Banc-Corp
(5 year CMT + 2.812%), 6.63%(a)		1,036,351		20,986,108
Series E, 5.88%, NVS(b)(c)		356,804		6,162,005
Series F, 5.63%, NVS(b)		346,760		5,790,892
Atlantic Union Bankshares Corp., Series A, 6.88%, NVS(b)		515,337		10,605,635
Bank of America Corp.
Series 02, (3-mo. CME Term SOFR + 0.912%), 6.32%, NVS(a)(b)		532,905		11,244,296
Series 4, (3-mo. CME Term SOFR + 1.012%), 6.42%, NVS(a)(b)		366,260		7,728,086
Series 5, (3-mo. CME Term SOFR + 0.762%), 6.14%, NVS(a)(b)		755,986		15,694,269
Series E, (3-mo. CME Term SOFR + 0.612%), 5.98%, NVS(a)(b)		549,009		11,024,101
Series GG, 6.00%(b)		2,517,149		60,587,776
Series HH, 5.88%, NVS(b)		1,576,138		36,534,879
Series K*, (3-mo. USD LIBOR + 1.327%), 6.45%(a)		1,976,978		49,681,457
Series KK, 5.38%, NVS(b)		2,573,665		55,050,694
Series L, 7.25%, NVS(b)(d)		144,486		160,698,774
Series LL, 5.00%, NVS(b)		2,418,558		49,169,284
Series NN, 4.38%, NVS(b)		1,988,531		35,018,031
Series PP, 4.13%, NVS(b)		1,718,092		28,795,222
Series QQ, 4.25%, NVS(b)		2,405,134		41,007,535
Series SS, 4.75%, NVS(b)		1,292,733		24,794,619
Bank of Hawaii Corp., Series A, 4.38%, NVS(b)		579,330		8,168,553
Bank OZK, Series A, 4.63%, NVS(b)		1,203,666		18,199,430
Cadence Bank, Series A, 5.50%, NVS(b)		552,484		9,685,045
Citigroup, Inc.
Series J, (3-mo. CME Term SOFR + 4.302%), 7.13%(a)(b)		3,267,456		83,842,921
Series K, (3-mo. CME Term SOFR + 4.392%), 6.88%, NVS(a)(b)		5,141,952		129,680,029
Citizens Financial Group, Inc.
Series D, (3-mo. CME Term SOFR + 3.904%), 6.35%, NVS(a)(b)		1,031,826		24,227,274
Series E, 5.00%, NVS(b)		1,547,760		29,577,694
ConnectOne Bancorp, Inc., Series A, (5 year CMT + 4.420%), 5.25%, NVS(a)(b)		445,248		7,578,121
Cullen/Frost Bankers, Inc., Series B, 4.45%, NVS(b)		515,917		8,590,018
Dime Community Bancshares, Inc., 5.50%, NVS(b)(c)		455,631		7,062,281
Fifth Third Bancorp
Series A, 6.00%, NVS(b)		693,912		16,119,576
Series I, (3-mo. CME Term SOFR + 3.972%), 6.63%, NVS(a)(b)		1,547,776		39,623,066
Series K, 4.95%, NVS(b)		866,603		18,068,673
First Citizens BancShares, Inc.
Series A, 5.38%, NVS(b)		1,186,616		23,637,391
Series C, 5.63%, NVS(b)		691,339		13,847,520

Security	Shares		Value
Banks (continued)
First Horizon Corp. 6.50%, NVS(b)		515,917	$	10,782,665
Series D, (3-mo. USD LIBOR + 3.859%), 6.10%(a)(b)(c)		343,971		8,103,957
Series F, 4.70%(b)		524,310		7,450,445
FNB Corp., (3-mo. USD LIBOR + 4.600%), 7.25%, NVS(a)(b)		381,320		9,540,626
Fulton Financial Corp., Series A, 5.13%, NVS(b)		643,038		9,870,633
Hancock Whitney Corp., 6.25%		593,277		14,143,724
Heartland Financial U.S.A., Inc., Series E, (5 year CMT + 6.675%), 7.00%, NVS(a)(b)		395,571		9,624,242
Huntington Bancshares, Inc.
Series C, 5.70%, NVS(b)		601,899		12,453,290
Series H, 4.50%, NVS(b)		1,719,672		28,959,277
Series J, (5 year CMT + 2.704%), 6.88%, NVS(a)(b)		1,119,521		26,297,548
JPMorgan Chase & Co.
Series DD, 5.75%, NVS(b)		4,902,588		116,730,620
Series EE, 6.00%, NVS(b)(c)		5,375,705		133,263,727
Series GG, 4.75%, NVS(b)		2,565,662		52,570,414
Series JJ, 4.55%, NVS(b)		4,312,435		82,108,762
Series LL, 4.63%, NVS(b)		5,330,051		104,309,098
Series MM, 4.20%, NVS(b)		5,763,356		104,316,744
KeyCorp
(5 year CMT + 3.132%), 6.20%, NVS(a)(b)		2,063,675		40,736,945
Series E, (3-mo. CME Term SOFR + 4.154%), 6.13%, NVS(a)(b)		1,719,703		38,177,407
Series F, 5.65%, NVS(b)		1,461,786		28,037,056
Series G, 5.63%, NVS(b)		1,547,760		28,679,993
M&T Bank Corp., Series H, (3-mo. USD LIBOR + 4.020%), 5.63%, NVS(a)(b)(c)		859,881		19,579,490
Midland States Bancorp, Inc., (5 year CMT + 4.713%), 7.75%, NVS(a)(b)		395,538		9,512,689
New York Community Bancorp, Inc., Series A., (3-mo. USD LIBOR + 3.821%), 6.38%, NVS(a)(b)		1,771,288		39,836,267
New York Community Capital Trust V, 6.00%, NVS(d)		250,256		9,126,836
Old National Bancorp
Series A, 7.00%, NVS(b)		374,889		8,903,614
Series C, 7.00%, NVS(b)		422,243		10,112,720
PacWest Bancorp, Series A, (5 year CMT + 4.820%), 7.75%, NVS(a)(b)		1,765,286		36,170,710
Pinnacle Financial Partners, Inc., Series B, 6.75%, NVS(b)		773,834		17,566,032
Popular Capital Trust II, 6.13%		347,436		8,744,964
Regions Financial Corp.
Series B, (3-mo. CME Term SOFR + 3.798%), 6.38%, NVS(a)(b)(c)		1,719,704		40,258,271
Series C, (3-mo. USD LIBOR + 3.148%), 5.70%, NVS(a)(b)		1,719,704		33,706,198
Series E, 4.45%, NVS(b)		1,375,814		22,370,736
Synovus Financial Corp.
Series D, (3-mo. CME Term SOFR + 3.614%), 9.01%, NVS(a)(b)(c)		687,861		17,093,346
Series E, (5 year CMT + 4.127%), 5.88%, NVS(a)(b)		1,203,778		25,917,340
Texas Capital Bancshares, Inc., Series B, 5.75%, NVS(b)		1,065,901		19,164,900
Truist Financial Corp.
Series I, (3-mo. CME Term SOFR + 0.792%), 6.20%, NVS(a)(b)		593,358		12,881,802

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

Schedule of Investments  (unaudited) (continued) September 30, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Truist Financial Corp.
Series O, 5.25%, NVS(b)		1,977,704	$	42,026,210
Series R, 4.75%, NVS(b)		3,181,483		59,398,288
U.S. Bancorp
Series A, (3-mo. CME Term SOFR + 1.282%), 6.59%, NVS(a)(b)		49,424		37,957,632
Series B*, (3-mo. CME Term SOFR + 0.862%), 6.17%, NVS(a)(b)		3,439,480		64,937,382
Series K, 5.50%, NVS(b)		1,977,704		42,678,852
Series L, 3.75%, NVS(b)		1,722,592		26,200,624
Series M, 4.00%, NVS(b)		2,579,560		41,298,756
Series O, 4.50%, NVS(b)		1,547,728		28,307,945
Valley National Bancorp
Series A, (3-mo. USD LIBOR + 3.850%), 6.25%, NVS(a)(b)(c)		440,399		8,438,045
Series B, (3-mo. USD LIBOR + 3.578%), 9.23%, NVS(a)(b)(c)		349,558		7,945,453
Washington Federal, Inc., Series A, 4.88%, NVS(b)		896,223		11,758,446
Webster Financial Corp.
Series F, 5.25%, NVS(b)		515,917		9,394,849
Series G, 6.50%(b)		464,317		9,797,089
Wells Fargo & Co.
Series AA, 4.70%, NVS(b)		2,810,053		52,070,282
Series CC, 4.38%, NVS(b)		2,517,073		43,721,558
Series DD, 4.25%, NVS(b)		3,001,068		50,087,825
Series L, 7.50%, NVS(b)(d)		240,114		267,727,110
Series R, 6.63%, NVS(a)(b)		2,017,230		51,197,297
Series Y, 5.63%, NVS(b)		1,651,207		37,779,616
Series Z, 4.75%, NVS(b)		4,853,780		90,183,232
WesBanco, Inc., Series A, (5 year CMT + 6.557%), 6.75%, NVS(a)(b)		515,934		11,969,669
Western Alliance Bancorp, Series A, (5 year CMT + 3.452%), 4.25%, NVS(a)(b)		1,075,593		17,618,213
Wintrust Financial Corp.
Series D, (3-mo. CME Term SOFR + 4.322%), 6.50%, NVS(a)(b)		431,710		9,579,645
Series E, (5 year CMT + 6.507%), 6.88%, NVS(a)(b)		988,848		22,891,831
Zions Bancorp N.A., Series G, (3-mo. USD LIBOR + 4.240%), 9.91%, NVS(a)(b)		475,994		11,909,370
				3,322,459,562
Broadline Retail — 0.6%
Dillard’s Capital Trust I, 7.50%		687,861		17,953,172
Qurate Retail, Inc., 8.00%(c)		1,092,048		31,287,175
QVC, Inc. 6.25%		1,720,590		15,106,780
6.38%		773,834		6,685,926
				71,033,053
Capital Markets — 11.5%
Affiliated Managers Group, Inc. 4.20%		687,861		10,551,788
4.75%(c)		945,862		15,568,889
5.88%		1,031,835		21,864,584
B Riley Financial, Inc. 6.50%		620,968		13,630,248
6.00%		913,967		18,690,625
5.50%		747,833		16,826,242
5.25%		1,394,645		25,410,432
5.00%		1,116,849		22,839,562
6.75%		483,236		11,960,091
6.38%		503,685		12,128,735

Security	Shares		Value
Capital Markets (continued)
Brookfield Finance I UK PLC, 4.50%(b)		791,053	$	11,699,674
Brookfield Finance, Inc., Series 50, 4.63%, NVS		1,375,806		21,311,235
Carlyle Finance LLC, 4.63%, NVS		1,719,704		28,237,540
Charles Schwab Corp. (The)
Series D, 5.95%, NVS(b)(c)		2,579,592		62,813,065
Series J, 4.45%, NVS(b)		2,063,675		38,404,992
Crescent Capital BDC, Inc., 5.00%		383,883		8,982,862
Gladstone Investment Corp. 5.00%, NVS		432,348		10,052,091
4.88%		462,786		10,445,080
Goldman Sachs Group, Inc. (The)
Series A, (3-mo. CME Term SOFR + 1.012%), 6.38%, NVS(a)(b)		2,579,511		57,007,193
Series C, (3-mo. CME Term SOFR + 1.012%), 6.38%, NVS(a)(b)(c)		687,841		14,884,879
Series D, (3-mo. CME Term SOFR + 0.932%), 6.30%, NVS(a)(b)		4,643,189		102,289,454
Series K, (3-mo. CME Term SOFR + 3.812%), 6.38%(a)(b)		2,407,700		60,553,655
KKR Group Finance Co. IX LLC, 4.63%, NVS		1,719,704		29,596,106
Morgan Stanley
Series A, (3-mo. CME Term SOFR + 0.962%), 6.27%(a)(b)		3,714,131		80,373,795
Series E, 7.13%, NVS(a)(b)		2,908,898		74,642,323
Series F, 6.88%, NVS(a)(b)		2,865,875		71,646,875
Series I, 6.38%, NVS(a)(b)		3,377,647		83,765,646
Series K, 5.85%, NVS(a)(b)		3,375,714		78,417,836
Series L, 4.88%, NVS(b)		1,659,656		33,226,313
Series O, 4.25%, NVS(b)		4,388,823		74,829,432
Series P, 6.50%, NVS(b)		3,378,622		84,938,557
Northern Trust Corp., Series E, 4.70%, NVS(b)		1,375,814		28,933,368
Oaktree Capital Group LLC
Series A, 6.63%, NVS(b)		619,119		13,181,043
Series B, 6.55%, NVS(b)		808,288		17,038,711
Prospect Capital Corp., Series A, 5.35%(b)		509,371		7,941,094
Saratoga Investment Corp., Series 2027, 6.00%		364,100		8,417,992
State Street Corp.
Series D, 5.90%, NVS(a)(b)(c)		2,579,592		64,644,575
Series G, 5.35%, NVS(a)(b)		1,719,703		39,897,110
Stifel Financial Corp. 5.20%		773,834		16,637,431
Series B, 6.25%, NVS(b)		550,290		13,003,353
Series C, 6.13%, NVS(b)		773,834		18,765,474
Series D, 4.50%, NVS(b)		1,031,835		16,994,322
Trinity Capital, Inc., 7.00%		627,705		15,786,781
				1,468,831,053
Chemicals — 0.1%
EIDP, Inc., Series B, 4.50%, NVS(b)		143,849		10,893,685
Commercial Services & Supplies — 0.2%
Pitney Bowes, Inc., 6.70%		1,361,182		23,235,377
Consumer Finance — 2.5%
Atlanticus Holdings Corp., 6.13%		515,917		11,546,222
Capital One Financial Corp.
Series I, 5.00%, NVS(b)		5,159,184		96,579,925
Series J, 4.80%, NVS(b)		4,299,296		76,054,546
Series K, 4.63%, NVS(b)		433,615		7,466,850
Series L, 4.38%, NVS(b)		2,321,595		37,168,736
Series N, 4.25%, NVS(b)		1,461,803		22,979,543
Navient Corp., 6.00%(c)		1,031,829		17,272,818

S C H E D U L E    O F    I N V E S T  M E N T S 7

Schedule of Investments  (unaudited) (continued) September 30, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Finance (continued)
SLM Corp., Series B, (3-mo. CME Term SOFR + 1.962%), 7.37%(a)(b)		215,488	$	13,302,074
Synchrony Financial, Series A, 5.63%, NVS(b)		2,579,592		41,428,248
				323,798,962
Diversified REITs — 0.5%
Armada Hoffler Properties, Inc., Series A, 6.75%, NVS(b)		588,441		12,416,105
EPR Properties
Series C, 5.75%, NVS(b)(d)		466,130		8,707,308
Series E, 9.00%, NVS(b)(d)		300,443		7,697,350
Global Net Lease, Inc.
Series A, 7.25%, NVS(b)		584,670		10,980,103
Series B, 6.88%(b)		408,417		7,130,961
Series D, 7.50%, NVS(b)		682,222		12,389,151
LXP Industrial Trust, Series C, 6.50%, NVS(b)(d)		167,661		7,556,481
				66,877,459
Diversified Telecommunication Services — 3.5%
AT&T Inc. 5.35%		4,548,683		100,025,539
5.63%		2,837,512		65,489,777
Series A, 5.00%, NVS(b)		4,127,352		83,455,057
Series C, 4.75%, NVS(b)		6,019,072		115,445,801
Qwest Corp. 6.75%		2,270,075		31,395,137
6.50%, NVS		3,362,040		45,690,124
				441,501,435
Electric Utilities — 5.8%
BIP Bermuda Holdings I Ltd., 5.13%(b)		1,031,796		16,488,100
Brookfield BRP Holdings Canada, Inc. 4.63%, NVS(b)		1,203,669		17,645,788
4.88%(b)		894,253		13,360,140
Brookfield Infrastructure Finance ULC, 5.00%		859,880		14,351,397
Duke Energy Corp. 5.63%		1,719,704		41,324,487
Series A, 5.75%, NVS(b)		3,439,480		82,237,967
Entergy Arkansas LLC, 4.88%		1,410,187		30,883,095
Entergy Louisiana LLC, 4.88%		928,635		20,727,133
Entergy Mississippi LLC, 4.90%		894,260		20,058,252
Georgia Power Co., Series 2017, 5.00%		928,635		21,720,773
NextEra Energy Capital Holdings, Inc., Series N, 5.65%		2,364,662		57,768,693
NextEra Energy, Inc., 6.93%(d)		3,439,480		130,115,528
Pacific Gas & Electric Co., Series A, 6.00%(b)		368,157		7,547,219
SCE Trust II, 5.10%, NVS(b)(c)		756,688		13,537,148
SCE Trust III, Series H, (3-mo. USD LIBOR + 2.990%), 5.75%, NVS(a)(b)		945,862		22,710,147
SCE Trust IV, Series J, (3-mo. USD LIBOR + 3.132%), 5.38%, NVS(a)(b)		1,117,805		23,160,920
SCE Trust V, Series K, (3-mo. USD LIBOR + 3.790%), 5.45%, NVS(a)(b)		1,031,839		22,597,274
SCE Trust VI, 5.00%, NVS(b)		1,633,731		29,423,495
Southern Co. (The) 5.25%		1,547,760		34,886,510
Series 2020, 4.95%		3,439,480		72,401,054
Series C, 4.20%		2,579,592		50,224,656
				743,169,776
Electrical Equipment — 0.3%
Babcock & Wilcox Enterprises, Inc. 6.50%		520,912		10,861,015

Security	Shares		Value
Electrical Equipment (continued)
Babcock & Wilcox Enterprises, Inc. 8.13%		663,969	$	15,769,264
Series A, 7.75%, NVS(b)		659,452		11,626,139
				38,256,418
Entertainment — 0.0%
Chicken Soup For The Soul Entertainment, Inc., Series A, NVS, 9.75%(b)		469,760		4,490,906
Financial Services — 5.3%
Apollo Global Management, Inc. 6.75%(d)		2,472,131		136,214,418
(5 year CMT + 3.226%), 7.63%(a)		2,053,596		53,783,679
Citigroup Capital XIII, (3-mo. CME Term SOFR + 6.632%), 12.00%, NVS(a)		7,725,015		226,574,690
Compass Diversified Holdings
Series A, 7.25%, NVS(b)		349,059		7,860,809
Series B, (3-mo. USD LIBOR + 4.985%), 7.88%, NVS(a)(b)		347,963		8,354,592
Series C, 7.88%, NVS(b)		397,412		9,629,293
Equitable Holdings, Inc.
Series A, 5.25%, NVS(b)		2,751,539		54,205,318
Series C, 4.30%(b)		1,031,787		15,590,301
Federal Agricultural Mortgage Corp.
Series D, 5.70%, NVS(b)		348,671		7,684,709
Series F, 5.25%, NVS(b)		417,245		8,399,142
Series G, 4.88%, NVS(b)		435,104		8,084,232
Jackson Financial, Inc., (5 year CMT + 3.728%), 8.00%(a)(b)		1,856,550		46,506,577
Merchants Bancorp
(5 year CMT + 4.340%), 8.25%, NVS(a)(b)		495,247		11,425,348
Series B, (3-mo. USD LIBOR + 4.569%), 6.00%, NVS(a)(b)		452,839		10,021,327
Series C, 6.00%, NVS(b)		680,926		12,011,535
National Rural Utilities Cooperative Finance Corp., Series US, 5.50%		859,888		20,009,594
NewtekOne, Inc., 5.50%		395,571		9,533,261
Voya Financial, Inc., Series B, (5 year CMT + 3.210%), 5.35%, NVS(a)(b)		1,031,835		24,722,767
				670,611,592
Food Products — 1.6%
CHS, Inc. 8.00%, NVS(b)(c)		1,055,265		32,291,109
Series 1, 7.88%, NVS(b)		1,845,198		49,359,047
Series 2, (3-mo. USD LIBOR + 4.298%), 7.10%, NVS(a)(b)		1,444,560		36,836,280
Series 3, (3-mo. USD LIBOR + 4.155%), 6.75%, NVS(a)(b)		1,693,944		42,399,418
Series 4, 7.50%(b)		1,779,917		45,067,498
				205,953,352
Gas Utilities — 0.3%
Entergy New Orleans LLC, 5.50%		381,380		8,840,389
Spire, Inc., Series A, 5.90%, NVS(b)		859,896		20,130,165
UGI Corp., 7.25%(d)		189,617		10,834,715
				39,805,269
Health Care REITs — 0.2%
Diversified Healthcare Trust 6.25%, NVS		859,888		13,302,468
5.63%		1,203,778		17,334,403
				30,636,871
Health Care Technology — 0.1%
CareCloud, Inc., Series A, 11.00%, NVS(b)		389,214		9,450,116

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

Schedule of Investments  (unaudited) (continued) September 30, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotel & Resort REITs — 1.2%
Braemar Hotels & Resorts, Inc., Series B, 5.50%, NVS(b)(d)		269,152	$	3,216,366
Chatham Lodging Trust, Series A, 6.63%, NVS(b)		414,831		8,470,849
DiamondRock Hospitality Co., 8.25%, NVS(b)		409,251		10,431,808
Hersha Hospitality Trust
Series D, 6.50%, NVS(b)		662,262		16,390,984
Series E, 6.50%, NVS(b)		344,051		8,511,822
Pebblebrook Hotel Trust
Series E, 6.38%, NVS(b)		377,841		7,553,042
Series F, 6.30%, NVS(b)		515,917		10,277,067
Series G, 6.38%, NVS(b)		791,061		15,575,991
Series H, 5.70%, NVS(b)		773,834		14,254,022
RLJ Lodging Trust, Series A, 1.95%(b)(d)		1,107,187		26,627,847
Summit Hotel Properties, Inc.
Series E, 6.25%, NVS(b)		550,296		10,791,305
Series F, 5.88%, NVS(b)		345,701		6,371,269
Sunstone Hotel Investors, Inc.
Series H, 6.13%(b)		397,161		8,443,643
Series I, 5.70%, NVS(b)		344,325		7,093,095
				154,009,110
Hotels, Restaurants & Leisure — 0.1%
FAT Brands, Inc., Series B, NVS, 8.25%		634,571		10,356,199
Independent Power and Renewable Electricity Producers — 0.8%
AES Corp. (The), 6.88%(d)		896,841		54,707,301
Brookfield Renewable Partners LP, Series 17, 5.25%, NVS(b)		687,925		12,520,235
Tennessee Valley Authority
Series A, (30 yr. CMT + 0.840%), 2.22%(a)		716,701		14,950,383
Series D, (30 yr. CMT + 0.940%), 2.13%(a)		882,109		19,062,375
				101,240,294
Industrial Conglomerates — 0.1%
Steel Partners Holdings LP, Series A, 6.00%, NVS		544,570		12,677,590
Insurance — 13.3%
AEGON Funding Co. LLC, 5.10%, NVS		3,181,483		63,184,252
Allstate Corp. (The)
(3-mo. CME Term SOFR + 3.427%), 8.74%, NVS(a)		1,719,704		44,299,575
Series H, 5.10%, NVS(b)		3,955,398		77,288,477
Series I, 4.75%, NVS(b)		1,031,835		18,944,491
Series J, 7.38%(b)		2,063,699		54,357,832
American Equity Investment Life Holding Co.
Series A, (5 year CMT + 4.322%), 5.95%, NVS(a)(b)		1,375,814		30,997,089
Series B, (5 year CMT + 6.297%), 6.63%, NVS(a)(b)		1,031,835		25,032,317
American Financial Group, Inc. 5.88%		431,091		9,854,740
4.50%		687,861		12,230,169
5.63%		515,917		11,293,423
5.13%		687,868		13,853,661
American International Group, Inc., Series A, 5.85%, NVS(b)		1,719,703		40,034,686
Arch Capital Group Ltd.
Series F, 5.45%, NVS(b)		1,135,032		23,381,659
Series G, 4.55%(b)		1,719,704		30,765,505
Argo Group International Holdings Ltd., (5 year CMT + 6.712%), 7.00%, NVS(a)(b)		515,917		12,222,074
Argo Group U.S., Inc., 6.50%		494,427		10,897,171
Aspen Insurance Holdings Ltd. 5.63%, NVS(b)		965,436		18,574,989

Security	Shares		Value
Insurance (continued)
Aspen Insurance Holdings Ltd. 5.63%, NVS(b)		750,979	$	13,645,288
(3-mo. USD LIBOR + 4.060%), 9.59%, NVS(a)(b)		945,862		24,214,067
Assurant, Inc., 5.25%		859,888		16,767,816
Athene Holding Ltd.
Series A, (3-mo. USD LIBOR + 4.253%), 6.35%, NVS(a)(b)		2,966,550		64,225,807
Series B, 5.63%, NVS(b)		1,186,632		23,269,853
Series C, (5 year CMT + 5.970%), 6.38%, NVS(a)(b)		2,063,675		49,631,384
Series D, 4.88%(b)		1,977,704		32,394,791
Series E, (5 year CMT + 3.962%), 7.75%, NVS(a)(b)		1,719,716		43,182,069
Axis Capital Holdings Ltd., Series E, 5.50%, NVS(b)		1,891,731		37,929,207
Brighthouse Financial, Inc. 6.25%		1,289,752		30,296,274
Series A, 6.60%, NVS(b)		1,461,787		33,986,548
Series B, 6.75%, NVS(b)		1,384,346		34,124,129
Series C, 5.38%(b)		1,977,704		35,598,672
Series D, 4.63%, NVS(b)		1,203,778		17,767,763
CNO Financial Group, Inc., 5.13%		518,660		8,054,790
Enstar Group Ltd.
Series D, (3-mo. USD LIBOR + 4.015%), 7.00%, NVS(a)(b)		1,375,814		34,244,010
Series E, 7.00%, NVS(b)		382,049		8,920,844
Globe Life, Inc., 4.25%, NVS		1,117,805		20,847,063
Hartford Financial Services Group, Inc. (The), Series G, 6.00%, NVS(b)		1,186,700		29,513,229
Kemper Corp., (5 year CMT + 4.140%), 5.88%(a)		516,029		9,783,910
Lincoln National Corp., Series D, 9.00%(b)		1,688,060		44,784,232
Maiden Holdings Ltd., 6.63%		380,131		5,968,057
Maiden Holdings North America Ltd., 7.75%		527,891		9,311,997
MetLife, Inc.
Series A, (3-mo. CME Term SOFR + 1.262%), 6.67%, NVS(a)(b)		2,063,675		47,712,166
Series E, 5.63%, NVS(b)(c)		2,768,766		65,259,815
Series F, 4.75%, NVS(b)		3,439,480		69,787,049
PartnerRe Ltd., Series J, 4.88%, NVS(b)		687,853		12,580,831
Prudential Financial, Inc. 5.95%(c)		1,031,834		25,207,705
5.63%		1,943,331		46,717,677
4.13%, NVS		1,719,703		33,121,480
Reinsurance Group of America, Inc.
(3-mo. USD LIBOR + 4.040%), 5.75%, NVS(a)(c)		1,375,814		34,409,108
(5 year CMT + 3.456%), 7.13%(a)		2,407,648		62,935,919
RenaissanceRe Holdings Ltd.
Series F, 5.75%, NVS(b)		859,888		18,186,631
Series G, 4.20%, NVS(b)		1,719,704		26,655,412
Selective Insurance Group, Inc., Series B, 4.60%(b)		687,861		11,225,892
SiriusPoint Ltd., Series B, (5 year CMT + 7.298%), 8.00%, NVS(a)(b)		687,933		16,991,945
Unum Group, 6.25%		1,031,835		22,948,010
W R Berkley Corp. 5.70%		636,264		14,233,226
5.10%		1,031,835		20,100,146
4.13%		1,031,835		17,180,053
4.25%(c)		859,888		16,140,098
				1,687,067,073

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

Schedule of Investments  (unaudited) (continued) September 30, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services — 0.0%
Exela Technologies, Inc., Series B, 6.00%(b)(d)		421,750	$	1,227,293
Leisure Products — 0.4%
Brunswick Corp. 6.50%		636,264		15,715,721
6.63%		434,741		10,707,671
6.38%		791,061		19,127,855
				45,551,247
Machinery — 0.7%
Chart Industries, Inc., Series B, 6.75%, NVS(d)		692,222		46,157,363
RBC Bearings, Inc., Series A, 5.00%, NVS(d)		395,571		43,556,323
				89,713,686
Marine Transportation — 0.1%
Global Ship Lease, Inc., 8.75%, NVS(b)		375,835		9,617,618
Media — 0.2%
Liberty Broadband Corp., Series A, 7.00%(b)		615,732		13,915,543
Paramount Global, Series A, 5.75%, NVS(d)		859,808		15,261,592
				29,177,135
Mortgage Real Estate Investment Trusts (REITs) — 6.3%
ACRES Commercial Realty Corp.
Series C, (3-mo. USD LIBOR + 5.927%), 8.63%(a)(b)		416,930		9,134,936
Series D, 7.88%, NVS(b)		402,936		7,381,788
AGNC Investment Corp.
Series C, (3-mo. CME Term SOFR + 5.373%), 10.68%, NVS(a)(b)		1,117,805		28,671,698
Series D, (3-mo. USD LIBOR + 4.332%), 6.88%, NVS(a)(b)		808,288		19,398,912
Series E, (3-mo. USD LIBOR + 4.993%), 6.50%, NVS(a)(b)		1,384,346		32,587,505
Series F, (3-mo. USD LIBOR + 4.697%), 6.13%, NVS(a)(b)		1,977,704		42,777,738
Series G, (5 year CMT + 4.390%), 7.75%, NVS(a)(b)		515,913		11,329,449
Annaly Capital Management, Inc.
Series F, (3-mo. USD LIBOR + 4.993%), 10.65%, NVS(a)(b)		2,476,392		62,727,009
Series G, (3-mo. USD LIBOR + 4.172%), 9.83%, NVS(a)(b)		1,461,787		36,237,700
Series I, (3-mo. USD LIBOR + 4.989%), 6.75%, NVS(a)(b)		1,522,003		36,147,571
Arbor Realty Trust, Inc.
Series D, 6.38%, NVS(b)		753,919		13,412,219
Series E, 6.25%, NVS(b)		476,904		8,221,825
Series F, (3-mo. CME Term SOFR + 5.440%), 6.25%, NVS(a)(b)		925,507		17,075,604
ARMOUR Residential REIT, Inc., Series C, 7.00%(b)		588,908		11,895,942
Chimera Investment Corp.
Series A, 8.00%, NVS(b)		498,691		9,834,187
Series B, (3-mo. USD LIBOR + 5.791%), 8.00%, NVS(a)(b)(c)		1,117,805		23,753,356
Series C, (3-mo. USD LIBOR + 4.743%), 7.75%, NVS(a)(b)		894,261		16,132,468
Series D, (3-mo. USD LIBOR + 5.379%), 8.00%, NVS(a)(b)		687,861		14,355,659
Dynex Capital, Inc., Series C, (3-mo. USD LIBOR + 5.461%), 6.90%, NVS(a)(b)		383,429		8,738,347
Ellington Financial, Inc.
(3-mo. USD LIBOR + 5.196%), 6.75%, NVS(a)(b)		400,126		9,046,849

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Ellington Financial, Inc.
Series B, (5 year CMT + 4.990%), 6.25%, NVS(a)(b)		421,033	$	7,978,575
Series C, (5 year CMT + 5.130%), 8.63%(a)(b)		345,561		8,099,950
Franklin BSP Realty Trust, Inc., Series E, 7.50%, NVS(b)(c)		888,139		17,576,271
Granite Point Mortgage Trust, Inc., Series A,
(SOFR + 5.830%), 7.00%, NVS(a)(b)		707,587		12,028,979
Great Ajax Corp., 7.25%, NVS(d)		357,646		8,626,422
Invesco Mortgage Capital, Inc.
Series B, (3-mo. USD LIBOR + 5.180%), 7.75%, NVS(a)(b)		383,975		8,301,540
Series C, (3-mo. USD LIBOR + 5.289%), 7.50%, NVS(a)(b)		662,801		12,898,107
KKR Real Estate Finance Trust, Inc., Series A, 6.50%, NVS(b)		1,127,305		18,375,071
MFA Financial, Inc.
Series B, 7.50%, NVS(b)		687,861		12,546,585
Series C, (3-mo. USD LIBOR + 5.345%), 6.50%, NVS(a)(b)		945,862		18,028,130
New York Mortgage Trust, Inc.
Series D, (3-mo. USD LIBOR + 5.695%), 8.00%, NVS(a)(b)		531,261		10,890,851
Series E, (3-mo. USD LIBOR + 6.429%), 7.88%, NVS(a)(b)		631,428		14,074,530
Series F, (SOFR + 6.130%), 6.88%, NVS(a)(b)		493,540		9,130,490
PennyMac Mortgage Investment Trust
Series A, 8.13%, NVS(a)(b)		395,571		8,631,359
Series B, 8.00%, NVS(a)(b)		670,715		14,185,622
Series C, 6.75%, NVS(b)		859,880		15,065,098
Ready Capital Corp. 6.20%		364,077		8,574,013
5.75%		709,432		16,813,538
Series E, 6.50%, NVS(b)		403,114		7,296,363
Rithm Capital Corp.
Series A, (3-mo. USD LIBOR + 5.802%), 7.50%, NVS(a)(b)		536,625		12,417,502
Series B, (3-mo. USD LIBOR + 5.640%), 7.13%(a)(b)		968,244		21,998,504
Series C, (3-mo. USD LIBOR + 4.969%), 6.38%, NVS(a)(b)		1,367,434		27,006,821
Series D, (5 year CMT + 6.223%), 7.00%, NVS(a)(b)		1,599,357		32,738,838
TPG RE Finance Trust, Inc., Series C, 6.25%, NVS(b)		693,578		11,076,441
Two Harbors Investment Corp.
Series A, (3-mo. USD LIBOR + 5.660%), 8.13%, NVS(a)(b)		442,978		9,360,125
Series B, (3-mo. USD LIBOR + 5.352%), 7.63%, NVS(a)(b)		902,714		18,126,497
Series C, (3-mo. USD LIBOR + 5.011%), 7.25%, NVS(a)(b)		858,518		18,054,634
				798,761,618
Multi-Utilities — 3.6%
Algonquin Power & Utilities Corp. 7.75%(d)		1,977,704		42,698,629
(3-mo. USD LIBOR + 3.677%), 6.88%(a)		988,732		25,281,877
Series 19-A, (3-mo. USD LIBOR + 4.010%), 6.20%, NVS(a)		1,203,778		29,528,674
Brookfield Infrastructure Partners LP
Series 13, 5.13%, NVS(b)		687,881		11,996,645
Series 14, 5.00%, NVS(b)		679,060		11,306,349

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

Schedule of Investments  (unaudited) (continued) September 30, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
CMS Energy Corp. 5.88%		2,166,875	$	49,924,800
5.88%, NVS		963,008		21,725,461
5.63%		687,861		15,428,722
Series C, 4.20%, NVS(b)		791,061		15,678,829
DTE Energy Co. 4.38%		963,008		17,834,908
Series E, 5.25%		1,375,814		30,680,652
Series G, 4.38%		791,061		15,275,388
NiSource, Inc. 7.75%(c)(d)		741,637		72,272,526
Series B, (5 year CMT + 3.632%), 6.50%(a)(b)		1,719,704		43,164,571
Sempra, 5.75%		2,605,352		59,375,972
				462,174,003
Office REITs — 0.9%
City Office REIT, Inc., Series A, 6.63%, NVS(b)		395,681		5,907,518
Equity Commonwealth, Series D, 6.50%, NVS(b)(d)		422,620		10,569,726
Hudson Pacific Properties, Inc., Series C, 4.75%, NVS(b)		1,461,786		18,184,618
Office Properties Income Trust, 6.38%		566,059		7,839,917
SL Green Realty Corp., Series I, 6.50%, NVS(b)		688,557		13,013,727
Vornado Realty Trust
Series L, 5.40%, NVS(b)		1,031,835		14,910,016
Series M, 5.25%, NVS(b)		1,098,897		16,065,874
Series N, 5.25%, NVS(b)		1,031,835		15,044,154
Series O, 4.45%, NVS(b)		1,031,835		12,887,619
				114,423,169
Oil, Gas & Consumable Fuels — 2.6%
DCP Midstream LP, Series C, (3-mo. USD LIBOR + 4.882%), 7.95%, NVS(a)(b)		380,417		9,491,404
El Paso Energy Capital Trust I, 4.75%(d)		379,311		17,224,513
Energy Transfer LP
Series C, (3-mo. USD LIBOR + 4.530%), 10.16%, NVS(a)(b)		1,547,760		39,467,880
Series D, (3-mo. USD LIBOR + 4.738%), 10.36%, NVS(a)(b)		1,530,533		39,334,698
Series E, (3-mo. USD LIBOR + 5.161%), 7.60%, NVS(a)(b)		2,751,539		67,220,098
NGL Energy Partners LP, Series B, (3-mo. USD LIBOR + 7.213%), 12.78%, NVS(a)(b)		1,082,234		27,272,297
NuStar Energy LP
Series A, (3-mo. CME Term SOFR + 7.028%), 12.44%, NVS(a)(b)		779,073		20,068,920
Series B, (3-mo. CME Term SOFR + 5.905%), 11.32%, NVS(a)(b)		1,324,206		33,833,463
Series C, (3-mo. USD LIBOR + 6.880%), 12.55%, NVS(a)(b)		593,277		15,300,614
NuStar Logistics LP, (3-mo. CME Term SOFR + 6.996%), 12.30%(a)		1,384,389		35,592,641
Seapeak LLC 9.00%, NVS(b)		424,957		10,283,959
Series B, (3-mo. USD LIBOR + 6.241%), 8.50%, NVS(a)(b)		584,744		14,080,636
				329,171,123
Professional Services — 0.3%
Clarivate PLC, Series A, 5.25%(d)		1,236,064		36,130,151
Real Estate Management & Development — 1.0%
Brookfield Property Partners LP
Series A, 5.75%, NVS(b)		988,872		12,598,229
Series A-1, 6.50%, NVS(b)		627,516		8,791,499

Security	Shares		Value
Real Estate Management & Development (continued)
Brookfield Property Partners LP
Series A2, 6.38%, NVS(b)		848,366	$	11,452,941
Brookfield Property Preferred LP, 6.25%		2,308,258		32,084,786
DigitalBridge Group, Inc.
Series H, 7.13%, NVS(b)		721,831		15,808,099
Series I, 7.15%, NVS(b)		1,106,382		23,565,937
Series J, 7.13%, NVS(b)		998,585		21,569,436
				125,870,927
Residential REITs — 0.3%
American Homes 4 Rent
Series G, 5.88%, NVS(b)		398,620		8,669,985
Series H, 6.25%, NVS(b)		397,857		8,955,761
UMH Properties, Inc., Series D, 6.38%, NVS(b)		911,568		19,161,159
				36,786,905
Retail REITs — 0.9%
Agree Realty Corp., Series A, 4.25%, NVS(b)		601,891		10,075,655
Cedar Realty Trust, Inc., Series C, 6.50%, NVS(b)		437,606		5,579,476
Federal Realty Investment Trust, Series C, 5.00%, NVS(b)(c)		515,917		10,333,818
Kimco Realty Corp.
Series L, 5.13%, NVS(b)		765,463		16,204,852
Series M, 5.25%, NVS(b)		899,901		19,410,865
Regency Centers Corp.
Series A, 6.25%, NVS(b)(c)		395,619		9,692,665
Series B, 5.88%, NVS(b)		378,687		9,046,832
Saul Centers, Inc., Series E, 6.00%, NVS(b)		380,228		8,022,811
SITE Centers Corp., Series A, 6.38%, NVS(b)		601,891		13,711,077
Spirit Realty Capital, Inc., Series A, 6.00%, NVS(b)		593,277		12,494,414
				114,572,465
Software — 0.1%
Synchronoss Technologies, Inc., 8.38%		485,596		8,934,966
Specialized REITs — 3.0%
CorEnergy Infrastructure Trust, Inc., Series A, 7.38%, NVS(b)		445,658		2,272,856
Digital Realty Trust, Inc.
Series J, 5.25%, NVS(b)		687,861		13,991,093
Series K, 5.85%, NVS(b)(c)		722,315		16,244,864
Series L, 5.20%, NVS(b)		1,186,632		24,029,298
EPR Properties, Series G, 5.75%, NVS(b)		515,917		9,580,579
Gladstone Land Corp., Series B, 6.00%(b)		512,129		9,269,535
National Storage Affiliates Trust, Series A, 6.00%, NVS(b)		775,358		17,406,787
Public Storage Operating Co.
Series F, 5.15%, NVS(b)(c)		963,008		21,937,322
Series G, 5.05%, NVS(b)(c)		1,031,835		23,866,344
Series H, 5.60%(b)(c)		980,235		23,809,908
Series I, 4.88%, NVS(b)		1,087,704		22,917,923
Series J, 4.70%, NVS(b)(c)		889,997		17,417,241
Series K, 4.75%, NVS(b)		791,061		15,607,633
Series L, 4.63%, NVS(b)		1,943,321		38,283,424
Series M, 4.13%, NVS(b)(c)		791,061		14,215,366
Series N, 3.88%, NVS(b)(c)		971,621		16,090,044
Series O, 3.90%, NVS(b)		584,744		9,847,089
Series P, 4.00%, NVS(b)		2,076,552		36,028,177
Series Q, 3.95%, NVS(b)		494,427		8,251,987
Series R, 4.00%, NVS(b)		1,496,160		25,704,029
Series S, 4.10%, NVS(b)(c)		859,911		14,601,289
				381,372,788

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

Schedule of Investments  (unaudited) (continued) September 30, 2023 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.1%
Fossil Group, Inc., 7.00%		517,495	$	8,569,717
Trading Companies & Distributors — 1.3%
Air Lease Corp., Series A, (3-mo. CME Term SOFR + 3.912%), 6.15%, NVS(a)(b)		859,888		20,637,312
FTAI Aviation Ltd.
Series A, NVS, (3-mo. USD LIBOR + 6.886%), 8.25%(a)(b)		364,159		8,233,635
Series B, NVS, (3-mo. USD LIBOR + 6.447%), 8.00%(a)(b)		426,153		9,660,888
Series C, NVS, (5 year CMT + 7.378%), 8.25%(a)(b)		365,850		8,414,550
Textainer Group Holdings Ltd.
(5 year CMT + 6.134%), 7.00%, NVS(a)(b)		515,917		12,242,710
Series B, 6.25%, NVS(b)		517,385		9,700,969
Triton International Ltd. 8.00%, NVS(b)		494,427		12,044,242
7.38%, NVS(b)		601,891		13,674,964
6.88%, NVS(b)		515,917		11,948,638
Series E, 5.75%, NVS(b)		601,891		10,948,397
WESCO International, Inc., Series A, (5 year CMT + 10.325%), 10.63%, NVS(a)(b)		1,851,796		48,905,932
				166,412,237
Transportation Infrastructure — 0.3%
Atlas Corp.
Series D, 7.95%(b)		438,640		10,281,722
Series H, 7.88%, NVS(b)		776,003		17,405,747
Series I, (3-mo. USD LIBOR + 5.008%), 8.00%(a)(b)		508,915		12,733,053
				40,420,522
Wireless Telecommunication Services — 1.1%
Telephone & Data Systems, Inc.
Series UU, 6.63%, NVS(b)(c)		1,444,560		22,751,820
Series VV, 6.00%, NVS(b)		2,373,195		32,394,112

Security	Shares		Value
Wireless Telecommunication Services (continued)
United States Cellular Corp. 6.25%		1,719,704	$	31,212,627
5.50%		1,719,704		28,306,328
5.50%		1,719,704		28,048,372
				142,713,259
Total Long-Term Investments — 98.6% (Cost: $15,390,530,967)				12,544,985,058
Short-Term Securities
Money Market Funds — 4.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(e)(f)(g)		42,760,107		42,777,211
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(e)(f)		459,762,828		459,762,828
Total Short-Term Securities — 4.0% (Cost: $502,509,894)				502,540,039
Total Investments — 102.6% (Cost: $15,893,040,861)				13,047,525,097
Liabilities in Excess of Other Assets — (2.6)%				(326,545,561	)
Net Assets — 100.0%			$	12,720,979,536

^(a)  Variable rate security. Interest rate resets periodically. The rate shown is the effective interest rate as of period end. Security description also includes the reference rate and spread if published and available.

^(b)  Perpetual security with no stated maturity date.

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

^(d)  Convertible security.

^(e)  Affiliate of the Fund.

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

^(g)  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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	175,105,163	$	—			$  (132,329,811	)(a)	$	56,956	$	(55,097	)	$	42,777,211		42,760,107	$	1,126,273	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		231,214,441		228,548,387	(a)		—			—		—			459,762,828		459,762,828		3,958,468			—
									$	56,956	$	(55,097	)	$	502,540,039			$	5,084,741		$	—

^(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.

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Schedule of Investments  (unaudited) (continued) September 30, 2023 iShares^® Preferred and Income Securities ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Preferred Securities
Preferred Stocks	$	12,401,214,159	$	143,770,899	$	—	$	12,544,985,058
Short-Term Securities
Money Market Funds		502,540,039		—		—		502,540,039
	$	12,903,754,198	$	143,770,899	$	—	$	13,047,525,097

See notes to financial statements.

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

Statement of Assets and Liabilities (unaudited)

September 30, 2023

	iShares     Preferred and     Income Securities     ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	12,544,985,058
Investments, at value — affiliated(c)		502,540,039
Cash		406,677
Receivables:
Investments sold		20,219,335
Securities lending income — affiliated		164,774
Capital shares sold		213,059
Dividends — unaffiliated		67,859,222
Dividends — affiliated		1,079,778
Total assets		13,137,467,942
LIABILITIES
Collateral on securities loaned		42,647,321
Payables:
Investments purchased		367,717,990
Capital shares redeemed		1,264,034
Investment advisory fees		4,859,061
Total liabilities		416,488,406
Commitments and contingent liabilities
NET ASSETS	$	12,720,979,536
NET ASSETS CONSIST OF:
Paid-in capital	$	17,708,862,145
Accumulated loss		(4,987,882,609	)
NET ASSETS	$	12,720,979,536
NET ASSET VALUE
Shares outstanding		421,750,000
Net asset value	$	30.16
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	15,390,530,967
(b) Securities loaned, at value	$	41,565,465
(c) Investments, at cost — affiliated	$	502,509,894

See notes to financial statements.

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Statement of Operations (unaudited)

Six Months Ended September 30, 2023

	iShares     Preferred and     Income Securities     ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	453,275,696
Dividends — affiliated		3,958,468
Securities lending income — affiliated — net		1,126,273
Foreign taxes withheld		(722,196	)
Total investment income		457,638,241
EXPENSES
Investment advisory		29,620,836
Interest expense		81,842
Total expenses		29,702,678
Net investment income		427,935,563
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(242,780,430	)
Investments — affiliated		56,956
In-kind redemptions — unaffiliated(a)		7,522,459
		(235,201,015	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(214,295,043	)
Investments — affiliated		(55,097	)
		(214,350,140	)
Net realized and unrealized loss		(449,551,155	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(21,615,592)

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 15

Statements of Changes in Net Assets

	iShares Preferred and Income Securities ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	427,935,563		$	851,776,239
Net realized loss		(235,201,015	)		(249,407,839	)
Net change in unrealized appreciation (depreciation)		(214,350,140	)		(2,167,214,408	)
Net decrease in net assets resulting from operations		(21,615,592	)		(1,564,846,008	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(416,486,617	)		(887,370,473	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		177,112,880			(2,277,562,637	)
NET ASSETS
Total decrease in net assets		(260,989,329	)		(4,729,779,118	)
Beginning of period		12,981,968,865			17,711,747,983
End of period	$	12,720,979,536		$	12,981,968,865

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Preferred and Income Securities ETF
		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	31.18		$	36.39		$	38.27		$	31.50		$	36.47		$	37.54
Net investment income(a)		1.02			1.90			1.75			1.81			1.93			2.10
Net realized and unrealized gain (loss)(b)		(1.05	)		(5.13	)		(1.94	)		6.78			(4.93	)		(1.02	)
Net increase (decrease) from investment operations		(0.03	)		(3.23	)		(0.19	)		8.59			(3.00	)		1.08
Distributions from net investment income(c)		(0.99	)		(1.98	)		(1.69	)		(1.82	)		(1.97	)		(2.15	)
Net asset value, end of period	$	30.16		$	31.18		$	36.39		$	38.27		$	31.50		$	36.47
Total Return(d)
Based on net asset value		(0.13	)%(e)		(8.99	)%		(0.67	)%		27.88	%		(8.90	)%		3.01	%
Ratios to Average Net Assets(f)
Total expenses		0.46	%(g)		0.46	%		0.45	%		0.46	%		0.46	%		0.46	%
Net investment income		6.65	%(g)		5.80	%		4.56	%		4.97	%		5.25	%		5.73	%
Supplemental Data
Net assets, end of period (000)	$	12,720,980		$	12,981,969		$	17,711,748		$	18,364,340		$	13,816,631		$	14,370,721
Portfolio turnover rate(h)		13	%		16	%		21	%		28	%		46	%		28	%

^(a)  Based on average shares outstanding.

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

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

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

^(e) Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 17

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

These financial statements relate only to the following fund (the “Fund”):

iShares ETF	Diversification Classification
Preferred and Income Securities	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

Foreign Taxes: The Fund 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 the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement 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 dividend 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, 2023, if any, are disclosed in the Statement of Assets and Liabilities.

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

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

Distributions: Dividends and distributions paid by the 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. Dividend and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Fund.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of the 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.

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Notes to Financial Statements (unaudited) (continued)

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 the 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 the 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 Global 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 Global 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: The 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 the 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, the 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 the 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 Statement of Assets and Liabilities.

Securities lending transactions are entered into by the Fund 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 Fund, 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 particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Fund 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.

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Notes to Financial Statements (unaudited) (continued)

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			Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Barclays Capital, Inc.	$	1,642,585	$	(1,642,585	)	$	—		$	—
BMO Capital Markets Corp.		15,166		(15,166	)		—			—
BNP Paribas SA		1,285,270		(1,285,270	)		—			—
BofA Securities, Inc.		4,769,563		(4,769,563	)		—			—
Goldman Sachs & Co. LLC		12,960,944		(12,960,944	)		—			—
J.P. Morgan Securities LLC		15,196,818		(15,196,818	)		—			—
Morgan Stanley		1,132,540		(1,132,540	)		—			—
National Financial Services LLC		3,454		(3,454	)		—			—
RBC Capital Market LLC		1,036,455		(1,036,455	)		—			—
SG Americas Securities LLC		14,325		(14,325	)		—			—
Toronto-Dominion Bank		783,365		(783,365	)		—			—
UBS AG		4,712		(4,700	)		—			12
UBS Securities LLC		791,606		(791,606	)		—			—
Wells Fargo Bank N.A.		1,928,662		(1,928,662	)		—			—
	$	41,565,465	$	(41,565,453	)	$	—		$	12

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by the 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, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, the 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. The 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 the Fund.

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

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $46 billion		0.4800	%
Over $46 billion, up to and including $81 billion		0.4560
Over $81 billion, up to and including $111 billion		0.4332
Over $111 billion, up to and including $141 billion		0.4116
Over $141 billion, up to and including $171 billion		0.3910
Over $171 billion		0.3714

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for the Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Fund.

ETF Servicing Fees: The 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. The Fund does not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The 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 the 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

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Notes to Financial Statements (unaudited) (continued)

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. The 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, the 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 fund (the “iShares ETF Complex”) in a given calendar year exceeds a specified threshold, the 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 the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the six months ended September 30, 2023, the Fund paid BTC $277,437 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.

The 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 Statement 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.

6. PURCHASES AND SALES

For the six months ended September 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Preferred and Income Securities	$	1,681,847,741	$	1,681,056,607

For the six months ended September 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Preferred and Income Securities	$	673,584,240	$	501,989,512

7. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the 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 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 Fund as of March 31, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of March 31, 2023, the Fund had non-expiring capital loss carryforwards of $1,946,804,348 available to offset future realized capital gains.

As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Preferred and Income Securities	$	15,917,467,940	$	40,687,964	$	(2,910,630,807	)	$	(2,869,942,843)

8. PRINCIPAL RISKS

In the normal course of business, the 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,

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Notes to Financial Statements (unaudited) (continued)

acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Fund and its investments. The 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 the 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 Fund may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

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

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

Counterparty Credit Risk: The Fund 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 Fund manage counterparty credit risk by entering into transactions only with counterparties that the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Fund to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statement of Assets and Liabilities, less any collateral held by the Fund.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within the Fund’s portfolio are disclosed in its Schedule of Investments.

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

The Fund invests a significant portion of its 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 Fund may be exposed to financial instruments that recently transitioned from, or continue to be tied to the London Interbank Offered Rate (“LIBOR”) to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom’s Financial Conduct Authority, which regulates LIBOR, has ceased publishing all LIBOR settings, but some USD LIBOR settings will continue to be published under a synthetic methodology until September 30, 2024 for certain legacy contracts. The Secured Overnight Financing Rate (“SOFR”) has been used increasingly on a voluntary basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in certain financial contracts. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

9. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by the 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 the Fund are not redeemable.

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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Preferred and Income Securities
Shares sold		22,800,000		$	700,648,582			19,150,000		$	629,044,759
Shares redeemed		(17,350,000	)		(523,535,702	)		(89,600,000	)		(2,906,607,396	)
		5,450,000		$	177,112,880			(70,450,000	)	$	(2,277,562,637	)

The consideration of 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 shared 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 Statement of Assets and Liabilities.

10. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Preferred and Income Securities ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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,

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Board Review and Approval of Investment Advisory Contract

noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund 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 do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

B O A R D    R E V I E W    A N D     A P P R O V A L    O F    I N V E S T ME N T    A D V I S O R Y    C O N T R A C T 25

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon the 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, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Preferred and Income Securities(a)	$	0.949418	$	—	$	0.040930	$	0.990348		96	%		—	%		4	%		100	%

^(a) The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

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

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT are available on the SEC’s website at sec.gov. Additionally, the 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.

G E N E R A L    I N F O R M A T I O  N 27

Glossary of Terms Used in this Report

Portfolio Abbreviation
CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate
LP	Limited Partnership
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
SOFR	Secured Overnight Financing Rate

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

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Want to know more?

iShares.com  |   1-800-474-2737

This report is intended for the Fund’s 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 ICE Data Indices, LLC, 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.

iS-SAR-309-0923

SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

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

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

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

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

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.18%	21.62%
U.S. small cap equities (Russell 2000® Index)	(0.19)	8.93
International equities (MSCI Europe, Australasia, Far East Index)	(1.28)	25.65
Emerging market equities (MSCI Emerging Markets Index)	(2.05)	11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.50	4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.98)	(2.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.05)	0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.05)	2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.22	10.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

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

3

Fund Summary as of September 30, 2023  iShares^® Core S&P Mid-Cap ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		0.43	%		15.49	%		6.01	%		8.88	%		15.49	%		33.91	%		134.13	%
Fund Market		0.43			15.54			6.01			8.88			15.54			33.87			134.12
Index		0.45			15.51			6.06			8.94			15.51			34.20			135.50

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$      1,004.30	$        0.25			$      1,000.00	$      1,024.75	$        0.25		0.05	%

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	22.4	%
Consumer Discretionary	14.6
Financials	14.5
Information Technology	10.5
Health Care	8.4
Real Estate	7.3
Materials	7.0
Energy	5.9
Consumer Staples	4.3
Utilities	3.4
Communication Services	1.7

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Hubbell, Inc.	0.7	%
Jabil, Inc.	0.7
Builders FirstSource, Inc.	0.7
Reliance Steel & Aluminum Co.	0.7
Deckers Outdoor Corp.	0.6
Carlisle Cos., Inc.	0.6
Watsco, Inc.	0.6
Super Micro Computer, Inc.	0.6
Graco, Inc.	0.5
Owens Corning	0.5

^(a)  Excludes money market funds.

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

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

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(1.71	)%		10.04	%		3.16	%		8.11	%		10.04	%		16.81	%		118.03	%
Fund Market		(1.62	)		9.96			3.15			8.11			9.96			16.78			118.06
Index		(1.71	)		10.08			3.21			8.15			10.08			17.11			118.87

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$      982.90	$        0.30			$      1,000.00	$      1,024.70	$        0.30		0.06	%

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	17.5	%
Financials	17.1
Consumer Discretionary	14.0
Information Technology	13.0
Health Care	10.0
Real Estate	7.7
Energy	5.4
Materials	5.3
Consumer Staples	5.2
Communication Services	2.9
Utilities	1.9

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Onto Innovation, Inc.	0.7	%
SPS Commerce, Inc.	0.6
Comfort Systems U.S.A., Inc.	0.6
Rambus, Inc.	0.6
Fabrinet	0.6
elf Beauty, Inc.	0.6
Applied Industrial Technologies, Inc.	0.6
Axcelis Technologies, Inc.	0.6
ATI, Inc.	0.5
Ensign Group, Inc. (The)	0.5

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of September 30, 2023  iShares^® Core S&P U.S. Growth ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.39	%		19.62	%		10.11	%		12.83	%		19.62	%		61.86	%		234.38%
Fund Market		7.48			19.71			10.12			12.83			19.71			61.90			234.41
Index		7.40			19.65			10.17			12.90			19.65			62.30			236.43

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$        1,073.90	$         0.21			$        1,000.00	$        1,024.80	$        0.20		0.04	%

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

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	33.8	%
Health Care	16.9
Consumer Discretionary	10.5
Financials	7.6
Communication Services	7.5
Energy	7.3
Industrials	6.3
Consumer Staples	6.2
Materials	2.3
Real Estate	1.0
Other (each representing less than 1%)	0.6

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Apple Inc.	12.1	%
Microsoft Corp.	6.5
NVIDIA Corp.	5.2
Alphabet, Inc., Class A	3.7
Tesla, Inc.	3.3
Alphabet, Inc., Class C, NVS	3.2
Amazon.com, Inc.	2.6
Exxon Mobil Corp.	2.3
UnitedHealth Group, Inc.	2.2
Eli Lilly & Co.	2.1

^(a)  Excludes money market funds.

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

Fund Summary as of September 30, 2023  iShares^® Core S&P U.S. Value ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		2.07	%		21.67	%		8.25	%		9.54	%		21.67	%		48.62	%		148.66%
Fund Market		2.11			21.65			8.25			9.54			21.65			48.64			148.67
Index		2.08			21.71			8.26			9.58			21.71			48.71			149.65

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

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

Expense Example

	Actual				Hypothetical 5% Return
Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00		$        1,020.70	$         0.20			$        1,000.00	$        1,024.80	$        0.20		0.04	%

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

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	19.4	%
Information Technology	17.6
Industrials	12.6
Consumer Discretionary	11.4
Communication Services	9.6
Health Care	8.4
Consumer Staples	6.7
Utilities	4.7
Real Estate	4.6
Materials	3.3
Energy	1.7

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Microsoft Corp.	5.7	%
Meta Platforms, Inc., Class A	3.9
Berkshire Hathaway, Inc., Class B	3.7
Amazon.com, Inc.	3.6
JPMorgan Chase & Co.	2.4
Walmart, Inc.	1.3
Cisco Systems, Inc.	1.3
Salesforce, Inc.	1.2
Bank of America Corp.	1.1
Comcast Corp., Class A	1.1

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 7

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

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

Schedule of Investments (unaudited) September 30, 2023 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
BWX Technologies, Inc.		2,860,621	$	214,489,362
Curtiss-Wright Corp.		1,197,998		234,364,349
Hexcel Corp.		2,641,694		172,079,947
Woodward, Inc.		1,889,587		234,800,081
				855,733,739
Air Freight & Logistics — 0.3%
GXO Logistics, Inc.(a)(b)		3,719,752		218,163,455
Automobile Components — 1.7%
Adient PLC(a)		2,929,145		107,499,621
Autoliv, Inc.		2,376,466		229,281,440
Fox Factory Holding Corp.(a)(b)		1,325,069		131,287,837
Gentex Corp.		7,300,767		237,566,958
Goodyear Tire & Rubber Co. (The)(a)(b)		8,865,811		110,202,031
Lear Corp.		1,837,326		246,569,149
Visteon Corp.(a)(b)		881,930		121,768,075
				1,184,175,111
Automobiles — 0.4%
Harley-Davidson, Inc.		4,032,478		133,313,723
Thor Industries, Inc.(b)		1,667,220		158,602,638
				291,916,361
Banks — 5.1%
Associated Banc-Corp.		4,720,090		80,760,740
Bank OZK		3,290,932		121,994,849
Cadence Bank		4,706,476		99,871,421
Columbia Banking System, Inc.		6,523,108		132,419,093
Commerce Bancshares, Inc.		3,549,020		170,281,980
Cullen/Frost Bankers, Inc.		2,005,462		182,918,189
East West Bancorp, Inc.		4,424,946		233,238,904
First Financial Bankshares, Inc.(b)		4,017,833		100,927,965
First Horizon Corp.		17,432,219		192,103,053
FNB Corp.		11,222,213		121,087,678
Glacier Bancorp, Inc.		3,467,642		98,827,797
Hancock Whitney Corp.		2,693,611		99,636,671
Home BancShares, Inc.		5,892,265		123,384,029
International Bancshares Corp.		1,668,914		72,330,733
New York Community Bancorp, Inc., Class A		22,595,579		256,233,866
Old National Bancorp		9,150,791		133,052,501
Pinnacle Financial Partners, Inc.(b)		2,400,656		160,939,978
Prosperity Bancshares, Inc.		2,931,178		159,983,695
SouthState Corp.		2,377,106		160,121,860
Synovus Financial Corp.		4,571,408		127,085,142
Texas Capital Bancshares, Inc.(a)(b)		1,501,243		88,423,213
UMB Financial Corp.		1,365,699		84,741,623
United Bankshares, Inc.		4,220,124		116,433,221
Valley National Bancorp		13,336,181		114,157,709
Webster Financial Corp.		5,418,592		218,423,444
Wintrust Financial Corp.		1,914,420		144,538,710
				3,593,918,064
Beverages — 0.7%
Boston Beer Co., Inc. (The), Class A, NVS(a)(b)		295,634		115,158,312
Celsius Holdings, Inc.(a)(b)		1,539,062		264,103,039
Coca-Cola Consolidated, Inc.(b)		146,576		93,269,241
				472,530,592
Biotechnology — 1.6%
Arrowhead Pharmaceuticals, Inc.(a)(b)		3,352,487		90,081,326
Exelixis, Inc.(a)(b)		9,957,442		217,570,108
Halozyme Therapeutics, Inc.(a)(b)		4,125,861		157,607,890

Security	Shares		Value
Biotechnology (continued)
Neurocrine Biosciences, Inc.(a)		3,054,090	$	343,585,125
United Therapeutics Corp.(a)(b)		1,467,841		331,541,246
				1,140,385,695
Broadline Retail — 0.5%
Kohl’s Corp.		3,458,760		72,495,610
Macy’s, Inc.		8,523,441		98,957,150
Nordstrom, Inc.		3,030,458		45,275,043
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		1,932,747		149,169,413
				365,897,216
Building Products — 3.9%
Advanced Drainage Systems, Inc.(b)		2,165,778		246,530,510
Builders FirstSource, Inc.(a)(b)		3,910,562		486,825,863
Carlisle Cos., Inc.		1,561,229		404,764,231
Fortune Brands Innovations, Inc.		3,968,546		246,684,819
Lennox International, Inc.		999,638		374,304,453
Owens Corning		2,809,580		383,254,808
Simpson Manufacturing Co., Inc.		1,334,608		199,937,625
Trex Co., Inc.(a)(b)		3,395,334		209,254,434
UFP Industries, Inc.		1,934,843		198,127,923
				2,749,684,666
Capital Markets — 2.2%
Affiliated Managers Group, Inc.(b)		1,096,103		142,866,065
Evercore, Inc., Class A		1,090,217		150,319,120
Federated Hermes, Inc., Class B		2,754,591		93,297,997
Interactive Brokers Group, Inc., Class A(b)		3,345,575		289,592,972
Janus Henderson Group PLC		4,144,795		107,018,607
Jefferies Financial Group, Inc.		5,527,386		202,468,149
Morningstar, Inc.		813,749		190,612,566
SEI Investments Co.		3,146,041		189,486,049
Stifel Financial Corp.		3,266,667		200,704,021
				1,566,365,546
Chemicals — 2.2%
Ashland, Inc.		1,602,575		130,898,326
Avient Corp.		2,848,580		100,611,846
Axalta Coating Systems Ltd.(a)		6,933,783		186,518,763
Cabot Corp.		1,749,443		121,183,917
Chemours Co. (The)		4,628,931		129,841,514
NewMarket Corp.		215,180		97,915,507
Olin Corp.(b)		3,935,238		196,683,195
RPM International, Inc.		4,036,132		382,665,675
Scotts Miracle-Gro Co. (The)		1,299,656		67,166,222
Westlake Corp.(b)		998,360		124,465,541
				1,537,950,506
Commercial Services & Supplies — 1.3%
Brink’s Co. (The)		1,451,984		105,472,118
Clean Harbors, Inc.(a)(b)		1,575,035		263,597,858
MSA Safety, Inc.		1,155,399		182,148,652
Stericycle, Inc.(a)(b)		2,892,157		129,308,340
Tetra Tech, Inc.		1,665,281		253,172,670
				933,699,638
Communications Equipment — 0.6%
Calix, Inc.(a)		1,846,015		84,621,328
Ciena Corp.(a)(b)		4,675,617		220,969,659
Lumentum Holdings, Inc.(a)(b)		2,148,609		97,074,155
				402,665,142
Construction & Engineering — 1.8%
AECOM		4,338,720		360,287,309
EMCOR Group, Inc.		1,474,158		310,148,102
Fluor Corp.(a)(b)		4,483,869		164,557,992

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
MasTec, Inc.(a)(b)		1,890,417	$	136,053,311
MDU Resources Group, Inc.		6,368,827		124,701,633
Valmont Industries, Inc.		657,187		157,862,889
				1,253,611,236
Construction Materials — 0.4%
Eagle Materials, Inc.(b)		1,108,144		184,528,139
Knife River Corp.(a)(b)		1,592,204		77,747,321
				262,275,460
Consumer Finance — 0.6%
Ally Financial, Inc.		8,456,167		225,610,535
FirstCash Holdings, Inc.		1,156,826		116,122,194
SLM Corp.		7,070,737		96,303,438
				438,036,167
Consumer Staples Distribution & Retail — 2.0%
BJ’s Wholesale Club Holdings, Inc.(a)(b)		4,202,423		299,926,929
Casey’s General Stores, Inc.		1,169,381		317,510,329
Grocery Outlet Holding Corp.(a)(b)		3,089,274		89,125,555
Performance Food Group Co.(a)(b)		4,883,504		287,443,045
Sprouts Farmers Market, Inc.(a)(b)		3,190,262		136,543,214
U.S. Foods Holding Corp.(a)(b)		7,104,194		282,036,502
				1,412,585,574
Containers & Packaging — 1.9%
AptarGroup, Inc.		2,052,813		256,683,738
Berry Global Group, Inc.		3,693,606		228,671,147
Crown Holdings, Inc.(b)		3,773,326		333,863,885
Graphic Packaging Holding Co.		9,608,098		214,068,423
Greif, Inc., Class A, NVS		796,674		53,225,790
Silgan Holdings, Inc.		2,613,326		112,660,484
Sonoco Products Co.		3,063,597		166,506,497
				1,365,679,964
Diversified Consumer Services — 0.9%
Graham Holdings Co., Class B		115,249		67,190,167
Grand Canyon Education, Inc.(a)(b)		932,659		109,009,184
H&R Block, Inc.		4,762,719		205,082,680
Service Corp. International		4,718,089		269,591,605
				650,873,636
Diversified Telecommunication Services — 0.4%
Frontier Communications Parent, Inc.(a)(b)		6,917,554		108,259,720
Iridium Communications, Inc.		3,911,000		177,911,390
				286,171,110
Electric Utilities — 1.0%
ALLETE, Inc.		1,795,136		94,783,181
IDACORP, Inc.		1,582,996		148,247,575
OGE Energy Corp.		6,264,024		208,779,920
PNM Resources, Inc.		2,684,510		119,755,991
Portland General Electric Co.		3,161,770		127,988,450
				699,555,117
Electrical Equipment — 2.4%
Acuity Brands, Inc.(b)		975,537		166,143,706
EnerSys		1,283,536		121,512,353
Hubbell, Inc.		1,677,322		525,689,488
nVent Electric PLC		5,184,653		274,734,763
Regal Rexnord Corp.(b)		2,073,892		296,317,689
Sensata Technologies Holding PLC		4,767,035		180,289,264
Sunrun, Inc.(a)(b)		6,792,450		85,313,172
Vicor Corp.(a)(b)		701,628		41,318,873
				1,691,319,308

Security	Shares		Value
Electronic Equipment, Instruments & Components — 3.6%
Arrow Electronics, Inc.(a)(b)		1,740,874	$	218,027,060
Avnet, Inc.		2,857,128		137,684,998
Belden, Inc.(b)		1,322,849		127,721,071
Cognex Corp.		5,388,505		228,688,152
Coherent Corp.(a)(b)		4,069,936		132,842,711
Crane NXT Co.		1,509,889		83,904,532
IPG Photonics Corp.(a)(b)		933,291		94,766,368
Jabil, Inc.(b)		4,093,335		519,403,278
Littelfuse, Inc.		778,503		192,539,362
National Instruments Corp.		4,112,631		245,195,060
Novanta, Inc.(a)(b)		1,119,904		160,639,030
TD SYNNEX Corp.		1,495,411		149,331,743
Vishay Intertechnology, Inc.		3,970,298		98,145,767
Vontier Corp.(b)		4,837,271		149,568,419
				2,538,457,551
Energy Equipment & Services — 1.2%
ChampionX Corp.(b)		6,148,149		218,997,067
NOV, Inc.		12,315,470		257,393,323
Valaris Ltd.(a)(b)		1,990,033		149,212,674
Weatherford International PLC(a)		2,254,163		203,618,544
				829,221,608
Entertainment — 0.2%
TKO Group Holdings, Inc., Class A		1,647,481		138,487,253
Financial Services — 1.4%
Essent Group Ltd.		3,346,075		158,235,887
Euronet Worldwide, Inc.(a)(b)		1,475,442		117,120,586
MGIC Investment Corp.		8,829,657		147,366,975
Voya Financial, Inc.		3,308,295		219,836,203
Western Union Co. (The)		9,294,514		122,501,694
WEX, Inc.(a)(b)		1,343,397		252,679,542
				1,017,740,887
Food Products — 1.2%
Darling Ingredients, Inc.(a)(b)		4,988,119		260,379,812
Flowers Foods, Inc.		6,014,266		133,396,420
Ingredion, Inc.		2,068,544		203,544,729
Lancaster Colony Corp.		636,960		105,117,509
Pilgrim’s Pride Corp.(a)(b)		1,257,039		28,698,200
Post Holdings, Inc.(a)(b)		1,589,150		136,253,721
				867,390,391
Gas Utilities — 1.1%
National Fuel Gas Co.		2,871,661		149,067,922
New Jersey Resources Corp.		3,049,705		123,909,514
ONE Gas, Inc.		1,734,181		118,409,879
Southwest Gas Holdings, Inc.		1,877,787		113,437,113
Spire, Inc.		1,645,171		93,083,775
UGI Corp.		6,551,506		150,684,638
				748,592,841
Ground Transportation — 2.0%
Avis Budget Group, Inc.(a)(b)		617,901		111,030,631
Hertz Global Holdings, Inc.(a)(b)		4,185,894		51,277,201
Knight-Swift Transportation Holdings, Inc.		5,044,508		252,982,076
Landstar System, Inc.		1,124,220		198,919,487
Ryder System, Inc.		1,423,868		152,282,683
Saia, Inc.(a)(b)		829,888		330,834,851
Werner Enterprises, Inc.		1,982,537		77,219,816
XPO, Inc.(a)(b)		3,626,896		270,784,055
				1,445,330,800
Health Care Equipment & Supplies — 2.7%
Enovis Corp.(a)(b)		1,549,303		81,694,747

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Envista Holdings Corp.(a)(b)		5,123,635	$	142,846,944
Globus Medical, Inc., Class A(a)(b)		3,670,681		182,249,312
Haemonetics Corp.(a)(b)		1,586,030		142,076,567
ICU Medical, Inc.(a)(b)		634,082		75,462,099
Inari Medical, Inc.(a)(b)		1,596,391		104,403,971
Integra LifeSciences Holdings Corp.(a)(b)		2,214,959		84,589,284
Lantheus Holdings, Inc.(a)(b)		2,139,118		148,625,919
LivaNova PLC(a)		1,685,204		89,113,587
Masimo Corp.(a)(b)		1,387,592		121,664,067
Neogen Corp.(a)(b)		6,154,462		114,103,725
Penumbra, Inc.(a)(b)		1,202,126		290,806,301
QuidelOrtho Corp.(a)(b)		1,545,789		112,904,429
Shockwave Medical, Inc.(a)(b)		1,149,365		228,838,571
				1,919,379,523
Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc.(a)(b)		2,882,701		202,682,707
Amedisys, Inc.(a)(b)		1,020,605		95,324,507
Chemed Corp.(b)		471,537		245,057,779
Encompass Health Corp.		3,134,749		210,529,743
HealthEquity, Inc.(a)(b)		2,673,126		195,271,854
Option Care Health, Inc.(a)(b)		5,625,696		181,991,266
Patterson Cos., Inc.		2,661,412		78,884,252
Progyny, Inc.(a)(b)		2,595,946		88,314,083
R1 RCM, Inc.(a)(b)		6,158,430		92,807,540
Tenet Healthcare Corp.(a)		3,175,531		209,235,737
				1,600,099,468
Health Care REITs — 1.0%
Healthcare Realty Trust, Inc.		11,911,425		181,887,460
Medical Properties Trust, Inc.		18,715,103		101,997,311
Omega Healthcare Investors, Inc.		7,658,430		253,953,539
Physicians Realty Trust		7,457,706		90,909,436
Sabra Health Care REIT, Inc.		7,231,430		100,806,134
				729,553,880
Health Care Technology — 0.1%
Doximity, Inc., Class A(a)(b)		3,925,480		83,298,686
Hotel & Resort REITs — 0.1%
Park Hotels & Resorts, Inc.		6,747,101		83,124,284
Hotels, Restaurants & Leisure — 3.4%
Aramark		8,164,401		283,304,715
Boyd Gaming Corp.		2,220,808		135,091,751
Choice Hotels International, Inc.(b)		787,792		96,512,398
Churchill Downs, Inc.(b)		2,130,807		247,258,844
Hilton Grand Vacations, Inc.(a)(b)		2,271,553		92,452,207
Light & Wonder, Inc., Class A(a)(b)		2,849,737		203,271,740
Marriott Vacations Worldwide Corp.		1,060,736		106,741,864
Penn Entertainment, Inc.(a)(b)		4,723,718		108,409,328
Planet Fitness, Inc., Class A(a)(b)		2,644,666		130,064,674
Texas Roadhouse, Inc.		2,087,560		200,614,516
Travel + Leisure Co.		2,311,991		84,919,429
Vail Resorts, Inc.		1,205,786		267,551,856
Wendy’s Co. (The)		5,301,881		108,211,391
Wingstop, Inc.(b)		937,569		168,612,409
Wyndham Hotels & Resorts, Inc.		2,635,158		183,248,887
				2,416,266,009
Household Durables — 1.7%
Helen of Troy Ltd.(a)(b)		753,702		87,851,505
KB Home		2,430,410		112,479,375
Leggett & Platt, Inc.		4,165,674		105,849,776
Taylor Morrison Home Corp., Class A(a)(b)		3,421,465		145,788,624
Tempur Sealy International, Inc.		5,384,251		233,353,438

Security	Shares		Value
Household Durables (continued)
Toll Brothers, Inc.		3,419,697	$	252,920,790
TopBuild Corp.(a)		993,208		249,891,133
				1,188,134,641
Independent Power and Renewable Electricity Producers — 0.7%
Ormat Technologies, Inc.(b)		1,677,335		117,279,263
Vistra Corp.		10,806,089		358,546,033
				475,825,296
Industrial REITs — 1.3%
EastGroup Properties, Inc.		1,419,865		236,450,118
First Industrial Realty Trust, Inc.		4,136,276		196,845,375
Rexford Industrial Realty, Inc.		6,456,523		318,629,410
STAG Industrial, Inc.		5,619,035		193,912,898
				945,837,801
Insurance — 4.4%
American Financial Group, Inc.		2,070,231		231,182,696
Brighthouse Financial, Inc.(a)(b)		2,048,591		100,258,043
CNO Financial Group, Inc.		3,534,008		83,862,010
Erie Indemnity Co., Class A, NVS		780,069		229,176,471
Fidelity National Financial, Inc., Class A		2,217,266		91,573,086
First American Financial Corp.		3,224,039		182,125,963
Hanover Insurance Group, Inc. (The)		1,118,215		124,099,501
Kemper Corp.		1,883,165		79,149,425
Kinsale Capital Group, Inc.(b)		688,177		284,994,741
Old Republic International Corp.		8,279,119		223,039,466
Primerica, Inc.(b)		1,118,621		217,023,660
Reinsurance Group of America, Inc.		2,070,796		300,658,871
RenaissanceRe Holdings Ltd.		1,600,729		316,816,284
RLI Corp.		1,254,903		170,528,769
Selective Insurance Group, Inc.		1,894,247		195,429,463
Unum Group		5,751,126		282,897,888
				3,112,816,337
Interactive Media & Services — 0.3%
Ziff Davis, Inc.(a)(b)		1,453,767		92,590,420
ZoomInfo Technologies, Inc., Class A(a)(b)		9,542,590		156,498,476
				249,088,896
IT Services — 0.6%
GoDaddy, Inc., Class A(a)(b)		4,591,580		341,980,879
Kyndryl Holdings, Inc.(a)(b)		7,158,652		108,095,645
				450,076,524
Leisure Products — 1.1%
Brunswick Corp.		2,184,075		172,541,925
Mattel, Inc.(a)(b)		11,075,782		243,999,477
Polaris, Inc.		1,666,584		173,558,058
Topgolf Callaway Brands Corp.(a)(b)		4,469,679		61,860,357
YETI Holdings, Inc.(a)(b)		2,712,689		130,805,864
				782,765,681
Life Sciences Tools & Services — 1.1%
Azenta, Inc.(a)		1,881,331		94,424,003
Bruker Corp.(b)		3,077,218		191,710,681
Medpace Holdings, Inc.(a)(b)		726,458		175,897,276
Repligen Corp.(a)(b)		1,621,717		257,869,220
Sotera Health Co.(a)(b)		3,093,609		46,342,263
				766,243,443
Machinery — 4.8%
AGCO Corp.		1,943,769		229,908,997
Chart Industries, Inc.(a)(b)		1,312,716		222,006,530
Crane Co.(b)		1,527,007		135,659,302
Donaldson Co., Inc.		3,791,873		226,147,306
Esab Corp.		1,771,538		124,397,398

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Flowserve Corp.		4,103,530	$	163,197,388
Graco, Inc.(b)		5,285,297		385,192,445
ITT, Inc.		2,567,697		251,403,213
Lincoln Electric Holdings, Inc.		1,795,605		326,423,033
Middleby Corp. (The)(a)		1,676,447		214,585,216
Oshkosh Corp.		2,042,304		194,897,071
RBC Bearings, Inc.(a)(b)		908,733		212,761,657
Terex Corp.		2,107,951		121,460,137
Timken Co. (The)		2,044,078		150,219,292
Toro Co. (The)		3,249,685		270,048,824
Watts Water Technologies, Inc., Class A		855,992		147,932,538
				3,376,240,347
Marine Transportation — 0.2%
Kirby Corp.(a)(b)		1,860,877		154,080,616
Media — 0.8%
Cable One, Inc.		142,422		87,680,680
New York Times Co. (The), Class A		5,115,316		210,751,019
Nexstar Media Group, Inc., Class A		1,041,891		149,375,913
TEGNA, Inc.		6,302,649		91,829,596
				539,637,208
Metals & Mining — 2.3%
Alcoa Corp.		5,581,066		162,185,778
Cleveland-Cliffs, Inc.(a)(b)		15,909,151		248,660,030
Commercial Metals Co.		3,652,510		180,470,519
MP Materials Corp., Class A(a)(b)		4,500,372		85,957,105
Reliance Steel & Aluminum Co.		1,831,384		480,243,827
Royal Gold, Inc.		2,054,439		218,448,499
United States Steel Corp.(b)		6,973,252		226,491,225
Worthington Industries, Inc.		952,788		58,901,354
				1,661,358,337
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
Annaly Capital Management, Inc.		15,447,091		290,559,782
Starwood Property Trust, Inc.		9,293,067		179,820,846
				470,380,628
Multi-Utilities — 0.3%
Black Hills Corp.		2,098,913		106,184,008
Northwestern Energy Group, Inc.		1,877,828		90,248,414
				196,432,422
Office REITs — 0.6%
COPT Defense Properties		3,519,559		83,871,091
Cousins Properties, Inc.		4,746,768		96,691,664
Kilroy Realty Corp.		3,334,941		105,417,485
Vornado Realty Trust		5,005,820		113,531,998
				399,512,238
Oil, Gas & Consumable Fuels — 4.7%
Antero Midstream Corp.		10,651,451		127,604,383
Antero Resources Corp.(a)(b)		8,830,907		224,128,420
Chesapeake Energy Corp.		3,518,546		303,404,222
Chord Energy Corp.		1,298,892		210,511,426
Civitas Resources, Inc.		2,661,089		215,202,267
CNX Resources Corp.(a)(b)		5,049,857		114,025,771
DT Midstream, Inc.		3,030,633		160,381,098
Equitrans Midstream Corp.		13,550,342		126,966,704
HF Sinclair Corp.		4,548,961		258,972,350
Matador Resources Co.(b)		3,465,535		206,130,022
Murphy Oil Corp.		4,639,596		210,405,679
Ovintiv, Inc.		7,936,399		377,534,500
PBF Energy, Inc., Class A		3,440,262		184,157,225
Permian Resources Corp., Class A		8,683,576		121,222,721

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Range Resources Corp.(b)		7,548,342	$	244,641,764
Southwestern Energy Co.(a)(b)		34,448,519		222,192,948
				3,307,481,500
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		2,007,096		110,932,196
Personal Care Products — 0.4%
BellRing Brands, Inc.(a)		4,111,005		169,496,736
Coty, Inc., Class A(a)(b)		11,202,001		122,885,951
				292,382,687
Pharmaceuticals — 0.5%
Jazz Pharmaceuticals PLC(a)		1,974,562		255,587,305
Perrigo Co. PLC		4,234,574		135,294,640
				390,881,945
Professional Services — 3.0%
ASGN, Inc.(a)(b)		1,513,722		123,640,813
CACI International, Inc., Class A(a)(b)		713,044		223,845,903
Concentrix Corp.(b)		1,351,267		108,249,999
ExlService Holdings, Inc.(a)		5,415,526		151,851,349
Exponent, Inc.		1,589,537		136,064,367
FTI Consulting, Inc.(a)(b)		1,064,265		189,875,519
Genpact Ltd.		5,213,463		188,727,361
Insperity, Inc.		1,133,255		110,605,688
KBR, Inc.		4,219,530		248,699,098
ManpowerGroup, Inc.		1,550,658		113,694,245
Maximus, Inc.		1,908,891		142,555,980
Paylocity Holding Corp.(a)(b)		1,346,686		244,692,846
Science Applications International Corp.		1,678,949		177,196,277
				2,159,699,445
Real Estate Management & Development — 0.3%
Jones Lang LaSalle, Inc.(a)(b)		1,491,266		210,536,934
Residential REITs — 0.9%
Apartment Income REIT Corp.		4,667,016		143,277,391
Equity LifeStyle Properties, Inc.		5,825,827		371,163,438
Independence Realty Trust, Inc.		7,018,633		98,752,167
				613,192,996
Retail REITs — 1.2%
Agree Realty Corp.		3,010,836		166,318,581
Brixmor Property Group, Inc.		9,401,118		195,355,232
Kite Realty Group Trust		6,857,838		146,894,890
NNN REIT, Inc.		5,704,948		201,612,862
Spirit Realty Capital, Inc.		4,420,161		148,207,998
				858,389,563
Semiconductors & Semiconductor Equipment — 2.4%
Allegro MicroSystems, Inc.(a)(b)		2,226,144		71,103,039
Amkor Technology, Inc.		3,227,811		72,948,529
Cirrus Logic, Inc.(a)(b)		1,711,068		126,550,589
Lattice Semiconductor Corp.(a)(b)		4,310,885		370,434,348
MACOM Technology Solutions Holdings, Inc.(a)(b)		1,677,224		136,827,934
MKS Instruments, Inc.		1,965,687		170,110,553
Power Integrations, Inc.		1,795,011		136,977,290
Silicon Laboratories, Inc.(a)(b)		996,554		115,490,643
Synaptics, Inc.(a)(b)		1,236,123		110,558,841
Universal Display Corp.		1,362,297		213,867,006
Wolfspeed, Inc.(a)(b)		3,892,951		148,321,433
				1,673,190,205
Software — 2.9%
ACI Worldwide, Inc.(a)(b)		3,396,335		76,621,318

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Aspen Technology, Inc.(a)(b)		887,110	$	181,201,089
Blackbaud, Inc.(a)(b)		1,347,462		94,753,528
CommVault Systems, Inc.(a)(b)		1,372,201		92,774,510
Dolby Laboratories, Inc., Class A		1,862,597		147,629,438
Dropbox, Inc., Class A(a)(b)		8,065,102		219,612,727
Dynatrace, Inc.(a)(b)		7,429,899		347,199,180
Envestnet, Inc.(a)		1,426,567		62,811,745
Manhattan Associates, Inc.(a)(b)		1,928,713		381,229,411
NCR Corp.(a)(b)		4,186,347		112,905,779
Qualys, Inc.(a)(b)		1,148,177		175,154,401
Teradata Corp.(a)		3,122,893		140,592,643
				2,032,485,769
Specialized REITs — 1.8%
CubeSmart		7,030,955		268,090,314
EPR Properties		2,355,776		97,858,935
Gaming & Leisure Properties, Inc.		8,200,340		373,525,487
Lamar Advertising Co., Class A(b)		2,737,834		228,527,004
National Storage Affiliates Trust		2,595,574		82,383,519
PotlatchDeltic Corp.		2,499,236		113,440,322
Rayonier, Inc.		4,266,177		121,415,397
				1,285,240,978
Specialty Retail — 2.8%
AutoNation, Inc.(a)(b)		840,343		127,227,930
Dick’s Sporting Goods, Inc.		1,959,738		212,788,352
Five Below, Inc.(a)(b)		1,740,905		280,111,614
GameStop Corp., Class A(a)(b)		8,387,421		138,056,950
Gap, Inc. (The)		6,676,421		70,970,355
Lithia Motors, Inc., Class A(b)		862,008		254,576,823
Murphy U.S.A., Inc.(b)		610,562		208,647,352
Penske Automotive Group, Inc.		610,381		101,970,250
RH(a)(b)		483,232		127,747,212
Valvoline, Inc.(b)		4,336,719		139,815,821
Williams-Sonoma, Inc.(b)		2,008,558		312,129,913
				1,974,042,572
Technology Hardware, Storage & Peripherals — 0.5%
Super Micro Computer, Inc.(a)(b)		1,428,170		391,632,777
Textiles, Apparel & Luxury Goods — 1.9%
Capri Holdings Ltd.(a)		3,630,023		190,975,510
Carter’s, Inc.		1,165,253		80,577,245

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Columbia Sportswear Co.		1,093,323	$	81,015,234
Crocs, Inc.(a)(b)		1,927,931		170,101,352
Deckers Outdoor Corp.(a)(b)		817,347		420,189,919
PVH Corp.		1,961,489		150,073,523
Skechers U.S.A., Inc., Class A(a)(b)		4,202,391		205,707,040
Under Armour, Inc., Class A(a)(b)		5,901,794		40,427,289
Under Armour, Inc., Class C, NVS(a)(b)		6,129,509		39,106,268
				1,378,173,380
Trading Companies & Distributors — 1.2%
GATX Corp.		1,107,143		120,490,373
MSC Industrial Direct Co., Inc., Class A		1,482,384		145,495,990
Watsco, Inc.		1,048,909		396,193,907
WESCO International, Inc.(b)		1,382,329		198,806,557
				860,986,827
Water Utilities — 0.4%
Essential Utilities, Inc.		7,610,689		261,274,953
Total Long-Term Investments — 99.3% (Cost: $63,329,536,901)				70,359,091,626
Short-Term Securities
Money Market Funds — 6.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		3,733,299,806		3,734,793,126
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		777,350,463		777,350,463
Total Short-Term Securities — 6.4% (Cost: $4,509,869,176)				4,512,143,589
Total Investments — 105.7% (Cost: $67,839,406,077)				74,871,235,215
Liabilities in Excess of Other Assets — (5.7)%				(4,066,581,769	)
Net Assets — 100.0%			$	70,804,653,446

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Mid-Cap ETF

Affiliates

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

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,068,703,325	$	—		$	(334,343,042	)(a)	$	179,859	$	252,984	$	3,734,793,126		3,733,299,806	$	8,486,238	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		225,712,057		551,638,406	(a)		—			—		—		777,350,463		777,350,463		5,628,797			—
									$	179,859	$	252,984	$	4,512,143,589			$	14,115,035		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P Mid 400 E-Mini Index		497		12/15/23	$	125,264	$	(835,170	)

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA(b)		08/19/26	$	265,228,009	$	(10,247,014	)(c)	$	255,341,230		0.4	%
	Monthly	HSBC Bank PLC(d)		02/10/28		18,699,546		(119,882	)(e)		18,576,656		0.0	(f)
	Monthly	JPMorgan Chase Bank NA(g)		02/08/24		28,216,137		534,935	(h)		28,754,159		0.0	(f)
							$	(9,831,961	)	$	302,672,045

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

^(c)  Amount includes $(360,235) of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $3,008 of net dividends, payable for referenced securities purchased and financing fees.

^(f)  Rounds to less than 0.1%.

^(h)  Amount includes $(3,087) of net dividends, payable for referenced securities purchased and financing fees.

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Mid-Cap ETF

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

	(b)	(e)	(g)
Range:	40 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Cadence Bank		349,121	$	7,408,347		2.9	%
Insurance
Fidelity National Financial, Inc.		5,869,426		242,407,294		94.9
Software
Envestnet, Inc.		125,496		5,525,589		2.2
Net Value of Reference Entity — Goldman Sachs Bank USA			$	255,341,230

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Cadence Bank		399,296	$	8,473,061		45.6	%

	Shares		Value		% of Basket Value
Consumer Finance
Fidelity National Financial, Inc.		33,719	$	899,623		4.8	%
Financial Services
Western Union Co. (The)		650,674		8,575,883		46.2
Specialized REITs
Gaming & Leisure Properties, Inc.		13,789		628,089		3.4
Net Value of Reference Entity — HSBC Bank PLC			$	18,576,656

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Cadence Bank		256,623	$	5,445,540		18.9	%
Financial Services
Western Union Co. (The)		1,768,484		23,308,619		81.1
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	28,754,159

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	534,935	$	(10,366,896	)

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Mid-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid	$	—	$	—	$	534,935	$	—	$	—	$	—	$	534,935
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	835,170	$	—	$	—	$	—	$	835,170
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		10,366,896		—		—		—		10,366,896
	$	—	$	—	$	11,202,066	$	—	$	—	$	—	$	11,202,066

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	8,802,161		$	—	$	—	$	—	$	8,802,161
Swaps		—		—		(5,638,567	)		—		—		—		(5,638,567	)
	$	—	$	—	$	3,163,594		$	—	$	—	$	—	$	3,163,594
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(8,346,494	)	$	—	$	—	$	—	$	(8,346,494	)
Swaps		—		—		(7,431,220	)		—		—		—		(7,431,220	)
	$	—	$	—	$	(15,777,714	)	$	—	$	—	$	—	$	(15,777,714	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	169,850,195
Total return swaps
Average notional amount	$	185,601,755

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

Derivative Financial Instruments – Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments
Futures contracts	$	—	$	546,700
Swaps — OTC(a)		534,935		10,366,896
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	534,935	$	10,913,596
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(546,700	)
Total derivative assets and liabilities subject to an MNA	$	534,935	$	10,366,896

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

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Mid-Cap ETF

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Received(b)		Cash Collateral Received(b)			Net Amount of Derivative Assets(c)
JPMorgan Chase Bank N.A.	$	534,935	$	—	$	—	$	(534,935	)	$	—
Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral  Pledged(b)		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(d)
Goldman Sachs Bank USA	$	10,247,014	$	—	$	—	$	(10,247,014	)	$	—
HSBC Bank PLC		119,882		—		—		(119,882	)		—
	$	10,366,896	$	—	$	—	$	(10,366,896	)	$	—

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

^(b)  Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

^(d)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	70,359,091,626		$	—		$	—	$	70,359,091,626
Short-Term Securities
Money Market Funds		4,512,143,589			—			—		4,512,143,589
	$	74,871,235,215		$	—		$	—	$	74,871,235,215
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	—		$	534,935		$	—	$	534,935
Liabilities
Equity Contracts		(835,170	)		(10,366,896	)		—		(11,202,066	)
	$	(835,170	)	$	(9,831,961	)	$	—	$	(10,667,131	)

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

See notes to financial statements.

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

Schedule of Investments (unaudited) September 30, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.2%
AAR Corp.(a)(b)(c)		2,244,253	$	133,600,381
AeroVironment, Inc.(a)(b)(c)		1,769,978		197,405,646
Kaman Corp.(a)		1,911,813		37,567,125
Mercury Systems, Inc.(a)(b)(c)		3,457,387		128,234,484
Moog, Inc., Class A(a)		1,939,246		219,057,228
National Presto Industries, Inc.(a)		358,197		25,954,955
Triumph Group, Inc.(a)(b)(c)		4,076,599		31,226,748
				773,046,567
Air Freight & Logistics — 0.4%
Forward Air Corp.(a)		1,734,929		119,259,019
Hub Group, Inc., Class A(a)(b)(c)		2,121,068		166,588,681
				285,847,700
Automobile Components — 1.5%
American Axle & Manufacturing Holdings, Inc.(a)(b)(c)		7,908,911		57,418,694
Dana, Inc.(a)		8,673,296		127,237,252
Dorman Products, Inc.(a)(b)(c)		1,913,397		144,958,957
Gentherm, Inc.(a)(b)(c)		2,227,473		120,862,685
LCI Industries(a)		1,709,820		200,767,064
Patrick Industries, Inc.(a)		1,409,715		105,813,208
Phinia, Inc.(a)		3,174,255		85,038,291
Standard Motor Products, Inc.(a)		1,261,508		42,411,899
XPEL, Inc.(a)(b)(c)		1,436,077		110,735,897
				995,243,947
Automobiles — 0.2%
Winnebago Industries, Inc.(a)		2,039,772		121,264,445
Banks — 8.6%
Ameris Bancorp(a)		4,388,018		168,456,011
Atlantic Union Bankshares Corp.(a)		4,835,564		139,167,532
Axos Financial, Inc.(a)(b)(c)		3,541,918		134,097,015
Banc of California, Inc.(a)		3,537,836		43,798,410
BancFirst Corp.		978,628		84,876,406
Bancorp, Inc. (The)(a)(b)(c)		3,664,987		126,442,051
Bank of Hawaii Corp.(a)		2,678,398		133,089,597
BankUnited, Inc.(a)		4,991,757		113,312,884
Banner Corp.(a)		2,319,074		98,282,356
Berkshire Hills Bancorp, Inc.(a)		2,953,723		59,222,146
Brookline Bancorp, Inc.(a)		5,986,919		54,540,832
Capitol Federal Financial, Inc.(a)		8,541,161		40,741,338
Cathay General Bancorp		3,421,989		118,948,338
Central Pacific Financial Corp.(a)		1,597,517		26,646,584
City Holding Co.(a)		1,013,316		91,553,101
Community Bank System, Inc.(a)		3,589,821		151,526,344
Customers Bancorp, Inc.(a)(b)(c)		1,901,405		65,503,402
CVB Financial Corp.(a)		8,938,467		148,110,398
Dime Community Bancshares, Inc.(a)		2,361,096		47,127,476
Eagle Bancorp, Inc.(a)		2,019,153		43,310,832
FB Financial Corp.(a)		2,370,555		67,228,940
First BanCorp/Puerto Rico(a)		11,950,930		160,859,518
First Bancorp/Southern Pines NC(a)		2,774,520		78,074,993
First Commonwealth Financial Corp.(a)		6,914,751		84,429,110
First Financial Bancorp(a)		6,423,117		125,893,093
First Hawaiian, Inc.(a)		8,615,920		155,517,356
Fulton Financial Corp.(a)		9,435,149		114,259,654
Hanmi Financial Corp.(a)		2,058,503		33,409,504
Heritage Financial Corp.(a)		2,349,768		38,324,716
Hilltop Holdings, Inc.		3,088,359		87,585,861
Hope Bancorp, Inc.(a)		8,105,383		71,732,640
Independent Bank Corp.(a)		2,962,999		145,453,621

Security	Shares		Value
Banks (continued)
Independent Bank Group, Inc.(a)		2,425,143	$	95,914,406
Lakeland Financial Corp.(a)		1,717,164		81,496,603
National Bank Holdings Corp., Class A(a)		2,529,282		75,271,432
NBT Bancorp, Inc.(a)		3,173,060		100,554,271
Northfield Bancorp, Inc.(a)		2,672,944		25,259,321
Northwest Bancshares, Inc.(a)		8,581,892		87,792,755
OFG Bancorp(a)		3,182,158		95,019,238
Pacific Premier Bancorp, Inc.(a)		6,475,515		140,907,206
PacWest Bancorp(c)		5,547,720		43,882,465
Park National Corp.(a)		970,643		91,745,176
Pathward Financial, Inc.(a)(c)		1,770,856		81,618,753
Preferred Bank		626,312		38,987,922
Provident Financial Services, Inc.(a)		5,100,613		77,988,373
Renasant Corp.(a)		3,790,534		99,274,085
S&T Bancorp, Inc.(a)		2,582,211		69,926,274
Seacoast Banking Corp. of Florida(a)		5,745,254		126,165,778
ServisFirst Bancshares, Inc.(a)		3,307,064		172,529,529
Simmons First National Corp., Class A(a)		8,480,581		143,830,654
Southside Bancshares, Inc.(a)		1,947,052		55,880,392
Stellar Bancorp, Inc.(a)		3,167,734		67,536,089
Tompkins Financial Corp.(a)		844,210		41,357,848
Triumph Financial, Inc.(a)(b)(c)		1,461,526		94,692,270
TrustCo Bank Corp.(a)		1,288,670		35,167,804
Trustmark Corp.(a)		4,123,624		89,606,350
United Community Banks, Inc.(a)		8,025,301		203,922,898
Veritex Holdings, Inc.(a)		3,643,425		65,399,479
Washington Federal, Inc.(a)		4,342,121		111,245,140
Westamerica BanCorp(a)		1,799,266		77,818,254
WSFS Financial Corp.(a)		4,109,647		150,002,115
				5,692,314,939
Beverages — 0.3%
MGP Ingredients, Inc.(c)		1,055,342		111,317,474
National Beverage Corp.(b)		1,575,750		74,091,765
				185,409,239
Biotechnology — 1.5%
Arcus Biosciences, Inc.(b)(c)		3,621,803		65,011,364
Avid Bioservices, Inc.(a)(b)(c)		4,237,170		39,998,885
Catalyst Pharmaceuticals, Inc.(a)(b)(c)		6,764,405		79,075,894
Cytokinetics, Inc.(a)(b)(c)		6,481,567		190,946,964
Dynavax Technologies Corp.(a)(b)(c)		8,696,061		128,440,821
Ironwood Pharmaceuticals, Inc., Class A(a)(b)(c)		9,276,758		89,335,180
iTeos Therapeutics, Inc.(b)(c)		1,788,938		19,588,871
Myriad Genetics, Inc.(a)(b)(c)		5,528,531		88,677,637
REGENXBIO, Inc.(a)(b)(c)		2,730,585		44,945,429
Vericel Corp.(a)(b)(c)		3,216,665		107,822,611
Vir Biotechnology, Inc.(b)(c)		5,801,073		54,356,054
Xencor, Inc.(a)(b)(c)		4,092,423		82,462,323
				990,662,033
Building Products — 2.0%
AAON, Inc.(a)(c)		4,581,925		260,574,075
American Woodmark Corp.(a)(b)(c)		1,105,732		83,604,397
Apogee Enterprises, Inc.(a)		1,490,644		70,179,520
AZZ, Inc.(a)(c)		1,688,809		76,975,914
Gibraltar Industries, Inc.(a)(b)		2,054,155		138,676,004
Griffon Corp.(a)		2,765,042		109,689,216
Hayward Holdings, Inc.(b)		8,488,266		119,684,551
Insteel Industries, Inc.(a)(c)		1,312,053		42,589,240
Masterbrand, Inc.(a)(b)(c)		8,620,835		104,743,145
PGT Innovations, Inc.(a)(b)(c)		3,939,713		109,327,036

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
Quanex Building Products Corp.(a)(c)		2,224,890	$	62,675,151
Resideo Technologies, Inc.(a)(b)(c)		9,969,185		157,513,123
				1,336,231,372
Capital Markets — 1.3%
Artisan Partners Asset Management, Inc., Class A		2,853,109		106,763,339
Avantax, Inc.(a)(b)		2,483,784		63,535,195
B Riley Financial, Inc.		1,114,626		45,688,520
Brightsphere Investment Group, Inc.(a)(c)		2,186,859		42,403,196
Donnelley Financial Solutions, Inc.(a)(b)(c)		1,684,228		94,788,352
Moelis & Co., Class A		2,595,833		117,149,943
Piper Sandler Cos.(a)		1,013,710		147,302,200
StoneX Group, Inc.(a)(b)(c)		1,207,463		117,027,314
Virtus Investment Partners, Inc.(a)		460,448		93,005,892
WisdomTree, Inc.(a)		7,719,414		54,035,898
				881,699,849
Chemicals — 2.8%
AdvanSix, Inc.(a)		1,837,336		57,104,403
American Vanguard Corp.(a)(c)		1,840,976		20,121,868
Balchem Corp.(a)		2,176,776		270,007,295
Hawkins, Inc.(a)		1,296,458		76,296,553
HB Fuller Co.(a)(c)		3,637,184		249,547,194
Ingevity Corp.(a)(b)(c)		2,274,549		108,291,278
Innospec, Inc.(a)		1,678,895		171,583,069
Koppers Holdings, Inc.(a)(c)		1,409,312		55,738,290
Livent Corp.(a)(b)(c)		12,133,959		223,386,185
Mativ Holdings, Inc.(a)		3,694,806		52,687,934
Minerals Technologies, Inc.(a)		2,197,292		120,323,710
Quaker Chemical Corp.(a)(c)		935,639		149,702,240
Sensient Technologies Corp.(a)		2,852,622		166,821,335
Stepan Co.(a)		1,433,628		107,479,091
				1,829,090,445
Commercial Services & Supplies — 2.1%
ABM Industries, Inc.(a)		4,466,026		178,685,700
Brady Corp., Class A, NVS		3,099,870		170,244,860
CoreCivic, Inc.(a)(b)		7,670,303		86,290,909
Deluxe Corp.(a)		2,944,886		55,628,897
Enviri Corp.(a)(b)(c)		5,389,818		38,914,486
GEO Group, Inc. (The)(a)(b)		8,514,099		69,645,330
Healthcare Services Group, Inc.(a)		5,011,661		52,271,624
HNI Corp.(a)		3,142,871		108,837,623
Interface, Inc., Class A(a)(c)		3,925,715		38,511,264
Liquidity Services, Inc.(b)(c)		1,513,760		26,672,451
Matthews International Corp., Class A(a)(c)		2,057,116		80,042,384
MillerKnoll, Inc.(a)		5,111,137		124,967,300
OPENLANE, Inc.(a)(b)(c)		7,390,122		110,260,620
Pitney Bowes, Inc.		7,894,604		23,841,704
UniFirst Corp.(a)(c)		1,019,787		166,235,479
Viad Corp.(a)(b)(c)		1,411,013		36,968,541
				1,368,019,172
Communications Equipment — 1.1%
ADTRAN Holdings, Inc.(a)		4,783,642		39,369,374
Clearfield, Inc.(a)(b)(c)		877,588		25,151,672
Digi International, Inc.(a)(b)(c)		2,428,522		65,570,094
Extreme Networks, Inc.(b)(c)		5,838,562		141,351,586
Harmonic, Inc.(a)(b)(c)		7,556,173		72,765,946
NetScout Systems, Inc.(a)(b)(c)		4,871,261		136,492,733
Viasat, Inc.(b)(c)		5,067,078		93,538,260
Viavi Solutions, Inc.(a)(b)(c)		15,019,218		137,275,653
				711,515,318

Security	Shares		Value
Construction & Engineering — 1.6%
Arcosa, Inc.(a)		3,292,302	$	236,716,514
Comfort Systems U.S.A., Inc.(a)(c)		2,415,118		411,560,258
Dycom Industries, Inc.(a)(b)(c)		1,979,955		176,215,995
Granite Construction, Inc.(a)		2,965,367		112,743,253
MYR Group, Inc.(a)(b)(c)		1,128,220		152,038,927
				1,089,274,947
Consumer Finance — 0.9%
Bread Financial Holdings, Inc.		1,781,705		60,934,311
Encore Capital Group, Inc.(a)(b)(c)		1,585,642		75,730,262
Enova International, Inc.(a)(b)(c)		2,078,661		105,741,485
EZCORP, Inc., Class A, NVS(b)(c)		3,520,433		29,043,572
Green Dot Corp., Class A(a)(b)(c)		3,019,896		42,067,151
Navient Corp.		5,911,379		101,793,946
PRA Group, Inc.(a)(b)(c)		2,650,923		50,924,231
PROG Holdings, Inc.(a)(b)(c)		3,086,222		102,493,433
World Acceptance Corp.(b)(c)		230,390		29,273,353
				598,001,744
Consumer Staples Distribution & Retail — 0.6%
Andersons, Inc. (The)(a)		2,126,125		109,516,699
Chefs’ Warehouse, Inc. (The)(a)(b)(c)		2,383,523		50,483,017
PriceSmart, Inc.(a)		1,739,973		129,506,190
SpartanNash Co.(a)		2,345,666		51,604,652
United Natural Foods, Inc.(a)(b)(c)		3,956,542		55,945,504
				397,056,062
Containers & Packaging — 0.3%
Myers Industries, Inc.(a)		2,487,113		44,593,936
O-I Glass, Inc.(a)(b)(c)		10,469,291		175,151,238
				219,745,174
Diversified Consumer Services — 0.9%
Adtalem Global Education, Inc.(a)(b)(c)		2,804,947		120,191,979
Frontdoor, Inc.(a)(b)		5,424,235		165,927,349
Mister Car Wash, Inc.(b)(c)		6,123,363		33,739,730
Perdoceo Education Corp.(a)		4,429,797		75,749,529
Strategic Education, Inc.(a)		1,486,147		111,832,562
Stride, Inc.(a)(b)(c)		2,731,467		122,997,959
				630,439,108
Diversified REITs — 0.8%
Alexander & Baldwin, Inc.(a)		4,903,440		82,034,551
American Assets Trust, Inc.(a)		3,279,978		63,795,572
Armada Hoffler Properties, Inc.(a)		4,590,973		47,011,564
Essential Properties Realty Trust, Inc.(a)		10,533,380		227,837,009
Global Net Lease, Inc.		8,365,926		80,396,549
				501,075,245
Diversified Telecommunication Services — 0.4%
ATN International, Inc.		716,850		22,623,786
Cogent Communications Holdings, Inc.(a)		2,937,475		181,829,702
Consolidated Communications Holdings, Inc.(b)(c)		5,042,638		17,245,822
Lumen Technologies, Inc.(b)(c)		47,061,267		66,826,999
				288,526,309
Electric Utilities — 0.3%
Otter Tail Corp.(a)		2,816,232		213,808,333
Electrical Equipment — 0.4%
Encore Wire Corp.(a)(c)		1,134,637		207,025,867
Powell Industries, Inc.(a)		616,624		51,118,130
SunPower Corp.(b)(c)		5,801,353		35,794,348
				293,938,345

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components — 4.1%
Advanced Energy Industries, Inc.(a)(c)		2,542,114	$	262,142,796
Arlo Technologies, Inc.(a)(b)(c)		6,350,318		65,408,275
Badger Meter, Inc.(a)(c)		1,979,490		284,789,226
Benchmark Electronics, Inc.(a)		2,408,395		58,427,663
CTS Corp.(a)		2,118,645		88,432,242
ePlus, Inc.(a)(b)(c)		1,818,788		115,529,414
Fabrinet(a)(b)(c)		2,450,699		408,335,467
Insight Enterprises, Inc.(a)(b)(c)		2,041,542		297,044,361
Itron, Inc.(a)(b)(c)		3,069,356		185,941,586
Knowles Corp.(a)(b)(c)		6,153,799		91,137,763
Methode Electronics, Inc.(a)		2,431,345		55,556,233
OSI Systems, Inc.(a)(b)(c)		1,039,079		122,652,885
PC Connection, Inc.		762,561		40,705,506
Plexus Corp.(a)(b)(c)		1,855,454		172,520,113
Rogers Corp.(a)(b)(c)		1,131,218		148,721,230
Sanmina Corp.(a)(b)(c)		3,863,837		209,729,072
ScanSource, Inc.(a)(b)(c)		1,681,167		50,956,172
TTM Technologies, Inc.(a)(b)(c)		7,013,099		90,328,715
				2,748,358,719
Energy Equipment & Services — 2.5%
Archrock, Inc.(a)		9,298,503		117,161,138
Bristow Group, Inc.(a)(b)(c)		1,618,076		45,581,201
Core Laboratories, Inc.(a)(c)		3,151,698		75,672,269
Dril-Quip, Inc.(a)(b)(c)		2,307,393		64,999,261
Helix Energy Solutions Group, Inc.(a)(b)(c)		9,571,864		106,917,721
Helmerich & Payne, Inc.(a)		6,713,095		283,024,085
Liberty Energy, Inc., Class A(a)		10,469,137		193,888,417
Nabors Industries Ltd.(a)(b)		605,785		74,596,365
Oceaneering International, Inc.(a)(b)(c)		6,804,429		175,009,914
Oil States International, Inc.(a)(b)(c)		4,316,292		36,127,364
Patterson-UTI Energy, Inc.(a)(c)		21,648,510		299,615,378
ProPetro Holding Corp.(a)(b)(c)		5,862,796		62,321,521
RPC, Inc.(c)		5,750,190		51,406,699
U.S. Silica Holdings, Inc.(a)(b)(c)		5,206,717		73,102,307
				1,659,423,640
Entertainment — 0.5%
Cinemark Holdings, Inc.(a)(b)(c)		7,309,059		134,121,233
Madison Square Garden Sports Corp., Class A(a)		1,124,831		198,307,705
Marcus Corp. (The)(a)(c)		1,662,371		25,766,751
				358,195,689
Financial Services — 1.4%
EVERTEC, Inc.(a)		4,363,732		162,243,556
Jackson Financial, Inc., Class A		1,405,238		53,708,196
Mr. Cooper Group, Inc.(a)(b)(c)		4,476,926		239,784,157
NMI Holdings, Inc., Class A(a)(b)		5,555,419		150,496,301
Payoneer Global, Inc.(b)		14,803,769		90,599,066
Radian Group, Inc.		2,974,461		74,688,716
Walker & Dunlop, Inc.(a)		2,251,375		167,142,080
				938,662,072
Food Products — 1.9%
B&G Foods, Inc.(a)		4,884,563		48,308,328
Calavo Growers, Inc.(a)		1,201,609		30,316,595
Cal-Maine Foods, Inc.(a)		2,744,538		132,890,530
Fresh Del Monte Produce, Inc.		2,274,237		58,766,284
Hain Celestial Group, Inc. (The)(a)(b)(c)		6,043,846		62,674,683
Hostess Brands, Inc., Class A(a)(b)(c)		8,973,517		298,907,851
J & J Snack Foods Corp.(a)		1,041,934		170,512,499
John B Sanfilippo & Son, Inc.(a)		604,816		59,755,821
Simply Good Foods Co. (The)(a)(b)		6,116,405		211,138,301

Security	Shares		Value
Food Products (continued)
Tootsie Roll Industries, Inc.(c)		1,175,755	$	35,108,044
TreeHouse Foods, Inc.(a)(b)(c)		3,463,982		150,960,336
				1,259,339,272
Gas Utilities — 0.3%
Chesapeake Utilities Corp.(a)(c)		1,201,609		117,457,280
Northwest Natural Holding Co.(a)		2,436,759		92,986,723
				210,444,003
Ground Transportation — 0.7%
ArcBest Corp.(a)(c)		1,622,112		164,887,685
Heartland Express, Inc.(c)		3,094,664		45,460,614
Marten Transport Ltd.(c)		3,897,341		76,816,591
RXO, Inc.(a)(b)(c)		7,898,354		155,834,524
				442,999,414
Health Care Equipment & Supplies — 2.5%
Artivion, Inc.(a)(b)(c)		2,633,753		39,927,695
Avanos Medical, Inc.(a)(b)(c)		3,164,722		63,990,679
CONMED Corp.(a)(c)		2,075,496		209,313,772
Embecta Corp.(a)		3,871,891		58,271,960
Glaukos Corp.(a)(b)(c)		3,284,738		247,176,534
Integer Holdings Corp.(a)(b)(c)		2,248,880		176,379,658
LeMaitre Vascular, Inc.(a)		1,337,791		72,882,854
Merit Medical Systems, Inc.(a)(b)(c)		3,891,389		268,583,669
Omnicell, Inc.(a)(b)(c)		3,052,607		137,489,419
OraSure Technologies, Inc.(a)(b)(c)		4,960,489		29,415,700
Orthofix Medical, Inc.(a)(b)(c)		2,481,952		31,917,903
STAAR Surgical Co.(a)(b)(c)		3,274,599		131,573,388
Tandem Diabetes Care, Inc.(a)(b)(c)		4,393,890		91,261,095
UFP Technologies, Inc.(a)(b)(c)		474,820		76,659,689
Varex Imaging Corp.(a)(b)(c)		2,727,675		51,253,013
				1,686,097,028
Health Care Providers & Services — 3.1%
AdaptHealth Corp.(b)(c)		5,517,327		50,207,676
Addus HomeCare Corp.(a)(b)(c)		1,094,793		93,265,416
Agiliti, Inc.(b)(c)		2,378,962		15,439,463
AMN Healthcare Services, Inc.(a)(b)(c)		2,564,866		218,475,286
Apollo Medical Holdings, Inc.(a)(b)(c)		2,842,463		87,689,984
Community Health Systems, Inc.(a)(b)(c)		8,595,953		24,928,264
CorVel Corp.(b)(c)		612,412		120,430,820
Cross Country Healthcare, Inc.(a)(b)(c)		2,272,268		56,329,524
Enhabit, Inc.(a)(b)(c)		3,383,975		38,069,719
Ensign Group, Inc. (The)(a)(c)		3,794,573		352,629,669
Fulgent Genetics, Inc.(b)(c)		1,373,990		36,740,493
ModivCare, Inc.(a)(b)(c)		834,386		26,291,503
NeoGenomics, Inc.(a)(b)(c)		8,613,750		105,949,125
Owens & Minor, Inc.(a)(b)		5,167,168		83,501,435
Pediatrix Medical Group, Inc.(a)(b)(c)		5,589,935		71,048,074
Premier, Inc., Class A(a)		8,039,870		172,857,205
Privia Health Group, Inc.(a)(b)(c)		6,893,949		158,560,827
RadNet, Inc.(b)(c)		3,215,114		90,634,064
Select Medical Holdings Corp.(a)		7,039,211		177,880,862
U.S. Physical Therapy, Inc.(a)		1,011,885		92,820,211
				2,073,749,620
Health Care REITs — 0.5%
CareTrust REIT, Inc.(a)		6,716,374		137,685,667
Community Healthcare Trust, Inc.(a)		1,668,094		49,542,392
LTC Properties, Inc.(a)		2,795,825		89,829,857
Universal Health Realty Income Trust(a)		859,328		34,742,631
				311,800,547
Health Care Technology — 0.7%
Certara, Inc.(b)(c)		7,227,740		105,091,340

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
HealthStream, Inc.(a)(c)		1,636,898	$	35,324,259
NextGen Healthcare, Inc.(a)(b)(c)		3,665,141		86,973,796
Schrodinger, Inc.(a)(b)(c)		3,683,943		104,145,069
Simulations Plus, Inc.(a)(c)		1,076,345		44,883,587
Veradigm, Inc.(a)(b)(c)		7,376,957		96,933,215
				473,351,266
Hotel & Resort REITs — 1.2%
Apple Hospitality REIT, Inc.(a)		14,366,635		220,384,181
Chatham Lodging Trust(a)		3,301,157		31,592,072
DiamondRock Hospitality Co.(a)(c)		14,153,487		113,652,501
Pebblebrook Hotel Trust(a)(c)		8,135,997		110,568,199
Service Properties Trust(a)		11,171,759		85,910,827
Summit Hotel Properties, Inc.(a)		7,268,666		42,158,263
Sunstone Hotel Investors, Inc.(a)		13,988,626		130,793,653
Xenia Hotels & Resorts, Inc.(a)		7,241,982		85,310,548
				820,370,244
Hotels, Restaurants & Leisure — 2.1%
BJ’s Restaurants, Inc.(a)(b)		1,593,023		37,372,320
Bloomin’ Brands, Inc.(a)		5,880,581		144,603,487
Brinker International, Inc.(a)(b)(c)		2,990,821		94,480,035
Cheesecake Factory, Inc. (The)(a)		3,185,065		96,507,469
Chuy’s Holdings, Inc.(a)(b)(c)		1,218,269		43,346,011
Cracker Barrel Old Country Store, Inc.(a)		1,495,647		100,507,478
Dave & Buster’s Entertainment, Inc.(a)(b)(c)		2,319,854		85,996,988
Dine Brands Global, Inc.(a)		1,049,953		51,920,176
Golden Entertainment, Inc.(a)		1,461,780		49,963,640
Jack in the Box, Inc.(a)		1,357,638		93,758,480
Monarch Casino & Resort, Inc.		904,779		56,186,776
Papa John’s International, Inc.(a)(c)		2,210,323		150,788,235
Sabre Corp.(a)(b)(c)		22,438,168		100,747,374
Shake Shack, Inc., Class A(a)(b)(c)		2,531,161		146,984,519
Six Flags Entertainment Corp.(a)(b)		4,835,887		113,691,703
				1,366,854,691
Household Durables — 3.1%
Cavco Industries, Inc.(a)(b)(c)		544,841		144,742,460
Century Communities, Inc.(a)		1,924,102		128,491,532
Ethan Allen Interiors, Inc.(a)		1,540,757		46,068,634
Green Brick Partners, Inc.(b)(c)		1,715,763		71,221,322
Installed Building Products, Inc.(a)		1,592,145		198,842,989
iRobot Corp.(a)(b)(c)		1,863,066		70,610,201
La-Z-Boy, Inc.(a)		2,924,535		90,309,641
LGI Homes, Inc.(a)(b)(c)		1,383,099		137,604,520
M/I Homes, Inc.(a)(b)(c)		1,876,924		157,736,693
MDC Holdings, Inc.(a)		4,026,538		166,014,162
Meritage Homes Corp.(a)		2,482,293		303,807,840
Newell Brands, Inc.(a)		25,728,592		232,329,186
Sonos, Inc.(a)(b)(c)		8,664,364		111,856,939
Tri Pointe Homes, Inc.(a)(b)(c)		6,683,850		182,803,297
				2,042,439,416
Household Products — 0.7%
Central Garden & Pet Co.(a)(b)(c)		643,834		28,418,833
Central Garden & Pet Co., Class A, NVS(b)		2,767,946		110,966,955
Energizer Holdings, Inc.(a)		4,488,636		143,815,897
WD-40 Co.(a)(c)		915,743		186,115,607
				469,317,292
Industrial REITs — 0.5%
Innovative Industrial Properties, Inc.(a)		1,893,194		143,239,058
LXP Industrial Trust(a)		19,756,083		175,829,139
				319,068,197

Security	Shares		Value
Insurance — 2.6%
Ambac Financial Group, Inc.(b)(c)		2,217,455	$	26,742,507
American Equity Investment Life Holding Co.(a)(b)		4,176,339		224,018,824
AMERISAFE, Inc.(a)		1,294,976		64,839,448
Assured Guaranty Ltd.(a)		3,756,918		227,368,677
Employers Holdings, Inc.(a)		1,726,870		68,988,456
Genworth Financial, Inc., Class A(a)(b)(c)		29,816,208		174,722,979
Goosehead Insurance, Inc., Class A(a)(b)(c)		1,614,471		120,326,524
HCI Group, Inc.		406,511		22,069,482
Horace Mann Educators Corp.(a)		2,732,195		80,271,889
James River Group Holdings Ltd.(a)		2,544,137		39,052,503
Lincoln National Corp.		7,525,199		185,797,163
Mercury General Corp.		1,794,465		50,298,854
Palomar Holdings, Inc.(a)(b)(c)		1,670,511		84,778,433
ProAssurance Corp.(a)		3,425,318		64,704,257
Safety Insurance Group, Inc.(a)		998,712		68,102,171
SiriusPoint Ltd.(b)(c)		5,973,873		60,754,288
Stewart Information Services Corp.(a)		1,833,755		80,318,469
Trupanion, Inc.(a)(b)(c)		2,402,248		67,743,394
United Fire Group, Inc.(a)		1,432,376		28,289,426
				1,739,187,744
Interactive Media & Services — 0.9%
Cargurus, Inc., Class A(a)(b)(c)		5,858,762		102,645,510
Cars.com, Inc.(a)(b)(c)		4,173,589		70,366,711
QuinStreet, Inc.(a)(b)(c)		3,473,753		31,159,564
Shutterstock, Inc.		1,632,083		62,100,758
TripAdvisor, Inc.(a)(b)(c)		7,269,053		120,520,899
Yelp, Inc.(a)(b)(c)		4,639,412		192,953,145
				579,746,587
IT Services — 0.2%
Perficient, Inc.(a)(b)(c)		2,350,624		136,007,105
Leisure Products — 0.3%
Sturm Ruger & Co., Inc.(a)		1,196,602		62,366,896
Vista Outdoor, Inc.(a)(b)(c)		3,916,355		129,709,678
				192,076,574
Life Sciences Tools & Services — 0.4%
BioLife Solutions, Inc.(a)(b)(c)		2,320,391		32,044,600
Cytek Biosciences, Inc.(b)(c)		6,726,101		37,128,078
Fortrea Holdings, Inc.(a)(b)(c)		5,982,062		171,027,153
Mesa Laboratories, Inc.(a)(c)		345,682		36,320,808
OmniAb, Inc., 12.50 Earnout Shares(d)		450,637		—
OmniAb, Inc., 15.00 Earnout Shares(d)		450,637		—
				276,520,639
Machinery — 5.0%
3D Systems Corp.(a)(b)(c)		9,018,673		44,281,684
Alamo Group, Inc.(a)		697,420		120,556,021
Albany International Corp., Class A(a)(c)		2,105,135		181,631,048
Astec Industries, Inc.(a)		1,535,139		72,320,398
Barnes Group, Inc.(a)		3,418,211		116,116,628
CIRCOR International, Inc.(a)(b)		1,376,674		76,749,575
Enerpac Tool Group Corp., Class A(a)(c)		3,787,995		100,116,708
EnPro Industries, Inc.(a)		1,411,390		171,046,354
ESCO Technologies, Inc.(a)		1,740,809		181,810,092
Federal Signal Corp.(a)(c)		4,118,110		245,974,710
Franklin Electric Co., Inc.(a)		2,686,158		239,685,878
Greenbrier Cos., Inc. (The)(a)		2,086,780		83,471,200
Hillenbrand, Inc.(a)		4,720,502		199,724,440
John Bean Technologies Corp.(a)(c)		2,149,632		226,012,308
Kennametal, Inc.(a)		5,381,891		133,901,448
Lindsay Corp.(a)		743,298		87,471,309

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Mueller Industries, Inc.(a)		3,833,596	$	288,133,075
Proto Labs, Inc.(a)(b)(c)		1,761,847		46,512,761
SPX Technologies, Inc.(a)(b)(c)		3,078,136		250,560,270
Standex International Corp.(a)		800,015		116,554,185
Tennant Co.(a)		1,254,674		93,034,077
Titan International, Inc.(a)(b)(c)		3,472,841		46,640,255
Trinity Industries, Inc.(a)		5,526,589		134,572,442
Wabash National Corp.(a)(c)		3,173,239		67,018,808
				3,323,895,674
Marine Transportation — 0.3%
Matson, Inc.(a)		2,382,635		211,387,377
Media — 0.6%
AMC Networks, Inc., Class A(a)(b)(c)		2,055,336		24,211,858
DISH Network Corp., Class A(a)(b)(c)		16,766,523		98,251,825
EW Scripps Co. (The), Class A, NVS(a)(b)(c)		3,970,408		21,757,836
John Wiley & Sons, Inc., Class A(a)		2,873,177		106,795,989
Scholastic Corp., NVS(a)		1,882,282		71,790,235
TechTarget, Inc.(a)(b)(c)		1,709,688		51,906,128
Thryv Holdings, Inc.(a)(b)(c)		2,057,529		38,619,819
				413,333,690
Metals & Mining — 1.8%
ATI, Inc.(a)(b)(c)		8,681,785		357,255,453
Carpenter Technology Corp.(a)		3,279,265		220,399,401
Century Aluminum Co.(b)(c)		3,495,659		25,133,788
Compass Minerals International, Inc.(a)		2,277,616		63,659,367
Haynes International, Inc.(a)		860,209		40,016,923
Kaiser Aluminum Corp.(a)		1,081,152		81,367,500
Materion Corp.(a)(c)		1,393,360		141,997,318
Olympic Steel, Inc.(a)		665,485		37,406,912
SunCoke Energy, Inc.(a)		5,654,948		57,397,722
TimkenSteel Corp.(a)(b)(c)		2,611,212		56,715,525
Warrior Met Coal, Inc.(c)		2,470,246		126,180,166
				1,207,530,075
Mortgage Real Estate Investment Trusts (REITs) — 1.9%
Apollo Commercial Real Estate Finance, Inc.(a)		8,780,271		88,944,145
Arbor Realty Trust, Inc.(c)		8,089,649		122,800,872
ARMOUR Residential REIT, Inc.(a)		15,426,119		65,561,006
Blackstone Mortgage Trust, Inc., Class A(a)		11,634,126		253,042,240
Ellington Financial, Inc.(a)		4,592,288		57,265,831
Franklin BSP Realty Trust, Inc.(a)		5,551,696		73,504,455
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		7,233,157		153,342,928
Invesco Mortgage Capital, Inc.(a)		3,009,888		30,128,979
KKR Real Estate Finance Trust, Inc.(a)		3,919,424		46,523,563
New York Mortgage Trust, Inc.(a)(c)		6,160,890		52,305,956
PennyMac Mortgage Investment Trust(a)		5,857,781		72,636,484
Ready Capital Corp.(a)		10,667,744		107,850,892
Redwood Trust, Inc.(a)		7,708,927		54,964,650
Two Harbors Investment Corp.(a)		6,492,861		85,965,480
				1,264,837,481
Multi-Utilities — 0.3%
Avista Corp.(a)		5,167,191		167,261,973
Unitil Corp.(a)		1,087,518		46,447,894
				213,709,867
Office REITs — 1.0%
Brandywine Realty Trust(a)		11,631,073		52,805,071
Douglas Emmett, Inc.		8,150,864		104,005,025
Easterly Government Properties, Inc.(a)		6,272,327		71,692,698
Highwoods Properties, Inc.(a)		7,138,258		147,119,497
Hudson Pacific Properties, Inc.(a)		8,539,940		56,790,601

Security	Shares		Value
Office REITs (continued)
JBG SMITH Properties(a)		6,355,374	$	91,898,708
SL Green Realty Corp.(a)(c)		4,315,743		160,977,214
				685,288,814
Oil, Gas & Consumable Fuels — 2.8%
California Resources Corp.(a)		4,376,793		245,144,176
Callon Petroleum Co.(a)(b)(c)		3,773,473		147,618,264
Comstock Resources, Inc.		6,204,736		68,438,238
CONSOL Energy, Inc.(a)		1,943,600		203,903,076
CVR Energy, Inc.		1,968,390		66,984,312
Dorian LPG Ltd.(a)		2,292,482		65,863,008
Green Plains, Inc.(a)(b)(c)		3,655,598		110,033,500
Northern Oil & Gas, Inc.(a)		5,652,633		227,405,426
Par Pacific Holdings, Inc.(b)(c)		2,888,579		103,815,529
REX American Resources Corp.(a)(b)(c)		1,022,092		41,619,586
SM Energy Co.(a)		8,012,072		317,678,655
Talos Energy, Inc.(a)(b)(c)		6,784,520		111,537,509
Vital Energy, Inc.(a)(b)(c)		1,130,053		62,627,537
World Kinect Corp.(a)		4,064,337		91,163,079
				1,863,831,895
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)(b)(c)		1,128,849		40,920,776
Mercer International, Inc.		2,966,658		25,453,926
Sylvamo Corp.(a)		2,402,624		105,571,299
				171,946,001
Passenger Airlines — 0.5%
Allegiant Travel Co.(a)		1,021,301		78,497,195
Hawaiian Holdings, Inc.(a)(b)(c)		3,490,846		22,097,055
JetBlue Airways Corp.(a)(b)(c)		22,500,168		103,500,773
SkyWest, Inc.(a)(b)(c)		2,841,470		119,171,252
Sun Country Airlines Holdings, Inc.(b)(c)		2,724,140		40,426,238
				363,692,513
Personal Care Products — 1.3%
Edgewell Personal Care Co.(a)		3,430,702		126,798,746
elf Beauty, Inc.(a)(b)(c)		3,676,823		403,825,470
Inter Parfums, Inc.		1,207,761		162,250,613
Medifast, Inc.(a)		735,190		55,028,972
Nu Skin Enterprises, Inc., Class A(a)		3,373,092		71,543,281
USANA Health Sciences, Inc.(b)(c)		755,856		44,300,720
				863,747,802
Pharmaceuticals — 1.5%
Amphastar Pharmaceuticals, Inc.(a)(b)(c)		2,574,298		118,391,965
ANI Pharmaceuticals, Inc.(a)(b)(c)		1,082,577		62,854,421
Collegium Pharmaceutical, Inc.(a)(b)(c)		2,345,124		52,413,521
Corcept Therapeutics, Inc.(a)(b)(c)		6,092,894		166,000,897
Harmony Biosciences Holdings, Inc.(b)(c)		2,268,578		74,341,301
Innoviva, Inc.(a)(b)(c)		3,870,679		50,280,120
Ligand Pharmaceuticals, Inc.(a)(b)(c)		1,101,453		65,999,064
Pacira BioSciences, Inc.(a)(b)(c)		3,133,955		96,149,739
Phibro Animal Health Corp., Class A(a)		1,374,179		17,548,266
Prestige Consumer Healthcare, Inc.(a)(b)(c)		3,344,760		191,286,824
Supernus Pharmaceuticals, Inc.(a)(b)(c)		3,685,976		101,622,358
				996,888,476
Professional Services — 1.2%
CSG Systems International, Inc.(a)		2,053,540		104,976,965
Forrester Research, Inc.(b)(c)		778,849		22,508,736
Heidrick & Struggles International, Inc.(a)		1,351,967		33,826,214
Kelly Services, Inc., Class A, NVS(c)		2,166,252		39,404,124
Korn Ferry(a)		3,617,936		171,634,884
NV5 Global, Inc.(a)(b)(c)		858,281		82,592,381
Resources Connection, Inc.(a)		2,161,397		32,226,429

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
TrueBlue, Inc.(a)(b)		2,094,883	$	30,731,934
TTEC Holdings, Inc.		1,281,608		33,603,762
Verra Mobility Corp., Class A(a)(b)(c)		11,460,297		214,307,554
				765,812,983
Real Estate Management & Development — 0.8%
Anywhere Real Estate, Inc.(a)(b)(c)		7,561,500		48,620,445
Cushman & Wakefield PLC(b)(c)		9,581,275		73,009,315
eXp World Holdings, Inc.(c)		5,172,829		84,006,743
Kennedy-Wilson Holdings, Inc.(a)		8,003,673		117,974,140
Marcus & Millichap, Inc.(c)		1,644,864		48,260,310
St. Joe Co. (The)		2,404,092		130,614,318
				502,485,271
Residential REITs — 0.4%
Centerspace(a)		1,009,632		60,840,424
Elme Communities(a)		5,929,562		80,879,226
NexPoint Residential Trust, Inc.(a)		1,532,940		49,330,009
Veris Residential, Inc.(a)		5,407,909		89,230,498
				280,280,157
Retail REITs — 1.9%
Acadia Realty Trust(a)		6,426,835		92,225,082
Getty Realty Corp.(a)		3,102,819		86,041,171
Macerich Co. (The)(a)		14,533,590		158,561,467
Phillips Edison & Co., Inc.(a)		7,926,587		265,857,728
Retail Opportunity Investments Corp.(a)		8,507,467		105,322,441
RPT Realty(a)		5,393,684		56,957,303
Saul Centers, Inc.		873,551		30,810,144
SITE Centers Corp.		10,042,064		123,818,649
Tanger Factory Outlet Centers, Inc.(a)(c)		7,101,509		160,494,103
Urban Edge Properties(a)		7,942,756		121,206,457
Whitestone REIT(a)		3,177,421		30,598,564
				1,231,893,109
Semiconductors & Semiconductor Equipment — 4.3%
Alpha & Omega Semiconductor Ltd.(a)(b)		1,513,688		45,168,450
Axcelis Technologies, Inc.(a)(b)(c)		2,215,734		361,275,429
CEVA, Inc.(a)(b)(c)		1,597,115		30,968,060
Cohu, Inc.(a)(b)(c)		3,213,765		110,682,067
Diodes, Inc.(a)(b)(c)		3,088,873		243,526,747
FormFactor, Inc.(a)(b)(c)		5,243,156		183,195,871
Ichor Holdings Ltd.(a)(b)(c)		1,976,392		61,189,096
Kulicke & Soffa Industries, Inc.(a)(c)		3,812,926		185,422,591
MaxLinear, Inc.(a)(b)(c)		4,980,442		110,814,834
Onto Innovation, Inc.(a)(b)(c)		3,312,836		422,452,847
PDF Solutions, Inc.(a)(b)(c)		2,059,378		66,723,847
Photronics, Inc.(a)(b)(c)		4,221,049		85,307,400
Rambus, Inc.(a)(b)(c)		7,368,297		411,077,290
Semtech Corp.(a)(b)(c)		4,318,283		111,195,787
SiTime Corp.(a)(b)(c)		1,154,665		131,920,476
SMART Global Holdings, Inc.(a)(b)(c)		3,380,455		82,314,079
Ultra Clean Holdings, Inc.(a)(b)(c)		3,017,891		89,540,826
Veeco Instruments, Inc.(a)(b)(c)		3,804,338		106,939,941
				2,839,715,638
Software — 2.7%
A10 Networks, Inc.(a)		4,703,536		70,694,146
Adeia, Inc.(a)		7,007,031		74,835,091
Agilysys, Inc.(a)(b)(c)		1,369,467		90,603,937
Alarm.com Holdings, Inc.(a)(b)(c)		3,369,542		206,013,798
Cerence, Inc.(a)(b)(c)		2,723,151		55,470,586
Consensus Cloud Solutions, Inc.(a)(b)(c)		1,238,482		31,184,977
Digital Turbine, Inc.(a)(b)(c)		6,113,441		36,986,318
DoubleVerify Holdings, Inc.(a)(b)(c)		8,477,011		236,932,457

Security	Shares		Value
Software (continued)
Ebix, Inc.(a)(c)		1,667,153	$	16,471,472
InterDigital, Inc.(a)		1,782,938		143,062,945
LiveRamp Holdings, Inc.(a)(b)		4,468,987		128,885,585
N-able, Inc.(b)(c)		4,682,756		60,407,552
OneSpan, Inc.(a)(b)(c)		2,431,710		26,140,883
Progress Software Corp.(a)		2,927,968		153,952,557
SPS Commerce, Inc.(a)(b)(c)		2,474,598		422,191,165
Xperi, Inc.(a)(b)(c)		2,926,174		28,852,076
				1,782,685,545
Specialized REITs — 0.6%
Four Corners Property Trust, Inc.(a)		6,114,799		135,687,390
Outfront Media, Inc.(a)		9,806,085		99,041,458
Safehold, Inc.(b)(c)		3,023,348		53,815,594
Uniti Group, Inc.(a)		16,152,014		76,237,506
				364,781,948
Specialty Retail — 4.7%
Abercrombie & Fitch Co., Class A(a)(b)(c)		3,380,275		190,546,102
Academy Sports & Outdoors, Inc.(a)(c)		5,162,073		244,011,191
Advance Auto Parts, Inc.(a)		4,013,525		224,476,453
American Eagle Outfitters, Inc.(a)		12,531,564		208,149,278
America’s Car-Mart, Inc.(a)(b)(c)		405,220		36,870,968
Asbury Automotive Group, Inc.(a)(b)(c)		1,389,181		319,608,873
Boot Barn Holdings, Inc.(a)(b)(c)		2,024,990		164,408,938
Buckle, Inc. (The)		2,009,915		67,111,062
Caleres, Inc.(a)(c)		2,302,040		66,206,670
Chico’s FAS, Inc.(a)(b)(c)		8,341,670		62,395,692
Designer Brands, Inc., Class A(a)(c)		3,324,771		42,091,601
Foot Locker, Inc.(a)		5,517,105		95,721,772
Group 1 Automotive, Inc.(a)(c)		948,694		254,923,565
Guess?, Inc.(c)		1,844,726		39,919,871
Haverty Furniture Cos., Inc.(a)		907,610		26,121,016
Hibbett, Inc.(a)(c)		860,636		40,888,816
Leslie’s, Inc.(a)(b)(c)		12,430,864		70,358,690
MarineMax, Inc.(a)(b)(c)		1,346,156		44,180,840
Monro, Inc.(a)(c)		2,121,243		58,906,918
National Vision Holdings, Inc.(a)(b)(c)		5,277,012		85,382,054
ODP Corp. (The)(a)(b)(c)		2,286,386		105,516,714
Sally Beauty Holdings, Inc.(a)(b)(c)		7,281,743		61,021,006
Shoe Carnival, Inc.(c)		1,218,912		29,290,455
Signet Jewelers Ltd.(a)(c)		3,067,096		220,248,164
Sleep Number Corp.(a)(b)(c)		1,425,895		35,062,758
Sonic Automotive, Inc., Class A		1,074,924		51,338,370
Upbound Group, Inc.(a)		3,099,234		91,272,441
Urban Outfitters, Inc.(b)(c)		3,817,831		124,804,895
Victoria’s Secret & Co.(a)(b)(c)		5,208,892		86,884,319
				3,147,719,492
Technology Hardware, Storage & Peripherals — 0.3%
Avid Technology, Inc.(a)(b)(c)		2,289,447		61,517,441
Corsair Gaming, Inc.(b)(c)		2,914,584		42,348,906
Xerox Holdings Corp.		7,638,018		119,840,502
				223,706,849
Textiles, Apparel & Luxury Goods — 0.9%
G-III Apparel Group Ltd.(a)(b)(c)		2,739,752		68,274,620
Hanesbrands, Inc.(a)(c)		23,623,410		93,548,704
Kontoor Brands, Inc.(a)		3,372,529		148,087,748
Movado Group, Inc.(a)		1,055,268		28,861,580
Oxford Industries, Inc.(a)		999,067		96,040,311
Steven Madden Ltd.(a)		4,779,984		151,860,092
Wolverine World Wide, Inc.(a)		5,374,029		43,314,674
				629,987,729

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Tobacco — 0.3%
Universal Corp.(a)		1,663,420	$	78,530,058
Vector Group Ltd.(a)		8,955,283		95,284,211
				173,814,269
Trading Companies & Distributors — 1.7%
Applied Industrial Technologies, Inc.(a)		2,609,837		403,506,899
Boise Cascade Co.(a)		2,673,978		275,526,693
DXP Enterprises, Inc.(a)(b)(c)		926,760		32,380,994
GMS, Inc.(a)(b)(c)		2,752,967		176,107,299
NOW, Inc.(a)(b)(c)		7,205,379		85,527,849
Veritiv Corp.(a)		914,932		154,532,015
				1,127,581,749
Water Utilities — 0.9%
American States Water Co.(a)		2,496,604		196,432,803
California Water Service Group(a)		3,895,907		184,315,360
Middlesex Water Co.(a)		1,198,295		79,387,044
SJW Group(a)		1,951,916		117,329,671
				577,464,878
Wireless Telecommunication Services — 0.4%
Gogo, Inc.(b)(c)		4,173,958		49,795,319
Shenandoah Telecommunications Co.(a)(c)		3,395,925		69,990,014
Telephone & Data Systems, Inc.(a)		6,610,359		121,035,673
				240,821,006
Total Long-Term Investments — 97.8% (Cost: $62,294,606,860)				64,975,060,340

Security	Shares		Value
Short-Term Securities
Money Market Funds — 8.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(a)(e)(f)		3,774,194,495	$	3,775,704,173
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(a)(e)		1,747,150,270		1,747,150,270
Total Short-Term Securities — 8.3% (Cost: $5,520,756,958)				5,522,854,443
Total Investments — 106.1% (Cost: $67,815,363,818)				70,497,914,783
Liabilities in Excess of Other Assets — (6.1)%				(4,021,880,738	)
Net Assets — 100.0%			$	66,476,034,045

^(a)  Affiliate of the Fund.

^(b)  Non-income producing security.

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

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

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

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

Affiliates

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

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital  Gain  Distributions  from Underlying  Funds
3D Systems Corp.	$	102,182,418	$	7,448,317	$	(10,980,399	)	$	(12,567,878	)	$	(41,800,774	)	$	44,281,684		9,018,673	$	—	$	—
8x8, Inc.(a)		34,349,003		2,690,047		(24,464,675	)		(106,508,755	)		93,934,380			—		—		—		—
A10 Networks, Inc.		72,406,332		9,156,933		(8,737,981	)		442,406			(2,573,544	)		70,694,146		4,703,536		550,544		—
AAON, Inc.		296,224,899		23,023,791		(23,820,216	)		9,698,773			(44,553,172	)		260,574,075		4,581,925		728,993		—
AAR Corp.		130,130,171		11,871,670		(19,983,453	)		4,032,654			7,549,339			133,600,381		2,244,253		—		—
Aaron’s Co., Inc.(a)		22,311,151		2,358,610		(25,150,477	)		(19,683,119	)		20,163,835			—		—		553,564		—
Abercrombie & Fitch Co., Class A		98,817,944		12,260,655		(21,267,504	)		7,420,138			93,314,869			190,546,102		3,380,275		—		—
ABM Industries, Inc.		216,184,140		18,108,701		(32,371,776	)		615,601			(23,850,966	)		178,685,700		4,466,026		2,075,466		—
Academy Sports & Outdoors, Inc.		371,182,519		26,571,275		(52,107,657	)		6,485,881			(108,120,827	)		244,011,191		5,162,073		997,205		—
Acadia Realty Trust		95,963,864		2,323,502		(9,225,017	)		(8,492,527	)		11,655,260			92,225,082		6,426,835		2,343,554		—
Addus HomeCare Corp.		125,019,590		10,197,449		(16,659,779	)		(659,487	)		(24,632,357	)		93,265,416		1,094,793		—		—
Adeia, Inc.		62,082,295		—		—			—			12,752,796			74,835,091		7,007,031		700,703		—
Adtalem Global Education, Inc.		127,926,317		11,369,743		(32,319,948	)		1,792,386			11,423,481			120,191,979		2,804,947		—		—
ADTRAN Holdings, Inc.		81,436,976		4,756,429		(7,928,939	)		(6,493,009	)		(32,402,083	)		39,369,374		4,783,642		922,309		—
Advance Auto Parts, Inc.		—		289,980,932		(16,001,178	)		(1,836,479	)		(47,666,822	)		224,476,453		4,013,525		—		—
Advanced Energy Industries, Inc.		266,681,030		23,783,974		(42,173,900	)		7,769,669			6,082,023			262,142,796		2,542,114		537,880		—
AdvanSix, Inc.		76,656,303		7,190,277		(12,491,138	)		579,903			(14,830,942	)		57,104,403		1,837,336		601,616		—
Aerojet Rocketdyne Holdings, Inc.(a)		309,930,501		17,956,693		(337,322,963	)		113,289,725			(103,853,956	)		—		—		—		—
AeroVironment, Inc.		167,676,570		16,388,697		(21,982,441	)		5,526,521			29,796,299			197,405,646		1,769,978		—		—
Agilysys, Inc.		119,751,301		10,073,077		(15,779,586	)		4,422,329			(27,863,184	)		90,603,937		1,369,467		—		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital  Gain  Distributions  from Underlying  Funds
Alamo Group, Inc.	$	138,123,499	$	12,004,206	$	(21,187,191	)	$	4,288,338		$	(12,672,831	)	$	120,556,021		697,420	$	323,165	$	—
Alarm.com Holdings, Inc.		182,914,919		17,115,262		(31,900,840	)		(7,555,572	)		45,440,029			206,013,798		3,369,542		—		—
Albany International Corp., Class A		202,299,869		17,853,661		(31,653,153	)		4,447,976			(11,317,305	)		181,631,048		2,105,135		1,112,506		—
Alexander & Baldwin, Inc.		99,630,606		8,713,820		(15,135,788	)		(2,287,797	)		(8,886,290	)		82,034,551		4,903,440		2,292,857		—
Allegiant Travel Co.		104,538,121		10,887,845		(21,333,346	)		(14,275,813	)		(1,319,612	)		78,497,195		1,021,301		666,274		—
Alpha & Omega Semiconductor Ltd.		43,950,060		4,843,172		(8,179,447	)		(1,731,877	)		6,286,542			45,168,450		1,513,688		—		—
AMC Networks, Inc., Class A		35,658,903		3,191,240		(2,844,263	)		(2,443,761	)		(9,350,261	)		24,211,858		2,055,336		—		—
American Assets Trust, Inc.		70,755,064		6,080,303		(14,386,973	)		(17,819,484	)		19,166,662			63,795,572		3,279,978		2,459,692		—
American Axle & Manufacturing Holdings, Inc.		65,189,406		6,224,170		(9,387,691	)		(4,870,460	)		263,269			57,418,694		7,908,911		—		—
American Eagle Outfitters, Inc.		170,730,968		18,050,517		(21,690,939	)		2,270,990			38,787,742			208,149,278		12,531,564		2,546,768		—
American Equity Investment Life Holding Co.		184,632,248		16,257,963		(55,560,046	)		10,957,994			67,730,665			224,018,824		4,176,339		—		—
American States Water Co.		239,487,349		19,208,676		(36,131,011	)		4,685,933			(30,818,144	)		196,432,803		2,496,604		2,187,927		—
American Vanguard Corp.		44,332,031		3,392,515		(6,066,450	)		(1,248,520	)		(20,287,708	)		20,121,868		1,840,976		113,526		—
American Woodmark Corp.		63,064,789		7,716,829		(15,274,030	)		(1,288,445	)		29,385,254			83,604,397		1,105,732		—		—
America’s Car-Mart, Inc.		33,227,486		3,749,455		(4,985,703	)		(460,158	)		5,339,888			36,870,968		405,220		—		—
Ameris Bancorp		173,814,150		3,872,977		(17,196,776	)		(3,258,635	)		11,224,295			168,456,011		4,388,018		1,335,996		—
AMERISAFE, Inc.		68,324,067		7,028,914		(12,252,496	)		(1,112,545	)		2,851,508			64,839,448		1,294,976		930,257		—
AMN Healthcare Services, Inc.		261,702,877		24,608,373		(83,013,021	)		7,122,444			8,054,613			218,475,286		2,564,866		—		—
Amphastar Pharmaceuticals, Inc.		102,744,038		11,298,575		(18,898,732	)		4,443,461			18,804,623			118,391,965		2,574,298		—		—
Andersons, Inc. (The)		93,462,493		9,472,848		(15,968,006	)		3,058,144			19,491,220			109,516,699		2,126,125		802,275		—
AngioDynamics, Inc.(a)		29,484,283		2,522,880		(23,591,858	)		(31,724,349	)		23,309,044			—		—		—		—
ANI Pharmaceuticals, Inc.		35,360,373		14,741,820		(3,644,033	)		1,249,539			15,146,722			62,854,421		1,082,577		—		—
Anika Therapeutics, Inc.(a)		30,577,724		2,113,876		(20,932,065	)		(23,274,993	)		11,515,458			—		—		—		—
Anywhere Real Estate, Inc.		43,897,144		4,836,409		(9,441,578	)		(8,567,404	)		17,895,874			48,620,445		7,561,500		—		—
Apogee Enterprises, Inc.		69,807,317		7,116,039		(12,855,377	)		799,104			5,312,437			70,179,520		1,490,644		762,349		—
Apollo Commercial Real Estate Finance, Inc.		88,167,627		8,592,308		(8,570,219	)		(13,012,740	)		13,767,169			88,944,145		8,780,271		6,272,364		—
Apollo Medical Holdings, Inc.		N/A		9,202,207		(9,561,010	)		(6,712,181	)		(115,716,812	)		87,689,984		2,842,463		—		—
Apple Hospitality REIT, Inc.		—		235,829,697		(3,097,499	)		(117,475	)		(12,230,542	)		220,384,181		14,366,635		1,141,258		—
Applied Industrial Technologies, Inc.		399,375,919		33,833,956		(63,380,434	)		15,135,472			18,541,986			403,506,899		2,609,837		1,934,813		—
ArcBest Corp.		162,821,305		14,845,611		(27,730,041	)		6,402,643			8,548,167			164,887,685		1,622,112		413,971		—
Archrock, Inc.		95,015,517		9,435,612		(8,269,291	)		(3,765,663	)		24,744,963			117,161,138		9,298,503		2,928,150		—
Arconic Corp.(a)		194,186,802		11,920,916		(233,498,141	)		99,041,991			(71,651,568	)		—		—		—		—
Arcosa, Inc.		222,096,270		21,069,670		(37,554,872	)		8,992,611			22,112,835			236,716,514		3,292,302		345,152		—
Arcus Biosciences, Inc.(b)		69,313,550		6,867,679		(10,516,052	)		(3,972,397	)		56,650,434			N/A		N/A		—		—
Arlo Technologies, Inc.		39,065,554		6,285,128		(7,086,828	)		1,698,909			25,445,512			65,408,275		6,350,318		—		—
Armada Hoffler Properties, Inc.		58,248,207		5,355,288		(7,182,349	)		(3,532,252	)		(5,877,330	)		47,011,564		4,590,973		1,821,189		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital  Gain  Distributions  from Underlying  Funds
ARMOUR Residential REIT, Inc.	$	62,319,873	$	34,051,324		$	(5,679,825	)	$	(10,084,138	)	$	(15,046,228	)	$	65,561,006		15,426,119	$	6,139,078		$	—
Artivion, Inc.		38,495,097		4,438,939			(8,945,753	)		(4,426,334	)		10,365,746			39,927,695		2,633,753		—			—
Asbury Automotive Group, Inc.		338,291,310		28,805,089			(77,883,192	)		18,692,383			11,703,283			319,608,873		1,389,181		—			—
Assured Guaranty Ltd.		219,398,891		21,038,764			(56,462,909	)		8,595,354			34,798,577			227,368,677		3,756,918		2,391,712			—
Astec Industries, Inc.		68,264,543		6,982,293			(12,569,702	)		(1,595,288	)		11,238,552			72,320,398		1,535,139		423,508			—
ATI, Inc.		371,755,383		31,064,442			(61,607,060	)		18,557,840			(2,515,152	)		357,255,453		8,681,785		—			—
Atlantic Union Bankshares Corp.		160,737,723		6,248,635			—			—			(27,818,826	)		139,167,532		4,835,564		2,878,255			—
Avanos Medical, Inc.		100,495,981		8,072,377			(12,818,711	)		(5,605,232	)		(26,153,736	)		63,990,679		3,164,722		—			—
Avantax, Inc.		76,349,477		6,445,023			(16,488,170	)		1,584,833			(4,355,968	)		63,535,195		2,483,784		—			—
Avid Bioservices, Inc.		84,935,412		6,521,609			(10,320,440	)		(7,392,872	)		(33,744,824	)		39,998,885		4,237,170		—			—
Avid Technology, Inc.		77,158,914		6,878,329			(10,102,266	)		(291,337	)		(12,126,199	)		61,517,441		2,289,447		—			—
Avista Corp.		225,297,559		1,563,455			(6,624,595	)		(2,011,852	)		(50,962,594	)		167,261,973		5,167,191		4,872,086			—
Axcelis Technologies, Inc.		317,914,779		32,047,064			(59,727,611	)		22,466,388			48,574,809			361,275,429		2,215,734		—			—
Axos Financial, Inc.		143,594,987		7,844,736			(22,133,292	)		302,941			4,487,643			134,097,015		3,541,918		—			—
AZZ, Inc.		74,597,593		7,611,238			(12,847,492	)		(1,515,016	)		9,129,591			76,975,914		1,688,809		605,509			—
B&G Foods, Inc.		80,873,267		6,543,289			(177,692	)		(18,017,359	)		(20,913,177	)		48,308,328		4,884,563		1,895,622			—
Badger Meter, Inc.		259,557,610		27,643,467			(50,794,331	)		15,159,472			33,223,008			284,789,226		1,979,490		1,037,713			—
Balchem Corp.		295,818,759		26,040,028			(48,039,388	)		5,165,121			(8,977,225	)		270,007,295		2,176,776		—			—
Banc of California, Inc.		50,130,563		499,131			(6,297,596	)		(3,443,373	)		2,909,685			43,798,410		3,537,836		773,660			—
Bancorp, Inc. (The)		110,908,893		1,633,883			(12,860,758	)		2,759,444			24,000,589			126,442,051		3,664,987		—			—
Bank of Hawaii Corp.		—		117,392,080			(11,888,747	)		1,645,871			25,940,393			133,089,597		2,678,398		1,939,431			—
BankUnited, Inc.		118,713,424		—			(6,338,465	)		124,226			813,699			113,312,884		4,991,757		2,820,675			—
Banner Corp.		131,055,405		1,544,299			(5,510,262	)		(2,634,077	)		(26,173,009	)		98,282,356		2,319,074		2,314,823			—
Barnes Group, Inc.		148,456,693		12,754,344			(22,929,487	)		(5,546,268	)		(16,618,654	)		116,116,628		3,418,211		1,162,585			—
Benchmark Electronics, Inc.		60,719,294		6,122,443			(9,805,107	)		(596,734	)		1,987,767			58,427,663		2,408,395		809,821			—
Berkshire Hills Bancorp, Inc.		77,475,120		—			(2,766,451	)		(982,884	)		(14,503,639	)		59,222,146		2,953,723		1,112,971			—
Big Lots, Inc.(a)		22,968,269		841,911			(16,724,495	)		(54,047,106	)		46,961,421			—		—		—			—
BioLife Solutions, Inc.		54,067,629		4,773,213			(7,095,170	)		(10,249,522	)		(9,451,550	)		32,044,600		2,320,391		—			—
BJ’s Restaurants, Inc.		49,529,579		5,262,680			(8,181,102	)		(2,322,049	)		(6,916,788	)		37,372,320		1,593,023		—			—
BlackRock Cash Funds: Institutional, SL Agency Shares		4,009,427,142		—			(234,148,791	)(c)		19,679			406,143			3,775,704,173		3,774,194,495		7,997,577	(d)		—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,360,595,186		386,555,084	(c)		—			—			—			1,747,150,270		1,747,150,270		32,061,323			—
Blackstone Mortgage Trust, Inc., Class A		—		276,200,562			(3,538,782	)		(147,460	)		(19,472,080	)		253,042,240		11,634,126		7,163,883			—
Bloomin’ Brands, Inc.		164,133,452		14,351,610			(27,940,381	)		2,657,217			(8,598,411	)		144,603,487		5,880,581		3,012,197			—
Boise Cascade Co.		181,861,713		19,590,983			(37,276,171	)		10,006,478			101,343,690			275,526,693		2,673,978		9,549,615			—
Boot Barn Holdings, Inc.		166,546,614		16,184,289			(28,014,386	)		4,036,754			5,655,667			164,408,938		2,024,990		—			—
Brandywine Realty Trust		59,150,320		2,779,355			(5,767,802	)		(11,732,988	)		8,376,186			52,805,071		11,631,073		4,659,485			—
Brightsphere Investment Group, Inc.		55,527,481		4,938,218			(8,462,383	)		1,537,965			(11,138,085	)		42,403,196		2,186,859		46,389			—
Brinker International, Inc.		122,025,676		10,664,581			(17,858,066	)		(644,204	)		(19,707,952	)		94,480,035		2,990,821		—			—
Bristow Group, Inc.		38,410,826		4,459,542			(6,953,219	)		(571,172	)		10,235,224			45,581,201		1,618,076		—			—
Brookline Bancorp, Inc.		61,759,068		3,575,678			(2,320,958	)		(2,441,915	)		(6,031,041	)		54,540,832		5,986,919		1,653,399			—
Calavo Growers, Inc.		36,920,281		4,019,749			(6,351,038	)		(7,026,092	)		2,753,695			30,316,595		1,201,609		244,825			—
Caleres, Inc.		56,132,878		6,266,961			(14,062,819	)		(300,459	)		18,170,109			66,206,670		2,302,040		358,546			—
California Resources Corp.		—		231,723,232			(45,250,793	)		8,135,060			50,536,677			245,144,176		4,376,793		1,408,854			—
California Water Service Group		232,582,390		18,403,325			(23,688,917	)		1,627,463			(44,608,901	)		184,315,360		3,895,907		2,062,769			—
Callon Petroleum Co.		124,618,741		17,745,392			(15,297,921	)		(2,889,459	)		23,441,511			147,618,264		3,773,473		—			—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
Cal-Maine Foods, Inc.	$	168,023,093	$	15,392,545	$	(16,259,505	)	$	524,991		$	(34,790,594	)	$	132,890,530		2,744,538	$	8,117,438	$	—
Capitol Federal Financial, Inc.		62,108,969		1,259,379		(5,210,872	)		(4,256,141	)		(13,159,997	)		40,741,338		8,541,161		1,542,108		—
Cara Therapeutics, Inc.(a)		16,036,723		440,018		(10,905,795	)		(63,470,393	)		57,899,447			—		—		—		—
Cardiovascular Systems, Inc.(a)		60,718,195		924,106		(62,068,808	)		(46,213,982	)		46,640,489			—		—		—		—
CareTrust REIT, Inc.		142,006,280		13,474,068		(22,723,262	)		(449,982	)		5,378,563			137,685,667		6,716,374		3,816,807		—
Cargurus, Inc., Class A		—		144,154,526		(13,268,214	)		(2,483,867	)		(25,756,935	)		102,645,510		5,858,762		—		—
Carpenter Technology Corp.		157,860,239		16,045,299		(31,022,921	)		9,159,615			68,357,169			220,399,401		3,279,265		1,397,239		—
Cars.com, Inc.		86,875,148		8,104,017		(13,817,653	)		1,446,379			(12,241,180	)		70,366,711		4,173,589		—		—
Catalyst Pharmaceuticals, Inc.		115,688,475		8,927,429		(11,735,600	)		(1,215,198	)		(32,589,212	)		79,075,894		6,764,405		—		—
Cavco Industries, Inc.		187,257,209		14,182,116		(26,353,135	)		5,092,686			(35,436,416	)		144,742,460		544,841		—		—
Centerspace		59,983,030		6,287,819		(9,700,954	)		(5,807,031	)		10,077,560			60,840,424		1,009,632		1,504,815		—
Central Garden & Pet Co.		28,991,932		2,709,073		(5,494,032	)		294,143			1,917,717			28,418,833		643,834		—		—
Central Pacific Financial Corp.		28,595,554		—		—			—			(1,948,970	)		26,646,584		1,597,517		830,709		—
Century Communities, Inc.		131,731,066		12,991,129		(22,225,398	)		4,996,464			998,271			128,491,532		1,924,102		935,782		—
Cerence, Inc.		82,103,671		7,681,675		(13,026,098	)		(1,026,769	)		(20,261,893	)		55,470,586		2,723,151		—		—
CEVA, Inc.		51,414,406		4,049,404		(6,149,108	)		(3,089,916	)		(15,256,726	)		30,968,060		1,597,115		—		—
Chatham Lodging Trust		37,098,924		3,104,349		(4,164,151	)		(4,785,137	)		338,087			31,592,072		3,301,157		472,299		—
Cheesecake Factory, Inc. (The)		122,152,475		10,782,834		(20,024,829	)		(3,154,714	)		(13,248,297	)		96,507,469		3,185,065		1,858,344		—
Chefs’ Warehouse, Inc. (The)		84,273,137		7,950,689		(10,475,650	)		(413,660	)		(30,851,499	)		50,483,017		2,383,523		—		—
Chesapeake Utilities Corp.		148,469,039		25,047,032		(19,168,624	)		34,207			(36,924,374	)		117,457,280		1,201,609		1,496,744		—
Chico’s FAS, Inc.		49,993,317		4,275,887		(7,836,050	)		(3,156,631	)		19,119,169			62,395,692		8,341,670		—		—
Children’s Place, Inc.(a)		35,862,187		1,048,417		(19,068,334	)		(41,674,052	)		23,831,782			—		—		—		—
Chuy’s Holdings, Inc.		47,009,424		4,864,169		(8,276,134	)		1,192,949			(1,444,397	)		43,346,011		1,218,269		—		—
Cinemark Holdings, Inc.		115,204,324		12,079,109		(20,136,919	)		1,417,463			25,557,256			134,121,233		7,309,059		—		—
CIRCOR International, Inc.		46,173,646		6,839,363		(12,244,915	)		2,150,540			33,830,941			76,749,575		1,376,674		—		—
City Holding Co.		92,915,621		4,403,902		(5,250,508	)		(45,890	)		(470,024	)		91,553,101		1,013,316		1,373,277		—
Clearfield, Inc.		42,875,446		3,441,195		(5,132,121	)		(4,930,267	)		(11,102,581	)		25,151,672		877,588		—		—
Clearwater Paper Corp.		40,817,651		4,213,826		(7,419,113	)		(1,168,828	)		4,477,240			40,920,776		1,128,849		—		—
Cogent Communications Holdings, Inc.		198,455,621		16,537,959		(17,317,270	)		(5,965,857	)		(9,880,751	)		181,829,702		2,937,475		5,769,725		—
Coherus Biosciences, Inc.(a)		32,171,147		6,249,728		(29,431,002	)		(56,521,692	)		47,531,819			—		—		—		—
Cohu, Inc.		133,262,362		11,735,290		(21,123,007	)		2,992,702			(16,185,280	)		110,682,067		3,213,765		—		—
Collegium Pharmaceutical, Inc.		58,685,154		5,534,232		(7,848,627	)		264,588			(4,221,826	)		52,413,521		2,345,124		—		—
Comfort Systems U.S.A., Inc.		379,972,122		33,397,018		(66,408,396	)		23,219,351			41,380,163			411,560,258		2,415,118		1,088,137		—
Community Bank System, Inc.		194,295,409		—		(4,832,633	)		(3,850,052	)		(34,086,380	)		151,526,344		3,589,821		3,294,397		—
Community Health Systems, Inc.		44,616,254		3,703,342		(5,385,225	)		(6,227,853	)		(11,778,254	)		24,928,264		8,595,953		—		—
Community Healthcare Trust, Inc.		62,746,198		6,140,752		(6,720,989	)		(1,572,245	)		(11,051,324	)		49,542,392		1,668,094		1,550,988		—
Compass Minerals International, Inc.		85,232,184		8,250,417		(14,496,473	)		(6,384,872	)		(8,941,889	)		63,659,367		2,277,616		732,116		—
Computer Programs & Systems, Inc.(a)		31,093,648		2,177,403		(18,457,135	)		(15,712,646	)		898,730			—		—		—		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
Comtech Telecommunications Corp.(a)	$	25,084,350	$	777,330	$	(17,701,564	)	$	(30,196,746	)	$	22,036,630		$	—		—	$	—	$	—
CONMED Corp.		230,448,099		22,982,458		(39,943,592	)		5,476,833			(9,650,026	)		209,313,772		2,075,496		872,236		—
Consensus Cloud Solutions, Inc.		43,749,197		4,143,713		(5,574,312	)		(3,213,467	)		(7,920,154	)		31,184,977		1,238,482		—		—
CONSOL Energy, Inc.		138,708,588		14,616,224		(53,043,119	)		20,045,162			83,576,221			203,903,076		1,943,600		2,590,501		—
Corcept Therapeutics, Inc.		150,882,325		15,108,479		(37,747,338	)		5,657,732			32,099,699			166,000,897		6,092,894		—		—
Core Laboratories, Inc.		74,716,271		7,385,095		(12,928,228	)		(784,803	)		7,283,934			75,672,269		3,151,698		66,722		—
CoreCivic, Inc.		76,866,984		7,327,308		(14,076,433	)		(180,149	)		16,353,199			86,290,909		7,670,303		—		—
Cracker Barrel Old Country Store, Inc.		183,548,518		13,330,368		(22,826,539	)		(5,221,229	)		(68,323,640	)		100,507,478		1,495,647		4,122,918		—
Cross Country Healthcare, Inc.		57,621,468		6,180,698		(14,219,298	)		2,238,144			4,508,512			56,329,524		2,272,268		—		—
CSG Systems International, Inc.		117,406,619		10,576,839		(17,479,058	)		536,827			(6,064,262	)		104,976,965		2,053,540		1,208,130		—
CTS Corp.		114,604,063		9,928,983		(18,354,825	)		2,712,126			(20,458,105	)		88,432,242		2,118,645		172,631		—
Customers Bancorp, Inc.		39,774,237		1,994,994		(9,647,807	)		(3,131,548	)		36,513,526			65,503,402		1,901,405		—		—
Cutera, Inc.(a)		30,720,361		900,594		(22,352,140	)		(29,418,470	)		20,149,655			—		—		—		—
CVB Financial Corp.		159,788,194		2,882,120		(12,859,687	)		(6,325,479	)		4,625,250			148,110,398		8,938,467		3,742,294		—
Cytokinetics, Inc.		242,363,841		20,454,718		(34,826,651	)		(346,791	)		(36,698,153	)		190,946,964		6,481,567		—		—
Dana, Inc.		—		159,159,440		(12,414,887	)		(1,079,374	)		(18,427,927	)		127,237,252		8,673,296		913,154		—
Dave & Buster’s Entertainment, Inc.		112,342,054		9,989,287		(37,532,250	)		835,328			362,569			85,996,988		2,319,854		—		—
Deluxe Corp.		50,289,328		5,198,577		(8,802,045	)		(3,963,036	)		12,906,073			55,628,897		2,944,886		1,867,741		—
Designer Brands, Inc., Class A		32,039,144		3,609,498		(7,600,266	)		(4,278,620	)		18,321,845			42,091,601		3,324,771		183,267		—
DiamondRock Hospitality Co.		123,890,737		10,202,406		(18,750,853	)		(5,033,202	)		3,343,413			113,652,501		14,153,487		864,764		—
Digi International, Inc.		87,721,076		8,984,920		(14,710,193	)		2,627,662			(19,053,371	)		65,570,094		2,428,522		—		—
Digital Turbine, Inc.		81,070,266		6,619,394		(9,901,082	)		(6,442,230	)		(34,360,030	)		36,986,318		6,113,441		—		—
Dime Community Bancshares, Inc.		53,270,743		5,179,105		(4,691,116	)		(1,447,594	)		(5,183,662	)		47,127,476		2,361,096		1,156,181		—
Dine Brands Global, Inc.		77,056,638		7,499,359		(12,405,394	)		(3,452,688	)		(16,777,739	)		51,920,176		1,049,953		1,114,351		—
Diodes, Inc.		307,146,726		24,292,961		(42,396,395	)		6,734,507			(52,251,052	)		243,526,747		3,088,873		—		—
DISH Network Corp., Class A		—		121,257,358		(12,394,477	)		(343,693	)		(10,267,363	)		98,251,825		16,766,523		—		—
DMC Global, Inc.(a)		29,701,199		883,675		(22,351,413	)		(48,650,426	)		40,416,965			—		—		—		—
Donnelley Financial Solutions, Inc.		74,519,324		8,387,850		(15,171,059	)		4,121,419			22,930,818			94,788,352		1,684,228		—		—
Dorian LPG Ltd.		46,315,296		6,155,483		(6,639,054	)		1,826,011			18,205,272			65,863,008		2,292,482		4,573,875		—
Dorman Products, Inc.		177,785,224		14,117,144		(25,960,134	)		(2,134,919	)		(18,848,358	)		144,958,957		1,913,397		—		—
DoubleVerify Holdings, Inc.		N/A		88,806,678		(24,234,013	)		1,898,926			(3,166,492	)		236,932,457		8,477,011		—		—
Douglas Elliman, Inc.(a)		15,688,697		536,047		(12,803,138	)		(19,393,423	)		15,971,817			—		—		—		—
Dril-Quip, Inc.		70,712,501		6,230,630		(10,497,647	)		(2,184,002	)		737,779			64,999,261		2,307,393		—		—
DXP Enterprises, Inc.		30,708,102		3,241,769		(10,885,310	)		29,642			9,286,791			32,380,994		926,760		—		—
Dycom Industries, Inc.		201,762,838		18,103,884		(35,580,723	)		748,997			(8,819,001	)		176,215,995		1,979,955		—		—
Dynavax Technologies Corp.		84,578,740		14,119,271		(12,782,074	)		1,253,678			41,271,206			128,440,821		8,696,061		—		—
Eagle Bancorp, Inc.		74,581,737		349,668		(5,392,630	)		(7,390,393	)		(18,837,550	)		43,310,832		2,019,153		1,966,766		—
Eagle Pharmaceuticals, Inc.(a)		21,589,598		1,001,987		(15,420,272	)		(24,836,854	)		17,665,541			—		—		—		—
Easterly Government Properties, Inc.		86,345,087		5,280,111		(138,033	)		(5,423,493	)		(14,370,974	)		71,692,698		6,272,327		3,330,633		—
Ebix, Inc.		22,609,137		3,214,824		(4,084,121	)		(3,618,291	)		(1,650,077	)		16,471,472		1,667,153		—		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
Edgewell Personal Care Co.	$	158,589,503	$	13,844,677	$	(26,448,694	)	$	557,612		$	(19,744,352	)	$	126,798,746		3,430,702	$	1,100,996	$	—
elf Beauty, Inc.		303,507,266		46,183,594		(44,076,018	)		15,614,144			82,596,484			403,825,470		3,676,823		—		—
Ellington Financial, Inc.		56,245,609		8,626,163		(8,681,525	)		(985,593	)		2,061,177			57,265,831		4,592,288		4,073,533		—
Elme Communities		113,838,747		7,877,182		(6,692,308	)		(14,416,653	)		(19,727,742	)		80,879,226		5,929,562		2,170,557		—
Embecta Corp.		117,239,760		8,432,326		(14,456,417	)		(4,134,044	)		(48,809,665	)		58,271,960		3,871,891		1,233,359		—
Emergent BioSolutions, Inc.(a)		33,542,448		2,202,347		(17,129,626	)		(113,500,689	)		94,885,520			—		—		—		—
Employers Holdings, Inc.		72,259,484		1,345,458		(1,656,837	)		(203,188	)		(2,756,461	)		68,988,456		1,726,870		968,836		—
Enanta Pharmaceuticals, Inc.(a)		57,691,502		3,017,649		(21,610,614	)		(63,245,790	)		24,147,253			—		—		—		—
Encore Capital Group, Inc.		85,730,089		8,174,554		(13,425,728	)		9,781			(4,758,434	)		75,730,262		1,585,642		—		—
Encore Wire Corp.		247,802,148		19,047,495		(53,951,180	)		17,028,584			(22,901,180	)		207,025,867		1,134,637		51,728		—
Energizer Holdings, Inc.		—		156,116,767		(2,331,206	)		(84,568	)		(9,885,096	)		143,815,897		4,488,636		—		—
Enerpac Tool Group Corp., Class A		105,874,139		9,828,277		(19,562,334	)		1,585,223			2,391,403			100,116,708		3,787,995		—		—
Enhabit, Inc.		50,148,624		4,443,220		(7,231,954	)		(3,487,533	)		(5,802,638	)		38,069,719		3,383,975		—		—
Enova International, Inc.		100,809,360		10,208,634		(19,463,727	)		5,598,511			8,588,707			105,741,485		2,078,661		—		—
EnPro Industries, Inc.		157,140,897		15,295,017		(27,835,929	)		5,311,742			21,134,627			171,046,354		1,411,390		865,193		—
Ensign Group, Inc. (The)		387,611,799		34,327,715		(58,776,742	)		15,075,482			(25,608,585	)		352,629,669		3,794,573		442,241		—
Enviri Corp.(e)		39,551,676		4,457,322		(7,695,044	)		(6,079,547	)		8,680,079			38,914,486		5,389,818		—		—
ePlus, Inc.		96,011,051		10,084,351		(18,182,395	)		2,749,662			24,866,745			115,529,414		1,818,788		—		—
ESCO Technologies, Inc.		179,527,801		15,826,243		(30,078,859	)		4,904,870			11,630,037			181,810,092		1,740,809		144,601		—
Essential Properties Realty Trust, Inc.		257,903,414		25,421,511		(18,378,520	)		(2,382,591	)		(34,726,805	)		227,837,009		10,533,380		5,842,449		—
Ethan Allen Interiors, Inc.		45,645,769		4,873,187		(8,338,308	)		704,535			3,183,451			46,068,634		1,540,757		1,979,732		—
EVERTEC, Inc.		160,007,704		15,127,833		(28,846,540	)		3,269,661			12,684,898			162,243,556		4,363,732		467,372		—
EW Scripps Co. (The), Class A, NVS		39,742,495		3,418,237		(4,787,912	)		(4,753,341	)		(11,861,643	)		21,757,836		3,970,408		—		—
Fabrinet		316,931,724		27,508,065		(58,211,572	)		16,792,722			105,314,528			408,335,467		2,450,699		—		—
FARO Technologies, Inc.(a)		33,444,916		1,280,168		(22,381,770	)		(46,157,047	)		33,813,733			—		—		—		—
FB Financial Corp.		79,384,070		7,290,181		(12,374,209	)		(3,300,742	)		(3,770,360	)		67,228,940		2,370,555		757,491		—
Federal Signal Corp.		239,607,658		23,360,678		(41,353,851	)		11,372,350			12,987,875			245,974,710		4,118,110		871,403		—
First BanCorp/Puerto Rico		146,853,183		—		(12,059,241	)		4,436,913			21,628,663			160,859,518		11,950,930		3,555,805		—
First Bancorp/Southern Pines NC		101,721,572		1,710,486		(4,460,676	)		(2,437,772	)		(18,458,617	)		78,074,993		2,774,520		1,236,264		—
First Commonwealth Financial Corp.		88,629,082		495,328		(3,197,578	)		(1,218,133	)		(279,589	)		84,429,110		6,914,751		1,782,564		—
First Financial Bancorp		142,830,379		952,884		(3,741,802	)		(1,407,134	)		(12,741,234	)		125,893,093		6,423,117		3,020,826		—
First Hawaiian, Inc.		191,255,634		15,579,158		(27,249,182	)		(7,555,746	)		(16,512,508	)		155,517,356		8,615,920		4,763,168		—
Foot Locker, Inc.		—		102,359,582		(1,321,690	)		(50,524	)		(5,265,596	)		95,721,772		5,517,105		—		—
FormFactor, Inc.		178,809,435		15,407,736		(26,505,098	)		(405,886	)		15,889,684			183,195,871		5,243,156		—		—
Fortrea Holdings, Inc.		—		233,685,826		(13,021,890	)		(2,814,366	)		(46,822,417	)		171,027,153		5,982,062		—		—
Forward Air Corp.		208,856,122		15,816,960		(33,008,665	)		(2,242	)		(72,403,156	)		119,259,019		1,734,929		907,593		—
Four Corners Property Trust, Inc.		163,838,640		14,867,175		(11,886,368	)		(1,421,682	)		(29,710,375	)		135,687,390		6,114,799		4,138,459		—
Franklin BSP Realty Trust, Inc.		71,662,078		7,414,264		(13,778,914	)		(1,694,316	)		9,901,343			73,504,455		5,551,696		4,014,848		—
Franklin Electric Co., Inc.		266,513,408		23,333,290		(37,453,797	)		8,076,552			(20,783,575	)		239,685,878		2,686,158		1,252,902		—
Frontdoor, Inc.		165,202,271		16,435,913		(31,672,016	)		3,162,731			12,798,450			165,927,349		5,424,235		—		—
Fulton Financial Corp.		—		119,069,641		—			—			(4,809,987	)		114,259,654		9,435,149		2,329,840		—
Gannett Co., Inc.(a)		20,024,676		743,820		(18,518,247	)		(57,896,468	)		55,646,219			—		—		—		—
Genesco, Inc.(a)		32,192,810		1,125,073		(21,442,708	)		(21,239,096	)		9,363,921			—		—		—		—
Gentherm, Inc.		145,834,183		12,143,256		(22,961,757	)		(1,779,248	)		(12,373,749	)		120,862,685		2,227,473		—		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
Genworth Financial, Inc., Class A	$	155,800,113	$	2,300,657	$	(8,814,544	)	$	1,389,091		$	24,047,662		$	174,722,979		29,816,208	$	—	$	—
GEO Group, Inc. (The)		71,373,690		6,545,358		(10,560,422	)		(146,070	)		2,432,774			69,645,330		8,514,099		—		—
Getty Realty Corp.		106,746,477		15,079,980		(8,954,296	)		(890,697	)		(25,940,293	)		86,041,171		3,102,819		2,684,552		—
Gibraltar Industries, Inc.		109,464,112		11,730,344		(24,437,319	)		2,107,838			39,811,029			138,676,004		2,054,155		—		—
G-III Apparel Group Ltd.		48,426,354		5,887,348		(13,906,586	)		(6,573,260	)		34,440,764			68,274,620		2,739,752		—		—
Glaukos Corp.		174,195,095		19,869,916		(33,037,588	)		4,573,319			81,575,792			247,176,534		3,284,738		—		—
Global Net Lease, Inc.(b)		97,000,858		35,616,449		(9,233,964	)		(18,695,815	)		5,513,976			N/A		N/A		5,917,956		—
GMS, Inc.		175,619,967		17,278,228		(34,789,281	)		8,409,982			9,588,403			176,107,299		2,752,967		—		—
Golden Entertainment, Inc.		69,585,761		6,388,673		(11,514,115	)		(2,921,941	)		(11,574,738	)		49,963,640		1,461,780		3,152,866		—
Goosehead Insurance, Inc., Class A		—		117,324,448		(4,619,976	)		165,512			7,456,540			120,326,524		1,614,471		—		—
Granite Construction, Inc.		130,924,178		11,441,430		(20,047,913	)		1,864,179			(11,438,621	)		112,743,253		2,965,367		783,238		—
Green Dot Corp., Class A		59,054,343		—		(7,061,187	)		(10,989,272	)		1,063,267			42,067,151		3,019,896		—		—
Green Plains, Inc.		113,286,982		—		—			—			(3,253,482	)		110,033,500		3,655,598		—		—
Greenbrier Cos., Inc. (The)		76,631,095		8,161,706		(18,499,898	)		(2,938,901	)		20,117,198			83,471,200		2,086,780		1,321,422		—
Griffon Corp.		110,428,290		11,483,537		(37,567,634	)		8,881,217			16,463,806			109,689,216		2,765,042		7,719,305		—
Group 1 Automotive, Inc.		240,279,848		21,800,964		(49,430,152	)		14,821,210			27,451,695			254,923,565		948,694		925,133		—
Hain Celestial Group, Inc. (The)		111,462,378		7,737,699		(12,888,811	)		(3,891,568	)		(39,745,015	)		62,674,683		6,043,846		—		—
Hanesbrands, Inc.		133,951,881		10,219,179		(18,856,343	)		(1,160,449	)		(30,605,564	)		93,548,704		23,623,410		—		—
Hanmi Financial Corp.		38,719,323		337,467		(781,122	)		(626,295	)		(4,239,869	)		33,409,504		2,058,503		1,044,861		—
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		—		182,291,837		(2,050,659	)		(128,761	)		(26,769,489	)		153,342,928		7,233,157		—		—
Harmonic, Inc.		116,507,540		9,702,741		(14,649,291	)		1,729,273			(40,524,317	)		72,765,946		7,556,173		—		—
Haverty Furniture Cos., Inc.		30,548,049		3,018,094		(4,454,179	)		475,931			(3,466,879	)		26,121,016		907,610		568,775		—
Hawaiian Holdings, Inc.		34,077,847		3,495,190		(5,363,150	)		(11,161,541	)		1,048,709			22,097,055		3,490,846		—		—
Hawkins, Inc.		60,440,742		6,709,571		(11,221,479	)		3,047,018			17,320,701			76,296,553		1,296,458		423,007		—
Haynes International, Inc.		46,049,240		4,224,460		(7,105,251	)		1,099,428			(4,250,954	)		40,016,923		860,209		399,394		—
HB Fuller Co.		267,610,614		23,914,136		(42,022,831	)		2,894,924			(2,849,649	)		249,547,194		3,637,184		1,575,741		—
HCI Group, Inc.(b)		26,351,154		2,443,906		(6,890,884	)		(1,803,065	)		(375,685	)		N/A		N/A		388,160		—
Healthcare Services Group, Inc.		74,665,761		6,887,704		(11,378,418	)		(6,691,808	)		(11,211,615	)		52,271,624		5,011,661		—		—
HealthStream, Inc.		47,692,179		4,344,025		(7,111,016	)		(842,538	)		(8,758,391	)		35,324,259		1,636,898		131,082		—
Heidrick & Struggles International, Inc.		43,935,990		3,863,076		(6,235,933	)		(1,645,409	)		(6,091,510	)		33,826,214		1,351,967		429,829		—
Helix Energy Solutions Group, Inc.		80,486,224		7,908,940		(15,266,234	)		2,997,711			30,791,080			106,917,721		9,571,864		—		—
Helmerich & Payne, Inc.		271,925,833		24,330,099		(60,185,620	)		5,645,102			41,308,671			283,024,085		6,713,095		7,194,931		—
Heritage Financial Corp.		53,901,678		378,274		(3,272,186	)		(3,551,351	)		(9,131,699	)		38,324,716		2,349,768		1,095,793		—
Heska Corp.(a)		72,186,964		2,798,179		(91,540,180	)		3,453,147			13,101,890			—		—		—		—
Hibbett, Inc.		54,699,291		4,379,012		(7,122,675	)		(207,384	)		(10,859,428	)		40,888,816		860,636		456,423		—
Highwoods Properties, Inc.		—		164,295,440		(1,039,681	)		(11,052	)		(16,125,210	)		147,119,497		7,138,258		—		—
Hillenbrand, Inc.		240,061,435		20,213,136		(35,594,294	)		3,659,358			(28,615,195	)		199,724,440		4,720,502		2,182,367		—
Hilltop Holdings, Inc.(b)		98,632,693		—		(7,082,267	)		(758,378	)		11,663,003			N/A		N/A		1,047,076		—
HNI Corp.		83,911,068		17,495,728		(15,266,211	)		(1,253,111	)		23,950,149			108,837,623		3,142,871		2,127,405		—
HomeStreet, Inc.(a)		23,604,463		—		(6,914,010	)		(30,379,701	)		13,689,248			—		—		131,209		—
Hope Bancorp, Inc.		79,956,414		3,108,608		(3,509,271	)		(2,809,252	)		(5,013,859	)		71,732,640		8,105,383		2,302,785		—
Horace Mann Educators Corp.		91,473,889		—		—			—			(11,202,000	)		80,271,889		2,732,195		1,803,249		—
Hostess Brands, Inc., Class A		242,479,510		18,852,231		(41,860,924	)		7,313,121			72,123,913			298,907,851		8,973,517		—		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
Hub Group, Inc., Class A	$	199,789,287	$	16,727,492	$	(37,203,468	)	$	4,668,679		$	(17,393,309	)	$	166,588,681		2,121,068	$	—	$	—
Hudson Pacific Properties, Inc.		62,200,117		3,794,416		(8,723,375	)		(7,144,682	)		6,664,125			56,790,601		8,539,940		1,162,743		—
Ichor Holdings Ltd.		68,853,399		6,762,819		(10,884,208	)		(1,532,882	)		(2,010,032	)		61,189,096		1,976,392		—		—
Independent Bank Corp.		206,148,445		—		(9,840,045	)		(4,323,297	)		(46,531,482	)		145,453,621		2,962,999		3,322,263		—
Independent Bank Group, Inc.		119,660,451		8,771,143		(14,735,001	)		(7,023,227	)		(10,758,960	)		95,914,406		2,425,143		1,931,640		—
Ingevity Corp.		—		136,872,600		(12,428,657	)		(850,454	)		(15,302,211	)		108,291,278		2,274,549		—		—
Innospec, Inc.		185,047,583		15,580,126		(28,376,349	)		3,984,396			(4,652,687	)		171,583,069		1,678,895		1,233,233		—
Innovative Industrial Properties, Inc.		154,533,036		13,703,230		(25,193,623	)		(24,040,456	)		24,236,871			143,239,058		1,893,194		6,930,297		—
Innoviva, Inc.		51,337,564		5,202,870		(14,020,815	)		(1,394,613	)		9,155,114			50,280,120		3,870,679		—		—
Inogen, Inc.(a)		20,699,378		1,102,569		(18,705,628	)		(54,410,781	)		51,314,462			—		—		—		—
Insight Enterprises, Inc.		315,302,283		24,655,996		(47,955,443	)		16,702,893			(11,661,368	)		297,044,361		2,041,542		—		—
Installed Building Products, Inc.		194,942,723		18,820,804		(33,144,908	)		7,288,396			10,935,974			198,842,989		1,592,145		1,101,178		—
Insteel Industries, Inc.		39,429,230		4,111,501		(7,469,747	)		(744,435	)		7,262,691			42,589,240		1,312,053		83,386		—
Integer Holdings Corp.		186,869,395		19,128,768		(32,286,604	)		4,541,319			(1,873,220	)		176,379,658		2,248,880		—		—
InterDigital, Inc.		142,699,271		13,767,900		(28,429,508	)		3,771,179			11,254,103			143,062,945		1,782,938		1,337,751		—
Interface, Inc., Class A		34,179,987		3,874,798		(6,448,812	)		(4,271,821	)		11,177,112			38,511,264		3,925,715		83,161		—
Invesco Mortgage Capital, Inc.		28,489,334		21,866,802		(3,067,870	)		(20,944,439	)		3,785,152			30,128,979		3,009,888		2,196,056		—
iRobot Corp.		86,350,032		8,162,338		(13,047,654	)		(6,963,907	)		(3,890,608	)		70,610,201		1,863,066		—		—
Ironwood Pharmaceuticals, Inc., Class A		102,035,794		9,288,764		(13,091,895	)		(1,368,553	)		(7,528,930	)		89,335,180		9,276,758		—		—
iTeos Therapeutics, Inc.(b)		24,370,080		3,128,319		(3,241,495	)		(3,038,917	)		40,142,120			N/A		N/A		—		—
Itron, Inc.		182,591,693		18,092,747		(32,708,369	)		(3,810,758	)		21,776,273			185,941,586		3,069,356		—		—
J & J Snack Foods Corp.		161,645,916		15,724,452		(23,541,584	)		1,866,362			14,817,353			170,512,499		1,041,934		1,538,348		—
Jack in the Box, Inc.		131,488,619		11,622,113		(22,750,610	)		(940,396	)		(25,661,246	)		93,758,480		1,357,638		1,296,068		—
James River Group Holdings Ltd.		54,415,765		3,762,090		(1,495,549	)		(6,135,903	)		(11,493,900	)		39,052,503		2,544,137		262,943		—
JBG SMITH Properties		108,645,430		8,602,998		(21,555,697	)		630,865			(4,424,888	)		91,898,708		6,355,374		3,090,214		—
JetBlue Airways Corp.		—		113,119,072		(1,190,469	)		(68,625	)		(8,359,205	)		103,500,773		22,500,168		—		—
John B Sanfilippo & Son, Inc.		63,262,398		6,824,710		(12,199,895	)		1,897,795			(29,187	)		59,755,821		604,816		2,242,015		—
John Bean Technologies Corp.		253,447,554		21,986,744		(40,996,869	)		(2,021,545	)		(6,403,576	)		226,012,308		2,149,632		457,861		—
John Wiley & Sons, Inc., Class A		—		106,114,118		(10,453,097	)		600,821			10,534,147			106,795,989		2,873,177		1,052,668		—
Kaiser Aluminum Corp.		86,687,297		7,637,373		(13,518,511	)		(4,015,040	)		4,576,381			81,367,500		1,081,152		1,764,791		—
Kaman Corp.		46,934,940		4,137,856		(7,082,730	)		(7,322,012	)		899,071			37,567,125		1,911,813		792,382		—
Kennametal, Inc.		161,872,343		14,517,837		(27,321,976	)		703,667			(15,870,423	)		133,901,448		5,381,891		2,306,751		—
Kennedy-Wilson Holdings, Inc.		141,614,695		12,450,616		(21,129,451	)		(77,088	)		(14,884,632	)		117,974,140		8,003,673		3,923,761		—
KKR Real Estate Finance Trust, Inc.		48,168,447		4,719,851		(8,523,601	)		(3,795,100	)		5,953,966			46,523,563		3,919,424		3,429,308		—
Knowles Corp.		112,730,077		10,164,341		(17,541,736	)		(1,335,835	)		(12,879,084	)		91,137,763		6,153,799		—		—
Kontoor Brands, Inc.		174,110,704		13,754,806		(23,680,671	)		(539,691	)		(15,557,400	)		148,087,748		3,372,529		3,396,177		—
Koppers Holdings, Inc.		53,100,966		4,980,807		(8,939,316	)		471,212			6,124,621			55,738,290		1,409,312		179,558		—
Korn Ferry		198,786,374		16,750,226		(27,621,382	)		(806,158	)		(15,474,176	)		171,634,884		3,617,936		1,309,947		—
Kulicke & Soffa Industries, Inc.		217,384,819		19,084,278		(35,039,217	)		6,892,454			(22,899,743	)		185,422,591		3,812,926		1,480,530		—
Lakeland Financial Corp.		115,762,353		534,895		(7,250,866	)		(3,228,257	)		(24,321,522	)		81,496,603		1,717,164		1,666,021		—
La-Z-Boy, Inc.		91,153,674		9,066,197		(15,198,208	)		(945,681	)		6,233,659			90,309,641		2,924,535		1,119,060		—
LCI Industries		203,655,472		19,074,131		(35,959,396	)		44,537			13,952,320			200,767,064		1,709,820		3,814,242		—
LeMaitre Vascular, Inc.		72,406,555		8,256,801		(12,530,881	)		2,344,462			2,405,917			72,882,854		1,337,791		388,878		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
LendingTree, Inc.(a)	$	20,967,477	$	806,571	$	(17,818,177	)	$	(88,900,873	)	$	84,945,002		$	—		—	$	—	$	—
Leslie’s, Inc.		119,142,546		19,324,245		(11,981,755	)		(3,463,744	)		(52,662,602	)		70,358,690		12,430,864		—		—
LGI Homes, Inc.		169,937,199		15,984,304		(28,138,184	)		5,283,525			(25,462,324	)		137,604,520		1,383,099		—		—
Liberty Energy, Inc., Class A		—		193,121,584		(2,610,459	)		(37,395	)		3,414,687			193,888,417		10,469,137		—		—
Ligand Pharmaceuticals, Inc.		86,025,257		7,606,367		(12,025,238	)		(2,728,165	)		(12,879,157	)		65,999,064		1,101,453		—		—
Lindsay Corp.		120,919,113		9,407,604		(16,157,889	)		(1,030,693	)		(25,666,826	)		87,471,309		743,298		544,906		—
Liquidity Services, Inc.(b)		22,867,914		3,014,528		(6,817,717	)		763,847			(4,811,282	)		N/A		N/A		—		—
Livent Corp.		283,604,447		26,068,984		(46,459,237	)		(3,374,012	)		(36,453,997	)		223,386,185		12,133,959		—		—
LivePerson, Inc.(a)		22,355,644		998,152		(19,474,188	)		(118,802,576	)		114,922,968			—		—		—		—
LiveRamp Holdings, Inc.		103,421,134		11,512,673		(18,140,310	)		825,080			31,267,008			128,885,585		4,468,987		—		—
LTC Properties, Inc.		103,413,657		9,584,856		(11,855,468	)		(5,555,907	)		(5,757,281	)		89,829,857		2,795,825		3,316,510		—
LXP Industrial Trust		207,205,029		22,323,315		(19,713,879	)		(8,168,740	)		(25,816,586	)		175,829,139		19,756,083		5,026,905		—
M/I Homes, Inc.		125,795,845		14,467,820		(24,238,402	)		7,048,737			34,662,693			157,736,693		1,876,924		—		—
Macerich Co. (The)		—		189,738,321		(13,451,019	)		(635,726	)		(17,090,109	)		158,561,467		14,533,590		2,607,119		—
Madison Square Garden Sports Corp., Class A		—		273,156,110		(28,856,997	)		(5,199,996	)		(40,791,412	)		198,307,705		1,124,831		—		—
Marcus Corp. (The)		28,247,952		2,906,344		(4,448,350	)		(2,781,614	)		1,842,419			25,766,751		1,662,371		211,206		—
MarineMax, Inc.		45,781,328		5,063,207		(12,782,190	)		(2,461,122	)		8,579,617			44,180,840		1,346,156		—		—
Marten Transport Ltd.(b)		87,916,759		8,139,067		(14,290,556	)		2,617,846			(25,319,312	)		N/A		N/A		494,125		—
Masterbrand, Inc.		75,128,518		8,993,786		(17,127,898	)		1,993,862			35,754,877			104,743,145		8,620,835		—		—
Materion Corp.		173,151,692		14,226,043		(24,883,724	)		5,953,594			(26,450,287	)		141,997,318		1,393,360		383,448		—
Mativ Holdings, Inc.		85,713,221		6,492,841		(11,146,062	)		(14,721,321	)		(13,650,745	)		52,687,934		3,694,806		1,981,719		—
Matson, Inc.		164,314,890		17,291,747		(45,740,065	)		7,632,289			67,888,516			211,387,377		2,382,635		1,656,395		—
Matthews International Corp., Class A		79,704,067		8,259,915		(14,188,036	)		(887,880	)		7,154,318			80,042,384		2,057,116		1,003,442		—
MaxLinear, Inc.		185,644,514		12,371,392		(19,121,391	)		(9,423,943	)		(58,655,738	)		110,814,834		4,980,442		—		—
MDC Holdings, Inc.		164,121,617		16,945,928		(25,195,586	)		2,009,526			8,132,677			166,014,162		4,026,538		4,380,286		—
Medifast, Inc.		82,543,091		6,749,050		(11,659,318	)		(6,376,977	)		(16,226,874	)		55,028,972		735,190		2,470,027		—
Mercury Systems, Inc.		—		157,904,902		(28,392,373	)		240,565			(1,518,610	)		128,234,484		3,457,387		—		—
Merit Medical Systems, Inc.		306,831,713		28,399,468		(47,402,994	)		9,708,608			(28,953,126	)		268,583,669		3,891,389		—		—
Meritage Homes Corp.		310,965,624		28,523,513		(51,257,228	)		12,270,327			3,305,604			303,807,840		2,482,293		1,413,330		—
Mesa Laboratories, Inc.		63,979,486		5,178,530		(7,915,153	)		(4,891,736	)		(20,030,319	)		36,320,808		345,682		115,640		—
Methode Electronics, Inc.		115,112,247		8,553,435		(14,363,672	)		(2,823,675	)		(50,922,102	)		55,556,233		2,431,345		719,306		—
MGP Ingredients, Inc.(b)		108,229,100		10,885,559		(17,352,408	)		1,758,881			(9,621,954	)		N/A		N/A		264,449		—
Middlesex Water Co.		90,171,104		15,877,812		(12,421,229	)		(1,371,770	)		(12,868,873	)		79,387,044		1,198,295		752,535		—
MillerKnoll, Inc.		112,359,805		9,342,681		(15,541,488	)		(801,209	)		19,607,511			124,967,300		5,111,137		2,032,097		—
Minerals Technologies, Inc.		142,894,327		12,203,046		(21,658,980	)		72,684			(13,187,367	)		120,323,710		2,197,292		233,827		—
ModivCare, Inc.		77,735,239		4,495,523		(7,999,765	)		(12,320,946	)		(35,618,548	)		26,291,503		834,386		—		—
Monarch Casino & Resort, Inc.(b)		71,511,446		6,800,287		(10,791,300	)		1,757,494			(21,864,476	)		N/A		N/A		571,885		—
Monro, Inc.		112,801,237		8,403,160		(13,999,342	)		(6,480,728	)		(41,817,409	)		58,906,918		2,121,243		1,263,240		—
Moog, Inc., Class A		210,593,393		18,681,250		(34,905,780	)		6,362,470			18,325,895			219,057,228		1,939,246		1,109,132		—
Movado Group, Inc.		32,925,280		2,918,212		(5,262,985	)		(858,178	)		(860,749	)		28,861,580		1,055,268		2,325,332		—
Mr. Cooper Group, Inc.		192,972,305		—		(12,587,796	)		3,373,700			56,025,948			239,784,157		4,476,926		—		—
Mueller Industries, Inc.		304,166,566		27,571,578		(50,595,168	)		11,206,112			(4,216,013	)		288,133,075		3,833,596		2,445,120		—
Myers Industries, Inc.		56,831,331		5,006,751		(8,001,651	)		(542,610	)		(8,699,885	)		44,593,936		2,487,113		709,482		—
MYR Group, Inc.		152,100,623		14,389,923		(25,015,266	)		7,574,261			2,989,386			152,038,927		1,128,220		—		—
Myriad Genetics, Inc.		137,194,406		10,618,840		(17,742,215	)		(5,141,737	)		(36,251,657	)		88,677,637		5,528,531		—		—
Nabors Industries Ltd.		79,576,874		7,380,942		(13,273,151	)		(1,554,865	)		2,466,565			74,596,365		605,785		—		—
National Bank Holdings Corp., Class A		90,851,696		—		(5,764,542	)		(2,177,755	)		(7,637,967	)		75,271,432		2,529,282		1,391,184		—
National Presto Industries, Inc.		26,513,693		2,479,587		(3,170,192	)		(491,316	)		623,183			25,954,955		358,197		—		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
National Vision Holdings, Inc.	$	108,050,132	$	11,288,749	$	(20,695,924	)	$	(5,720,573	)	$	(7,540,330	)	$	85,382,054		5,277,012	$	—	$	—
Navient Corp.(b)		—		134,231,385		(24,775,433	)		(756,433	)		—			N/A		N/A		1,115,817		—
NBT Bancorp, Inc.		100,235,168		6,279,869		—			—			(5,960,766	)		100,554,271		3,173,060		1,843,542		—
Nektar Therapeutics(a)		9,905,892		973		(9,649,944	)		(165,202,115	)		164,945,194			—		—		—		—
NeoGenomics, Inc.		160,271,933		12,428,012		(20,841,751	)		(23,760,454	)		(22,148,615	)		105,949,125		8,613,750		—		—
NETGEAR, Inc.(a)		38,708,889		2,878,832		(29,811,819	)		(33,024,682	)		21,248,780			—		—		—		—
NetScout Systems, Inc.		140,765,615		15,647,174		(16,927,787	)		(1,321,333	)		(1,670,936	)		136,492,733		4,871,261		—		—
New York Mortgage Trust, Inc.		69,395,712		6,285,075		(14,150,048	)		(15,067,862	)		5,843,079			52,305,956		6,160,890		3,856,912		—
Newell Brands, Inc.		—		246,900,260		(2,583,901	)		(112,445	)		(11,874,728	)		232,329,186		25,728,592		—		—
NexPoint Residential Trust, Inc.		59,857,290		10,252,966		—			(3,263,859	)		(17,516,388	)		49,330,009		1,532,940		1,287,670		—
NextGen Healthcare, Inc.		67,649,550		7,232,733		(11,569,174	)		590,405			23,070,282			86,973,796		3,665,141		—		—
NMI Holdings, Inc., Class A		136,021,945		13,546,064		(27,778,306	)		4,177,673			24,528,925			150,496,301		5,555,419		—		—
Northern Oil & Gas, Inc.		163,667,170		33,770,326		(26,622,389	)		2,161,854			54,428,465			227,405,426		5,652,633		4,219,918		—
Northfield Bancorp, Inc.		36,132,664		851,869		(5,052,349	)		(2,730,658	)		(3,942,205	)		25,259,321		2,672,944		773,597		—
Northwest Bancshares, Inc.		104,793,739		1,339,464		(2,665,345	)		(1,648,925	)		(14,026,178	)		87,792,755		8,581,892		3,514,017		—
Northwest Natural Holding Co.		121,713,935		10,621,908		(15,706,663	)		(4,504,712	)		(19,137,745	)		92,986,723		2,436,759		2,479,939		—
NOW, Inc.		89,728,989		7,676,230		(16,582,045	)		421,906			4,282,769			85,527,849		7,205,379		—		—
Nu Skin Enterprises, Inc., Class A		141,589,824		10,268,720		(16,700,928	)		(5,102,200	)		(58,512,135	)		71,543,281		3,373,092		2,785,810		—
NuVasive, Inc.(b)		156,966,020		11,789,124		(130,731,239	)		(1,908,881	)		(3,566,134	)		N/A		N/A		—		—
NV5 Global, Inc.		94,053,237		8,873,076		(13,470,633	)		(2,433,900	)		(4,429,399	)		82,592,381		858,281		—		—
Oceaneering International, Inc.		128,820,488		12,810,306		(23,578,297	)		5,478,098			51,479,319			175,009,914		6,804,429		—		—
ODP Corp. (The)		132,156,368		10,766,297		(38,491,207	)		6,450,954			(5,365,698	)		105,516,714		2,286,386		—		—
Office Properties Income Trust(a)		43,526,404		2,326,942		(23,937,723	)		(78,837,839	)		56,922,216			—		—		1,754,898		—
OFG Bancorp		83,033,016		847,664		(5,135,592	)		617,892			15,656,258			95,019,238		3,182,158		1,424,384		—
O-I Glass, Inc.		255,527,856		19,232,620		(34,276,494	)		3,678,535			(69,011,279	)		175,151,238		10,469,291		—		—
Oil States International, Inc.		38,785,896		3,787,036		(6,498,891	)		(7,670,015	)		7,723,338			36,127,364		4,316,292		—		—
Olympic Steel, Inc.		36,165,345		3,325,310		(4,588,221	)		1,313,238			1,191,240			37,406,912		665,485		170,827		—
Omnicell, Inc.		—		171,390,802		(1,839,805	)		(200,700	)		(31,860,878	)		137,489,419		3,052,607		—		—
OneSpan, Inc.		44,893,310		3,702,749		(5,494,302	)		(1,585,449	)		(15,375,425	)		26,140,883		2,431,710		—		—
Onto Innovation, Inc.		316,769,875		31,632,025		(64,364,597	)		19,740,051			118,675,493			422,452,847		3,312,836		—		—
OPENLANE, Inc.(f)		108,570,937		10,425,700		(18,818,562	)		592,614			9,489,931			110,260,620		7,390,122		—		—
OraSure Technologies, Inc.		31,793,506		3,212,381		(4,856,802	)		(2,875,781	)		2,142,396			29,415,700		4,960,489		—		—
Orion Office REIT, Inc.(a)		27,459,287		2,290,218		(24,696,460	)		(56,839,459	)		51,786,414			—		—		399,636		—
Orthofix Medical, Inc.		41,630,802		4,788,441		(4,976,695	)		(4,663,088	)		(4,861,557	)		31,917,903		2,481,952		—		—
OSI Systems, Inc.		116,917,844		11,759,633		(24,249,794	)		4,858,795			13,366,407			122,652,885		1,039,079		—		—
Otter Tail Corp.		218,970,729		20,160,881		(36,087,203	)		704,179			10,059,747			213,808,333		2,816,232		2,607,142		—
Outfront Media, Inc.		160,477,176		25,971,895		(24,086,178	)		(7,262,780	)		(56,058,655	)		99,041,458		9,806,085		6,335,649		—
Owens & Minor, Inc.		80,595,549		9,443,629		(15,712,166	)		(7,665,014	)		16,839,437			83,501,435		5,167,168		—		—
Oxford Industries, Inc.		114,064,865		9,114,602		(17,087,257	)		2,131,172			(12,183,071	)		96,040,311		999,067		1,378,376		—
Pacific Premier Bancorp, Inc.		159,729,950		870,540		(4,800,664	)		(4,388,165	)		(10,504,455	)		140,907,206		6,475,515		4,388,916		—
Pacira BioSciences, Inc.		136,465,947		11,393,090		(19,285,202	)		(7,223,597	)		(25,200,499	)		96,149,739		3,133,955		—		—
Palomar Holdings, Inc.		101,500,711		8,807,012		(17,619,154	)		(9,840,739	)		1,930,603			84,778,433		1,670,511		—		—
Papa John’s International, Inc.		—		172,232,532		(2,309,651	)		(192,928	)		(18,941,718	)		150,788,235		2,210,323		—		—
Park National Corp.		124,774,768		9,229,636		(17,605,995	)		(1,933,521	)		(22,719,712	)		91,745,176		970,643		2,179,725		—
Pathward Financial, Inc.		81,920,594		569,166		(10,554,797	)		3,171,860			6,511,930			81,618,753		1,770,856		191,140		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
Patrick Industries, Inc.	$	107,684,347	$	10,956,671	$	(22,810,309	)	$	2,829,160		$	7,153,339		$	105,813,208		1,409,715	$	1,376,136	$	—
Patterson-UTI Energy, Inc.		184,904,881		98,159,359		(45,132,076	)		4,329,456			57,353,758			299,615,378		21,648,510		3,062,595		—
PDF Solutions, Inc.		91,243,358		8,509,037		(11,816,902	)		2,299,895			(23,511,541	)		66,723,847		2,059,378		—		—
Pebblebrook Hotel Trust		110,799,552		17,211,422		(13,918,252	)		374,392			(3,898,915	)		110,568,199		8,135,997		158,768		—
Pediatrix Medical Group, Inc.		88,757,888		8,040,665		(12,775,588	)		(6,063,621	)		(6,911,270	)		71,048,074		5,589,935		—		—
PennyMac Mortgage Investment Trust		79,670,825		8,089,119		(12,859,732	)		(8,741,938	)		6,478,210			72,636,484		5,857,781		5,030,749		—
Perdoceo Education Corp.		65,730,718		6,516,280		(13,796,114	)		1,458,671			15,839,974			75,749,529		4,429,797		527,495		—
Perficient, Inc.		182,203,662		15,601,072		(26,894,775	)		(1,358,653	)		(33,544,201	)		136,007,105		2,350,624		—		—
PetMed Express, Inc.(a)		24,777,043		818,005		(22,297,338	)		(17,191,176	)		13,893,466			—		—		454,117		—
PGT Innovations, Inc.		109,483,894		10,355,867		(21,727,499	)		4,368,379			6,846,395			109,327,036		3,939,713		—		—
Phibro Animal Health Corp., Class A		22,546,153		1,906,847		(3,074,111	)		(2,938,372	)		(892,251	)		17,548,266		1,374,179		355,898		—
Phillips Edison & Co., Inc.		—		294,236,575		(24,625,849	)		243,971			(3,996,969	)		265,857,728		7,926,587		2,354,930		—
Phinia, Inc.		—		123,434,505		(6,750,964	)		(1,656,236	)		(29,989,014	)		85,038,291		3,174,255		825,542		—
Photronics, Inc.		74,377,150		8,922,951		(14,067,594	)		2,413,480			13,661,413			85,307,400		4,221,049		—		—
Piper Sandler Cos		138,401,808		18,649,408		(16,644,688	)		4,592,109			2,303,563			147,302,200		1,013,710		1,228,135		—
Plexus Corp.		197,013,149		16,691,789		(31,625,911	)		3,875,335			(13,434,249	)		172,520,113		1,855,454		—		—
Powell Industries, Inc.		28,087,125		4,210,075		(7,182,152	)		2,168,027			23,835,055			51,118,130		616,624		342,325		—
PRA Group, Inc.		110,378,706		6,530,256		(10,810,436	)		(4,736,027	)		(50,438,268	)		50,924,231		2,650,923		—		—
Premier, Inc., Class A		—		178,607,800		(2,219,853	)		(11,475	)		(3,519,267	)		172,857,205		8,039,870		—		—
Prestige Consumer Healthcare, Inc.		226,837,405		18,491,151		(34,257,936	)		2,638,551			(22,422,347	)		191,286,824		3,344,760		—		—
PriceSmart, Inc.		131,024,556		12,134,316		(19,078,869	)		(123,974	)		5,550,161			129,506,190		1,739,973		818,836		—
Privia Health Group, Inc.		—		208,341,844		(10,050,727	)		(955,918	)		(38,774,372	)		158,560,827		6,893,949		—		—
ProAssurance Corp.		65,153,421		—		(1,777,503	)		(3,713,789	)		5,042,128			64,704,257		3,425,318		—		—
PROG Holdings, Inc.		86,731,227		9,562,766		(27,929,134	)		4,863,540			29,265,034			102,493,433		3,086,222		—		—
Progress Software Corp.		181,504,715		16,594,718		(29,926,215	)		5,161,825			(19,382,486	)		153,952,557		2,927,968		1,085,862		—
ProPetro Holding Corp.		50,270,388		5,753,344		(17,038,101	)		(11,907,499	)		35,243,389			62,321,521		5,862,796		—		—
Proto Labs, Inc.		65,500,720		5,902,711		(12,569,381	)		(23,608,548	)		11,287,259			46,512,761		1,761,847		—		—
Provident Financial Services, Inc.		100,062,405		485,346		(2,349,964	)		(792,121	)		(19,417,293	)		77,988,373		5,100,613		2,504,169		—
Quaker Chemical Corp.		196,336,906		15,943,945		(25,945,042	)		(2,089,720	)		(34,543,849	)		149,702,240		935,639		846,417		—
Quanex Building Products Corp.		51,998,546		5,919,491		(10,950,376	)		1,198,815			14,508,675			62,675,151		2,224,890		379,598		—
QuinStreet, Inc.		58,321,774		3,359,751		(5,124,369	)		(2,765,929	)		(22,631,663	)		31,159,564		3,473,753		—		—
Rambus, Inc.		401,070,030		36,689,132		(61,923,082	)		19,628,500			15,612,710			411,077,290		7,368,297		—		—
Ranger Oil Corp., Class A(a)		56,740,686		2,579,172		(53,900,288	)		(3,320,048	)		(2,099,522	)		—		—		103,721		—
Rayonier Advanced Materials, Inc.(a)		29,023,980		780,914		(20,167,465	)		(23,724,998	)		14,087,569			—		—		—		—
Ready Capital Corp.		72,885,125		55,381,562		(21,122,109	)		(5,480,828	)		6,187,142			107,850,892		10,667,744		7,254,800		—
Redwood Trust, Inc.		55,577,150		5,625,543		(4,829,565	)		(10,760,467	)		9,351,989			54,964,650		7,708,927		2,516,501		—
REGENXBIO, Inc.		51,752,926		6,008,054		(6,222,124	)		(5,219,076	)		(1,374,351	)		44,945,429		2,730,585		—		—
Renasant Corp.		119,652,965		444,100		(3,645,102	)		(2,054,641	)		(15,123,237	)		99,274,085		3,790,534		1,721,625		—
Resideo Technologies, Inc.		194,322,816		15,453,678		(26,266,413	)		(4,817,813	)		(21,179,145	)		157,513,123		9,969,185		—		—
Resources Connection, Inc.		39,718,836		3,664,111		(6,210,290	)		(565,900	)		(4,380,328	)		32,226,429		2,161,397		640,800		—
Retail Opportunity Investments Corp.		127,259,709		9,632,205		(16,187,104	)		(5,954,627	)		(9,427,742	)		105,322,441		8,507,467		2,683,440		—
REX American Resources Corp.		31,659,279		3,587,916		(6,708,487	)		996,576			12,084,302			41,619,586		1,022,092		—		—
REX Holdings, Inc.(a)(g)		25,663,511		1,984,950		(21,407,914	)		(27,527,403	)		21,286,856			—		—		609,700		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
Rogers Corp.	$	223,929,171	$	17,460,867	$	(51,778,811	)	$	(23,839,787	)	$	(17,050,210	)	$	148,721,230		1,131,218	$	—	$	—
RPT Realty		59,512,895		5,638,822		(13,362,434	)		(4,038,007	)		9,206,027			56,957,303		5,393,684		1,619,747		—
Ruth’s Hospitality Group, Inc.(a)		36,264,292		1,594,123		(49,039,469	)		6,170,918			5,010,136			—		—		—		—
RXO, Inc.		166,623,973		14,243,490		(25,630,253	)		1,309,115			(711,801	)		155,834,524		7,898,354		—		—
S&T Bancorp, Inc.		86,792,408		346,325		(5,488,478	)		(1,952,804	)		(9,771,177	)		69,926,274		2,582,211		1,740,746		—
Sabre Corp.		102,368,422		8,917,686		(14,972,683	)		(4,361,928	)		8,795,877			100,747,374		22,438,168		—		—
Safety Insurance Group, Inc.		74,943,572		3,457,365		(3,796,706	)		(779,020	)		(5,723,040	)		68,102,171		998,712		1,862,886		—
Sally Beauty Holdings, Inc.		121,550,237		8,015,998		(13,447,618	)		(3,016,658	)		(52,080,953	)		61,021,006		7,281,743		—		—
Sanmina Corp.		259,046,060		20,630,245		(41,196,766	)		5,492,955			(34,243,422	)		209,729,072		3,863,837		—		—
ScanSource, Inc.		56,386,478		5,822,961		(10,961,558	)		(1,997,999	)		1,706,290			50,956,172		1,681,167		—		—
Scholastic Corp.		73,790,913		7,678,362		(18,354,087	)		(280,171	)		8,955,218			71,790,235		1,882,282		845,226		—
Schrodinger, Inc.		—		180,455,980		(9,469,118	)		(2,333,896	)		(64,507,897	)		104,145,069		3,683,943		—		—
Seacoast Banking Corp. of Florida		134,871,391		10,329,124		(8,755,205	)		(5,770,842	)		(4,508,690	)		126,165,778		5,745,254		2,140,696		—
Select Medical Holdings Corp.		196,195,141		17,345,582		(32,236,198	)		4,144,028			(7,567,691	)		177,880,862		7,039,211		1,862,316		—
Semtech Corp.		112,170,155		10,888,331		(18,543,622	)		(3,984,507	)		10,665,430			111,195,787		4,318,283		—		—
Seneca Foods Corp.(a)		20,048,629		864,059		(13,891,365	)		(396,680	)		(6,624,643	)		—		—		—		—
Sensient Technologies Corp.		—		184,292,175		(2,309,107	)		(112,025	)		(15,049,708	)		166,821,335		2,852,622		—		—
Service Properties Trust		120,094,831		9,202,040		(16,388,866	)		(3,673,699	)		(23,323,479	)		85,910,827		11,171,759		4,756,385		—
ServisFirst Bancshares, Inc.		194,429,700		14,221,940		(26,309,577	)		(8,800,774	)		(1,011,760	)		172,529,529		3,307,064		1,889,041		—
Shake Shack, Inc., Class A		150,917,929		15,952,103		(27,786,116	)		(2,207,106	)		10,107,709			146,984,519		2,531,161		—		—
Shenandoah Telecommunications Co.		69,197,290		6,636,696		(11,706,352	)		(8,259,818	)		14,122,198			69,990,014		3,395,925		—		—
Signet Jewelers Ltd.		257,612,338		18,813,076		(35,129,299	)		8,776,961			(29,824,912	)		220,248,164		3,067,096		1,494,306		—
Simmons First National Corp., Class A		153,694,354		—		(5,339,441	)		(3,862,283	)		(661,976	)		143,830,654		8,480,581		3,515,022		—
Simply Good Foods Co. (The)		244,818,035		23,670,850		(25,553,422	)		1,679,754			(33,476,916	)		211,138,301		6,116,405		—		—
Simulations Plus, Inc.		51,277,409		5,332,267		(9,296,968	)		(2,631,416	)		202,295			44,883,587		1,076,345		137,406		—
SiTime Corp.		—		143,087,819		(6,854,087	)		(144,417	)		(4,168,839	)		131,920,476		1,154,665		—		—
Six Flags Entertainment Corp.		144,071,924		12,407,756		(26,774,316	)		1,186,386			(17,200,047	)		113,691,703		4,835,887		—		—
SJW Group		147,687,023		13,428,388		(12,614,411	)		(552,839	)		(30,618,490	)		117,329,671		1,951,916		1,476,438		—
SkyWest, Inc.		81,507,562		10,110,317		(43,301,813	)		(8,018,629	)		78,873,815			119,171,252		2,841,470		—		—
SL Green Realty Corp.		82,935,377		29,974,790		(13,314,750	)		2,598,539			58,783,258			160,977,214		4,315,743		6,940,868		—
Sleep Number Corp.		48,750,697		4,135,996		(8,567,837	)		(4,499,992	)		(4,756,106	)		35,062,758		1,425,895		—		—
SM Energy Co.		252,060,526		24,474,401		(56,494,741	)		6,642,851			90,995,618			317,678,655		8,012,072		2,615,381		—
SMART Global Holdings, Inc.		61,637,620		8,110,951		(12,898,459	)		905,526			24,558,441			82,314,079		3,380,455		—		—
Sonic Automotive, Inc., Class A(b)		66,094,068		5,514,474		(12,146,733	)		2,107,452			(32,296,288	)		N/A		N/A		674,656		—
Sonos, Inc.		182,115,528		12,409,148		(21,617,893	)		(12,585,943	)		(48,463,901	)		111,856,939		8,664,364		—		—
Southside Bancshares, Inc.		72,522,777		444,359		(7,151,973	)		(2,121,122	)		(7,813,649	)		55,880,392		1,947,052		1,485,394		—
SpartanNash Co.		63,565,103		5,892,827		(10,509,802	)		(1,967,906	)		(5,375,570	)		51,604,652		2,345,666		1,081,762		—
SPS Commerce, Inc.		399,593,013		37,049,603		(63,147,077	)		19,436,567			29,259,059			422,191,165		2,474,598		—		—
SPX Technologies, Inc.		232,117,646		21,726,421		(38,241,234	)		10,019,539			24,937,898			250,560,270		3,078,136		—		—
STAAR Surgical Co.		—		147,745,547		(9,686,887	)		123,038			(6,608,310	)		131,573,388		3,274,599		—		—
Standard Motor Products, Inc.		50,334,610		5,109,460		(8,615,479	)		(2,000,081	)		(2,416,611	)		42,411,899		1,261,508		782,364		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
Standex International Corp.	$	106,286,124	$	10,907,772	$	(20,311,622	)	$	3,996,844		$	15,675,067		$	116,554,185		800,015	$	476,832	$	—
Stellar Bancorp, Inc.		80,716,493		6,899,625		(9,394,224	)		(1,207,098	)		(9,478,707	)		67,536,089		3,167,734		843,051		—
Stepan Co.		158,190,511		12,276,246		(21,064,996	)		(3,413,531	)		(38,509,139	)		107,479,091		1,433,628		1,105,928		—
Steven Madden Ltd.		192,104,172		15,677,831		(34,018,850	)		(328,651	)		(21,574,410	)		151,860,092		4,779,984		2,170,297		—
Stewart Information Services Corp.		76,127,135		195,534		(2,603,620	)		(1,929,964	)		8,529,384			80,318,469		1,833,755		1,749,657		—
StoneX Group, Inc.		132,431,538		10,206,916		(16,745,529	)		3,550,966			(12,416,577	)		117,027,314		1,207,463		—		—
Strategic Education, Inc.		145,694,199		10,952,699		(21,508,516	)		250,836			(23,556,656	)		111,832,562		1,486,147		1,918,634		—
Stride, Inc.		116,847,368		11,082,128		(21,694,087	)		508,582			16,253,968			122,997,959		2,731,467		—		—
Sturm Ruger & Co., Inc.		73,737,279		6,942,241		(11,350,755	)		(1,866,764	)		(5,095,105	)		62,366,896		1,196,602		857,347		—
Summit Hotel Properties, Inc.		54,522,356		4,429,632		(7,125,600	)		(5,916,092	)		(3,752,033	)		42,158,263		7,268,666		924,085		—
SunCoke Energy, Inc.		54,577,450		4,797,963		(8,537,332	)		(304,286	)		6,863,927			57,397,722		5,654,948		1,080,591		—
Sunstone Hotel Investors, Inc.		151,302,794		12,587,701		(25,392,381	)		(1,986,469	)		(5,717,992	)		130,793,653		13,988,626		1,704,729		—
Supernus Pharmaceuticals, Inc.		142,742,976		11,214,531		(19,310,153	)		(208,958	)		(32,816,038	)		101,622,358		3,685,976		—		—
Sylvamo Corp.		107,425,527		15,325,282		(11,864,717	)		1,213,963			(6,528,756	)		105,571,299		2,402,624		1,138,396		—
Talos Energy, Inc.(h)		N/A		49,358,740		(22,350,061	)		(3,892,748	)		2,624,828			111,537,509		6,784,520		—		—
Tandem Diabetes Care, Inc.		190,328,065		12,080,091		(19,110,697	)		(7,578,903	)		(84,457,461	)		91,261,095		4,393,890		—		—
Tanger Factory Outlet Centers, Inc.		149,288,290		14,310,897		(21,908,030	)		437,883			18,365,063			160,494,103		7,101,509		3,690,964		—
TechTarget, Inc.		70,076,304		6,449,094		(13,791,273	)		(12,771,380	)		1,943,383			51,906,128		1,709,688		—		—
Telephone & Data Systems, Inc.		76,222,146		7,774,034		(16,406,649	)		(4,518,491	)		57,964,633			121,035,673		6,610,359		2,626,415		—
Tennant Co.		92,604,246		9,622,510		(17,216,646	)		1,149,942			6,874,025			93,034,077		1,254,674		703,415		—
Thryv Holdings, Inc.		51,410,241		4,838,663		(8,293,502	)		(3,403,502	)		(5,932,081	)		38,619,819		2,057,529		—		—
TimkenSteel Corp.		52,888,690		5,605,846		(11,057,690	)		2,028,346			7,250,333			56,715,525		2,611,212		—		—
Titan International, Inc.		38,870,980		4,194,105		(6,991,088	)		105,245			10,461,013			46,640,255		3,472,841		—		—
Tompkins Financial Corp.		60,143,045		4,810,030		(8,016,254	)		(2,949,045	)		(12,629,928	)		41,357,848		844,210		1,083,483		—
Tredegar Corp.(a)		16,623,950		524,578		(11,477,416	)		(20,166,677	)		14,495,565			—		—		235,104		—
TreeHouse Foods, Inc.		185,248,352		15,112,191		(25,572,900	)		2,064,768			(25,892,075	)		150,960,336		3,463,982		—		—
Tri Pointe Homes, Inc.		185,957,853		18,919,111		(38,405,239	)		6,936,743			9,394,829			182,803,297		6,683,850		—		—
Trinity Industries, Inc.		144,524,275		12,511,868		(22,057,471	)		(411,149	)		4,919			134,572,442		5,526,589		3,016,481		—
Trinseo PLC(a)		52,985,063		3,316,518		(25,344,346	)		(71,026,237	)		40,069,002			—		—		374,243		—
TripAdvisor, Inc.		—		117,876,068		(1,636,551	)		(11,724	)		4,293,106			120,520,899		7,269,053		—		—
Triumph Financial, Inc.		95,710,400		4,721,209		(16,451,762	)		(4,326,858	)		15,039,281			94,692,270		1,461,526		—		—
Triumph Group, Inc.		47,247,782		—		—			—			(16,021,034	)		31,226,748		4,076,599		—		—
TrueBlue, Inc.		42,436,215		3,835,054		(8,542,668	)		(3,280,361	)		(3,716,306	)		30,731,934		2,094,883		—		—
Trupanion, Inc.		109,637,605		7,064,237		(11,614,239	)		(16,511,800	)		(20,832,409	)		67,743,394		2,402,248		—		—
TrustCo Bank Corp.		40,955,608		282,643		(91,279	)		(65,533	)		(5,913,635	)		35,167,804		1,288,670		926,775		—
Trustmark Corp.		99,208,760		3,552,677		(878,201	)		(537,773	)		(11,739,113	)		89,606,350		4,123,624		1,876,822		—
TTM Technologies, Inc.		100,193,427		8,953,389		(14,243,099	)		(815,189	)		(3,759,813	)		90,328,715		7,013,099		—		—
Two Harbors Investment Corp.		103,215,451		9,351,799		(16,603,722	)		(13,261,373	)		3,263,325			85,965,480		6,492,861		7,282,981		—
U.S. Physical Therapy, Inc.		92,764,634		22,481,038		(15,827,488	)		1,584,154			(8,182,127	)		92,820,211		1,011,885		855,197		—
U.S. Silica Holdings, Inc.		65,681,594		7,163,199		(11,200,991	)		754,512			10,703,993			73,102,307		5,206,717		—		—
UFP Technologies, Inc.		—		94,547,943		(5,860,958	)		(436,591	)		(11,590,705	)		76,659,689		474,820		—		—
Ultra Clean Holdings, Inc.		109,650,769		9,789,911		(19,491,474	)		(3,929,837	)		(6,478,543	)		89,540,826		3,017,891		—		—
UniFirst Corp.		193,944,463		15,295,329		(29,308,619	)		(2,082,917	)		(11,612,777	)		166,235,479		1,019,787		669,192		—
uniQure NV(a)		60,288,023		3,969,038		(28,208,473	)		(74,210,898	)		38,162,310			—		—		—		—
United Community Banks, Inc.		223,750,587		5,909,840		(3,918,697	)		(1,923,960	)		(19,894,872	)		203,922,898		8,025,301		3,715,987		—
United Fire Group, Inc.		42,728,827		1,445,732		(5,141,794	)		(6,013,075	)		(4,730,264	)		28,289,426		1,432,376		505,447		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
United Natural Foods, Inc.	$	114,892,166	$	8,625,125	$	(16,776,051	)	$	(10,218,394	)	$	(40,577,342	)	$	55,945,504		3,956,542	$	—	$	—
Uniti Group, Inc.		61,356,045		7,053,055		(12,505,588	)		(11,648,120	)		31,982,114			76,237,506		16,152,014		5,092,575		—
Unitil Corp.		66,644,509		5,639,808		(9,652,150	)		(668,230	)		(15,516,043	)		46,447,894		1,087,518		932,587		—
Universal Corp.		94,377,815		8,798,972		(14,738,992	)		(1,505,766	)		(8,401,971	)		78,530,058		1,663,420		2,776,318		—
Universal Health Realty Income Trust		44,402,307		4,052,025		(6,618,467	)		(2,901,681	)		(4,191,553	)		34,742,631		859,328		1,278,607		—
Universal Insurance Holdings, Inc.(a)		36,438,725		2,388,188		(28,474,238	)		(19,029,225	)		8,676,550			—		—		627,957		—
Upbound Group, Inc.		89,481,843		9,664,691		(25,878,929	)		(4,872,151	)		22,876,987			91,272,441		3,099,234		2,469,001		—
Urban Edge Properties		128,562,943		12,484,603		(21,874,853	)		(1,712,119	)		3,745,883			121,206,457		7,942,756		2,683,844		—
Urstadt Biddle Properties, Inc.(b)		34,221,124		3,466,739		(635,620	)		21,014			3,293,438			N/A		N/A		438,356		—
Vanda Pharmaceuticals, Inc.(a)		28,107,205		2,239,212		(21,717,754	)		(58,839,841	)		50,211,178			—		—		—		—
Varex Imaging Corp.		52,999,203		5,988,521		(9,643,023	)		(2,350,420	)		4,258,732			51,253,013		2,727,675		—		—
Vector Group Ltd.		114,861,598		10,211,525		(16,993,185	)		1,472,746			(14,268,473	)		95,284,211		8,955,283		3,779,398		—
Veeco Instruments, Inc.		78,954,802		13,043,462		(10,788,749	)		2,752,082			22,978,344			106,939,941		3,804,338		—		—
Veradigm, Inc.		103,631,851		9,031,948		(15,715,577	)		1,277,561			(1,292,568	)		96,933,215		7,376,957		—		—
Vericel Corp.		100,897,978		10,182,659		(17,647,586	)		(6,815,169	)		21,204,729			107,822,611		3,216,665		—		—
Veris Residential, Inc.		84,533,556		8,904,723		(15,208,576	)		1,110,333			9,890,462			89,230,498		5,407,909		268,774		—
Veritex Holdings, Inc.		68,439,831		—		(1,938,628	)		(2,513,532	)		1,411,808			65,399,479		3,643,425		1,499,230		—
Veritiv Corp.		132,456,525		12,764,805		(22,626,683	)		7,570,496			24,366,872			154,532,015		914,932		1,220,654		—
Verra Mobility Corp., Class A		171,896,557		45,225,282		(20,504,344	)		717,682			16,972,377			214,307,554		11,460,297		—		—
Viad Corp.		31,387,728		3,785,950		(6,241,582	)		(3,874,645	)		11,911,090			36,968,541		1,411,013		—		—
Viasat, Inc.(b)		188,377,568		16,438,401		(31,503,083	)		(3,881,660	)		4,530,475			N/A		N/A		—		—
Viavi Solutions, Inc.		177,432,688		14,138,100		(27,817,789	)		(8,636,900	)		(17,840,446	)		137,275,653		15,019,218		—		—
Victoria’s Secret & Co.		—		112,981,376		(10,512,696	)		(487,565	)		(15,096,796	)		86,884,319		5,208,892		—		—
Virtus Investment Partners, Inc.		94,337,674		6,115,130		(13,327,751	)		(676,245	)		6,557,084			93,005,892		460,448		1,617,361		—
Vista Outdoor, Inc.		113,962,723		10,758,181		(16,219,633	)		593,979			20,614,428			129,709,678		3,916,355		—		—
Vital Energy, Inc.		55,637,675		10,002,815		(15,892,854	)		(9,677,992	)		22,557,893			62,627,537		1,130,053		—		—
Wabash National Corp.		85,424,750		7,693,838		(14,898,819	)		2,573,135			(13,774,096	)		67,018,808		3,173,239		543,291		—
Walker & Dunlop, Inc.		170,050,668		20,675,923		(18,408,193	)		68,582			(5,244,900	)		167,142,080		2,251,375		2,788,044		—
Washington Federal, Inc.		118,876,050		11,359,335		(443,137	)		(85,905	)		(18,461,203	)		111,245,140		4,342,121		2,144,662		—
WD-40 Co.		176,341,432		16,162,788		(30,961,420	)		914,950			23,657,857			186,115,607		915,743		1,609,081		—
Westamerica BanCorp		85,488,457		624,344		(6,191,244	)		(2,573,061	)		469,758			77,818,254		1,799,266		1,628,264		—
Whitestone REIT		30,906,498		3,287,016		(3,660,157	)		(2,409,872	)		2,475,079			30,598,564		3,177,421		797,149		—
Winnebago Industries, Inc.		128,434,026		13,108,360		(24,293,190	)		2,492,866			1,522,383			121,264,445		2,039,772		1,861,657		—
WisdomTree, Inc.		47,941,123		1,246,940		(4,373,993	)		(370,836	)		9,592,664			54,035,898		7,719,414		482,787		—
Wolverine World Wide, Inc.		97,581,873		7,269,171		(10,888,022	)		(10,950,317	)		(39,698,031	)		43,314,674		5,374,029		1,094,477		—
World Kinect Corp.(i)		114,988,874		7,999,080		(17,948,579	)		(5,766,908	)		(8,109,388	)		91,163,079		4,064,337		1,807,687		—
WSFS Financial Corp.		159,891,957		—		(5,384,844	)		(2,312,158	)		(2,192,840	)		150,002,115		4,109,647		1,275,395		—
Xencor, Inc.		121,801,515		9,561,636		(15,832,242	)		(8,118,402	)		(24,950,184	)		82,462,323		4,092,423		—		—
Xenia Hotels & Resorts, Inc.		109,489,891		3,356,100		(14,257,594	)		(14,530,064	)		1,252,215			85,310,548		7,241,982		1,485,355		—
XPEL, Inc.		96,821,615		14,111,064		(13,145,799	)		1,207,965			11,741,052			110,735,897		1,436,077		—		—
Xperi, Inc.		33,237,769		3,356,718		(4,500,421	)		(9,239,790	)		5,997,800			28,852,076		2,926,174		—		—

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
Yelp, Inc.	$	155,587,661	$	16,392,777	$	(32,896,048	)	$	3,855,319		$	50,013,436	$	192,953,145		4,639,412	$	—	$	—
Zumiez, Inc.(a)		20,807,438		853,468		(17,265,476	)		(12,559,816	)		8,164,386		—		—		—		—
								$	(2,021,963,743	)	$	410,290,588	$	64,658,751,523			$	594,665,198	$	—

^(a)  As of period end, the entity is no longer held.

^(b)  As of period end, the entity was not considered an affiliate.

^(c)  Represents net amount purchased (sold).

^(d)  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.

^(e)  Formerly the Harsco Corp.

^(f)  Formerly the KAR Auction Services, Inc.

^(g)  Formerly the RE/MAX Holdings, Inc.

^(h)  As of the beginning of the period, the entity was not considered an affiliate.

⁽ⁱ⁾  Formerly the World Fuel Services Corp.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		2,857		12/15/23	$	256,930	$	(6,440,537	)

OTC Total Return Swaps

Reference Entity	Payment Frequency		Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities
Long/Short		Monthly	Goldman Sachs Bank USA(b)		08/19/26	$	443,620,370	$	(16,712,255	)(c)	$	427,507,288	0.7%
		Monthly	HSBC Bank PLC(d)		02/10/28		521,285,614		(22,036,393	)(e)		500,092,413	0.8
		Monthly	JPMorgan Chase Bank NA(f)		02/08/24		287,495,086		(7,034,664	)(g)		281,398,948	0.4
								$	(45,783,312	)	$	1,208,998,649

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

^(c)  Amount includes $(599,173) of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $(843,192) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $(938,526) of net dividends, payable for referenced securities purchased and financing fees.

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

	(b)	(d)	(f)
Range:	0-250 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Triumph Group, Inc.		364,664	$	2,793,326		0.7	%
Banks
Bank of Hawaii Corp.		4,219		209,642		0.1
BankUnited, Inc.		32,961		748,215		0.2
Berkshire Hills Bancorp, Inc.		17,893		358,755		0.1
Cathay General Bancorp		1,443,673		50,182,074		11.7
Central Pacific Financial Corp.		123,068		2,052,774		0.5
Community Bank System, Inc.		24,478		1,033,216		0.2
First BanCorp/Puerto Rico		88,271		1,188,128		0.3
National Bank Holdings Corp., Class A		17,682		526,216		0.1
PacWest Bancorp		2,276,514		18,007,226		4.2
Simmons First National Corp., Class A		44,998		763,166		0.2
				75,069,412
Capital Markets
Artisan Partners Asset Management, Inc., Class A		869,461		32,535,231		7.6
Moelis & Co., Class A		1,803,688		81,400,439		19.0
				113,935,670
Commercial Services & Supplies
Pitney Bowes, Inc.		1,924,204		5,811,096		1.4
Communications Equipment
Extreme Networks, Inc.		2,491,619		60,322,096		14.1
Consumer Finance
Bread Financial Holdings, Inc.		23,681		809,890		0.2
Green Dot Corp., Class A		19,531		272,067		0.0
				1,081,957
Financial Services
Jackson Financial, Inc., Class A		793,962		30,345,228		7.1
Payoneer Global, Inc.		2,616,061		16,010,293		3.8
Radian Group, Inc.		88,317		2,217,640		0.5
				48,573,161
Health Care Providers & Services
RadNet, Inc.		439,894		12,400,612		2.9
Insurance
Ambac Financial Group, Inc.		141,562		1,707,238		0.4
Employers Holdings, Inc.		15,954		637,362		0.1
Horace Mann Educators Corp.		26,490		778,276		0.2
Lincoln National Corp.		80,266		1,981,767		0.5
Stewart Information Services Corp.		12,727		557,443		0.1
				5,662,086
Metals & Mining
Warrior Met Coal, Inc.		72,022		3,678,884		0.9

	Shares		Value		% of Basket Value
Mortgage Real Estate Investment Trusts (REITs)
Arbor Realty Trust, Inc.		4,405,032	$	66,868,386		15.6	%
Office REITs
Douglas Emmett, Inc.		55,919		713,526		0.1
SL Green Realty Corp.		31,923		1,190,728		0.3
				1,904,254
Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		504,635		18,136,582		4.2
Residential REITs
NexPoint Residential Trust, Inc.		9,949		320,159		0.1
Retail REITs
SITE Centers Corp.		888,046		10,949,607		2.6
Net Value of Reference Entity — Goldman Sachs Bank USA			$	427,507,288

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Triumph Group, Inc.		757,016	$	5,798,743		1.2	%
Banks
Atlantic Union Bankshares Corp.		228,992		6,590,390		1.3
Central Pacific Financial Corp.		15,047		250,984		0.0
Fulton Financial Corp.		1,572,633		19,044,586		3.8
Heritage Financial Corp.		16,124		262,982		0.1
Hilltop Holdings, Inc.		32,234		914,156		0.2
Independent Bank Corp.		17,125		840,666		0.2
PacWest Bancorp		180,135		1,424,868		0.3
Preferred Bank		250,034		15,564,617		3.1
Southside Bancshares, Inc.		10,943		314,064		0.1
Veritex Holdings, Inc.		20,436		366,826		0.1
Washington Federal, Inc.		28,637		733,680		0.1
WSFS Financial Corp.		13,100		478,150		0.1
				46,785,969
Capital Markets
Artisan Partners Asset Management, Inc., Class A		62,857		2,352,109		0.5
Moelis & Co., Class A		95,682		4,318,129		0.8
				6,670,238
Commercial Services & Supplies
Pitney Bowes, Inc.		521,829		1,575,924		0.3
Consumer Finance
Bread Financial Holdings, Inc.		1,585,885		54,237,267		10.8

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

	Shares		Value		% of Basket Value
Diversified REITs
Global Net Lease, Inc.		4,753,782	$	45,683,845		9.1	%
Diversified Telecommunication Services
Lumen Technologies, Inc.		21,048,851		29,889,368		6.0
Financial Services
Jackson Financial, Inc., Class A		2,723,274		104,083,532		20.8
Mr. Cooper Group, Inc.		36,914		1,977,114		0.4
Payoneer Global, Inc.		41,807		255,859		0.1
Radian Group, Inc.		145,714		3,658,878		0.7
				109,975,383
Health Care Providers & Services
RadNet, Inc.		200,907		5,663,568		1.1
Insurance
Ambac Financial Group, Inc.		276,512		3,334,735		0.7
Employers Holdings, Inc.		17,093		682,865		0.1
Genworth Financial, Inc., Class A		1,283,128		7,519,130		1.5
Horace Mann Educators Corp.		1,342		39,428		0.0
Lincoln National Corp.		3,848,988		95,031,514		19.0
ProAssurance Corp.		90,263		1,705,068		0.4
				108,312,740
Metals & Mining
Warrior Met Coal, Inc.		186,894		9,546,546		1.9
Office REITs
Douglas Emmett, Inc.		3,051,853		38,941,644		7.8
Oil, Gas & Consumable Fuels
Green Plains, Inc.		363,906		10,953,571		2.2
Par Pacific Holdings, Inc.		258,181		9,279,025		1.9
				20,232,596
Retail REITs
SITE Centers Corp.		1,222,370		15,071,822		3.0
Software
Adeia, Inc.		159,809		1,706,760		0.3
Net Value of Reference Entity — HSBC Bank PLC			$	500,092,413

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2024.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Central Pacific Financial Corp.		90,255	$	1,505,453		0.5	%
Capital Markets
Artisan Partners Asset Management, Inc., Class A		837,732		31,347,932		11.2
Communications Equipment
Extreme Networks, Inc.		236,183		5,717,990		2.0
Financial Services
Radian Group, Inc.		7,421,371		186,350,626		66.2
Health Care Providers & Services
RadNet, Inc.		216,930		6,115,257		2.2
Insurance
Ambac Financial Group, Inc.		434,872		5,244,556		1.9
Metals & Mining
Warrior Met Coal, Inc.		783,245		40,008,155		14.2
Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		142,153		5,108,979		1.8
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	281,398,948

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	—	$	(45,783,312	)

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	6,440,537	$	—	$	—	$	—	$	6,440,537
Swaps — OTC
Unrealized depreciation on OTC swaps; Swap premiums received		—		—		45,783,312		—		—		—		45,783,312
	$	—	$	—	$	52,223,849	$	—	$	—	$	—	$	52,223,849

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	13,714,507		$	—	$	—	$	—	$	13,714,507
Swaps		—		—		12,632,405			—		—		—		12,632,405
	$	—	$	—	$	26,346,912		$	—	$	—	$	—	$	26,346,912
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(13,537,579	)	$	—	$	—	$	—	$	(13,537,579	)
Swaps		—		—		(21,936,449	)		—		—		—		(21,936,449	)
	$	—	$	—	$	(35,474,028	)	$	—	$	—	$	—	$	(35,474,028	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$191,001,550
Total return swaps
Average notional amount	$1,317,225,801

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

Derivative Financial Instruments – Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments
Futures contracts	$	—	$	1,499,925
Swaps — OTC(a)		—		45,783,312
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	47,283,237
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(1,499,925	)
Total derivative assets and liabilities subject to an MNA	$	—	$	45,783,312

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

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P Small-Cap ETF

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

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Pledged(b)		Cash Collateral Pledged(b)			Net Amount of Derivative Liabilities(c)
Goldman Sachs Bank USA	$	16,712,255	$	—	$	—	$	(16,712,255	)	$	—
HSBC Bank PLC		22,036,393		—		—		(22,036,393	)		—
JPMorgan Chase Bank N.A.		7,034,664		—		—		(7,034,664	)		—
	$	45,783,312	$	—	$	—	$	(45,783,312	)	$	—

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

^(b)  Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	64,975,060,340		$	—		$	—	$	64,975,060,340
Short-Term Securities
Money Market Funds		5,522,854,443			—			—		5,522,854,443
	$	70,497,914,783		$	—		$	—	$	70,497,914,783
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(6,440,537	)	$	(45,783,312	)	$	—	$	(52,223,849	)

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

See notes to financial statements.

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

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
Axon Enterprise, Inc.(a)		45,464	$	9,046,882
BWX Technologies, Inc.		59,237		4,441,590
Curtiss-Wright Corp.		24,806		4,852,798
General Dynamics Corp.		77,057		17,027,285
L3Harris Technologies, Inc.		60,894		10,602,863
Lockheed Martin Corp.		102,179		41,787,124
Northrop Grumman Corp.		65,663		28,904,196
TransDigm Group, Inc.(a)		16,717		14,094,604
				130,757,342
Air Freight & Logistics — 0.1%
CH Robinson Worldwide, Inc.		41,164		3,545,455
Expeditors International of Washington, Inc.(b)		95,318		10,926,303
				14,471,758
Automobile Components — 0.1%
Autoliv, Inc.		16,125		1,555,740
Fox Factory Holding Corp.(a)		27,441		2,718,854
Gentex Corp.		70,036		2,278,972
Visteon Corp.(a)		18,172		2,509,008
				9,062,574
Automobiles — 3.3%
Harley-Davidson, Inc.		54,210		1,792,183
Tesla, Inc.(a)		1,773,089		443,662,329
				445,454,512
Banks — 0.1%
Columbia Banking System, Inc.		70,118		1,423,395
Commerce Bancshares, Inc.		50,286		2,412,722
Cullen/Frost Bankers, Inc.		27,940		2,548,408
East West Bancorp, Inc.		46,688		2,460,925
First Financial Bankshares, Inc.		44,732		1,123,668
First Horizon Corp.		229,145		2,525,178
Glacier Bancorp, Inc.		38,901		1,108,679
Hancock Whitney Corp.		28,403		1,050,627
International Bancshares Corp.		20,807		901,775
SouthState Corp.		27,998		1,885,945
United Bankshares, Inc.		40,760		1,124,568
				18,565,890
Beverages — 2.2%
Boston Beer Co., Inc. (The), Class A, NVS(a)		4,325		1,684,717
Brown-Forman Corp., Class B, NVS		65,069		3,753,831
Celsius Holdings, Inc.(a)(b)		31,706		5,440,749
Coca-Cola Co. (The)		1,624,355		90,931,393
Constellation Brands, Inc., Class A		58,224		14,633,438
Keurig Dr Pepper, Inc.		324,138		10,233,037
Monster Beverage Corp.(a)		476,803		25,246,719
PepsiCo, Inc.		883,908		149,769,371
				301,693,255
Biotechnology — 3.7%
AbbVie, Inc.		1,133,343		168,936,108
Amgen, Inc.		343,461		92,308,578
Arrowhead Pharmaceuticals, Inc.(a)		33,067		888,510
Biogen, Inc.(a)		43,705		11,232,622
Exelixis, Inc.(a)		202,713		4,429,279
Gilead Sciences, Inc.		800,069		59,957,171
Halozyme Therapeutics, Inc.(a)		84,301		3,220,298
Incyte Corp.(a)		118,851		6,866,022
Moderna, Inc.(a)		212,356		21,934,251
Neurocrine Biosciences, Inc.(a)		62,397		7,019,663
Regeneron Pharmaceuticals, Inc.(a)		68,538		56,404,033

Security	Shares		Value
Biotechnology (continued)
United Therapeutics Corp.(a)		30,351	$	6,855,381
Vertex Pharmaceuticals, Inc.(a)		165,722		57,628,168
				497,680,084
Broadline Retail — 2.6%
Amazon.com, Inc.(a)		2,681,825		340,913,594
Etsy, Inc.(a)(b)		45,955		2,967,774
Ollie’s Bargain Outlet Holdings, Inc.(a)		18,494		1,427,367
				345,308,735
Building Products — 0.4%
Advanced Drainage Systems, Inc.(b)		34,358		3,910,971
Builders FirstSource, Inc.(a)		80,563		10,029,288
Carlisle Cos., Inc.		32,158		8,337,283
Lennox International, Inc.		12,641		4,733,296
Masco Corp.		103,802		5,548,217
Owens Corning		31,515		4,298,961
Simpson Manufacturing Co., Inc.		27,649		4,142,097
Trex Co., Inc.(a)(b)		37,773		2,327,950
UFP Industries, Inc.		39,971		4,093,030
				47,421,093
Capital Markets — 1.4%
Affiliated Managers Group, Inc.		15,239		1,986,251
Ameriprise Financial, Inc.		65,720		21,666,570
Blackstone, Inc., Class A, NVS		455,733		48,827,234
Cboe Global Markets, Inc.		45,580		7,120,052
Charles Schwab Corp. (The)		562,908		30,903,649
Evercore, Inc., Class A		11,606		1,600,235
FactSet Research Systems, Inc.		14,807		6,474,509
Federated Hermes, Inc., Class B		37,771		1,279,304
Interactive Brokers Group, Inc., Class A		37,354		3,233,362
Jefferies Financial Group, Inc.		113,884		4,171,571
MarketAxess Holdings, Inc.		11,944		2,551,716
Moody’s Corp.		47,675		15,073,405
Morningstar, Inc.		16,769		3,927,970
MSCI, Inc., Class A		29,043		14,901,382
Nasdaq, Inc.		140,807		6,841,812
Raymond James Financial, Inc.		121,130		12,165,086
SEI Investments Co.		64,121		3,862,008
				186,586,116
Chemicals — 1.4%
Air Products & Chemicals, Inc.		142,642		40,424,743
Albemarle Corp.		75,137		12,776,296
Ashland, Inc.		21,652		1,768,535
Axalta Coating Systems Ltd.(a)		64,416		1,732,790
Cabot Corp.		36,405		2,521,774
CF Industries Holdings, Inc.		124,342		10,661,083
Chemours Co. (The)		55,685		1,561,964
Corteva, Inc.		315,584		16,145,278
FMC Corp.		79,249		5,307,306
Linde PLC		191,119		71,163,160
Mosaic Co. (The)		215,122		7,658,343
NewMarket Corp.		2,393		1,088,911
Olin Corp.		81,095		4,053,128
RPM International, Inc.		82,240		7,797,174
Westlake Corp.(b)		20,563		2,563,589
				187,224,074
Commercial Services & Supplies — 0.7%
Brink’s Co. (The)		14,126		1,026,112
Cintas Corp.		32,769		15,762,217
Clean Harbors, Inc.(a)		32,658		5,465,643
Copart, Inc.(a)		556,851		23,994,709

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
MSA Safety, Inc.		12,798	$	2,017,605
Republic Services, Inc.		72,325		10,307,036
Rollins, Inc.		180,924		6,753,893
Tetra Tech, Inc.		19,631		2,984,501
Waste Management, Inc.		139,273		21,230,776
				89,542,492
Communications Equipment — 0.4%
Arista Networks, Inc.(a)		160,999		29,612,546
Calix, Inc.(a)		36,925		1,692,642
Motorola Solutions, Inc.		59,151		16,103,268
				47,408,456
Construction & Engineering — 0.2%
AECOM		48,771		4,049,944
EMCOR Group, Inc.		30,202		6,354,199
Quanta Services, Inc.		93,341		17,461,301
Valmont Industries, Inc.		13,286		3,191,430
				31,056,874
Construction Materials — 0.1%
Eagle Materials, Inc.		23,079		3,843,115
Vulcan Materials Co.		50,167		10,134,737
				13,977,852
Consumer Finance — 0.3%
Ally Financial, Inc.		34,379		917,232
American Express Co.		182,839		27,277,750
Discover Financial Services		93,422		8,093,148
FirstCash Holdings, Inc.		24,309		2,440,138
SLM Corp.		141,289		1,924,356
				40,652,624
Consumer Staples Distribution & Retail — 1.1%
BJ’s Wholesale Club Holdings, Inc.(a)(b)		49,845		3,557,438
Casey’s General Stores, Inc.		24,151		6,557,479
Costco Wholesale Corp.		187,800		106,099,488
Dollar General Corp.		140,680		14,883,944
Dollar Tree, Inc.(a)		133,949		14,258,871
Performance Food Group Co.(a)		45,323		2,667,712
Sprouts Farmers Market, Inc.(a)(b)		36,977		1,582,616
U.S. Foods Holding Corp.(a)		39,900		1,584,030
				151,191,578
Containers & Packaging — 0.1%
AptarGroup, Inc.		19,899		2,488,171
Berry Global Group, Inc.		33,973		2,103,268
Crown Holdings, Inc.		30,346		2,685,014
Graphic Packaging Holding Co.		141,256		3,147,184
Silgan Holdings, Inc.		54,117		2,332,984
Sonoco Products Co.		32,145		1,747,081
				14,503,702
Distributors — 0.1%
Genuine Parts Co.		64,723		9,344,707
Pool Corp.		16,009		5,700,805
				15,045,512
Diversified Consumer Services — 0.1%
Grand Canyon Education, Inc.(a)		18,678		2,183,085
H&R Block, Inc.		97,537		4,199,943
Service Corp. International		97,676		5,581,206
				11,964,234
Diversified Telecommunication Services — 0.0%
Iridium Communications, Inc.		81,416		3,703,614

Security	Shares		Value
Electric Utilities — 0.2%
IDACORP, Inc.		17,328	$	1,622,767
NRG Energy, Inc.		70,444		2,713,503
OGE Energy Corp.		129,664		4,321,701
PG&E Corp.(a)		1,339,790		21,610,813
PNM Resources, Inc.		34,418		1,535,387
				31,804,171
Electrical Equipment — 0.2%
Acuity Brands, Inc.		10,478		1,784,508
AMETEK, Inc.(b)		74,249		10,971,032
Hubbell, Inc.		34,326		10,758,112
nVent Electric PLC		105,409		5,585,623
Sensata Technologies Holding PLC		38,321		1,449,300
Vicor Corp.(a)(b)		6,215		366,002
				30,914,577
Electronic Equipment, Instruments & Components — 0.5%
Amphenol Corp., Class A		382,985		32,166,910
Belden, Inc.		27,713		2,675,690
CDW Corp.		54,415		10,978,771
Cognex Corp.		58,391		2,478,114
Crane NXT Co.		15,411		856,389
Keysight Technologies, Inc.(a)		61,644		8,156,118
Littelfuse, Inc.		9,996		2,472,211
National Instruments Corp.		48,328		2,881,315
Novanta, Inc.(a)		23,114		3,315,472
				65,980,990
Energy Equipment & Services — 0.3%
ChampionX Corp.		125,433		4,467,923
NOV, Inc.		254,161		5,311,965
Schlumberger NV		483,104		28,164,963
Valaris Ltd.(a)		40,990		3,073,430
Weatherford International PLC(a)		46,435		4,194,474
				45,212,755
Entertainment — 0.3%
Activision Blizzard, Inc.		270,459		25,323,076
Electronic Arts, Inc.		108,026		13,006,330
TKO Group Holdings, Inc., Class A		33,765		2,838,286
				41,167,692
Financial Services — 3.7%
Euronet Worldwide, Inc.(a)		14,937		1,185,699
Fiserv, Inc.(a)		269,912		30,489,260
FleetCor Technologies, Inc.(a)		25,275		6,453,719
Jack Henry & Associates, Inc.		47,031		7,108,265
Mastercard, Inc., Class A		534,241		211,511,354
Visa, Inc., Class A		1,031,724		237,306,837
WEX, Inc.(a)		27,560		5,183,760
				499,238,894
Food Products — 0.9%
Archer-Daniels-Midland Co.		169,289		12,767,776
Bunge Ltd.		39,871		4,316,036
Campbell Soup Co.		73,500		3,019,380
Darling Ingredients, Inc.(a)		101,496		5,298,091
Flowers Foods, Inc.		78,342		1,737,626
General Mills, Inc.		256,414		16,407,932
Hershey Co. (The)		95,919		19,191,473
Hormel Foods Corp.		134,883		5,129,600
Kellanova		91,068		5,419,457
Lamb Weston Holdings, Inc.		94,371		8,725,543
Lancaster Colony Corp.		12,886		2,126,577

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
McCormick & Co., Inc., NVS		82,672	$	6,253,310
Mondelez International, Inc., Class A		471,491		32,721,475
				123,114,276
Gas Utilities — 0.1%
Atmos Energy Corp.		57,310		6,070,848
National Fuel Gas Co.		41,533		2,155,978
New Jersey Resources Corp.		40,443		1,643,199
ONE Gas, Inc.		34,970		2,387,752
Spire, Inc.		16,652		942,170
				13,199,947
Ground Transportation — 0.8%
Avis Budget Group, Inc.(a)		12,717		2,285,118
CSX Corp.		620,597		19,083,358
JB Hunt Transport Services, Inc.		52,624		9,920,677
Knight-Swift Transportation Holdings, Inc.		51,954		2,605,493
Landstar System, Inc.		23,261		4,115,801
Old Dominion Freight Line, Inc.(b)		57,393		23,481,772
Saia, Inc.(a)		9,763		3,892,020
Union Pacific Corp.		195,667		39,843,671
				105,227,910
Health Care Equipment & Supplies — 1.5%
Abbott Laboratories		579,424		56,117,214
Boston Scientific Corp.(a)		497,569		26,271,643
Dexcom, Inc.(a)		248,409		23,176,560
Globus Medical, Inc., Class A(a)		74,650		3,706,373
Haemonetics Corp.(a)		32,779		2,936,343
Hologic, Inc.(a)		157,853		10,954,998
IDEXX Laboratories, Inc.(a)		26,013		11,374,705
Inari Medical, Inc.(a)		33,840		2,213,136
Insulet Corp.(a)		45,004		7,177,688
Intuitive Surgical, Inc.(a)		110,474		32,290,445
Lantheus Holdings, Inc.(a)		44,622		3,100,337
Masimo Corp.(a)		18,002		1,578,415
Penumbra, Inc.(a)		15,501		3,749,847
QuidelOrtho Corp.(a)(b)		17,304		1,263,884
ResMed, Inc.		51,298		7,585,435
Shockwave Medical, Inc.(a)		23,921		4,762,671
				198,259,694
Health Care Providers & Services — 3.6%
Acadia Healthcare Co., Inc.(a)		34,135		2,400,032
Chemed Corp.		6,528		3,392,602
Cigna Group (The)		93,419		26,724,373
Elevance Health, Inc.		151,309		65,882,965
Encompass Health Corp.		29,657		1,991,764
HCA Healthcare, Inc.		70,047		17,230,161
HealthEquity, Inc.(a)		54,748		3,999,341
Humana, Inc.		50,828		24,728,839
McKesson Corp.		39,986		17,387,912
Molina Healthcare, Inc.(a)		37,364		12,251,282
Option Care Health, Inc.(a)		115,918		3,749,947
Progyny, Inc.(a)(b)		18,052		614,129
Quest Diagnostics, Inc.		47,659		5,807,726
UnitedHealth Group, Inc.		594,784		299,884,145
				486,045,218
Health Care REITs — 0.0%
Omega Healthcare Investors, Inc.		74,223		2,461,235
Health Care Technology — 0.0%
Doximity, Inc., Class A(a)(b)		45,364		962,624

Security	Shares		Value
Hotels, Restaurants & Leisure — 1.7%
Airbnb, Inc., Class A(a)(b)		109,907	$	15,080,340
Aramark		69,257		2,403,218
Boyd Gaming Corp.		26,257		1,597,213
Chipotle Mexican Grill, Inc.(a)		17,698		32,419,727
Choice Hotels International, Inc.		9,489		1,162,497
Churchill Downs, Inc.		42,734		4,958,853
Domino’s Pizza, Inc.		10,242		3,879,567
Hilton Grand Vacations, Inc.(a)		22,865		930,606
Hilton Worldwide Holdings, Inc.		80,905		12,150,313
Light & Wonder, Inc., Class A(a)		28,036		1,999,808
Marriott International, Inc., Class A		82,333		16,183,375
McDonald’s Corp.		290,122		76,429,740
Planet Fitness, Inc., Class A(a)		37,416		1,840,119
Starbucks Corp.		375,005		34,226,706
Texas Roadhouse, Inc.		43,329		4,163,917
Vail Resorts, Inc.		12,932		2,869,482
Wendy’s Co. (The)		110,404		2,253,346
Wingstop, Inc.		19,417		3,491,953
Wyndham Hotels & Resorts, Inc.		27,949		1,943,573
Yum! Brands, Inc.		114,728		14,334,116
				234,318,469
Household Durables — 0.1%
DR Horton, Inc.		98,113		10,544,204
Tempur Sealy International, Inc.		110,889		4,805,930
TopBuild Corp.(a)		11,022		2,773,135
				18,123,269
Household Products — 1.2%
Clorox Co. (The)		35,949		4,711,476
Colgate-Palmolive Co.		291,136		20,702,681
Kimberly-Clark Corp.		104,792		12,664,113
Procter & Gamble Co. (The)		832,500		121,428,450
				159,506,720
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		251,001		3,815,215
Ormat Technologies, Inc.(b)		20,082		1,404,134
Vistra Corp.		144,724		4,801,942
				10,021,291
Industrial REITs — 0.1%
EastGroup Properties, Inc.		15,525		2,585,378
First Industrial Realty Trust, Inc.		43,704		2,079,873
Rexford Industrial Realty, Inc.		74,190		3,661,277
STAG Industrial, Inc.		52,265		1,803,665
				10,130,193
Insurance — 2.0%
American Financial Group, Inc.		19,127		2,135,912
Aon PLC, Class A		86,269		27,970,135
Arch Capital Group Ltd.(a)		241,485		19,248,769
Arthur J. Gallagher & Co.		88,898		20,262,521
Brown & Brown, Inc.		90,005		6,285,949
Chubb Ltd.		150,232		31,275,298
Erie Indemnity Co., Class A, NVS		16,177		4,752,641
Everest Group Ltd.		16,159		6,005,816
Fidelity National Financial, Inc., Class A		20,391		842,148
Globe Life, Inc.		39,229		4,265,369
Hanover Insurance Group, Inc. (The)		13,592		1,508,440
Kinsale Capital Group, Inc.		13,972		5,786,224
Marsh & McLennan Cos., Inc.		202,990		38,628,997
Primerica, Inc.		16,157		3,134,620
Principal Financial Group, Inc.		87,102		6,277,441
Progressive Corp. (The)		375,846		52,355,348

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
RenaissanceRe Holdings Ltd.		18,129	$	3,588,092
RLI Corp.		26,146		3,552,980
Selective Insurance Group, Inc.		39,016		4,025,281
Travelers Cos., Inc. (The)		79,665		13,010,091
W R Berkley Corp.		129,618		8,229,447
				263,141,519
Interactive Media & Services — 6.9%
Alphabet, Inc., Class A(a)		3,809,599		498,524,125
Alphabet, Inc., Class C, NVS(a)		3,240,611		427,274,560
ZoomInfo Technologies, Inc., Class A(a)		102,241		1,676,753
				927,475,438
IT Services — 0.7%
Accenture PLC, Class A		198,467		60,951,200
EPAM Systems, Inc.(a)		25,398		6,494,015
Gartner, Inc.(a)		50,798		17,454,701
GoDaddy, Inc., Class A(a)		94,597		7,045,585
VeriSign, Inc.(a)		27,997		5,670,232
				97,615,733
Leisure Products — 0.0%
Brunswick Corp.		26,096		2,061,584
Polaris, Inc.		17,754		1,848,901
YETI Holdings, Inc.(a)(b)		30,836		1,486,912
				5,397,397
Life Sciences Tools & Services — 2.2%
Agilent Technologies, Inc.		113,984		12,745,691
Bio-Techne Corp.		49,250		3,352,447
Bruker Corp.		36,214		2,256,132
Danaher Corp.		421,948		104,685,299
IQVIA Holdings, Inc.(a)(b)		56,644		11,144,707
Medpace Holdings, Inc.(a)		14,960		3,622,265
Mettler-Toledo International, Inc.(a)(b)		9,152		10,141,057
Repligen Corp.(a)		33,504		5,327,471
Thermo Fisher Scientific, Inc.		247,818		125,438,037
Waters Corp.(a)		38,002		10,420,528
				289,133,634
Machinery — 1.5%
AGCO Corp.		20,801		2,460,342
Caterpillar, Inc.		196,538		53,654,874
Chart Industries, Inc.(a)(b)		12,185		2,060,727
Crane Co.		15,411		1,369,113
Cummins, Inc.		46,450		10,611,967
Deere & Co.		175,082		66,072,445
Donaldson Co., Inc.		50,811		3,030,368
Graco, Inc.		71,027		5,176,448
IDEX Corp.		27,877		5,798,974
Illinois Tool Works, Inc.		89,863		20,696,348
ITT, Inc.		24,711		2,419,454
Lincoln Electric Holdings, Inc.		36,633		6,659,513
Middleby Corp. (The)(a)(b)		16,795		2,149,760
RBC Bearings, Inc.(a)		18,736		4,386,660
Snap-on, Inc.		19,083		4,867,310
Timken Co. (The)		20,951		1,539,689
Toro Co. (The)		67,484		5,607,920
Watts Water Technologies, Inc., Class A		9,201		1,590,117
				200,152,029
Media — 0.0%
New York Times Co. (The), Class A		53,425		2,201,110
Nexstar Media Group, Inc., Class A		21,490		3,081,021
				5,282,131

Security	Shares		Value
Metals & Mining — 0.7%
Commercial Metals Co.		42,514	$	2,100,617
Freeport-McMoRan, Inc.		920,236		34,315,600
MP Materials Corp., Class A(a)(b)		92,737		1,771,277
Nucor Corp.		159,412		24,924,066
Reliance Steel & Aluminum Co.		37,506		9,835,198
Royal Gold, Inc.		42,531		4,522,321
Steel Dynamics, Inc.		100,327		10,757,061
Worthington Industries, Inc.		9,580		592,236
				88,818,376
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		319,909		6,017,488
Multi-Utilities — 0.2%
Black Hills Corp.		21,917		1,108,781
Sempra		243,325		16,553,400
WEC Energy Group, Inc.		106,046		8,542,005
				26,204,186
Office REITs — 0.0%
COPT Defense Properties		37,793		900,607
Oil, Gas & Consumable Fuels — 7.0%
Antero Midstream Corp.		217,263		2,602,811
Antero Resources Corp.(a)		178,888		4,540,177
APA Corp.		196,554		8,078,369
Chevron Corp.		1,139,259		192,101,853
Chord Energy Corp.		20,496		3,321,787
Civitas Resources, Inc.		54,768		4,429,088
CNX Resources Corp.(a)(b)		102,977		2,325,221
ConocoPhillips		768,912		92,115,658
Coterra Energy, Inc.		485,688		13,137,860
Devon Energy Corp.		409,989		19,556,475
Diamondback Energy, Inc.		115,243		17,848,836
DT Midstream, Inc.		62,648		3,315,332
EOG Resources, Inc.		373,872		47,392,015
EQT Corp.		233,761		9,486,021
Equitrans Midstream Corp.		128,761		1,206,491
Exxon Mobil Corp.		2,570,464		302,235,157
Hess Corp.		177,079		27,093,087
HF Sinclair Corp.		41,254		2,348,590
Marathon Oil Corp.		390,322		10,441,113
Marathon Petroleum Corp.		122,811		18,586,217
Matador Resources Co.		70,479		4,192,091
Murphy Oil Corp.		94,732		4,296,096
Occidental Petroleum Corp.		427,580		27,741,390
ONEOK, Inc.		373,184		23,671,061
Ovintiv, Inc.		125,919		5,989,967
PBF Energy, Inc., Class A		70,537		3,775,846
Permian Resources Corp., Class A		119,895		1,673,734
Pioneer Natural Resources Co.		149,636		34,348,944
Range Resources Corp.		156,582		5,074,823
Southwestern Energy Co.(a)(b)		715,092		4,612,343
Targa Resources Corp.		144,167		12,357,995
Williams Cos., Inc. (The)		779,888		26,274,427
				936,170,875
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		41,367		2,286,354
Personal Care Products — 0.2%
BellRing Brands, Inc.(a)		35,955		1,482,425
Kenvue, Inc.		1,106,603		22,220,588
				23,703,013

46 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals — 5.9%
Bristol-Myers Squibb Co.		1,341,419	$	77,855,959
Eli Lilly & Co.		512,019		275,020,766
Jazz Pharmaceuticals PLC(a)		40,675		5,264,972
Johnson & Johnson		958,640		149,308,180
Merck & Co., Inc.		1,629,351		167,741,685
Pfizer, Inc.		3,625,290		120,250,869
				795,442,431
Professional Services — 1.1%
Automatic Data Processing, Inc.		264,537		63,642,311
Broadridge Financial Solutions, Inc.		36,624		6,557,527
CACI International, Inc., Class A(a)(b)		9,259		2,906,678
Concentrix Corp.		27,505		2,203,426
Equifax, Inc.		39,034		7,150,248
ExlService Holdings, Inc.(a)		107,284		3,008,243
Exponent, Inc.		22,718		1,944,661
FTI Consulting, Inc.(a)		21,582		3,850,445
Genpact Ltd.		62,353		2,257,179
Insperity, Inc.		23,112		2,255,731
KBR, Inc.		86,548		5,101,139
Leidos Holdings, Inc.		57,459		5,295,421
Paychex, Inc.		117,384		13,537,897
Paycom Software, Inc.		31,353		8,128,892
Paylocity Holding Corp.(a)		27,754		5,042,902
Science Applications International Corp.		22,585		2,383,621
Verisk Analytics, Inc.		43,137		10,190,685
				145,457,006
Real Estate Management & Development — 0.2%
CoStar Group, Inc.(a)		261,418		20,100,430
Retail REITs — 0.1%
Agree Realty Corp.		41,807		2,309,419
Brixmor Property Group, Inc.		95,367		1,981,726
NNN REIT, Inc.		64,166		2,267,626
				6,558,771
Semiconductors & Semiconductor Equipment — 10.0%
Advanced Micro Devices, Inc.(a)		560,212		57,600,998
Allegro MicroSystems, Inc.(a)		16,430		524,774
Amkor Technology, Inc.		65,053		1,470,198
Analog Devices, Inc.		151,110		26,457,850
Applied Materials, Inc.		539,204		74,652,794
Broadcom, Inc.		158,992		132,055,575
Cirrus Logic, Inc.(a)		35,701		2,640,446
Enphase Energy, Inc.(a)(b)		87,835		10,553,375
First Solar, Inc.(a)		68,835		11,123,048
KLA Corp.		87,788		40,264,844
Lam Research Corp.		85,590		53,645,244
Lattice Semiconductor Corp.(a)		88,859		7,635,654
MACOM Technology Solutions Holdings, Inc.(a)		33,147		2,704,132
Microchip Technology, Inc.		171,891		13,416,093
Monolithic Power Systems, Inc.		30,793		14,226,366
NVIDIA Corp.		1,585,997		689,892,835
NXP Semiconductors NV		97,344		19,461,012
ON Semiconductor Corp.(a)(b)		276,647		25,714,339
Power Integrations, Inc.		37,091		2,830,414
QUALCOMM, Inc.		716,588		79,584,263
Silicon Laboratories, Inc.(a)		10,785		1,249,874
SolarEdge Technologies, Inc.(a)(b)		36,249		4,694,608
Teradyne, Inc.		48,259		4,848,099
Texas Instruments, Inc.		367,296		58,403,737

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Universal Display Corp.		17,758	$	2,787,828
Wolfspeed, Inc.(a)(b)		36,285		1,382,459
				1,339,820,859
Software — 10.1%
Adobe, Inc.(a)		137,557		70,140,314
Autodesk, Inc.(a)		75,643		15,651,293
Blackbaud, Inc.(a)		13,348		938,631
Cadence Design Systems, Inc.(a)		174,519		40,889,802
CommVault Systems, Inc.(a)		19,367		1,309,403
Dolby Laboratories, Inc., Class A		18,897		1,497,776
Dropbox, Inc., Class A(a)(b)		166,189		4,525,327
Dynatrace, Inc.(a)		153,090		7,153,896
Envestnet, Inc.(a)		9,413		414,454
Fair Isaac Corp.(a)		16,028		13,920,799
Fortinet, Inc.(a)		417,732		24,512,514
Gen Digital, Inc.		191,499		3,385,702
Intuit, Inc.		95,310		48,697,692
Manhattan Associates, Inc.(a)		22,796		4,505,857
Microsoft Corp.		2,766,992		873,677,724
Oracle Corp.		596,397		63,170,370
Palo Alto Networks, Inc.(a)(b)		196,545		46,078,010
PTC, Inc.(a)		76,577		10,849,429
Qualys, Inc.(a)		23,648		3,607,502
ServiceNow, Inc.(a)		130,988		73,217,053
Synopsys, Inc.(a)		97,701		44,841,828
Teradata Corp.(a)		30,478		1,372,120
Tyler Technologies, Inc.(a)		12,664		4,890,077
				1,359,247,573
Specialized REITs — 0.7%
American Tower Corp.		158,640		26,088,348
CubeSmart		78,485		2,992,633
Extra Space Storage, Inc.		68,075		8,276,538
Gaming & Leisure Properties, Inc.		111,698		5,087,844
Iron Mountain, Inc.		118,784		7,061,709
Lamar Advertising Co., Class A		31,693		2,645,415
National Storage Affiliates Trust		25,822		819,590
PotlatchDeltic Corp.		29,883		1,356,389
Public Storage		62,998		16,601,233
Rayonier, Inc.		47,493		1,351,651
SBA Communications Corp., Class A		39,229		7,852,469
VICI Properties, Inc.		372,019		10,825,753
Weyerhaeuser Co.		267,452		8,200,078
				99,159,650
Specialty Retail — 2.3%
AutoNation, Inc.(a)(b)		7,970		1,206,658
AutoZone, Inc.(a)		11,643		29,573,103
Dick’s Sporting Goods, Inc.		20,520		2,228,062
Five Below, Inc.(a)(b)		24,884		4,003,836
Home Depot, Inc. (The)		342,145		103,382,533
Lowe’s Cos., Inc.		259,621		53,959,629
Murphy U.S.A., Inc.		12,534		4,283,244
O’Reilly Automotive, Inc.(a)		38,785		35,250,135
TJX Cos., Inc. (The)		472,276		41,975,891
Tractor Supply Co.		70,125		14,238,881
Ulta Beauty, Inc.(a)		32,084		12,815,954
Valvoline, Inc.		41,381		1,334,123
Williams-Sonoma, Inc.		19,828		3,081,271
				307,333,320

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 12.1%
Apple Inc.		9,436,467	$	1,615,617,515
Super Micro Computer, Inc.(a)(b)		23,365		6,407,150
				1,622,024,665
Textiles, Apparel & Luxury Goods — 0.1%
Crocs, Inc.(a)		40,035		3,532,288
Deckers Outdoor Corp.(a)		16,843		8,658,818
				12,191,106
Tobacco — 0.6%
Altria Group, Inc.		591,490		24,872,155
Philip Morris International, Inc.		538,254		49,831,555
				74,703,710
Trading Companies & Distributors — 0.3%
Fastenal Co.		179,511		9,808,481
GATX Corp.		11,827		1,287,133
MSC Industrial Direct Co., Inc., Class A		15,242		1,496,002
Watsco, Inc.		21,590		8,154,975
WESCO International, Inc.		13,160		1,892,671
WW Grainger, Inc.		28,476		19,700,836
				42,340,098
Water Utilities — 0.0%
Essential Utilities, Inc.		154,699		5,310,817
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.(a)		225,865		31,632,393
Total Long-Term Investments — 99.8% (Cost: $10,369,882,779)				13,412,583,905

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		92,105,814	$	92,142,656
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		66,741,839		66,741,839
Total Short-Term Securities — 1.2% (Cost: $158,834,331)				158,884,495
Total Investments — 101.0% (Cost: $10,528,717,110)				13,571,468,400
Liabilities in Excess of Other Assets — (1.0)%				(137,821,891	)
Net Assets — 100.0%			$	13,433,646,509

^(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital  Gain  Distributions  from Underlying  Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	113,505,398	$	—		$	(21,392,807	)(a)	$	5,597	$	24,468	$	92,142,656		92,105,814	$	214,227	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		17,496,613		49,245,226	(a)		—			—		—		66,741,839		66,741,839		532,848			—
									$	5,597	$	24,468	$	158,884,495			$	747,075		$	—

^(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.

48 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Growth ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		12		12/15/23	$	2,002	$	(109,881	)
NASDAQ 100 E-Mini Index		4		12/15/23		1,189		(48,960	)
S&P 500 E-Mini Index		68		12/15/23		14,707		(612,148	)
							$	(770,989	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	770,989	$	—	$	—	$	—	$	770,989

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	2,952,715		$	—	$	—	$	—	$	2,952,715
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(2,161,172	)	$	—	$	—	$	—	$	(2,161,172	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	23,391,971

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

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Growth ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	13,412,583,905		$	—	$	—	$	13,412,583,905
Short-Term Securities
Money Market Funds		158,884,495			—		—		158,884,495
	$	13,571,468,400		$	—	$	—	$	13,571,468,400
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(770,989	)	$	—	$	—	$	(770,989	)

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

See notes to financial statements.

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

Schedule of Investments (unaudited) September 30, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.2%
Boeing Co. (The)(a)		433,279	$	83,050,919
General Dynamics Corp.		81,201		17,942,985
Hexcel Corp.		65,248		4,250,255
Howmet Aerospace, Inc.		297,856		13,775,840
Huntington Ingalls Industries, Inc.		30,607		6,261,580
L3Harris Technologies, Inc.		72,416		12,609,074
Lockheed Martin Corp.		49,603		20,285,643
Northrop Grumman Corp.		30,427		13,393,661
RTX Corp.		1,112,218		80,046,329
Textron, Inc.		152,136		11,887,907
TransDigm Group, Inc.(a)		22,315		18,814,446
Woodward, Inc.		46,473		5,774,735
				288,093,374
Air Freight & Logistics — 1.1%
CH Robinson Worldwide, Inc.		40,630		3,499,462
FedEx Corp.		176,813		46,841,300
GXO Logistics, Inc.(a)(b)		92,018		5,396,855
United Parcel Service, Inc., Class B		552,685		86,147,011
				141,884,628
Automobile Components — 0.4%
Adient PLC(a)		72,158		2,648,199
Aptiv PLC(a)		215,875		21,283,116
Autoliv, Inc.		40,478		3,905,317
BorgWarner, Inc.		179,628		7,251,582
Gentex Corp.		95,518		3,108,156
Goodyear Tire & Rubber Co. (The)(a)		214,126		2,661,586
Lear Corp.		45,564		6,114,689
				46,972,645
Automobiles — 0.6%
Ford Motor Co.		3,004,112		37,311,071
General Motors Co.		1,051,384		34,664,130
Harley-Davidson, Inc.		37,123		1,227,286
Thor Industries, Inc.		41,781		3,974,627
				77,177,114
Banks — 6.7%
Associated Banc-Corp.		119,505		2,044,731
Bank of America Corp.		5,282,759		144,641,941
Bank OZK		80,818		2,995,923
Cadence Bank		42,877		909,850
Citigroup, Inc.		1,471,504		60,522,960
Citizens Financial Group, Inc.		362,777		9,722,424
Columbia Banking System, Inc.		77,872		1,580,802
Comerica, Inc.		100,324		4,168,462
Commerce Bancshares, Inc.		27,514		1,320,122
Cullen/Frost Bankers, Inc.		17,361		1,583,497
East West Bancorp, Inc.		54,058		2,849,397
Fifth Third Bancorp		520,289		13,178,920
First Financial Bankshares, Inc.		45,477		1,142,382
First Horizon Corp.		144,976		1,597,636
FNB Corp.		271,966		2,934,513
Glacier Bancorp, Inc.		38,418		1,094,913
Hancock Whitney Corp.		33,404		1,235,614
Home BancShares, Inc.		148,576		3,111,181
Huntington Bancshares, Inc.		1,107,804		11,521,162
International Bancshares Corp.		15,533		673,200
JPMorgan Chase & Co.		2,220,652		322,038,953
KeyCorp		717,869		7,724,270
M&T Bank Corp.		127,421		16,112,385
New York Community Bancorp, Inc., Class A		551,096		6,249,429

Security	Shares		Value
Banks (continued)
Old National Bancorp		223,774	$	3,253,674
Pinnacle Financial Partners, Inc.		59,392		3,981,640
PNC Financial Services Group, Inc. (The)		304,322		37,361,612
Prosperity Bancshares, Inc.		73,057		3,987,451
Regions Financial Corp.		717,042		12,333,122
SouthState Corp.		24,974		1,682,249
Synovus Financial Corp.		113,139		3,145,264
Texas Capital Bancshares, Inc.(a)		36,857		2,170,877
Truist Financial Corp.		1,017,813		29,119,630
U.S. Bancorp		1,189,740		39,332,804
UMB Financial Corp.		34,368		2,132,534
United Bankshares, Inc.		52,559		1,450,103
Valley National Bancorp		335,955		2,875,775
Webster Financial Corp.		133,990		5,401,137
Wells Fargo & Co.		2,795,821		114,237,246
Wintrust Financial Corp.		47,378		3,577,039
Zions Bancorp N.A.		115,531		4,030,877
				891,027,701
Beverages — 0.8%
Boston Beer Co., Inc. (The), Class A, NVS(a)		2,197		855,798
Brown-Forman Corp., Class B, NVS		64,039		3,694,410
Coca-Cola Co. (The)		1,040,888		58,268,910
Coca-Cola Consolidated, Inc.		3,470		2,208,030
Constellation Brands, Inc., Class A		54,447		13,684,165
Keurig Dr Pepper, Inc.		382,318		12,069,779
Molson Coors Beverage Co., Class B		141,827		9,018,779
				99,799,871
Biotechnology — 0.1%
Arrowhead Pharmaceuticals, Inc.(a)		44,737		1,202,083
Biogen, Inc.(a)		58,768		15,103,964
				16,306,047
Broadline Retail — 3.8%
Amazon.com, Inc.(a)		3,746,572		476,264,233
eBay, Inc.		405,650		17,885,108
Etsy, Inc.(a)(b)		40,896		2,641,064
Kohl’s Corp.		87,948		1,843,390
Macy’s, Inc.		210,213		2,440,573
Nordstrom, Inc.		74,426		1,111,924
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		24,204		1,868,065
				504,054,357
Building Products — 1.0%
A O Smith Corp.		95,197		6,295,378
Advanced Drainage Systems, Inc.(b)		12,246		1,393,962
Allegion PLC		67,438		7,027,040
Carrier Global Corp.		640,064		35,331,533
Fortune Brands Innovations, Inc.		96,726		6,012,488
Johnson Controls International PLC		519,859		27,661,698
Lennox International, Inc.		9,246		3,462,072
Masco Corp.		49,316		2,635,940
Owens Corning		31,491		4,295,687
Trane Technologies PLC		174,346		35,376,547
Trex Co., Inc.(a)		38,891		2,396,852
				131,889,197
Capital Markets — 4.5%
Affiliated Managers Group, Inc.		9,653		1,258,172
Bank of New York Mellon Corp. (The)		595,063		25,379,437
BlackRock, Inc.(c)		107,246		69,333,467
Cboe Global Markets, Inc.		27,004		4,218,295
Charles Schwab Corp. (The)		466,782		25,626,332
CME Group, Inc., Class A		274,895		55,039,477

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Evercore, Inc., Class A		13,467	$	1,856,830
FactSet Research Systems, Inc.		11,787		5,153,984
Federated Hermes, Inc., Class B		19,753		669,034
Franklin Resources, Inc.		219,000		5,383,020
Goldman Sachs Group, Inc. (The)		251,916		81,512,460
Interactive Brokers Group, Inc., Class A		36,158		3,129,836
Intercontinental Exchange, Inc.		437,344		48,116,587
Invesco Ltd.		340,445		4,943,261
Janus Henderson Group PLC		100,034		2,582,878
MarketAxess Holdings, Inc.		14,924		3,188,363
Moody’s Corp.		64,097		20,265,549
Morgan Stanley		974,936		79,623,023
MSCI, Inc., Class A		25,870		13,273,380
Nasdaq, Inc.		94,082		4,571,444
Northern Trust Corp.		158,285		10,997,642
S&P Global, Inc.		248,653		90,860,293
State Street Corp.		242,772		16,256,013
Stifel Financial Corp.		79,811		4,903,588
T Rowe Price Group, Inc.		171,390		17,973,669
				596,116,034
Chemicals — 2.1%
Ashland, Inc.		12,403		1,013,077
Avient Corp.		69,952		2,470,705
Axalta Coating Systems Ltd.(a)		93,094		2,504,229
Celanese Corp., Class A		76,455		9,596,632
Chemours Co. (The)		48,930		1,372,486
Corteva, Inc.		169,079		8,650,082
Dow, Inc.		537,246		27,700,404
DuPont de Nemours, Inc.		350,334		26,131,413
Eastman Chemical Co.		90,270		6,925,514
Ecolab, Inc.		193,846		32,837,512
International Flavors & Fragrances, Inc.		195,410		13,321,100
Linde PLC		145,415		54,145,275
LyondellBasell Industries NV, Class A		195,322		18,496,993
NewMarket Corp.		2,356		1,072,074
PPG Industries, Inc.		179,964		23,359,327
Scotts Miracle-Gro Co. (The)		32,204		1,664,303
Sherwin-Williams Co. (The)		180,778		46,107,429
				277,368,555
Commercial Services & Supplies — 0.4%
Brink’s Co. (The)		18,568		1,348,780
Cintas Corp.		26,983		12,979,093
MSA Safety, Inc.		12,494		1,969,679
Republic Services, Inc.		70,642		10,067,191
Stericycle, Inc.(a)(b)		69,927		3,126,436
Tetra Tech, Inc.		18,019		2,739,429
Waste Management, Inc.		115,475		17,603,009
				49,833,617
Communications Equipment — 1.5%
Ciena Corp.(a)		114,267		5,400,258
Cisco Systems, Inc.		3,113,913		167,403,963
F5, Inc.(a)		45,549		7,339,766
Juniper Networks, Inc.		248,635		6,909,567
Lumentum Holdings, Inc.(a)		53,846		2,432,762
Motorola Solutions, Inc.		57,354		15,614,053
				205,100,369
Construction & Engineering — 0.1%
AECOM		48,433		4,021,876
Fluor Corp.(a)		111,195		4,080,857

Security	Shares		Value
Construction & Engineering (continued)
MasTec, Inc.(a)		45,757	$	3,293,131
MDU Resources Group, Inc.		157,325		3,080,424
				14,476,288
Construction Materials — 0.2%
Knife River Corp.(a)		39,331		1,920,532
Martin Marietta Materials, Inc.		47,229		19,386,560
Vulcan Materials Co.		41,788		8,442,012
				29,749,104
Consumer Finance — 0.6%
Ally Financial, Inc.		167,204		4,461,003
American Express Co.		226,735		33,826,595
Capital One Financial Corp.		291,165		28,257,563
Discover Financial Services		80,187		6,946,600
Synchrony Financial		321,222		9,819,756
				83,311,517
Consumer Staples Distribution & Retail — 2.7%
BJ’s Wholesale Club Holdings, Inc.(a)		43,801		3,126,077
Costco Wholesale Corp.		115,131		65,044,410
Grocery Outlet Holding Corp.(a)(b)		75,881		2,189,167
Kroger Co. (The)		504,264		22,565,814
Performance Food Group Co.(a)		66,686		3,925,138
Sprouts Farmers Market, Inc.(a)		36,723		1,571,744
Sysco Corp.		385,633		25,471,060
Target Corp.		352,694		38,997,375
U.S. Foods Holding Corp.(a)		125,034		4,963,850
Walgreens Boots Alliance, Inc.		546,265		12,148,934
Walmart, Inc.		1,090,583		174,416,939
				354,420,508
Containers & Packaging — 0.6%
Amcor PLC		1,120,593		10,264,632
AptarGroup, Inc.		27,178		3,398,337
Avery Dennison Corp.		61,757		11,281,151
Ball Corp.		241,371		12,015,448
Berry Global Group, Inc.		51,158		3,167,192
Crown Holdings, Inc.		56,130		4,966,383
Graphic Packaging Holding Co.		68,254		1,520,699
Greif, Inc., Class A, NVS		19,570		1,307,472
International Paper Co.		265,760		9,426,507
Packaging Corp. of America		69,077		10,606,773
Sealed Air Corp.		111,558		3,665,796
Sonoco Products Co.		36,032		1,958,339
Westrock Co.		195,289		6,991,346
				80,570,075
Distributors — 0.1%
Genuine Parts Co.		30,437		4,394,494
LKQ Corp.		205,509		10,174,750
Pool Corp.		11,278		4,016,096
				18,585,340
Diversified Consumer Services — 0.0%
Graham Holdings Co., Class B		2,891		1,685,453
Diversified Telecommunication Services — 1.4%
AT&T Inc.		5,462,820		82,051,556
Frontier Communications Parent, Inc.(a)(b)		172,656		2,702,066
Verizon Communications, Inc.		3,212,472		104,116,218
				188,869,840
Electric Utilities — 3.1%
ALLETE, Inc.		43,106		2,275,997
Alliant Energy Corp.		194,160		9,407,052
American Electric Power Co., Inc.		393,668		29,611,707

52 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
Constellation Energy Corp.		245,744	$	26,805,756
Duke Energy Corp.		588,931		51,979,050
Edison International		293,454		18,572,704
Entergy Corp.		162,007		14,985,647
Evergy, Inc.		174,952		8,870,066
Eversource Energy		266,747		15,511,338
Exelon Corp.		759,710		28,709,441
FirstEnergy Corp.		392,663		13,421,221
IDACORP, Inc.		17,920		1,678,208
NextEra Energy, Inc.		1,546,400		88,593,256
NRG Energy, Inc.		92,248		3,553,393
Pinnacle West Capital Corp.		86,921		6,404,339
PNM Resources, Inc.		24,594		1,097,138
Portland General Electric Co.		77,648		3,143,191
PPL Corp.		565,735		13,328,717
Southern Co. (The)		833,333		53,933,312
Xcel Energy, Inc.		421,449		24,115,312
				415,996,845
Electrical Equipment — 1.3%
Acuity Brands, Inc.		12,132		2,066,201
AMETEK, Inc.		88,407		13,063,018
Eaton Corp. PLC		304,892		65,027,366
Emerson Electric Co.		436,708		42,172,892
EnerSys		30,782		2,914,132
Generac Holdings, Inc.(a)		47,559		5,182,029
Regal Rexnord Corp.		50,972		7,282,879
Rockwell Automation, Inc.		87,768		25,090,238
Sensata Technologies Holding PLC		71,420		2,701,104
Sunrun, Inc.(a)(b)		169,486		2,128,744
Vicor Corp.(a)(b)		9,575		563,872
				168,192,475
Electronic Equipment, Instruments & Components — 1.1%
Arrow Electronics, Inc.(a)		42,756		5,354,762
Avnet, Inc.		68,948		3,322,604
CDW Corp.		37,806		7,627,739
Cognex Corp.		62,794		2,664,977
Coherent Corp.(a)		99,960		3,262,694
Corning, Inc.		587,552		17,902,710
Crane NXT Co.		18,039		1,002,427
IPG Photonics Corp.(a)(b)		22,800		2,315,112
Jabil, Inc.(b)		100,498		12,752,191
Keysight Technologies, Inc.(a)		62,715		8,297,822
Littelfuse, Inc.		7,187		1,777,489
National Instruments Corp.		41,462		2,471,964
TD SYNNEX Corp.		36,736		3,668,457
TE Connectivity Ltd.		239,585		29,595,935
Teledyne Technologies, Inc.(a)		36,052		14,730,126
Trimble, Inc.(a)		188,463		10,150,617
Vishay Intertechnology, Inc.		98,986		2,446,934
Vontier Corp.		120,705		3,732,199
Zebra Technologies Corp., Class A(a)(b)		39,434		9,327,324
				142,404,083
Energy Equipment & Services — 0.6%
Baker Hughes Co., Class A		771,517		27,249,980
Halliburton Co.		686,615		27,807,908
Schlumberger NV		510,415		29,757,194
				84,815,082
Entertainment — 2.4%
Activision Blizzard, Inc.		224,755		21,043,811
Electronic Arts, Inc.		60,597		7,295,879
Live Nation Entertainment, Inc.(a)		108,893		9,042,475

Security	Shares		Value
Entertainment (continued)
Netflix, Inc.(a)		338,625	$	127,864,800
Take-Two Interactive Software, Inc.(a)		120,352		16,896,217
Walt Disney Co. (The)(a)		1,398,207		113,324,677
Warner Bros Discovery, Inc., Class A(a)(b)		1,690,794		18,362,023
				313,829,882
Financial Services — 4.7%
Berkshire Hathaway, Inc., Class B(a)		1,393,546		488,159,164
Essent Group Ltd.		84,512		3,996,572
Euronet Worldwide, Inc.(a)(b)		18,100		1,436,778
Fidelity National Information Services, Inc.		453,824		25,082,853
Fiserv, Inc.(a)		145,154		16,396,596
FleetCor Technologies, Inc.(a)(b)		26,802		6,843,623
Global Payments, Inc.		198,585		22,914,723
MGIC Investment Corp.		214,416		3,578,603
PayPal Holdings, Inc.(a)		839,054		49,051,097
Voya Financial, Inc.		81,247		5,398,863
Western Union Co. (The)		231,224		3,047,532
				625,906,404
Food Products — 1.1%
Archer-Daniels-Midland Co.		208,273		15,707,950
Bunge Ltd.		68,865		7,454,636
Campbell Soup Co.		62,101		2,551,109
Conagra Brands, Inc.		364,142		9,984,774
Flowers Foods, Inc.		53,607		1,189,003
General Mills, Inc.		142,590		9,124,334
Hormel Foods Corp.		61,125		2,324,584
Ingredion, Inc.		50,794		4,998,130
J M Smucker Co. (The)		78,432		9,640,077
Kellanova		91,106		5,421,718
Kraft Heinz Co. (The)		610,079		20,523,058
McCormick & Co., Inc., NVS		94,095		7,117,346
Mondelez International, Inc., Class A		478,194		33,186,664
Pilgrim’s Pride Corp.(a)		30,746		701,931
Post Holdings, Inc.(a)(b)		38,821		3,328,512
Tyson Foods, Inc., Class A		218,217		11,017,776
				144,271,602
Gas Utilities — 0.1%
Atmos Energy Corp.		43,410		4,598,421
National Fuel Gas Co.		20,691		1,074,070
New Jersey Resources Corp.		25,399		1,031,961
Southwest Gas Holdings, Inc.		46,117		2,785,928
Spire, Inc.		20,182		1,141,898
UGI Corp.		161,270		3,709,210
				14,341,488
Ground Transportation — 1.0%
CSX Corp.		797,084		24,510,333
Hertz Global Holdings, Inc.(a)		102,803		1,259,337
Knight-Swift Transportation Holdings, Inc.		63,026		3,160,754
Norfolk Southern Corp.		173,471		34,161,644
Ryder System, Inc.		34,966		3,739,614
Saia, Inc.(a)(b)		8,894		3,545,593
Union Pacific Corp.		232,854		47,416,060
Werner Enterprises, Inc.		48,683		1,896,203
XPO, Inc.(a)		89,205		6,660,045
				126,349,583
Health Care Equipment & Supplies — 3.9%
Abbott Laboratories		636,506		61,645,606
Align Technology, Inc.(a)		54,233		16,558,420
Baxter International, Inc.		386,645		14,591,982
Becton Dickinson & Co.		221,682		57,311,447

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Boston Scientific Corp.(a)		525,867	$	27,765,778
Cooper Cos., Inc. (The)		37,929		12,061,801
DENTSPLY SIRONA, Inc.		161,773		5,526,166
Edwards Lifesciences Corp.(a)		464,424		32,175,295
Enovis Corp.(a)		35,933		1,894,747
Envista Holdings Corp.(a)		126,186		3,518,066
GE HealthCare Technologies, Inc.		299,596		20,384,512
ICU Medical, Inc.(a)(b)		15,195		1,808,357
IDEXX Laboratories, Inc.(a)		32,486		14,205,153
Integra LifeSciences Holdings Corp.(a)		54,798		2,092,736
Intuitive Surgical, Inc.(a)		136,895		40,013,040
LivaNova PLC(a)		40,366		2,134,554
Masimo Corp.(a)		13,489		1,182,715
Medtronic PLC		1,017,186		79,706,695
Neogen Corp.(a)(b)		151,167		2,802,636
Penumbra, Inc.(a)		11,134		2,693,426
QuidelOrtho Corp.(a)		18,155		1,326,041
ResMed, Inc.		51,996		7,688,648
STERIS PLC		75,185		16,497,093
Stryker Corp.		258,281		70,580,449
Teleflex, Inc.		35,876		7,046,405
Zimmer Biomet Holdings, Inc.		159,678		17,919,065
				521,130,833
Health Care Providers & Services — 2.1%
Acadia Healthcare Co., Inc.(a)		28,815		2,025,983
Amedisys, Inc.(a)		24,640		2,301,376
Cardinal Health, Inc.		195,253		16,951,865
Cencora, Inc.		127,331		22,915,760
Centene Corp.(a)		413,765		28,500,133
Chemed Corp.		3,588		1,864,684
Cigna Group (The)		115,345		32,996,744
CVS Health Corp.		981,462		68,525,677
DaVita, Inc.(a)(b)		41,146		3,889,531
Encompass Health Corp.		40,641		2,729,450
HCA Healthcare, Inc.		70,584		17,362,252
Henry Schein, Inc.(a)		100,310		7,448,018
Humana, Inc.		34,253		16,664,770
Laboratory Corp. of America Holdings		67,983		13,667,982
McKesson Corp.		55,642		24,195,924
Patterson Cos., Inc.		64,194		1,902,710
Progyny, Inc.(a)(b)		40,174		1,366,719
Quest Diagnostics, Inc.		29,202		3,558,556
R1 RCM, Inc.(a)(b)		151,238		2,279,157
Tenet Healthcare Corp.(a)		78,105		5,146,338
Universal Health Services, Inc., Class B		47,480		5,969,660
				282,263,289
Health Care REITs — 0.5%
Healthcare Realty Trust, Inc.		293,664		4,484,249
Healthpeak Properties, Inc.		419,519		7,702,369
Medical Properties Trust, Inc.		461,392		2,514,586
Omega Healthcare Investors, Inc.		95,925		3,180,873
Physicians Realty Trust		184,388		2,247,690
Sabra Health Care REIT, Inc.		174,171		2,427,944
Ventas, Inc.		307,179		12,941,451
Welltower, Inc.		396,382		32,471,614
				67,970,776
Health Care Technology — 0.0%
Doximity, Inc., Class A(a)(b)		37,305		791,612

Security	Shares		Value
Hotel & Resort REITs — 0.1%
Host Hotels & Resorts, Inc.		546,461	$	8,781,628
Park Hotels & Resorts, Inc.		164,416		2,025,605
				10,807,233
Hotels, Restaurants & Leisure — 2.8%
Airbnb, Inc., Class A(a)		195,480		26,821,811
Aramark		117,932		4,092,240
Booking Holdings, Inc.(a)		27,272		84,105,484
Boyd Gaming Corp.		22,243		1,353,042
Caesars Entertainment, Inc.(a)		164,419		7,620,821
Carnival Corp.(a)		769,822		10,561,958
Choice Hotels International, Inc.(b)		8,576		1,050,646
Darden Restaurants, Inc.		92,049		13,183,258
Domino’s Pizza, Inc.		14,416		5,460,637
Expedia Group, Inc.(a)		105,872		10,912,227
Hilton Grand Vacations, Inc.(a)		26,487		1,078,021
Hilton Worldwide Holdings, Inc.		103,556		15,552,040
Las Vegas Sands Corp.		249,698		11,446,156
Light & Wonder, Inc., Class A(a)(b)		38,139		2,720,455
Marriott International, Inc., Class A		93,588		18,395,657
Marriott Vacations Worldwide Corp.		26,060		2,622,418
McDonald’s Corp.		211,612		55,747,065
MGM Resorts International(b)		215,609		7,925,787
Norwegian Cruise Line Holdings Ltd.(a)(b)		325,849		5,369,991
Penn Entertainment, Inc.(a)(b)		116,967		2,684,393
Planet Fitness, Inc., Class A(a)(b)		20,828		1,024,321
Royal Caribbean Cruises Ltd.(a)		179,559		16,544,566
Starbucks Corp.		428,871		39,143,056
Travel + Leisure Co.		56,482		2,074,584
Vail Resorts, Inc.		14,215		3,154,166
Wyndham Hotels & Resorts, Inc.		31,969		2,223,124
Wynn Resorts Ltd.		74,387		6,874,103
Yum! Brands, Inc.		77,412		9,671,855
				369,413,882
Household Durables — 0.8%
DR Horton, Inc.		115,703		12,434,601
Garmin Ltd.		116,985		12,306,822
Helen of Troy Ltd.(a)(b)		18,092		2,108,803
KB Home		59,374		2,747,829
Leggett & Platt, Inc.		104,931		2,666,297
Lennar Corp., Class A		192,565		21,611,570
Mohawk Industries, Inc.(a)		41,057		3,523,101
NVR, Inc.(a)		2,499		14,902,287
PulteGroup, Inc.		166,757		12,348,356
Taylor Morrison Home Corp., Class A(a)(b)		84,570		3,603,528
Toll Brothers, Inc.		83,977		6,210,939
TopBuild Corp.(a)		11,335		2,851,886
Whirlpool Corp.		41,956		5,609,517
				102,925,536
Household Products — 1.4%
Church & Dwight Co., Inc.		187,581		17,188,047
Clorox Co. (The)		52,012		6,816,693
Colgate-Palmolive Co.		283,908		20,188,698
Kimberly-Clark Corp.		134,681		16,276,199
Procter & Gamble Co. (The)		810,590		118,232,657
				178,702,294
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		210,889		3,205,513
Ormat Technologies, Inc.(b)		16,430		1,148,786
Vistra Corp.		92,892		3,082,156
				7,436,455

54 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Conglomerates — 1.7%
3M Co.		421,800	$	39,488,916
General Electric Co.(b)		831,673		91,941,450
Honeywell International, Inc.		507,361		93,729,871
				225,160,237
Industrial REITs — 0.7%
EastGroup Properties, Inc.		15,598		2,597,535
First Industrial Realty Trust, Inc.		48,818		2,323,248
Prologis, Inc.		705,957		79,215,435
Rexford Industrial Realty, Inc.		66,200		3,266,970
STAG Industrial, Inc.		75,327		2,599,535
				90,002,723
Insurance — 2.7%
Aflac, Inc.		413,090		31,704,657
Allstate Corp. (The)		199,876		22,268,185
American Financial Group, Inc.		27,819		3,106,548
American International Group, Inc.		543,990		32,965,794
Aon PLC, Class A		52,706		17,088,339
Arthur J. Gallagher & Co.		59,181		13,489,125
Assurant, Inc.		41,000		5,886,780
Brighthouse Financial, Inc.(a)		51,535		2,522,123
Brown & Brown, Inc.		74,906		5,231,435
Chubb Ltd.		134,960		28,095,973
Cincinnati Financial Corp.		119,806		12,254,956
CNO Financial Group, Inc.		90,485		2,147,209
Everest Group Ltd.		13,792		5,126,073
Fidelity National Financial, Inc., Class A		22,062		911,161
First American Financial Corp.		77,504		4,378,201
Globe Life, Inc.		19,931		2,167,098
Hanover Insurance Group, Inc. (The)		10,996		1,220,336
Hartford Financial Services Group, Inc. (The)		234,905		16,657,114
Kemper Corp.		45,805		1,925,184
Loews Corp.		142,037		8,992,362
Marsh & McLennan Cos., Inc.		135,885		25,858,915
MetLife, Inc.		482,708		30,367,160
Old Republic International Corp.		202,270		5,449,154
Primerica, Inc.		8,633		1,674,888
Principal Financial Group, Inc.		66,270		4,776,079
Prudential Financial, Inc.		277,385		26,321,063
Reinsurance Group of America, Inc.		51,314		7,450,280
RenaissanceRe Holdings Ltd.		16,906		3,346,036
Travelers Cos., Inc. (The)		80,472		13,141,882
Unum Group		140,507		6,911,539
Willis Towers Watson PLC		80,258		16,770,712
				360,206,361
Interactive Media & Services — 3.9%
Match Group, Inc.(a)		213,568		8,366,526
Meta Platforms, Inc., Class A(a)		1,698,364		509,865,857
Ziff Davis, Inc.(a)		35,586		2,266,472
ZoomInfo Technologies, Inc., Class A(a)		112,485		1,844,754
				522,343,609
IT Services — 1.7%
Accenture PLC, Class A		245,831		75,497,158
Akamai Technologies, Inc.(a)		116,749		12,438,439
Cognizant Technology Solutions Corp., Class A		385,923		26,142,424
DXC Technology Co.(a)(b)		157,606		3,282,933
EPAM Systems, Inc.(a)		14,240		3,641,026
International Business Machines Corp.		696,134		97,667,600
Kyndryl Holdings, Inc.(a)		175,828		2,655,003
VeriSign, Inc.(a)		34,831		7,054,322
				228,378,905

Security	Shares		Value
Leisure Products — 0.1%
Brunswick Corp.		22,422	$	1,771,338
Hasbro, Inc.		100,164		6,624,847
Mattel, Inc.(a)		273,735		6,030,382
Polaris, Inc.		19,711		2,052,704
Topgolf Callaway Brands Corp.(a)(b)		105,910		1,465,794
YETI Holdings, Inc.(a)(b)		29,271		1,411,448
				19,356,513
Life Sciences Tools & Services — 0.8%
Agilent Technologies, Inc.		90,208		10,087,059
Azenta, Inc.(a)		46,205		2,319,029
Bio-Rad Laboratories, Inc., Class A(a)		15,955		5,719,070
Bio-Techne Corp.		63,041		4,291,201
Bruker Corp.		30,916		1,926,067
Charles River Laboratories International, Inc.(a)		39,613		7,763,356
Illumina, Inc.(a)		121,144		16,630,648
IQVIA Holdings, Inc.(a)(b)		72,457		14,255,915
Mettler-Toledo International, Inc.(a)		5,876		6,511,019
Revvity, Inc.		95,345		10,554,691
Sotera Health Co.(a)(b)		74,455		1,115,336
West Pharmaceutical Services, Inc.		56,373		21,151,713
				102,325,104
Machinery — 2.5%
AGCO Corp.		23,450		2,773,666
Caterpillar, Inc.		155,928		42,568,344
Chart Industries, Inc.(a)(b)		17,558		2,969,409
Crane Co.(b)		18,039		1,602,585
Cummins, Inc.		53,145		12,141,507
Donaldson Co., Inc.		33,250		1,983,030
Dover Corp.		106,885		14,911,526
Esab Corp.		43,515		3,055,623
Flowserve Corp.		99,445		3,954,928
Fortive Corp.		268,995		19,948,669
Graco, Inc.		46,151		3,363,485
IDEX Corp.		25,002		5,200,916
Illinois Tool Works, Inc.		103,341		23,800,466
Ingersoll Rand, Inc.		308,545		19,660,487
ITT, Inc.		33,683		3,297,903
Middleby Corp. (The)(a)		21,128		2,704,384
Nordson Corp.		41,056		9,162,467
Oshkosh Corp.		50,611		4,829,808
Otis Worldwide Corp.		314,631		25,268,016
PACCAR, Inc.		399,496		33,965,150
Parker-Hannifin Corp.		98,034		38,186,204
Pentair PLC		126,887		8,215,933
Snap-on, Inc.		17,277		4,406,672
Stanley Black & Decker, Inc.		117,344		9,807,611
Terex Corp.		53,206		3,065,730
Timken Co. (The)		25,460		1,871,055
Watts Water Technologies, Inc., Class A		9,872		1,706,079
Westinghouse Air Brake Technologies Corp.		136,879		14,546,131
Xylem, Inc.		184,244		16,771,731
				335,739,515
Marine Transportation — 0.0%
Kirby Corp.(a)		45,727		3,786,196
Media — 1.7%
Cable One, Inc.		3,636		2,238,467
Charter Communications, Inc., Class A(a)(b)		77,771		34,205,241
Comcast Corp., Class A		3,144,959		139,447,482
Fox Corp., Class A, NVS		194,853		6,079,414
Fox Corp., Class B		100,650		2,906,772
Interpublic Group of Cos., Inc. (The)		292,154		8,373,134

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
New York Times Co. (The), Class A		62,082	$	2,557,778
News Corp., Class A, NVS		295,124		5,920,187
News Corp., Class B		89,395		1,865,674
Omnicom Group, Inc.		149,932		11,166,935
Paramount Global, Class B, NVS		370,402		4,778,186
TEGNA, Inc.		154,780		2,255,145
				221,794,415
Metals & Mining — 0.3%
Alcoa Corp.		136,340		3,962,040
Cleveland-Cliffs, Inc.(a)		387,479		6,056,297
Commercial Metals Co.		38,932		1,923,630
Newmont Corp.		606,969		22,427,504
United States Steel Corp.		173,114		5,622,743
Worthington Industries, Inc.		11,667		721,254
				40,713,468
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Starwood Property Trust, Inc.		228,242		4,416,483
Multi-Utilities — 1.2%
Ameren Corp.		201,210		15,056,544
Black Hills Corp.		26,131		1,321,967
CenterPoint Energy, Inc.		484,152		12,999,481
CMS Energy Corp.		223,312		11,860,100
Consolidated Edison, Inc.		263,479		22,535,359
Dominion Energy, Inc.		639,409		28,562,400
DTE Energy Co.		157,940		15,680,283
NiSource, Inc.		316,505		7,811,344
Northwestern Energy Group, Inc.		46,456		2,232,675
Public Service Enterprise Group, Inc.		381,389		21,704,848
Sempra		191,482		13,026,521
WEC Energy Group, Inc.		115,489		9,302,639
				162,094,161
Office REITs — 0.2%
Alexandria Real Estate Equities, Inc.		118,994		11,911,299
Boston Properties, Inc.		109,396		6,506,874
COPT Defense Properties		40,700		969,881
Cousins Properties, Inc.		114,193		2,326,112
Kilroy Realty Corp.		83,456		2,638,044
Vornado Realty Trust		121,476		2,755,076
				27,107,286
Oil, Gas & Consumable Fuels — 1.1%
Chesapeake Energy Corp.		86,423		7,452,255
Chord Energy Corp.		7,664		1,242,105
Equitrans Midstream Corp.		178,465		1,672,217
HF Sinclair Corp.		62,553		3,561,142
Kinder Morgan, Inc.		1,480,919		24,553,637
Marathon Petroleum Corp.		158,829		24,037,181
Ovintiv, Inc.		44,839		2,132,991
Permian Resources Corp., Class A		70,382		982,533
PetroCorp Escrow(a)(d)		190		—
Phillips 66		340,263		40,882,599
Valero Energy Corp.		269,845		38,239,735
				144,756,395
Passenger Airlines — 0.4%
Alaska Air Group, Inc.(a)		98,742		3,661,354
American Airlines Group, Inc.(a)(b)		499,751		6,401,810
Delta Air Lines, Inc.		491,661		18,191,457
Southwest Airlines Co.		455,973		12,343,189
United Airlines Holdings, Inc.(a)		249,167		10,539,764
				51,137,574

Security	Shares		Value
Personal Care Products — 0.2%
BellRing Brands, Inc.(a)		60,258	$	2,484,437
Coty, Inc., Class A(a)		273,633		3,001,754
Estee Lauder Cos., Inc. (The), Class A		177,182		25,611,658
				31,097,849
Pharmaceuticals — 1.5%
Catalent, Inc.(a)(b)		138,501		6,305,950
Johnson & Johnson		699,219		108,903,359
Organon & Co.		196,330		3,408,289
Perrigo Co. PLC		104,680		3,344,526
Viatris, Inc.		911,859		8,990,930
Zoetis, Inc., Class A		351,749		61,197,291
				192,150,345
Professional Services — 0.7%
ASGN, Inc.(a)		37,620		3,072,802
Broadridge Financial Solutions, Inc.		47,072		8,428,242
CACI International, Inc., Class A(a)		6,375		2,001,304
Ceridian HCM Holding, Inc.(a)(b)		119,647		8,118,049
Equifax, Inc.		47,745		8,745,929
Exponent, Inc.		12,027		1,029,511
Genpact Ltd.		54,674		1,979,199
Jacobs Solutions, Inc.		96,220		13,134,030
Leidos Holdings, Inc.		37,476		3,453,788
ManpowerGroup, Inc.		38,118		2,794,812
Maximus, Inc.		47,271		3,530,198
Paychex, Inc.		105,137		12,125,450
Robert Half, Inc.		81,654		5,983,605
Science Applications International Corp.		13,716		1,447,587
Verisk Analytics, Inc.(b)		59,906		14,152,193
				89,996,699
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A(a)		236,208		17,446,323
Jones Lang LaSalle, Inc.(a)		36,590		5,165,776
				22,612,099
Residential REITs — 0.8%
Apartment Income REIT Corp.		113,723		3,491,296
AvalonBay Communities, Inc.		108,794		18,684,282
Camden Property Trust		82,014		7,756,884
Equity LifeStyle Properties, Inc.		143,088		9,116,137
Equity Residential		262,698		15,423,000
Essex Property Trust, Inc.		48,792		10,348,295
Independence Realty Trust, Inc.		168,799		2,375,002
Invitation Homes, Inc.		439,557		13,929,561
Mid-America Apartment Communities, Inc.		89,393		11,500,409
UDR, Inc.		232,845		8,305,581
				100,930,447
Retail REITs — 0.7%
Agree Realty Corp.		23,238		1,283,667
Brixmor Property Group, Inc.		115,346		2,396,890
Federal Realty Investment Trust		56,310		5,103,375
Kimco Realty Corp.		472,187		8,305,769
Kite Realty Group Trust		171,316		3,669,589
NNN REIT, Inc.		66,222		2,340,285
Realty Income Corp.		541,614		27,048,203
Regency Centers Corp.		126,097		7,495,206
Simon Property Group, Inc.		250,018		27,009,445
Spirit Realty Capital, Inc.		108,471		3,637,033
				88,289,462
Semiconductors & Semiconductor Equipment — 3.6%
Advanced Micro Devices, Inc.(a)		567,918		58,393,329
Allegro MicroSystems, Inc.(a)		29,927		955,868

56 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Analog Devices, Inc.		203,074	$	35,556,227
Broadcom, Inc.		126,138		104,767,700
Intel Corp.		3,200,218		113,767,750
Microchip Technology, Inc.		213,214		16,641,353
Micron Technology, Inc.		836,967		56,938,865
MKS Instruments, Inc.		48,266		4,176,940
NXP Semiconductors NV		80,767		16,146,939
Qorvo, Inc.(a)		74,818		7,142,874
Silicon Laboratories, Inc.(a)(b)		11,802		1,367,734
Skyworks Solutions, Inc.		121,109		11,940,136
Synaptics, Inc.(a)		30,073		2,689,729
Teradyne, Inc.		59,897		6,017,252
Texas Instruments, Inc.		256,708		40,819,139
Universal Display Corp.		12,132		1,904,603
Wolfspeed, Inc.(a)(b)		53,742		2,047,570
				481,274,008
Software — 9.1%
ACI Worldwide, Inc.(a)		84,734		1,911,599
Adobe, Inc.(a)		184,597		94,126,010
ANSYS, Inc.(a)		66,319		19,733,218
Aspen Technology, Inc.(a)		21,675		4,427,335
Autodesk, Inc.(a)(b)		73,438		15,195,057
Blackbaud, Inc.(a)		17,772		1,249,727
CommVault Systems, Inc.(a)		10,833		732,419
Dolby Laboratories, Inc., Class A		23,229		1,841,131
Envestnet, Inc.(a)		5,825		256,475
Gen Digital, Inc.		204,033		3,607,303
Intuit, Inc.		100,585		51,392,900
Manhattan Associates, Inc.(a)(b)		20,029		3,958,932
Microsoft Corp.		2,384,498		752,905,243
NCR Corp.(a)		102,271		2,758,249
Oracle Corp.		493,216		52,241,439
Roper Technologies, Inc.		81,542		39,489,160
Salesforce, Inc.(a)		744,274		150,923,882
Teradata Corp.(a)		41,446		1,865,899
Tyler Technologies, Inc.(a)		17,027		6,574,806
				1,205,190,784
Specialized REITs — 1.5%
American Tower Corp.		167,420		27,532,219
Crown Castle, Inc.		331,389		30,497,730
CubeSmart		80,597		3,073,164
Digital Realty Trust, Inc.		231,314		27,993,620
EPR Properties		59,577		2,474,829
Equinix, Inc.		71,498		51,926,137
Extra Space Storage, Inc.		81,047		9,853,748
Gaming & Leisure Properties, Inc.		68,600		3,124,730
Iron Mountain, Inc.		83,535		4,966,156
Lamar Advertising Co., Class A		28,955		2,416,874
National Storage Affiliates Trust		33,781		1,072,209
PotlatchDeltic Corp.		26,198		1,189,127
Public Storage		45,689		12,039,965
Rayonier, Inc.		49,685		1,414,035
SBA Communications Corp., Class A		36,882		7,382,670
VICI Properties, Inc.		331,138		9,636,116
Weyerhaeuser Co.		242,584		7,437,625
				204,030,954
Specialty Retail — 1.9%
AutoNation, Inc.(a)(b)		11,149		1,687,959
Bath & Body Works, Inc.		175,286		5,924,667
Best Buy Co., Inc.		148,401		10,309,417
CarMax, Inc.(a)(b)		121,166		8,570,071

Security	Shares		Value
Specialty Retail (continued)
Dick’s Sporting Goods, Inc.		23,872	$	2,592,022
Five Below, Inc.(a)(b)		12,969		2,086,712
GameStop Corp., Class A(a)(b)		205,992		3,390,628
Gap, Inc. (The)		170,764		1,815,221
Home Depot, Inc. (The)		361,076		109,102,724
Lithia Motors, Inc., Class A		21,080		6,225,556
Lowe’s Cos., Inc.		138,810		28,850,270
Penske Automotive Group, Inc.		14,997		2,505,399
RH(a)		11,877		3,139,804
Ross Stores, Inc.		260,306		29,401,563
TJX Cos., Inc. (The)		316,146		28,099,057
Valvoline, Inc.		57,453		1,852,285
Williams-Sonoma, Inc.		26,165		4,066,041
				249,619,396
Technology Hardware, Storage & Peripherals — 0.5%
Hewlett Packard Enterprise Co.		985,078		17,110,805
HP, Inc.		664,247		17,071,148
NetApp, Inc.		161,918		12,286,338
Seagate Technology Holdings PLC		147,176		9,706,257
Super Micro Computer, Inc.(a)		7,001		1,919,814
Western Digital Corp.(a)		244,068		11,136,823
				69,231,185
Textiles, Apparel & Luxury Goods — 0.9%
Capri Holdings Ltd.(a)		89,155		4,690,445
Carter’s, Inc.		29,162		2,016,552
Columbia Sportswear Co.		26,689		1,977,655
NIKE, Inc., Class B		936,125		89,512,273
PVH Corp.		49,178		3,762,609
Ralph Lauren Corp., Class A		30,860		3,582,537
Skechers U.S.A., Inc., Class A(a)		103,893		5,085,562
Tapestry, Inc.		180,350		5,185,063
Under Armour, Inc., Class A(a)		142,284		974,645
Under Armour, Inc., Class C, NVS(a)		148,565		947,845
VF Corp.		253,763		4,483,992
				122,219,178
Tobacco — 0.6%
Altria Group, Inc.		650,904		27,370,513
Philip Morris International, Inc.		545,657		50,516,925
				77,887,438
Trading Companies & Distributors — 0.3%
Fastenal Co.		222,846		12,176,305
GATX Corp.		12,733		1,385,732
MSC Industrial Direct Co., Inc., Class A		17,804		1,747,463
United Rentals, Inc.		52,133		23,176,768
WESCO International, Inc.		19,024		2,736,031
				41,222,299
Water Utilities — 0.1%
American Water Works Co., Inc.		149,142		18,468,254
Wireless Telecommunication Services — 0.1%
T-Mobile U.S., Inc.(a)		126,268		17,683,833
Total Long-Term Investments — 99.7% (Cost: $12,563,540,400)				13,226,064,163

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(e)(f)		155,467,363	$	155,529,550
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(e)		101,731,593		101,731,593
Total Short-Term Securities — 1.9% (Cost: $257,192,315)				257,261,143
Total Investments — 101.6% (Cost: $12,820,732,715)				13,483,325,306
Liabilities in Excess of Other Assets — (1.6)%				(217,565,595	)
Net Assets — 100.0%			$	13,265,759,711

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

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

Affiliates

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

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	96,361,854	$	59,142,593	(a)	$	—		$	4,155		$	20,948		$	155,529,550		155,467,363	$	302,769	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		23,677,943		78,053,650	(a)		—			—			—			101,731,593		101,731,593		683,465			—
BlackRock, Inc.		77,499,486		3,829,240			(9,810,141	)		(329,845	)		(1,855,273	)		69,333,467		107,246		1,156,135			—
									$	(325,690	)	$	(1,834,325	)	$	326,594,610			$	2,142,369		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		121		12/15/23	$	26,169	$	(885,566	)
S&P Mid 400 E-Mini Index		45		12/15/23		11,342		(311,440	)
							$	(1,197,006	)

58 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Core S&P U.S. Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	1,197,006	$	—	$	—	$	—	$	1,197,006

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	3,626,242		$	—	$	—	$	—	$	3,626,242
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(2,904,741	)	$	—	$	—	$	—	$	(2,904,741	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$38,281,719

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	13,226,064,163		$	—	$	—	$	13,226,064,163
Short-Term Securities
Money Market Funds		257,261,143			—		—		257,261,143
	$	13,483,325,306		$	—	$	—	$	13,483,325,306
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(1,197,006	)	$	—	$	—	$	(1,197,006	)

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

September 30, 2023

	iShares Core S&P Mid-Cap ETF		iShares Core S&P Small-Cap ETF			iShares Core S&P U.S. Growth ETF		iShares Core S&P U.S. Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	70,359,091,626	$	5,839,163,260		$	13,412,583,905	$	13,156,730,696
Investments, at value — affiliated(c)		4,512,143,589		64,658,751,523			158,884,495		326,594,610
Cash		141,544,438		14,303,405			6,944		3,354,795
Cash pledged:
Collateral — OTC derivatives		13,000,000		78,680,000			—		—
Futures contracts		7,156,800		19,680,000			1,159,620		2,101,190
Receivables:
Investments sold		86,136,895		495,505,061			3,546,839		21,828,298
Securities lending income — affiliated		917,023		1,021,792			38,545		37,592
Capital shares sold		1,256,475		1,083,995			—		62,025
Dividends — unaffiliated		79,396,999		83,388,181			7,419,984		11,602,853
Dividends — affiliated		1,381,890		6,248,033			101,629		143,435
Variation margin on futures contracts		—		—			7,020		—
Unrealized appreciation on OTC swaps		534,935		—			—		—
Total assets		75,202,560,670		71,197,825,250			13,583,748,981		13,522,455,494
LIABILITIES
Cash received:
Collateral — OTC derivatives		1,610,000		—			—		—
Collateral on securities loaned		3,733,434,847		3,774,946,841			92,074,739		155,462,157
Payables:
Investments purchased		321,830,046		536,785,146			8,054,929		21,828,298
Swaps		3,523,445		34,933,218			—		—
Capital shares redeemed		418,825		1,144,242			—		108,544
Income dividend distributions		323,199,273		323,334,412			49,481,774		78,738,540
Investment advisory fees		2,977,192		3,364,109			450,230		454,669
Variation margin on futures contracts		546,700		1,499,925			40,800		103,575
Unrealized depreciation on OTC swaps		10,366,896		45,783,312			—		—
Total liabilities		4,397,907,224		4,721,791,205			150,102,472		256,695,783
Commitments and contingent liabilities
NET ASSETS	$	70,804,653,446	$	66,476,034,045		$	13,433,646,509	$	13,265,759,711
NET ASSETS CONSIST OF:
Paid-in capital	$	66,796,207,137	$	69,122,043,616		$	11,700,308,386	$	13,253,427,910
Accumulated earnings (loss)		4,008,446,309		(2,646,009,571	)		1,733,338,123		12,331,801
NET ASSETS	$	70,804,653,446	$	66,476,034,045		$	13,433,646,509	$	13,265,759,711
NET ASSET VALUE
Shares outstanding		283,950,000		704,900,000			141,700,000		177,850,000
Net asset value	$	249.36	$	94.31		$	94.80	$	74.59
Shares authorized		Unlimited		Unlimited			Unlimited		Unlimited
Par value		None		None			None		None
(a) Investments, at cost — unaffiliated	$	63,329,536,901	$	6,273,932,826		$	10,369,882,779	$	12,488,014,036
(b) Securities loaned, at value	$	3,636,132,354	$	3,650,712,742		$	89,622,064	$	151,398,503
(c)  Investments, at cost — affiliated	$	4,509,869,176	$	61,541,430,992		$	158,834,331	$	332,718,679

See notes to financial statements.

60 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statement of Operations (unaudited)

Six Months Ended September 30, 2023

	iShares Core S&P Mid-Cap ETF			iShares Core S&P Small-Cap ETF			iShares Core S&P U.S. Growth ETF			iShares Core S&P U.S. Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	589,479,376		$	54,445,208		$	84,260,382		$	133,545,952
Dividends — affiliated		5,628,797			586,667,621			532,848			1,839,600
Securities lending income — affiliated — net		8,486,238			7,997,577			214,227			302,769
Foreign taxes withheld		—			(505,238	)		(29,835	)		(24,886	)
Total investment income		603,594,411			648,605,168			84,977,622			135,663,435
EXPENSES
Investment advisory		17,319,189			20,318,701			2,646,966			2,743,236
Interest expense		1,507			46,781			21			484
Total expenses		17,320,696			20,365,482			2,646,987			2,743,720
Net investment income		586,273,715			628,239,686			82,330,635			132,919,715
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,582,883,957	)		176,732,439			(21,416,214	)		(60,273,723	)
Investments — affiliated		179,859			(2,988,036,128	)		5,597			(1,578,020	)
Futures contracts		8,802,161			13,714,507			2,952,715			3,626,242
In-kind redemptions — unaffiliated(a)		603,056,869			50,285,197			176,845,506			183,454,488
In-kind redemptions — affiliated(a)		—			966,072,385			—			1,252,330
Swaps		(5,638,567	)		12,632,405			—			—
		(976,483,635	)		(1,768,599,195	)		158,387,604			126,481,317
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		345,882,499			(494,222,481	)		673,851,635			21,678,453
Investments — affiliated		252,984			410,290,588			24,468			(1,834,325	)
Futures contracts		(8,346,494	)		(13,537,579	)		(2,161,172	)		(2,904,741	)
Swaps		(7,431,220	)		(21,936,449	)		—			—
		330,357,769			(119,405,921	)		671,714,931			16,939,387
Net realized and unrealized gain (loss)		(646,125,866	)		(1,888,005,116	)		830,102,535			143,420,704
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(59,852,151	)	$	(1,259,765,430	)	$	912,433,170		$	276,340,419

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

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares Core S&P Mid-Cap ETF						iShares Core S&P Small-Cap ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	586,273,715		$	1,015,512,367		$	628,239,686		$	1,058,965,518
Net realized gain (loss)		(976,483,635	)		1,609,302,685			(1,768,599,195	)		972,769,988
Net change in unrealized appreciation (depreciation)		330,357,769			(5,947,641,200	)		(119,405,921	)		(8,677,638,044	)
Net decrease in net assets resulting from operations		(59,852,151	)		(3,322,826,148	)		(1,259,765,430	)		(6,645,902,538	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(523,062,910	)		(1,068,069,845	)		(563,767,987	)		(1,012,107,695	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		4,879,291,905			4,875,353,742			1,542,741,394			2,344,556,736
NET ASSETS
Total increase (decrease) in net assets		4,296,376,844			484,457,749			(280,792,023	)		(5,313,453,497	)
Beginning of period		66,508,276,602			66,023,818,853			66,756,826,068			72,070,279,565
End of period	$	70,804,653,446		$	66,508,276,602		$	66,476,034,045		$	66,756,826,068

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

See notes to financial statements.

62 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares Core S&P U.S. Growth ETF						iShares Core S&P U.S. Value ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	82,330,635		$	125,491,843		$	132,919,715		$	265,989,995
Net realized gain (loss)		158,387,604			(542,861,646	)		126,481,317			826,914,609
Net change in unrealized appreciation (depreciation)		671,714,931			(1,437,182,389	)		16,939,387			(1,119,955,183	)
Net increase (decrease) in net assets resulting from operations		912,433,170			(1,854,552,192	)		276,340,419			(27,050,579	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(80,252,021	)		(124,923,098	)		(128,141,246	)		(267,844,515	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		278,002,912			1,445,604,490			(166,425,034	)		1,455,025,976
NET ASSETS
Total increase (decrease) in net assets		1,110,184,061			(533,870,800	)		(18,225,861	)		1,160,130,882
Beginning of period		12,323,462,448			12,857,333,248			13,283,985,572			12,123,854,690
End of period	$	13,433,646,509		$	12,323,462,448		$	13,265,759,711		$	13,283,985,572

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

See notes to financial statements.

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

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core S&P Mid-Cap ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	250.17		$	268.39		$	260.16		$	143.87		$	189.34		$	187.51
Net investment income(a)		2.16			3.99			3.41			2.74			3.12			2.85
Net realized and unrealized gain (loss)(b)		(1.08	)		(18.04	)		8.35			116.36			(45.14	)		1.84
Net increase (decrease) from investment operations		1.08			(14.05	)		11.76			119.10			(42.02	)		4.69
Distributions from net investment income(c)		(1.89	)		(4.17	)		(3.53	)		(2.81	)		(3.45	)		(2.86	)
Net asset value, end of period	$	249.36		$	250.17		$	268.39		$	260.16		$	143.87		$	189.34
Total Return(d)
Based on net asset value		0.43	%(e)		(5.13	)%		4.51	%		83.36	%		(22.53	)%		2.50	%
Ratios to Average Net Assets(f)
Total expenses		0.05	%(g)		0.05	%		0.05	%		0.05	%		0.07	%		0.07	%
Net investment income		1.69	%(g)		1.62	%		1.26	%		1.36	%		1.62	%		1.50	%
Supplemental Data
Net assets, end of period (000)	$	70,804,653		$	66,508,277		$	66,023,819		$	61,137,875		$	35,722,456		$	48,206,329
Portfolio turnover rate(h)(i)		11	%		18	%		16	%		20	%		15	%		17	%

^(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.

⁽ⁱ⁾  Excludes underlying investments in total return swaps.

See notes to financial statements.

64 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P Small-Cap ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	96.76		$	107.93		$	108.34		$	56.22		$	77.13		$	77.05
Net investment income(a)		0.91			1.57			1.13			1.03			1.06			1.09
Net realized and unrealized gain (loss)(b)		(2.55	)		(11.24	)		0.12			52.13			(20.77	)		0.11
Net increase (decrease) from investment operations		(1.64	)		(9.67	)		1.25			53.16			(19.71	)		1.20
Distributions from net investment income(c)		(0.81	)		(1.50	)		(1.66	)		(1.04	)		(1.20	)		(1.12	)
Net asset value, end of period	$	94.31		$	96.76		$	107.93		$	108.34		$	56.22		$	77.13
Total Return(d)
Based on net asset value		(1.71	)%(e)		(8.90	)%		1.12	%		95.23	%(f)		(25.89	)%		1.53	%
Ratios to Average Net Assets(g)
Total expenses		0.06	%(h)		0.06	%		0.06	%		0.06	%		0.07	%		0.07	%
Net investment income		1.86	%(h)		1.60	%		1.02	%		1.28	%		1.36	%		1.35	%
Supplemental Data
Net assets, end of period (000)	$	66,476,034		$	66,756,826		$	72,070,280		$	68,273,012		$	31,863,332		$	43,064,083
Portfolio turnover rate(i)(j)		13	%		19	%		16	%		20	%		16	%		14	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

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

^(h)  Annualized.

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

^(j)  Excludes underlying investments in total return swaps.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P U.S. Growth ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	88.82		$	105.47		$	90.74		$	57.16		$	60.31		$	54.56
Net investment income(a)		0.59			0.96			0.72			0.76			0.92			0.81
Net realized and unrealized gain (loss)(b)		5.96			(16.67	)		14.73			33.62			(2.97	)		5.68
Net increase (decrease) from investment operations		6.55			(15.71	)		15.45			34.38			(2.05	)		6.49
Distributions from net investment income(c)		(0.57	)		(0.94	)		(0.72	)		(0.80	)		(1.10	)		(0.74	)
Net asset value, end of period	$	94.80		$	88.82		$	105.47		$	90.74		$	57.16		$	60.31
Total Return(d)
Based on net asset value		7.39	%(e)		(14.86	)%		17.03	%		60.34	%		(3.54	)%		11.95	%
Ratios to Average Net Assets(f)
Total expenses		0.04	%(g)		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%
Net investment income		1.24	%(g)		1.10	%		0.69	%		0.96	%		1.44	%		1.41	%
Supplemental Data
Net assets, end of period (000)	$	13,433,647		$	12,323,462		$	12,857,333		$	10,461,747		$	6,893,329		$	5,985,790
Portfolio turnover rate(h)		2	%		36	%		15	%		14	%		35	%		31	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

66 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P U.S. Value ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	73.78		$	75.80		$	68.82		$	46.23		$	54.82		$	53.08
Net investment income(a)		0.74			1.55			1.50			1.43			1.45			1.37
Net realized and unrealized gain (loss)(b)		0.79			(2.02	)		6.93			22.60			(8.57	)		1.68
Net increase (decrease) from investment operations		1.53			(0.47	)		8.43			24.03			(7.12	)		3.05
Distributions from net investment income(c)		(0.72	)		(1.55	)		(1.45	)		(1.44	)		(1.47	)		(1.31	)
Net asset value, end of period	$	74.59		$	73.78		$	75.80		$	68.82		$	46.23		$	54.82
Total Return(d)
Based on net asset value		2.07	%(e)		(0.46	)%		12.33	%		52.59	%		(13.34	)%		5.83	%
Ratios to Average Net Assets(f)
Total expenses		0.04	%(g)		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%
Net investment income		1.94	%(g)		2.18	%		2.04	%		2.48	%		2.52	%		2.53	%
Supplemental Data
Net assets, end of period (000)	$	13,265,760		$	13,283,986		$	12,123,855		$	9,084,867		$	5,270,383		$	5,208,349
Portfolio turnover rate(h)		2	%		31	%		20	%		25	%		34	%		35	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

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

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Core S&P Mid-Cap	Diversified
Core S&P Small-Cap	Diversified
Core S&P U.S. Growth(a)	Diversified
Core S&P U.S. Value	Diversified

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign 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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise

68 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited)  (continued)

accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

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

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

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

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

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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

Notes to Financial Statements (unaudited)  (continued)

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Core S&P Mid-Cap
Barclays Bank PLC	$	338,378,291	$	(338,378,291	)	$	—		$	—
Barclays Capital, Inc.		35,913,422		(35,913,422	)		—			—
BMO Capital Markets Corp.		64,273		(64,273	)		—			—
BNP Paribas SA		202,797,388		(202,797,388	)		—			—
BofA Securities, Inc.		244,752,572		(244,752,572	)		—			—
Citadel Clearing LLC		85,295,997		(85,295,997	)		—			—
Citigroup Global Markets, Inc.		173,710,216		(173,710,216	)		—			—
Credit Suisse Securities (USA) LLC		44,191		(44,191	)		—			—
Goldman Sachs & Co. LLC		366,665,476		(366,665,476	)		—			—
HSBC Bank PLC		110,633,856		(110,633,856	)		—			—
J.P. Morgan Securities LLC		365,571,097		(365,571,097	)		—			—
Jefferies LLC		6,822,216		(6,822,216	)		—			—
Morgan Stanley		435,219,738		(435,219,738	)		—			—
National Financial Services LLC		66,686,663		(66,686,663	)		—			—
Natixis SA		38,734,737		(38,734,737	)		—			—
Nomura Securities International, Inc.		82,050		(82,050	)		—			—
RBC Capital Market LLC		324,018,623		(324,018,623	)		—			—
Scotia Capital (USA), Inc.		182,815,554		(182,815,554	)		—			—
Scotia Capital, Inc.		340,070,677		(340,070,677	)		—			—
SG Americas Securities LLC		30,282,576		(30,282,576	)		—			—
State Street Bank & Trust Co.		13,736,345		(13,736,345	)		—			—
Toronto-Dominion Bank		146,562,348		(146,562,348	)		—			—
UBS AG		69,621,688		(69,621,688	)		—			—
UBS Securities LLC		14,975,303		(14,975,303	)		—			—
Virtu Americas LLC		8,387,368		(8,387,368	)		—			—
Wells Fargo Bank N.A.		30,648,496		(30,648,496	)		—			—
Wells Fargo Securities LLC		3,641,193		(3,641,193	)		—			—
	$	3,636,132,354	$	(3,636,132,354	)	$	—		$	—
Core S&P Small-Cap
Barclays Bank PLC	$	187,050,479	$	(187,050,479	)	$	—		$	—
Barclays Capital, Inc.		14,648,787		(14,648,787	)		—			—
BMO Capital Markets Corp.		121,011		(121,011	)		—			—
BNP Paribas SA		358,023,938		(358,023,938	)		—			—
BofA Securities, Inc.		116,743,262		(116,743,262	)		—			—
Citadel Clearing LLC		20,052,386		(20,052,386	)		—			—
Citigroup Global Markets, Inc.		83,847,902		(83,847,902	)		—			—
Credit Suisse Securities (USA) LLC		10,156,800		(10,156,800	)		—			—
Goldman Sachs & Co. LLC		615,418,872		(615,418,872	)		—			—
HSBC Bank PLC		52,123,718		(52,123,718	)		—			—
J.P. Morgan Securities LLC		528,530,430		(528,530,430	)		—			—
Jefferies LLC		21,390,574		(21,390,574	)		—			—
Morgan Stanley		797,100,878		(797,100,878	)		—			—
National Financial Services LLC		81,316,491		(81,316,491	)		—			—
Natixis SA		30,364,261		(30,364,261	)		—			—
Nomura Securities International, Inc.		5,995,640		(5,995,640	)		—			—
Pershing LLC		1,171,859		(1,171,859	)		—			—
RBC Capital Market LLC		181,515,136		(181,515,136	)		—			—
Scotia Capital (USA), Inc.		70,524,804		(70,524,804	)		—			—
SG Americas Securities LLC		4,592,972		(4,592,972	)		—			—
State Street Bank & Trust Co.		162,430,811		(162,430,811	)		—			—
Toronto-Dominion Bank		133,250,946		(133,250,946	)		—			—
UBS AG		97,187,383		(97,187,383	)		—			—
UBS Securities LLC		13,016,999		(13,016,999	)		—			—
Virtu Americas LLC		14,097,711		(14,097,711	)		—			—
Wells Fargo Bank N.A.		37,178,902		(37,178,902	)		—			—
Wells Fargo Securities LLC		12,859,790		(12,859,790	)		—			—
	$	3,650,712,742	$	(3,650,712,742	)	$	—		$	—

70 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited)  (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Core S&P U.S. Growth
Barclays Bank PLC	$	5,096,899	$	(5,096,899	)	$	—		$	—
Barclays Capital, Inc.		1,310,974		(1,310,974	)		—			—
BofA Securities, Inc.		1,715,295		(1,715,295	)		—			—
Citigroup Global Markets, Inc.		27,590,135		(27,590,135	)		—			—
Goldman Sachs & Co. LLC		10,247,130		(10,247,130	)		—			—
HSBC Bank PLC		2,770,420		(2,770,420	)		—			—
J.P. Morgan Securities LLC		2,608,116		(2,608,116	)		—			—
Jefferies LLC		1,507,074		(1,507,074	)		—			—
Morgan Stanley		1,526,548		(1,526,548	)		—			—
National Financial Services LLC		927,463		(927,463	)		—			—
Natixis SA		382,373		(382,373	)		—			—
Nomura Securities International, Inc.		19,100		(19,100	)		—			—
RBC Capital Market LLC		3,744,409		(3,735,156	)		—			9,253
Scotia Capital (USA), Inc.		5,762,074		(5,762,074	)		—			—
Scotia Capital, Inc.		1,056,879		(1,056,879	)		—			—
Toronto-Dominion Bank		22,940,165		(22,940,165	)		—			—
UBS Securities LLC		358,400		(358,400	)		—			—
Wells Fargo Bank N.A.		58,610		(58,610	)		—			—
	$	89,622,064	$	(89,612,811	)	$	—		$	9,253
Core S&P U.S. Value
Barclays Bank PLC	$	27,290,940	$	(27,290,940	)	$	—		$	—
BNP Paribas SA		12,816,141		(12,816,141	)		—			—
BofA Securities, Inc.		3,516,373		(3,516,373	)		—			—
Citadel Clearing LLC		5,744,985		(5,744,985	)		—			—
Citigroup Global Markets, Inc.		20,152,613		(20,152,613	)		—			—
Goldman Sachs & Co. LLC		13,135,118		(13,135,118	)		—			—
HSBC Bank PLC		5,255,952		(5,255,952	)		—			—
J.P. Morgan Securities LLC		7,599,953		(7,599,953	)		—			—
Morgan Stanley		7,599,308		(7,599,308	)		—			—
National Financial Services LLC		127		(127	)		—			—
Natixis SA		1,999,959		(1,999,959	)		—			—
RBC Capital Market LLC		4,482,655		(4,468,079	)		—			14,576
Scotia Capital (USA), Inc.		7,943,199		(7,943,199	)		—			—
Scotia Capital, Inc.		16,083,979		(16,083,979	)		—			—
SG Americas Securities LLC		197,660		(197,660	)		—			—
Toronto-Dominion Bank		7,746,110		(7,746,110	)		—			—
UBS AG		9,642,919		(9,642,919	)		—			—
Wells Fargo Bank N.A.		190,512		(190,512	)		—			—
	$	151,398,503	$	(151,383,927	)	$	—		$	14,576

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of September 30, 2023. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 71

Notes to Financial Statements (unaudited)  (continued)

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

72 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited)  (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Core S&P Mid-Cap		0.05%
Core S&P Small-Cap		0.06
Core S&P U.S. Growth		0.04
Core S&P U.S. Value		0.04

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Core S&P Mid-Cap	$	2,854,736
Core S&P Small-Cap		2,691,518
Core S&P U.S. Growth		86,887
Core S&P U.S. Value		103,375

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

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

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 73

Notes to Financial Statements (unaudited)  (continued)

For the six months ended September 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core S&P Mid-Cap	$	394,692,300	$	2,369,932,440	$	(1,128,162,354	)
Core S&P Small-Cap		2,070,606,255		631,566,110		(81,076,271	)
Core S&P U.S. Growth		75,228,330		36,765,288		(5,866,637	)
Core S&P U.S. Value		36,374,655		53,960,866		(24,641,743	)

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

iShares ETF	Purchases		Sales
Core S&P Mid-Cap	$	7,807,532,807	$	7,790,873,979
Core S&P Small-Cap		8,968,899,938		9,021,601,535
Core S&P U.S. Growth		285,272,301		275,611,998
Core S&P U.S. Value		280,308,939		275,770,390

For the six months ended September 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core S&P Mid-Cap	$	6,771,658,330	$	1,971,082,135
Core S&P Small-Cap		4,744,933,533		3,234,438,389
Core S&P U.S. Growth		687,198,792		410,299,421
Core S&P U.S. Value		558,271,115		724,456,084

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

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards		Qualified Late-Year Ordinary Losses
Core S&P Mid-Cap		$      1,713,541,092		$           310,816
Core S&P Small-Cap		2,941,893,594		111,666,576
Core S&P U.S. Growth		1,457,321,766		—
Core S&P U.S. Value		728,805,923		—

As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core S&P Mid-Cap	$	68,219,886,455	$	12,581,638,914	$	(5,940,957,285	)	$	6,640,681,629
Core S&P Small-Cap		68,350,762,661		11,797,317,468		(9,702,389,195	)		2,094,928,273
Core S&P U.S. Growth		10,540,385,401		3,456,161,172		(425,849,162	)		3,030,312,010
Core S&P U.S. Value		12,870,827,476		1,788,029,487		(1,176,728,663	)		611,300,824

74 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited)  (continued)

9. PRINCIPAL RISKS

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

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

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

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

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

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

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

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

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

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

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.

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Notes to Financial Statements (unaudited)  (continued)

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Core S&P Mid-Cap
Shares sold		26,050,000		$	6,871,920,536			44,050,000		$	10,833,257,889
Shares redeemed		(7,950,000	)		(1,992,628,631	)		(24,200,000	)		(5,957,904,147	)
		18,100,000		$	4,879,291,905			19,850,000		$	4,875,353,742
Core S&P Small-Cap
Shares sold		48,900,000		$	4,791,957,669			109,400,000		$	10,712,472,940
Shares redeemed		(33,900,000	)		(3,249,216,275	)		(87,250,000	)		(8,367,916,204	)
		15,000,000		$	1,542,741,394			22,150,000		$	2,344,556,736
Core S&P U.S. Growth
Shares sold		7,200,000		$	689,293,463			32,150,000		$	2,766,534,333
Shares redeemed		(4,250,000	)		(411,290,551	)		(15,300,000	)		(1,320,929,843	)
		2,950,000		$	278,002,912			16,850,000		$	1,445,604,490
Core S&P U.S. Value
Shares sold		7,300,000		$	560,472,919			67,600,000		$	4,795,462,207
Shares redeemed		(9,500,000	)		(726,897,953	)		(47,500,000	)		(3,340,436,231	)
		(2,200,000	)	$	(166,425,034	)		20,100,000		$	1,455,025,976

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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Board Review and Approval of Investment Advisory Contract  (continued)

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Core S&PU.S. Growth ETF, iShares Core S&PU.S. 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 the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet

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Board Review and Approval of Investment Advisory Contract  (continued)

applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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.

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Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core S&P Mid-Cap	$	1.894569	$	—	$	—	$	1.894569		100	%		—	%		—	%		100	%
Core S&P Small-Cap(a)		0.799267		—		0.011120		0.810387		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.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

S U P P L E M E N T A L   I N F O R M A T I O N 81

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviation
CVR	Contingent Value Rights
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 83

Want to know more?

iShares.com  |  1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©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.

iS-SAR-302-0923

        

SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Russell Top 200 ETF | IWL | NYSE Arca

· iShares Russell Top 200 Growth ETF | IWY | NYSE Arca

· iShares Russell Top 200 Value ETF | IWX | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2023
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		5.18	%		21.62	%
U.S. small cap equities (Russell 2000® Index)		(0.19	)		8.93
International equities (MSCI Europe, Australasia, Far East Index)		(1.28	)		25.65
Emerging market equities (MSCI Emerging Markets Index)		(2.05	)		11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.50			4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.98	)		(2.90	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.05	)		0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.05	)		2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.22			10.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review	2
Semi-Annual Report:
Fund Summary	4
About Fund Performance	7
Disclosure of Expenses	7
Schedules of Investments	8
Financial Statements:
Statements of Assets and Liabilities	21
Statements of Operations	22
Statements of Changes in Net Assets	23
Financial Highlights	25
Notes to Financial Statements	28
Board Review and Approval of Investment Advisory Contract	35
Supplemental Information	42
General Information	43
Glossary of Terms Used in this Report	44

3

Fund Summary as of September 30, 2023 iShares^® Russell Top 200 ETF

Investment Objective

The iShares Russell Top 200 ETF (the “Fund) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Russell Top 200^® Index (the ”Index“). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		6.90	%		23.72	%		10.63	%		12.46	%		23.72	%		65.69	%		223.48	%
Fund Market		6.97			23.57			10.62			12.45			23.57			65.61			223.42
Index		6.98			23.89			10.79			12.63			23.89			66.91			228.52

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$       1,069.00	$        0.78			$      1,000.00	$      1,024.25	$        0.76		0.15	%

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	30.7	%
Health Care	13.9
Financials	12.6
Consumer Discretionary	10.9
Communication Services	10.1
Consumer Staples	7.0
Industrials	6.3
Energy	4.4
Materials	1.6
Utilities	1.4
Real Estate	1.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	8.5	%
Microsoft Corp.	7.8
Amazon.com, Inc	3.8
NVIDIA Corp.	3.4
Alphabet, Inc., Class A	2.6
Tesla, Inc.	2.3
Alphabet, Inc., Class C, NVS	2.2
Meta Platforms, Inc., Class A	2.2
Berkshire Hathaway, Inc., Class B	2.1
Exxon Mobil Corp.	1.6

^(a) Excludes money market funds.

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Fund Summary as of September 30, 2023 iShares^® Russell Top 200 Growth ETF

Investment Objective

The iShares Russell Top 200 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell Top 200 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 representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.05	%		29.71	%		13.48	%		15.57	%		29.71	%		88.20	%		324.97	%
Fund Market		11.11			29.75			13.48			15.57			29.75			88.18			325.07
Index		11.16			29.95			13.65			15.79			29.95			89.61			333.24

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,110.50	$	1.06		$	1,000.00	$	1,024.00	$	1.01		0.20	%

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	45.1	%
Consumer Discretionary	16.5
Communication Services	12.8
Health Care	9.9
Financials	5.9
Consumer Staples	4.5
Industrials	3.9
Other (each representing less than 1%)	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	14.1	%
Microsoft Corp.	12.9
Amazon.com, Inc	6.3
NVIDIA Corp.	5.7
Alphabet, Inc., Class A	4.3
Tesla, Inc.	3.8
Alphabet, Inc., Class C, NVS	3.7
Meta Platforms, Inc., Class A	3.7
Eli Lilly & Co.	2.5
UnitedHealth Group, Inc.	2.2

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of September 30, 2023 iShares^® Russell Top 200 Value ETF

Investment Objective

The iShares Russell Top 200 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell Top 200 Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.47	%		15.93	%		6.52	%		8.49	%		15.93	%		37.16	%		125.93	%
Fund Market		1.54			15.77			6.51			8.49			15.77			37.09			125.84
Index		1.57			16.18			6.73			8.72			16.18			38.50			130.69

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,014.70	$	1.01		$	1,000.00	$	1,024.00	$	1.01		0.20	%

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	22.7	%
Health Care	20.0
Energy	11.0
Consumer Staples	10.8
Industrials	10.0
Information Technology	8.8
Communication Services	6.0
Utilities	3.4
Materials	3.1
Consumer Discretionary	2.6
Real Estate	1.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway, Inc., Class B	5.4	%
Exxon Mobil Corp.	4.0
JPMorgan Chase & Co.	3.5
Johnson & Johnson	3.1
Chevron Corp.	2.5
Procter & Gamble Co. (The)	2.3
Walmart, Inc.	1.9
Cisco Systems, Inc.	1.8
Merck & Co., Inc.	1.8
Bank of America Corp.	1.6

^(a)  Excludes money market funds.

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About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

A B O U T    F U N D    P E R F O  R M A N C E  /  D I S C L O S U R E    O F    E X P E N  S E S 7

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
Boeing Co. (The)(a)		16,253	$	3,115,375
General Dynamics Corp.		7,118		1,572,864
L3Harris Technologies, Inc.		5,505		958,531
Lockheed Martin Corp.		6,591		2,695,455
Northrop Grumman Corp.		4,182		1,840,875
RTX Corp.		42,594		3,065,490
				13,248,590
Air Freight & Logistics — 0.6%
FedEx Corp.		6,748		1,787,680
United Parcel Service, Inc., Class B		21,108		3,290,104
				5,077,784
Automobiles — 2.6%
Ford Motor Co.		114,239		1,418,848
General Motors Co.		39,999		1,318,767
Tesla, Inc.(a)		80,425		20,123,944
				22,861,559
Banks — 3.2%
Bank of America Corp.		203,032		5,559,016
Citigroup, Inc.		56,682		2,331,331
JPMorgan Chase & Co.		84,141		12,202,128
PNC Financial Services Group, Inc. (The)		11,586		1,422,413
Truist Financial Corp.		38,597		1,104,260
U.S. Bancorp		44,826		1,481,948
Wells Fargo & Co.		106,975		4,370,998
				28,472,094
Beverages — 1.9%
Coca-Cola Co. (The)		113,524		6,355,074
Constellation Brands, Inc., Class A		4,710		1,183,764
Keurig Dr Pepper, Inc.		27,734		875,562
Monster Beverage Corp.(a)		21,651		1,146,420
PepsiCo, Inc.		40,156		6,804,033
				16,364,853
Biotechnology — 2.4%
AbbVie, Inc.		51,437		7,667,199
Amgen, Inc.		15,571		4,184,862
Gilead Sciences, Inc.		36,387		2,726,842
Moderna, Inc.(a)		9,685		1,000,363
Regeneron Pharmaceuticals, Inc.(a)		3,026		2,490,277
Vertex Pharmaceuticals, Inc.(a)		7,509		2,611,180
				20,680,723
Broadline Retail — 3.8%
Amazon.com, Inc.(a)		262,614		33,383,492
Building Products — 0.1%
Johnson Controls International PLC		19,989		1,063,615
Capital Markets — 2.5%
BlackRock, Inc.(b)		4,333		2,801,241
Blackstone, Inc., Class A, NVS		20,765		2,224,762
Charles Schwab Corp. (The)		43,301		2,377,225
CME Group, Inc., Class A		10,453		2,092,900
Goldman Sachs Group, Inc. (The)		9,411		3,045,117
Intercontinental Exchange, Inc.		16,537		1,819,401
Moody’s Corp.		4,619		1,460,389
Morgan Stanley		35,043		2,861,962
S&P Global, Inc.		9,351		3,416,949
				22,099,946
Chemicals — 1.3%
Air Products & Chemicals, Inc.		6,456		1,829,630

Security	Shares		Value
Chemicals (continued)
Dow, Inc.		20,712	$	1,067,911
Ecolab, Inc.		7,248		1,227,811
Linde PLC		14,299		5,324,233
Sherwin-Williams Co. (The)		6,919		1,764,691
				11,214,276
Commercial Services & Supplies — 0.2%
Waste Management, Inc.		11,838		1,804,585
Communications Equipment — 1.0%
Arista Networks, Inc.(a)		7,293		1,341,401
Cisco Systems, Inc.		119,518		6,425,288
Motorola Solutions, Inc.		4,811		1,309,747
				9,076,436
Consumer Finance — 0.4%
American Express Co.		17,281		2,578,152
Capital One Financial Corp.		11,032		1,070,656
				3,648,808
Consumer Staples Distribution & Retail — 1.9%
Costco Wholesale Corp.		12,914		7,295,894
Dollar General Corp.		6,373		674,263
Sysco Corp.		14,763		975,096
Target Corp.		13,455		1,487,719
Walmart, Inc.		41,605		6,653,888
				17,086,860
Diversified Telecommunication Services — 0.8%
AT&T Inc.		208,681		3,134,388
Verizon Communications, Inc.		122,665		3,975,573
				7,109,961
Electric Utilities — 1.1%
American Electric Power Co., Inc.		14,993		1,127,773
Duke Energy Corp.		22,446		1,981,084
Exelon Corp.		29,007		1,096,175
NextEra Energy, Inc.		59,006		3,380,454
Southern Co. (The)		31,838		2,060,555
				9,646,041
Electrical Equipment — 0.5%
Eaton Corp. PLC		11,607		2,475,541
Emerson Electric Co.		16,598		1,602,869
				4,078,410
Energy Equipment & Services — 0.3%
Schlumberger NV		41,524		2,420,849
Entertainment — 1.3%
Activision Blizzard, Inc.		21,158		1,981,024
Netflix, Inc.(a)		12,782		4,826,483
Walt Disney Co. (The)(a)		53,303		4,320,208
				11,127,715
Financial Services — 4.9%
Berkshire Hathaway, Inc., Class B(a)		53,376		18,697,613
Fiserv, Inc.(a)		17,687		1,997,923
Mastercard, Inc., Class A		24,455		9,681,979
PayPal Holdings, Inc.(a)		32,674		1,910,122
Visa, Inc., Class A		47,203		10,857,162
				43,144,799
Food Products — 0.8%
Archer-Daniels-Midland Co.		15,613		1,177,532
General Mills, Inc.		17,097		1,094,037
Hershey Co. (The)		4,287		857,743

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Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Kraft Heinz Co. (The)		23,376	$	786,369
Mondelez International, Inc., Class A		39,637		2,750,808
				6,666,489
Ground Transportation — 1.1%
CSX Corp.		58,318		1,793,279
Norfolk Southern Corp.		6,638		1,307,221
Uber Technologies, Inc.(a)		56,528		2,599,723
Union Pacific Corp.		17,767		3,617,894
				9,318,117
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		50,458		4,886,857
Becton Dickinson & Co.		8,245		2,131,580
Boston Scientific Corp.(a)		41,923		2,213,534
Edwards Lifesciences Corp.(a)		17,521		1,213,855
GE HealthCare Technologies, Inc.		11,388		774,840
Intuitive Surgical, Inc.(a)		10,180		2,975,512
Medtronic PLC		38,715		3,033,707
Stryker Corp.		10,354		2,829,438
				20,059,323
Health Care Providers & Services — 3.2%
Centene Corp.(a)		15,762		1,085,687
Cigna Group (The)		8,530		2,440,177
CVS Health Corp.		37,323		2,605,892
Elevance Health, Inc.		6,910		3,008,752
HCA Healthcare, Inc.		5,949		1,463,335
Humana, Inc.		3,639		1,770,446
McKesson Corp.		3,945		1,715,483
UnitedHealth Group, Inc.		27,095		13,661,028
				27,750,800
Hotels, Restaurants & Leisure — 1.9%
Airbnb, Inc., Class A(a)(c)		11,796		1,618,529
Booking Holdings, Inc.(a)		1,081		3,333,750
Chipotle Mexican Grill, Inc.(a)		803		1,470,959
Las Vegas Sands Corp.		9,624		441,164
Marriott International, Inc., Class A		7,248		1,424,667
McDonald’s Corp.		21,258		5,600,208
Starbucks Corp.		32,885		3,001,414
				16,890,691
Household Products — 1.5%
Colgate-Palmolive Co.		23,888		1,698,676
Kimberly-Clark Corp.		9,825		1,187,351
Procter & Gamble Co. (The)		68,623		10,009,351
				12,895,378
Industrial Conglomerates — 1.0%
3M Co.		15,997		1,497,639
General Electric Co.		31,600		3,493,380
Honeywell International, Inc.		19,406		3,585,064
				8,576,083
Industrial REITs — 0.3%
Prologis, Inc.		26,890		3,017,327
Insurance — 1.5%
American International Group, Inc.		21,165		1,282,599
Aon PLC, Class A		5,884		1,907,711
Chubb Ltd.		12,002		2,498,576
Marsh & McLennan Cos., Inc.		14,454		2,750,596
MetLife, Inc.		18,825		1,184,281
Progressive Corp. (The)		17,018		2,370,607
Travelers Cos., Inc. (The)		6,714		1,096,463
				13,090,833

Security	Shares		Value
Interactive Media & Services — 7.0%
Alphabet, Inc., Class A(a)		173,217	$	22,667,177
Alphabet, Inc., Class C, NVS(a)		148,248		19,546,499
Meta Platforms, Inc., Class A(a)		64,474		19,355,739
				61,569,415
IT Services — 1.2%
Accenture PLC, Class A		18,418		5,656,352
International Business Machines Corp.		26,485		3,715,846
Snowflake, Inc., Class A(a)		9,056		1,383,485
				10,755,683
Life Sciences Tools & Services — 1.2%
Danaher Corp.		19,184		4,759,550
Thermo Fisher Scientific, Inc.		11,245		5,691,882
				10,451,432
Machinery — 1.0%
Caterpillar, Inc.		15,053		4,109,469
Deere & Co.		7,865		2,968,094
Illinois Tool Works, Inc.		8,826		2,032,716
				9,110,279
Media — 0.7%
Charter Communications, Inc., Class A(a)		2,982		1,311,543
Comcast Corp., Class A		119,266		5,288,255
				6,599,798
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		41,544		1,549,176
Newmont Corp.		23,276		860,048
Southern Copper Corp.		2,469		185,891
				2,595,115
Multi-Utilities — 0.3%
Dominion Energy, Inc.		24,457		1,092,494
Sempra		18,362		1,249,167
				2,341,661
Oil, Gas & Consumable Fuels — 4.1%
Chevron Corp.		51,574		8,696,408
ConocoPhillips		35,342		4,233,972
EOG Resources, Inc.		17,128		2,171,145
Exxon Mobil Corp.		116,761		13,728,758
Kinder Morgan, Inc.		57,064		946,121
Marathon Petroleum Corp.		12,345		1,868,292
Occidental Petroleum Corp.		20,299		1,316,999
Pioneer Natural Resources Co.		6,771		1,554,283
Valero Energy Corp.		10,297		1,459,188
				35,975,166
Personal Care Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A		6,707		969,497
Kenvue, Inc.		50,737		1,018,799
				1,988,296
Pharmaceuticals — 4.9%
Bristol-Myers Squibb Co.		61,274		3,556,343
Eli Lilly & Co.		24,668		13,249,923
Johnson & Johnson		70,248		10,941,126
Merck & Co., Inc.		74,039		7,622,315
Pfizer, Inc.		164,698		5,463,033
Zoetis, Inc., Class A		13,491		2,347,164
				43,179,904
Professional Services — 0.3%
Automatic Data Processing, Inc.		12,043		2,897,305
Semiconductors & Semiconductor Equipment — 7.9%
Advanced Micro Devices, Inc.(a)		46,722		4,803,956

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Analog Devices, Inc.		14,735	$	2,579,951
Applied Materials, Inc.		24,605		3,406,562
Broadcom, Inc.		11,777		9,781,741
Intel Corp.		121,686		4,325,937
KLA Corp.		3,996		1,832,805
Lam Research Corp.		3,905		2,447,537
Micron Technology, Inc.		31,854		2,167,028
NVIDIA Corp.		69,261		30,127,842
QUALCOMM, Inc.		32,518		3,611,449
Texas Instruments, Inc.		26,459		4,207,246
				69,292,054
Software — 12.1%
Adobe, Inc.(a)		13,356		6,810,224
Atlassian Corp., Class A(a)		4,209		848,156
Autodesk, Inc.(a)		6,250		1,293,188
Cadence Design Systems, Inc.(a)		7,868		1,843,472
Fortinet, Inc.(a)		19,108		1,121,258
Intuit, Inc.		7,963		4,068,615
Microsoft Corp.		216,934		68,496,911
Oracle Corp.		44,320		4,694,374
Palo Alto Networks, Inc.(a)(c)		8,778		2,057,914
Roper Technologies, Inc.		3,092		1,497,394
Salesforce, Inc.(a)		27,590		5,594,700
ServiceNow, Inc.(a)		5,934		3,316,869
Synopsys, Inc.(a)		4,422		2,029,565
VMware, Inc., Class A(a)		6,273		1,044,329
Workday, Inc., Class A(a)		5,754		1,236,247
				105,953,216
Specialized REITs — 0.7%
American Tower Corp.		13,569		2,231,422
Crown Castle, Inc.		12,589		1,158,566
Equinix, Inc.		2,720		1,975,427
Public Storage		4,578		1,206,394
				6,571,809
Specialty Retail — 2.1%
AutoZone, Inc.(a)		526		1,336,035
Home Depot, Inc. (The)		29,520		8,919,763
Lowe’s Cos., Inc.		17,092		3,552,401
O’Reilly Automotive, Inc.(a)		1,742		1,583,234
TJX Cos., Inc. (The)		33,633		2,989,301
				18,380,734

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 8.5%
Apple Inc.		435,005	$	74,477,206
Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica, Inc.(a)		3,238		1,248,605
NIKE, Inc., Class B		34,661		3,314,285
				4,562,890
Tobacco — 0.7%
Altria Group, Inc.		52,192		2,194,674
Philip Morris International, Inc.		45,235		4,187,856
				6,382,530
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.(a)		15,514		2,172,736
Total Long-Term Investments — 99.8% (Cost: $846,818,267)				877,133,666
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(b)(d)(e)		186,898		186,973
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(d)		4,710,637		4,710,637
Total Short-Term Securities — 0.6% (Cost: $4,897,574)				4,897,610
Total Investments — 100.4% (Cost: $851,715,841)				882,031,276
Liabilities in Excess of Other Assets — (0.4)%				(3,268,853	)
Net Assets — 100.0%			$	878,762,423

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

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

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

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Top 200 ETF

Affiliates

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

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,637,124	$	—		$	(1,452,748	)(a)	$	2,585	$	12		$	186,973		186,898	$	5,660	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,169,890		3,540,747	(a)		—			—		—			4,710,637		4,710,637		37,496			—
BlackRock, Inc.		2,821,679		468,177			(396,443	)		52,259		(144,431	)		2,801,241		4,333		43,245			—
									$	54,844	$	(144,419	)	$	7,698,851			$	86,401		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		7		12/15/23	$	1,514	$	(48,595	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	48,595	$	—	$	—	$	—	$	48,595

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	178,105		$	—	$	—	$	—	$	178,105
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(133,612	)	$	—	$	—	$	—	$	(133,612	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,430,200

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

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Top 200 ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	877,133,666		$	—	$	—	$	877,133,666
Short-Term Securities
Money Market Funds		4,897,610			—		—		4,897,610
	$	882,031,276		$	—	$	—	$	882,031,276
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(48,595	)	$	—	$	—	$	(48,595	)

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

See notes to financial statements.

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Schedule of Investments (unaudited)  September 30, 2023 iShares^® Russell Top 200 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.6%
Boeing Co. (The)(a)(b)		26,784	$	5,133,957
Lockheed Martin Corp.		80,007		32,719,663
Northrop Grumman Corp.		2,908		1,280,072
				39,133,692
Air Freight & Logistics — 0.2%
United Parcel Service, Inc., Class B		70,828		11,039,960
Automobiles — 3.8%
Tesla, Inc.(a)		976,448		244,326,819
Beverages — 1.7%
Coca-Cola Co. (The)		683,643		38,270,335
Constellation Brands, Inc., Class A		5,697		1,431,827
Monster Beverage Corp.(a)		263,797		13,968,051
PepsiCo, Inc.		336,888		57,082,303
				110,752,516
Biotechnology — 2.5%
AbbVie, Inc.		624,503		93,088,417
Amgen, Inc.		128,551		34,549,367
Regeneron Pharmaceuticals, Inc.(a)		2,486		2,045,878
Vertex Pharmaceuticals, Inc.(a)(b)		83,416		29,007,080
				158,690,742
Broadline Retail — 6.3%
Amazon.com, Inc.(a)		3,188,429		405,313,095
Capital Markets — 0.7%
Blackstone, Inc., Class A, NVS(b)		251,956		26,994,566
Moody’s Corp.		51,315		16,224,264
S&P Global, Inc.		9,418		3,441,431
				46,660,261
Chemicals — 0.6%
Ecolab, Inc.		68,184		11,550,369
Linde PLC		16,342		6,084,944
Sherwin-Williams Co. (The)		70,222		17,910,121
				35,545,434
Commercial Services & Supplies — 0.3%
Waste Management, Inc.		129,488		19,739,151
Communications Equipment — 0.5%
Arista Networks, Inc.(a)		88,875		16,346,779
Motorola Solutions, Inc.		53,691		14,616,838
				30,963,617
Consumer Finance — 0.2%
American Express Co.		68,526		10,223,394
Consumer Staples Distribution & Retail — 2.0%
Costco Wholesale Corp.		156,789		88,579,513
Dollar General Corp.		77,364		8,185,111
Sysco Corp.		179,181		11,834,905
Target Corp.		162,910		18,012,959
				126,612,488
Entertainment — 0.9%
Netflix, Inc.(a)		155,184		58,597,478
Financial Services — 4.3%
Fiserv, Inc.(a)		58,877		6,650,746
Mastercard, Inc., Class A		296,910		117,549,638
PayPal Holdings, Inc.(a)(b)		360,245		21,059,923
Visa, Inc., Class A		573,092		131,816,891
				277,077,198

Security	Shares		Value
Food Products — 0.1%
Hershey Co. (The)		38,593	$	7,721,687
Ground Transportation — 0.8%
CSX Corp.		79,582		2,447,146
Uber Technologies, Inc.(a)		686,315		31,563,627
Union Pacific Corp.		92,216		18,777,944
				52,788,717
Health Care Equipment & Supplies — 1.0%
Abbott Laboratories		38,519		3,730,565
Edwards Lifesciences Corp.(a)		213,313		14,778,325
GE HealthCare Technologies, Inc.		10,406		708,024
Intuitive Surgical, Inc.(a)		123,578		36,120,614
Stryker Corp.		31,872		8,709,661
				64,047,189
Health Care Providers & Services — 2.6%
Cigna Group (The)		7,637		2,184,717
Elevance Health, Inc.		11,154		4,856,675
HCA Healthcare, Inc.		14,938		3,674,449
Humana, Inc.		19,138		9,311,020
McKesson Corp.		18,277		7,947,753
UnitedHealth Group, Inc.		276,655		139,486,684
				167,461,298
Hotels, Restaurants & Leisure — 2.6%
Airbnb, Inc., Class A(a)(b)		143,634		19,708,021
Booking Holdings, Inc.(a)(b)		13,130		40,492,264
Chipotle Mexican Grill, Inc.(a)		9,710		17,787,069
Las Vegas Sands Corp.		108,863		4,990,280
Marriott International, Inc., Class A		87,836		17,265,044
McDonald’s Corp.		106,593		28,080,860
Starbucks Corp.		399,258		36,440,278
				164,763,816
Household Products — 0.6%
Kimberly-Clark Corp.		111,927		13,526,378
Procter & Gamble Co. (The)		156,780		22,867,931
				36,394,309
Industrial Conglomerates — 0.1%
Honeywell International, Inc.		30,349		5,606,674
Insurance — 0.7%
Marsh & McLennan Cos., Inc.		140,358		26,710,128
Progressive Corp. (The)		154,654		21,543,302
				48,253,430
Interactive Media & Services — 11.6%
Alphabet, Inc., Class A(a)		2,103,042		275,204,076
Alphabet, Inc., Class C, NVS(a)		1,799,899		237,316,683
Meta Platforms, Inc., Class A(a)		782,779		234,998,084
				747,518,843
IT Services — 1.3%
Accenture PLC, Class A		223,610		68,672,867
Snowflake, Inc., Class A(a)		109,792		16,772,924
				85,445,791
Life Sciences Tools & Services — 0.7%
Thermo Fisher Scientific, Inc.		84,163		42,600,786
Machinery — 1.4%
Caterpillar, Inc.		137,067		37,419,291
Deere & Co.		89,274		33,690,222
Illinois Tool Works, Inc.		87,531		20,159,265
				91,268,778

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Top 200 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media — 0.2%
Charter Communications, Inc., Class A(a)(b)		36,219	$	15,929,841
Metals & Mining — 0.0%
Southern Copper Corp.		30,091		2,265,551
Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		25,513		3,687,904
Kenvue, Inc.		208,057		4,177,785
				7,865,689
Pharmaceuticals — 3.2%
Eli Lilly & Co.		299,493		160,866,675
Merck & Co., Inc.		165,634		17,052,021
Zoetis, Inc., Class A		163,791		28,496,358
				206,415,054
Professional Services — 0.5%
Automatic Data Processing, Inc.		125,636		30,225,509
Semiconductors & Semiconductor Equipment — 10.3%
Advanced Micro Devices, Inc.(a)		322,711		33,181,145
Applied Materials, Inc.		252,401		34,944,919
Broadcom, Inc.		142,983		118,758,820
KLA Corp.		48,593		22,287,665
Lam Research Corp.		44,955		28,176,445
NVIDIA Corp.		840,907		365,786,136
QUALCOMM, Inc.		344,273		38,234,959
Texas Instruments, Inc.		130,873		20,810,116
				662,180,205
Software — 18.9%
Adobe, Inc.(a)		162,153		82,681,815
Atlassian Corp., Class A(a)		51,071		10,291,317
Autodesk, Inc.(a)		76,165		15,759,300
Cadence Design Systems, Inc.(a)		95,772		22,439,380
Fortinet, Inc.(a)		232,795		13,660,411
Intuit, Inc.		96,676		49,395,635
Microsoft Corp.		2,633,812		831,626,139
Oracle Corp.		221,291		23,439,143
Palo Alto Networks, Inc.(a)(b)		106,528		24,974,424
Salesforce, Inc.(a)		252,565		51,215,131
ServiceNow, Inc.(a)		72,050		40,273,068
Synopsys, Inc.(a)		53,691		24,642,558
VMware, Inc., Class A(a)		75,951		12,644,322
Workday, Inc., Class A(a)		69,839		15,004,909
				1,218,047,552

Security	Shares		Value
Specialized REITs — 0.8%
American Tower Corp.		164,743	$	27,091,986
Crown Castle, Inc.		16,213		1,492,082
Equinix, Inc.		16,622		12,071,894
Public Storage		32,163		8,475,594
				49,131,556
Specialty Retail — 3.2%
AutoZone, Inc.(a)(b)		5,342		13,568,627
Home Depot, Inc. (The)		358,405		108,295,655
Lowe’s Cos., Inc.		152,091		31,610,593
O’Reilly Automotive, Inc.(a)		18,005		16,364,024
TJX Cos., Inc. (The)		407,574		36,225,177
				206,064,076
Technology Hardware, Storage & Peripherals — 14.0%
Apple Inc.		5,281,433		904,234,144
Textiles, Apparel & Luxury Goods — 0.6%
Lululemon Athletica, Inc.(a)		39,449		15,211,929
NIKE, Inc., Class B		224,458		21,462,674
				36,674,603
Total Long-Term Investments — 99.9% (Cost: $5,519,698,880)				6,427,580,943
Short-Term Securities
Money Market Funds — 1.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		69,761,005		69,788,910
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		20,227,183		20,227,183
Total Short-Term Securities — 1.4% (Cost: $90,007,158)				90,016,093
Total Investments — 101.3% (Cost: $5,609,706,038)				6,517,597,036
Liabilities in Excess of Other Assets — (1.3)%				(81,470,936	)
Net Assets — 100.0%			$	6,436,126,100

^(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.

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Top 200 Growth ETF

Affiliates

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

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	40,094,246	$	29,682,661	(a)	$	—	$	9,252	$	2,751	$	69,788,910		69,761,005	$	51,221	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,923,181		12,304,002	(a)		—		—		—		20,227,183		20,227,183		262,173			—
								$	9,252	$	2,751	$	90,016,093			$	313,394		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		2		12/15/23	$	334	$	(18,006	)
NASDAQ 100 E-Mini Index		25		12/15/23		7,433		(306,004	)
							$	(324,010	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	324,010	$	—	$	—	$	—	$	324,010

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	2,034,687		$	—	$	—	$	—	$	2,034,687
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,188,142	)	$	—	$	—	$	—	$	(1,188,142	)

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Top 200 Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	9,369,915

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	6,427,580,943		$	—	$	—	$	6,427,580,943
Short-Term Securities
Money Market Funds		90,016,093			—		—		90,016,093
	$	6,517,597,036		$	—	$	—	$	6,517,597,036
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(324,010	)	$	—	$	—	$	(324,010	)

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

See notes to financial statements.

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

Schedule of Investments (unaudited)  September 30, 2023 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.9%
Boeing Co. (The)(a)		68,866	$	13,200,235
General Dynamics Corp.		34,981		7,729,752
L3Harris Technologies, Inc.		27,025		4,705,593
Northrop Grumman Corp.		19,294		8,493,026
RTX Corp.		208,881		15,033,165
				49,161,771
Air Freight & Logistics — 1.2%
FedEx Corp.		33,142		8,779,978
United Parcel Service, Inc., Class B		74,840		11,665,311
				20,445,289
Automobiles — 0.8%
Ford Motor Co.		560,767		6,964,726
General Motors Co.		196,157		6,467,296
				13,432,022
Banks — 8.2%
Bank of America Corp.		995,668		27,261,390
Citigroup, Inc.		278,005		11,434,346
JPMorgan Chase & Co.		412,625		59,838,877
PNC Financial Services Group, Inc. (The)		56,916		6,987,577
Truist Financial Corp.		189,537		5,422,654
U.S. Bancorp		219,016		7,240,669
Wells Fargo & Co.		524,604		21,435,319
				139,620,832
Beverages — 2.1%
Coca-Cola Co. (The)		280,589		15,707,372
Constellation Brands, Inc., Class A		20,711		5,205,296
Keurig Dr Pepper, Inc.		136,187		4,299,423
PepsiCo, Inc.		60,850		10,310,424
				35,522,515
Biotechnology — 2.2%
Amgen, Inc.		24,435		6,567,151
Gilead Sciences, Inc.		178,657		13,388,556
Moderna, Inc.(a)(b)		47,497		4,905,965
Regeneron Pharmaceuticals, Inc.(a)		13,802		11,358,494
Vertex Pharmaceuticals, Inc.(a)		3,110		1,081,471
				37,301,637
Building Products — 0.3%
Johnson Controls International PLC		98,170		5,223,626
Capital Markets — 5.2%
BlackRock, Inc.(c)		21,248		13,736,620
Charles Schwab Corp. (The)		211,850		11,630,565
CME Group, Inc., Class A		51,317		10,274,690
Goldman Sachs Group, Inc. (The)		46,149		14,932,432
Intercontinental Exchange, Inc		80,904		8,901,058
Moody’s Corp.		1,985		627,597
Morgan Stanley		171,852		14,035,153
S&P Global, Inc.		42,049		15,365,125
				89,503,240
Chemicals — 2.4%
Air Products & Chemicals, Inc.		31,697		8,982,930
Dow, Inc.		101,120		5,213,747
Ecolab, Inc.		7,925		1,342,495
Linde PLC		63,531		23,655,768
Sherwin-Williams Co. (The)		5,711		1,456,590
				40,651,530
Commercial Services & Supplies — 0.1%
Waste Management, Inc.		5,830		888,725

Security	Shares		Value
Communications Equipment — 1.9%
Cisco Systems, Inc.		586,118	$	31,509,704
Motorola Solutions, Inc.		1,881		512,083
				32,021,787
Consumer Finance — 0.8%
American Express Co.		56,830		8,478,468
Capital One Financial Corp.		54,164		5,256,616
				13,735,084
Consumer Staples Distribution & Retail — 1.9%
Walmart, Inc.		204,032		32,630,838
Diversified Telecommunication Services — 2.0%
AT&T Inc.		1,023,368		15,370,987
Verizon Communications, Inc.		601,549		19,496,203
				34,867,190
Electric Utilities — 2.8%
American Electric Power Co., Inc.		73,603		5,536,418
Duke Energy Corp.		110,175		9,724,046
Exelon Corp.		142,047		5,367,956
NextEra Energy, Inc.		289,367		16,577,835
Southern Co. (The)		155,752		10,080,269
				47,286,524
Electrical Equipment — 1.2%
Eaton Corp. PLC		56,921		12,140,111
Emerson Electric Co.		81,567		7,876,925
				20,017,036
Energy Equipment & Services — 0.7%
Schlumberger NV		203,633		11,871,804
Entertainment — 1.8%
Activision Blizzard, Inc		103,843		9,722,820
Walt Disney Co. (The)(a)		261,398		21,186,308
				30,909,128
Financial Services — 5.8%
Berkshire Hathaway, Inc., Class B(a)		261,756		91,693,127
Fiserv, Inc.(a)		63,012		7,117,836
PayPal Holdings, Inc.(a)		15,266		892,450
				99,703,413
Food Products — 1.7%
Archer-Daniels-Midland Co.		76,287		5,753,565
General Mills, Inc.		83,942		5,371,449
Hershey Co. (The)		5,464		1,093,237
Kraft Heinz Co. (The)		114,775		3,861,031
Mondelez International, Inc., Class A		194,378		13,489,833
				29,569,115
Ground Transportation — 1.4%
CSX Corp.		254,549		7,827,382
Norfolk Southern Corp.		32,471		6,394,514
Union Pacific Corp.		49,838		10,148,512
				24,370,408
Health Care Equipment & Supplies — 4.2%
Abbott Laboratories		231,855		22,455,157
Becton Dickinson & Co.		40,507		10,472,275
Boston Scientific Corp.(a)		205,221		10,835,669
GE HealthCare Technologies, Inc.		51,378		3,495,759
Medtronic PLC		189,860		14,877,429
Stryker Corp.		37,879		10,351,194
				72,487,483
Health Care Providers & Services — 4.0%
Centene Corp.(a)		77,296		5,324,148

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Cigna Group (The)		38,644	$	11,054,889
CVS Health Corp.		183,031		12,779,224
Elevance Health, Inc.		29,378		12,791,769
HCA Healthcare, Inc.		23,173		5,700,095
Humana, Inc.		10,106		4,916,771
McKesson Corp.		11,994		5,215,591
UnitedHealth Group, Inc.		21,126		10,651,518
				68,434,005
Hotels, Restaurants & Leisure — 1.0%
Las Vegas Sands Corp.		3,193		146,367
McDonald’s Corp.		61,194		16,120,947
				16,267,314
Household Products — 2.8%
Colgate-Palmolive Co.		117,296		8,340,919
Kimberly-Clark Corp		2,818		340,555
Procter & Gamble Co. (The)		273,259		39,857,558
				48,539,032
Industrial Conglomerates — 2.3%
3M Co.		78,585		7,357,128
General Electric Co.		154,968		17,131,712
Honeywell International, Inc.		82,893		15,313,653
				39,802,493
Industrial REITs — 0.9%
Prologis, Inc.		131,869		14,797,021
Insurance — 2.6%
American International Group, Inc.		103,412		6,266,767
Aon PLC, Class A		28,895		9,368,337
Chubb Ltd.		58,916		12,265,133
Marsh & McLennan Cos., Inc.		14,079		2,679,234
MetLife, Inc.		92,420		5,814,142
Progressive Corp. (The)		20,968		2,920,842
Travelers Cos., Inc. (The)		32,941		5,379,595
				44,694,050
IT Services — 1.1%
International Business Machines Corp.		129,881		18,222,304
Life Sciences Tools & Services — 2.0%
Danaher Corp.		94,079		23,341,000
Thermo Fisher Scientific, Inc.		21,175		10,718,150
				34,059,150
Machinery — 0.5%
Caterpillar, Inc.		18,455		5,038,215
Deere & Co.		2,507		946,092
Illinois Tool Works, Inc.		8,035		1,850,541
				7,834,848
Media — 1.5%
Comcast Corp., Class A		584,880		25,933,579
Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		204,152		7,612,828
Newmont Corp.		113,696		4,201,067
				11,813,895
Multi-Utilities — 0.7%
Dominion Energy, Inc.		119,452		5,335,921
Sempra		90,035		6,125,081
				11,461,002
Oil, Gas & Consumable Fuels — 10.3%
Chevron Corp.		252,919		42,647,202
ConocoPhillips		173,318		20,763,496

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
EOG Resources, Inc.		83,997	$	10,647,460
Exxon Mobil Corp.		572,595		67,325,720
Kinder Morgan, Inc.		280,228		4,646,180
Marathon Petroleum Corp.		60,600		9,171,204
Occidental Petroleum Corp.		99,681		6,467,303
Pioneer Natural Resources Co.		33,261		7,635,063
Valero Energy Corp.		50,314		7,129,997
				176,433,625
Personal Care Products — 0.4%
Estee Lauder Cos., Inc. (The), Class A		22,505		3,253,098
Kenvue, Inc.		163,756		3,288,220
				6,541,318
Pharmaceuticals — 7.5%
Bristol-Myers Squibb Co.		300,489		17,440,382
Johnson & Johnson		344,497		53,655,408
Merck & Co., Inc.		296,278		30,501,820
Pfizer, Inc.		807,679		26,790,712
				128,388,322
Professional Services — 0.1%
Automatic Data Processing, Inc.		8,420		2,025,684
Semiconductors & Semiconductor Equipment — 4.2%
Advanced Micro Devices, Inc.(a)		98,752		10,153,681
Analog Devices, Inc.		72,260		12,652,003
Applied Materials, Inc.		18,697		2,588,600
Intel Corp.		596,747		21,214,356
Lam Research Corp.		1,010		633,038
Micron Technology, Inc.		156,214		10,627,238
QUALCOMM, Inc.		20,412		2,266,957
Texas Instruments, Inc.		76,815		12,214,353
				72,350,226
Software — 1.6%
Oracle Corp.		128,017		13,559,561
Roper Technologies, Inc.		15,105		7,315,049
Salesforce, Inc.(a)		33,283		6,749,127
				27,623,737
Specialized REITs — 0.7%
Crown Castle, Inc.		55,272		5,086,682
Equinix, Inc.		6,644		4,825,272
Public Storage		9,381		2,472,081
				12,384,035
Specialty Retail — 0.4%
AutoZone, Inc.(a)		431		1,094,736
Lowe’s Cos., Inc.		22,380		4,651,459
O’Reilly Automotive, Inc.(a)		1,293		1,175,156
				6,921,351
Textiles, Apparel & Luxury Goods — 0.5%
NIKE, Inc., Class B		79,379		7,590,220
Tobacco — 1.8%
Altria Group, Inc.		255,307		10,735,659
Philip Morris International, Inc.		221,830		20,537,022
				31,272,681
Wireless Telecommunication Services — 0.6%
T-Mobile U.S., Inc.(a)		76,117		10,660,186
Total Long-Term Investments — 99.8% (Cost: $1,697,337,819)				1,705,271,075

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Top 200 Value ETF

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		429,489	$	429,661
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		13,925,444		13,925,444
Total Short-Term Securities — 0.8% (Cost: $ 14,355,105)				14,355,105
Total Investments — 100.6% (Cost: $ 1,711,692,924)				1,719,626,180
Liabilities in Excess of Other Assets — (0.6)%				(10,081,762	)
Net Assets — 100.0%			$	1,709,544,418

^(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,046,890	$	—		$	(3,615,431	)(a)	$	(2,203	)	$	405		$	429,661		429,489	$	3,016	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,378,970		11,546,474	(a)		—			—			—			13,925,444		13,925,444		71,892			—
BlackRock, Inc.		12,557,375		3,319,550			(1,617,825)			(187,333	)		(335,147	)		13,736,620		21,248		203,950			—
									$	(189,536	)	$	(334,742	)	$	28,091,725			$	278,858		$	—

^(a)  Represents net amount purchased (sold).

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Consumer Staples Select Sector Index		13		12/15/23	$	909	$	(33,311	)
E-Mini Dow Jones Industrial Average Index		10		12/15/23		1,686		(47,874	)
E-Mini Financials Select Sector Index		14		12/15/23		1,444		(50,166	)
							$	(131,351	)

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Top 200 Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	131,351	$	—	$	—	$	—	$	131,351

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	212,745		$	—	$	—	$	—	$	212,745
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(209,616	)	$	—	$	—	$	—	$	(209,616	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	4,010,243

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,705,271,075		$	—	$	—	$	1,705,271,075
Short-Term Securities
Money Market Funds		14,355,105			—		—		14,355,105
	$	1,719,626,180		$	—	$	—	$	1,719,626,180
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(131,351	)	$	—	$	—	$	(131,351	)

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

See notes to financial statements.

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Statements of Assets and Liabilities (unaudited)

September 30, 2023

	iShares Russell Top 200 ETF		iShares Russell Top 200 Growth ETF		iShares Russell Top 200 Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	874,332,425	$	6,427,580,943	$	1,691,534,455
Investments, at value — affiliated(c)		7,698,851		90,016,093		28,091,725
Cash		160		30		31
Cash pledged:
Futures contracts		80,000		444,000		199,000
Receivables:
Investments sold		2,789		2,484,047		3,360
Securities lending income — affiliated		5,356		11,472		1,716
Dividends — unaffiliated		470,571		1,278,980		1,765,955
Dividends — affiliated		7,033		46,290		15,375
Variation margin on futures contracts		—		4,455		—
Total assets		882,597,185		6,521,866,310		1,721,611,617
LIABILITIES
Collateral on securities loaned		184,792		69,734,936		429,661
Payables:
Investments purchased		2,789		2,484,047		3,360
Income dividend distributions		3,530,653		12,442,884		11,323,107
Investment advisory fees		112,328		1,078,343		286,781
Variation margin on futures contracts		4,200		—		24,290
Total liabilities		3,834,762		85,740,210		12,067,199
Commitments and contingent liabilities
NET ASSETS	$	878,762,423	$	6,436,126,100	$	1,709,544,418
NET ASSETS CONSIST OF:
Paid-in capital	$	854,731,373	$	5,441,094,732	$	1,729,961,563
Accumulated earnings (loss)		24,031,050		995,031,368		(20,417,145	)
NET ASSETS	$	878,762,423	$	6,436,126,100	$	1,709,544,418
NET ASSET VALUE
Shares outstanding		8,500,000		41,850,000		26,150,000
Net asset value	$	103.38	$	153.79	$	65.37
Shares authorized		Unlimited		Unlimited		Unlimited
Par value		None		None		None
(a) Investments, at cost — unaffiliated	$	843,738,324	$	5,519,698,880	$	1,683,017,044
(b) Securities loaned, at value	$	181,063	$	68,091,553	$	433,818
(c)  Investments, at cost — affiliated	$	7,977,517	$	90,007,158	$	28,675,880

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 21

Statements of Operations (unaudited)

Six Months Ended September 30, 2023

	iShares Russell Top 200 ETF			iShares Russell Top 200 Growth ETF			iShares Russell Top 200 Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	6,587,535		$	29,381,325		$	20,318,772
Dividends — affiliated		80,741			262,173			275,842
Securities lending income — affiliated — net		5,660			51,221			3,016
Total investment income		6,673,936			29,694,719			20,597,630
EXPENSES
Investment advisory		658,428			6,634,539			1,696,857
Interest expense		2			—			—
Total expenses		658,430			6,634,539			1,696,857
Net investment income		6,015,506			23,060,180			18,900,773
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(7,042,918	)		(32,768,712	)		(36,239,319	)
Investments — affiliated		(7,628	)		9,252			(312,749	)
Futures contracts		178,105			2,034,687			212,745
In-kind redemptions — unaffiliated(a)		26,966,743			414,929,652			63,946,716
In-kind redemptions — affiliated(a)		62,472			—			123,213
		20,156,774			384,204,879			27,730,606
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		31,004,483			276,723,961			(25,795,513	)
Investments — affiliated		(144,419	)		2,751			(334,742	)
Futures contracts		(133,612	)		(1,188,142	)		(209,616	)
		30,726,452			275,538,570			(26,339,871	)
Net realized and unrealized gain		50,883,226			659,743,449			1,390,735
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	56,898,732		$	682,803,629		$	20,291,508

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

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Russell Top 200 ETF						iShares Russell Top 200 Growth ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,015,506		$	13,073,805		$	23,060,180		$	40,265,299
Net realized gain		20,156,774			110,322,010			384,204,879			164,547,020
Net change in unrealized appreciation (depreciation)		30,726,452			(214,427,844	)		275,538,570			(695,673,179	)
Net increase (decrease) in net assets resulting from operations		56,898,732			(91,032,029	)		682,803,629			(490,860,860	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(6,047,268	)		(12,861,101	)		(22,917,015	)		(40,613,805	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		24,503,742			(134,788,881	)		(158,311,702	)		1,645,653,871
NET ASSETS
Total increase (decrease) in net assets		75,355,206			(238,682,011	)		501,574,912			1,114,179,206
Beginning of period		803,407,217			1,042,089,228			5,934,551,188			4,820,371,982
End of period	$	878,762,423		$	803,407,217		$	6,436,126,100		$	5,934,551,188

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

See notes to financial statements.

F I N A N C I A L    S T A T E M E N T  S 23

Statements of Changes in Net Assets  (continued)

	iShares Russell Top 200 Value ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	18,900,773		$	30,750,705
Net realized gain		27,730,606			76,431,473
Net change in unrealized appreciation (depreciation)		(26,339,871	)		(169,370,607	)
Net increase (decrease) in net assets resulting from operations		20,291,508			(62,188,429	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(18,951,758	)		(30,093,801	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		151,046,871			361,717,362
NET ASSETS
Total increase in net assets		152,386,621			269,435,132
Beginning of period		1,557,157,797			1,287,722,665
End of period	$	1,709,544,418		$	1,557,157,797

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Top 200 ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	97.38		$	107.99		$	94.64		$	61.54		$	65.66		$	60.63
Net investment income(a)		0.71			1.42			1.26			1.23			1.28			1.21
Net realized and unrealized gain(b)		6.00			(10.59	)		13.37			33.09			(3.94	)		4.97
Net increase from investment operations		6.71			(9.17	)		14.63			34.32			(2.66	)		6.18
Distributions from net investment income(c)		(0.71	)		(1.44	)		(1.28	)		(1.22	)		(1.46	)		(1.15	)
Net asset value, end of period	$	103.38		$	97.38		$	107.99		$	94.64		$	61.54		$	65.66
Total Return(d)
Based on net asset value		6.90	%(e)		(8.41	)%		15.48	%		56.06	%		(4.24	)%		10.27	%
Ratios to Average Net Assets(f)
Total expenses		0.15	%(g)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		1.37	%(g)		1.51	%		1.20	%		1.48	%		1.82	%		1.91	%
Supplemental Data
Net assets, end of period (000)	$	878,762		$	803,407		$	1,042,089		$	865,920		$	369,243		$	213,382
Portfolio turnover rate(h)		3	%		5	%		4	%		5	%		5	%		5	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L    H I G H L I G H T  S 25

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Russell Top 200 Growth ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	138.98		$	158.56		$	134.47		$	84.14		$	82.24		$	73.61
Net investment income(a)		0.53			1.14			0.89			0.93			1.04			1.00
Net realized and unrealized gain(b)		14.81			(19.62	)		24.09			50.31			1.90			8.60
Net increase from investment operations		15.34			(18.48	)		24.98			51.24			2.94			9.60
Distributions from net investment income(c)		(0.53	)		(1.10	)		(0.89	)		(0.91	)		(1.04	)		(0.97	)
Net asset value, end of period	$	153.79		$	138.98		$	158.56		$	134.47		$	84.14		$	82.24
Total Return(d)
Based on net asset value		11.05	%(e)		(11.60	)%		18.58	%		61.04	%		3.55	%		13.11	%
Ratios to Average Net Assets(f)
Total expenses		0.20	%(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		0.70	%(g)		0.87	%		0.57	%		0.77	%		1.16	%		1.27	%
Supplemental Data
Net assets, end of period (000)	$	6,436,126		$	5,934,551		$	4,820,372		$	3,529,895		$	1,678,603		$	1,377,486
Portfolio turnover rate(h)		12	%		12	%		10	%		11	%		20	%		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)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(g)  Annualized.

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

See notes to financial statements.

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Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Russell Top 200 Value ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	65.15		$	69.61		$	63.58		$	44.04		$	52.57		$	50.39
Net investment income(a)		0.74			1.40			1.30			1.26			1.40			1.31
Net realized and unrealized gain(b)		0.21			(4.52	)		6.01			19.49			(8.38	)		2.13
Net increase from investment operations		0.95			(3.12	)		7.31			20.75			(6.98	)		3.44
Distributions from net investment income(c)		(0.73	)		(1.34	)		(1.28	)		(1.21	)		(1.55	)		(1.26	)
Net asset value, end of period	$	65.37		$	65.15		$	69.61		$	63.58		$	44.04		$	52.57
Total Return(d)
Based on net asset value		1.47	%(e)		(4.37	)%		11.56	%		47.63	%		(13.72	)%		6.92	%
Ratios to Average Net Assets(f)
Total expenses		0.20	%(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		2.23	%(g)		2.17	%		1.91	%		2.31	%		2.56	%		2.54	%
Supplemental Data
Net assets, end of period (000)	$	1,709,544		$	1,557,158		$	1,287,723		$	1,153,937		$	389,726		$	425,831
Portfolio turnover rate(h)		13	%		18	%		15	%		17	%		17	%		14	%

^(a)  Based on average shares outstanding.

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

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

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

^(e) Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

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Notes to Financial Statements (unaudited) 

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Russell Top 200	Diversified
Russell Top 200 Growth(a)	Diversified
Russell Top 200 Value	Diversified

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign 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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise

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Notes to Financial Statements (unaudited)  (continued)

accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

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

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Notes to Financial Statements (unaudited)  (continued)

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

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

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount
Russell Top 200
RBC Capital Market LLC.	$	64,077	$	(64,077	)	$	—	$	—
Wells Fargo Bank N.A.		116,986		(116,986	)		—		—
	$	181,063	$	(181,063	)	$	—	$	—
Russell Top 200 Growth
Barclays Bank PLC.	$	18,472	$	(18,472	)	$	—	$	—
BofA Securities, Inc.		45,876,057		(45,876,057	)		—		—
J.P. Morgan Securities LLC.		841,824		(841,824	)		—		—
Jefferies LLC.		1,495,282		(1,495,282	)		—		—
RBC Capital Market LLC.		69,017		(69,017	)		—		—
SG Americas Securities LLC.		3,138,829		(3,138,829	)		—		—
UBS AG		992,674		(992,674	)		—		—
Virtu Americas LLC.		616,790		(616,790	)		—		—
Wells Fargo Bank N.A.		15,042,608		(15,042,608	)		—		—
	$	68,091,553	$	(68,091,553	)	$	—	$	—
Russell Top 200 Value
UBS AG	$	433,818	$	(429,661	)	$	—	$	4,157

^(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 Funds’ Statements of Assets and Liabilities.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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).

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Notes to Financial Statements (unaudited)  (continued)

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Russell Top 200		0.15	%
Russell Top 200 Growth		0.20
Russell Top 200 Value		0.20

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. Each Fund does not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Russell Top 200	$	2,302
Russell Top 200 Growth		20,563
Russell Top 200 Value		1,245

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

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

For the six months ended September 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Russell Top 200	$	15,144,123	$	11,251,609	$	(5,358,059	)
Russell Top 200 Growth		377,820,217		416,467,370		(26,203,412	)
Russell Top 200 Value		182,295,048		107,588,757		(18,767,837	)

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.

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Notes to Financial Statements (unaudited)  (continued)

7. PURCHASES AND SALES

For the six months ended September 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Russell Top 200	$	25,004,864	$	24,866,288
Russell Top 200 Growth		765,190,627		763,687,769
Russell Top 200 Value		214,886,638		210,784,818

For the six months ended September 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Russell Top 200	$	132,599,266	$	108,188,363
Russell Top 200 Growth		737,968,814		896,083,001
Russell Top 200 Value		378,889,836		232,483,424

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

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
Russell Top 200	$	23,957,521
Russell Top 200 Growth		288,680,613
Russell Top 200 Value		49,966,749

As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell Top 200	$	854,353,451	$	87,973,330	$	(60,344,100	)	$	27,629,230
Russell Top 200 Growth		5,617,044,957		1,002,326,927		(102,098,858	)		900,228,069
Russell Top 200 Value		1,718,540,606		118,137,034		(117,182,811	)		954,223

9. PRINCIPAL RISKS

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

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

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

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

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Notes to Financial Statements (unaudited)  (continued)

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.

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

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

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

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

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

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.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Russell Top 200
Shares sold		1,300,000		$	132,934,356			3,600,000		$	333,290,298
Shares redeemed		(1,050,000	)		(108,430,614	)		(5,000,000	)		(468,079,179	)
		250,000		$	24,503,742			(1,400,000	)	$	(134,788,881	)

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Notes to Financial Statements (unaudited)  (continued)

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Russell Top 200 Growth
Shares sold		4,850,000		$	739,349,916			18,450,000		$	2,459,950,957
Shares redeemed		(5,700,000	)		(897,661,618	)		(6,150,000	)		(814,297,086	)
		(850,000	)	$	(158,311,702	)		12,300,000		$	1,645,653,871
Russell Top 200 Value
Shares sold		5,700,000		$	380,128,936			11,250,000		$	736,022,834
Shares redeemed		(3,450,000	)		(229,082,065	)		(5,850,000	)		(374,305,472	)
		2,250,000		$	151,046,871			5,400,000		$	361,717,362

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Russell Top 200 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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Board Review and Approval of Investment Advisory Contract  (continued)

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell Top 200 Growth ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet

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Board Review and Approval of Investment Advisory Contract  (continued)

applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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.

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Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Russell Top 200 Value ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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Board Review and Approval of Investment Advisory Contract  (continued)

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through

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Board Review and Approval of Investment Advisory Contract  (continued)

relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

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General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

GENERAL INFORMATION 43

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
S&P	Standard & Poor’s

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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.

iS-SAR-305-0923

SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Russell 3000 ETF | IWV | NYSE Arca

· iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2023
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		5.18%		21.62%
U.S. small cap equities (Russell 2000® Index)		(0.19)		8.93
International equities (MSCI Europe, Australasia, Far East Index)		(1.28)		25.65
Emerging market equities (MSCI Emerging Markets Index)		(2.05)		11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.50		4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.98)		(2.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.05)		0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.05)		2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.22		10.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		43
Statements of Operations		44
Statements of Changes in Net Assets		45
Financial Highlights		46
Notes to Financial Statements		48
Board Review and Approval of Investment Advisory Contract		55
Supplemental Information		59
General Information		60
Glossary of Terms Used in this Report		61

3

Fund Summary as of September 30, 2023   iShares^® Russell 3000 ETF

Investment Objective

The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		4.79	%		20.29	%		8.96	%		11.10	%		20.29	%		53.61	%		186.47	%
Fund Market		4.81			20.16			8.96			11.09			20.16			53.58			186.24
Index		4.86			20.46			9.14			11.28			20.46			54.88			191.20

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$          1,047.90	$          1.02			$          1,000.00	$          1,024.00	$          1.01		0.20	%

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	25.8	%
Financials	13.3
Health Care	13.3
Consumer Discretionary	10.8
Industrials	9.8
Communication Services	8.2
Consumer Staples	6.1
Energy	4.8
Real Estate	2.9
Materials	2.7
Utilities	2.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	6.1	%
Microsoft Corp.	5.6
Amazon.com, Inc.	2.8
NVIDIA Corp.	2.5
Alphabet, Inc., Class A	1.9
Tesla, Inc.	1.7
Alphabet, Inc., Class C, NVS	1.6
Meta Platforms, Inc., Class A	1.6
Berkshire Hathaway, Inc., Class B	1.6
Exxon Mobil Corp.	1.1

^(a) Excludes money market funds.

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Fund Summary as of September 30, 2023   iShares^® Russell Mid-Cap Value ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(0.86	)%		10.86	%		5.00	%		7.70	%		10.86	%		27.61	%		109.98	%
Fund Market		(0.84	)		10.76			5.00			7.70			10.76			27.61			110.00
Index		(0.77	)		11.05			5.18			7.92			11.05			28.74			114.20

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$        991.40	$          1.16			$          1,000.00	$          1,023.83	$          1.16		0.23	%

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

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	18.9	%
Financials	16.8
Real Estate	10.1
Information Technology	9.6
Consumer Discretionary	9.2
Materials	7.8
Utilities	7.4
Health Care	7.1
Energy	5.8
Consumer Staples	4.0
Communication Services	3.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Phillips 66	0.8	%
Parker-Hannifin Corp.	0.7
Marvell Technology, Inc.	0.7
Aflac, Inc.	0.7
Carrier Global Corp.	0.7
Arthur J. Gallagher & Co.	0.7
PACCAR, Inc.	0.6
Williams Cos., Inc. (The)	0.6
Welltower, Inc.	0.6
ON Semiconductor Corp.	0.6

^(a) Excludes money market funds.

F U N D   S U M M A R Y 5

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

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

Schedule of Investments (unaudited) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.5%
AAR Corp.(a)		9,272	$	551,962
AeroVironment, Inc.(a)		6,771		755,170
AerSale Corp.(a)		7,339		109,645
Archer Aviation, Inc., Class A(a)(b)		40,527		205,067
Astronics Corp.(a)		7,619		120,837
Axon Enterprise, Inc.(a)		18,236		3,628,782
Boeing Co. (The)(a)		146,512		28,083,420
BWX Technologies, Inc.		24,889		1,866,177
Cadre Holdings, Inc.		6,629		176,663
Curtiss-Wright Corp.		9,920		1,940,650
Ducommun, Inc.(a)		2,579		112,212
General Dynamics Corp.		64,106		14,165,503
HEICO Corp.		11,750		1,902,678
HEICO Corp., Class A		21,289		2,750,965
Hexcel Corp.		21,279		1,386,114
Howmet Aerospace, Inc.		99,438		4,599,007
Huntington Ingalls Industries, Inc.		10,167		2,079,965
Kaman Corp.		7,843		154,115
Kratos Defense & Security Solutions, Inc.(a)		33,066		496,651
L3Harris Technologies, Inc.		49,605		8,637,223
Leonardo DRS, Inc.(a)(b)		13,120		219,104
Lockheed Martin Corp.		59,320		24,259,507
Mercury Systems, Inc.(a)		12,970		481,057
Moog, Inc., Class A		7,596		858,044
National Presto Industries, Inc.		2,221		160,934
Northrop Grumman Corp.		37,565		16,535,737
Park Aerospace Corp.		6,295		97,761
Rocket Lab U.S.A., Inc., Class A(a)(b)		80,009		350,439
RTX Corp.		383,958		27,633,457
Spirit AeroSystems Holdings, Inc., Class A		27,868		449,790
Textron, Inc.		52,114		4,072,188
TransDigm Group, Inc.(a)		13,747		11,590,508
Triumph Group, Inc.(a)		15,738		120,553
V2X, Inc.(a)		3,297		170,323
Virgin Galactic Holdings, Inc., Class A(a)(b)		65,716		118,289
Woodward, Inc.		15,174		1,885,521
				162,726,018
Air Freight & Logistics — 0.5%
Air Transport Services Group, Inc.(a)(b)		15,659		326,803
CH Robinson Worldwide, Inc.		30,384		2,616,974
Expeditors International of Washington, Inc.		40,314		4,621,194
FedEx Corp.		60,867		16,124,886
Forward Air Corp.		7,245		498,021
GXO Logistics, Inc.(a)		30,667		1,798,620
Hub Group, Inc., Class A(a)		8,563		672,538
United Parcel Service, Inc., Class B		190,623		29,712,407
				56,371,443
Automobile Components — 0.2%
Adient PLC(a)		24,561		901,389
American Axle & Manufacturing Holdings, Inc.(a)		29,787		216,254
Aptiv PLC(a)		70,384		6,939,159
Atmus Filtration Technologies, Inc.(a)(b)		5,020		104,667
BorgWarner, Inc.		61,645		2,488,609
Cooper-Standard Holdings, Inc.(a)(b)		703		9,434
Dana, Inc.		33,703		494,423
Dorman Products, Inc.(a)		7,327		555,094
Fox Factory Holding Corp.(a)		11,099		1,099,689
Gentex Corp.		61,995		2,017,317
Gentherm, Inc.(a)		8,366		453,939
Goodyear Tire & Rubber Co. (The)(a)		74,352		924,195

Security	Shares		Value
Automobile Components (continued)
Holley, Inc.(a)		20,228	$	100,938
LCI Industries		6,869		806,558
Lear Corp.		15,738		2,112,040
Luminar Technologies, Inc., Class A(a)(b)		65,356		297,370
Modine Manufacturing Co.(a)		14,087		644,480
Patrick Industries, Inc.(b)		5,832		437,750
Phinia, Inc.		12,327		330,240
QuantumScape Corp., Class A(a)(b)		79,415		531,286
Solid Power, Inc., Class A(a)(b)		37,374		75,495
Standard Motor Products, Inc.		5,023		168,873
Stoneridge, Inc.(a)		6,748		135,432
Visteon Corp.(a)		6,898		952,407
XPEL, Inc.(a)		6,564		506,150
				23,303,188
Automobiles — 1.9%
Fisker, Inc., Class A(a)(b)		40,653		260,992
Ford Motor Co.		1,029,281		12,783,670
General Motors Co.		360,371		11,881,432
Harley-Davidson, Inc.		35,217		1,164,274
Lucid Group, Inc.(a)(b)		195,255		1,091,476
Rivian Automotive, Inc., Class A(a)(b)		174,715		4,242,080
Tesla, Inc.(a)		724,980		181,404,496
Thor Industries, Inc.		13,163		1,252,196
Winnebago Industries, Inc.		7,727		459,370
Workhorse Group, Inc.(a)(b)		34,984		14,497
				214,554,483
Banks — 3.3%
1st Source Corp.		3,999		168,318
ACNB Corp.		3,146		99,445
Amalgamated Financial Corp.		5,003		86,152
Amerant Bancorp, Inc., Class A		7,656		133,521
American National Bankshares, Inc.		3,298		125,126
Ameris Bancorp		16,322		626,602
Arrow Financial Corp.		4,933		83,960
Associated Banc-Corp		39,075		668,573
Atlantic Union Bankshares Corp.		19,288		555,109
Axos Financial, Inc.(a)		15,481		586,111
Banc of California, Inc.		14,370		177,901
BancFirst Corp.		5,892		511,013
Bancorp, Inc. (The)(a)		12,700		438,150
Bank First Corp.		2,911		224,584
Bank of America Corp.		1,830,201		50,110,903
Bank of Hawaii Corp.		10,335		513,546
Bank of Marin Bancorp		4,448		81,309
Bank of NT Butterfield & Son Ltd. (The)		13,884		375,979
Bank OZK		29,159		1,080,924
BankUnited, Inc.		20,095		456,156
Banner Corp.		9,732		412,442
Bar Harbor Bankshares		4,756		112,384
BayCom Corp.		6,142		117,988
BCB Bancorp, Inc.		5,691		63,398
Berkshire Hills Bancorp, Inc.		11,818		236,951
Blue Foundry Bancorp(a)(b)		8,752		73,254
BOK Financial Corp.		7,695		615,446
Bridgewater Bancshares, Inc.(a)		8,073		76,532
Brookline Bancorp, Inc.		17,954		163,561
Burke & Herbert Financial Services Corp.		1,672		77,689
Business First Bancshares, Inc.		6,465		121,283
Byline Bancorp, Inc.		7,270		143,292
Cadence Bank		38,189		810,371
Cambridge Bancorp		1,654		103,028
Camden National Corp.		3,678		103,793

S C H E D U L E S   O F   I N V E S T M E N T S 7

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Capital City Bank Group, Inc.		4,510	$	134,533
Capitol Federal Financial, Inc.		39,300		187,461
Capstar Financial Holdings, Inc.		5,840		82,870
Carter Bankshares, Inc.(a)(b)		8,212		102,896
Cathay General Bancorp		17,703		615,356
Central Pacific Financial Corp.		8,258		137,743
Citigroup, Inc.		511,747		21,048,154
Citizens & Northern Corp.		5,745		100,825
Citizens Financial Group, Inc.		122,837		3,292,032
Citizens Financial Services, Inc.(b)		1,333		63,877
City Holding Co.		3,834		346,402
Civista Bancshares, Inc.		5,954		92,287
CNB Financial Corp.		5,001		90,568
Coastal Financial Corp.(a)		2,764		118,603
Colony Bankcorp, Inc.		11,822		118,161
Columbia Banking System, Inc.		53,854		1,093,236
Columbia Financial, Inc.(a)		8,514		133,755
Comerica, Inc.		33,557		1,394,293
Commerce Bancshares, Inc.		29,976		1,438,248
Community Bank System, Inc.		14,122		596,090
Community Trust Bancorp, Inc.		3,804		130,325
ConnectOne Bancorp, Inc.		10,316		183,934
CrossFirst Bankshares, Inc.(a)(b)		12,704		128,183
Cullen/Frost Bankers, Inc.		15,994		1,458,813
Customers Bancorp, Inc.(a)		7,181		247,385
CVB Financial Corp.		34,502		571,698
Dime Community Bancshares, Inc.		9,445		188,522
Eagle Bancorp, Inc.		7,869		168,790
East West Bancorp, Inc.		36,849		1,942,311
Eastern Bankshares, Inc.		39,748		498,440
Enterprise Bancorp, Inc.		4,034		110,451
Enterprise Financial Services Corp.		9,250		346,875
Equity Bancshares, Inc., Class A		3,926		94,499
Esquire Financial Holdings, Inc.		2,247		102,665
Farmers & Merchants Bancorp, Inc.		4,296		75,309
Farmers National Banc Corp.		10,690		123,576
FB Financial Corp.		10,291		291,853
Fidelity D&D Bancorp, Inc.		2,291		104,011
Fifth Third Bancorp		178,668		4,525,660
Financial Institutions, Inc.		4,571		76,930
First Bancorp, Inc. (The)		3,745		88,008
First BanCorp/Puerto Rico		48,397		651,424
First Bancorp/Southern Pines NC		8,919		250,981
First Bancshares, Inc. (The)		9,075		244,753
First Bank		9,280		100,038
First Busey Corp.		13,823		265,678
First Business Financial Services, Inc.		3,268		98,073
First Citizens BancShares, Inc., Class A		2,887		3,984,349
First Commonwealth Financial Corp.		23,135		282,478
First Community Bankshares, Inc.		4,354		128,225
First Financial Bancorp		24,566		481,494
First Financial Bankshares, Inc.		34,060		855,587
First Financial Corp.		2,765		93,485
First Foundation, Inc.		11,467		69,719
First Hawaiian, Inc.		34,969		631,190
First Horizon Corp.		147,334		1,623,621
First Interstate BancSystem, Inc., Class A		23,402		583,646
First Merchants Corp.		14,149		393,625
First Mid Bancshares, Inc.		3,312		87,967
First of Long Island Corp. (The)		6,532		75,183
Five Star Bancorp		3,879		77,813
Flushing Financial Corp.		7,483		98,252

Security	Shares		Value
Banks (continued)
FNB Corp.		92,850	$	1,001,851
Fulton Financial Corp.		43,533		527,185
German American Bancorp, Inc.		6,419		173,891
Glacier Bancorp, Inc.		28,128		801,648
Great Southern Bancorp, Inc.		2,549		122,148
Guaranty Bancshares, Inc.		3,094		88,767
Hancock Whitney Corp.		23,338		863,273
Hanmi Financial Corp.		8,508		138,085
HarborOne Bancorp, Inc.		16,861		160,517
HBT Financial, Inc.		5,062		92,331
Heartland Financial U.S.A., Inc.		9,517		280,085
Heritage Commerce Corp.		16,334		138,349
Heritage Financial Corp.		9,192		149,922
Hilltop Holdings, Inc.		13,650		387,114
Hingham Institution For Savings (The)		455		84,971
Home Bancorp, Inc.		2,868		91,403
Home BancShares, Inc.		51,842		1,085,571
HomeStreet, Inc.		4,837		37,680
HomeTrust Bancshares, Inc.		5,370		116,368
Hope Bancorp, Inc.		29,353		259,774
Horizon Bancorp, Inc.		10,426		111,350
Huntington Bancshares, Inc.		379,258		3,944,283
Independent Bank Corp.		11,827		580,587
Independent Bank Corp.		5,098		93,497
Independent Bank Group, Inc.		9,101		359,945
International Bancshares Corp.		14,482		627,650
John Marshall Bancorp, Inc.		5,839		104,226
JPMorgan Chase & Co.		758,472		109,993,609
Kearny Financial Corp.		15,478		107,263
KeyCorp		241,522		2,598,777
Lakeland Bancorp, Inc.		17,459		220,333
Lakeland Financial Corp.		5,935		281,675
Live Oak Bancshares, Inc.(b)		8,374		242,427
M&T Bank Corp.		43,368		5,483,884
Macatawa Bank Corp.		9,938		89,044
Mercantile Bank Corp.		4,710		145,586
Metrocity Bankshares, Inc.		7,493		147,462
Metropolitan Bank Holding Corp.(a)		2,430		88,160
Mid Penn Bancorp, Inc.		5,537		111,460
Middlefield Banc Corp.(b)		4,154		105,553
Midland States Bancorp, Inc.		6,168		126,691
MidWestOne Financial Group, Inc.		5,996		121,899
MVB Financial Corp.		5,530		124,867
National Bank Holdings Corp., Class A		8,169		243,109
NBT Bancorp, Inc.		11,816		374,449
New York Community Bancorp, Inc., Class A		186,609		2,116,146
Nicolet Bankshares, Inc.		3,223		224,901
Northeast Bank		2,821		124,406
Northfield Bancorp, Inc.		12,318		116,405
Northrim BanCorp, Inc.		2,457		97,346
Northwest Bancshares, Inc.		26,773		273,888
NU Holdings Ltd., Class A(a)		604,794		4,384,756
OceanFirst Financial Corp.		14,992		216,934
OFG Bancorp		11,498		343,330
Old National Bancorp		76,001		1,105,055
Old Second Bancorp, Inc.		11,794		160,516
Orange County Bancorp, Inc.		2,487		107,364
Origin Bancorp, Inc.		6,933		200,156
Orrstown Financial Services, Inc.		6,300		132,363
Pacific Premier Bancorp, Inc.		22,786		495,823
PacWest Bancorp		29,208		231,035
Park National Corp.		3,520		332,710

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Pathward Financial, Inc.		7,053	$	325,073
Peapack-Gladstone Financial Corp.		4,798		123,069
Peoples Bancorp, Inc.		9,529		241,846
Peoples Financial Services Corp.		3,196		128,160
Pinnacle Financial Partners, Inc.		20,033		1,343,012
PNC Financial Services Group, Inc. (The)		104,512		12,830,938
Popular, Inc.		18,965		1,194,985
Preferred Bank		2,534		157,741
Premier Financial Corp.		8,832		150,674
Primis Financial Corp.		9,609		78,313
Prosperity Bancshares, Inc.		22,446		1,225,103
Provident Financial Services, Inc.		21,816		333,567
QCR Holdings, Inc.		4,993		242,260
RBB Bancorp		4,835		61,791
Red River Bancshares, Inc.		2,042		93,850
Regions Financial Corp.		244,529		4,205,899
Renasant Corp.		16,064		420,716
Republic Bancorp, Inc., Class A		3,106		136,819
S&T Bancorp, Inc.		8,869		240,173
Sandy Spring Bancorp, Inc.		10,857		232,666
Seacoast Banking Corp. of Florida		16,955		372,332
ServisFirst Bancshares, Inc.		13,276		692,609
Shore Bancshares, Inc.		6,730		70,800
Sierra Bancorp		6,923		131,260
Simmons First National Corp., Class A		34,010		576,810
SmartFinancial, Inc.(b)		6,353		135,764
South Plains Financial, Inc.		3,505		92,672
Southern First Bancshares, Inc.(a)		2,882		77,641
Southern Missouri Bancorp, Inc.		2,526		97,731
Southside Bancshares, Inc.		9,146		262,490
SouthState Corp.		19,263		1,297,556
Stellar Bancorp, Inc.		13,460		286,967
Stock Yards Bancorp, Inc.		7,509		295,029
Summit Financial Group, Inc.		4,364		98,365
Synovus Financial Corp.		37,110		1,031,658
Texas Capital Bancshares, Inc.(a)		12,893		759,398
Third Coast Bancshares, Inc.(a)		1,123		19,203
Timberland Bancorp, Inc.		3,760		101,896
Tompkins Financial Corp.		3,430		168,036
Towne Bank		16,789		384,972
TriCo Bancshares		7,199		230,584
Triumph Financial, Inc.(a)		5,754		372,802
Truist Financial Corp.		348,829		9,979,998
TrustCo Bank Corp.		5,288		144,310
Trustmark Corp.		16,710		363,108
U.S. Bancorp		401,856		13,285,359
UMB Financial Corp.		11,068		686,769
United Bankshares, Inc.		36,032		994,123
United Community Banks, Inc.		25,283		642,441
Univest Financial Corp.		7,105		123,485
Valley National Bancorp		111,208		951,940
Veritex Holdings, Inc.		12,013		215,633
Washington Federal, Inc.		16,850		431,697
Washington Trust Bancorp, Inc.		3,548		93,419
Webster Financial Corp.		46,132		1,859,581
Wells Fargo & Co.		964,309		39,401,666
WesBanco, Inc.		16,711		408,083
West BanCorp, Inc.		5,670		92,478
Westamerica BanCorp		7,741		334,798
Western Alliance Bancorp		27,437		1,261,279
Wintrust Financial Corp.		16,734		1,263,417

Security	Shares		Value
Banks (continued)
WSFS Financial Corp.		16,322	$	595,753
Zions Bancorp N.A		39,109		1,364,513
				363,566,936
Beverages — 1.4%
Boston Beer Co., Inc. (The), Class A, NVS(a)		2,384		928,639
Brown-Forman Corp., Class A		12,061		700,744
Brown-Forman Corp., Class B, NVS		48,310		2,787,004
Celsius Holdings, Inc.(a)		12,616		2,164,906
Coca-Cola Co. (The)		1,023,351		57,287,189
Coca-Cola Consolidated, Inc.		1,172		745,767
Constellation Brands, Inc., Class A		42,461		10,671,723
Duckhorn Portfolio, Inc. (The)(a)		15,482		158,845
Keurig Dr Pepper, Inc.		249,970		7,891,553
MGP Ingredients, Inc.		3,827		403,672
Molson Coors Beverage Co., Class B		45,857		2,916,047
Monster Beverage Corp.(a)		195,156		10,333,510
National Beverage Corp.(a)		6,654		312,871
PepsiCo, Inc.		361,978		61,333,552
Primo Water Corp.		44,312		611,506
Vita Coco Co., Inc. (The)(a)(b)		6,530		170,041
				159,417,569
Biotechnology — 2.6%
2seventy bio, Inc.(a)(b)		19,085		74,813
4D Molecular Therapeutics, Inc.(a)(b)		7,559		96,226
89bio, Inc.(a)		16,057		247,920
AbbVie, Inc.		463,672		69,114,948
ACADIA Pharmaceuticals, Inc.(a)		29,895		623,012
ACELYRIN, Inc.(a)		10,719		109,012
Adicet Bio, Inc.(a)(b)		8,409		11,520
ADMA Biologics, Inc.(a)(b)		44,328		158,694
Aerovate Therapeutics, Inc.(a)		4,572		62,042
Agenus, Inc.(a)(b)		61,026		68,959
Agios Pharmaceuticals, Inc.(a)(b)		16,068		397,683
Akero Therapeutics, Inc.(a)		13,949		705,540
Aldeyra Therapeutics, Inc.(a)		14,494		96,820
Alector, Inc.(a)		15,968		103,473
Alkermes PLC(a)		41,976		1,175,748
Allakos, Inc.(a)		24,920		56,568
Allogene Therapeutics, Inc.(a)(b)		24,578		77,912
Alnylam Pharmaceuticals, Inc.(a)		32,733		5,797,014
Alpine Immune Sciences, Inc.(a)		9,444		108,134
ALX Oncology Holdings, Inc.(a)		9,054		43,459
Amgen, Inc.		140,360		37,723,154
Amicus Therapeutics, Inc.(a)		69,575		846,032
AnaptysBio, Inc.(a)		7,178		128,917
Anavex Life Sciences Corp.(a)(b)		19,051		124,784
Anika Therapeutics, Inc.(a)		5,928		110,439
Apellis Pharmaceuticals, Inc.(a)(b)		26,135		994,175
Apogee Therapeutics, Inc.(a)(b)		5,297		112,826
Arbutus Biopharma Corp.(a)		47,875		97,186
Arcellx, Inc.(a)		10,735		385,172
Arcturus Therapeutics Holdings, Inc.(a)(b)		8,668		221,467
Arcus Biosciences, Inc.(a)(b)		11,934		214,215
Arcutis Biotherapeutics, Inc.(a)		11,321		60,115
Ardelyx, Inc.(a)		55,328		225,738
Arrowhead Pharmaceuticals, Inc.(a)		26,634		715,656
Astria Therapeutics, Inc.(a)(b)		11,179		83,395
Atara Biotherapeutics, Inc.(a)		25,997		38,476
Aura Biosciences, Inc.(a)(b)		8,590		77,052
Aurinia Pharmaceuticals, Inc.(a)(b)		37,251		289,440
Avid Bioservices, Inc.(a)		16,536		156,100
Avidity Biosciences, Inc.(a)(b)		15,510		98,954

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Avita Medical, Inc.(a)(b)		7,051	$	103,015
Beam Therapeutics, Inc.(a)(b)		17,436		419,336
BioCryst Pharmaceuticals, Inc.(a)(b)		45,536		322,395
Biogen, Inc.(a)		37,648		9,675,913
Biohaven Ltd.(a)		16,477		428,567
BioMarin Pharmaceutical, Inc.(a)(b)		49,260		4,358,525
Biomea Fusion, Inc.(a)(b)		5,160		71,002
Bioxcel Therapeutics, Inc.(a)(b)		3,800		9,614
Bluebird Bio, Inc.(a)(b)		17,096		51,972
Blueprint Medicines Corp.(a)(b)		15,368		771,781
Bridgebio Pharma, Inc.(a)		28,490		751,281
Cabaletta Bio, Inc.(a)		9,302		141,576
CareDx, Inc.(a)		12,729		89,103
Caribou Biosciences, Inc.(a)(b)		17,701		84,611
Carisma Therapeutics, Inc.(b)		13,754		58,179
Catalyst Pharmaceuticals, Inc.(a)		24,105		281,788
Celldex Therapeutics, Inc.(a)		13,294		365,851
Century Therapeutics, Inc.(a)(b)		10,097		20,194
Cerevel Therapeutics Holdings, Inc.(a)(b)		15,461		337,514
Cogent Biosciences, Inc.(a)		24,440		238,290
Coherus Biosciences, Inc.(a)		16,382		61,269
Compass Therapeutics, Inc.(a)		32,910		64,833
Crinetics Pharmaceuticals, Inc.(a)		16,872		501,773
Cullinan Oncology, Inc.(a)		8,034		72,708
Cytokinetics, Inc.(a)(b)		24,194		712,755
Day One Biopharmaceuticals, Inc.(a)(b)		18,010		220,983
Deciphera Pharmaceuticals, Inc.(a)(b)		15,938		202,731
Denali Therapeutics, Inc.(a)(b)		31,915		658,407
Design Therapeutics, Inc.(a)		8,794		20,754
Disc Medicine, Inc.(a)		2,099		98,611
Dynavax Technologies Corp.(a)(b)		36,890		544,865
Dyne Therapeutics, Inc.(a)(b)		9,394		84,170
Eagle Pharmaceuticals, Inc.(a)		3,804		59,989
Editas Medicine, Inc.(a)		18,474		144,097
Emergent BioSolutions, Inc.(a)(b)		11,829		40,219
Enanta Pharmaceuticals, Inc.(a)		4,779		53,381
Entrada Therapeutics, Inc.(a)(b)		7,386		116,699
EQRx, Inc.(a)		106,248		235,871
Erasca, Inc.(a)		17,089		33,665
Exact Sciences Corp.(a)		47,746		3,257,232
Exelixis, Inc.(a)		82,092		1,793,710
Fate Therapeutics, Inc.(a)		20,045		42,495
FibroGen, Inc.(a)		22,091		19,062
Genelux Corp.(a)(b)		5,426		132,883
Generation Bio Co.(a)(b)		20,751		78,646
Geron Corp.(a)		132,070		279,988
Gilead Sciences, Inc.		327,974		24,578,372
Halozyme Therapeutics, Inc.(a)		35,405		1,352,471
Heron Therapeutics, Inc.(a)(b)		28,006		28,846
HilleVax, Inc.(a)		5,759		77,459
Horizon Therapeutics PLC(a)		58,811		6,803,845
Humacyte, Inc.(a)		24,168		70,812
Icosavax, Inc.(a)		11,571		89,675
Ideaya Biosciences, Inc.(a)		14,104		380,526
IGM Biosciences, Inc.(a)		5,312		44,355
ImmunityBio, Inc.(a)(b)		21,535		36,394
ImmunoGen, Inc.(a)		62,758		995,970
Immunovant, Inc.(a)		15,952		612,397
Incyte Corp.(a)		48,753		2,816,461
Inhibrx, Inc.(a)(b)		7,541		138,377
Insmed, Inc.(a)(b)		35,940		907,485
Intellia Therapeutics, Inc.(a)(b)		22,987		726,849

Security	Shares		Value
Biotechnology (continued)
Intercept Pharmaceuticals, Inc.(a)		8,041	$	149,080
Ionis Pharmaceuticals, Inc.(a)(b)		37,922		1,720,142
Iovance Biotherapeutics, Inc.(a)(b)		54,042		245,891
Ironwood Pharmaceuticals, Inc., Class A(a)		39,883		384,073
iTeos Therapeutics, Inc.(a)		6,529		71,493
Janux Therapeutics, Inc.(a)		5,768		58,141
KalVista Pharmaceuticals, Inc.(a)(b)		6,414		61,767
Karuna Therapeutics, Inc.(a)		9,319		1,575,750
Karyopharm Therapeutics, Inc.(a)(b)		22,222		29,778
Keros Therapeutics, Inc.(a)(b)		6,871		219,048
Kezar Life Sciences, Inc.(a)(b)		13,974		16,629
Kiniksa Pharmaceuticals Ltd., Class A(a)		11,382		197,705
Kodiak Sciences, Inc.(a)		13,944		25,099
Krystal Biotech, Inc.(a)(b)		5,802		673,032
Kura Oncology, Inc.(a)		16,485		150,343
Kymera Therapeutics, Inc.(a)(b)		9,657		134,232
Lexicon Pharmaceuticals, Inc.(a)(b)		34,563		37,674
Lyell Immunopharma, Inc.(a)(b)		40,426		59,426
MacroGenics, Inc.(a)		16,138		75,203
Madrigal Pharmaceuticals, Inc.(a)(b)		3,802		555,244
MannKind Corp.(a)		59,320		244,992
MeiraGTx Holdings PLC(a)		16,941		83,180
Mersana Therapeutics, Inc.(a)		22,012		27,955
MiMedx Group, Inc.(a)		33,014		240,672
Mineralys Therapeutics, Inc.(a)(b)		6,143		58,420
Mirati Therapeutics, Inc.(a)(b)		10,764		468,880
Mirum Pharmaceuticals, Inc.(a)(b)		5,929		187,356
Moderna, Inc.(a)(b)		87,306		9,017,837
Monte Rosa Therapeutics, Inc.(a)(b)		14,004		67,079
Morphic Holding, Inc.(a)(b)		7,905		181,104
Myriad Genetics, Inc.(a)		22,476		360,515
Natera, Inc.(a)		27,342		1,209,884
Neurocrine Biosciences, Inc.(a)		24,970		2,809,125
Nkarta, Inc.(a)		8,613		11,972
Novavax, Inc.(a)(b)		19,334		139,978
Nurix Therapeutics, Inc.(a)		10,456		82,184
Nuvalent, Inc., Class A(a)(b)		5,919		272,096
Olema Pharmaceuticals, Inc.(a)		11,642		143,779
Organogenesis Holdings, Inc., Class A(a)		30,656		97,486
ORIC Pharmaceuticals, Inc.(a)		17,005		102,880
Outlook Therapeutics, Inc.(a)(b)		63,546		14,044
PepGen, Inc.(a)		7,319		37,181
PMV Pharmaceuticals, Inc.(a)(b)		8,204		50,373
Point Biopharma Global, Inc.(a)		25,951		173,093
Precigen, Inc.(a)(b)		59,785		84,895
Prime Medicine, Inc.(a)(b)		10,276		98,033
ProKidney Corp., Class A(a)(b)		16,028		73,408
Protagonist Therapeutics, Inc.(a)		15,643		260,925
Prothena Corp. PLC(a)		10,632		512,994
PTC Therapeutics, Inc.(a)		19,590		439,012
RAPT Therapeutics, Inc.(a)(b)		5,392		89,615
Recursion Pharmaceuticals, Inc., Class A(a)(b)		31,554		241,388
Regeneron Pharmaceuticals, Inc.(a)		27,187		22,373,814
REGENXBIO, Inc.(a)		9,164		150,839
Relay Therapeutics, Inc.(a)		19,745		166,055
Replimune Group, Inc.(a)(b)		10,181		174,197
REVOLUTION Medicines, Inc.(a)		27,075		749,436
Rhythm Pharmaceuticals, Inc.(a)(b)		13,345		305,934
Rigel Pharmaceuticals, Inc.(a)		63,014		68,055
Rocket Pharmaceuticals, Inc.(a)(b)		13,954		285,918
Roivant Sciences Ltd.(a)(b)		91,561		1,069,433
Sage Therapeutics, Inc.(a)(b)		13,379		275,340

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Sana Biotechnology, Inc.(a)(b)		22,316	$	86,363
Sangamo Therapeutics, Inc.(a)(b)		33,336		19,995
Sarepta Therapeutics, Inc.(a)		23,444		2,841,882
Savara, Inc.(a)		41,456		156,704
Scholar Rock Holding Corp.(a)(b)		12,282		87,202
Seagen, Inc.(a)		36,748		7,796,088
Seres Therapeutics, Inc.(a)(b)		17,998		42,835
SpringWorks Therapeutics, Inc.(a)		15,137		349,967
Stoke Therapeutics, Inc.(a)		7,669		30,216
Summit Therapeutics, Inc.(a)(b)		39,820		74,463
Sutro Biopharma, Inc.(a)		22,212		77,076
Syndax Pharmaceuticals, Inc.(a)		19,397		281,644
Tango Therapeutics, Inc.(a)		12,785		143,959
Tenaya Therapeutics, Inc.(a)		15,606		39,795
TG Therapeutics, Inc.(a)(b)		35,293		295,050
Travere Therapeutics, Inc.(a)		16,660		148,940
Twist Bioscience Corp.(a)(b)		14,909		302,056
Tyra Biosciences, Inc.(a)(b)		6,424		88,459
Ultragenyx Pharmaceutical, Inc.(a)		18,929		674,819
United Therapeutics Corp.(a)		11,778		2,660,297
UroGen Pharma Ltd.(a)		9,341		130,867
Vanda Pharmaceuticals, Inc.(a)(b)		14,743		63,690
Vaxcyte, Inc.(a)(b)		23,882		1,217,504
Vera Therapeutics, Inc., Class A(a)(b)		7,474		102,469
Veracyte, Inc.(a)		17,206		384,210
Vericel Corp.(a)		11,469		384,441
Vertex Pharmaceuticals, Inc.(a)		67,688		23,537,825
Verve Therapeutics, Inc.(a)(b)		12,299		163,085
Viking Therapeutics, Inc.(a)(b)		24,977		276,495
Vir Biotechnology, Inc.(a)		19,866		186,144
Viridian Therapeutics, Inc.(a)		10,300		158,002
Voyager Therapeutics, Inc.(a)		8,853		68,611
X4 Pharmaceuticals, Inc.(a)		54,582		59,494
Xencor, Inc.(a)		14,770		297,616
Y-mAbs Therapeutics, Inc.(a)		9,017		49,143
Zentalis Pharmaceuticals, Inc.(a)(b)		13,881		278,453
Zymeworks, Inc.(a)(b)		13,866		87,910
				283,190,262
Broadline Retail — 2.9%
Amazon.com, Inc.(a)		2,367,300		300,931,176
Big Lots, Inc.(b)		8,851		45,229
ContextLogic, Inc., Class A(a)(b)		5,580		24,608
Coupang, Inc., Class A(a)		287,265		4,883,505
Dillard’s, Inc., Class A		1,039		343,712
eBay, Inc.		140,136		6,178,596
Etsy, Inc.(a)		32,922		2,126,103
Kohl’s Corp.		28,981		607,442
Macy’s, Inc.		72,920		846,601
Nordstrom, Inc.		28,712		428,957
Ollie’s Bargain Outlet Holdings, Inc.(a)		16,792		1,296,006
Savers Value Village, Inc.(a)		6,767		126,340
				317,838,275
Building Products — 0.7%
A O Smith Corp.		32,979		2,180,901
AAON, Inc.		17,355		986,979
Advanced Drainage Systems, Inc.		17,961		2,044,501
Allegion PLC		22,823		2,378,157
American Woodmark Corp.(a)		4,711		356,199
Apogee Enterprises, Inc.		6,885		324,146
Armstrong World Industries, Inc.		11,986		862,992
AZEK Co., Inc. (The), Class A(a)		32,671		971,635
AZZ, Inc.		6,661		303,608

Security	Shares		Value
Building Products (continued)
Builders FirstSource, Inc.(a)(b)		33,377	$	4,155,103
Carlisle Cos., Inc.		12,918		3,349,121
Carrier Global Corp.		219,170		12,098,184
CSW Industrials, Inc.		3,654		640,327
Fortune Brands Innovations, Inc.		33,960		2,110,954
Gibraltar Industries, Inc.(a)		8,039		542,713
Griffon Corp.		10,979		435,537
Hayward Holdings, Inc.(a)(b)		37,374		526,973
Insteel Industries, Inc.		4,236		137,501
Janus International Group, Inc.(a)		21,993		235,325
JELD-WEN Holding, Inc.(a)		21,516		287,454
Johnson Controls International PLC		181,230		9,643,248
Lennox International, Inc.		8,351		3,126,948
Masco Corp.		58,589		3,131,582
Masonite International Corp.(a)		6,124		570,879
Masterbrand, Inc.(a)		33,770		410,305
Owens Corning		23,535		3,210,409
PGT Innovations, Inc.(a)		14,662		406,870
Quanex Building Products Corp.		8,953		252,206
Resideo Technologies, Inc.(a)		37,405		590,999
Simpson Manufacturing Co., Inc.		11,474		1,718,920
Trane Technologies PLC		59,716		12,116,974
Trex Co., Inc.(a)(b)		28,181		1,736,795
UFP Industries, Inc.		16,139		1,652,634
Zurn Elkay Water Solutions Corp.		38,468		1,077,873
				74,574,952
Capital Markets — 2.9%
Affiliated Managers Group, Inc.		9,893		1,289,454
Ameriprise Financial, Inc.		27,730		9,142,026
Ares Management Corp., Class A		42,013		4,321,877
Artisan Partners Asset Management, Inc., Class A		14,769		552,656
AssetMark Financial Holdings, Inc.(a)		6,947		174,231
Avantax, Inc.(a)		8,666		221,676
B Riley Financial, Inc.		5,710		234,053
Bank of New York Mellon Corp. (The)		204,631		8,727,512
BGC Group, Inc., Class A		86,272		455,516
BlackRock, Inc.(c)		39,005		25,216,342
Blackstone, Inc., Class A, NVS		186,931		20,027,787
Blue Owl Capital, Inc., Class A		117,108		1,517,720
Brightsphere Investment Group, Inc.		8,438		163,613
Carlyle Group, Inc. (The)		56,582		1,706,513
Cboe Global Markets, Inc.		27,500		4,295,775
Charles Schwab Corp. (The)		388,742		21,341,936
CME Group, Inc., Class A		94,244		18,869,534
Cohen & Steers, Inc.		6,018		377,268
Coinbase Global, Inc., Class A(a)(b)		43,904		3,296,312
Diamond Hill Investment Group, Inc., Class A		675		113,785
Donnelley Financial Solutions, Inc.(a)		6,375		358,785
Evercore, Inc., Class A		9,403		1,296,486
FactSet Research Systems, Inc.		9,942		4,347,239
Forge Global Holdings, Inc.(a)		46,044		93,469
Franklin Resources, Inc.		74,653		1,834,971
GCM Grosvenor, Inc., Class A		12,875		99,910
Goldman Sachs Group, Inc. (The)		84,699		27,406,055
Hamilton Lane, Inc., Class A		9,222		834,038
Houlihan Lokey, Inc., Class A		13,630		1,460,046
Interactive Brokers Group, Inc., Class A		26,153		2,263,804
Intercontinental Exchange, Inc.		149,164		16,411,023
Invesco Ltd.		98,956		1,436,841
Janus Henderson Group PLC		38,103		983,820
Jefferies Financial Group, Inc.		50,095		1,834,980

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
KKR & Co., Inc., Class A		169,370	$	10,433,192
Lazard Ltd., Class A		28,679		889,336
LPL Financial Holdings, Inc.		20,251		4,812,650
MarketAxess Holdings, Inc.		9,877		2,110,122
Moelis & Co., Class A		16,225		732,234
Moody’s Corp.		41,626		13,160,892
Morgan Stanley		315,457		25,763,373
Morningstar, Inc.		6,710		1,571,750
MSCI, Inc., Class A		20,167		10,347,284
Nasdaq, Inc.		90,363		4,390,738
Northern Trust Corp.		53,016		3,683,552
Open Lending Corp.(a)		26,570		194,492
P10, Inc., Class A		9,687		112,854
Patria Investments Ltd., Class A		14,131		206,030
Perella Weinberg Partners, Class A		8,223		83,710
Piper Sandler Cos.		4,909		713,327
PJT Partners, Inc., Class A		6,254		496,818
Raymond James Financial, Inc.		49,870		5,008,444
Robinhood Markets, Inc., Class A(a)(b)		173,993		1,706,871
S&P Global, Inc.		84,462		30,863,259
Sculptor Capital Management, Inc.		10,605		123,018
SEI Investments Co.		26,569		1,600,251
State Street Corp.		83,859		5,615,199
StepStone Group, Inc., Class A		14,905		470,700
Stifel Financial Corp.		27,452		1,686,651
StoneX Group, Inc.(a)		5,231		506,989
T Rowe Price Group, Inc.		57,521		6,032,227
TPG, Inc., Class A		16,815		506,468
Tradeweb Markets, Inc., Class A		30,080		2,412,416
Victory Capital Holdings, Inc., Class A		7,822		260,786
Virtu Financial, Inc., Class A		27,444		473,958
Virtus Investment Partners, Inc.		1,729		349,241
WisdomTree, Inc.		39,606		277,242
XP, Inc., Class A		87,058		2,006,687
				322,309,814
Chemicals — 1.7%
AdvanSix, Inc.		7,778		241,740
Air Products & Chemicals, Inc.		58,482		16,573,799
Albemarle Corp.		30,577		5,199,313
American Vanguard Corp.		8,712		95,222
Ashland, Inc.		12,147		992,167
Aspen Aerogels, Inc.(a)(b)		10,365		89,139
Avient Corp.		22,760		803,883
Axalta Coating Systems Ltd.(a)		55,987		1,506,050
Balchem Corp.		8,060		999,762
Cabot Corp.		13,944		965,901
Celanese Corp., Class A		25,906		3,251,721
CF Industries Holdings, Inc.		51,693		4,432,158
Chase Corp.		2,253		286,649
Chemours Co. (The)		37,814		1,060,683
Corteva, Inc.		187,836		9,609,690
Danimer Scientific, Inc., Class A(a)(b)		27,151		56,203
Dow, Inc.		186,665		9,624,447
DuPont de Nemours, Inc.		120,925		9,019,796
Eastman Chemical Co.		31,431		2,411,386
Ecolab, Inc.		65,524		11,099,766
Ecovyst, Inc.(a)(b)		25,350		249,444
Element Solutions, Inc.		58,232		1,141,930
FMC Corp.		32,638		2,185,767
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		402,343		728,241
Hawkins, Inc.		4,426		260,470
HB Fuller Co.		13,364		916,904

Security	Shares		Value
Chemicals (continued)
Huntsman Corp.		44,552	$	1,087,069
Ingevity Corp.(a)(b)		9,610		457,532
Innospec, Inc.		6,437		657,861
International Flavors & Fragrances, Inc.		67,590		4,607,610
Intrepid Potash, Inc.(a)(b)		2,861		71,983
Koppers Holdings, Inc.		5,140		203,287
Linde PLC		128,898		47,995,170
Livent Corp.(a)(b)		47,716		878,452
LSB Industries, Inc.(a)		19,260		197,030
LyondellBasell Industries NV, Class A		67,480		6,390,356
Mativ Holdings, Inc.		13,772		196,389
Minerals Technologies, Inc.		9,595		525,422
Mosaic Co. (The)		86,737		3,087,837
NewMarket Corp.		1,748		795,410
Olin Corp.		33,038		1,651,239
Origin Materials, Inc., Class A(a)(b)		31,686		40,558
Orion SA		15,796		336,139
Perimeter Solutions SA(a)(b)		38,054		172,765
PPG Industries, Inc.		61,815		8,023,587
PureCycle Technologies, Inc.(a)(b)		27,421		153,832
Quaker Chemical Corp.(b)		3,506		560,960
Rayonier Advanced Materials, Inc.(a)		16,034		56,760
RPM International, Inc.		33,082		3,136,504
Scotts Miracle-Gro Co. (The)		10,600		547,808
Sensient Technologies Corp.		11,278		659,538
Sherwin-Williams Co. (The)		62,386		15,911,549
Stepan Co.		6,030		452,069
Trinseo PLC		9,689		79,159
Tronox Holdings PLC		26,647		358,136
Westlake Corp.(b)		8,939		1,114,425
				184,208,667
Commercial Services & Supplies — 0.6%
ABM Industries, Inc.		17,333		693,493
ACCO Brands Corp.		27,455		157,592
ACV Auctions, Inc., Class A(a)(b)		33,169		503,505
Aris Water Solutions, Inc., Class A		6,420		64,072
BrightView Holdings, Inc.(a)		13,771		106,725
Brink’s Co. (The)		11,520		836,813
Casella Waste Systems, Inc., Class A(a)		14,420		1,100,246
CECO Environmental Corp.(a)(b)		8,351		133,365
Cimpress PLC(a)		4,399		307,974
Cintas Corp.		22,790		10,962,218
Clean Harbors, Inc.(a)		13,329		2,230,741
Copart, Inc.(a)		225,837		9,731,316
CoreCivic, Inc.(a)		30,206		339,818
Deluxe Corp.		10,766		203,370
Driven Brands Holdings, Inc.(a)		16,773		211,172
Ennis, Inc.		6,439		136,636
Enviri Corp.(a)		22,573		162,977
GEO Group, Inc. (The)(a)		32,760		267,977
Healthcare Services Group, Inc.		19,997		208,569
Heritage-Crystal Clean, Inc.(a)		5,174		234,641
HNI Corp.		12,765		442,052
Interface, Inc., Class A		14,261		139,900
Li-Cycle Holdings Corp.(a)(b)		35,749		126,909
Liquidity Services, Inc.(a)		6,677		117,649
Matthews International Corp., Class A		7,825		304,471
MillerKnoll, Inc.		20,794		508,413
Montrose Environmental Group, Inc.(a)		5,938		173,746
MSA Safety, Inc.		9,517		1,500,355
OPENLANE, Inc.(a)		28,177		420,401
RB Global, Inc.(b)		47,610		2,975,625

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Republic Services, Inc.		54,450	$	7,759,669
Rollins, Inc.		67,261		2,510,853
SP Plus Corp.(a)		5,881		212,304
Steelcase, Inc., Class A		24,946		278,647
Stericycle, Inc.(a)		23,773		1,062,891
Tetra Tech, Inc.		14,062		2,137,846
UniFirst Corp.		4,061		661,984
Viad Corp.(a)		4,972		130,266
VSE Corp.		2,937		148,142
Waste Management, Inc.		106,711		16,267,025
				66,472,368
Communications Equipment — 0.9%
ADTRAN Holdings, Inc.		18,298		150,593
Arista Networks, Inc.(a)		65,768		12,096,708
Aviat Networks, Inc.(a)		3,496		109,075
Calix, Inc.(a)		14,358		658,171
Cambium Networks Corp.(a)		4,476		32,809
Ciena Corp.(a)		39,556		1,869,417
Cisco Systems, Inc.		1,077,382		57,920,056
Clearfield, Inc.(a)		3,363		96,384
CommScope Holding Co., Inc.(a)		51,335		172,486
Comtech Telecommunications Corp.		7,951		69,571
Digi International, Inc.(a)		8,552		230,904
Extreme Networks, Inc.(a)		34,721		840,596
F5, Inc.(a)		15,552		2,506,049
Harmonic, Inc.(a)		31,743		305,685
Infinera Corp.(a)(b)		52,413		219,086
Juniper Networks, Inc.		83,089		2,309,043
Lumentum Holdings, Inc.(a)(b)		18,796		849,203
Motorola Solutions, Inc.		43,315		11,792,076
NETGEAR, Inc.(a)		8,648		108,878
NetScout Systems, Inc.(a)		16,370		458,687
Ribbon Communications, Inc.(a)(b)		23,169		62,093
Ubiquiti, Inc.		1,048		152,274
Viasat, Inc.(a)(b)		30,790		568,384
Viavi Solutions, Inc.(a)		63,148		577,173
				94,155,401
Construction & Engineering — 0.3%
AECOM		33,853		2,811,153
Ameresco, Inc., Class A(a)(b)		7,897		304,508
API Group Corp.(a)		55,635		1,442,616
Arcosa, Inc.		12,647		909,319
Argan, Inc.		3,801		173,022
Bowman Consulting Group Ltd.(a)		3,291		92,247
Comfort Systems U.S.A., Inc.		8,968		1,528,237
Construction Partners, Inc., Class A(a)		8,770		320,631
Dycom Industries, Inc.(a)(b)		7,081		630,209
EMCOR Group, Inc.		12,373		2,603,155
Eneti, Inc.		9,412		94,873
Fluor Corp.(a)(b)		38,559		1,415,115
Granite Construction, Inc.		13,218		502,548
Great Lakes Dredge & Dock Corp.(a)		14,548		115,948
IES Holdings, Inc.(a)		2,654		174,819
Limbach Holdings, Inc.(a)(b)		3,596		114,101
MasTec, Inc.(a)		16,577		1,193,047
MDU Resources Group, Inc.		51,553		1,009,408
MYR Group, Inc.(a)		4,034		543,622
Northwest Pipe Co.(a)		3,960		119,473
Primoris Services Corp.		15,434		505,155
Quanta Services, Inc.		37,990		7,106,789
Sterling Infrastructure, Inc.(a)		8,156		599,303
Tutor Perini Corp.(a)		13,100		102,573

Security	Shares		Value
Construction & Engineering (continued)
Valmont Industries, Inc.		5,447	$	1,308,424
WillScot Mobile Mini Holdings Corp.(a)		51,546		2,143,798
				27,864,093
Construction Materials — 0.2%
Eagle Materials, Inc.		9,431		1,570,450
Knife River Corp.(a)		15,106		737,626
Martin Marietta Materials, Inc.		16,186		6,644,030
Summit Materials, Inc., Class A(a)(b)		32,065		998,504
United States Lime & Minerals, Inc.		672		135,072
Vulcan Materials Co.		34,962		7,063,023
				17,148,705
Consumer Finance — 0.5%
Ally Financial, Inc.		71,355		1,903,751
American Express Co.		155,227		23,158,316
Bread Financial Holdings, Inc.		12,814		438,239
Capital One Financial Corp.		99,176		9,625,031
Credit Acceptance Corp.(a)(b)		1,803		829,596
Discover Financial Services		65,193		5,647,670
Encore Capital Group, Inc.(a)(b)		6,439		307,527
Enova International, Inc.(a)		7,574		385,289
FirstCash Holdings, Inc.		9,635		967,161
Green Dot Corp., Class A(a)		14,236		198,308
LendingClub Corp.(a)		25,429		155,117
LendingTree, Inc.(a)		3,828		59,334
Navient Corp.		25,041		431,206
Nelnet, Inc., Class A		3,196		285,467
NerdWallet, Inc., Class A(a)(b)		5,845		51,962
OneMain Holdings, Inc.		29,170		1,169,425
PRA Group, Inc.(a)		9,443		181,400
PROG Holdings, Inc.(a)		14,497		481,445
Regional Management Corp.		3,341		92,479
SLM Corp.		64,033		872,130
SoFi Technologies, Inc.(a)(b)		240,414		1,920,908
Synchrony Financial		109,718		3,354,079
Upstart Holdings, Inc.(a)(b)		19,948		569,316
World Acceptance Corp.(a)		974		123,756
				53,208,912
Consumer Staples Distribution & Retail — 1.7%
Albertsons Cos., Inc., Class A		109,178		2,483,800
Andersons, Inc. (The)		9,715		500,420
BJ’s Wholesale Club Holdings, Inc.(a)		34,631		2,471,614
Casey’s General Stores, Inc.		9,869		2,679,631
Chefs’ Warehouse, Inc. (The)(a)		7,498		158,808
Costco Wholesale Corp.		116,412		65,768,124
Dollar General Corp.		57,452		6,078,422
Dollar Tree, Inc.(a)		55,304		5,887,111
Grocery Outlet Holding Corp.(a)		25,888		746,869
Ingles Markets, Inc., Class A		4,177		314,653
Kroger Co. (The)		170,759		7,641,465
Performance Food Group Co.(a)		39,412		2,319,790
PriceSmart, Inc.		7,274		541,404
SpartanNash Co.		8,905		195,910
Sprouts Farmers Market, Inc.(a)		27,419		1,173,533
Sysco Corp.		133,026		8,786,367
Target Corp.		120,620		13,336,953
U.S. Foods Holding Corp.(a)		59,453		2,360,284
United Natural Foods, Inc.(a)(b)		13,937		197,069
Walgreens Boots Alliance, Inc.		189,158		4,206,874
Walmart, Inc.		375,045		59,980,947
Weis Markets, Inc.		4,686		295,218
				188,125,266

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging — 0.3%
Amcor PLC		383,932	$	3,516,817
AptarGroup, Inc.		17,163		2,146,062
Ardagh Group SA, Class A(a)		4,919		26,833
Ardagh Metal Packaging SA		41,863		131,031
Avery Dennison Corp.		21,386		3,906,581
Ball Corp.		81,693		4,066,678
Berry Global Group, Inc.		32,528		2,013,808
Crown Holdings, Inc.		27,805		2,460,186
Graphic Packaging Holding Co.		81,907		1,824,888
Greif, Inc., Class A, NVS		6,247		417,362
Greif, Inc., Class B		1,975		131,456
International Paper Co.		90,784		3,220,108
Myers Industries, Inc.		9,592		171,985
O-I Glass, Inc.(a)		43,121		721,414
Packaging Corp. of America		22,960		3,525,508
Pactiv Evergreen, Inc.		10,455		84,999
Sealed Air Corp.		37,823		1,242,864
Silgan Holdings, Inc.		21,790		939,367
Sonoco Products Co.		25,757		1,399,893
TriMas Corp.		9,741		241,187
Westrock Co.		66,727		2,388,827
				34,577,854
Distributors — 0.1%
Genuine Parts Co.		36,770		5,308,853
LKQ Corp.		69,832		3,457,382
Pool Corp.(b)		10,122		3,604,444
				12,370,679
Diversified Consumer Services — 0.1%
2U, Inc.(a)(b)		18,323		45,258
ADT, Inc.		54,459		326,754
Adtalem Global Education, Inc.(a)		12,597		539,781
Bright Horizons Family Solutions, Inc.(a)(b)		14,809		1,206,341
Carriage Services, Inc.		3,866		109,215
Chegg, Inc.(a)		31,712		282,871
Coursera, Inc.(a)(b)		34,426		643,422
Duolingo, Inc., Class A(a)(b)		7,459		1,237,224
European Wax Center, Inc., Class A(a)		6,745		109,269
Frontdoor, Inc.(a)		22,570		690,416
Graham Holdings Co., Class B		1,020		594,660
Grand Canyon Education, Inc.(a)		7,961		930,482
H&R Block, Inc.		41,025		1,766,536
Laureate Education, Inc., Class A		34,916		492,316
Mister Car Wash, Inc.(a)		19,983		110,106
OneSpaWorld Holdings Ltd.(a)		13,845		155,341
Perdoceo Education Corp.		19,949		341,128
Rover Group, Inc., Class A(a)		32,368		202,624
Service Corp. International		39,651		2,265,658
Strategic Education, Inc.		5,838		439,309
Stride, Inc.(a)		11,031		496,726
Udemy, Inc.(a)		22,081		209,770
Universal Technical Institute, Inc.(a)		13,647		114,362
WW International, Inc.(a)(b)		16,189		179,212
				13,488,781
Diversified REITs — 0.1%
Alexander & Baldwin, Inc.		19,990		334,433
American Assets Trust, Inc.		12,265		238,554
Armada Hoffler Properties, Inc.		14,650		150,016
Broadstone Net Lease, Inc.		46,063		658,701
CTO Realty Growth, Inc.		6,627		107,424
Empire State Realty Trust, Inc., Class A(b)		38,250		307,530
Essential Properties Realty Trust, Inc.		40,870		884,018

Security	Shares		Value
Diversified REITs (continued)
Gladstone Commercial Corp.		9,672	$	117,611
Global Net Lease, Inc.		54,382		522,611
NexPoint Diversified Real Estate Trust		9,773		85,123
NexPoint Diversified Real Estate Trust(a)(d)		9,806		1,177
One Liberty Properties, Inc.		4,562		86,085
Star Holdings(a)		2,381		29,810
WP Carey, Inc.		55,282		2,989,650
				6,512,743
Diversified Telecommunication Services — 0.6%
Anterix, Inc.(a)		3,152		98,910
AST SpaceMobile, Inc., Class A(a)(b)		17,789		67,598
AT&T Inc.		1,881,121		28,254,437
ATN International, Inc.		3,037		95,848
Bandwidth, Inc., Class A(a)		8,420		94,893
Cogent Communications Holdings, Inc.		11,414		706,527
Consolidated Communications Holdings, Inc.(a)		20,532		70,219
EchoStar Corp., Class A(a)(b)		9,579		160,448
Frontier Communications Parent, Inc.(a)(b)		62,386		976,341
GCI Liberty, Inc. Escrow, Class A(a)(d)		28,033		—
Globalstar, Inc.(a)(b)		170,151		222,898
IDT Corp., Class B(a)		5,191		114,462
Iridium Communications, Inc.		33,293		1,514,499
Liberty Latin America Ltd., Class A(a)		11,761		95,970
Liberty Latin America Ltd., Class C, NVS(a)(b)		42,336		345,462
Lumen Technologies, Inc.(a)		265,407		376,878
Ooma, Inc.(a)		7,019		91,317
Verizon Communications, Inc.		1,105,550		35,830,875
				69,117,582
Electric Utilities — 1.4%
ALLETE, Inc.		14,834		783,235
Alliant Energy Corp.		66,821		3,237,478
American Electric Power Co., Inc.		135,115		10,163,350
Avangrid, Inc.		19,090		575,945
Constellation Energy Corp.		86,401		9,424,621
Duke Energy Corp.		202,506		17,873,180
Edison International		99,171		6,276,533
Entergy Corp.		55,499		5,133,658
Evergy, Inc.		58,920		2,987,244
Eversource Energy		91,235		5,305,315
Exelon Corp.		259,973		9,824,380
FirstEnergy Corp.		143,143		4,892,628
Genie Energy Ltd., Class B		8,154		120,108
Hawaiian Electric Industries, Inc.		28,885		355,574
IDACORP, Inc.		12,788		1,197,596
MGE Energy, Inc.		9,394		643,583
NextEra Energy, Inc.		531,904		30,472,780
NRG Energy, Inc.		60,492		2,330,152
OGE Energy Corp.		51,178		1,705,763
Otter Tail Corp.		10,447		793,136
PG&E Corp.(a)		526,392		8,490,703
Pinnacle West Capital Corp.		30,308		2,233,093
PNM Resources, Inc.		22,130		987,219
Portland General Electric Co.		26,509		1,073,084
PPL Corp.		192,632		4,538,410
Southern Co. (The)		286,664		18,552,894
Xcel Energy, Inc.		143,895		8,233,672
				158,205,334
Electrical Equipment — 0.8%
Acuity Brands, Inc.		8,459		1,440,652
Allient, Inc.		3,466		107,169
AMETEK, Inc.		60,603		8,954,699

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Array Technologies, Inc.(a)		40,734	$	903,887
Atkore, Inc.(a)(b)		9,852		1,469,820
Babcock & Wilcox Enterprises, Inc.(a)		17,081		71,911
Blink Charging Co.(a)(b)		9,813		30,028
Bloom Energy Corp., Class A(a)(b)		51,183		678,687
ChargePoint Holdings, Inc., Class A(a)(b)		86,716		430,979
Eaton Corp. PLC		104,488		22,285,201
Emerson Electric Co.		149,854		14,471,401
Encore Wire Corp.		4,353		794,248
Energy Vault Holdings, Inc.(a)(b)		35,445		90,385
EnerSys		11,361		1,075,546
Enovix Corp.(a)(b)		37,799		474,377
Eos Energy Enterprises, Inc., Class A(a)(b)		31,879		68,540
ESS Tech, Inc.(a)(b)		31,728		59,649
Fluence Energy, Inc., Class A(a)(b)		8,829		202,979
FuelCell Energy, Inc.(a)(b)		99,507		127,369
Generac Holdings, Inc.(a)		16,357		1,782,259
GrafTech International Ltd.		56,446		216,188
Hubbell, Inc.		13,905		4,357,966
LSI Industries, Inc.		8,888		141,141
NEXTracker, Inc., Class A(a)		11,321		454,651
NuScale Power Corp., Class A(a)(b)		10,165		49,808
nVent Electric PLC		43,688		2,315,027
Plug Power, Inc.(a)(b)		134,519		1,022,344
Powell Industries, Inc.		2,809		232,866
Preformed Line Products Co.		870		141,445
Regal Rexnord Corp.		17,162		2,452,107
Rockwell Automation, Inc.		30,180		8,627,557
Sensata Technologies Holding PLC		39,941		1,510,569
SES AI Corp., Class A(a)(b)		44,578		101,192
Shoals Technologies Group, Inc., Class A(a)(b)		42,516		775,917
Stem, Inc.(a)(b)		41,890		177,614
SunPower Corp.(a)(b)		20,160		124,387
Sunrun, Inc.(a)(b)		53,057		666,396
Thermon Group Holdings, Inc.(a)		8,650		237,615
TPI Composites, Inc.(a)(b)		10,473		27,753
Vertiv Holdings Co., Class A		90,162		3,354,026
Vicor Corp.(a)		5,481		322,776
				82,829,131
Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.(a)(b)		7,819		52,075
Advanced Energy Industries, Inc.		9,465		976,031
Akoustis Technologies, Inc.(a)		33,319		25,086
Amphenol Corp., Class A		152,903		12,842,323
Arlo Technologies, Inc.(a)		21,434		220,770
Arrow Electronics, Inc.(a)		15,300		1,916,172
Avnet, Inc.		24,085		1,160,656
Badger Meter, Inc.		7,980		1,148,083
Bel Fuse, Inc., Class B, NVS		2,719		129,751
Belden, Inc.		11,083		1,070,064
Benchmark Electronics, Inc.		10,522		255,264
CDW Corp.		35,375		7,137,260
Cognex Corp.		44,833		1,902,713
Coherent Corp.(a)		30,431		993,268
Corning, Inc.		199,440		6,076,937
Crane NXT Co.		12,483		693,680
CTS Corp.		8,192		341,934
Daktronics, Inc.(a)		13,531		120,697
ePlus, Inc.(a)		7,516		477,416
Evolv Technologies Holdings, Inc., Class A(a)		33,888		164,696
Fabrinet(a)		9,339		1,556,064
FARO Technologies, Inc.(a)		4,156		63,296

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Insight Enterprises, Inc.(a)(b)		7,275	$	1,058,512
IPG Photonics Corp.(a)		8,425		855,474
Itron, Inc.(a)		11,664		706,605
Jabil, Inc.		33,944		4,307,154
Keysight Technologies, Inc.(a)		46,866		6,200,840
Kimball Electronics, Inc.(a)		5,966		163,349
Knowles Corp.(a)		25,792		381,980
Lightwave Logic, Inc.(a)(b)		31,301		139,915
Littelfuse, Inc.		6,221		1,538,578
Luna Innovations, Inc.(a)(b)		11,418		66,909
Methode Electronics, Inc.		9,192		210,037
MicroVision, Inc.(a)(b)		41,270		90,381
Mirion Technologies, Inc., Class A(a)(b)		55,666		415,825
Napco Security Technologies, Inc.		7,546		167,899
National Instruments Corp.		34,617		2,063,866
nLight, Inc.(a)		10,781		112,122
Novanta, Inc.(a)		8,940		1,282,354
OSI Systems, Inc.(a)		4,511		532,478
PAR Technology Corp.(a)(b)		7,364		283,809
PC Connection, Inc.		2,960		158,005
Plexus Corp.(a)		7,380		686,192
Rogers Corp.(a)		4,955		651,434
Sanmina Corp.(a)		13,872		752,972
ScanSource, Inc.(a)		6,742		204,350
SmartRent, Inc., Class A(a)		38,044		99,295
TD SYNNEX Corp.		10,892		1,087,675
Teledyne Technologies, Inc.(a)		12,242		5,001,836
Trimble, Inc.(a)		64,261		3,461,097
TTM Technologies, Inc.(a)		23,829		306,918
Vishay Intertechnology, Inc.		31,977		790,471
Vishay Precision Group, Inc.(a)		3,216		107,993
Vontier Corp.		42,277		1,307,205
Vuzix Corp.(a)(b)		19,814		71,925
Zebra Technologies Corp., Class A(a)(b)		13,262		3,136,861
				77,726,552
Energy Equipment & Services — 0.6%
AESI Holdings, Inc., Class A(b)		6,596		146,629
Archrock, Inc.		34,727		437,560
Baker Hughes Co., Class A		265,654		9,382,899
Borr Drilling Ltd.(a)		62,128		441,109
Bristow Group, Inc.(a)		6,111		172,147
Cactus, Inc., Class A		17,210		864,114
ChampionX Corp.		50,896		1,812,915
Core Laboratories, Inc.		12,185		292,562
Diamond Offshore Drilling, Inc.(a)		26,223		384,954
DMC Global, Inc.(a)		6,342		155,189
Dril-Quip, Inc.(a)(b)		9,837		277,108
Expro Group Holdings NV(a)		20,015		464,948
Halliburton Co.		235,968		9,556,704
Helix Energy Solutions Group, Inc.(a)		35,341		394,759
Helmerich & Payne, Inc.		26,724		1,126,684
Kodiak Gas Services, Inc.(a)		6,484		115,934
Liberty Energy, Inc., Class A		47,203		874,200
Nabors Industries Ltd.(a)		2,232		274,848
Newpark Resources, Inc.(a)		26,017		179,777
Noble Corp. PLC		27,983		1,417,339
NOV, Inc.		103,968		2,172,931
Oceaneering International, Inc.(a)		24,499		630,114
Oil States International, Inc.(a)		22,862		191,355
Patterson-UTI Energy, Inc.		89,965		1,245,116
ProFrac Holding Corp., Class A(a)		8,111		88,248
ProPetro Holding Corp.(a)		19,801		210,485

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
RPC, Inc.		20,563	$	183,833
Schlumberger NV		373,742		21,789,159
SEACOR Marine Holdings, Inc.(a)		9,837		136,538
Seadrill Ltd.(a)		13,134		588,272
Select Water Solutions, Inc., Class A		22,335		177,563
Solaris Oilfield Infrastructure, Inc., Class A		12,455		132,770
TechnipFMC PLC		115,049		2,340,097
TETRA Technologies, Inc.(a)		41,996		267,934
Tidewater, Inc.(a)		12,922		918,367
U.S. Silica Holdings, Inc.(a)		21,132		296,693
Valaris Ltd.(a)		15,533		1,164,664
Weatherford International PLC(a)		18,129		1,637,593
				62,944,111
Entertainment — 1.3%
Activision Blizzard, Inc.		190,422		17,829,212
AMC Entertainment Holdings, Inc., Class A(a)(b)		15,226		121,656
Atlanta Braves Holdings, Inc., Class A(a)		3,108		121,429
Atlanta Braves Holdings, Inc., Class C, NVS(a)		10,208		364,732
Cinemark Holdings, Inc.(a)(b)		28,937		530,994
Electronic Arts, Inc.		72,229		8,696,371
IMAX Corp.(a)		14,709		284,178
Liberty Media Corp. - Liberty Formula One, Class A(a)		6,502		367,623
Liberty Media Corp. - Liberty Formula One, Class C(a)		50,837		3,167,145
Liberty Media Corp. - Liberty Live, Class A(a)		4,949		157,972
Liberty Media Corp. - Liberty Live, Class C, NVS(a)(b)		12,135		389,533
Lions Gate Entertainment Corp., Class A(a)(b)		14,083		119,424
Lions Gate Entertainment Corp., Class B, NVS(a)		33,340		262,386
Live Nation Entertainment, Inc.(a)		41,525		3,448,236
Madison Square Garden Entertainment Corp.(a)		11,236		369,777
Madison Square Garden Sports Corp., Class A		5,216		919,581
Marcus Corp. (The)		7,194		111,507
Netflix, Inc.(a)		115,219		43,506,694
Playstudios, Inc., Class A(a)(b)		27,343		86,951
Playtika Holding Corp.(a)		6,176		59,475
ROBLOX Corp., Class A(a)		120,637		3,493,647
Roku, Inc., Class A(a)		32,985		2,328,411
Sphere Entertainment Co., Class A(a)(b)		6,800		252,688
Spotify Technology SA(a)		36,548		5,651,783
Take-Two Interactive Software, Inc.(a)		42,987		6,034,945
TKO Group Holdings, Inc., Class A(b)		11,466		963,832
Walt Disney Co. (The)(a)		480,493		38,943,958
Warner Bros Discovery, Inc., Class A(a)		577,757		6,274,441
				144,858,581
Financial Services — 4.2%
Affirm Holdings, Inc., Class A(a)(b)		56,992		1,212,220
Alerus Financial Corp.		5,524		100,426
A-Mark Precious Metals, Inc.		5,084		149,114
Apollo Global Management, Inc.		136,865		12,285,002
AvidXchange Holdings, Inc.(a)		37,630		356,732
Banco Latinoamericano de Comercio Exterior SA, Class E		10,782		228,578
Berkshire Hathaway, Inc., Class B(a)		481,153		168,547,896
Block, Inc., Class A(a)		142,330		6,299,526
Cannae Holdings, Inc.(a)		16,549		308,473
Cantaloupe, Inc.(a)		24,315		151,969
Cass Information Systems, Inc.		3,363		125,272
Compass Diversified Holdings		20,036		376,076
Enact Holdings, Inc.		8,396		228,623
Equitable Holdings, Inc.		95,538		2,712,324

Security	Shares		Value
Financial Services (continued)
Essent Group Ltd.		28,917	$	1,367,485
Euronet Worldwide, Inc.(a)		12,247		972,167
EVERTEC, Inc.		18,923		703,557
Federal Agricultural Mortgage Corp., Class C, NVS		2,491		384,361
Fidelity National Information Services, Inc.		155,356		8,586,526
Fiserv, Inc.(a)		160,142		18,089,640
FleetCor Technologies, Inc.(a)(b)		18,826		4,807,031
Flywire Corp.(a)		24,969		796,261
Global Payments, Inc.		68,833		7,942,640
I3 Verticals, Inc., Class A(a)		6,063		128,172
International Money Express, Inc.(a)		9,445		159,904
Jack Henry & Associates, Inc.		18,970		2,867,126
Jackson Financial, Inc., Class A		19,798		756,680
Marqeta, Inc., Class A(a)		138,672		829,259
Mastercard, Inc., Class A		220,446		87,276,776
Merchants Bancorp		5,137		142,398
MGIC Investment Corp.		74,980		1,251,416
Mr. Cooper Group, Inc.(a)		16,472		882,240
NewtekOne, Inc.		6,571		96,922
NMI Holdings, Inc., Class A(a)		21,911		593,569
Ocwen Financial Corp.(a)		3,418		88,458
Pagseguro Digital Ltd., Class A(a)		52,012		447,823
Payoneer Global, Inc.(a)		72,535		443,914
PayPal Holdings, Inc.(a)		294,497		17,216,295
Paysafe Ltd.(a)		7,671		91,975
PennyMac Financial Services, Inc., Class A		6,688		445,421
Radian Group, Inc.		40,621		1,019,993
Remitly Global, Inc.(a)		34,154		861,364
Repay Holdings Corp., Class A(a)(b)		20,634		156,612
Rocket Cos., Inc., Class A(a)		30,665		250,840
Shift4 Payments, Inc., Class A(a)(b)		14,890		824,459
StoneCo Ltd., Class A(a)		75,518		805,777
TFS Financial Corp.		15,021		177,548
Toast, Inc., Class A(a)(b)		92,851		1,739,099
UWM Holdings Corp., Class A		32,771		158,939
Visa, Inc., Class A		425,502		97,869,715
Voya Financial, Inc.		26,002		1,727,833
Walker & Dunlop, Inc.		9,197		682,785
Waterstone Financial, Inc.		8,180		89,571
Western Union Co. (The)		77,948		1,027,355
WEX, Inc.(a)		11,549		2,172,252
				460,014,389
Food Products — 1.0%
Archer-Daniels-Midland Co.		140,755		10,615,742
B&G Foods, Inc.		16,707		165,232
Benson Hill, Inc.(a)(b)		59,163		19,613
Beyond Meat, Inc.(a)(b)		14,905		143,386
BRC, Inc., Class A(a)(b)		13,957		50,106
Bunge Ltd.		39,146		4,237,555
Calavo Growers, Inc.		4,084		103,039
Cal-Maine Foods, Inc.		9,300		450,306
Campbell Soup Co.		50,181		2,061,436
Conagra Brands, Inc.		124,882		3,424,264
Darling Ingredients, Inc.(a)		41,915		2,187,963
Dole PLC		18,589		215,261
Flowers Foods, Inc.		48,864		1,083,804
Fresh Del Monte Produce, Inc.		8,850		228,684
Freshpet, Inc.(a)		12,025		792,207
General Mills, Inc.		154,857		9,909,299
Hain Celestial Group, Inc. (The)(a)		23,152		240,086
Hershey Co. (The)		38,475		7,698,078

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Hormel Foods Corp.		77,375	$	2,942,571
Hostess Brands, Inc., Class A(a)		33,927		1,130,108
Ingredion, Inc.		17,698		1,741,483
J & J Snack Foods Corp.		4,063		664,910
J M Smucker Co. (The)		26,016		3,197,627
John B Sanfilippo & Son, Inc.		1,952		192,858
Kellanova		68,677		4,086,968
Kraft Heinz Co. (The)		210,669		7,086,905
Lamb Weston Holdings, Inc.		38,325		3,543,530
Lancaster Colony Corp.		4,993		823,995
Limoneira Co.		7,345		112,525
McCormick & Co., Inc., NVS		65,351		4,943,150
Mission Produce, Inc.(a)(b)		10,335		100,043
Mondelez International, Inc., Class A		356,826		24,763,724
Pilgrim’s Pride Corp.(a)		13,698		312,725
Post Holdings, Inc.(a)(b)		14,460		1,239,800
Seaboard Corp.		75		281,475
Seneca Foods Corp., Class A(a)		2,080		111,966
Simply Good Foods Co. (The)(a)		22,576		779,324
Sovos Brands, Inc.(a)(b)		13,315		300,253
SunOpta, Inc.(a)(b)		27,677		93,272
TreeHouse Foods, Inc.(a)		13,113		571,465
Tyson Foods, Inc., Class A		71,965		3,633,513
Utz Brands, Inc., Class A(b)		15,426		207,171
Vital Farms, Inc.(a)		8,616		99,773
Westrock Coffee Co.(a)(b)		9,947		88,130
				106,675,325
Gas Utilities — 0.1%
Atmos Energy Corp.		37,459		3,968,032
Brookfield Infrastructure Corp., Class A		24,265		857,525
Chesapeake Utilities Corp.		4,565		446,229
National Fuel Gas Co.		22,208		1,152,817
New Jersey Resources Corp.		26,088		1,059,955
Northwest Natural Holding Co.		8,578		327,336
ONE Gas, Inc.		14,275		974,697
Southwest Gas Holdings, Inc.		17,114		1,033,857
Spire, Inc.		13,363		756,079
UGI Corp.		55,728		1,281,744
				11,858,271
Ground Transportation — 1.1%
ArcBest Corp.		6,097		619,760
Avis Budget Group, Inc.(a)		5,355		962,240
Covenant Logistics Group, Inc., Class A		3,689		161,763
CSX Corp.		528,307		16,245,440
Daseke, Inc.(a)		12,531		64,284
FTAI Infrastructure, Inc.		32,153		103,533
Heartland Express, Inc.		11,766		172,843
Hertz Global Holdings, Inc.(a)		35,238		431,665
JB Hunt Transport Services, Inc.		21,734		4,097,294
Knight-Swift Transportation Holdings, Inc.		41,575		2,084,986
Landstar System, Inc.		9,122		1,614,047
Lyft, Inc., Class A(a)		83,785		883,094
Marten Transport Ltd.		13,940		274,757
Norfolk Southern Corp.		59,963		11,808,514
Old Dominion Freight Line, Inc.(b)		25,777		10,546,402
RXO, Inc.(a)		27,464		541,865
Ryder System, Inc.		11,837		1,265,967
Saia, Inc.(a)(b)		7,005		2,792,543
Schneider National, Inc., Class B		14,634		405,215
TuSimple Holdings, Inc., Class A(a)		34,499		53,818
Uber Technologies, Inc.(a)		509,275		23,421,557
U-Haul Holding Co.(a)		2,281		124,474

Security	Shares		Value
Ground Transportation (continued)
U-Haul Holding Co., NVS(b)		26,429	$	1,384,615
Union Pacific Corp.		160,160		32,613,381
Universal Logistics Holdings, Inc.		3,478		87,576
Werner Enterprises, Inc.		16,180		630,211
XPO, Inc.(a)		29,853		2,228,825
				115,620,669
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories		454,843		44,051,544
Accuray, Inc.(a)(b)		29,139		79,258
Align Technology, Inc.(a)		20,018		6,111,896
Alphatec Holdings, Inc.(a)(b)		21,095		273,602
AngioDynamics, Inc.(a)		10,105		73,868
Artivion, Inc.(a)		10,426		158,058
AtriCure, Inc.(a)		11,909		521,614
Atrion Corp.		382		157,831
Avanos Medical, Inc.(a)		11,933		241,285
Axogen, Inc.(a)		10,840		54,200
Axonics, Inc.(a)(b)		12,657		710,311
Baxter International, Inc.		131,632		4,967,792
Becton Dickinson & Co.		74,344		19,220,154
Boston Scientific Corp.(a)		377,136		19,912,781
Butterfly Network, Inc., Class A(a)(b)		47,200		55,696
Cerus Corp.(a)		38,367		62,154
CONMED Corp.		7,743		780,881
Cooper Cos., Inc. (The)		12,871		4,093,107
Cutera, Inc.(a)(b)		4,055		24,411
DENTSPLY SIRONA, Inc.		57,694		1,970,827
Dexcom, Inc.(a)		101,561		9,475,641
Edwards Lifesciences Corp.(a)		157,911		10,940,074
Embecta Corp.		15,911		239,461
Enovis Corp.(a)		13,830		729,256
Envista Holdings Corp.(a)		42,670		1,189,640
GE HealthCare Technologies, Inc.		102,647		6,984,102
Glaukos Corp.(a)		11,717		881,704
Globus Medical, Inc., Class A(a)(b)		32,267		1,602,056
Haemonetics Corp.(a)		13,541		1,213,003
Hologic, Inc.(a)		64,660		4,487,404
ICU Medical, Inc.(a)(b)		5,044		600,286
IDEXX Laboratories, Inc.(a)		21,599		9,444,595
Inari Medical, Inc.(a)		14,644		957,718
Inmode Ltd.(a)(b)		20,128		613,099
Inogen, Inc.(a)		4,620		24,116
Inspire Medical Systems, Inc.(a)		7,625		1,513,105
Insulet Corp.(a)		18,103		2,887,247
Integer Holdings Corp.(a)		8,994		705,399
Integra LifeSciences Holdings Corp.(a)		19,086		728,894
Intuitive Surgical, Inc.(a)		91,992		26,888,342
iRadimed Corp.		2,724		120,864
iRhythm Technologies, Inc.(a)(b)		7,873		742,109
Lantheus Holdings, Inc.(a)		17,294		1,201,587
LeMaitre Vascular, Inc.		4,715		256,873
LivaNova PLC(a)		13,640		721,283
Masimo Corp.(a)		11,369		996,834
Medtronic PLC		348,994		27,347,170
Merit Medical Systems, Inc.(a)		15,357		1,059,940
Nano-X Imaging Ltd.(a)(b)		14,378		94,320
Neogen Corp.(a)(b)		56,467		1,046,898
Nevro Corp.(a)(b)		8,986		172,711
Novocure Ltd.(a)		26,586		429,364
Omnicell, Inc.(a)		11,445		515,483
OraSure Technologies, Inc.(a)		20,428		121,138
Orthofix Medical, Inc.(a)		8,982		115,508

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
OrthoPediatrics Corp.(a)		2,830	$	90,560
Outset Medical, Inc.(a)(b)		12,450		135,456
Paragon 28, Inc.(a)		14,582		183,004
Penumbra, Inc.(a)		9,535		2,306,612
PROCEPT BioRobotics Corp.(a)(b)		10,932		358,679
Pulmonx Corp.(a)		7,934		81,958
QuidelOrtho Corp.(a)		14,299		1,044,399
ResMed, Inc.		38,098		5,633,551
RxSight, Inc.(a)(b)		8,066		224,961
Shockwave Medical, Inc.(a)		9,337		1,858,997
SI-BONE, Inc.(a)		7,504		159,385
Silk Road Medical, Inc.(a)(b)		9,216		138,148
STAAR Surgical Co.(a)(b)		12,498		502,170
STERIS PLC		25,990		5,702,726
Stryker Corp.		93,226		25,475,869
Surmodics, Inc.(a)		3,803		122,038
Tactile Systems Technology, Inc.(a)		7,152		100,486
Tandem Diabetes Care, Inc.(a)		16,193		336,329
Teleflex, Inc.(b)		12,121		2,380,686
TransMedics Group, Inc.(a)(b)		8,653		473,752
Treace Medical Concepts, Inc.(a)		10,606		139,045
UFP Technologies, Inc.(a)		1,959		316,281
Utah Medical Products, Inc.		1,136		97,696
Varex Imaging Corp.(a)		9,699		182,244
Zimmer Biomet Holdings, Inc.		55,288		6,204,419
Zimvie, Inc.(a)		2,147		20,203
Zynex, Inc.(a)(b)		7,274		58,192
				274,896,340
Health Care Providers & Services — 2.8%
23andMe Holding Co., Class A(a)(b)		61,041		59,680
Acadia Healthcare Co., Inc.(a)		24,304		1,708,814
Accolade, Inc.(a)		14,764		156,203
AdaptHealth Corp.(a)		19,915		181,226
Addus HomeCare Corp.(a)		4,377		372,877
Agiliti, Inc.(a)(b)		7,183		46,618
agilon health, Inc.(a)(b)		74,909		1,330,384
Alignment Healthcare, Inc.(a)		20,499		142,263
Amedisys, Inc.(a)		8,669		809,685
AMN Healthcare Services, Inc.(a)		11,237		957,168
Apollo Medical Holdings, Inc.(a)		12,248		377,851
Brookdale Senior Living, Inc.(a)(b)		48,907		202,475
Cano Health, Inc., Class A(a)(b)		46,686		11,840
Cardinal Health, Inc.		67,224		5,836,388
CareMax, Inc., Class A(a)		22,195		47,053
Castle Biosciences, Inc.(a)		5,310		89,686
Cencora, Inc.		42,387		7,628,388
Centene Corp.(a)		142,616		9,823,390
Chemed Corp.		3,892		2,022,672
Cigna Group (The)		76,626		21,920,400
Community Health Systems, Inc.(a)		40,557		117,615
CorVel Corp.(a)(b)		2,067		406,476
Cross Country Healthcare, Inc.(a)		11,868		294,208
CVS Health Corp.		337,500		23,564,250
DaVita, Inc.(a)(b)		14,302		1,351,968
DocGo, Inc.(a)(b)		24,314		129,594
Elevance Health, Inc.		62,445		27,189,802
Encompass Health Corp.		25,273		1,697,335
Enhabit, Inc.(a)(b)		14,221		159,986
Ensign Group, Inc. (The)		14,775		1,373,041
Fulgent Genetics, Inc.(a)		5,189		138,754
Guardant Health, Inc.(a)		28,812		853,988
HCA Healthcare, Inc.		53,639		13,194,121

Security	Shares		Value
Health Care Providers & Services (continued)
HealthEquity, Inc.(a)		21,265	$	1,553,408
Henry Schein, Inc.(a)		33,653		2,498,735
Hims & Hers Health, Inc., Class A(a)		31,460		197,883
Humana, Inc.		32,790		15,952,991
Invitae Corp.(a)(b)		52,468		31,754
Laboratory Corp. of America Holdings		23,276		4,679,640
LifeStance Health Group, Inc.(a)(b)		23,147		159,020
McKesson Corp.		35,750		15,545,887
ModivCare, Inc.(a)		3,062		96,484
Molina Healthcare, Inc.(a)		15,053		4,935,728
National HealthCare Corp.		3,463		221,563
National Research Corp., Class A		3,723		165,189
NeoGenomics, Inc.(a)		33,988		418,052
OPKO Health, Inc.(a)(b)		99,565		159,304
Option Care Health, Inc.(a)		43,646		1,411,948
Owens & Minor, Inc.(a)		19,281		311,581
Patterson Cos., Inc.		21,319		631,895
Pediatrix Medical Group, Inc.(a)		20,453		259,958
Pennant Group, Inc. (The)(a)		8,502		94,627
PetIQ, Inc., Class A(a)		9,260		182,422
Premier, Inc., Class A		32,394		696,471
Privia Health Group, Inc.(a)(b)		17,577		404,271
Progyny, Inc.(a)		20,799		707,582
Quest Diagnostics, Inc.		29,169		3,554,534
R1 RCM, Inc.(a)		38,119		574,453
RadNet, Inc.(a)		13,922		392,461
Select Medical Holdings Corp.		26,278		664,045
Surgery Partners, Inc.(a)(b)		17,544		513,162
Tenet Healthcare Corp.(a)		27,212		1,792,999
U.S. Physical Therapy, Inc.		3,490		320,138
UnitedHealth Group, Inc.		244,241		123,143,870
Universal Health Services, Inc., Class B		15,710		1,975,218
Viemed Healthcare, Inc.(a)		11,524		77,556
				308,521,028
Health Care REITs — 0.2%
CareTrust REIT, Inc.		25,983		532,651
Community Healthcare Trust, Inc.		5,714		169,706
Diversified Healthcare Trust		81,516		158,141
Global Medical REIT, Inc.		11,508		103,227
Healthcare Realty Trust, Inc.		98,243		1,500,171
Healthpeak Properties, Inc.		144,691		2,656,527
LTC Properties, Inc.		9,754		313,396
Medical Properties Trust, Inc.		155,812		849,175
National Health Investors, Inc.		11,242		577,389
Omega Healthcare Investors, Inc.		60,421		2,003,560
Physicians Realty Trust		61,395		748,405
Sabra Health Care REIT, Inc.		62,422		870,163
Universal Health Realty Income Trust		3,201		129,416
Ventas, Inc.		104,717		4,411,727
Welltower, Inc.		130,356		10,678,764
				25,702,418
Health Care Technology — 0.1%
American Well Corp., Class A(a)		51,659		60,441
Certara, Inc.(a)		28,232		410,493
Computer Programs & Systems, Inc.(a)		3,961		63,138
Definitive Healthcare Corp., Class A(a)(b)		10,313		82,401
Doximity, Inc., Class A(a)(b)		29,256		620,812
Evolent Health, Inc., Class A(a)(b)		28,619		779,296
Health Catalyst, Inc.(a)		11,949		120,924
HealthStream, Inc.		6,811		146,982
Multiplan Corp., Class A(a)		98,446		165,389
NextGen Healthcare, Inc.(a)		13,121		311,361

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
OptimizeRx Corp.(a)		5,160	$	40,145
Phreesia, Inc.(a)(b)		12,638		236,078
Schrodinger, Inc.(a)		15,486		437,789
Sharecare, Inc., Class A(a)		92,343		86,839
Simulations Plus, Inc.		4,111		171,429
Teladoc Health, Inc.(a)(b)		43,997		817,904
Veeva Systems, Inc., Class A(a)		37,974		7,725,810
Veradigm, Inc.(a)		30,299		398,129
				12,675,360
Hotel & Resort REITs — 0.1%
Apple Hospitality REIT, Inc.		53,496		820,629
Braemar Hotels & Resorts, Inc.		22,462		62,220
Chatham Lodging Trust		12,738		121,903
DiamondRock Hospitality Co.		56,132		450,740
Hersha Hospitality Trust, Class A		13,250		130,645
Host Hotels & Resorts, Inc.		184,994		2,972,853
Park Hotels & Resorts, Inc.		58,715		723,369
Pebblebrook Hotel Trust(b)		33,874		460,348
RLJ Lodging Trust		45,405		444,515
Ryman Hospitality Properties, Inc.		15,302		1,274,350
Service Properties Trust		42,788		329,040
Summit Hotel Properties, Inc.		29,002		168,211
Sunstone Hotel Investors, Inc.		54,345		508,126
Xenia Hotels & Resorts, Inc.		29,609		348,794
				8,815,743
Hotels, Restaurants & Leisure — 2.2%
Accel Entertainment, Inc., Class A(a)		12,859		140,806
Airbnb, Inc., Class A(a)(b)		106,270		14,581,307
Aramark		61,040		2,118,088
Bally’s Corp.(a)		8,364		109,652
BJ’s Restaurants, Inc.(a)		5,944		139,446
Bloomin’ Brands, Inc.		22,877		562,545
Bluegreen Vacations Holding Corp., Class A		3,840		140,851
Booking Holdings, Inc.(a)		9,735		30,022,253
Bowlero Corp., Class A(a)(b)		11,932		114,786
Boyd Gaming Corp.		19,255		1,171,282
Brinker International, Inc.(a)		11,909		376,205
Caesars Entertainment, Inc.(a)		53,083		2,460,397
Carnival Corp.(a)(b)		260,111		3,568,723
Cava Group, Inc.(a)(b)		4,253		130,269
Cheesecake Factory, Inc. (The)		11,490		348,147
Chipotle Mexican Grill, Inc.(a)		7,226		13,236,804
Choice Hotels International, Inc.		8,482		1,039,130
Churchill Downs, Inc.		19,066		2,212,419
Chuy’s Holdings, Inc.(a)(b)		5,668		201,667
Cracker Barrel Old Country Store, Inc.		5,732		385,190
Darden Restaurants, Inc.		31,648		4,532,627
Dave & Buster’s Entertainment, Inc.(a)		9,410		348,829
Denny’s Corp.(a)		17,329		146,777
Dine Brands Global, Inc.		4,499		222,476
Domino’s Pizza, Inc.		9,310		3,526,535
DoorDash, Inc., Class A(a)		79,105		6,286,474
DraftKings, Inc., Class A(a)		109,590		3,226,330
El Pollo Loco Holdings, Inc.		11,236		100,562
Everi Holdings, Inc.(a)		23,829		315,019
Expedia Group, Inc.(a)		37,247		3,839,048
First Watch Restaurant Group, Inc.(a)(b)		6,306		109,031
Golden Entertainment, Inc.		5,165		176,540
Hilton Grand Vacations, Inc.(a)		23,030		937,321
Hilton Worldwide Holdings, Inc.		67,418		10,124,835
Hyatt Hotels Corp., Class A		12,476		1,323,454
Inspired Entertainment, Inc.(a)		6,545		78,278

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
International Game Technology PLC		28,467	$	863,119
Jack in the Box, Inc.		5,375		371,198
Krispy Kreme, Inc.		22,037		274,801
Kura Sushi U.S.A., Inc., Class A(a)(b)		1,494		98,783
Las Vegas Sands Corp.		87,710		4,020,626
Life Time Group Holdings, Inc.(a)(b)		10,061		153,028
Light & Wonder, Inc., Class A(a)(b)		23,360		1,666,269
Lindblad Expeditions Holdings, Inc.(a)(b)		12,340		88,848
Marriott International, Inc., Class A		65,340		12,843,230
Marriott Vacations Worldwide Corp.		9,647		970,778
McDonald’s Corp.		191,626		50,481,954
MGM Resorts International		75,594		2,778,835
Monarch Casino & Resort, Inc.		3,597		223,374
Mondee Holdings, Inc., Class A(a)(b)		12,296		43,897
Norwegian Cruise Line Holdings Ltd.(a)		114,028		1,879,181
Papa John’s International, Inc.		8,629		588,670
Penn Entertainment, Inc.(a)		42,752		981,158
Planet Fitness, Inc., Class A(a)		22,307		1,097,058
Portillo’s, Inc., Class A(a)(b)		10,364		159,502
RCI Hospitality Holdings, Inc.		2,910		176,521
Red Rock Resorts, Inc., Class A		12,718		521,438
Royal Caribbean Cruises Ltd.(a)		61,365		5,654,171
Rush Street Interactive, Inc., Class A(a)		22,780		105,244
Sabre Corp.(a)		84,616		379,926
SeaWorld Entertainment, Inc.(a)		9,970		461,113
Shake Shack, Inc., Class A(a)		9,363		543,709
Six Flags Entertainment Corp.(a)		21,175		497,824
Starbucks Corp.		297,168		27,122,523
Super Group SGHC Ltd.(a)(b)		35,450		130,811
Sweetgreen, Inc., Class A(a)(b)		24,787		291,247
Target Hospitality Corp.(a)		9,488		150,669
Texas Roadhouse, Inc.		16,977		1,631,490
Travel + Leisure Co.		18,710		687,218
Vail Resorts, Inc.		10,036		2,226,888
Wendy’s Co. (The)		47,408		967,597
Wingstop, Inc.		7,589		1,364,806
Wyndham Hotels & Resorts, Inc.		22,763		1,582,939
Wynn Resorts Ltd.		27,692		2,559,018
Xponential Fitness, Inc., Class A(a)		4,799		74,385
Yum! Brands, Inc.		73,525		9,186,214
				244,254,163
Household Durables — 0.5%
Beazer Homes U.S.A., Inc.(a)		9,721		242,150
Cavco Industries, Inc.(a)		2,349		624,035
Century Communities, Inc.		7,081		472,869
Cricut, Inc., Class A		12,426		115,438
DR Horton, Inc.		81,599		8,769,445
Dream Finders Homes, Inc., Class A(a)(b)		7,744		172,149
Ethan Allen Interiors, Inc.		5,955		178,054
Garmin Ltd.		39,898		4,197,270
GoPro, Inc., Class A(a)		31,333		98,386
Green Brick Partners, Inc.(a)(b)		8,178		339,469
Helen of Troy Ltd.(a)(b)		6,324		737,125
Hovnanian Enterprises, Inc., Class A(a)		1,510		153,507
Installed Building Products, Inc.		5,946		742,596
iRobot Corp.(a)		7,184		272,274
KB Home		19,904		921,157
La-Z-Boy, Inc.		12,628		389,953
Leggett & Platt, Inc.		35,878		911,660
Lennar Corp., Class A		64,814		7,274,075
Lennar Corp., Class B(b)		3,825		391,030
LGI Homes, Inc.(a)(b)		5,881		585,101

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Lovesac Co. (The)(a)(b)		3,794	$	75,576
M/I Homes, Inc.(a)		7,207		605,676
MDC Holdings, Inc.		14,718		606,823
Meritage Homes Corp.		9,681		1,184,858
Mohawk Industries, Inc.(a)		13,710		1,176,455
Newell Brands, Inc.		97,303		878,646
NVR, Inc.(a)		777		4,633,484
PulteGroup, Inc.		57,467		4,255,431
Skyline Champion Corp.(a)		13,258		844,800
Sonos, Inc.(a)(b)		31,909		411,945
Taylor Morrison Home Corp., Class A(a)		28,889		1,230,960
Tempur Sealy International, Inc.		43,504		1,885,463
Toll Brothers, Inc.		29,151		2,156,008
TopBuild Corp.(a)		8,186		2,059,598
Tri Pointe Homes, Inc.(a)		25,485		697,015
Vizio Holding Corp., Class A(a)		19,147		103,585
Whirlpool Corp.		14,106		1,885,972
				52,280,038
Household Products — 1.2%
Central Garden & Pet Co.(a)		2,556		112,822
Central Garden & Pet Co., Class A, NVS(a)		11,457		459,311
Church & Dwight Co., Inc.		63,731		5,839,672
Clorox Co. (The)		32,645		4,278,454
Colgate-Palmolive Co.		215,343		15,313,041
Energizer Holdings, Inc.		19,088		611,579
Kimberly-Clark Corp.		88,749		10,725,317
Oil-Dri Corp. of America		1,926		118,930
Procter & Gamble Co. (The)		618,591		90,227,683
Reynolds Consumer Products, Inc.		14,149		362,639
Spectrum Brands Holdings, Inc.		10,111		792,197
WD-40 Co.		3,543		720,079
				129,561,724
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		177,167		2,692,938
Altus Power, Inc., Class A(a)(b)		13,864		72,786
Brookfield Renewable Corp., Class A		34,126		816,976
Clearway Energy, Inc., Class A		8,216		163,663
Clearway Energy, Inc., Class C		22,866		483,845
Montauk Renewables, Inc.(a)(b)		18,689		170,257
Ormat Technologies, Inc.		13,704		958,184
Sunnova Energy International, Inc.(a)(b)		27,149		284,250
Vistra Corp.		98,396		3,264,779
				8,907,678
Industrial Conglomerates — 0.7%
3M Co.		144,172		13,497,383
Brookfield Business Corp., Class A(b)		5,381		97,288
General Electric Co.		285,451		31,556,608
Honeywell International, Inc.		174,935		32,317,492
				77,468,771
Industrial REITs — 0.4%
Americold Realty Trust, Inc.		70,035		2,129,765
EastGroup Properties, Inc.		11,493		1,913,929
First Industrial Realty Trust, Inc.		34,032		1,619,583
Innovative Industrial Properties, Inc.		7,689		581,750
LXP Industrial Trust		72,838		648,258
Plymouth Industrial REIT, Inc.		11,653		244,130
Prologis, Inc.		242,124		27,168,734
Rexford Industrial Realty, Inc.		54,235		2,676,497

Security	Shares		Value
Industrial REITs (continued)
STAG Industrial, Inc.		46,219	$	1,595,018
Terreno Realty Corp.		20,681		1,174,681
				39,752,345
Insurance — 2.3%
Aflac, Inc.		157,841		12,114,297
Allstate Corp. (The)		69,078		7,695,980
Ambac Financial Group, Inc.(a)		12,872		155,236
American Equity Investment Life Holding Co.(a)		20,230		1,085,137
American Financial Group, Inc.		19,243		2,148,866
American International Group, Inc.		190,089		11,519,393
AMERISAFE, Inc.		4,851		242,890
Aon PLC, Class A		53,056		17,201,816
Arch Capital Group Ltd.(a)		93,981		7,491,226
Argo Group International Holdings Ltd.		8,165		243,644
Arthur J. Gallagher & Co.		55,529		12,656,725
Assurant, Inc.		13,834		1,986,286
Assured Guaranty Ltd.		16,184		979,456
Axis Capital Holdings Ltd.		20,936		1,180,162
Brighthouse Financial, Inc.(a)		17,215		842,502
Brown & Brown, Inc.		63,088		4,406,066
BRP Group, Inc., Class A(a)(b)		16,099		373,980
Chubb Ltd.		108,193		22,523,619
Cincinnati Financial Corp.		40,391		4,131,595
CNA Financial Corp.		7,956		313,069
CNO Financial Group, Inc.		31,836		755,468
Donegal Group, Inc., Class A		6,890		98,217
Employers Holdings, Inc.		6,811		272,099
Enstar Group Ltd.(a)		3,115		753,830
Everest Group Ltd.		11,186		4,157,501
F&G Annuities & Life, Inc.		4,648		130,423
Fidelity National Financial, Inc., Class A		69,682		2,877,867
First American Financial Corp.		27,229		1,538,166
Genworth Financial, Inc., Class A(a)		124,120		727,343
Globe Life, Inc.		23,307		2,534,170
Goosehead Insurance, Inc., Class A(a)(b)		6,263		466,781
Hanover Insurance Group, Inc. (The)		9,318		1,034,112
Hartford Financial Services Group, Inc. (The)		79,849		5,662,093
HCI Group, Inc.		997		54,127
Hippo Holdings, Inc.(a)(b)		6,332		50,466
Horace Mann Educators Corp.		10,907		320,448
James River Group Holdings Ltd.		8,472		130,045
Kemper Corp.		16,183		680,171
Kinsale Capital Group, Inc.(b)		5,723		2,370,066
Lemonade, Inc.(a)(b)		10,400		120,848
Lincoln National Corp.		45,044		1,112,136
Loews Corp.		48,721		3,084,527
Markel Group, Inc.(a)(b)		3,455		5,087,453
Marsh & McLennan Cos., Inc.		129,880		24,716,164
MBIA, Inc.(a)		14,839		106,989
Mercury General Corp.		6,949		194,780
MetLife, Inc.		169,714		10,676,708
National Western Life Group, Inc., Class A		553		241,932
Old Republic International Corp.		70,181		1,890,676
Oscar Health, Inc., Class A(a)		38,330		213,498
Palomar Holdings, Inc.(a)		5,752		291,914
Primerica, Inc.		9,871		1,915,073
Principal Financial Group, Inc.		63,977		4,610,822
ProAssurance Corp.		12,861		242,944
Progressive Corp. (The)		153,528		21,386,450
Prudential Financial, Inc.		96,487		9,155,651
Reinsurance Group of America, Inc.		17,332		2,516,433
RenaissanceRe Holdings Ltd.		12,973		2,567,616

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
RLI Corp.		10,468	$	1,422,497
Ryan Specialty Holdings, Inc., Class A(a)(b)		24,034		1,163,246
Safety Insurance Group, Inc.		3,821		260,554
Selective Insurance Group, Inc.		15,272		1,575,612
Selectquote, Inc.(a)		44,173		51,682
SiriusPoint Ltd.(a)		23,851		242,565
Skyward Specialty Insurance Group, Inc.(a)		4,736		129,577
Stewart Information Services Corp.		6,984		305,899
Tiptree, Inc.		6,742		112,996
Travelers Cos., Inc. (The)		60,506		9,881,235
Trupanion, Inc.(a)(b)		9,511		268,210
United Fire Group, Inc.		5,904		116,604
Universal Insurance Holdings, Inc.		9,109		127,708
Unum Group		51,998		2,557,782
W R Berkley Corp.		53,350		3,387,191
White Mountains Insurance Group Ltd.(b)		639		955,746
Willis Towers Watson PLC		27,485		5,743,266
				252,340,322
Interactive Media & Services — 5.2%
Alphabet, Inc., Class A(a)		1,561,437		204,329,646
Alphabet, Inc., Class C, NVS(a)		1,336,363		176,199,461
Bumble, Inc., Class A(a)		22,954		342,474
Cargurus, Inc., Class A(a)		25,466		446,164
Cars.com, Inc.(a)		18,547		312,702
Eventbrite, Inc., Class A(a)(b)		18,434		181,759
EverQuote, Inc., Class A(a)		7,670		55,454
fuboTV, Inc.(a)(b)		87,513		233,660
IAC, Inc.(a)		20,170		1,016,366
Match Group, Inc.(a)		73,554		2,881,478
MediaAlpha, Inc., Class A(a)		7,470		61,702
Meta Platforms, Inc., Class A(a)		581,188		174,478,449
Nextdoor Holdings, Inc., Class A(a)		38,718		70,467
Outbrain, Inc.(a)		3,811		18,560
Pinterest, Inc., Class A(a)(b)		157,928		4,268,794
QuinStreet, Inc.(a)		12,244		109,829
Shutterstock, Inc.		5,959		226,740
TripAdvisor, Inc.(a)(b)		27,336		453,231
Vimeo, Inc.(a)		39,293		139,097
Yelp, Inc.(a)		18,547		771,370
Ziff Davis, Inc.(a)		12,917		822,684
ZipRecruiter, Inc., Class A(a)		21,215		254,368
ZoomInfo Technologies, Inc., Class A(a)		81,759		1,340,848
				569,015,303
IT Services — 1.4%
Accenture PLC, Class A		166,022		50,987,016
Akamai Technologies, Inc.(a)		40,231		4,286,211
Amdocs Ltd.		31,763		2,683,656
BigCommerce Holdings, Inc., Series 1(a)		19,671		194,153
Cloudflare, Inc., Class A(a)(b)		75,067		4,732,224
Cognizant Technology Solutions Corp., Class A		133,216		9,024,052
DigitalOcean Holdings, Inc.(a)		17,461		419,588
DXC Technology Co.(a)		54,900		1,143,567
EPAM Systems, Inc.(a)		14,789		3,781,399
Fastly, Inc., Class A(a)(b)		32,589		624,731
Gartner, Inc.(a)		20,177		6,933,019
Globant SA(a)		10,763		2,129,459
GoDaddy, Inc., Class A(a)		40,904		3,046,530
Grid Dynamics Holdings, Inc., Class A(a)		11,222		136,684
Hackett Group, Inc. (The)		7,798		183,955
International Business Machines Corp.		238,742		33,495,503
Kyndryl Holdings, Inc.(a)		58,345		881,009
MongoDB, Inc., Class A(a)		17,344		5,998,596

Security	Shares		Value
IT Services (continued)
Okta, Inc., Class A(a)		39,656	$	3,232,361
Perficient, Inc.(a)		8,395		485,735
Snowflake, Inc., Class A(a)		81,769		12,491,850
Squarespace, Inc., Class A(a)		9,786		283,500
Thoughtworks Holding, Inc.(a)(b)		28,541		116,447
Tucows, Inc., Class A(a)(b)		2,700		55,107
Twilio, Inc., Class A(a)		43,709		2,558,288
Unisys Corp.(a)(b)		17,860		61,617
VeriSign, Inc.(a)		23,731		4,806,239
				154,772,496
Leisure Products — 0.1%
Acushnet Holdings Corp.		9,340		495,393
AMMO, Inc.(a)(b)		36,292		73,310
Brunswick Corp.		18,669		1,474,851
Funko, Inc., Class A(a)		7,024		53,734
Hasbro, Inc.		33,998		2,248,628
Johnson Outdoors, Inc., Class A		1,468		80,285
Malibu Boats, Inc., Class A(a)		5,036		246,865
MasterCraft Boat Holdings, Inc.(a)		5,172		114,922
Mattel, Inc.(a)(b)		95,164		2,096,463
Peloton Interactive, Inc., Class A(a)(b)		77,852		393,152
Polaris, Inc.		14,416		1,501,282
Smith & Wesson Brands, Inc.		14,841		191,597
Sturm Ruger & Co., Inc.		4,084		212,858
Topgolf Callaway Brands Corp.(a)		37,663		521,256
Vista Outdoor, Inc.(a)(b)		15,660		518,659
YETI Holdings, Inc.(a)(b)		22,386		1,079,453
				11,302,708
Life Sciences Tools & Services — 1.5%
10X Genomics, Inc., Class A(a)		23,439		966,859
Adaptive Biotechnologies Corp.(a)		29,104		158,617
Agilent Technologies, Inc.		77,834		8,703,398
Avantor, Inc.(a)(b)		176,876		3,728,546
Azenta, Inc.(a)		16,523		829,289
BioLife Solutions, Inc.(a)		9,431		130,242
Bio-Rad Laboratories, Inc., Class A(a)		5,700		2,043,165
Bio-Techne Corp.		41,430		2,820,140
Bruker Corp.		28,680		1,786,764
Charles River Laboratories International, Inc.(a)(b)		13,053		2,558,127
Codexis, Inc.(a)		16,458		31,106
CryoPort, Inc.(a)		9,985		136,894
Cytek Biosciences, Inc.(a)		27,550		152,076
Danaher Corp.		172,934		42,904,925
Fortrea Holdings, Inc.(a)		23,302		666,204
ICON PLC(a)		21,366		5,261,378
Illumina, Inc.(a)		41,838		5,743,521
IQVIA Holdings, Inc.(a)(b)		48,248		9,492,794
Maravai LifeSciences Holdings, Inc., Class A(a)		29,501		295,010
MaxCyte, Inc.(a)		24,792		77,351
Medpace Holdings, Inc.(a)		6,023		1,458,349
Mesa Laboratories, Inc.		1,361		143,000
Mettler-Toledo International, Inc.(a)		5,711		6,328,188
NanoString Technologies, Inc.(a)(b)		11,739		20,191
OmniAb, Inc.(a)(b)		18,893		98,055
OmniAb, Inc., 12.50 Earnout Shares(a)(d)		1,502		—
OmniAb, Inc., 15.00 Earnout Shares(a)(d)		1,502		—
Pacific Biosciences of California, Inc.(a)(b)		66,975		559,241
QIAGEN NV(a)		60,353		2,444,297
Quanterix Corp.(a)		12,132		329,263
Quantum-Si, Inc., Class A(a)(b)		34,590		57,419
Repligen Corp.(a)(b)		14,473		2,301,352
Revvity, Inc.		32,819		3,633,063

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
Seer, Inc., Class A(a)		18,611	$	41,130
SomaLogic, Inc., Class A(a)		59,015		141,046
Sotera Health Co.(a)(b)		25,859		387,368
Thermo Fisher Scientific, Inc.		101,366		51,308,428
Waters Corp.(a)(b)		15,297		4,194,590
West Pharmaceutical Services, Inc.		19,392		7,276,072
				169,207,458
Machinery — 2.0%
3D Systems Corp.(a)		30,695		150,712
AGCO Corp.		16,162		1,911,641
Alamo Group, Inc.		2,361		408,122
Albany International Corp., Class A		7,882		680,059
Allison Transmission Holdings, Inc.		24,243		1,431,792
Astec Industries, Inc.		5,903		278,090
Barnes Group, Inc.		12,244		415,929
Blue Bird Corp.(a)(b)		5,343		114,073
Caterpillar, Inc.		135,692		37,043,916
Chart Industries, Inc.(a)(b)		11,129		1,882,136
CIRCOR International, Inc.(a)		4,610		257,008
CNH Industrial NV		256,211		3,100,153
Columbus McKinnon Corp.		6,539		228,276
Commercial Vehicle Group, Inc.(a)		10,992		85,298
Crane Co.(b)		12,483		1,108,990
Cummins, Inc.		37,353		8,533,666
Deere & Co.		70,873		26,746,053
Desktop Metal, Inc., Class A(a)(b)		61,860		90,316
Donaldson Co., Inc.		32,268		1,924,464
Douglas Dynamics, Inc.		5,406		163,153
Dover Corp.		36,819		5,136,619
Energy Recovery, Inc.(a)		14,703		311,851
Enerpac Tool Group Corp., Class A		15,673		414,237
EnPro Industries, Inc.		5,075		615,039
Esab Corp.		14,933		1,048,595
ESCO Technologies, Inc.		6,547		683,769
Federal Signal Corp.		15,093		901,505
Flowserve Corp.		35,124		1,396,881
Fortive Corp.		92,963		6,894,136
Franklin Electric Co., Inc.		11,641		1,038,726
Gates Industrial Corp. PLC(a)		31,685		367,863
Gorman-Rupp Co. (The)		4,693		154,400
Graco, Inc.		43,748		3,188,354
Greenbrier Cos., Inc. (The)		8,275		331,000
Helios Technologies, Inc.		8,047		446,448
Hillenbrand, Inc.		18,734		792,636
Hillman Solutions Corp.(a)		45,869		378,419
Hyliion Holdings Corp., Class A(a)(b)		54,029		63,754
Hyster-Yale Materials Handling, Inc., Class A		2,654		118,315
IDEX Corp.		19,881		4,135,646
Illinois Tool Works, Inc.		79,557		18,322,773
Ingersoll Rand, Inc.		105,848		6,744,635
ITT, Inc.		21,767		2,131,207
John Bean Technologies Corp.		8,529		896,739
Kadant, Inc.(b)		2,796		630,638
Kennametal, Inc.		21,892		544,673
Lincoln Electric Holdings, Inc.		14,752		2,681,766
Lindsay Corp.		3,072		361,513
Luxfer Holdings PLC		7,184		93,751
Manitowoc Co., Inc. (The)(a)		9,094		136,865
Microvast Holdings, Inc.(a)(b)		53,693		101,480
Middleby Corp. (The)(a)		14,227		1,821,056
Miller Industries, Inc.		3,015		118,218
Mueller Industries, Inc.		15,277		1,148,219

Security	Shares		Value
Machinery (continued)
Mueller Water Products, Inc., Class A		44,989	$	570,461
Nikola Corp.(a)(b)		158,098		248,214
Nordson Corp.		15,271		3,408,029
Omega Flex, Inc.		1,077		84,792
Oshkosh Corp.		17,672		1,686,439
Otis Worldwide Corp.		108,407		8,706,166
PACCAR, Inc.		134,933		11,472,004
Parker-Hannifin Corp.		33,641		13,103,842
Pentair PLC		43,632		2,825,172
Proto Labs, Inc.(a)		7,046		186,014
RBC Bearings, Inc.(a)(b)		7,207		1,687,375
REV Group, Inc.		9,286		148,576
Shyft Group, Inc. (The)		8,797		131,691
Snap-on, Inc.		13,691		3,492,026
SPX Technologies, Inc.(a)		12,142		988,359
Standex International Corp.		3,067		446,831
Stanley Black & Decker, Inc.		40,279		3,366,519
Tennant Co.		4,571		338,940
Terex Corp.		17,747		1,022,582
Timken Co. (The)		16,485		1,211,483
Titan International, Inc.(a)		11,043		148,307
Toro Co. (The)		27,615		2,294,806
Trinity Industries, Inc.		19,918		485,003
Wabash National Corp.		12,406		262,015
Watts Water Technologies, Inc., Class A		6,930		1,197,643
Westinghouse Air Brake Technologies Corp.		46,684		4,961,109
Xylem, Inc.		62,488		5,688,283
				220,868,254
Marine Transportation — 0.0%
Costamare, Inc.		17,793		171,169
Eagle Bulk Shipping, Inc.		2,976		125,081
Genco Shipping & Trading Ltd.		8,942		125,099
Golden Ocean Group Ltd.		29,809		234,895
Kirby Corp.(a)		15,476		1,281,413
Matson, Inc.		9,263		821,813
Safe Bulkers, Inc.		36,110		116,996
				2,876,466
Media — 0.9%
AMC Networks, Inc., Class A(a)		7,545		88,880
Boston Omaha Corp., Class A(a)		4,891		80,164
Cable One, Inc.		1,427		878,518
Cardlytics, Inc.(a)(b)		12,122		200,013
Charter Communications, Inc., Class A(a)(b)		26,889		11,826,320
Clear Channel Outdoor Holdings, Inc.(a)(b)		97,494		154,041
Comcast Corp., Class A		1,075,105		47,670,156
Daily Journal Corp.(a)		396		116,424
DISH Network Corp., Class A(a)(b)		65,736		385,213
Entravision Communications Corp., Class A		23,150		84,498
EW Scripps Co. (The), Class A, NVS(a)		13,530		74,144
Fox Corp., Class A, NVS		69,857		2,179,538
Fox Corp., Class B		36,587		1,056,633
Gannett Co., Inc.(a)(b)		59,801		146,512
Gray Television, Inc.		21,245		147,015
iHeartMedia, Inc., Class A(a)		27,991		88,452
Integral Ad Science Holding Corp.(a)		9,976		118,615
Interpublic Group of Cos., Inc. (The)		99,280		2,845,365
John Wiley & Sons, Inc., Class A		12,170		452,359
Liberty Broadband Corp., Class A(a)		4,062		369,276
Liberty Broadband Corp., Class C, NVS(a)		30,957		2,826,993
Liberty Media Corp. - Liberty SiriusXM, NVS(a)		39,833		1,014,148
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		18,691		475,686
Magnite, Inc.(a)(b)		33,580		253,193

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
New York Times Co. (The), Class A		43,132	$	1,777,038
News Corp., Class A, NVS		96,981		1,945,439
News Corp., Class B		31,116		649,391
Nexstar Media Group, Inc., Class A		8,967		1,285,599
Omnicom Group, Inc.		52,346		3,898,730
Paramount Global, Class A(b)		4,129		65,197
Paramount Global, Class B, NVS		150,956		1,947,332
PubMatic, Inc., Class A(a)(b)		11,228		135,859
Scholastic Corp., NVS		6,853		261,373
Sinclair, Inc., Class A		11,761		131,958
Sirius XM Holdings, Inc.(b)		165,427		747,730
Stagwell, Inc., Class A(a)		33,523		157,223
TechTarget, Inc.(a)		7,289		221,294
TEGNA, Inc.		55,187		804,075
Thryv Holdings, Inc.(a)		6,579		123,488
Trade Desk, Inc. (The), Class A(a)		116,277		9,087,048
WideOpenWest, Inc.(a)(b)		14,665		112,187
				96,883,117
Metals & Mining — 0.6%
5E Advanced Materials, Inc.(a)(b)		10,695		24,171
Alcoa Corp.		48,053		1,396,420
Alpha Metallurgical Resources, Inc.		3,370		875,290
Arch Resources, Inc., Class A		4,933		841,866
ATI, Inc.(a)(b)		32,459		1,335,688
Caledonia Mining Corp. PLC		9,926		97,870
Carpenter Technology Corp.		13,216		888,247
Century Aluminum Co.(a)(b)		15,107		108,619
Cleveland-Cliffs, Inc.(a)		134,979		2,109,722
Coeur Mining, Inc.(a)		63,987		142,051
Commercial Metals Co.		31,333		1,548,164
Compass Minerals International, Inc.		8,898		248,699
Constellium SE(a)		30,122		548,220
Freeport-McMoRan, Inc.		376,221		14,029,281
Haynes International, Inc.		3,707		172,450
Hecla Mining Co.		165,406		646,737
i-80 Gold Corp.(a)(b)		50,631		77,465
Ivanhoe Electric, Inc.(a)(b)		12,136		144,418
Kaiser Aluminum Corp.		4,295		323,242
Materion Corp.		4,950		504,455
MP Materials Corp., Class A(a)(b)		28,625		546,738
Newmont Corp.		209,871		7,754,733
Novagold Resources, Inc.(a)		64,730		248,563
Nucor Corp.		66,000		10,319,100
Olympic Steel, Inc.		2,498		140,413
Piedmont Lithium, Inc.(a)(b)		4,823		191,473
Reliance Steel & Aluminum Co.		15,239		3,996,123
Royal Gold, Inc.		17,698		1,881,828
Ryerson Holding Corp.		4,950		143,996
Schnitzer Steel Industries, Inc., Class A		6,168		171,779
Southern Copper Corp.		21,889		1,648,023
SSR Mining, Inc.		52,502		697,752
Steel Dynamics, Inc.		42,114		4,515,463
SunCoke Energy, Inc.		26,008		263,981
TimkenSteel Corp.(a)		9,931		215,701
Tredegar Corp.		11,274		60,992
United States Steel Corp.		58,579		1,902,646
Warrior Met Coal, Inc.		12,346		630,634
Worthington Industries, Inc.		7,704		476,261
				61,869,274
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AFC Gamma, Inc.		6,398		75,112
AGNC Investment Corp.		160,973		1,519,585

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Annaly Capital Management, Inc.		129,401	$	2,434,033
Apollo Commercial Real Estate Finance, Inc.		40,669		411,977
Arbor Realty Trust, Inc.		41,214		625,629
Ares Commercial Real Estate Corp.		10,975		104,482
ARMOUR Residential REIT, Inc.		48,494		206,100
Blackstone Mortgage Trust, Inc., Class A		47,080		1,023,990
BrightSpire Capital, Inc., Class A		40,190		251,589
Chicago Atlantic Real Estate Finance, Inc.		7,383		108,678
Chimera Investment Corp.		59,439		324,537
Claros Mortgage Trust, Inc.		23,217		257,244
Dynex Capital, Inc.		17,359		207,266
Ellington Financial, Inc.		13,591		169,480
Franklin BSP Realty Trust, Inc.		21,733		287,745
Granite Point Mortgage Trust, Inc.		15,826		77,231
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(b)		26,151		554,401
Invesco Mortgage Capital, Inc.		8,594		86,026
KKR Real Estate Finance Trust, Inc.		15,776		187,261
Ladder Capital Corp., Class A		27,697		284,171
MFA Financial, Inc.		29,486		283,360
New York Mortgage Trust, Inc.		24,156		205,084
Orchid Island Capital, Inc.		11,782		100,265
PennyMac Mortgage Investment Trust		23,489		291,264
Ready Capital Corp.		38,224		386,445
Redwood Trust, Inc.		31,289		223,091
Rithm Capital Corp.		126,256		1,172,918
Starwood Property Trust, Inc.		75,394		1,458,874
TPG RE Finance Trust, Inc.		14,739		99,193
Two Harbors Investment Corp.		23,776		314,794
				13,731,825
Multi-Utilities — 0.6%
Ameren Corp.		69,158		5,175,093
Avista Corp.		18,236		590,299
Black Hills Corp.		17,381		879,305
CenterPoint Energy, Inc.		164,867		4,426,679
CMS Energy Corp.		76,704		4,073,749
Consolidated Edison, Inc.		90,994		7,782,717
Dominion Energy, Inc.		219,588		9,808,996
DTE Energy Co.		54,021		5,363,205
NiSource, Inc.		109,691		2,707,174
Northwestern Energy Group, Inc.		15,351		737,769
Public Service Enterprise Group, Inc.		129,693		7,380,829
Sempra		166,143		11,302,708
Unitil Corp.		3,381		144,403
WEC Energy Group, Inc.		82,977		6,683,797
				67,056,723
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		45,295		4,534,030
Boston Properties, Inc.		41,211		2,451,230
Brandywine Realty Trust		50,314		228,426
City Office REIT, Inc.		12,833		54,540
COPT Defense Properties		29,434		701,412
Cousins Properties, Inc.		39,362		801,804
Douglas Emmett, Inc.		44,532		568,228
Easterly Government Properties, Inc.		25,244		288,539
Equity Commonwealth		27,618		507,343
Highwoods Properties, Inc.		26,788		552,101
Hudson Pacific Properties, Inc.		40,333		268,214
JBG SMITH Properties		27,945		404,085
Kilroy Realty Corp.		30,702		970,490
Office Properties Income Trust		12,574		51,553
Orion Office REIT, Inc.		14,252		74,253

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Office REITs (continued)
Paramount Group, Inc.		46,445	$	214,576
Peakstone Realty Trust, Class E(b)		7,228		120,274
Piedmont Office Realty Trust, Inc., Class A		33,554		188,573
Postal Realty Trust, Inc., Class A		3,822		51,597
SL Green Realty Corp.(b)		16,914		630,892
Vornado Realty Trust		46,814		1,061,742
				14,723,902
Oil, Gas & Consumable Fuels — 4.2%
Amplify Energy Corp.(a)		12,365		90,883
Antero Midstream Corp.		88,017		1,054,444
Antero Resources Corp.(a)		76,210		1,934,210
APA Corp.		81,332		3,342,745
Ardmore Shipping Corp.		13,158		171,186
Berry Corp.		22,741		186,476
California Resources Corp.		19,220		1,076,512
Callon Petroleum Co.(a)		16,045		627,680
Centrus Energy Corp., Class A(a)		3,200		181,632
Cheniere Energy, Inc.		63,589		10,553,230
Chesapeake Energy Corp.		33,253		2,867,406
Chevron Corp.		464,909		78,392,956
Chord Energy Corp.		11,079		1,795,574
Civitas Resources, Inc.		17,766		1,436,736
Clean Energy Fuels Corp.(a)(b)		41,365		158,428
CNX Resources Corp.(a)(b)		44,054		994,739
Comstock Resources, Inc.		22,164		244,469
ConocoPhillips		318,588		38,166,842
CONSOL Energy, Inc.		9,488		995,386
Coterra Energy, Inc.		194,268		5,254,949
Crescent Energy Co., Class A		9,888		124,984
CVR Energy, Inc.		7,459		253,830
Delek U.S. Holdings, Inc.		18,963		538,739
Denbury, Inc.(a)		13,727		1,345,383
Devon Energy Corp.		168,075		8,017,178
DHT Holdings, Inc.		30,961		318,898
Diamondback Energy, Inc.		47,963		7,428,509
Dorian LPG Ltd.		9,351		268,654
DT Midstream, Inc.		24,816		1,313,263
Earthstone Energy, Inc., Class A(a)		17,032		344,728
Encore Energy Corp.(a)		43,036		140,297
Energy Fuels, Inc.(a)(b)		39,216		322,356
Enviva, Inc.		7,768		58,027
EOG Resources, Inc.		154,211		19,547,786
EQT Corp.(b)		94,504		3,834,972
Equitrans Midstream Corp.		110,525		1,035,619
Evolution Petroleum Corp.		13,908		95,131
Excelerate Energy, Inc., Class A		4,819		82,116
Exxon Mobil Corp.		1,052,525		123,755,890
FLEX LNG Ltd.		7,165		216,096
Gevo, Inc.(a)(b)		52,611		62,607
Golar LNG Ltd.		24,968		605,724
Green Plains, Inc.(a)		9,494		285,769
Gulfport Energy Corp.(a)		2,917		346,131
Hallador Energy Co.(a)(b)		10,002		144,229
Hess Corp.		72,853		11,146,509
HF Sinclair Corp.		37,901		2,157,704
International Seaways, Inc.		10,574		475,830
Kinder Morgan, Inc.		514,355		8,528,006
Kinetik Holdings, Inc., Class A		4,853		163,789
Kosmos Energy Ltd.(a)(b)		122,828		1,004,733
Magnolia Oil & Gas Corp., Class A		47,792		1,094,915
Marathon Oil Corp.		161,609		4,323,041
Marathon Petroleum Corp.		111,815		16,922,082

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Matador Resources Co.		29,687	$	1,765,783
Murphy Oil Corp.		37,581		1,704,298
New Fortress Energy, Inc., Class A		15,014		492,159
NextDecade Corp.(a)(b)		13,887		71,101
Nordic American Tankers Ltd.		50,950		209,914
Northern Oil & Gas, Inc.		20,710		833,163
Occidental Petroleum Corp.		182,964		11,870,704
ONEOK, Inc.		117,452		7,449,980
Overseas Shipholding Group, Inc., Class A(a)		26,634		116,923
Ovintiv, Inc.		67,635		3,217,397
Par Pacific Holdings, Inc.(a)		15,972		574,034
PBF Energy, Inc., Class A		31,015		1,660,233
Peabody Energy Corp.		30,189		784,612
Permian Resources Corp., Class A		69,444		969,438
PetroCorp Escrow(a)(d)		1,248		—
Phillips 66		120,858		14,521,089
Pioneer Natural Resources Co.		61,050		14,014,028
Range Resources Corp.		61,646		1,997,947
REX American Resources Corp.(a)		4,544		185,032
Riley Exploration Permian, Inc.		3,266		103,826
Ring Energy, Inc.(a)(b)		49,458		96,443
Scorpio Tankers, Inc.		12,652		684,726
SFL Corp. Ltd.		35,449		395,256
SilverBow Resources, Inc.(a)(b)		3,057		109,349
Sitio Royalties Corp., Class A		18,929		458,271
SM Energy Co.		31,528		1,250,085
Southwestern Energy Co.(a)		292,375		1,885,819
Talos Energy, Inc.(a)(b)		29,065		477,829
Targa Resources Corp.		58,480		5,012,906
Teekay Corp.(a)		21,734		134,099
Teekay Tankers Ltd., Class A		6,336		263,768
Tellurian, Inc.(a)(b)		137,899		159,963
Texas Pacific Land Corp.(b)		1,533		2,795,518
Uranium Energy Corp.(a)(b)		85,746		441,592
VAALCO Energy, Inc.		27,589		121,116
Valero Energy Corp.		92,835		13,155,648
Vertex Energy, Inc.(a)		15,640		69,598
Vital Energy, Inc.(a)		4,620		256,040
Vitesse Energy, Inc.		6,295		144,093
W&T Offshore, Inc.(a)		32,789		143,616
Williams Cos., Inc. (The)		318,586		10,733,162
World Kinect Corp.		17,512		392,794
				467,553,360
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		4,468		161,965
Louisiana-Pacific Corp.		18,142		1,002,709
Sylvamo Corp.		9,279		407,719
				1,572,393
Passenger Airlines — 0.2%
Alaska Air Group, Inc.(a)		32,242		1,195,533
Allegiant Travel Co.		3,627		278,771
American Airlines Group, Inc.(a)		172,479		2,209,456
Blade Air Mobility, Inc., Class A(a)		23,155		59,971
Delta Air Lines, Inc.		168,562		6,236,794
Frontier Group Holdings, Inc.(a)(b)		9,701		46,953
Hawaiian Holdings, Inc.(a)(b)		14,051		88,943
JetBlue Airways Corp.(a)		81,466		374,744
Joby Aviation, Inc.(a)(b)		69,008		445,102
SkyWest, Inc.(a)		11,225		470,776
Southwest Airlines Co.		155,063		4,197,555
Spirit Airlines, Inc.		26,304		434,016

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Passenger Airlines (continued)
Sun Country Airlines Holdings, Inc.(a)		11,965	$	177,561
United Airlines Holdings, Inc.(a)		85,366		3,610,982
				19,827,157
Personal Care Products — 0.2%
Beauty Health Co. (The), Class A(a)(b)		23,863		143,655
BellRing Brands, Inc.(a)		35,105		1,447,379
Coty, Inc., Class A(a)		97,696		1,071,725
Edgewell Personal Care Co.		14,955		552,737
elf Beauty, Inc.(a)		14,154		1,554,534
Estee Lauder Cos., Inc. (The), Class A		60,580		8,756,839
Herbalife Ltd.(a)(b)		28,026		392,084
Inter Parfums, Inc.		4,972		667,938
Kenvue, Inc.		457,395		9,184,492
Medifast, Inc.		3,152		235,927
Nu Skin Enterprises, Inc., Class A		11,733		248,857
Olaplex Holdings, Inc.(a)		34,167		66,626
USANA Health Sciences, Inc.(a)		3,576		209,589
				24,532,382
Pharmaceuticals — 3.7%
Aclaris Therapeutics, Inc.(a)		17,662		120,985
Amneal Pharmaceuticals, Inc., Class A(a)		27,879		117,649
Amphastar Pharmaceuticals, Inc.(a)		10,344		475,721
Amylyx Pharmaceuticals, Inc.(a)		13,497		247,130
ANI Pharmaceuticals, Inc.(a)		3,152		183,005
Arvinas, Inc.(a)		11,505		225,958
Assertio Holdings, Inc.(a)(b)		17,705		45,325
Atea Pharmaceuticals, Inc.(a)		18,017		54,051
Axsome Therapeutics, Inc.(a)(b)		9,854		688,696
Bristol-Myers Squibb Co.		552,349		32,058,336
Cara Therapeutics, Inc.(a)		12,183		20,467
Cassava Sciences, Inc.(a)(b)		9,858		164,037
Catalent, Inc.(a)		46,871		2,134,037
Collegium Pharmaceutical, Inc.(a)		9,336		208,660
Corcept Therapeutics, Inc.(a)		22,751		619,851
CorMedix, Inc.(a)		22,156		81,977
Cymabay Therapeutics, Inc.(a)(b)		25,481		379,922
Edgewise Therapeutics, Inc.(a)(b)		12,365		70,851
Elanco Animal Health, Inc.(a)		128,428		1,443,531
Eli Lilly & Co.		222,364		119,438,375
Enliven Therapeutics, Inc.(a)(b)		6,063		82,821
Evolus, Inc.(a)(b)		11,426		104,434
EyePoint Pharmaceuticals, Inc.(a)(b)		11,118		88,833
Harmony Biosciences Holdings, Inc.(a)(b)		7,305		239,385
Harrow, Inc.(a)		6,754		97,055
Innoviva, Inc.(a)(b)		18,320		237,977
Intra-Cellular Therapies, Inc.(a)(b)		24,122		1,256,515
Jazz Pharmaceuticals PLC(a)		16,266		2,105,471
Johnson & Johnson		633,245		98,627,909
Ligand Pharmaceuticals, Inc.(a)		3,863		231,471
Liquidia Corp.(a)		8,684		55,057
Marinus Pharmaceuticals, Inc.(a)		12,943		104,191
Merck & Co., Inc.		667,412		68,710,065
NGM Biopharmaceuticals, Inc.(a)		20,227		21,643
Nuvation Bio, Inc., Class A(a)		45,959		61,585
Ocular Therapeutix, Inc.(a)(b)		26,899		84,463
Omeros Corp.(a)		19,193		56,044
Organon & Co.		67,492		1,171,661
Pacira BioSciences, Inc.(a)		11,682		358,404
Perrigo Co. PLC		36,531		1,167,165
Pfizer, Inc.		1,484,648		49,245,774
Phathom Pharmaceuticals, Inc.(a)(b)		9,028		93,620
Phibro Animal Health Corp., Class A		3,775		48,207

Security	Shares		Value
Pharmaceuticals (continued)
Pliant Therapeutics, Inc.(a)		14,678	$	254,516
Prestige Consumer Healthcare, Inc.(a)		13,479		770,864
Revance Therapeutics, Inc.(a)		22,025		252,627
Royalty Pharma PLC, Class A		96,698		2,624,384
Scilex Holding Co. (Acquired 01/13/23, Cost $96,475)(a)(e)		19,104		26,277
scPharmaceuticals, Inc.(a)		10,770		76,682
SIGA Technologies, Inc.		11,988		62,937
Supernus Pharmaceuticals, Inc.(a)		12,962		357,362
Taro Pharmaceutical Industries Ltd.(a)		2,763		104,193
Tarsus Pharmaceuticals, Inc.(a)		3,064		54,447
Terns Pharmaceuticals, Inc.(a)		11,132		55,994
Theravance Biopharma, Inc.(a)		15,220		131,349
Ventyx Biosciences, Inc.(a)(b)		12,156		422,178
Viatris, Inc.		316,240		3,118,126
WaVe Life Sciences Ltd.(a)(b)		30,696		176,502
Xeris Biopharma Holdings, Inc.(a)		24,760		46,054
Zoetis, Inc., Class A		122,031		21,230,953
				412,793,759
Professional Services — 1.0%
Alight, Inc., Class A(a)		100,552		712,914
ASGN, Inc.(a)		13,153		1,074,337
Asure Software, Inc.(a)		3,380		31,975
Automatic Data Processing, Inc.		108,962		26,214,078
Barrett Business Services, Inc.		1,721		155,303
Booz Allen Hamilton Holding Corp., Class A		33,981		3,713,104
Broadridge Financial Solutions, Inc.		31,047		5,558,965
CACI International, Inc., Class A(a)		5,991		1,880,755
CBIZ, Inc.(a)		13,412		696,083
Ceridian HCM Holding, Inc.(a)(b)		38,660		2,623,081
Clarivate PLC(a)(b)		121,718		816,728
Concentrix Corp.		11,056		885,696
Conduent, Inc.(a)		40,684		141,580
CRA International, Inc.		1,713		172,602
CSG Systems International, Inc.		8,256		422,047
Dun & Bradstreet Holdings, Inc.		66,962		668,950
Equifax, Inc.		32,001		5,861,943
ExlService Holdings, Inc.(a)(b)		43,121		1,209,113
Exponent, Inc.		13,244		1,133,686
First Advantage Corp.		14,879		205,181
Forrester Research, Inc.(a)		3,591		103,780
Franklin Covey Co.(a)		4,323		185,543
FTI Consulting, Inc.(a)(b)		8,603		1,534,861
Genpact Ltd.		46,618		1,687,572
Heidrick & Struggles International, Inc.		4,405		110,213
HireRight Holdings Corp.(a)		8,350		79,408
Huron Consulting Group, Inc.(a)		4,641		483,407
ICF International, Inc.(b)		4,805		580,492
Innodata, Inc.(a)		8,433		71,933
Insperity, Inc.		9,306		908,266
Jacobs Solutions, Inc.		33,028		4,508,322
KBR, Inc.		36,012		2,122,547
Kelly Services, Inc., Class A, NVS		9,973		181,409
Kforce, Inc.		4,993		297,882
Korn Ferry		13,986		663,496
Legalzoom.com, Inc.(a)		24,855		271,914
Leidos Holdings, Inc.		35,263		3,249,838
ManpowerGroup, Inc.		13,751		1,008,223
Maximus, Inc.		16,244		1,213,102
NV5 Global, Inc.(a)		3,642		350,470
Parsons Corp.(a)(b)		10,727		583,012
Paychex, Inc.		84,926		9,794,516

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Paycom Software, Inc.		13,368	$	3,465,921
Paycor HCM, Inc.(a)(b)		16,806		383,681
Paylocity Holding Corp.(a)		11,008		2,000,154
Planet Labs PBC, Class A(a)(b)		44,316		115,222
Resources Connection, Inc.		10,583		157,792
Robert Half, Inc.		28,013		2,052,793
Science Applications International Corp.		14,429		1,522,837
SS&C Technologies Holdings, Inc.		56,119		2,948,492
Sterling Check Corp.(a)(b)		5,849		73,814
TransUnion		51,340		3,685,699
TriNet Group, Inc.(a)		10,236		1,192,289
TrueBlue, Inc.(a)		9,877		144,896
TTEC Holdings, Inc.		4,611		120,900
Upwork, Inc.(a)		30,086		341,777
Verisk Analytics, Inc.		37,416		8,839,156
Verra Mobility Corp., Class A(a)(b)		36,787		687,917
				111,901,667
Real Estate Management & Development — 0.2%
Anywhere Real Estate, Inc.(a)		31,157		200,340
CBRE Group, Inc., Class A(a)		81,230		5,999,648
Compass, Inc., Class A(a)(b)		74,026		214,675
CoStar Group, Inc.(a)		105,624		8,121,429
Cushman & Wakefield PLC(a)		40,265		306,819
DigitalBridge Group, Inc., Class A		41,436		728,445
Douglas Elliman, Inc.		26,583		60,078
eXp World Holdings, Inc.(b)		16,039		260,473
Forestar Group, Inc.(a)(b)		6,524		175,757
FRP Holdings, Inc.(a)		2,488		134,277
Howard Hughes Holdings, Inc.(a)(b)		9,562		708,831
Jones Lang LaSalle, Inc.(a)		12,573		1,775,056
Kennedy-Wilson Holdings, Inc.		31,333		461,849
Marcus & Millichap, Inc.		5,827		170,964
Newmark Group, Inc., Class A		41,175		264,755
Opendoor Technologies, Inc.(a)		145,219		383,378
Redfin Corp.(a)(b)		26,731		188,186
REX Holdings, Inc., Class A		5,378		69,591
RMR Group, Inc. (The), Class A		4,084		100,140
St. Joe Co. (The)		8,323		452,189
Tejon Ranch Co.(a)		8,348		135,405
Zillow Group, Inc., Class A(a)		15,706		703,472
Zillow Group, Inc., Class C, NVS(a)(b)		41,732		1,926,349
				23,542,106
Residential REITs — 0.4%
American Homes 4 Rent, Class A		87,283		2,940,564
Apartment Income REIT Corp.		40,062		1,229,903
Apartment Investment & Management Co., Class A(a)		39,842		270,926
AvalonBay Communities, Inc.		36,983		6,351,461
Camden Property Trust		27,361		2,587,803
Centerspace		4,612		277,919
Elme Communities		23,855		325,382
Equity LifeStyle Properties, Inc.		46,293		2,949,327
Equity Residential		98,677		5,793,327
Essex Property Trust, Inc.		16,502		3,499,909
Independence Realty Trust, Inc.		57,248		805,479
Invitation Homes, Inc.		161,471		5,117,016
Mid-America Apartment Communities, Inc.		30,711		3,950,970
NexPoint Residential Trust, Inc.		6,131		197,296
Sun Communities, Inc.		31,824		3,766,052
UDR, Inc.		87,219		3,111,102

Security	Shares		Value
Residential REITs (continued)
UMH Properties, Inc.		15,444	$	216,525
Veris Residential, Inc.		23,883		394,070
				43,785,031
Retail REITs — 0.4%
Acadia Realty Trust		24,793		355,780
Agree Realty Corp.		24,725		1,365,809
Alexander’s, Inc.		545		99,315
Brixmor Property Group, Inc.		79,298		1,647,812
CBL & Associates Properties, Inc.		8,870		186,093
Federal Realty Investment Trust		20,931		1,896,977
Getty Realty Corp.		11,714		324,829
InvenTrust Properties Corp.		18,321		436,223
Kimco Realty Corp.		159,582		2,807,047
Kite Realty Group Trust		54,733		1,172,381
Macerich Co. (The)		57,513		627,467
NETSTREIT Corp.		15,768		245,665
NNN REIT, Inc.		48,186		1,702,893
Phillips Edison & Co., Inc.		29,517		990,000
Realty Income Corp.		177,598		8,869,244
Regency Centers Corp.		47,677		2,833,921
Retail Opportunity Investments Corp.		28,704		355,355
RPT Realty		19,312		203,935
Saul Centers, Inc.		3,154		111,242
Simon Property Group, Inc.		85,096		9,192,921
SITE Centers Corp.		47,606		586,982
Spirit Realty Capital, Inc.		37,339		1,251,977
Tanger Factory Outlet Centers, Inc.		28,616		646,722
Urban Edge Properties		29,889		456,106
Whitestone REIT		15,575		149,987
				38,516,683
Semiconductors & Semiconductor Equipment — 6.5%
ACM Research, Inc., Class A(a)		15,796		285,987
Advanced Micro Devices, Inc.(a)		421,166		43,304,288
Aehr Test Systems(a)		6,721		307,150
Allegro MicroSystems, Inc.(a)		19,040		608,138
Alpha & Omega Semiconductor Ltd.(a)		6,305		188,141
Ambarella, Inc.(a)		9,153		485,384
Amkor Technology, Inc.		28,676		648,078
Analog Devices, Inc.		132,634		23,222,887
Applied Materials, Inc.		221,795		30,707,518
Axcelis Technologies, Inc.(a)		8,726		1,422,774
Broadcom, Inc.		106,160		88,174,373
CEVA, Inc.(a)		5,597		108,526
Cirrus Logic, Inc.(a)(b)		14,165		1,047,643
Cohu, Inc.(a)		10,970		377,807
Credo Technology Group Holding Ltd.(a)		28,637		436,714
Diodes, Inc.(a)		11,999		946,001
Enphase Energy, Inc.(a)(b)		34,626		4,160,314
Entegris, Inc.		39,408		3,700,805
First Solar, Inc.(a)		28,106		4,541,648
FormFactor, Inc.(a)		20,175		704,914
GLOBALFOUNDRIES, Inc.(a)(b)		20,557		1,196,212
Ichor Holdings Ltd.(a)		7,237		224,057
Impinj, Inc.(a)(b)		5,632		309,929
indie Semiconductor, Inc., Class A(a)(b)		32,400		204,120
Intel Corp.		1,096,920		38,995,506
inTEST Corp.(a)		4,405		66,824
KLA Corp.		35,981		16,503,045
Kulicke & Soffa Industries, Inc.		14,893		724,247
Lam Research Corp.		35,193		22,057,917
Lattice Semiconductor Corp.(a)		36,141		3,105,596
MACOM Technology Solutions Holdings, Inc.(a)		14,446		1,178,505

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Marvell Technology, Inc.		224,990	$	12,178,709
Maxeon Solar Technologies Ltd.(a)(b)		6,556		75,984
MaxLinear, Inc.(a)		18,526		412,203
Microchip Technology, Inc.		141,200		11,020,660
Micron Technology, Inc.		288,146		19,602,572
MKS Instruments, Inc.		17,394		1,505,277
Monolithic Power Systems, Inc.		12,001		5,544,462
Navitas Semiconductor Corp.(a)		26,520		184,314
NVE Corp.		1,240		101,854
NVIDIA Corp.		624,345		271,583,832
ON Semiconductor Corp.(a)		113,809		10,578,547
Onto Innovation, Inc.(a)		12,513		1,595,658
PDF Solutions, Inc.(a)		7,462		241,769
Photronics, Inc.(a)		16,047		324,310
Power Integrations, Inc.		15,453		1,179,218
Qorvo, Inc.(a)		25,802		2,463,317
QUALCOMM, Inc.		293,132		32,555,240
Rambus, Inc.(a)		28,910		1,612,889
Semtech Corp.(a)(b)		16,822		433,166
Silicon Laboratories, Inc.(a)		8,271		958,526
SiTime Corp.(a)		4,247		485,220
Skyworks Solutions, Inc.		41,624		4,103,710
SMART Global Holdings, Inc.(a)		13,937		339,366
Synaptics, Inc.(a)		10,139		906,832
Teradyne, Inc.		40,445		4,063,105
Texas Instruments, Inc.		238,513		37,925,952
Ultra Clean Holdings, Inc.(a)		11,359		337,021
Universal Display Corp.		12,470		1,957,665
Veeco Instruments, Inc.(a)		11,108		312,246
Wolfspeed, Inc.(a)		32,240		1,228,344
				715,757,016
Software — 10.0%
8x8, Inc.(a)		27,773		69,988
A10 Networks, Inc.		14,748		221,662
ACI Worldwide, Inc.(a)		31,333		706,872
Adeia, Inc.		27,695		295,783
Adobe, Inc.(a)		120,393		61,388,391
Agilysys, Inc.(a)		4,944		327,095
Alarm.com Holdings, Inc.(a)		12,070		737,960
Alkami Technology, Inc.(a)(b)		7,354		133,990
Altair Engineering, Inc., Class A(a)(b)		13,844		866,081
Alteryx, Inc., Class A(a)(b)		15,333		577,901
American Software, Inc., Class A		8,703		99,736
Amplitude, Inc., Class A(a)		17,010		196,806
ANSYS, Inc.(a)		22,936		6,824,607
Appfolio, Inc., Class A(a)		5,392		984,741
Appian Corp., Class A(a)(b)		10,191		464,812
Applied Digital Corp.(a)(b)		17,650		110,136
AppLovin Corp., Class A(a)(b)		55,342		2,211,466
Asana, Inc., Class A(a)(b)		19,454		356,203
Aspen Technology, Inc.(a)(b)		7,573		1,546,861
Atlassian Corp., Class A(a)(b)		37,794		7,615,869
Aurora Innovation, Inc., Class A(a)(b)		79,013		185,681
Autodesk, Inc.(a)		56,361		11,661,655
AvePoint, Inc., Class A(a)(b)		38,782		260,615
Bentley Systems, Inc., Class B(b)		50,365		2,526,308
BILL Holdings, Inc.(a)(b)		26,621		2,890,242
Bit Digital, Inc.(a)		25,133		53,785
Blackbaud, Inc.(a)		11,165		785,123
BlackLine, Inc.(a)(b)		14,712		816,075
Box, Inc., Class A(a)		36,992		895,576
Braze, Inc., Class A(a)		13,691		639,780

Security	Shares		Value
Software (continued)
C3.ai, Inc., Class A(a)(b)		15,440	$	394,029
Cadence Design Systems, Inc.(a)		70,919		16,616,322
CCC Intelligent Solutions Holdings, Inc.(a)(b)		55,855		745,664
Cerence, Inc.(a)(b)		9,812		199,870
Cleanspark, Inc.(a)(b)		32,226		122,781
Clear Secure, Inc., Class A		21,666		412,521
CommVault Systems, Inc.(a)		11,021		745,130
Confluent, Inc., Class A(a)(b)		48,503		1,436,174
Consensus Cloud Solutions, Inc.(a)		5,612		141,310
Couchbase, Inc.(a)		9,315		159,845
Crowdstrike Holdings, Inc., Class A(a)		55,201		9,239,543
CS Disco, Inc.(a)		9,591		63,684
Datadog, Inc., Class A(a)		71,604		6,522,408
Digimarc Corp.(a)(b)		5,236		170,118
Digital Turbine, Inc.(a)		22,349		135,211
DocuSign, Inc.(a)		51,932		2,181,144
Dolby Laboratories, Inc., Class A		15,321		1,214,342
Domo, Inc., Class B(a)		6,811		66,816
DoubleVerify Holdings, Inc.(a)		32,818		917,263
Dropbox, Inc., Class A(a)		69,239		1,885,378
Dynatrace, Inc.(a)		63,357		2,960,673
E2open Parent Holdings, Inc., Class A(a)(b)		53,237		241,696
Ebix, Inc.		6,738		66,571
Elastic NV(a)		21,040		1,709,290
Enfusion, Inc., Class A(a)(b)		7,970		71,491
EngageSmart, Inc.(a)		11,448		205,950
Envestnet, Inc.(a)		14,382		633,239
Everbridge, Inc.(a)		9,516		213,349
EverCommerce, Inc.(a)		11,219		112,527
Expensify, Inc., Class A(a)		14,348		46,631
Fair Isaac Corp.(a)		6,419		5,575,094
Five9, Inc.(a)		19,172		1,232,760
Fortinet, Inc.(a)(b)		172,162		10,102,466
Freshworks, Inc., Class A(a)(b)		42,113		838,891
Gen Digital, Inc.		144,675		2,557,854
Gitlab, Inc., Class A(a)(b)		23,104		1,044,763
Guidewire Software, Inc.(a)		21,565		1,940,850
HashiCorp, Inc., Class A(a)		24,333		555,522
HubSpot, Inc.(a)(b)		11,908		5,864,690
Informatica, Inc., Class A(a)(b)		8,691		183,119
Instructure Holdings, Inc.(a)(b)		5,146		130,708
Intapp, Inc.(a)		4,045		135,588
InterDigital, Inc.		7,495		601,399
Intuit, Inc.		71,778		36,674,251
Jamf Holding Corp.(a)(b)		17,756		313,571
LivePerson, Inc.(a)(b)		16,340		63,563
LiveRamp Holdings, Inc.(a)		16,481		475,312
Manhattan Associates, Inc.(a)		16,316		3,225,021
Marathon Digital Holdings, Inc.(a)(b)		43,751		371,884
Matterport, Inc., Class A(a)(b)		64,567		140,110
MeridianLink, Inc.(a)		5,972		101,882
Microsoft Corp.		1,955,516		617,454,177
MicroStrategy, Inc., Class A(a)(b)		2,873		943,148
Mitek Systems, Inc.(a)		10,831		116,108
Model N, Inc.(a)(b)		9,517		232,310
N-able, Inc.(a)		17,745		228,911
nCino, Inc.(a)(b)		20,142		640,516
NCR Corp.(a)		33,151		894,082
New Relic, Inc.(a)		13,635		1,167,429
NextNav, Inc.(a)(b)		22,647		116,406
Nutanix, Inc., Class A(a)		60,134		2,097,474
Olo, Inc., Class A(a)		26,428		160,154

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
ON24, Inc.		14,958	$	94,684
OneSpan, Inc.(a)(b)		10,861		116,756
Oracle Corp.		399,518		42,316,947
PagerDuty, Inc.(a)(b)		20,977		471,773
Palantir Technologies, Inc., Class A(a)(b)		491,178		7,858,848
Palo Alto Networks, Inc.(a)(b)		79,486		18,634,698
Pegasystems, Inc.		10,847		470,868
PowerSchool Holdings, Inc., Class A(a)		16,151		365,982
Procore Technologies, Inc.(a)(b)		20,568		1,343,502
Progress Software Corp.		11,602		610,033
PROS Holdings, Inc.(a)		11,647		403,219
PTC, Inc.(a)		30,099		4,264,426
Q2 Holdings, Inc.(a)(b)		14,622		471,852
Qualys, Inc.(a)		9,876		1,506,584
Rapid7, Inc.(a)		14,995		686,471
Rimini Street, Inc.(a)(b)		24,940		54,868
RingCentral, Inc., Class A(a)		24,127		714,883
Riot Platforms, Inc.(a)(b)		40,086		374,002
Roper Technologies, Inc.		27,689		13,409,229
Salesforce, Inc.(a)		248,701		50,431,589
Sapiens International Corp.		6,790		193,040
SEMrush Holdings, Inc., Class A(a)		12,058		102,493
SentinelOne, Inc., Class A(a)(b)		60,621		1,022,070
ServiceNow, Inc.(a)		53,494		29,901,006
Smartsheet, Inc., Class A(a)		34,038		1,377,177
SolarWinds Corp.(a)		12,139		114,592
SoundHound AI, Inc., Class A(a)(b)		36,369		73,102
SoundThinking, Inc.(a)		2,847		50,961
Splunk, Inc.(a)		40,248		5,886,270
Sprinklr, Inc., Class A(a)(b)		30,391		420,611
Sprout Social, Inc., Class A(a)(b)		11,484		572,822
SPS Commerce, Inc.(a)		9,703		1,655,429
Synopsys, Inc.(a)		40,005		18,361,095
Tenable Holdings, Inc.(a)		30,982		1,387,994
Teradata Corp.(a)		25,987		1,169,935
Terawulf, Inc.(a)		66,356		83,609
Tyler Technologies, Inc.(a)		10,929		4,220,124
UiPath, Inc., Class A(a)(b)		98,759		1,689,766
Unity Software, Inc.(a)(b)		75,334		2,364,734
Varonis Systems, Inc.(a)		27,141		828,886
Verint Systems, Inc.(a)		17,554		403,566
VMware, Inc., Class A(a)		56,351		9,381,314
Weave Communications, Inc.(a)		13,248		107,971
Workday, Inc., Class A(a)(b)		51,870		11,144,269
Workiva, Inc., Class A(a)(b)		12,916		1,308,907
Xperi, Inc.(a)		12,249		120,775
Yext, Inc.(a)		25,226		159,681
Zeta Global Holdings Corp., Class A(a)		30,346		253,389
Zoom Video Communications, Inc., Class A(a)(b)		66,126		4,624,852
Zscaler, Inc.(a)		22,879		3,559,744
Zuora, Inc., Class A(a)		29,109		239,858
				1,099,644,039
Specialized REITs — 1.0%
American Tower Corp.		122,316		20,114,866
Crown Castle, Inc.		113,413		10,437,398
CubeSmart		58,024		2,212,455
Digital Realty Trust, Inc.		78,709		9,525,363
EPR Properties		20,425		848,454
Equinix, Inc.		24,515		17,804,264
Extra Space Storage, Inc.		54,805		6,663,192
Farmland Partners, Inc.		10,132		103,954
Four Corners Property Trust, Inc.		21,965		487,403

Security	Shares		Value
Specialized REITs (continued)
Gaming & Leisure Properties, Inc.		64,963	$	2,959,065
Gladstone Land Corp.		9,154		130,261
Iron Mountain, Inc.		76,795		4,565,463
Lamar Advertising Co., Class A		23,026		1,921,980
National Storage Affiliates Trust		22,271		706,882
Outfront Media, Inc.		38,529		389,143
PotlatchDeltic Corp.		21,399		971,301
Public Storage		41,146		10,842,794
Rayonier, Inc.		37,313		1,061,928
Safehold, Inc.(a)		8,856		157,637
SBA Communications Corp., Class A		28,159		5,636,587
Uniti Group, Inc.		60,911		287,500
VICI Properties, Inc.		264,329		7,691,974
Weyerhaeuser Co.		193,750		5,940,375
				111,460,239
Specialty Retail — 2.1%
1-800-Flowers.com, Inc., Class A(a)		10,596		74,172
Aaron’s Co., Inc. (The)		9,727		101,842
Abercrombie & Fitch Co., Class A(a)(b)		14,040		791,435
Academy Sports & Outdoors, Inc.		19,910		941,146
Advance Auto Parts, Inc.		15,405		861,602
American Eagle Outfitters, Inc.		48,005		797,363
America’s Car-Mart, Inc.(a)		1,934		175,975
Arko Corp., Class A		20,595		147,254
Asbury Automotive Group, Inc.(a)(b)		5,354		1,231,795
AutoNation, Inc.(a)(b)		7,983		1,208,626
AutoZone, Inc.(a)		4,760		12,090,352
Bath & Body Works, Inc.		60,535		2,046,083
Best Buy Co., Inc.		51,321		3,565,270
Boot Barn Holdings, Inc.(a)		8,083		656,259
Buckle, Inc. (The)		6,724		224,514
Build-A-Bear Workshop, Inc.		4,212		123,875
Burlington Stores, Inc.(a)		16,831		2,277,234
Caleres, Inc.		10,558		303,648
Camping World Holdings, Inc., Class A		10,783		220,081
CarMax, Inc.(a)(b)		40,721		2,880,196
CarParts.com, Inc.(a)		21,517		88,650
Carvana Co., Class A(a)		24,882		1,044,546
Chico’s FAS, Inc.(a)		33,019		246,982
Children’s Place, Inc. (The)(a)		3,201		86,523
Designer Brands, Inc., Class A		17,527		221,892
Destination XL Group, Inc.(a)(b)		15,128		67,773
Dick’s Sporting Goods, Inc.		15,752		1,710,352
EVgo, Inc., Class A(a)		20,465		69,172
Five Below, Inc.(a)(b)		14,457		2,326,131
Floor & Decor Holdings, Inc., Class A(a)(b)		27,518		2,490,379
Foot Locker, Inc.		20,570		356,889
GameStop Corp., Class A(a)(b)		70,402		1,158,817
Gap, Inc. (The)		52,621		559,361
Genesco, Inc.(a)(b)		3,152		97,145
Group 1 Automotive, Inc.		3,702		994,764
GrowGeneration Corp.(a)		27,743		81,010
Guess?, Inc.		9,445		204,390
Haverty Furniture Cos., Inc.		4,537		130,575
Hibbett, Inc.		4,141		196,739
Home Depot, Inc. (The)		266,104		80,405,985
Leslie’s, Inc.(a)(b)		41,346		234,018
Lithia Motors, Inc., Class A		6,969		2,058,155
Lowe’s Cos., Inc.		154,073		32,022,532
MarineMax, Inc.(a)		5,358		175,850
Monro, Inc.		8,323		231,130
Murphy U.S.A., Inc.		5,154		1,761,276

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
National Vision Holdings, Inc.(a)		20,425	$	330,476
ODP Corp. (The)(a)		8,907		411,058
OneWater Marine, Inc., Class A(a)(b)		3,334		85,417
O’Reilly Automotive, Inc.(a)		15,671		14,242,745
Overstock.com, Inc.(a)		11,415		180,585
Penske Automotive Group, Inc.(b)		5,262		879,070
Petco Health & Wellness Co., Inc.(a)(b)		23,144		94,659
PetMed Express, Inc.		5,653		57,943
Revolve Group, Inc., Class A(a)(b)		9,614		130,847
RH(a)(b)		4,634		1,225,044
Ross Stores, Inc.		88,068		9,947,281
Sally Beauty Holdings, Inc.(a)(b)		27,425		229,822
Shoe Carnival, Inc.		5,471		131,468
Signet Jewelers Ltd.		11,610		833,714
Sleep Number Corp.(a)		5,722		140,704
Sonic Automotive, Inc., Class A		5,517		263,492
Sportsman’s Warehouse Holdings, Inc.(a)		13,174		59,151
Stitch Fix, Inc., Class A(a)(b)		25,983		89,641
TJX Cos., Inc. (The)		302,200		26,859,536
Tractor Supply Co.		28,562		5,799,514
Ulta Beauty, Inc.(a)		13,165		5,258,759
Upbound Group, Inc.		12,472		367,300
Urban Outfitters, Inc.(a)		18,607		608,263
Valvoline, Inc.		42,565		1,372,296
Victoria’s Secret & Co.(a)		20,971		349,796
Warby Parker, Inc., Class A(a)		25,579		336,620
Wayfair, Inc., Class A(a)(b)		21,580		1,307,101
Williams-Sonoma, Inc.		16,677		2,591,606
Winmark Corp.		764		285,071
Zumiez, Inc.(a)		5,342		95,088
				234,303,825
Technology Hardware, Storage & Peripherals — 6.3%
Apple Inc.		3,921,284		671,363,034
Avid Technology, Inc.(a)		10,676		286,864
Corsair Gaming, Inc.(a)(b)		10,104		146,811
Eastman Kodak Co.(a)(b)		19,811		83,404
Hewlett Packard Enterprise Co.		341,073		5,924,438
HP, Inc.		226,572		5,822,900
Immersion Corp.		4,955		32,753
IonQ, Inc.(a)(b)		45,005		669,674
NetApp, Inc.		54,980		4,171,882
Pure Storage, Inc., Class A(a)		74,073		2,638,480
Super Micro Computer, Inc.(a)(b)		12,195		3,344,113
Western Digital Corp.(a)		84,239		3,843,826
Xerox Holdings Corp.		33,195		520,830
				698,849,009
Textiles, Apparel & Luxury Goods — 0.5%
Allbirds, Inc., Class A(a)(b)		33,620		37,318
Capri Holdings Ltd.(a)		30,096		1,583,351
Carter’s, Inc.		9,712		671,585
Columbia Sportswear Co.		9,898		733,442
Crocs, Inc.(a)		16,138		1,423,856
Deckers Outdoor Corp.(a)		6,883		3,538,481
Figs, Inc., Class A(a)(b)		37,509		221,303
G-III Apparel Group Ltd.(a)		11,120		277,110
Hanesbrands, Inc.		94,058		372,470
Kontoor Brands, Inc.		13,977		613,730
Lululemon Athletica, Inc.(a)		29,106		11,223,565
Movado Group, Inc.		4,300		117,605
NIKE, Inc., Class B		313,126		29,941,108
Oxford Industries, Inc.		4,546		437,007
PVH Corp.		15,961		1,221,176

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Ralph Lauren Corp., Class A		10,829	$	1,257,139
Skechers U.S.A., Inc., Class A(a)		34,501		1,688,824
Steven Madden Ltd.		21,936		696,907
Tapestry, Inc.		62,250		1,789,687
Under Armour, Inc., Class A(a)		49,683		340,328
Under Armour, Inc., Class C, NVS(a)		50,561		322,579
VF Corp.		91,413		1,615,268
Wolverine World Wide, Inc.		22,327		179,956
				60,303,795
Tobacco — 0.5%
Altria Group, Inc.		468,614		19,705,219
Philip Morris International, Inc.		407,655		37,740,700
Turning Point Brands, Inc.		6,027		139,163
Universal Corp.		6,580		310,642
Vector Group Ltd.		40,717		433,229
				58,328,953
Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A		28,047		1,105,332
Alta Equipment Group, Inc., Class A		8,842		106,635
Applied Industrial Technologies, Inc.		9,754		1,508,066
Beacon Roofing Supply, Inc.(a)		14,054		1,084,547
BlueLinx Holdings, Inc.(a)		2,253		184,949
Boise Cascade Co.		10,828		1,115,717
Core & Main, Inc., Class A(a)(b)		22,550		650,567
Custom Truck One Source, Inc.(a)		17,019		105,518
DXP Enterprises, Inc.(a)		5,352		186,999
Fastenal Co.		150,587		8,228,074
Ferguson PLC		54,115		8,900,294
FTAI Aviation Ltd.		25,877		919,927
GATX Corp.		8,923		971,090
Global Industrial Co.		3,919		131,287
GMS, Inc.(a)		11,039		706,165
H&E Equipment Services, Inc.		8,048		347,593
Herc Holdings, Inc.		7,349		874,090
Hudson Technologies, Inc.(a)		11,213		149,133
McGrath RentCorp		6,077		609,158
MRC Global, Inc.(a)		23,066		236,426
MSC Industrial Direct Co., Inc., Class A		12,200		1,197,430
NOW, Inc.(a)		27,357		324,728
Rush Enterprises, Inc., Class A		15,303		624,821
Rush Enterprises, Inc., Class B		3,316		150,182
SiteOne Landscape Supply, Inc.(a)(b)		11,361		1,856,955
Textainer Group Holdings Ltd.		11,755		437,874
Titan Machinery, Inc.(a)		5,657		150,363
Transcat, Inc.(a)		1,381		135,297
Triton International Ltd.(d)		14,223		1,170,054
United Rentals, Inc.		17,989		7,997,370
Veritiv Corp.		3,477		587,265
Watsco., Inc.		8,758		3,308,072
WESCO International, Inc.		11,509		1,655,224
WW Grainger, Inc.		11,663		8,068,930
Xometry, Inc., Class A(a)(b)		9,370		159,103
				55,945,235
Water Utilities — 0.1%
American States Water Co.		10,087		793,645
American Water Works Co., Inc.		51,550		6,383,436
Artesian Resources Corp., Class A, NVS		2,925		122,821
California Water Service Group		15,325		725,026
Consolidated Water Co. Ltd.		4,663		132,616
Essential Utilities, Inc.		63,634		2,184,555
Middlesex Water Co.		5,061		335,291

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Water Utilities (continued)
SJW Group		7,590	$	456,235
York Water Co. (The)		3,255		122,030
				11,255,655
Wireless Telecommunication Services — 0.2%
Gogo, Inc.(a)(b)		17,231		205,566
Shenandoah Telecommunications Co.		13,153		271,083
Telephone & Data Systems, Inc.		27,273		499,369
T-Mobile U.S., Inc.(a)		140,444		19,669,182
				20,645,200
Total Common Stocks — 99.8% (Cost: $8,410,720,592)				10,993,837,314
Rights
Biotechnology — 0.0%
Aduro Biotech CVR(a)(d)		4,039		10,255
Chinook Therapeutics, Inc., CVR(a)(d)		16,679		7,172
GTX, Inc., Contingent Rights(a)(b)(d)		684		701
				18,128
Total Rights — 0.0% (Cost: $1,402)				18,128
Warrants(a)
Oil, Gas & Consumable Fuels — 0.0%
Chord Energy Corp. (Issued/Exercisable, Expires 09/01/25, Strike Price USD 83.45)		204		3,621
Chord Energy Corp., Class A (Issued/Exercisable, Expires 09/01/24, Strike Price USD 73.44)		409		11,223
				14,844
Total Warrants — 0.0% (Cost: $68,578)				14,844
Total Long-Term Investments — 99.8% (Cost: $8,410,790,572)				10,993,870,286

Security	Shares		Value
Short-Term Securities
Money Market Funds — 2.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(f)(g)		251,841,852	$	251,942,589
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(f)		61,414,757		61,414,757
Total Short-Term Securities — 2.8% (Cost: $313,175,348)				313,357,346
Total Investments — 102.6% (Cost: $8,723,965,920)				11,307,227,632
Liabilities in Excess of Other Assets — (2.6)%				(288,642,197	)
Net Assets — 100.0%			$	11,018,585,435

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

^(e)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $26,277, representing 0.0% of its net assets as of period end, and an original cost of $96,475.

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

^(g)  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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	245,670,879	$	6,245,745	(a)	$	—		$	10,114	$	15,851		$	251,942,589		251,841,852	$	1,235,977	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		17,462,038		43,952,719	(a)		—			—		—			61,414,757		61,414,757		478,339			—
BlackRock, Inc.		26,432,247		512,651			(845,730	)		274,080		(1,156,906	)		25,216,342		39,005		390,515			—
									$	284,194	$	(1,141,055	)	$	338,573,688			$	2,104,831		$	—

^(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.

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		30		12/15/23	$	2,698	$	(85,377	)
S&P 500 E-Mini Index		99		12/15/23		21,411		(680,269	)
							$	(765,646	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	765,646	$	—	$	—	$	—	$	765,646

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	2,741,924		$	—	$	—	$	—	$	2,741,924
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,898,609	)	$	—	$	—	$	—	$	(1,898,609	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	21,292,654

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

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell 3000 ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	10,992,612,973		$	53,110	$	1,171,231	$	10,993,837,314
Rights		—			—		18,128		18,128
Warrants		14,844			—		—		14,844
Short-Term Securities
Money Market Funds		313,357,346			—		—		313,357,346
	$	11,305,985,163		$	53,110	$	1,189,359	$	11,307,227,632
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(765,646	)	$	—	$	—	$	(765,646	)

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

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

Schedule of Investments (unaudited)    September 30, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.6%
BWX Technologies, Inc.		133,696	$	10,024,526
Curtiss-Wright Corp.		68,005		13,303,818
HEICO Corp.(a)		7,895		1,278,437
HEICO Corp., Class A		13,961		1,804,041
Hexcel Corp.		150,460		9,800,964
Howmet Aerospace, Inc.		673,018		31,127,083
Huntington Ingalls Industries, Inc.		69,740		14,267,409
Mercury Systems, Inc.(a)(b)		87,482		3,244,707
Spirit AeroSystems Holdings, Inc., Class A		169,577		2,736,973
Textron, Inc.(a)		350,887		27,418,310
TransDigm Group, Inc.(b)		77,453		65,302,948
Woodward, Inc.		105,450		13,103,217
				193,412,433
Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.		44,855		3,863,361
Expeditors International of Washington, Inc.(a)		233,480		26,763,812
GXO Logistics, Inc.(a)(b)		208,498		12,228,408
				42,855,581
Automobile Components — 0.8%
Aptiv PLC(b)		480,344		47,357,115
BorgWarner, Inc.		413,792		16,704,783
Gentex Corp.		417,804		13,595,342
Lear Corp.		104,511		14,025,376
Phinia, Inc.		82,878		2,220,302
QuantumScape Corp., Class A(a)(b)		519,740		3,477,061
				97,379,979
Automobiles — 0.4%
Harley-Davidson, Inc.		234,839		7,763,777
Lucid Group, Inc.(a)(b)		1,334,150		7,457,899
Rivian Automotive, Inc., Class A(a)(b)		1,176,330		28,561,292
Thor Industries, Inc.		90,347		8,594,710
				52,377,678
Banks — 3.0%
Bank OZK		192,454		7,134,270
BOK Financial Corp.		49,986		3,997,880
Citizens Financial Group, Inc.		840,080		22,514,144
Columbia Banking System, Inc.		372,830		7,568,449
Comerica, Inc.		234,769		9,754,652
Commerce Bancshares, Inc.		201,706		9,677,854
Cullen/Frost Bankers, Inc.		104,489		9,530,442
East West Bancorp, Inc.		250,318		13,194,262
Fifth Third Bancorp		1,204,530		30,510,745
First Citizens BancShares, Inc., Class A		17,159		23,681,136
First Hawaiian, Inc.		224,437		4,051,088
First Horizon Corp.		991,094		10,921,856
FNB Corp.		641,173		6,918,257
Huntington Bancshares, Inc.		2,552,238		26,543,275
KeyCorp.		1,657,579		17,835,550
M&T Bank Corp.		293,527		37,116,489
New York Community Bancorp, Inc., Class A		1,267,577		14,374,323
NU Holdings Ltd., Class A(b)		1,282,857		9,300,713
Pinnacle Financial Partners, Inc.		133,022		8,917,795
Popular, Inc.		126,239		7,954,319
Prosperity Bancshares, Inc.		155,902		8,509,131
Regions Financial Corp.		1,663,646		28,614,711
Synovus Financial Corp.		259,376		7,210,653
Webster Financial Corp.		309,465		12,474,534
Western Alliance Bancorp		190,670		8,765,100

Security	Shares		Value
Banks (continued)
Wintrust Financial Corp.		109,057	$	8,233,804
Zions Bancorp N.A		257,350		8,978,941
				364,284,373
Beverages — 0.2%
Boston Beer Co., Inc. (The), Class A, NVS(b)		1,349		525,476
Brown-Forman Corp., Class A(a)		17,781		1,033,076
Brown-Forman Corp., Class B, NVS		66,812		3,854,384
Molson Coors Beverage Co., Class B		310,100		19,719,259
				25,132,195
Biotechnology — 1.3%
Alnylam Pharmaceuticals, Inc.(b)		43,682		7,736,082
Biogen, Inc.(b)		256,166		65,837,224
BioMarin Pharmaceutical, Inc.(a)(b)		292,754		25,902,874
Exact Sciences Corp.(b)		206,844		14,110,898
Exelixis, Inc.(b)		148,298		3,240,311
Horizon Therapeutics PLC(b)		45,955		5,316,534
Incyte Corp.(b)		87,133		5,033,673
Ionis Pharmaceuticals, Inc.(a)(b)		34,933		1,584,561
Karuna Therapeutics, Inc.(a)(b)		6,648		1,124,110
Mirati Therapeutics, Inc.(a)(b)		80,542		3,508,410
Roivant Sciences Ltd.(a)(b)		34,376		401,512
United Therapeutics Corp.(b)		80,213		18,117,710
				151,913,899
Broadline Retail — 0.5%
eBay, Inc.		889,670		39,225,550
Etsy, Inc.(b)		96,504		6,232,228
Kohl’s Corp.		199,826		4,188,353
Macy’s, Inc.		485,463		5,636,226
Nordstrom, Inc.		201,375		3,008,543
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		73,963		5,708,464
				63,999,364
Building Products — 2.5%
A O Smith Corp.		195,130		12,903,947
Allegion PLC		11,616		1,210,387
Armstrong World Industries, Inc.		55,959		4,029,048
AZEK Co., Inc. (The), Class A(b)		235,150		6,993,361
Builders FirstSource, Inc.(b)		226,584		28,207,442
Carlisle Cos., Inc.		88,011		22,817,732
Carrier Global Corp.		1,481,013		81,751,918
Fortune Brands Innovations, Inc.		224,897		13,979,598
Hayward Holdings, Inc.(a)(b)		235,744		3,323,990
Lennox International, Inc.		56,694		21,228,501
Masco Corp.		398,936		21,323,129
Owens Corning		159,290		21,728,749
Trane Technologies PLC		284,934		57,815,958
				297,313,760
Capital Markets — 4.5%
Affiliated Managers Group, Inc.		62,951		8,205,033
Bank of New York Mellon Corp. (The)		1,386,921		59,152,181
Blue Owl Capital, Inc., Class A		672,608		8,717,000
Carlyle Group, Inc. (The)		376,416		11,352,707
Cboe Global Markets, Inc.		186,617		29,151,442
Coinbase Global, Inc., Class A(a)(b)		295,700		22,201,156
Evercore, Inc., Class A		62,956		8,680,373
Franklin Resources, Inc.		506,854		12,458,471
Houlihan Lokey, Inc., Class A		83,690		8,964,873
Interactive Brokers Group, Inc., Class A		178,833		15,479,784
Invesco Ltd.		647,521		9,402,005
Janus Henderson Group PLC		240,766		6,216,578
Jefferies Financial Group, Inc.		339,027		12,418,559

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

Schedule of Investments (unaudited)   (continued) September 30, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
KKR & Co., Inc., Class A		864,332	$	53,242,851
Lazard Ltd., Class A		197,032		6,109,962
MSCI, Inc., Class A		68,138		34,960,245
Nasdaq, Inc.		608,062		29,545,733
Northern Trust Corp.		363,303		25,242,292
Raymond James Financial, Inc.		336,944		33,839,286
Robinhood Markets, Inc., Class A(a)(b)		1,183,831		11,613,382
SEI Investments Co.		181,590		10,937,166
State Street Corp.		564,613		37,806,487
Stifel Financial Corp.		181,256		11,136,369
T Rowe Price Group, Inc.		392,586		41,170,494
TPG, Inc., Class A		80,393		2,421,437
Tradeweb Markets, Inc., Class A		132,347		10,614,229
Virtu Financial, Inc., Class A		157,675		2,723,047
XP, Inc., Class A		537,907		12,398,756
				536,161,898
Chemicals — 3.8%
Albemarle Corp.(a)		207,761		35,327,680
Ashland, Inc.		84,539		6,905,145
Axalta Coating Systems Ltd.(b)		348,764		9,381,752
Celanese Corp., Class A		175,338		22,008,426
CF Industries Holdings, Inc.		346,886		29,742,006
Chemours Co. (The)		266,094		7,463,937
Corteva, Inc.		1,268,511		64,897,023
DuPont de Nemours, Inc.		816,530		60,904,973
Eastman Chemical Co.		210,821		16,174,187
Element Solutions, Inc.		400,389		7,851,628
FMC Corp.		188,458		12,621,032
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		2,517,610		4,556,874
Huntsman Corp.		301,522		7,357,137
International Flavors & Fragrances, Inc.		453,105		30,888,168
LyondellBasell Industries NV, Class A		459,137		43,480,274
Mosaic Co. (The)		587,133		20,901,935
NewMarket Corp.		10,992		5,001,800
Olin Corp.		230,160		11,503,397
PPG Industries, Inc.		312,028		40,501,234
RPM International, Inc.		183,077		17,357,530
Westlake Corp.		58,114		7,245,072
				462,071,210
Commercial Services & Supplies — 0.9%
Cintas Corp.		17,103		8,226,714
Clean Harbors, Inc.(a)(b)		89,498		14,978,385
Driven Brands Holdings, Inc.(b)		109,634		1,380,292
MSA Safety, Inc.		54,095		8,528,077
RB Global, Inc.(a)		75,332		4,708,250
Republic Services, Inc.		367,400		52,358,174
Stericycle, Inc.(a)(b)		165,253		7,388,462
Tetra Tech, Inc.		77,358		11,760,737
				109,329,091
Communications Equipment — 0.5%
Ciena Corp.(b)		262,274		12,395,069
F5, Inc.(b)		107,215		17,276,625
Juniper Networks, Inc.		564,636		15,691,235
Lumentum Holdings, Inc.(b)		122,782		5,547,291
Ubiquiti, Inc.		1,158		168,257
Viasat, Inc.(a)(b)		208,366		3,846,436
				54,924,913
Construction & Engineering — 0.8%
AECOM		232,229		19,284,296
EMCOR Group, Inc.		54,688		11,505,808
MasTec, Inc.(b)		110,802		7,974,420

Security	Shares		Value
Construction & Engineering (continued)
MDU Resources Group, Inc.		362,532	$	7,098,377
Quanta Services, Inc.		187,997		35,168,599
Valmont Industries, Inc.		34,691		8,333,125
WillScot Mobile Mini Holdings Corp.(b)		262,271		10,907,851
				100,272,476
Construction Materials — 0.7%
Eagle Materials, Inc.		21,553		3,589,006
Martin Marietta Materials, Inc.		109,544		44,965,621
Vulcan Materials Co.		183,377		37,045,821
				85,600,448
Consumer Finance — 0.9%
Ally Financial, Inc.		482,662		12,877,422
Credit Acceptance Corp.(a)(b)		11,536		5,307,944
Discover Financial Services		442,747		38,355,173
OneMain Holdings, Inc.		200,870		8,052,878
SLM Corp.		244,034		3,323,743
SoFi Technologies, Inc.(a)(b)		1,633,602		13,052,480
Synchrony Financial		738,664		22,580,959
				103,550,599
Consumer Staples Distribution & Retail — 1.6%
Albertsons Cos., Inc., Class A		677,674		15,417,083
BJ’s Wholesale Club Holdings, Inc.(a)(b)		153,759		10,973,780
Casey’s General Stores, Inc.		56,772		15,414,733
Dollar Tree, Inc.(b)		371,236		39,518,072
Grocery Outlet Holding Corp.(a)(b)		167,916		4,844,377
Kroger Co. (The)		1,160,744		51,943,294
Performance Food Group Co.(b)		143,431		8,442,349
U.S. Foods Holding Corp.(b)		402,811		15,991,597
Walgreens Boots Alliance, Inc.		1,271,299		28,273,690
				190,818,975
Containers & Packaging — 1.7%
Amcor PLC		2,625,680		24,051,229
AptarGroup, Inc.		116,494		14,566,410
Ardagh Group SA, Class A(b)		34,751		189,567
Ardagh Metal Packaging SA		17,939		56,149
Avery Dennison Corp.		96,355		17,601,168
Ball Corp.		546,669		27,213,183
Berry Global Group, Inc.		212,593		13,161,632
Crown Holdings, Inc.		188,659		16,692,548
Graphic Packaging Holding Co.		255,264		5,687,282
International Paper Co.		614,431		21,793,867
Packaging Corp. of America		156,973		24,103,204
Sealed Air Corp.		113,422		3,727,047
Silgan Holdings, Inc.		150,064		6,469,259
Sonoco Products Co.		172,522		9,376,571
Westrock Co.		449,415		16,089,057
				200,778,173
Distributors — 0.5%
Genuine Parts Co.		248,905		35,936,904
LKQ Corp.		472,446		23,390,801
				59,327,705
Diversified Consumer Services — 0.2%
ADT, Inc.		370,872		2,225,232
Bright Horizons Family Solutions, Inc.(b)		90,129		7,341,908
Grand Canyon Education, Inc.(b)		38,478		4,497,309
H&R Block, Inc.		94,320		4,061,419
Mister Car Wash, Inc.(a)(b)		132,091		727,821
Service Corp. International		166,533		9,515,696
				28,369,385

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

Schedule of Investments (unaudited)   (continued) September 30, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services (continued)
WP Carey, Inc.		375,930	$	20,330,294
Diversified Telecommunication Services — 0.1%
Frontier Communications Parent, Inc.(a)(b)		439,084		6,871,665
GCI Liberty, Inc. Escrow, Class A(b)(c)		193,912		2
Iridium Communications, Inc.		14,086		640,772
				7,512,439
Electric Utilities — 3.8%
Alliant Energy Corp.		445,819		21,599,930
Avangrid, Inc.		125,386		3,782,896
Constellation Energy Corp.		582,618		63,551,971
Edison International		670,827		42,456,641
Entergy Corp.		375,630		34,745,775
Evergy, Inc.		395,094		20,031,266
Eversource Energy		618,633		35,973,509
FirstEnergy Corp.		966,448		33,033,193
Hawaiian Electric Industries, Inc.(a)		196,844		2,423,150
IDACORP, Inc.		89,103		8,344,496
NRG Energy, Inc.		410,741		15,821,743
OGE Energy Corp.		356,317		11,876,046
PG&E Corp.(b)		3,551,343		57,283,162
Pinnacle West Capital Corp.		201,357		14,835,984
PPL Corp.		1,314,741		30,975,298
Xcel Energy, Inc.		980,011		56,076,229
				452,811,289
Electrical Equipment — 1.4%
Acuity Brands, Inc.		55,659		9,479,284
AMETEK, Inc.		408,996		60,433,249
Generac Holdings, Inc.(a)(b)		108,169		11,786,094
Hubbell, Inc.		51,715		16,207,998
nVent Electric PLC		290,951		15,417,494
Plug Power, Inc.(a)(b)		944,620		7,179,112
Regal Rexnord Corp.		117,547		16,795,115
Sensata Technologies Holding PLC		269,008		10,173,883
Sunrun, Inc.(a)(b)		378,318		4,751,674
Vertiv Holdings Co., Class A		564,481		20,998,693
				173,222,596
Electronic Equipment, Instruments & Components — 2.3%
Amphenol Corp., Class A		514,376		43,202,440
Arrow Electronics, Inc.(a)(b)		102,021		12,777,110
Avnet, Inc.		162,916		7,850,922
CDW Corp.		13,841		2,792,560
Cognex Corp.		307,153		13,035,573
Coherent Corp.(a)(b)		213,749		6,976,767
Corning, Inc.		1,349,845		41,129,777
Crane NXT Co.		84,907		4,718,282
IPG Photonics Corp.(b)		53,849		5,467,828
Jabil, Inc.		84,619		10,737,305
Keysight Technologies, Inc.(b)		234,287		30,998,513
Littelfuse, Inc.		43,125		10,665,675
National Instruments Corp.		50,401		3,004,908
TD SYNNEX Corp.		73,474		7,337,114
Teledyne Technologies, Inc.(b)		82,679		33,780,986
Trimble, Inc.(b)		437,173		23,546,138
Vontier Corp.		182,213		5,634,026
Zebra Technologies Corp., Class A(b)		74,559		17,635,440
				281,291,364
Energy Equipment & Services — 1.2%
Baker Hughes Co., Class A		1,801,326		63,622,834
Halliburton Co.		1,276,916		51,715,098

Security	Shares		Value
Energy Equipment & Services (continued)
NOV, Inc.		699,299	$	14,615,349
TechnipFMC PLC		777,200		15,808,248
				145,761,529
Entertainment — 1.7%
AMC Entertainment Holdings, Inc., Class A(a)(b)		104,778		837,173
Electronic Arts, Inc.		487,225		58,661,890
Liberty Media Corp. - Liberty Formula One, Class A(b)		41,520		2,347,541
Liberty Media Corp. - Liberty Formula One, Class C(b)		344,085		21,436,495
Liberty Media Corp. - Liberty Live, Class A(b)		34,137		1,089,653
Liberty Media Corp. - Liberty Live, Class C, NVS(b)		85,385		2,740,858
Live Nation Entertainment, Inc.(a)(b)		215,204		17,870,540
Madison Square Garden Sports Corp., Class A		33,406		5,889,478
Playtika Holding Corp.(b)		5,231		50,375
Roku, Inc., Class A(a)(b)		192,443		13,584,551
Take-Two Interactive Software, Inc.(b)		292,640		41,083,730
Warner Bros Discovery, Inc., Class A(a)(b)		3,910,358		42,466,488
				208,058,772
Financial Services — 1.7%
Affirm Holdings, Inc., Class A(a)(b)		392,140		8,340,818
Block, Inc., Class A(b)		606,952		26,863,696
Euronet Worldwide, Inc.(b)		42,896		3,405,084
Fidelity National Information Services, Inc.		1,050,726		58,073,626
FleetCor Technologies, Inc.(b)		9,385		2,396,366
Global Payments, Inc.		465,319		53,693,159
Jack Henry & Associates, Inc.		88,927		13,440,427
MGIC Investment Corp.		508,322		8,483,894
Rocket Cos., Inc., Class A(a)(b)		154,518		1,263,957
TFS Financial Corp.		97,425		1,151,564
UWM Holdings Corp., Class A		126,315		612,628
Voya Financial, Inc.		175,347		11,651,808
Western Union Co. (The)		405,388		5,343,014
WEX, Inc.(b)		40,891		7,691,188
				202,411,229
Food Products — 2.0%
Bunge Ltd.		264,946		28,680,405
Campbell Soup Co.		340,266		13,978,127
Conagra Brands, Inc.		847,427		23,236,448
Darling Ingredients, Inc.(b)		281,768		14,708,290
Flowers Foods, Inc.		336,673		7,467,407
Freshpet, Inc.(b)		58,272		3,838,959
Hormel Foods Corp.		513,564		19,530,839
Ingredion, Inc.		117,571		11,568,986
J M Smucker Co. (The)		175,108		21,522,524
Kellanova		462,588		27,528,612
Lamb Weston Holdings, Inc.		14,374		1,329,020
McCormick & Co., Inc., NVS		445,923		33,729,616
Pilgrim’s Pride Corp.(b)		72,477		1,654,650
Post Holdings, Inc.(a)(b)		95,858		8,218,865
Seaboard Corp.(a)		457		1,715,121
Tyson Foods, Inc., Class A		493,020		24,892,580
				243,600,449
Gas Utilities — 0.4%
Atmos Energy Corp.		256,698		27,192,019
National Fuel Gas Co.		159,216		8,264,903
UGI Corp.		369,153		8,490,519
				43,947,441

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ground Transportation — 0.8%
Avis Budget Group, Inc.(b)		24,175	$	4,344,006
Hertz Global Holdings, Inc.(a)(b)		237,287		2,906,766
JB Hunt Transport Services, Inc.		117,272		22,108,117
Knight-Swift Transportation Holdings, Inc.		277,875		13,935,431
Landstar System, Inc.		12,859		2,275,272
Old Dominion Freight Line, Inc.(a)		12,022		4,918,681
Ryder System, Inc.		80,100		8,566,695
Saia, Inc.(a)(b)		42,073		16,772,401
Schneider National, Inc., Class B		96,644		2,676,072
U-Haul Holding Co.(b)		9,759		532,549
U-Haul Holding Co., NVS(a)		110,170		5,771,806
XPO, Inc.(b)		203,106		15,163,894
				99,971,690
Health Care Equipment & Supplies — 2.0%
Baxter International, Inc.		897,110		33,856,931
Cooper Cos., Inc. (The)(a)		86,215		27,417,232
DENTSPLY SIRONA, Inc.		376,235		12,852,188
Enovis Corp.(b)		94,746		4,995,957
Envista Holdings Corp.(b)		292,948		8,167,390
Globus Medical, Inc., Class A(b)		150,840		7,489,206
Hologic, Inc.(b)		431,138		29,920,977
ICU Medical, Inc.(a)(b)		36,409		4,333,035
Integra LifeSciences Holdings Corp.(b)		129,058		4,928,725
QuidelOrtho Corp.(b)		95,713		6,990,878
STERIS PLC		176,013		38,620,772
Tandem Diabetes Care, Inc.(a)(b)		98,337		2,042,460
Teleflex, Inc.		83,445		16,389,432
Zimmer Biomet Holdings, Inc.		372,675		41,821,589
				239,826,772
Health Care Providers & Services — 1.4%
Acadia Healthcare Co., Inc.(b)		159,890		11,241,866
agilon health, Inc.(a)(b)		59,507		1,056,844
Amedisys, Inc.(b)		56,594		5,285,880
Cardinal Health, Inc.		220,534		19,146,762
Chemed Corp.		7,386		3,838,504
Encompass Health Corp.		162,509		10,914,104
Henry Schein, Inc.(b)		231,216		17,167,788
Laboratory Corp. of America Holdings		157,463		31,657,936
Molina Healthcare, Inc.(b)		46,943		15,392,140
Premier, Inc., Class A		213,925		4,599,388
Quest Diagnostics, Inc.		198,554		24,195,791
R1 RCM, Inc.(b)		269,490		4,061,214
Tenet Healthcare Corp.(b)		179,696		11,840,169
Universal Health Services, Inc., Class B		107,749		13,547,282
				173,945,668
Health Care REITs — 1.2%
Healthcare Realty Trust, Inc.		677,062		10,338,737
Healthpeak Properties, Inc.		970,773		17,823,392
Medical Properties Trust, Inc.		1,063,930		5,798,419
Omega Healthcare Investors, Inc.		417,347		13,839,227
Ventas, Inc.		708,972		29,868,990
Welltower, Inc.		883,458		72,372,879
				150,041,644
Health Care Technology — 0.1%
Certara, Inc.(b)		134,457		1,955,005
Doximity, Inc., Class A(b)		120,461		2,556,182
Teladoc Health, Inc.(a)(b)		289,019		5,372,863
				9,884,050

Security	Shares		Value
Hotel & Resort REITs — 0.2%
Host Hotels & Resorts, Inc.		1,254,347	$	20,157,356
Park Hotels & Resorts, Inc.		380,702		4,690,249
				24,847,605
Hotels, Restaurants & Leisure — 2.1%
Aramark		416,397		14,448,976
Boyd Gaming Corp.		131,584		8,004,255
Caesars Entertainment, Inc.(b)		216,760		10,046,826
Carnival Corp.(b)		1,769,962		24,283,879
Cava Group, Inc.(a)(b)		6,506		199,279
Darden Restaurants, Inc.		114,162		16,350,282
DoorDash, Inc., Class A(a)(b)		115,691		9,193,964
Expedia Group, Inc.(b)		69,086		7,120,694
Hilton Worldwide Holdings, Inc.		247,321		37,142,668
Hyatt Hotels Corp., Class A		81,749		8,671,934
Marriott Vacations Worldwide Corp.		65,493		6,590,560
MGM Resorts International(a)		518,517		19,060,685
Norwegian Cruise Line Holdings Ltd.(a)(b)		566,284		9,332,360
Penn Entertainment, Inc.(a)(b)		275,540		6,323,643
Planet Fitness, Inc., Class A(b)		78,677		3,869,335
Royal Caribbean Cruises Ltd.(b)		291,333		26,843,423
Travel + Leisure Co.		71,653		2,631,815
Vail Resorts, Inc.		60,945		13,523,086
Wyndham Hotels & Resorts, Inc.		137,840		9,585,393
Wynn Resorts Ltd.		173,028		15,989,517
Yum! Brands, Inc.		61,297		7,658,447
				256,871,021
Household Durables — 2.2%
DR Horton, Inc.		553,388		59,472,608
Garmin Ltd.		272,652		28,682,991
Leggett & Platt, Inc.		238,041		6,048,622
Lennar Corp., Class A		442,475		49,658,969
Lennar Corp., Class B		24,221		2,476,113
Mohawk Industries, Inc.(b)		94,579		8,115,824
Newell Brands, Inc.		685,138		6,186,796
NVR, Inc.(a)(b)		4,774		28,468,794
PulteGroup, Inc.		386,921		28,651,500
Tempur Sealy International, Inc.		237,430		10,290,216
Toll Brothers, Inc.		192,754		14,256,086
TopBuild Corp.(b)		52,749		13,271,648
Whirlpool Corp.		95,278		12,738,669
				268,318,836
Household Products — 0.1%
Church & Dwight Co., Inc.		44,868		4,111,255
Reynolds Consumer Products, Inc.		95,820		2,455,867
Spectrum Brands Holdings, Inc.		71,033		5,565,435
				12,132,557
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		465,399		7,074,065
Brookfield Renewable Corp., Class A		237,527		5,686,396
Clearway Energy, Inc., Class A		61,152		1,218,148
Clearway Energy, Inc., Class C		144,537		3,058,403
Vistra Corp.		462,498		15,345,684
				32,382,696
Industrial REITs — 0.6%
Americold Realty Trust, Inc.		480,520		14,612,613
EastGroup Properties, Inc.		78,134		13,011,655
First Industrial Realty Trust, Inc.		235,353		11,200,449
Rexford Industrial Realty, Inc.		367,044		18,113,622
STAG Industrial, Inc.		320,504		11,060,593
				67,998,932

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance — 6.4%
Aflac, Inc.		1,069,849	$	82,110,911
Allstate Corp. (The)		466,567		51,980,229
American Financial Group, Inc.		129,446		14,455,235
Arch Capital Group Ltd.(b)		545,011		43,442,827
Arthur J. Gallagher & Co.		355,300		80,983,529
Assurant, Inc.		94,084		13,508,581
Assured Guaranty Ltd.		100,473		6,080,626
Axis Capital Holdings Ltd.		137,502		7,750,988
Brighthouse Financial, Inc.(b)		105,641		5,170,070
Brown & Brown, Inc.		257,151		17,959,426
Cincinnati Financial Corp.		273,474		27,973,655
CNA Financial Corp.		45,917		1,806,834
Everest Group Ltd.		65,746		24,435,816
Fidelity National Financial, Inc., Class A		461,712		19,068,705
First American Financial Corp.		176,834		9,989,353
Globe Life, Inc.		155,839		16,944,374
Hanover Insurance Group, Inc. (The)		63,776		7,077,860
Hartford Financial Services Group, Inc. (The)		540,425		38,321,537
Kemper Corp.		106,158		4,461,821
Lincoln National Corp.		274,769		6,784,047
Loews Corp.		327,852		20,756,310
Markel Group, Inc.(a)(b)		23,316		34,332,577
Old Republic International Corp.		478,890		12,901,297
Primerica, Inc.		22,458		4,357,076
Principal Financial Group, Inc.		428,997		30,917,814
Prudential Financial, Inc.		651,470		61,817,988
Reinsurance Group of America, Inc.		118,224		17,164,942
RenaissanceRe Holdings Ltd.		65,809		13,024,917
RLI Corp.		56,221		7,639,872
Unum Group		349,457		17,189,790
W R Berkley Corp.		359,179		22,804,275
White Mountains Insurance Group Ltd.(a)		4,455		6,663,299
Willis Towers Watson PLC		164,280		34,327,949
				764,204,530
Interactive Media & Services — 0.1%
IAC, Inc.(b)		132,091		6,656,066
Match Group, Inc.(a)(b)		48,714		1,908,371
TripAdvisor, Inc.(a)(b)		198,083		3,284,216
ZoomInfo Technologies, Inc., Class A(b)		270,415		4,434,806
				16,283,459
IT Services — 1.6%
Akamai Technologies, Inc.(b)		273,015		29,087,018
Amdocs Ltd.		211,034		17,830,263
Cognizant Technology Solutions Corp., Class A		903,361		61,193,674
DXC Technology Co.(b)		374,802		7,807,126
GoDaddy, Inc., Class A(b)		108,913		8,111,840
Kyndryl Holdings, Inc.(b)		404,845		6,113,160
Okta, Inc., Class A(b)		249,869		20,366,822
Twilio, Inc., Class A(a)(b)		251,410		14,715,027
VeriSign, Inc.(a)(b)		152,102		30,805,218
				196,030,148
Leisure Products — 0.4%
Brunswick Corp.		115,229		9,103,091
Hasbro, Inc.		232,573		15,382,378
Mattel, Inc.(a)(b)		622,346		13,710,282
Polaris, Inc.		87,734		9,136,619
				47,332,370
Life Sciences Tools & Services — 1.6%
Agilent Technologies, Inc.		98,580		11,023,216
Avantor, Inc.(a)(b)		1,197,128		25,235,458
Azenta, Inc.(b)		114,509		5,747,207

Security	Shares		Value
Life Sciences Tools & Services (continued)
Bio-Rad Laboratories, Inc., Class A(b)		37,418	$	13,412,482
Bio-Techne Corp.		15,649		1,065,227
Charles River Laboratories International, Inc.(a)(b)		90,167		17,670,929
Fortrea Holdings, Inc.(b)		157,202		4,494,405
ICON PLC(b)		123,543		30,422,464
Illumina, Inc.(b)		196,977		27,041,003
IQVIA Holdings, Inc.(a)(b)		24,342		4,789,288
Maravai LifeSciences Holdings, Inc., Class A(b)		81,625		816,250
QIAGEN NV(b)		404,183		16,369,411
Repligen Corp.(a)(b)		54,734		8,703,253
Revvity, Inc.		223,907		24,786,505
Sotera Health Co.(a)(b)		51,765		775,440
				192,352,538
Machinery — 6.1%
AGCO Corp.		111,395		13,175,801
Allison Transmission Holdings, Inc.		144,970		8,561,928
CNH Industrial NV		1,734,010		20,981,521
Crane Co.		86,116		7,650,546
Cummins, Inc.		252,177		57,612,357
Donaldson Co., Inc.		127,016		7,575,234
Dover Corp.		247,540		34,534,305
Esab Corp.		101,418		7,121,572
Flowserve Corp.		231,136		9,192,279
Fortive Corp.(a)		627,583		46,541,555
Gates Industrial Corp. PLC(b)		188,577		2,189,379
Graco, Inc.		175,768		12,809,972
IDEX Corp.		123,269		25,642,417
Ingersoll Rand, Inc.		718,271		45,768,228
ITT, Inc.		147,141		14,406,575
Lincoln Electric Holdings, Inc.		6,395		1,162,547
Middleby Corp. (The)(b)		94,722		12,124,416
Nordson Corp.		101,449		22,640,373
Oshkosh Corp.		116,278		11,096,410
Otis Worldwide Corp.		691,934		55,569,220
PACCAR, Inc.		911,444		77,490,969
Parker-Hannifin Corp.		227,136		88,474,015
Pentair PLC		291,701		18,887,640
RBC Bearings, Inc.(a)(b)		49,946		11,693,857
Snap-on, Inc.		92,318		23,546,629
Stanley Black & Decker, Inc.		271,592		22,699,659
Timken Co. (The)		111,897		8,223,311
Westinghouse Air Brake Technologies Corp.		316,405		33,624,359
Xylem, Inc.		370,755		33,749,828
				734,746,902
Marine Transportation — 0.1%
Kirby Corp.(b)		105,329		8,721,241
Media — 1.3%
Cable One, Inc.		9,427		5,803,638
DISH Network Corp., Class A(b)		436,835		2,559,853
Fox Corp., Class A, NVS		472,766		14,750,299
Fox Corp., Class B		237,090		6,847,159
Interpublic Group of Cos., Inc. (The)		683,374		19,585,499
Liberty Broadband Corp., Class A(a)(b)		23,075		2,097,748
Liberty Broadband Corp., Class C, NVS(a)(b)		164,495		15,021,684
Liberty Media Corp. - Liberty SiriusXM, NVS(b)		273,022		6,951,140
Liberty Media Corp. - Liberty SiriusXM, Class A(a)(b)		134,871		3,432,467
New York Times Co. (The), Class A		288,140		11,871,368
News Corp., Class A, NVS		677,936		13,599,396
News Corp., Class B		205,491		4,288,597
Nexstar Media Group, Inc., Class A		40,418		5,794,729

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Omnicom Group, Inc.		350,103	$	26,075,672
Paramount Global, Class A(a)		13,264		209,439
Paramount Global, Class B, NVS		1,026,057		13,236,135
Sirius XM Holdings, Inc.(a)		1,136,173		5,135,502
				157,260,325
Metals & Mining — 1.5%
Alcoa Corp.		317,389		9,223,324
Cleveland-Cliffs, Inc.(b)		904,500		14,137,335
MP Materials Corp., Class A(b)		183,164		3,498,432
Nucor Corp.		447,606		69,983,198
Reliance Steel & Aluminum Co.		103,672		27,185,909
Royal Gold, Inc.		116,811		12,420,514
SSR Mining, Inc.		364,303		4,841,587
Steel Dynamics, Inc.		285,982		30,662,990
United States Steel Corp.		394,856		12,824,923
				184,778,212
Mortgage Real Estate Investment Trusts (REITs) — 0.4%
AGNC Investment Corp.		1,059,053		9,997,460
Annaly Capital Management, Inc.		877,420		16,504,270
Rithm Capital Corp.		863,760		8,024,331
Starwood Property Trust, Inc.		520,212		10,066,102
				44,592,163
Multi-Utilities — 2.5%
Ameren Corp.		464,733		34,775,970
CenterPoint Energy, Inc.		1,119,968		30,071,141
CMS Energy Corp.		517,791		27,499,880
Consolidated Edison, Inc.		617,218		52,790,656
DTE Energy Co.		365,619		36,298,654
NiSource, Inc.		733,484		18,102,385
Public Service Enterprise Group, Inc.		884,682		50,347,253
WEC Energy Group, Inc.		560,050		45,112,027
				294,997,966
Office REITs — 0.6%
Alexandria Real Estate Equities, Inc.		304,363		30,466,736
Boston Properties, Inc.		279,074		16,599,322
Cousins Properties, Inc.		272,410		5,548,992
Highwoods Properties, Inc.		183,590		3,783,790
Kilroy Realty Corp.		206,112		6,515,200
Vornado Realty Trust		317,881		7,209,541
				70,123,581
Oil, Gas & Consumable Fuels — 4.6%
Antero Midstream Corp.		398,929		4,779,169
Antero Resources Corp.(b)		503,958		12,790,454
APA Corp.		62,437		2,566,161
Chesapeake Energy Corp.		225,051		19,406,148
Coterra Energy, Inc.		1,324,671		35,832,351
Devon Energy Corp.		1,140,096		54,382,579
Diamondback Energy, Inc.		322,277		49,914,262
DT Midstream, Inc.		171,576		9,079,802
EQT Corp.		639,349		25,944,783
Hess Corp.		218,014		33,356,142
HF Sinclair Corp.		251,683		14,328,313
Marathon Oil Corp.		1,102,809		29,500,141
ONEOK, Inc.		749,578		47,545,733
Ovintiv, Inc.		254,948		12,127,876
Phillips 66		818,975		98,399,846
Range Resources Corp.		417,320		13,525,341
Southwestern Energy Co.(b)		1,956,243		12,617,767
Williams Cos., Inc. (The)		2,165,222		72,946,329
				549,043,197

Security	Shares		Value
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		115,192	$	6,366,662
Passenger Airlines — 0.9%
Alaska Air Group, Inc.(b)		224,280		8,316,302
American Airlines Group, Inc.(a)(b)		728,613		9,333,533
Delta Air Lines, Inc.		1,080,776		39,988,712
Southwest Airlines Co.		1,054,816		28,553,869
United Airlines Holdings, Inc.(b)		579,602		24,517,165
				110,709,581
Personal Care Products — 0.1%
Coty, Inc., Class A(b)		645,774		7,084,141
Olaplex Holdings, Inc.(b)		229,903		448,311
				7,532,452
Pharmaceuticals — 0.7%
Catalent, Inc.(a)(b)		320,132		14,575,610
Elanco Animal Health, Inc.(b)		866,560		9,740,134
Jazz Pharmaceuticals PLC(b)		52,872		6,843,752
Organon & Co.		456,654		7,927,513
Perrigo Co. PLC		241,710		7,722,635
Royalty Pharma PLC, Class A		658,803		17,879,913
Viatris, Inc.		2,122,524		20,928,087
				85,617,644
Professional Services — 1.8%
Broadridge Financial Solutions, Inc.		34,611		6,197,100
CACI International, Inc., Class A(b)		40,219		12,625,951
Ceridian HCM Holding, Inc.(a)(b)		239,868		16,275,044
Clarivate PLC(a)(b)		844,388		5,665,843
Concentrix Corp.		78,985		6,327,488
Dun & Bradstreet Holdings, Inc.		480,495		4,800,145
Equifax, Inc.(a)		66,808		12,237,889
FTI Consulting, Inc.(a)(b)		47,933		8,551,727
Genpact Ltd.		237,965		8,614,333
Jacobs Solutions, Inc.		223,236		30,471,714
KBR, Inc.		151,857		8,950,452
Leidos Holdings, Inc.		242,190		22,320,230
ManpowerGroup, Inc.		90,451		6,631,867
Paycor HCM, Inc.(a)(b)		52,843		1,206,406
Robert Half, Inc.		187,398		13,732,525
Science Applications International Corp.		95,858		10,116,853
SS&C Technologies Holdings, Inc.		385,559		20,257,270
TransUnion(a)		342,550		24,591,665
				219,574,502
Real Estate Management & Development — 0.9%
CBRE Group, Inc., Class A(a)(b)		551,394		40,725,961
CoStar Group, Inc.(b)		408,943		31,443,627
Howard Hughes Holdings, Inc.(a)(b)		59,382		4,401,988
Jones Lang LaSalle, Inc.(a)(b)		84,462		11,924,345
Zillow Group, Inc., Class A(a)(b)		99,854		4,472,461
Zillow Group, Inc., Class C, NVS(a)(b)		275,004		12,694,184
				105,662,566
Residential REITs — 2.2%
American Homes 4 Rent, Class A		590,734		19,901,828
Apartment Income REIT Corp.		265,039		8,136,697
AvalonBay Communities, Inc.		251,516		43,195,358
Camden Property Trust		184,072		17,409,530
Equity LifeStyle Properties, Inc.		212,119		13,514,102
Equity Residential		663,988		38,982,736
Essex Property Trust, Inc.		113,247		24,018,556
Invitation Homes, Inc.(a)		1,084,587		34,370,562
Mid-America Apartment Communities, Inc.		206,676		26,588,867

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Residential REITs (continued)
Sun Communities, Inc.		170,508	$	20,177,917
UDR, Inc.		549,529		19,601,699
				265,897,852
Retail REITs — 1.7%
Agree Realty Corp.		163,837		9,050,356
Brixmor Property Group, Inc.		534,062		11,097,808
Federal Realty Investment Trust		143,964		13,047,457
Kimco Realty Corp.		1,073,545		18,883,657
NNN REIT, Inc.		323,115		11,418,884
Realty Income Corp.		1,198,143		59,835,261
Regency Centers Corp.		320,540		19,052,898
Simon Property Group, Inc.		451,454		48,770,576
Spirit Realty Capital, Inc.		248,479		8,331,501
				199,488,398
Semiconductors & Semiconductor Equipment — 2.7%
Cirrus Logic, Inc.(b)		98,994		7,321,596
Entegris, Inc.(a)		251,004		23,571,786
First Solar, Inc.(a)(b)		188,837		30,514,171
GLOBALFOUNDRIES, Inc.(a)(b)		140,540		8,178,023
Marvell Technology, Inc.		1,519,177		82,233,051
Microchip Technology, Inc.		273,978		21,383,983
MKS Instruments, Inc.		118,314		10,238,893
ON Semiconductor Corp.(a)(b)		766,588		71,254,355
Qorvo, Inc.(b)		173,283		16,543,328
Skyworks Solutions, Inc.		283,026		27,903,533
Teradyne, Inc.(a)		47,109		4,732,570
Universal Display Corp.		45,295		7,110,862
Wolfspeed, Inc.(b)		220,824		8,413,394
				319,399,545
Software — 1.5%
ANSYS, Inc.(a)(b)		27,195		8,091,872
AppLovin Corp., Class A(b)		278,179		11,116,033
Aspen Technology, Inc.(b)		49,393		10,089,014
Bentley Systems, Inc., Class B(a)		24,749		1,241,410
BILL Holdings, Inc.(a)(b)		181,960		19,755,397
CCC Intelligent Solutions Holdings, Inc.(a)(b)		355,001		4,739,263
Dolby Laboratories, Inc., Class A		105,948		8,397,439
Dropbox, Inc., Class A(a)(b)		51,299		1,396,872
Gen Digital, Inc.		832,342		14,715,807
Guidewire Software, Inc.(a)(b)		144,145		12,973,050
HashiCorp, Inc., Class A(a)(b)		56,660		1,293,548
Informatica, Inc., Class A(a)(b)		69,103		1,456,000
nCino, Inc.(a)(b)		115,120		3,660,816
NCR Corp.(b)		229,287		6,183,870
Nutanix, Inc., Class A(a)(b)		307,906		10,739,761
PTC, Inc.(b)		97,112		13,758,828
SentinelOne, Inc., Class A(a)(b)		355,269		5,989,835
Tyler Technologies, Inc.(a)(b)		18,226		7,037,788
UiPath, Inc., Class A(a)(b)		154,469		2,642,965
Unity Software, Inc.(a)(b)		310,273		9,739,470
Zoom Video Communications, Inc., Class A(a)(b)		445,245		31,140,435
				186,159,473
Specialized REITs — 2.6%
CubeSmart		396,780		15,129,221
Digital Realty Trust, Inc.		530,952		64,255,811
EPR Properties		131,105		5,446,102
Extra Space Storage, Inc.		371,143		45,123,566
Gaming & Leisure Properties, Inc.		446,428		20,334,795
Iron Mountain, Inc.		260,425		15,482,266
Lamar Advertising Co., Class A		35,126		2,931,967
National Storage Affiliates Trust		140,849		4,470,547

Security	Shares		Value
Specialized REITs (continued)
Rayonier, Inc.		263,075	$	7,487,115
SBA Communications Corp., Class A		171,332		34,295,526
VICI Properties, Inc.		1,785,698		51,963,812
Weyerhaeuser Co.		1,303,572		39,967,518
				306,888,246
Specialty Retail — 1.3%
Advance Auto Parts, Inc.		106,575		5,960,740
AutoNation, Inc.(b)		52,446		7,940,324
Bath & Body Works, Inc.		407,647		13,778,469
Best Buy Co., Inc.		298,276		20,721,234
CarMax, Inc.(a)(b)		264,533		18,710,419
Dick’s Sporting Goods, Inc.		99,213		10,772,548
GameStop Corp., Class A(a)(b)		479,577		7,893,837
Gap, Inc. (The)		342,956		3,645,622
Lithia Motors, Inc., Class A(a)		48,168		14,225,455
Murphy U.S.A., Inc.		1,841		629,125
Penske Automotive Group, Inc.(a)		36,107		6,032,035
Petco Health & Wellness Co., Inc.(a)(b)		157,675		644,891
RH(a)(b)		25,735		6,803,305
Ross Stores, Inc.		39,730		4,487,504
Valvoline, Inc.(a)		217,759		7,020,550
Victoria’s Secret & Co.(a)(b)		76,457		1,275,303
Wayfair, Inc., Class A(b)		96,034		5,816,779
Williams-Sonoma, Inc.		98,896		15,368,438
				151,726,578
Technology Hardware, Storage & Peripherals — 1.0%
Hewlett Packard Enterprise Co.		2,302,325		39,991,385
HP, Inc.		1,220,645		31,370,577
NetApp, Inc.		226,298		17,171,492
Pure Storage, Inc., Class A(b)		108,045		3,848,563
Western Digital Corp.(b)		566,852		25,865,457
				118,247,474
Textiles, Apparel & Luxury Goods — 0.6%
Capri Holdings Ltd.(b)		201,361		10,593,602
Carter’s, Inc.		64,960		4,491,984
Columbia Sportswear Co.		63,102		4,675,858
PVH Corp.		111,576		8,536,680
Ralph Lauren Corp., Class A		71,199		8,265,492
Skechers U.S.A., Inc., Class A(b)		220,595		10,798,125
Tapestry, Inc.		392,701		11,290,154
Under Armour, Inc., Class A(a)(b)		332,651		2,278,659
Under Armour, Inc., Class C, NVS(b)		360,379		2,299,218
VF Corp.		623,549		11,018,111
				74,247,883
Trading Companies & Distributors — 1.4%
Air Lease Corp., Class A		185,542		7,312,210
Core & Main, Inc., Class A(a)(b)		192,118		5,542,604
Fastenal Co.		255,168		13,942,379
Ferguson PLC		346,429		56,977,178
MSC Industrial Direct Co., Inc., Class A		82,300		8,077,745
SiteOne Landscape Supply, Inc.(a)(b)		53,960		8,819,762
United Rentals, Inc.		96,797		43,033,042
Watsco, Inc.		44,347		16,750,749
WESCO International, Inc.		78,791		11,331,722
				171,787,391

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Water Utilities — 0.5%
American Water Works Co., Inc.(a)		345,812	$	42,821,900
Essential Utilities, Inc.		430,678		14,785,176
				57,607,076
Total Long-Term Investments — 99.7% (Cost: $11,572,338,489)				11,982,422,963
Short-Term Securities
Money Market Funds — 4.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		476,647,211		476,837,870
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		72,576,287		72,576,287
Total Short-Term Securities — 4.6% (Cost: $549,119,567)				549,414,157
Total Investments — 104.3% (Cost: $12,121,458,056)				12,531,837,120
Liabilities in Excess of Other Assets — (4.3)%				(518,382,741	)
Net Assets — 100.0%			$	12,013,454,379

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

^(b)  Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

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

Affiliates

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

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	389,623,363	$	87,164,458	(a)	$	—	$	23,156	$	26,893	$	476,837,870		476,647,211	$	4,126,594	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		12,494,031		60,082,256	(a)		—		—		—		72,576,287		72,576,287		495,098			—
								$	23,156	$	26,893	$	549,414,157			$	4,621,692		$	—

^(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.

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

Schedule of Investments (unaudited)  (continued) September 30, 2023 iShares^® Russell Mid-Cap Value ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		22		12/15/23	$	4,758	$	(136,936	)
S&P Mid 400 E-Mini Index		92		12/15/23		23,188		(510,252	)
							$	(647,188	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	647,188	$	—	$	—	$	—	$	647,188

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	2,494,807		$	—	$	—	$	—	$	2,494,807
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,623,721	)	$	—	$	—	$	—	$	(1,623,721	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	26,793,390

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

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

Schedule of Investments (unaudited)   (continued) September 30, 2023 iShares^® Russell Mid-Cap Value ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	11,982,233,394		$	189,567	$	2	$	11,982,422,963
Short-Term Securities
Money Market Funds		549,414,157			—		—		549,414,157
	$	12,531,647,551		$	189,567	$	2	$	12,531,837,120
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(647,188	)	$	—	$	—	$	(647,188	)

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

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited)

September 30, 2023

	iShares Russell 3000 ETF		iShares Russell Mid-Cap Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	10,968,653,944	$	11,982,422,963
Investments, at value — affiliated(c)		338,573,688		549,414,157
Cash		1,184,772		8,210,411
Cash pledged:
Futures contracts		1,439,459		1,746,590
Receivables:
Investments sold		3,269,490		32,848,090
Securities lending income — affiliated		167,137		477,114
Dividends — unaffiliated		7,664,830		17,861,996
Dividends — affiliated		85,619		98,423
Total assets		11,321,038,939		12,593,079,744
LIABILITIES
Collateral on securities loaned		251,801,066		476,377,039
Payables:
Investments purchased		3,269,490		32,848,090
Capital shares redeemed		2		423,931
Income dividend distributions		45,434,096		67,472,908
Investment advisory fees		1,873,072		2,388,728
Other accrued expenses		628		269
Variation margin on futures contracts		75,150		114,400
Total liabilities		302,453,504		579,625,365
Commitments and contingent liabilities
NET ASSETS	$	11,018,585,435	$	12,013,454,379
NET ASSETS CONSIST OF:
Paid-in capital	$	8,648,161,324	$	12,221,234,523
Accumulated earnings (loss)		2,370,424,111		(207,780,144	)
NET ASSETS	$	11,018,585,435	$	12,013,454,379
NET ASSET VALUE
Shares outstanding	$	44,950,000	$	115,150,000
Net asset value	$	245.13	$	104.33
Shares authorized		Unlimited		Unlimited
Par value		None		None
(a) Investments, at cost — unaffiliated	$	8,389,599,938	$	11,572,338,489
(b)   Securities loaned, at value	$	245,725,349	$	463,284,712
(c)   Investments, at cost — affiliated	$	334,365,982	$	549,119,567

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 43

Statements of of Operations (unaudited)

Six Months Ended September 30, 2023

	iShares Russell 3000 ETF			iShares Russell Mid-Cap Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	86,593,961		$	132,056,615
Dividends — affiliated		868,854			495,098
Securities lending income — affiliated — net		1,235,977			4,126,594
Foreign taxes withheld		(17,451	)		(55,645	)
Total investment income		88,681,341			136,622,662
EXPENSES
Investment advisory		11,200,166			14,761,498
Interest expense		1,388			890
Total expenses		11,201,554			14,762,388
Net investment income		77,479,787			121,860,274
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(36,981,601	)		(196,587,314	)
Investments — affiliated		(35,000	)		23,156
Futures contracts		2,741,924			2,494,807
In-kind redemptions — unaffiliated(a)		151,144,890			379,829,290
In-kind redemptions — affiliated(a)		319,194			—
		117,189,407			185,759,939
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		318,541,696			(433,061,782	)
Investments — affiliated		(1,141,055	)		26,893
Futures contracts		(1,898,609	)		(1,623,721	)
		315,502,032			(434,658,610	)
Net realized and unrealized gain (loss)		432,691,439			(248,898,671	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	510,171,226		$	(127,038,397	)

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

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares Russell 3000 ETF						iShares Russell Mid-Cap Value ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	77,479,787		$	155,324,323		$	121,860,274		$	248,398,209
Net realized gain		117,189,407			634,014,810			185,759,939			778,558,349
Net change in unrealized appreciation (depreciation)		315,502,032			(1,800,920,907	)		(434,658,610	)		(2,368,540,120	)
Net increase (decrease) in net assets resulting from operations		510,171,226			(1,011,581,774	)		(127,038,397	)		(1,341,583,562	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(74,482,091	)		(161,314,568	)		(112,252,595	)		(252,968,676	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(145,007,232	)		(116,682,684	)		(423,380,272	)		(637,067,384	)
NET ASSETS
Total increase (decrease) in net assets		290,681,903			(1,289,579,026	)		(662,671,264	)		(2,231,619,622	)
Beginning of period		10,727,903,532			12,017,482,558			12,676,125,643			14,907,745,265
End of period	$	11,018,585,435		$	10,727,903,532		$	12,013,454,379		$	12,676,125,643

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 45

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell 3000 ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	235.52		$	262.10		$	237.19		$	148.31		$	166.74		$	156.30
Net investment income(a)		1.72			3.37			2.87			2.73			2.91			2.78
Net realized and unrealized gain(b)		9.54			(26.44	)		25.00			89.03			(18.04	)		10.52
Net increase from investment operations		11.26			(23.07	)		27.87			91.76			(15.13	)		13.30
Distributions from net investment income(c)		(1.65	)		(3.51	)		(2.96	)		(2.88	)		(3.30	)		(2.86	)
Net asset value, end of period	$	245.13		$	235.52		$	262.10		$	237.19		$	148.31		$	166.74
Total Return(d)
Based on net asset value		4.79	%(e)		(8.72	)%		11.75	%		62.21	%		(9.29	)%		8.59	%
Ratios to Average Net Assets(f)
Total expenses		0.20	%(g)		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.38	%(g)		1.47	%		1.10	%		1.37	%		1.69	%		1.72	%
Supplemental Data
Net assets, end of period (000)	$	11,018,585		$	10,727,904		$	12,017,483		$	10,958,347		$	8,230,988		$	9,379,045
Portfolio turnover rate(h)		2	%		4	%		5	%		4	%		5	%		5	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g) Annualized.

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

See notes to financial statements.

46 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Value ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	106.21		$	119.55		$	109.15		$	64.10		$	86.86		$	86.44
Net investment income(a)		1.04			2.04			1.62			1.43			1.93			1.67
Net realized and unrealized gain(b)		(1.95	)		(13.31	)		10.55			45.22			(22.63	)		0.70
Net increase from investment operations		(0.91	)		(11.27	)		12.17			46.65			(20.70	)		2.37
Distributions from net investment income(c)		(0.97	)		(2.07	)		(1.77	)		(1.60	)		(2.06	)		(1.95	)
Net asset value, end of period	$	104.33		$	106.21		$	119.55		$	109.15		$	64.10		$	86.86
Total Return(d)
Based on net asset value		(0.86	)%(e)		(9.37	)%		11.19	%		73.40	%		(24.28	)%		2.78	%
Ratios to Average Net Assets(f)
Total expenses		0.23	%(g)		0.23	%		0.23	%		0.23	%		0.24	%		0.24	%
Net investment income		1.93	%(g)		1.88	%		1.39	%		1.65	%		2.18	%		1.93	%
Supplemental Data
Net assets, end of period (000)	$	12,013,454		$	12,676,126		$	14,907,745		$	13,120,026		$	8,201,945		$	11,218,007
Portfolio turnover rate(h)		17	%		19	%		21	%		25	%		20	%		25	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g) Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 47

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Russell 3000		Diversified
Russell Mid-Cap Value		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise 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.

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Notes to Financial Statements (unaudited)   (continued)

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

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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Notes to Financial Statements (unaudited)   (continued)

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

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Russell 3000
Barclays Bank PLC	$	20,332,857	$	(20,332,857	)	$	—		$	—
Barclays Capital, Inc.		9,450		(9,450	)		—			—
BMO Capital Markets Corp.		217		(217	)		—			—
BNP Paribas SA		24,800,564		(24,800,564	)		—			—
BofA Securities, Inc.		9,067,639		(9,067,639	)		—			—
Citadel Clearing LLC		2,809,191		(2,809,191	)		—			—
Citigroup Global Markets, Inc.		7,637,911		(7,637,911	)		—			—
Credit Suisse Securities (USA) LLC		6,900		(6,900	)		—			—
Goldman Sachs & Co. LLC		23,773,335		(23,773,335	)		—			—
HSBC Bank PLC		12,464,907		(12,464,907	)		—			—
J.P. Morgan Securities LLC		33,456,786		(33,456,786	)		—			—
Jefferies LLC		1,155,961		(1,155,961	)		—			—
Morgan Stanley		19,322,545		(19,322,545	)		—			—
National Financial Services LLC		2,291,118		(2,291,118	)		—			—
Natixis SA		1,092,381		(1,092,381	)		—			—
Pershing LLC		61,141		(61,141	)		—			—
RBC Capital Market LLC		24,658,227		(24,658,227	)		—			—
Scotia Capital (USA), Inc.		16,134,849		(16,134,849	)		—			—
Scotia Capital, Inc.		13,193,330		(13,193,330	)		—			—
SG Americas Securities LLC		249,898		(249,898	)		—			—
State Street Bank & Trust Co.		157,129		(157,129	)		—			—
Toronto-Dominion Bank		17,520,795		(17,520,795	)		—			—
UBS AG		10,207,818		(10,207,818	)		—			—
UBS Securities LLC		594,348		(594,348	)		—			—
Virtu Americas LLC		674,283		(674,283	)		—			—
Wells Fargo Bank N.A		3,427,570		(3,427,570	)		—			—
Wells Fargo Securities LLC		624,199		(624,199	)		—			—
	$	245,725,349	$	(245,725,349	)	$	—		$	—
Russell Mid-Cap Value
Barclays Bank PLC	$	30,959,405	$	(30,959,405	)	$	—		$	—
Barclays Capital, Inc.		432,701		(432,701	)		—			—
BMO Capital Markets Corp.		82,613		(82,613	)		—			—
BNP Paribas SA		66,185,873		(66,185,873	)		—			—
BofA Securities, Inc.		24,906,843		(24,906,843	)		—			—
Citadel Clearing LLC		5,302,671		(5,302,671	)		—			—
Citigroup Global Markets, Inc.		28,315,980		(28,315,980	)		—			—
Goldman Sachs & Co. LLC		30,780,357		(30,780,357	)		—			—
HSBC Bank PLC		6,584,900		(6,584,900	)		—			—
J.P. Morgan Securities LLC		30,386,457		(30,386,457	)		—			—
Jefferies LLC		1,739,725		(1,739,725	)		—			—
Morgan Stanley		54,673,284		(54,673,284	)		—			—
National Financial Services LLC		908,290		(908,290	)		—			—
Natixis SA		1,124,637		(1,124,637	)		—			—
Nomura Securities International, Inc.		1,220,021		(1,220,021	)		—			—
RBC Capital Market LLC		21,028,327		(21,028,327	)		—			—
Scotia Capital (USA), Inc.		15,864,564		(15,864,564	)		—			—
Scotia Capital, Inc.		78,106,355		(78,106,355	)		—			—
SG Americas Securities LLC		1,134,490		(1,134,490	)		—			—
State Street Bank & Trust Co.		70,750		(70,750	)		—			—
Toronto-Dominion Bank		22,425,207		(22,425,207	)		—			—
UBS AG		25,874,806		(25,874,806	)		—			—
UBS Securities LLC		3,885,953		(3,885,953	)		—			—
Virtu Americas LLC		1,198,299		(1,198,299	)		—			—
Wells Fargo Bank N.A		4,988,496		(4,988,496	)		—			—
Wells Fargo Securities LLC		5,103,708		(5,103,708	)		—			—
	$	463,284,712	$	(463,284,712	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

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Notes to Financial Statements (unaudited)   (continued)

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.

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:

iShares ETF	Investment Advisory Fees
Russell 3000	0.20%

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

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $121 billion		0.2500	%
Over $121 billion, up to and including $181 billion		0.2375
Over $181 billion, up to and including $231 billion		0.2257
Over $231 billion, up to and including $281 billion		0.2144
Over $281 billion		0.2037

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. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

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Notes to Financial Statements (unaudited)   (continued)

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

iShares ETF	Amounts
Russell 3000	$	341,885
Russell Mid-Cap Value		1,057,788

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

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

For the six months ended September 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized  Gain (Loss)
Russell 3000	$	19,271,447	$	31,611,984	$	(4,366,465)
Russell Mid-Cap Value		1,366,197,770		998,075,828		(5,666,041)

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

iShares ETF	Purchases		Sales
Russell 3000	$	205,032,654	$	200,527,348
Russell Mid-Cap Value		2,157,147,112		2,145,628,095

For the six months ended September 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Russell 3000	$	159,285,745	$	303,957,460
Russell Mid-Cap Value		1,061,693,436		1,487,082,500

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

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Notes to Financial Statements (unaudited)   (continued)

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards		Qualified Late-Year Ordinary Losses
Russell 3000	$	262,843,385	$	—
Russell Mid-Cap Value		701,035,961		50,735

As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell 3000	$	8,792,235,765	$	3,372,441,555	$	(858,215,334	)	$	2,514,226,221
Russell Mid-Cap Value		12,232,020,436		1,564,987,815		(1,265,818,319	)		299,169,496

9. PRINCIPAL RISKS

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

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

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

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

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

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

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights

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Notes to Financial Statements (unaudited)   (continued)

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

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

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

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.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Russell 3000
Shares sold		650,000		$	160,300,439			6,250,000		$	1,412,201,639
Shares redeemed		(1,250,000	)		(305,307,671	)		(6,550,000	)		(1,528,884,323	)
		(600,000	)	$	(145,007,232	)		(300,000	)	$	(116,682,684	)
Russell Mid-Cap Value
Shares sold		9,750,000		$	1,069,398,136			25,450,000		$	2,683,741,714
Shares redeemed		(13,950,000	)		(1,492,778,408	)		(30,800,000	)		(3,320,809,098	)
		(4,200,000	)	$	(423,380,272	)		(5,350,000	)	$	(637,067,384	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Russell 3000 ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the medianofthe investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of the Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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Board Review and Approval of Investment Advisory Contract   (continued)

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. Further, with respect to comparisons with one or more open-end index mutual funds registered under the 1940 Act managed by BFA (or an affiliate) that track the same index as the Fund or have a similar investment strategy or mandate, and have investment advisory fee rates and overall expenses (net of any waivers and reimbursements) that are lower than the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) of the Fund, the Board gave weight to management’s explanations of the relevant circumstances applicable to such mutual funds. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Board Review and Approval of Investment Advisory Contract   (continued)

iShares Russell Mid-Cap Value ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of the Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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Board Review and Approval of Investment Advisory Contract   (continued)

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund 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 withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Russell 3000	$	1.654037	$	—	$	—	$	1.654037		100	%		—	%		—	%		100	%
Russell Mid-Cap Value		0.966699		—		—		0.966699		100			—			—			100

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

S U P P L E M E N T A L   I N F O R M A T I O N 59

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviation

CVR	Contingent Value Rights
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 61

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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.

iS-SAR-306-0923

SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

·  iShares Mortgage Real Estate ETF | REM | Cboe BZX

·  iShares Residential and Multisector Real Estate ETF | REZ | NYSE Arca

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2023
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		5.18%		21.62%
U.S. small cap equities (Russell 2000® Index)		(0.19)		8.93
International equities (MSCI Europe, Australasia, Far East Index)		(1.28)		25.65
Emerging market equities (MSCI Emerging Markets Index)		(2.05)		11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.50		4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.98)		(2.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.05)		0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.05)		2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.22		10.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		12
Statements of Operations		13
Statements of Changes in Net Assets		14
Financial Highlights		15
Notes to Financial Statements		17
Board Review and Approval of Investment Advisory Contract		23
Supplemental Information		25
General Information		26
Glossary of Terms Used in this Report		27

3

Fund Summary as of September 30, 2023 iShares^® Mortgage Real Estate ETF

Investment Objective

The iShares Mortgage Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate investment trusts (REITs) that hold U.S. residential and commercial mortgages, as represented by the FTSE Nareit All Mortgage Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		7.48	%		17.78	%		(4.47	)%		2.33	%		17.78	%		(20.46	)%		25.94	%
Fund Market		7.44			17.78			(4.49	)		2.33			17.78			(20.53	)		25.88
Index		7.84			18.97			(3.80	)		2.95			18.97			(17.60	)		33.69

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

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00	$          1,074.80	$        2.49			$        1,000.00	$        1,022.60	$        2.43		0.48	%

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

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of   Total Investments(a)
Mortgage REITs	100.0%

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Annaly Capital Management, Inc.	16.7%
Starwood Property Trust, Inc.	10.3
AGNC Investment Corp.	10.1
Rithm Capital Corp.	8.1
Blackstone Mortgage Trust, Inc., Class A	4.8
Arbor Realty Trust, Inc.	4.6
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	4.5
Ready Capital Corp.	3.6
Apollo Commercial Real Estate Finance, Inc.	3.2
Two Harbors Investment Corp.	2.9

^(a)  Excludes money market funds.

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Fund Summary as of September 30, 2023 iShares^® Residential and Multisector Real Estate ETF

Investment Objective

The iShares Residential and Multisector Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. residential, healthcare and self-storage real estate equities, as represented by the FTSE Nareit All Residential Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(5.18	)%		(5.24	)%		3.95	%		6.84	%		(5.24	)%		21.39	%		93.76	%
Fund Market		(5.15	)		(5.22	)		3.96			6.84			(5.22	)		21.46			93.82
Index		(4.93	)		(4.78	)		4.38			7.24			(4.78	)		23.90			101.23

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

Expense Example

	Actual				Hypothetical 5% Return
Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)	Ending Account Value (09/30/23)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$        1,000.00		$        948.20	$        2.34			$        1,000.00	$        1,022.60	$        2.43		0.48	%

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

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of   Total Investments(a)
Residential REITs	49.8%
Health Care REITs	28.9
Specialized REITs	21.3

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Public Storage	10.9%
Welltower, Inc.	10.8
Extra Space Storage, Inc.	6.7
AvalonBay Communities, Inc.	6.4
Equity Residential	5.8
Invitation Homes, Inc.	5.1
Ventas, Inc.	4.7
Sun Communities, Inc.	4.7
Essex Property Trust, Inc.	4.3
Mid-America Apartment Communities, Inc.	4.3

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

About Fund Performance  

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

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

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

Disclosure of Expenses

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

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

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

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

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Schedule of Investments (unaudited) September 30, 2023 iShares^® Mortgage Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Mortgage REITs — 97.6%
AFC Gamma, Inc.		216,120	$	2,537,249
AGNC Investment Corp.		6,290,378		59,381,168
Angel Oak Mortgage REIT, Inc.(a)		155,867		1,329,545
Annaly Capital Management, Inc.		5,228,676		98,351,396
Apollo Commercial Real Estate Finance, Inc.		1,871,180		18,955,053
Arbor Realty Trust, Inc.		1,759,942		26,715,920
Ares Commercial Real Estate Corp.		685,553		6,526,465
ARMOUR Residential REIT, Inc.		3,018,867		12,830,185
Blackstone Mortgage Trust, Inc., Class A		1,295,094		28,168,294
BrightSpire Capital, Inc., Class A		1,697,719		10,627,721
Chicago Atlantic Real Estate Finance, Inc.		215,858		3,177,430
Chimera Investment Corp.		3,068,410		16,753,519
Dynex Capital, Inc.		712,499		8,507,238
Ellington Financial, Inc.		861,575		10,743,840
Franklin BSP Realty Trust, Inc.		1,096,721		14,520,586
Granite Point Mortgage Trust, Inc.		673,930		3,288,778
Great Ajax Corp.		301,402		1,941,029
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		1,244,007		26,372,948
Invesco Mortgage Capital, Inc.		553,402		5,539,554
KKR Real Estate Finance Trust, Inc.		777,015		9,223,168
Ladder Capital Corp., Class A		1,494,141		15,329,887
MFA Financial, Inc.		1,348,198		12,956,183
New York Mortgage Trust, Inc.		1,200,509		10,192,321
Nexpoint Real Estate Finance, Inc.		106,391		1,740,557
Orchid Island Capital, Inc.		582,295		4,955,330
PennyMac Mortgage Investment Trust		1,165,816		14,456,118
Ready Capital Corp.		2,110,929		21,341,492

Security	Shares		Value
Mortgage REITs (continued)
Redwood Trust, Inc.		1,501,236	$	10,703,813
Rithm Capital Corp.		5,105,064		47,426,045
Starwood Property Trust, Inc.		3,120,248		60,376,799
TPG RE Finance Trust, Inc.		911,152		6,132,053
Two Harbors Investment Corp.		1,281,626		16,968,728
				588,070,412
Total Long-Term Investments — 97.6% (Cost: $870,168,092)				588,070,412
Short-Term Securities
Money Market Funds — 3.0%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(b)(c)(d)		2,636,881		2,637,935
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(c)		15,174,558		15,174,558
Total Short-Term Securities — 3.0% (Cost: $17,811,220)				17,812,493
Total Investments — 100.6% (Cost: $887,979,312)				605,882,905
Liabilities in Excess of Other Assets — (0.6)%				(3,481,223	)
Net Assets — 100.0%			$	602,401,682

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

^(b)  Affiliate of the Fund.

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

^(d)  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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	6,292,932	$	—		$	(3,656,660	)(a)	$	94	$	1,569	$	2,637,935		2,636,881	$	305,704	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		498,399		14,676,159	(a)		—			—		—		15,174,558		15,174,558		37,343			—
									$	94	$	1,569	$	17,812,493			$	343,047		$	—

^(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.

S C H E D U L E S   O F   I N V E S T M E N T S 7

Schedule of Investments (unaudited)(continued) September 30, 2023 iShares^® Mortgage Real Estate ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		469		12/15/23	$	14,267	$	(38,161	)

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	38,161	$	—	$	—	$	—	$	38,161

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	480,030		$	—	$	—	$	—	$	480,030
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(439,645	)	$	—	$	—	$	—	$	(439,645	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	14,326,305

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

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

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Mortgage Real Estate ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	588,070,412		$	—	$	—	$	588,070,412
Short-Term Securities
Money Market Funds		17,812,493			—		—		17,812,493
	$	605,882,905		$	—	$	—	$	605,882,905
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(38,161	)	$	—	$	—	$	(38,161	)

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

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

Schedule of Investments (unaudited) September 30, 2023 iShares^® Residential and Multisector Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Health Care REITs — 28.8%
CareTrust REIT, Inc.		189,248	$	3,879,584
Community Healthcare Trust, Inc.		48,222		1,432,193
Diversified Healthcare Trust		451,367		875,652
Global Medical REIT, Inc.		115,211		1,033,443
Healthcare Realty Trust, Inc.		723,559		11,048,746
Healthpeak Properties, Inc.		1,042,544		19,141,108
LTC Properties, Inc.		77,484		2,489,561
Medical Properties Trust, Inc.		1,130,673		6,162,168
National Health Investors, Inc.		78,881		4,051,328
Omega Healthcare Investors, Inc.		446,154		14,794,466
Physicians Realty Trust		449,726		5,482,160
Sabra Health Care REIT, Inc.		437,386		6,097,161
Universal Health Realty Income Trust		24,307		982,732
Ventas, Inc.		644,116		27,136,607
Welltower, Inc.		758,985		62,176,051
				166,782,960
Residential REITs — 49.4%
American Homes 4 Rent, Class A		634,408		21,373,206
Apartment Income REIT Corp.		281,800		8,651,260
Apartment Investment & Management Co., Class A(a)		280,219		1,905,489
AvalonBay Communities, Inc.		216,437		37,170,890
BRT Apartments Corp.		22,698		391,995
Camden Property Trust		197,683		18,696,858
Centerspace		28,554		1,720,664
Elme Communities		166,061		2,265,072
Equity LifeStyle Properties, Inc.		338,480		21,564,561
Equity Residential		569,634		33,443,212
Essex Property Trust, Inc.		116,826		24,777,626
Independence Realty Trust, Inc.		426,349		5,998,730
Invitation Homes, Inc.		933,322		29,576,974

Security	Shares		Value
Residential REITs (continued)
Mid-America Apartment Communities, Inc.		192,338	$	24,744,284
NexPoint Residential Trust, Inc.		42,638		1,372,091
Sun Communities, Inc.		227,503		26,922,705
UDR, Inc.		625,163		22,299,564
UMH Properties, Inc.		105,286		1,476,110
Veris Residential, Inc.		149,478		2,466,387
				286,817,678
Specialized REITs — 21.2%
CubeSmart		426,108		16,247,498
Extra Space Storage, Inc.		319,381		38,830,342
National Storage Affiliates Trust		152,034		4,825,559
Public Storage		239,334		63,069,296
				122,972,695
Total Long-Term Investments — 99.4% (Cost: $791,807,422)				576,573,333
Short-Term Securities
Money Market Funds — 1.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(c)		6,823,125		6,823,125
Total Short-Term Securities — 1.2% (Cost: $6,823,125)				6,823,125
Total Investments — 100.6% (Cost: $798,630,547)				583,396,458
Liabilities in Excess of Other Assets — (0.6)%				(3,383,682	)
Net Assets — 100.0%			$	580,012,776

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

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

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,066,711	$	5,756,414	(a)	$	—	$	—	$	—	$	6,823,125		6,823,125	$	28,630	$	—

^(a)  Represents net amount purchased (sold).

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		111		12/15/23	$	3,377	$	(69,360	)

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

Schedule of Investments (unaudited)(continued) September 30, 2023 iShares^® Residential and Multisector Real Estate ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	69,360	$	—	$	—	$	—	$	69,360

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

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	8,046		$	—	$	—	$	—	$	8,046
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(192,686	)	$	—	$	—	$	—	$	(192,686	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	3,625,485

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	576,573,333		$	—	$	—	$	576,573,333
Short-Term Securities
Money Market Funds		6,823,125			—		—		6,823,125
	$	583,396,458		$	—	$	—	$	583,396,458
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(69,360	)	$	—	$	—	$	(69,360	)

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

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

Statements of Assets and Liabilities (unaudited)

September 30, 2023

	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	588,070,412		$	576,573,333
Investments, at value — affiliated(c)		17,812,493			6,823,125
Cash		—			1
Cash pledged:
Futures contracts		944,000			194,000
Receivables:
Investments sold		422,687			—
Securities lending income — affiliated		26,870			3,300
Capital shares sold		—			131,256
Dividends — unaffiliated		13,123,001			2,480,302
Dividends — affiliated		10,644			5,701
Variation margin on futures contracts		34,216			6,078
Total assets		620,444,323			586,217,096
LIABILITIES
Bank overdraft		14,240			—
Collateral on securities loaned		2,630,645			—
Payables:
Investments purchased		46,880			—
Capital shares redeemed		148,857			—
Income dividend distributions		14,952,542			5,967,614
Investment advisory fees		249,477			236,706
Total liabilities		18,042,641			6,204,320
Commitments and contingent liabilities
NET ASSETS	$	602,401,682		$	580,012,776
NET ASSETS CONSIST OF:
Paid-in capital	$	1,205,300,212		$	834,950,937
Accumulated loss		(602,898,530	)		(254,938,161	)
NET ASSETS	$	602,401,682		$	580,012,776
NET ASSET VALUE
Shares outstanding		26,950,000			8,800,000
Net asset value	$	22.35		$	65.91
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	870,168,092		$	791,807,422
(b) Securities loaned, at value	$	2,541,482		$	—
(c)  Investments, at cost — affiliated	$	17,811,220		$	6,823,125

See notes to financial statements.

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

Statements of Operations (unaudited)

Six Months Ended September 30, 2023

	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	37,197,970		$	13,254,718
Dividends — affiliated		37,343			28,630
Securities lending income — affiliated — net		305,704			—
Total investment income		37,541,017			13,283,348
EXPENSES
Investment advisory		1,467,956			1,519,421
Interest expense		115			1
Total expenses		1,468,071			1,519,422
Net investment income		36,072,946			11,763,926
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(20,031,442	)		(9,992,251	)
Investments — affiliated		94			—
Futures contracts		480,030			8,046
In-kind redemptions — unaffiliated(a)		1,831,015			1,031,402
		(17,720,303	)		(8,952,803	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		25,395,419			(34,152,098	)
Investments — affiliated		1,569			—
Futures contracts		(439,645	)		(192,686	)
		24,957,343			(34,344,784	)
Net realized and unrealized gain (loss)		7,237,040			(43,297,587	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	43,309,986		$	(31,533,661	)

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 13

Statements of Changes in Net Assets

	iShares Mortgage Real Estate ETF						iShares Residential and Multisector Real Estate ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	36,072,946		$	61,974,466		$	11,763,926		$	17,520,767
Net realized gain (loss)		(17,720,303	)		(61,447,280	)		(8,952,803	)		18,185,431
Net change in unrealized appreciation (depreciation)		24,957,343			(242,329,723	)		(34,344,784	)		(310,781,163	)
Net increase (decrease) in net assets resulting from operations		43,309,986			(241,802,537	)		(31,533,661	)		(275,074,965	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income and net realized gain		(29,465,294	)		(61,974,466	)		(9,402,800	)		(24,693,312	)
Return of capital		—			(6,144,140	)		—			—
Decrease in net assets resulting from distributions to shareholders		(29,465,294	)		(68,118,606	)		(9,402,800	)		(24,693,312	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(5,605,800	)		(71,024,623	)		(7,392,896	)		(360,163,509	)
NET ASSETS
Total increase (decrease) in net assets		8,238,892			(380,945,766	)		(48,329,357	)		(659,931,786	)
Beginning of period		594,162,790			975,108,556			628,342,133			1,288,273,919
End of period	$	602,401,682		$	594,162,790		$	580,012,776		$	628,342,133

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

See notes to financial statements.

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

Financial Highlights  

(For a share outstanding throughout each period)

	iShares Mortgage Real Estate ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	21.84		$	32.67		$	35.20		$	18.67		$	43.32		$	42.48
Net investment income(a)		1.35			2.26			0.82			1.38			2.61			3.13
Net realized and unrealized gain (loss)(b)		0.27			(10.57	)		(1.27	)		17.37			(23.51	)		1.52
Net increase (decrease) from investment operations		1.62			(8.31	)		(0.45	)		18.75			(20.90	)		4.65
Distributions(c)
From net investment income		(1.11	)		(2.29	)		(2.08	)		(1.34	)		(2.60	)		(3.08	)
Return of capital		—			(0.23	)		—			(0.88	)		(1.15	)		(0.73	)
Total distributions		(1.11	)		(2.52	)		(2.08	)		(2.22	)		(3.75	)		(3.81	)
Net asset value, end of period	$	22.35		$	21.84		$	32.67		$	35.20		$	18.67		$	43.32
Total Return(d)
Based on net asset value		7.48	%(e)		(26.00	)%		(1.65	)%		103.62	%		(51.80	)%		11.46	%
Ratios to Average Net Assets(f)
Total expenses		0.48	%(g)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		11.80	%(g)		8.57	%		2.30	%		4.94	%		6.16	%		7.22	%
Supplemental Data
Net assets, end of period (000)	$	602,402		$	594,163		$	975,109		$	1,513,587		$	593,850		$	1,252,029
Portfolio turnover rate(h)		10	%		28	%		20	%		30	%		29	%		25	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 15

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Residential and Multisector Real Estate ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20			Year Ended 03/31/19
Net asset value, beginning of period	$	70.60		$	95.78		$	73.95		$	55.26		$	70.64		$	57.61
Net investment income(a)		1.33			1.66			1.46			1.51			1.55			1.80
Net realized and unrealized gain (loss)(b)		(4.95	)		(24.47	)		21.98			19.29			(14.77	)		13.45
Net increase (decrease) from investment operations		(3.62	)		(22.81	)		23.44			20.80			(13.22	)		15.25
Distributions(c)
From net investment income		(1.07	)		(2.37	)		(1.50	)		(2.11	)		(2.16	)		(2.00	)
From net realized gain		—			—			(0.11	)		—			—			(0.22	)
Total distributions		(1.07	)		(2.37	)		(1.61	)		(2.11	)		(2.16	)		(2.22	)
Net asset value, end of period	$	65.91		$	70.60		$	95.78		$	73.95		$	55.26		$	70.64
Total Return(d)
Based on net asset value		(5.18	)%(e)		(23.84	)%		31.85	%		38.23	%		(19.25	)%		26.94	%
Ratios to Average Net Assets(f)
Total expenses		0.48	%(g)		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		3.72	%(g)		2.10	%		1.64	%		2.36	%		2.07	%		2.81	%
Supplemental Data
Net assets, end of period (000)	$	580,013		$	628,342		$	1,288,274		$	495,459		$	331,559		$	430,875
Portfolio turnover rate(h)		6	%		18	%		8	%		7	%		12	%		10	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

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

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Mortgage Real Estate	Non-Diversified
Residential and Multisector Real Estate	Non-Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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, net realized capital gains and/or return of capital 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 portion of distributions that exceeds each Fund’s current and accumulated earnings and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earning and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise 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.

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Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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Notes to Financial Statements (unaudited) (continued)

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
Mortgage Real Estate
Goldman Sachs & Co. LLC	$	1,242,320	$	(1,242,320	)	$	—		$	—
J.P. Morgan Securities LLC		1,299,162		(1,299,162	)		—			—
	$	2,541,482	$	(2,541,482	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Mortgage Real Estate		0.48	%
Residential and Multisector Real Estate		0.48

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. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The

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Notes to Financial Statements (unaudited) (continued)

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

iShares ETF	Amounts
Mortgage Real Estate	$	74,899

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

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

For the six months ended September 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Mortgage Real Estate	$	4,690,552	$	11,284,395	$	(4,765,154)
Residential and Multisector Real Estate		14,562,880		18,314,789		(4,019,401)

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

iShares ETF	Purchases		Sales
Mortgage Real Estate	$	65,016,619	$	58,450,977
Residential and Multisector Real Estate		40,199,179		37,842,303

For the six months ended September 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Mortgage Real Estate	$	121,936,211	$	127,507,128
Residential and Multisector Real Estate		27,439,439		34,624,400

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

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Notes to Financial Statements  (unaudited) (continued)

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
Mortgage Real Estate	$	276,754,574
Residential and Multisector Real Estate		26,817,079

As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Mortgage Real Estate	$	920,474,565	$	225,779	$	(314,855,600	)	$	(314,629,821	)
Residential and Multisector Real Estate		804,739,117		348,256		(221,760,275	)		(221,412,019	)

9. PRINCIPAL RISKS

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

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

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

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

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

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 Fund’s 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.

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Notes to Financial Statements (unaudited)(continued)

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

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

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Mortgage Real Estate
Shares sold		5,700,000		$	130,257,671			18,600,000		$	473,627,895
Shares redeemed		(5,950,000	)		(135,863,471	)		(21,250,000	)		(544,652,518	)
		(250,000	)	$	(5,605,800	)		(2,650,000	)	$	(71,024,623	)
Residential and Multisector Real Estate
Shares sold		400,000		$	27,897,597			2,150,000		$	189,986,614
Shares redeemed		(500,000	)		(35,290,493	)		(6,700,000	)		(550,150,123	)
		(100,000	)	$	(7,392,896	)		(4,550,000	)	$	(360,163,509	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Mortgage Real Estate ETF, iShares Residential and Multisector Real Estate ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were higher than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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Board Review and Approval of Investment Advisory Contract  (continued)

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Mortgage Real Estate(a)	$	0.883642	$	—	$	0.225080	$	1.108722		80	%		—	%		20	%		100	%
Residential and Multisector Real Estate		1.067989		—		—		1.067989		100			—			—			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

S U P P L E M E N T A L   I N F O R M A T I O N 25

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviation
REIT	Real Estate Investment Trust

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 27

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 International Limited, 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.

iS-SAR-312-0923

                

SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

·   iShares Factors US Growth Style ETF | STLG | Cboe BZX

·   iShares Factors US Value Style ETF | STLV | Cboe BZX

The Markets in Review

Dear Shareholder,

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

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

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

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

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

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

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2023
	6-Month			12-Month
U.S. large cap equities     (S&P 500® Index)		5.18	%		21.62	%
U.S. small cap equities (Russell 2000® Index)		(0.19	)		8.93
International equities (MSCI Europe, Australasia, Far East Index)		(1.28	)		25.65
Emerging market equities (MSCI Emerging Markets Index)		(2.05	)		11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.50			4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(6.98	)		(2.90	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(4.05	)		0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.05	)		2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		2.22			10.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index

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Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		6
Disclosure of Expenses		6
Schedules of Investments		7
Financial Statements:
Statements of Assets and Liabilities		14
Statements of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		19
Board Review and Approval of Investment Advisory Contract		25
Supplemental Information		29
General Information		30
Glossary of Terms Used in this Report		31

3

Fund Summary  as of September 30, 2023 iShares^® Factors US Growth Style ETF

Investment Objective

The iShares Factors US Growth Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Growth Style Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		8.55	%		27.15	%		11.38	%		27.15	%		49.23	%
Fund Market		8.54			27.04			11.36			27.04			49.13
Index		8.70			27.51			11.60			27.51			50.27

The inception date of the Fund was 1/14/20. The first day of secondary market trading was 1/16/20.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,085.50	$	1.30		$	1,000.00	$	1,023.75	$	1.26		0.25	%

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

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	49.7	%
Consumer Discretionary	15.7
Health Care	9.9
Industrials	7.1
Communication Services	6.4
Consumer Staples	5.7
Financials	3.8
Other (each representing less than 1%)	1.7

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Apple Inc.	13.1	%
Microsoft Corp.	10.4
NVIDIA Corp.	5.1
Amazon.com, Inc.	4.1
Meta Platforms, Inc., Class A	2.5
Eli Lilly & Co.	2.4
TPG, Inc., Class A	2.3
Alphabet, Inc., Class A	2.2
Tesla, Inc.	2.1
Broadcom, Inc.	2.1

^(a)  Excludes money market funds.

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Fund Summary  as of September 30, 2023 iShares^® Factors US Value Style ETF

Investment Objective

The iShares Factors US Value Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Value Style 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.

On August 18, 2023, the Board of Trustees of the Fund approved a proposal to close the Fund to purchases and thereafter to liquidate the Fund. Accordingly, effective October 30, 2023, the Fund will no longer accept purchase orders. On or about November 2, 2023 (the “Liquidation Date”), all of the assets of the Fund will be liquidated completely, the shares of any shareholders on the Liquidation Date will be redeemed at the net asset value per share and the Fund will then be terminated as a Series of the Trust.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		1.72	%		14.21	%		4.52	%		14.21	%		17.84	%
Fund Market		1.79			14.16			4.50			14.16			17.77
Index		1.88			14.45			4.68			14.45			18.53

The inception date of the Fund was 1/14/20. The first day of secondary market trading was 1/16/20.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,017.20	$	1.26		$	1,000.00	$	1,023.75	$	1.26		0.25	%

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

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	23.6	%
Health Care	14.2
Industrials	12.1
Information Technology	10.6
Consumer Staples	8.8
Energy	7.0
Communication Services	6.5
Consumer Discretionary	6.2
Utilities	5.4
Materials	2.9
Real Estate	2.7

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Johnson & Johnson	2.9	%
Merck & Co., Inc.	2.6
TPG, Inc., Class A	2.1
Evercore, Inc., Class A	2.1
Liberty Media Corp. - Liberty Live, Class A	2.0
Liberty Media Corp. - Liberty Live, Class C, NVS	2.0
Jefferies Financial Group, Inc.	1.7
Phinia, Inc.	1.6
Pfizer, Inc.	1.6
Chesapeake Energy Corp.	1.5

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

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

Schedule of Investments (unaudited) September 30, 2023 iShares^® Factors US Growth Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.7%
Expeditors International of Washington, Inc.		492	$	56,398
United Parcel Service, Inc., Class B		202		31,486
				87,884
Automobiles — 2.1%
Tesla, Inc.(a)		453		113,350
Biotechnology — 1.9%
AbbVie, Inc.		379		56,494
Amgen, Inc.		21		5,644
Apellis Pharmaceuticals, Inc.(a)		121		4,603
Vertex Pharmaceuticals, Inc.(a)		104		36,165
				102,906
Broadline Retail — 4.4%
Amazon.com, Inc.(a)		1,740		221,189
eBay, Inc.		376		16,578
				237,767
Capital Markets — 3.4%
Ameriprise Financial, Inc.		16		5,275
MSCI, Inc., Class A		109		55,925
TPG, Inc., Class A		3,998		120,420
				181,620
Communications Equipment — 1.7%
Arista Networks, Inc.(a)		235		43,223
Motorola Solutions, Inc.		183		49,820
				93,043
Construction & Engineering — 0.7%
EMCOR Group, Inc.		188		39,553
Consumer Finance — 0.2%
SLM Corp.		773		10,528
Consumer Staples Distribution & Retail — 2.9%
Albertsons Cos., Inc., Class A		2,012		45,773
BJ’s Wholesale Club Holdings, Inc.(a)		642		45,819
Costco Wholesale Corp.		110		62,146
				153,738
Diversified Consumer Services — 0.4%
H&R Block, Inc.		491		21,142
Electronic Equipment, Instruments & Components — 0.3%
Jabil, Inc.		141		17,892
Vontier Corp.		9		278
				18,170
Food Products — 0.9%
Hershey Co. (The)		243		48,619
Ground Transportation — 1.1%
Avis Budget Group, Inc.(a)		130		23,360
U-Haul Holding Co., NVS		656		34,368
				57,728
Health Care Equipment & Supplies — 0.5%
Inspire Medical Systems, Inc.(a)		136		26,988
Health Care Providers & Services — 2.3%
Chemed Corp.		58		30,142
DaVita, Inc.(a)		196		18,528
HCA Healthcare, Inc.		97		23,860
McKesson Corp.		94		40,876
Molina Healthcare, Inc.(a)		36		11,804
				125,210

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.3%
Airbnb, Inc., Class A(a)(b)		116	$	15,916
Domino’s Pizza, Inc.		87		32,955
Wingstop, Inc.		395		71,037
Yum! Brands, Inc.		28		3,498
				123,406
Independent Power and Renewable Electricity Producers — 0.8%
Vistra Corp.		1,258		41,740
Insurance — 0.2%
Primerica, Inc.		62		12,029
Interactive Media & Services — 6.5%
Alphabet, Inc., Class A(a)		887		116,073
Alphabet, Inc., Class C, NVS(a)		714		94,141
Meta Platforms, Inc., Class A(a)		451		135,394
				345,608
IT Services — 1.2%
Accenture PLC, Class A		36		11,056
Gartner, Inc.(a)		12		4,123
MongoDB, Inc., Class A(a)		18		6,226
VeriSign, Inc.(a)		209		42,329
				63,734
Life Sciences Tools & Services — 1.5%
Medpace Holdings, Inc.(a)		213		51,574
Mettler-Toledo International, Inc.(a)		27		29,918
				81,492
Machinery — 0.8%
Allison Transmission Holdings, Inc.		562		33,192
Otis Worldwide Corp.		116		9,316
				42,508
Oil, Gas & Consumable Fuels — 0.9%
Antero Midstream Corp.		4,092		49,022
Personal Care Products — 1.9%
Kenvue, Inc.		5,002		100,440
Pharmaceuticals — 3.6%
Eli Lilly & Co.		241		129,448
Merck & Co., Inc.		611		62,903
				192,351
Professional Services — 1.3%
Booz Allen Hamilton Holding Corp., Class A		618		67,529
Semiconductors & Semiconductor Equipment — 10.0%
Allegro MicroSystems, Inc.(a)		718		22,933
Broadcom, Inc.		136		112,959
KLA Corp.		70		32,106
Lam Research Corp.		12		7,521
Lattice Semiconductor Corp.(a)		139		11,944
NVIDIA Corp.		633		275,349
QUALCOMM, Inc.		661		73,411
				536,223
Software — 22.0%
Adobe, Inc.(a)		60		30,594
Atlassian Corp., Class A(a)		357		71,939
Cadence Design Systems, Inc.(a)		283		66,307
Crowdstrike Holdings, Inc., Class A(a)		295		49,377
Dropbox, Inc., Class A(a)(b)		646		17,591
Fair Isaac Corp.(a)		100		86,853
Fortinet, Inc.(a)		840		49,291
HubSpot, Inc.(a)		52		25,610
Manhattan Associates, Inc.(a)(b)		343		67,797

S C H E D U L E S    O F    I N V E S  T M E N T S 7

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Factors US Growth Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Microsoft Corp.		1,763	$	556,667
Nutanix, Inc., Class A(a)		705		24,590
Palo Alto Networks, Inc.(a)		54		12,660
Smartsheet, Inc., Class A(a)		951		38,478
Synopsys, Inc.(a)		82		37,636
Teradata Corp.(a)		439		19,764
Zscaler, Inc.(a)		146		22,716
				1,177,870
Specialty Retail — 4.4%
AutoZone, Inc.(a)		5		12,700
Best Buy Co., Inc.		333		23,133
Dick’s Sporting Goods, Inc.		151		16,396
Home Depot, Inc. (The)		17		5,137
Lowe’s Cos., Inc.		22		4,572
Murphy U.S.A., Inc.		223		76,206
O’Reilly Automotive, Inc.(a)		4		3,635
Victoria’s Secret & Co.(a)		1,416		23,619
Wayfair, Inc., Class A(a)		41		2,483
Williams-Sonoma, Inc.		449		69,775
				237,656
Technology Hardware, Storage & Peripherals — 14.4%
Apple Inc.		4,111		703,844
HP, Inc.		1,360		34,952
NetApp, Inc.		433		32,856
				771,652
Textiles, Apparel & Luxury Goods — 2.0%
Crocs, Inc.(a)		494		43,586
Deckers Outdoor Corp.(a)		109		56,036
Tapestry, Inc.		231		6,641
				106,263

Security	Shares		Value
Trading Companies & Distributors — 1.6%
Watsco, Inc.		43	$	16,242
WW Grainger, Inc.		103		71,259
				87,501
Total Long-Term Investments — 99.9% (Cost: $5,476,632)				5,355,270
Short-Term Securities
Money Market Funds — 2.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		100,840		100,880
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		12,786		12,786
Total Short-Term Securities — 2.1% (Cost: $113,661)				113,666
Total Investments — 102.0% (Cost: $5,590,293)				5,468,936
Liabilities in Excess of Other Assets — (2.0)%				(108,794	)
Net Assets — 100.0%			$  5,360,142

^(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,703	$	99,163	(a)	$	—	$	9	$	5	$	100,880		100,840	$	90	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,256		11,530	(a)		—		—		—		12,786		12,786		172			—
								$	9	$	5	$	113,666			$	262		$	—

^(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.

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Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Factors US Growth Style ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	5,355,270	$	—	$	—	$	5,355,270
Short-Term Securities
Money Market Funds		113,666		—		—		113,666
	$	5,468,936	$	—	$	—	$	5,468,936

See notes to financial statements.

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

Schedule of Investments (unaudited) September 30, 2023 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.1%
Northrop Grumman Corp.		9	$	3,962
Air Freight & Logistics — 3.1%
CH Robinson Worldwide, Inc.		76		6,546
Expeditors International of Washington, Inc.		244		27,970
FedEx Corp.		82		21,723
United Parcel Service, Inc., Class B		166		25,874
				82,113
Automobile Components — 1.6%
Phinia, Inc.		1,574		42,167
Banks — 1.9%
Citigroup, Inc.		484		19,907
JPMorgan Chase & Co.		89		12,907
Popular, Inc.		272		17,139
Zions Bancorp N.A		24		837
				50,790
Beverages — 0.5%
PepsiCo, Inc.		72		12,200
Biotechnology — 1.9%
Amgen, Inc.		37		9,944
Biogen, Inc.(a)		4		1,028
Gilead Sciences, Inc.		233		17,461
Moderna, Inc.(a)		155		16,010
Vertex Pharmaceuticals, Inc.(a)		16		5,564
				50,007
Broadline Retail — 0.9%
eBay, Inc.		40		1,763
Kohl’s Corp.		60		1,258
Macy’s, Inc.		1,762		20,457
Nordstrom, Inc.		44		657
				24,135
Building Products — 1.7%
Builders FirstSource, Inc.(a)		102		12,698
Lennox International, Inc.		47		17,599
Masco Corp.		193		10,316
Owens Corning		32		4,365
				44,978
Capital Markets — 9.4%
Bank of New York Mellon Corp. (The)		34		1,450
Evercore, Inc., Class A		397		54,738
Franklin Resources, Inc.		185		4,547
Goldman Sachs Group, Inc. (The)		69		22,326
Jefferies Financial Group, Inc.		1,201		43,993
Lazard Ltd., Class A		981		30,421
MSCI, Inc., Class A		26		13,340
State Street Corp.		133		8,906
TPG, Inc., Class A		1,855		55,873
Virtu Financial, Inc., Class A		894		15,439
				251,033
Chemicals — 0.7%
CF Industries Holdings, Inc.		13		1,114
Chemours Co. (The)		63		1,767
Linde PLC		39		14,522
				17,403

Security	Shares		Value
Commercial Services & Supplies — 0.6%
Republic Services, Inc.		95	$	13,538
Waste Management, Inc.		9		1,372
				14,910
Communications Equipment — 1.9%
Cisco Systems, Inc.		471		25,321
Juniper Networks, Inc.		302		8,392
Motorola Solutions, Inc.		61		16,607
				50,320
Construction & Engineering — 0.6%
EMCOR Group, Inc.		81		17,042
Construction Materials — 0.1%
Eagle Materials, Inc.		11		1,832
Consumer Finance — 3.5%
Ally Financial, Inc.		998		26,627
American Express Co.		46		6,863
Capital One Financial Corp.		84		8,152
Discover Financial Services		31		2,685
OneMain Holdings, Inc.		368		14,753
SLM Corp.		942		12,830
Synchrony Financial		680		20,788
				92,698
Consumer Staples Distribution & Retail — 2.8%
Albertsons Cos., Inc., Class A		1,079		24,547
BJ’s Wholesale Club Holdings, Inc.(a)		69		4,925
Kroger Co. (The)		726		32,488
Walmart, Inc.		84		13,434
				75,394
Containers & Packaging — 0.4%
Amcor PLC		121		1,109
Graphic Packaging Holding Co.		233		5,191
Silgan Holdings, Inc.		103		4,440
				10,740
Diversified Consumer Services — 0.3%
H&R Block, Inc.		198		8,526
Diversified Telecommunication Services — 1.7%
AT&T Inc.		548		8,231
Verizon Communications, Inc.		1,142		37,012
				45,243
Electric Utilities — 2.1%
Avangrid, Inc.		5		151
Entergy Corp.		118		10,915
Hawaiian Electric Industries, Inc.		781		9,614
IDACORP, Inc.		99		9,271
NRG Energy, Inc.		32		1,233
Pinnacle West Capital Corp.		147		10,831
Southern Co. (The)		27		1,748
Xcel Energy, Inc.		192		10,986
				54,749
Electrical Equipment — 0.9%
Acuity Brands, Inc.		32		5,450
nVent Electric PLC		337		17,858
				23,308
Electronic Equipment, Instruments & Components — 0.9%
Arrow Electronics, Inc.(a)		31		3,882
Avnet, Inc.		175		8,433

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Schedule of Investments (unaudited)(continued) September 30, 2023 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Jabil, Inc.		67	$	8,502
Vontier Corp.		104		3,216
				24,033
Energy Equipment & Services — 0.3%
TechnipFMC PLC		437		8,889
Entertainment — 4.0%
Electronic Arts, Inc.		20		2,408
Liberty Media Corp. - Liberty Live, Class A(a)		1,651		52,700
Liberty Media Corp. - Liberty Live, Class C, NVS(a)		1,624		52,130
				107,238
Financial Services — 1.8%
Berkshire Hathaway, Inc., Class B(a)		1		350
Voya Financial, Inc.		375		24,919
Western Union Co. (The)		1,675		22,076
				47,345
Food Products — 2.2%
Campbell Soup Co.		169		6,943
Flowers Foods, Inc.		501		11,112
General Mills, Inc.		164		10,494
Hershey Co. (The)		111		22,209
J M Smucker Co. (The)		52		6,391
				57,149
Ground Transportation — 0.7%
Avis Budget Group, Inc.(a)		17		3,055
Schneider National, Inc., Class B		548		15,174
				18,229
Health Care Equipment & Supplies — 0.6%
Abbott Laboratories		158		15,302
Health Care Providers & Services — 2.7%
Chemed Corp.		23		11,953
CVS Health Corp.		383		26,741
Encompass Health Corp.		3		202
HCA Healthcare, Inc.		45		11,069
McKesson Corp.		36		15,655
Molina Healthcare, Inc.(a)		16		5,246
				70,866
Health Care REITs — 0.7%
Healthpeak Properties, Inc.		689		12,650
Omega Healthcare Investors, Inc.		193		6,400
				19,050
Hotels, Restaurants & Leisure — 0.7%
McDonald’s Corp.		22		5,796
Yum! Brands, Inc.		111		13,868
				19,664
Household Durables — 0.0%
PulteGroup, Inc.		11		815
Household Products — 1.0%
Colgate-Palmolive Co.		55		3,911
Kimberly-Clark Corp.		12		1,450
Procter & Gamble Co. (The)		153		22,317
				27,678
Independent Power and Renewable Electricity Producers — 2.2%
Clearway Energy, Inc., Class A		919		18,306
Clearway Energy, Inc., Class C		894		18,917
Vistra Corp.		610		20,240
				57,463

Security	Shares		Value
Insurance — 6.8%
Aflac, Inc.		212	$	16,271
American Financial Group, Inc.		88		9,827
American International Group, Inc.		29		1,757
Aon PLC, Class A		11		3,566
Assurant, Inc.		49		7,035
Assured Guaranty Ltd.		315		19,064
Axis Capital Holdings Ltd.		370		20,857
Brighthouse Financial, Inc.(a)		33		1,615
CNA Financial Corp.		45		1,771
Hanover Insurance Group, Inc. (The)		26		2,885
Hartford Financial Services Group, Inc. (The)		150		10,637
Loews Corp.		501		31,718
MetLife, Inc.		72		4,530
Old Republic International Corp.		5		135
Reinsurance Group of America, Inc.		31		4,501
RLI Corp.		49		6,659
Travelers Cos., Inc. (The)		29		4,736
Unum Group		271		13,330
White Mountains Insurance Group Ltd.		14		20,940
				181,834
IT Services — 1.6%
Akamai Technologies, Inc.(a)		27		2,877
Amdocs Ltd.		76		6,421
Okta, Inc., Class A(a)		21		1,712
VeriSign, Inc.(a)		152		30,784
				41,794
Leisure Products — 0.2%
Hasbro, Inc.		93		6,151
Life Sciences Tools & Services — 0.9%
Danaher Corp.		35		8,683
Fortrea Holdings, Inc.(a)		505		14,438
				23,121
Machinery — 3.0%
AGCO Corp.		34		4,021
Allison Transmission Holdings, Inc.		356		21,025
Crane Co.		121		10,750
Graco, Inc.		45		3,280
Illinois Tool Works, Inc.		8		1,842
Otis Worldwide Corp.		486		39,031
				79,949
Media — 0.7%
Comcast Corp., Class A		433		19,199
Metals & Mining — 1.0%
Nucor Corp.		48		7,505
Reliance Steel & Aluminum Co.		19		4,982
Steel Dynamics, Inc.		131		14,046
				26,533
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
AGNC Investment Corp.		74		699
Multi-Utilities — 1.2%
Ameren Corp.		128		9,578
CMS Energy Corp.		3		159
Consolidated Edison, Inc.		164		14,027
NiSource, Inc.		189		4,665
WEC Energy Group, Inc.		44		3,544
				31,973
Office REITs — 0.1%
Highwoods Properties, Inc.		137		2,824

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

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Factors US Value Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Oil, Gas & Consumable Fuels — 6.6%
Antero Midstream Corp.		2,706	$	32,418
APA Corp.		79		3,247
Chesapeake Energy Corp.		465		40,097
Chevron Corp.		22		3,710
ConocoPhillips		99		11,860
Coterra Energy, Inc.		328		8,872
Devon Energy Corp.		388		18,508
DT Midstream, Inc.		138		7,303
Exxon Mobil Corp.		206		24,221
Kinder Morgan, Inc.		179		2,968
Marathon Oil Corp.		219		5,858
Range Resources Corp.		435		14,098
Valero Energy Corp.		15		2,126
				175,286
Paper & Forest Products — 0.8%
Louisiana-Pacific Corp.		381		21,058
Personal Care Products — 0.6%
Kenvue, Inc.		762		15,301
Pharmaceuticals — 8.2%
Bristol-Myers Squibb Co.		454		26,350
Johnson & Johnson		487		75,850
Merck & Co., Inc.		672		69,183
Pfizer, Inc.		1,270		42,126
Royalty Pharma PLC, Class A		164		4,451
				217,960
Professional Services — 0.7%
Dun & Bradstreet Holdings, Inc.		859		8,581
FTI Consulting, Inc.(a)		43		7,672
ManpowerGroup, Inc.		45		3,299
				19,552
Residential REITs — 0.7%
Equity Residential		297		17,437
Retail REITs — 0.2%
Brixmor Property Group, Inc.		266		5,527
Semiconductors & Semiconductor Equipment — 1.5%
Cirrus Logic, Inc.(a)		71		5,251
Intel Corp.		38		1,351
Lam Research Corp.		8		5,014
QUALCOMM, Inc.		34		3,776
Texas Instruments, Inc.		158		25,124
				40,516
Software — 1.9%
Aspen Technology, Inc.(a)		29		5,924
Dropbox, Inc., Class A(a)		619		16,855
Nutanix, Inc., Class A(a)		428		14,929
Oracle Corp.		109		11,545
				49,253

Security	Shares		Value
Specialized REITs — 1.0%
Public Storage		62	$	16,338
SBA Communications Corp., Class A		54		10,809
				27,147
Specialty Retail — 2.2%
AutoNation, Inc.(a)		65		9,841
Bath & Body Works, Inc.		69		2,332
Best Buy Co., Inc.		44		3,057
Dick’s Sporting Goods, Inc.		46		4,995
Murphy U.S.A., Inc.		47		16,061
Victoria’s Secret & Co.(a)		449		7,489
Williams-Sonoma, Inc.		96		14,919
				58,694
Technology Hardware, Storage & Peripherals — 2.8%
Hewlett Packard Enterprise Co.		1,622		28,174
HP, Inc.		962		24,724
NetApp, Inc.		297		22,536
				75,434
Textiles, Apparel & Luxury Goods — 0.2%
Columbia Sportswear Co.		67		4,965
Tobacco — 1.7%
Altria Group, Inc.		515		21,656
Philip Morris International, Inc.		244		22,589
				44,245
Trading Companies & Distributors — 0.6%
Core & Main, Inc., Class A(a)		4		115
MSC Industrial Direct Co., Inc., Class A		108		10,600
Watsco, Inc.		16		6,044
				16,759
Total Long-Term Investments — 99.7% (Cost: $2,805,738)				2,650,482
Short-Term Securities
Money Market Funds — 1.6%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(c)		41,506		41,506
Total Short-Term Securities — 1.6% (Cost: $41,506)				41,506
Total Investments — 101.3% (Cost: $2,847,244)				2,691,988
Liabilities in Excess of Other Assets — (1.3)%				(34,514	)
Net Assets — 100.0%			$  2,657,474

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

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Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® Factors US Value Style ETF

Affiliates

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

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	22,043	$	—		$	(22,048	)(b)	$	5	$	—	$	—		—	$	357	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		5,487		36,019	(b)		—			—		—		41,506		41,506		171			—
									$	5	$	—	$	41,506			$	528		$	—

^(a)  As of period end, the entity is no longer held by the Fund.

^(b)  Represents net amount purchased (sold).

^(c)  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.

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	2,650,482	$	—	$	—	$	2,650,482
Short-Term Securities
Money Market Funds		41,506		—		—		41,506
	$	2,691,988	$	—	$	—	$	2,691,988

See notes to financial statements.

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

Statements of Assets and Liabilities (unaudited) 

September 30, 2023

	iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	5,355,270		$	2,650,482
Investments, at value — affiliated(c)		113,666			41,506
Receivables:
Investments sold		1,158			—
Securities lending income — affiliated		15			4
Dividends — unaffiliated		1,588			3,678
Dividends — affiliated		28			38
Total assets		5,471,725			2,695,708
LIABILITIES
Collateral on securities loaned		100,888			—
Payables:
Investments purchased		1,158			—
Income dividend distributions		8,411			37,672
Investment advisory fees		1,126			562
Total liabilities		111,583			38,234
Commitments and contingent liabilities
NET ASSETS	$	5,360,142		$	2,657,474
NET ASSETS CONSIST OF:
Paid-in capital	$	5,942,357		$	3,792,069
Accumulated loss		(582,215	)		(1,134,595	)
NET ASSETS	$	5,360,142		$	2,657,474
NET ASSET VALUE
Shares outstanding		150,000			100,000
Net asset value	$	35.73		$	26.57
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a)   Investments, at cost — unaffiliated	$	5,476,632		$	2,805,738
(b)   Securities loaned, at value	$	98,987		$	—
(c)   Investments, at cost — affiliated	$	113,661		$	41,506

See notes to financial statements.

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Statements of Operations (unaudited)

Six Months Ended September 30, 2023

	iShares Factors US Growth Style ETF			iShares Factors US Value Style ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	28,182		$	50,666
Dividends — affiliated		172			171
Securities lending income — affiliated — net		90			357
Foreign taxes withheld		—			(54	)
Total investment income		28,444			51,140
EXPENSES
Investment advisory		6,220			4,336
Total expenses		6,220			4,336
Net investment income		22,224			46,804
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(117,942	)		(167,221	)
Investments — affiliated		9			5
In-kind redemptions — unaffiliated(a)		578,779			113,181
		460,846			(54,035	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(38,366	)		107,976
Investments — affiliated		5			—
		(38,361	)		107,976
Net realized and unrealized gain		422,485			53,941
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	444,709		$	100,745

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

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 15

Statements of Changes in Net Assets

	iShares Factors US Growth Style ETF						iShares Factors US Value Style ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	22,224		$	29,878		$	46,804		$	137,607
Net realized gain (loss)		460,846			(755,683	)		(54,035	)		(372,903	)
Net change in unrealized appreciation (depreciation)		(38,361	)		121,879			107,976			(21,280	)
Net increase (decrease) in net assets resulting from operations		444,709			(603,926	)		100,745			(256,576	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(21,987	)		(31,710	)		(58,116	)		(136,086	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		3,282,432			(3,168,344	)		(1,380,082	)		(2,875,406	)
NET ASSETS
Total increase (decrease) in net assets		3,705,154			(3,803,980	)		(1,337,453	)		(3,268,068	)
Beginning of period		1,654,988			5,458,968			3,994,927			7,262,995
End of period	$	5,360,142		$	1,654,988		$	2,657,474		$	3,994,927

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

See notes to financial statements.

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Financial Highlights

(For a share outstanding throughout each period)

	iShares Factors US Growth Style ETF
		Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Period From 01/14/20 to 03/31/20	(a)
Net asset value, beginning of period	$	33.10		$	36.39		$	32.35		$	20.27		$	24.96
Net investment income(b)		0.15			0.32			0.24			0.25			0.06
Net realized and unrealized gain (loss)(c)		2.67			(3.08	)		4.06			12.08			(4.69	)
Net increase (decrease) from investment operations		2.82			(2.76	)		4.30			12.33			(4.63	)
Distributions(d)
From net investment income		(0.19	)		(0.53	)		(0.26	)		(0.25	)		(0.06	)
Return of capital		—			—			—			—			(0.00	)(e)
Total distributions		(0.19	)		(0.53	)		(0.26	)		(0.25	)		(0.06	)
Net asset value, end of period	$	35.73		$	33.10		$	36.39		$	32.35		$	20.27
Total Return(f)
Based on net asset value		8.55	%(g)		(7.47	)%		13.28	%		61.00	%		(18.54	)%(g)
Ratios to Average Net Assets(h)
Total expenses		0.25	%(i)		0.25	%		0.25	%		0.25	%		0.25	%(i)
Net investment income		0.89	%(i)		1.01	%		0.66	%		0.88	%		1.20	%(i)
Supplemental Data
Net assets, end of period (000)	$	5,360		$	1,655		$	5,459		$	4,852		$	4,054
Portfolio turnover rate(j)		42	%		67	%		111	%		103	%		13	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

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

^(e)  Rounds to less than $0.01.

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 17

Financial Highlights  (continued)

(For a share outstanding throughout each period)

	iShares Factors US Value Style ETF
		Six Months Ended 09/30/23 (unaudited	)		Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Period From 01/14/20 to 03/31/20	(a)
Net asset value, beginning of period	$	26.63		$	29.05		$	27.45		$	17.46		$	25.09
Net investment income(b)		0.37			0.73			0.69			0.51			0.15
Net realized and unrealized gain (loss)(c)		0.08			(2.33	)		1.58			10.06			(7.65	)
Net increase (decrease) from investment operations		0.45			(1.60	)		2.27			10.57			(7.50	)
Distributions from net investment income(d)		(0.51	)		(0.82	)		(0.67	)		(0.58	)		(0.13	)
Net asset value, end of period	$	26.57		$	26.63		$	29.05		$	27.45		$	17.46
Total Return(e)
Based on net asset value		1.72	%(f)		(5.40	)%		8.28	%		61.25	%		(29.87	)%(f)
Ratios to Average Net Assets(g)
Total expenses		0.25	%(h)		0.25	%		0.25	%		0.25	%		0.25	%(h)
Net investment income		2.70	%(h)		2.69	%		2.37	%		2.29	%		3.09	%(h)
Supplemental Data
Net assets, end of period (000)	$	2,657		$	3,995		$	7,263		$	6,863		$	3,492
Portfolio turnover rate(i)		78	%		109	%		104	%		148	%		16	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

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

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

^(f)  Not annualized.

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

^(h)  Annualized.

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

See notes to financial statements.

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Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Factors US Growth Style	Non-Diversified
Factors US Value Style	Diversified

On August 18, 2023, the Board of Trustees of the iShares Factors US Value Style ETF approved a proposal to close the Fund to new and subsequent investments and thereafter to liquidate and terminate the Fund. Effective October 30, 2023, the Fund will no longer accept orders from new investors or existing shareholders to purchase Fund shares. On or about November 2, 2023 (the “Liquidation Date”), all of the assets of the Fund will have been liquidated completely, the shares of any shareholders holding shares on the Liquidation Date will be redeemed at the net asset value per share and the Fund will then be terminated as a Series of the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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 jurisdiction in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise 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.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 19

Notes to Financial Statements  (unaudited)  (continued)

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.

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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Notes to Financial Statements  (unaudited)  (continued)

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
Factors US Growth Style
Citadel Clearing LLC	$	16,338	$	(16,338	)	$	—		$	—
Citigroup Global Markets, Inc.		82,649		(82,649	)		—			—
	$	98,987	$	(98,987	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

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

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
Factors US Growth Style		0.25	%
Factors US Value Style		0.25

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. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 21

Notes to Financial Statements (unaudited) (continued)

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

iShares ETF	Amounts
Factors US Growth Style	$	36
Factors US Value Style		89

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

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

For the six months ended September 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Factors US Growth Style	$	214,244	$	221,452	$	(13,567	)
Factors US Value Style		394,012		306,617		(47,162	)

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.

6. PURCHASES AND SALES

For the six months ended September 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Factors US Growth Style	$	1,997,560	$	1,984,630
Factors US Value Style		2,695,432		2,730,088

For the six months ended September 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Factors US Growth Style	$	10,314,277	$	7,047,737
Factors US Value Style		—		1,350,641

7. 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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards
Factors US Growth Style	$	899,128
Factors US Value Style		863,481

As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Factors US Growth Style	$	5,613,253	$	120,153	$	(264,470	)	$	(144,317	)
Factors US Value Style		2,901,198		100,201		(309,411	)		(209,210	)

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Notes to Financial Statements (unaudited) (continued)

8. PRINCIPAL RISKS

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

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

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

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

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

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.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

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

The Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 23

Notes to Financial Statements (unaudited) (continued)

9. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Factors US Growth Style
Shares sold		300,000		$	10,355,201			200,000		$	6,596,262
Shares redeemed		(200,000	)		(7,072,769	)		(300,000	)		(9,764,606)
		100,000		$	3,282,432			(100,000	)	$	(3,168,344	)
Factors US Value Style
Shares sold		—		$	—			50,000		$	1,458,535
Shares redeemed		(50,000	)		(1,380,082	)		(150,000	)		(4,333,941	)
		(50,000	)	$	(1,380,082	)		(100,000	)	$	(2,875,406	)

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.

10. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares Factors US Growth Style ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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Board Review and Approval of Investment Advisory Contract  (continued)

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

iShares Factors US Value Style ETF (the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet

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Board Review and Approval of Investment Advisory Contract  (continued)

applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

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.

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 27

Board Review and Approval of Investment Advisory Contract  (continued)

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts withsubstantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Factors US Value Style(a)	$	0.427962	$	—	$	0.085050	$	0.513012		83	%		—	%		17	%		100	%

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

S U P P L E M E N T A L    I N F O R M A T I O N 29

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviation

NVS Non-Voting Shares

G L O S S A R Y    O F    T E R M S    U S E D    I N    T H I S    R E P O R T 31

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.

iS-SAR-314-0923

SEPTEMBER 30, 2023

2023 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares ESG Screened S&P 500 ETF | XVV | Cboe BZX

· iShares ESG Screened S&P Mid-Cap ETF | XJH | Cboe BZX

· iShares ESG Screened S&P Small-Cap ETF | XJR | Cboe BZX

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and moderating inflation provided a supportive backdrop for investors during the 12-month reporting period ended September 30, 2023. Significantly tighter monetary policy helped to rein in inflation while the economy proved more resilient than many investors anticipated. A moderating labor market also helped ease inflationary pressure, although wages continued to grow and unemployment rates touched the lowest levels in decades. This robust labor market powered further growth in consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war will have a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were substantial, as the durability of consumer sentiment and spending mitigated investors’ concerns about the economy’s trajectory. The U.S. economy resumed growth in the third quarter of 2022 and continued to expand thereafter. All major classes of equities rose, although large-capitalization U.S. stocks posted significantly higher returns than small-capitalization U.S. stocks due primarily to the performance of large technology companies. International developed market equities also advanced strongly, and emerging market equities posted solid gains.

The 10-year U.S. Treasury yield rose during the reporting period, driving its price down, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates six times during the 12-month period. Furthermore, the Fed wound down its bond-buying programs and incrementally reduced its balance sheet by not replacing securities that reach maturity. However, the Fed declined to raise interest rates at two of its meetings late in the period.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has decelerated the pace of interest rate hikes and recently opted for two pauses, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period to keep inflation under control. Furthermore, ongoing structural changes may mean that the Fed will be hesitant to cut interest rates in the event of faltering economic activity lest inflation accelerate again. We believe investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt.

While we favor an overweight position in developed market equities in the long term, we prefer an underweight stance in the near term. Expectations for corporate earnings remain elevated, which seems inconsistent with macroeconomic constraints. Nevertheless, we are overweight on Japanese stocks in the near term as shareholder-friendly policies generate increased investor interest. We also believe that stocks with an AI tilt should benefit from an investment cycle that is set to support revenues and margins. In credit, there are selective opportunities in the near term despite tightening credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries, U.S. inflation-linked bonds, euro area government bonds and gilts, U.S. mortgage-backed securities, and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of September 30, 2023
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	5.18%	21.62%
U.S. small cap equities (Russell 2000® Index)	(0.19)	8.93
International equities (MSCI Europe, Australasia, Far East Index)	(1.28)	25.65
Emerging market equities (MSCI Emerging Markets Index)	(2.05)	11.70
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.50	4.47
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	(6.98)	(2.90)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	(4.05)	0.64
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	(4.05)	2.66
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	2.22	10.28
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S   P A G E   I S   N O T   P A R T   O F   Y O U R   F U N D   R E P O R T

Table of Contents

	Page
The Markets in Review		2
Semi-Annual Report:
Fund Summary		4
About Fund Performance		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements:
Statements of Assets and Liabilities		32
Statements of Operations		33
Statements of Changes in Net Assets		34
Financial Highlights		36
Notes to Financial Statements		39
Board Review and Approval of Investment Advisory Contract		47
Supplemental Information		49
General Information		50
Glossary of Terms Used in this Report		51

3

Fund Summary as of September 30, 2023 iShares^® ESG Screened S&P 500 ETF

Investment Objective

The iShares ESG Screened S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P 500 Substainability Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		5.68	%		22.72	%		9.92	%		22.72	%		33.12	%
Fund Market		5.68			22.61			9.91			22.61			33.10
Index		5.73			22.83			10.03			22.83			33.47

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,056.80	$	0.41		$	1,000.00	$	1,024.60	$	0.40		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	30.5	%
Health Care	13.7
Financials	13.5
Consumer Discretionary	11.7
Communication Services	9.9
Industrials	7.0
Consumer Staples	5.8
Real Estate	2.6
Materials	2.6
Energy	1.4
Utilities	1.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	7.8	%
Microsoft Corp.	7.3
Amazon.com, Inc.	3.6
NVIDIA Corp.	3.3
Alphabet, Inc., Class A	2.4
Tesla, Inc.	2.1
Meta Platforms, Inc., Class A	2.1
Alphabet, Inc., Class C, NVS	2.1
Berkshire Hathaway, Inc., Class B	2.0
UnitedHealth Group, Inc.	1.4

^(a)  Excludes money market funds.

4 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Fund Summary as of September 30, 2023 iShares^® ESG Screened S&P Mid-Cap ETF

Investment Objective

The iShares ESG Screened S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P MidCap 400 Sustainability Screened 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 representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		0.11	%		15.50	%		11.69	%		15.50	%		39.69	%
Fund Market		0.34			15.67			11.74			15.67			39.90
Index		0.16			15.63			11.85			15.63			40.26

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,001.10	$	0.60		$	1,000.00	$	1,024.40	$	0.61		0.12	%

^(a) Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	23.4	%
Financials	15.5
Consumer Discretionary	15.3
Information Technology	11.2
Health Care	9.4
Real Estate	7.7
Materials	7.6
Consumer Staples	3.9
Energy	2.4
Communication Services	2.0
Utilities	1.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Hubbell, Inc.	0.8	%
Jabil, Inc.	0.8
Builders FirstSource, Inc.	0.8
Reliance Steel & Aluminum Co.	0.8
Deckers Outdoor Corp.	0.7
Carlisle Cos., Inc.	0.7
Watsco, Inc.	0.6
Super Micro Computer, Inc.	0.6
Graco, Inc.	0.6
Owens Corning	0.6

^(a)  Excludes money market funds.

F U N D   S U M M A R Y 5

Fund Summary as of September 30, 2023 iShares^® ESG Screened S&P Small-Cap ETF

Investment Objective

The iShares ESG Screened S&PSmall-Cap ETF(the “Fund”) seeks to track the investment results if an index composed of small-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P SmallCap 600 Sustainability Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(1.85	)%		9.67	%		11.22	%		9.67	%		37.95	%
Fund Market		(1.77	)		9.54			11.24			9.54			38.00
Index		(1.80	)		9.76			11.59			9.76			39.29

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)		Beginning Account Value (04/01/23)		Ending Account Value (09/30/23)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	981.50	$	0.60		$	1,000.00	$	1,024.39	$	0.61		0.12	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	17.8	%
Financials	17.2
Information Technology	14.7
Consumer Discretionary	13.8
Health Care	10.2
Real Estate	7.6
Materials	5.4
Consumer Staples	5.3
Communication Services	3.1
Energy	3.1
Utilities	1.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Onto Innovation, Inc.	0.7	%
SPS Commerce, Inc.	0.7
Comfort Systems U.S.A., Inc.	0.7
Rambus, Inc.	0.7
Fabrinet	0.7
Applied Industrial Technologies, Inc.	0.7
elf Beauty, Inc.	0.7
Axcelis Technologies, Inc.	0.6
ATI, Inc.	0.6
Ensign Group, Inc. (The)	0.6

^(a)  Excludes money market funds.

6 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, market returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T   F U N D   P E R F O R M A N C E  /  D I S C L O S U R E   O F   E X P E N S E S 7

Schedule of Investments (unaudited) September 30, 2023 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.2%
Axon Enterprise, Inc.(a)		340	$	67,657
Howmet Aerospace, Inc.		1,886		87,227
TransDigm Group, Inc.(a)		264		222,586
				377,470
Air Freight & Logistics — 0.6%
CH Robinson Worldwide, Inc.		557		47,975
Expeditors International of Washington, Inc.		705		80,814
FedEx Corp.		1,110		294,061
United Parcel Service, Inc., Class B		3,475		541,648
				964,498
Automobile Components — 0.1%
Aptiv PLC(a)		1,367		134,773
BorgWarner, Inc.		1,130		45,618
				180,391
Automobiles — 2.4%
Ford Motor Co.		18,938		235,210
General Motors Co.		6,593		217,371
Tesla, Inc.(a)		13,265		3,319,168
				3,771,749
Banks — 2.9%
Bank of America Corp.		33,211		909,317
Citigroup, Inc.		9,251		380,494
Citizens Financial Group, Inc.		2,276		60,997
Comerica, Inc.		639		26,550
Fifth Third Bancorp		3,300		83,589
Huntington Bancshares, Inc.		6,952		72,301
JPMorgan Chase & Co.		13,961		2,024,624
KeyCorp		4,446		47,839
M&T Bank Corp.		792		100,148
PNC Financial Services Group, Inc. (The)		1,913		234,859
Regions Financial Corp.		4,484		77,125
Truist Financial Corp.		6,419		183,648
U.S. Bancorp		7,470		246,958
Zions Bancorp N.A.		696		24,283
				4,472,732
Beverages — 1.8%
Brown-Forman Corp., Class B, NVS		881		50,825
Coca-Cola Co. (The)		18,696		1,046,602
Constellation Brands, Inc., Class A		777		195,283
Keurig Dr Pepper, Inc.		4,850		153,114
Molson Coors Beverage Co., Class B		903		57,422
Monster Beverage Corp.(a)		3,565		188,767
PepsiCo, Inc.		6,613		1,120,507
				2,812,520
Biotechnology — 2.3%
AbbVie, Inc.		8,479		1,263,880
Amgen, Inc.		2,570		690,713
Biogen, Inc.(a)		695		178,622
Gilead Sciences, Inc.		5,986		448,591
Incyte Corp.(a)		892		51,531
Moderna, Inc.(a)		1,581		163,302
Regeneron Pharmaceuticals, Inc.(a)		513		422,178
Vertex Pharmaceuticals, Inc.(a)		1,242		431,893
				3,650,710
Broadline Retail — 3.7%
Amazon.com, Inc.(a)		43,618		5,544,720

Security	Shares		Value
Broadline Retail (continued)
eBay, Inc.		2,563	$	113,003
Etsy, Inc.(a)		604		39,006
				5,696,729
Building Products — 0.5%
A O Smith Corp.		605		40,008
Allegion PLC		421		43,868
Carrier Global Corp.		4,014		221,573
Johnson Controls International PLC		3,256		173,252
Masco Corp.		1,071		57,245
Trane Technologies PLC		1,101		223,404
				759,350
Capital Markets — 2.9%
Ameriprise Financial, Inc.		492		162,203
Bank of New York Mellon Corp. (The)		3,723		158,786
BlackRock, Inc.(b)		675		436,381
Cboe Global Markets, Inc.		507		79,198
Charles Schwab Corp. (The)		7,153		392,700
CME Group, Inc., Class A		1,728		345,980
FactSet Research Systems, Inc.		185		80,893
Franklin Resources, Inc.		1,368		33,625
Goldman Sachs Group, Inc. (The)		1,586		513,182
Intercontinental Exchange, Inc.		2,744		301,895
Invesco Ltd.		2,167		31,465
MarketAxess Holdings, Inc.		182		38,882
Moody’s Corp.		760		240,289
Morgan Stanley		6,129		500,555
MSCI, Inc., Class A		381		195,484
Nasdaq, Inc.		1,622		78,813
Northern Trust Corp.		1,000		69,480
Raymond James Financial, Inc.		896		89,985
S&P Global, Inc.		1,563		571,136
State Street Corp.		1,538		102,985
T Rowe Price Group, Inc.		1,076		112,840
				4,536,757
Chemicals — 1.8%
Air Products & Chemicals, Inc.		1,067		302,388
Albemarle Corp.		566		96,243
Celanese Corp., Class A		477		59,873
CF Industries Holdings, Inc.		927		79,481
Corteva, Inc.		3,420		174,967
Dow, Inc.		3,383		174,427
Eastman Chemical Co.		573		43,961
Ecolab, Inc.		1,221		206,837
FMC Corp.		605		40,517
International Flavors & Fragrances, Inc.		1,230		83,849
Linde PLC		2,344		872,788
LyondellBasell Industries NV, Class A		1,226		116,102
Mosaic Co. (The)		1,596		56,818
PPG Industries, Inc.		1,134		147,193
Sherwin-Williams Co. (The)		1,133		288,972
				2,744,416
Commercial Services & Supplies — 0.5%
Cintas Corp.		415		199,619
Copart, Inc.(a)		4,189		180,504
Republic Services, Inc.		988		140,800
Rollins, Inc.		1,123		41,921
Waste Management, Inc.		1,772		270,124
				832,968
Communications Equipment — 1.0%
Arista Networks, Inc.(a)		1,202		221,084

8 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Cisco Systems, Inc.		19,576	$	1,052,406
F5, Inc.(a)		289		46,569
Juniper Networks, Inc.		1,555		43,213
Motorola Solutions, Inc.		802		218,337
				1,581,609
Construction & Engineering — 0.1%
Quanta Services, Inc.		695		130,014
Construction Materials — 0.2%
Martin Marietta Materials, Inc.		298		122,323
Vulcan Materials Co.		642		129,697
				252,020
Consumer Finance — 0.5%
American Express Co.		2,795		416,986
Capital One Financial Corp.		1,832		177,796
Discover Financial Services		1,198		103,783
Synchrony Financial		2,018		61,690
				760,255
Consumer Staples Distribution & Retail — 1.3%
Costco Wholesale Corp.		2,129		1,202,800
Dollar General Corp.		1,056		111,725
Dollar Tree, Inc.(a)		1,012		107,727
Kroger Co. (The)		3,189		142,708
Sysco Corp.		2,432		160,633
Target Corp.		2,217		245,134
Walgreens Boots Alliance, Inc.		3,458		76,906
				2,047,633
Containers & Packaging — 0.3%
Amcor PLC		7,088		64,926
Avery Dennison Corp.		385		70,328
Ball Corp.		1,515		75,417
International Paper Co.		1,653		58,632
Packaging Corp. of America		435		66,794
Sealed Air Corp.		681		22,378
Westrock Co.		1,229		43,998
				402,473
Distributors — 0.1%
Genuine Parts Co.		676		97,601
LKQ Corp.		1,297		64,214
Pool Corp.		188		66,947
				228,762
Diversified Telecommunication Services — 0.8%
AT&T Inc.		34,343		515,832
Verizon Communications, Inc.		20,196		654,552
				1,170,384
Electric Utilities — 0.8%
Constellation Energy Corp.		1,550		169,074
Edison International		1,840		116,454
Entergy Corp.		1,012		93,610
Eversource Energy		1,679		97,634
Exelon Corp.		4,766		180,107
NextEra Energy, Inc.		9,722		556,973
NRG Energy, Inc.		1,114		42,911
				1,256,763
Electrical Equipment — 0.7%
AMETEK, Inc.		1,102		162,832
Eaton Corp. PLC		1,917		408,858
Emerson Electric Co.		2,748		265,374

Security	Shares		Value
Electrical Equipment (continued)
Generac Holdings, Inc.(a)		302	$	32,906
Rockwell Automation, Inc.		554		158,372
				1,028,342
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		2,873		241,303
CDW Corp.		644		129,934
Corning, Inc.		3,668		111,764
Keysight Technologies, Inc.(a)		858		113,522
TE Connectivity Ltd.		1,508		186,283
Trimble, Inc.(a)		1,206		64,955
Zebra Technologies Corp., Class A(a)		241		57,004
				904,765
Energy Equipment & Services — 0.5%
Baker Hughes Co., Class A		4,851		171,337
Halliburton Co.		4,336		175,608
Schlumberger NV		6,827		398,014
				744,959
Entertainment — 1.5%
Activision Blizzard, Inc.		3,445		322,555
Electronic Arts, Inc.		1,180		142,072
Live Nation Entertainment, Inc.(a)		687		57,048
Netflix, Inc.(a)		2,129		803,910
Take-Two Interactive Software, Inc.(a)		753		105,714
Walt Disney Co. (The)(a)		8,790		712,430
Warner Bros Discovery, Inc., Class A(a)		10,730		116,528
				2,260,257
Financial Services — 4.8%
Berkshire Hathaway, Inc., Class B(a)		8,761		3,068,978
Fidelity National Information Services, Inc.		2,862		158,183
Fiserv, Inc.(a)		2,924		330,295
FleetCor Technologies, Inc.(a)(c)		349		89,114
Global Payments, Inc.		1,252		144,468
Jack Henry & Associates, Inc.		354		53,504
Mastercard, Inc., Class A		3,997		1,582,452
PayPal Holdings, Inc.(a)		5,273		308,260
Visa, Inc., Class A		7,719		1,775,447
				7,510,701
Food Products — 1.1%
Archer-Daniels-Midland Co.		2,586		195,036
Bunge Ltd.		718		77,723
Campbell Soup Co.		940		38,615
Conagra Brands, Inc.		2,287		62,710
General Mills, Inc.		2,813		180,004
Hershey Co. (The)		718		143,657
Hormel Foods Corp.		1,410		53,622
J M Smucker Co. (The)		494		60,718
Kellanova		1,275		75,875
Kraft Heinz Co. (The)		3,819		128,471
Lamb Weston Holdings, Inc.		697		64,445
McCormick & Co., Inc., NVS		1,212		91,676
Mondelez International, Inc., Class A		6,535		453,529
Tyson Foods, Inc., Class A		1,374		69,373
				1,695,454
Gas Utilities — 0.0%
Atmos Energy Corp.		707		74,893
Ground Transportation — 0.9%
CSX Corp.		9,629		296,092
JB Hunt Transport Services, Inc.		390		73,523
Norfolk Southern Corp.		1,091		214,850

S C H E D U L E S   O F   I N V E S T M E N T S 9

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ground Transportation (continued)
Old Dominion Freight Line, Inc.		428	$	175,112
Union Pacific Corp.		2,928		596,229
				1,355,806
Health Care Equipment & Supplies — 2.9%
Abbott Laboratories		8,337		807,438
Align Technology, Inc.(a)		336		102,588
Baxter International, Inc.		2,447		92,350
Becton Dickinson & Co.		1,395		360,649
Boston Scientific Corp.(a)		7,031		371,237
Cooper Cos., Inc. (The)		238		75,686
DENTSPLY SIRONA, Inc.		1,037		35,424
Dexcom, Inc.(a)		1,857		173,258
Edwards Lifesciences Corp.(a)		2,928		202,852
GE HealthCare Technologies, Inc.		1,877		127,711
Hologic, Inc.(a)		1,188		82,447
IDEXX Laboratories, Inc.(a)		399		174,471
Insulet Corp.(a)		334		53,270
Intuitive Surgical, Inc.(a)		1,690		493,970
Medtronic PLC		6,393		500,955
ResMed, Inc.		703		103,953
STERIS PLC		476		104,444
Stryker Corp.		1,624		443,790
Teleflex, Inc.		224		43,996
Zimmer Biomet Holdings, Inc.		1,010		113,342
				4,463,831
Health Care Providers & Services — 3.3%
Cardinal Health, Inc.		1,221		106,007
Cencora, Inc.		800		143,976
Centene Corp.(a)		2,593		178,606
Cigna Group (The)		1,423		407,078
CVS Health Corp.		6,170		430,789
DaVita, Inc.(a)		255		24,105
Elevance Health, Inc.		1,131		492,460
HCA Healthcare, Inc.		966		237,617
Henry Schein, Inc.(a)		624		46,332
Humana, Inc.		595		289,479
Laboratory Corp. of America Holdings		426		85,647
McKesson Corp.		650		282,653
Molina Healthcare, Inc.(a)		282		92,465
Quest Diagnostics, Inc.		538		65,561
UnitedHealth Group, Inc.		4,450		2,243,646
Universal Health Services, Inc., Class B		295		37,090
				5,163,511
Health Care REITs — 0.2%
Healthpeak Properties, Inc.		2,668		48,984
Ventas, Inc.		1,914		80,637
Welltower, Inc.		2,485		203,571
				333,192
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		3,449		55,425
Hotels, Restaurants & Leisure — 2.2%
Booking Holdings, Inc.(a)		170		524,272
Caesars Entertainment, Inc.(a)		1,036		48,019
Carnival Corp.(a)		4,863		66,720
Chipotle Mexican Grill, Inc.(a)(c)		133		243,633
Darden Restaurants, Inc.		586		83,927
Domino’s Pizza, Inc.		167		63,258
Expedia Group, Inc.(a)		664		68,438
Hilton Worldwide Holdings, Inc.		1,253		188,176
Las Vegas Sands Corp.		1,573		72,106

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Marriott International, Inc., Class A		1,204	$	236,658
McDonald’s Corp.		3,501		922,303
MGM Resorts International		1,356		49,847
Norwegian Cruise Line Holdings Ltd.(a)		2,068		34,081
Royal Caribbean Cruises Ltd.(a)		1,135		104,579
Starbucks Corp.		5,502		502,168
Wynn Resorts Ltd.		466		43,063
Yum! Brands, Inc.		1,344		167,919
				3,419,167
Household Durables — 0.4%
DR Horton, Inc.		1,458		156,691
Garmin Ltd.		734		77,217
Lennar Corp., Class A		1,210		135,798
Mohawk Industries, Inc.(a)		257		22,053
NVR, Inc.(a)		16		95,413
PulteGroup, Inc.		1,059		78,419
Whirlpool Corp.		265		35,431
				601,022
Household Products — 1.5%
Church & Dwight Co., Inc.		1,187		108,765
Clorox Co. (The)		592		77,587
Colgate-Palmolive Co.		3,982		283,160
Kimberly-Clark Corp.		1,627		196,623
Procter & Gamble Co. (The)		11,324		1,651,719
				2,317,854
Industrial Conglomerates — 0.4%
General Electric Co.		5,228		577,955
Industrial REITs — 0.3%
Prologis, Inc.		4,438		497,988
Insurance — 2.4%
Aflac, Inc.		2,590		198,783
Allstate Corp. (The)		1,252		139,485
American International Group, Inc.		3,433		208,040
Aon PLC, Class A		975		316,114
Arch Capital Group Ltd.(a)		1,786		142,362
Arthur J. Gallagher & Co.		1,038		236,591
Assurant, Inc.		255		36,613
Brown & Brown, Inc.		1,135		79,268
Chubb Ltd.		1,970		410,115
Cincinnati Financial Corp.		746		76,308
Everest Group Ltd.		209		77,679
Globe Life, Inc.		418		45,449
Hartford Financial Services Group, Inc. (The)		1,473		104,450
Loews Corp.		893		56,536
Marsh & McLennan Cos., Inc.		2,378		452,533
MetLife, Inc.		3,045		191,561
Principal Financial Group, Inc.		1,068		76,971
Progressive Corp. (The)		2,812		391,712
Prudential Financial, Inc.		1,744		165,488
Travelers Cos., Inc. (The)		1,099		179,478
W R Berkley Corp.		983		62,411
Willis Towers Watson PLC		504		105,316
				3,753,263
Interactive Media & Services — 6.5%
Alphabet, Inc., Class A(a)		28,502		3,729,772
Alphabet, Inc., Class C, NVS(a)		24,245		3,196,703
Match Group, Inc.(a)		1,340		52,495
Meta Platforms, Inc., Class A(a)		10,677		3,205,342
				10,184,312

10 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services — 1.3%
Accenture PLC, Class A		3,030	$	930,543
Akamai Technologies, Inc.(a)		727		77,455
Cognizant Technology Solutions Corp., Class A		2,440		165,286
DXC Technology Co.(a)		992		20,663
EPAM Systems, Inc.(a)		278		71,082
Gartner, Inc.(a)		377		129,541
International Business Machines Corp.		4,376		613,953
VeriSign, Inc.(a)		433		87,695
				2,096,218
Leisure Products — 0.0%
Hasbro, Inc.		639		42,263
Life Sciences Tools & Services — 1.7%
Agilent Technologies, Inc.		1,427		159,567
Bio-Rad Laboratories, Inc., Class A(a)		103		36,920
Bio-Techne Corp.		748		50,916
Charles River Laboratories International, Inc.(a)		237		46,447
Danaher Corp.		3,157		783,252
Illumina, Inc.(a)		759		104,196
IQVIA Holdings, Inc.(a)		878		172,747
Mettler-Toledo International, Inc.(a)		105		116,347
Revvity, Inc.		592		65,534
Thermo Fisher Scientific, Inc.		1,854		938,439
Waters Corp.(a)		283		77,602
West Pharmaceutical Services, Inc.		351		131,699
				2,683,666
Machinery — 2.0%
Caterpillar, Inc.		2,451		669,123
Cummins, Inc.		680		155,353
Deere & Co.		1,312		495,123
Dover Corp.		673		93,890
Fortive Corp.		1,697		125,850
IDEX Corp.		365		75,927
Illinois Tool Works, Inc.		1,319		303,779
Ingersoll Rand, Inc.		1,938		123,489
Nordson Corp.		257		57,355
Otis Worldwide Corp.		1,971		158,291
PACCAR, Inc.		2,522		214,420
Parker-Hannifin Corp.		616		239,944
Pentair PLC		799		51,735
Snap-on, Inc.		250		63,765
Stanley Black & Decker, Inc.		732		61,181
Westinghouse Air Brake Technologies Corp.		861		91,498
Xylem, Inc.		1,149		104,594
				3,085,317
Media — 0.9%
Charter Communications, Inc., Class A(a)(c)		489		215,072
Comcast Corp., Class A		19,771		876,646
Fox Corp., Class A, NVS		1,221		38,095
Fox Corp., Class B		665		19,205
Interpublic Group of Cos., Inc. (The)		1,837		52,649
News Corp., Class A, NVS		1,798		36,068
News Corp., Class B		600		12,522
Omnicom Group, Inc.		952		70,905
Paramount Global, Class B, NVS		2,309		29,786
				1,350,948
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		6,887		256,816
Newmont Corp.		3,827		141,408

Security	Shares		Value
Metals & Mining (continued)
Nucor Corp.		1,193	$	186,525
Steel Dynamics, Inc.		749		80,308
				665,057
Multi-Utilities — 0.4%
CenterPoint Energy, Inc.		3,063		82,242
Consolidated Edison, Inc.		1,657		141,723
Public Service Enterprise Group, Inc.		2,400		136,584
Sempra		3,014		205,042
				565,591
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		753		75,376
Boston Properties, Inc.		686		40,803
				116,179
Oil, Gas & Consumable Fuels — 0.9%
Kinder Morgan, Inc.		9,360		155,189
Marathon Petroleum Corp.		1,920		290,573
ONEOK, Inc.		2,810		178,238
Phillips 66		2,139		257,001
Targa Resources Corp.		1,082		92,749
Valero Energy Corp.		1,691		239,631
Williams Cos., Inc. (The)		5,823		196,177
				1,409,558
Passenger Airlines — 0.2%
Alaska Air Group, Inc.(a)		612		22,693
American Airlines Group, Inc.(a)(c)		3,127		40,057
Delta Air Lines, Inc.		3,081		113,997
Southwest Airlines Co.		2,866		77,582
United Airlines Holdings, Inc.(a)		1,580		66,834
				321,163
Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		1,116		161,318
Pharmaceuticals — 3.4%
Bristol-Myers Squibb Co.		10,036		582,489
Catalent, Inc.(a)		853		38,837
Eli Lilly & Co.		3,831		2,057,745
Merck & Co., Inc.		12,190		1,254,960
Organon & Co.		1,207		20,954
Pfizer, Inc.		27,123		899,670
Viatris, Inc.		5,814		57,326
Zoetis, Inc., Class A		2,210		384,496
				5,296,477
Professional Services — 0.8%
Automatic Data Processing, Inc.		1,978		475,867
Broadridge Financial Solutions, Inc.		568		101,700
Ceridian HCM Holding, Inc.(a)		744		50,480
Equifax, Inc.		590		108,076
Paychex, Inc.		1,550		178,762
Paycom Software, Inc.		236		61,188
Robert Half, Inc.		516		37,813
Verisk Analytics, Inc.(c)		695		164,187
				1,178,073
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A(a)		1,491		110,125
CoStar Group, Inc.(a)		1,970		151,474
				261,599
Residential REITs — 0.3%
AvalonBay Communities, Inc.		686		117,814
Camden Property Trust		520		49,181

S C H E D U L E S   O F   I N V E S T M E N T S 11

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Residential REITs (continued)
Equity Residential		1,644	$	96,519
Essex Property Trust, Inc.		310		65,748
Invitation Homes, Inc.		2,775		87,940
Mid-America Apartment Communities, Inc.		558		71,787
UDR, Inc.		1,435		51,186
				540,175
Retail REITs — 0.3%
Federal Realty Investment Trust		355		32,174
Kimco Realty Corp.		2,979		52,400
Realty Income Corp.		3,416		170,595
Regency Centers Corp.		797		47,374
Simon Property Group, Inc.		1,565		169,067
				471,610
Semiconductors & Semiconductor Equipment — 8.2%
Advanced Micro Devices, Inc.(a)		7,762		798,089
Analog Devices, Inc.		2,409		421,792
Applied Materials, Inc.		4,034		558,507
Broadcom, Inc.		1,983		1,647,040
Enphase Energy, Inc.(a)(c)		656		78,818
First Solar, Inc.(a)		510		82,411
Intel Corp.		20,119		715,230
KLA Corp.		658		301,798
Lam Research Corp.		640		401,133
Microchip Technology, Inc.		2,610		203,710
Micron Technology, Inc.		5,271		358,586
Monolithic Power Systems, Inc.		230		106,260
NVIDIA Corp.		11,866		5,161,591
NXP Semiconductors NV		1,236		247,101
ON Semiconductor Corp.(a)		2,068		192,221
Qorvo, Inc.(a)		464		44,298
QUALCOMM, Inc.		5,361		595,393
Skyworks Solutions, Inc.		769		75,816
SolarEdge Technologies, Inc.(a)(c)		264		34,191
Teradyne, Inc.		743		74,642
Texas Instruments, Inc.		4,362		693,602
				12,792,229
Software — 11.2%
Adobe, Inc.(a)		2,190		1,116,681
ANSYS, Inc.(a)		417		124,078
Autodesk, Inc.(a)		1,024		211,876
Cadence Design Systems, Inc.(a)		1,308		306,464
Fair Isaac Corp.(a)		119		103,355
Fortinet, Inc.(a)(c)		3,135		183,962
Gen Digital, Inc.		2,745		48,532
Intuit, Inc.		1,345		687,214
Microsoft Corp.		35,692		11,269,749
Oracle Corp.		7,563		801,073
Palo Alto Networks, Inc.(a)		1,469		344,392
PTC, Inc.(a)		573		81,183
Roper Technologies, Inc.		513		248,436
Salesforce, Inc.(a)		4,679		948,808
ServiceNow, Inc.(a)		980		547,781
Synopsys, Inc.(a)		731		335,507
Tyler Technologies, Inc.(a)		203		78,386
			17,437,477
Specialized REITs — 1.2%
American Tower Corp.		2,239		368,204
Crown Castle, Inc.		2,079		191,330
Digital Realty Trust, Inc.		1,450		175,479
Equinix, Inc.		448		325,365
Extra Space Storage, Inc.		1,014		123,282

Security	Shares		Value
Specialized REITs (continued)
Iron Mountain, Inc.		1,406	$	83,587
Public Storage		762		200,802
SBA Communications Corp., Class A		521		104,289
VICI Properties, Inc.		4,890		142,299
Weyerhaeuser Co.		3,528		108,168
				1,822,805
Specialty Retail — 2.3%
AutoZone, Inc.(a)		87		220,979
Bath & Body Works, Inc.		1,078		36,436
Best Buy Co., Inc.		927		64,399
CarMax, Inc.(a)		764		54,038
Home Depot, Inc. (The)		4,830		1,459,433
Lowe’s Cos., Inc.		2,815		585,070
O’Reilly Automotive, Inc.(a)		290		263,569
Ross Stores, Inc.		1,642		185,464
TJX Cos., Inc. (The)		5,521		490,706
Tractor Supply Co.		523		106,195
Ulta Beauty, Inc.(a)		237		94,670
				3,560,959
Technology Hardware, Storage & Peripherals — 8.0%
Apple Inc.		70,599		12,087,255
Hewlett Packard Enterprise Co.		6,200		107,694
HP, Inc.		4,164		107,015
NetApp, Inc.		1,012		76,790
Seagate Technology Holdings PLC		924		60,938
Western Digital Corp.(a)		1,539		70,225
				12,509,917
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		5,885		562,724
Ralph Lauren Corp., Class A		195		22,638
Tapestry, Inc.		1,123		32,286
VF Corp.		1,617		28,572
				646,220
Trading Companies & Distributors — 0.2%
Fastenal Co.		2,754		150,479
United Rentals, Inc.		328		145,819
				296,298
Water Utilities — 0.1%
American Water Works Co., Inc.		932		115,410
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.(a)		2,486		348,164
Total Long-Term Investments — 99.8% (Cost: $175,525,893)				155,347,591

12 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(b)(d)(e)		718,644	$	718,932
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(b)(d)		955,935		955,935
Total Short-Term Securities — 1.1% (Cost: $1,674,812)				1,674,867
Total Investments — 100.9% (Cost: $177,200,705)				157,022,458
Liabilities in Excess of Other Assets — (0.9)%				(1,338,514	)
Net Assets — 100.0%			$	155,683,944

^(a) Non-income producing security.

^(b)  Affiliate of the Fund.

^(c) All or a portion of this security is on loan.

^(d) Annualized 7-day yield as of period end.

^(e)  All or a portion of this security was purchased with the cash collateral from loaned securities.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	68,967	$	649,829	(a)	$	—		$	96		$	40		$	718,932		718,644	$	648	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		167,581		788,354	(a)		—			—			—			955,935		955,935		6,843			—
BlackRock, Inc.		420,876		173,143			(144,053	)		(9,233	)		(4,352	)		436,381		675		8,320			—
									$	(9,137	)	$	(4,312	)	$	2,111,248			$	15,811		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-Mini S&P 500 Index		14		12/15/23	$	303	$	(12,552	)

S C H E D U L E S   O F   I N V E S T M E N T S 13

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P 500 ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	12,552	$	—	$	—	$	—	$	12,552

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	29,614		$	—	$	—	$	—	$	29,614
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(25,846	)	$	—	$	—	$	—	$	(25,846	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	364,584

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	155,347,591		$	—	$	—	$	155,347,591
Short-Term Securities
Money Market Funds		1,674,867			—		—		1,674,867
	$	157,022,458		$	—	$	—	$	157,022,458
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(12,552	)	$	—	$	—	$	(12,552	)

^(a) Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

14 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) September 30, 2023 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
Curtiss-Wright Corp.		2,151	$	420,800
Hexcel Corp.		4,755		309,741
Woodward, Inc.		3,392		421,490
				1,152,031
Air Freight & Logistics — 0.3%
GXO Logistics, Inc.(a)		6,678		391,665
Automobile Components — 1.9%
Adient PLC(a)		5,275		193,592
Autoliv, Inc.		4,266		411,584
Fox Factory Holding Corp.(a)		2,372		235,018
Gentex Corp.		13,106		426,469
Goodyear Tire & Rubber Co. (The)(a)		15,962		198,408
Lear Corp.		3,298		442,592
Visteon Corp.(a)		1,588		219,255
				2,126,918
Automobiles — 0.5%
Harley-Davidson, Inc.		7,266		240,214
Thor Industries, Inc.		3,001		285,485
			525,699
Banks — 5.8%
Associated Banc-Corp.		8,528		145,914
Bank OZK		5,931		219,862
Cadence Bank		8,307		176,274
Columbia Banking System, Inc.		11,752		238,566
Commerce Bancshares, Inc.		6,388		306,496
Cullen/Frost Bankers, Inc.		3,603		328,630
East West Bancorp, Inc.		7,944		418,728
First Financial Bankshares, Inc.		7,247		182,045
First Horizon Corp.		31,381		345,819
FNB Corp.		20,225		218,228
Glacier Bancorp, Inc.		6,258		178,353
Hancock Whitney Corp.		4,861		179,808
Home BancShares, Inc.		10,619		222,362
International Bancshares Corp.		3,014		130,627
New York Community Bancorp, Inc., Class A		40,563		459,984
Old National Bancorp		16,486		239,706
Pinnacle Financial Partners, Inc.		4,321		289,680
Prosperity Bancshares, Inc.		5,277		288,019
SouthState Corp.		4,280		288,301
Synovus Financial Corp.		8,236		228,961
Texas Capital Bancshares, Inc.(a)		2,712		159,737
UMB Financial Corp.		2,467		153,077
United Bankshares, Inc.		7,583		209,215
Valley National Bancorp		24,041		205,791
Webster Financial Corp.		9,729		392,176
Wintrust Financial Corp.		3,448		260,324
				6,466,683
Beverages — 0.8%
Boston Beer Co., Inc. (The), Class A, NVS(a)		533		207,620
Celsius Holdings, Inc.(a)		2,763		474,131
Coca-Cola Consolidated, Inc.		264		167,988
				849,739
Biotechnology — 1.8%
Arrowhead Pharmaceuticals, Inc.(a)(b)		6,011		161,516
Exelixis, Inc.(a)		17,875		390,569
Halozyme Therapeutics, Inc.(a)		7,429		283,788

Security	Shares		Value
Biotechnology (continued)
Neurocrine Biosciences, Inc.(a)		5,483	$	616,837
United Therapeutics Corp.(a)		2,635		595,167
				2,047,877
Broadline Retail — 0.6%
Kohl’s Corp.		6,202		129,994
Macy’s, Inc.		15,359		178,318
Nordstrom, Inc.		5,433		81,169
Ollie’s Bargain Outlet Holdings, Inc.(a)		3,475		268,200
				657,681
Building Products — 4.4%
Advanced Drainage Systems, Inc.		3,888		442,571
Builders FirstSource, Inc.(a)(b)		7,020		873,920
Carlisle Cos., Inc.		2,803		726,706
Fortune Brands Innovations, Inc.		7,124		442,828
Lennox International, Inc.		1,795		672,120
Owens Corning		5,044		688,052
Simpson Manufacturing Co., Inc.		2,397		359,095
Trex Co., Inc.(a)(b)		6,096		375,696
UFP Industries, Inc.		3,471		355,430
				4,936,418
Capital Markets — 2.2%
Affiliated Managers Group, Inc.		1,971		256,900
Evercore, Inc., Class A		1,965		270,934
Federated Hermes, Inc., Class B		4,951		167,690
Interactive Brokers Group, Inc., Class A		6,006		519,879
Janus Henderson Group PLC		7,464		192,721
Jefferies Financial Group, Inc.		9,926		363,589
SEI Investments Co.		5,651		340,360
Stifel Financial Corp.		5,867		360,469
				2,472,542
Chemicals — 2.2%
Ashland, Inc.		2,869		234,340
Avient Corp.		5,131		181,227
Axalta Coating Systems Ltd.(a)		12,454		335,013
Cabot Corp.		3,149		218,131
Chemours Co. (The)		8,331		233,685
NewMarket Corp.		388		176,556
RPM International, Inc.		7,246		686,993
Scotts Miracle-Gro Co. (The)		2,327		120,259
Westlake Corp.		1,799		224,281
				2,410,485
Commercial Services & Supplies — 1.5%
Brink’s Co. (The)		2,619		190,244
Clean Harbors, Inc.(a)		2,827		473,127
MSA Safety, Inc.		2,075		327,124
Stericycle, Inc.(a)		5,204		232,671
Tetra Tech, Inc.		2,989		454,417
				1,677,583
Communications Equipment — 0.6%
Calix, Inc.(a)		3,305		151,501
Ciena Corp.(a)(b)		8,394		396,701
Lumentum Holdings, Inc.(a)		3,872		174,937
				723,139
Construction & Engineering — 1.8%
AECOM		7,789		646,798
EMCOR Group, Inc.		2,646		556,692
MasTec, Inc.(a)		3,400		244,698

S C H E D U L E S   O F   I N V E S T M E N T S 15

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
MDU Resources Group, Inc.		11,401	$	223,232
Valmont Industries, Inc.		1,184		284,409
				1,955,829
Construction Materials — 0.4%
Eagle Materials, Inc.		1,991		331,541
Knife River Corp.(a)		2,854		139,361
				470,902
Consumer Finance — 0.2%
SLM Corp.		12,707		173,069
Consumer Staples Distribution & Retail — 1.3%
BJ’s Wholesale Club Holdings, Inc.(a)(b)		7,544		538,415
Grocery Outlet Holding Corp.(a)		5,540		159,829
Sprouts Farmers Market, Inc.(a)		5,738		245,587
U.S. Foods Holding Corp.(a)		12,753		506,294
				1,450,125
Containers & Packaging — 2.2%
AptarGroup, Inc.		3,685		460,772
Berry Global Group, Inc.		6,631		410,525
Crown Holdings, Inc.		6,774		599,364
Graphic Packaging Holding Co.		17,250		384,330
Greif, Inc., Class A, NVS		1,430		95,538
Silgan Holdings, Inc.		4,704		202,789
Sonoco Products Co.		5,516		299,795
				2,453,113
Diversified Consumer Services — 1.0%
Graham Holdings Co., Class B		208		121,264
Grand Canyon Education, Inc.(a)(b)		1,680		196,358
H&R Block, Inc.		8,553		368,292
Service Corp. International		8,470		483,976
				1,169,890
Diversified Telecommunication Services — 0.5%
Frontier Communications Parent, Inc.(a)(b)		12,484		195,374
Iridium Communications, Inc.		7,026		319,613
				514,987
Electrical Equipment — 2.4%
Acuity Brands, Inc.		1,758		299,405
EnerSys		2,310		218,688
Hubbell, Inc.		3,011		943,677
nVent Electric PLC		9,307		493,178
Regal Rexnord Corp.		3,723		531,942
Sunrun, Inc.(a)(b)		12,159		152,717
Vicor Corp.(a)		1,258		74,084
				2,713,691
Electronic Equipment, Instruments & Components — 4.1%
Arrow Electronics, Inc.(a)		3,125		391,375
Avnet, Inc.		5,141		247,745
Belden, Inc.		2,384		230,175
Cognex Corp.		9,673		410,522
Coherent Corp.(a)		7,286		237,815
Crane NXT Co.		2,707		150,428
IPG Photonics Corp.(a)		1,672		169,775
Jabil, Inc.		7,348		932,388
Littelfuse, Inc.		1,396		345,259
National Instruments Corp.		7,383		440,174
Novanta, Inc.(a)(b)		2,014		288,888
TD SYNNEX Corp.		2,689		268,524
Vishay Intertechnology, Inc.		7,120		176,006
Vontier Corp.		8,699		268,973
				4,558,047

Security	Shares		Value
Energy Equipment & Services — 1.0%
ChampionX Corp.		11,037	$	393,138
NOV, Inc.		22,108		462,057
Valaris Ltd.(a)		3,583		268,653
				1,123,848
Entertainment — 0.2%
TKO Group Holdings, Inc., Class A		2,940		247,136
Financial Services — 1.6%
Essent Group Ltd.		6,023		284,828
Euronet Worldwide, Inc.(a)		2,659		211,071
MGIC Investment Corp.		15,834		264,269
Voya Financial, Inc.		5,939		394,647
Western Union Co. (The)		17,182		226,459
WEX, Inc.(a)		2,411		453,485
				1,834,759
Food Products — 1.4%
Darling Ingredients, Inc.(a)		8,955		467,451
Flowers Foods, Inc.		10,816		239,899
Ingredion, Inc.		3,721		366,146
Lancaster Colony Corp.		1,148		189,455
Pilgrim’s Pride Corp.(a)		2,257		51,527
Post Holdings, Inc.(a)(b)		2,859		245,131
				1,559,609
Gas Utilities — 1.0%
New Jersey Resources Corp.		5,462		221,921
ONE Gas, Inc.		3,120		213,034
Southwest Gas Holdings, Inc.		3,385		204,488
Spire, Inc.		2,951		166,967
UGI Corp.		11,796		271,308
				1,077,718
Ground Transportation — 2.3%
Avis Budget Group, Inc.(a)		1,113		199,995
Hertz Global Holdings, Inc.(a)		7,507		91,961
Knight-Swift Transportation Holdings, Inc.		9,056		454,158
Landstar System, Inc.		2,019		357,242
Ryder System, Inc.		2,565		274,327
Saia, Inc.(a)		1,490		593,989
Werner Enterprises, Inc.		3,555		138,467
XPO, Inc.(a)		6,511		486,111
				2,596,250
Health Care Equipment & Supplies — 3.1%
Enovis Corp.(a)		2,792		147,222
Envista Holdings Corp.(a)		9,212		256,831
Globus Medical, Inc., Class A(a)		6,583		326,846
Haemonetics Corp.(a)		2,852		255,482
ICU Medical, Inc.(a)		1,136		135,195
Inari Medical, Inc.(a)		2,875		188,025
Integra LifeSciences Holdings Corp.(a)		3,971		151,653
Lantheus Holdings, Inc.(a)(b)		3,848		267,359
LivaNova PLC(a)		3,022		159,803
Masimo Corp.(a)		2,498		219,025
Neogen Corp.(a)		11,091		205,627
Penumbra, Inc.(a)		2,158		522,042
QuidelOrtho Corp.(a)		2,783		203,270
Shockwave Medical, Inc.(a)		2,064		410,942
				3,449,322
Health Care Providers & Services — 2.6%
Acadia Healthcare Co., Inc.(a)		5,177		363,995
Amedisys, Inc.(a)		1,831		171,015
Chemed Corp.		847		440,186

16 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services (continued)
Encompass Health Corp.		5,629	$	378,044
HealthEquity, Inc.(a)(b)		4,800		350,640
Option Care Health, Inc.(a)		10,105		326,897
Patterson Cos., Inc.		4,771		141,412
Progyny, Inc.(a)		4,656		158,397
R1 RCM, Inc.(a)		11,042		166,403
Tenet Healthcare Corp.(a)		5,702		375,705
				2,872,694
Health Care REITs — 1.2%
Healthcare Realty Trust, Inc.		21,398		326,747
Medical Properties Trust, Inc.		33,722		183,785
Omega Healthcare Investors, Inc.		13,748		455,884
Physicians Realty Trust		13,374		163,029
Sabra Health Care REIT, Inc.		12,966		180,746
				1,310,191
Health Care Technology — 0.1%
Doximity, Inc., Class A(a)(b)		7,081		150,259
Hotel & Resort REITs — 0.1%
Park Hotels & Resorts, Inc.		12,171		149,947
Hotels, Restaurants & Leisure — 3.5%
Aramark		14,656		508,563
Boyd Gaming Corp.		3,976		241,860
Choice Hotels International, Inc.		1,410		172,739
Churchill Downs, Inc.		3,825		443,853
Hilton Grand Vacations, Inc.(a)		4,074		165,812
Light & Wonder, Inc., Class A(a)		5,117		364,996
Marriott Vacations Worldwide Corp.		1,915		192,706
Penn Entertainment, Inc.(a)		8,519		195,511
Planet Fitness, Inc., Class A(a)		4,766		234,392
Texas Roadhouse, Inc.		3,749		360,279
Travel + Leisure Co.		4,146		152,283
Wendy’s Co. (The)		9,546		194,834
Wingstop, Inc.(b)		1,685		303,030
Wyndham Hotels & Resorts, Inc.		4,733		329,133
				3,859,991
Household Durables — 1.9%
Helen of Troy Ltd.(a)		1,350		157,356
KB Home		4,382		202,799
Leggett & Platt, Inc.		7,514		190,931
Taylor Morrison Home Corp., Class A(a)		6,138		261,540
Tempur Sealy International, Inc.		9,666		418,924
Toll Brothers, Inc.		6,139		454,041
TopBuild Corp.(a)		1,783		448,603
				2,134,194
Independent Power and Renewable Electricity Producers — 0.2%
Ormat Technologies, Inc.		3,019		211,088
Industrial REITs — 1.5%
EastGroup Properties, Inc.		2,549		424,485
First Industrial Realty Trust, Inc.		7,428		353,498
Rexford Industrial Realty, Inc.		11,591		572,016
STAG Industrial, Inc.		10,092		348,275
				1,698,274
Insurance — 4.9%
American Financial Group, Inc.		3,716		414,966
Brighthouse Financial, Inc.(a)		3,690		180,589
CNO Financial Group, Inc.		6,337		150,377
Erie Indemnity Co., Class A, NVS		1,400		411,306
First American Financial Corp.		5,783		326,682
Hanover Insurance Group, Inc. (The)		2,012		223,292

Security	Shares		Value
Insurance (continued)
Kemper Corp.		3,376	$	141,893
Kinsale Capital Group, Inc.		1,235		511,450
Old Republic International Corp.		14,862		400,382
Primerica, Inc.		2,008		389,572
Reinsurance Group of America, Inc.		3,717		539,671
RenaissanceRe Holdings Ltd.		2,874		568,822
RLI Corp.		2,255		306,432
Selective Insurance Group, Inc.		3,402		350,984
Unum Group		10,324		507,838
				5,424,256
Interactive Media & Services — 0.4%
Ziff Davis, Inc.(a)		2,620		166,868
ZoomInfo Technologies, Inc., Class A(a)		17,178		281,719
				448,587
IT Services — 0.2%
Kyndryl Holdings, Inc.(a)		12,909		194,926
Leisure Products — 0.9%
Brunswick Corp.		3,925		310,075
Polaris, Inc.		2,999		312,316
Topgolf Callaway Brands Corp.(a)		8,050		111,412
YETI Holdings, Inc.(a)		4,856		234,156
				967,959
Life Sciences Tools & Services — 1.2%
Azenta, Inc.(a)		3,373		169,291
Bruker Corp.		5,527		344,332
Medpace Holdings, Inc.(a)		1,307		316,464
Repligen Corp.(a)		2,911		462,878
				1,292,965
Machinery — 4.7%
AGCO Corp.		3,490		412,797
Chart Industries, Inc.(a)		2,357		398,616
Crane Co.(b)		2,734		242,889
Donaldson Co., Inc.		6,807		405,970
Esab Corp.		3,193		224,213
Flowserve Corp.		7,385		293,701
Graco, Inc.		9,488		691,485
Lincoln Electric Holdings, Inc.		3,223		585,909
Middleby Corp. (The)(a)		3,008		385,024
Oshkosh Corp.		3,668		350,037
Terex Corp.		3,792		218,495
Timken Co. (The)		3,675		270,076
Toro Co. (The)		5,834		484,805
Watts Water Technologies, Inc., Class A		1,542		266,488
				5,230,505
Marine Transportation — 0.2%
Kirby Corp.(a)		3,345		276,966
Media — 0.9%
Cable One, Inc.		256		157,604
New York Times Co. (The), Class A		9,185		378,422
Nexstar Media Group, Inc., Class A		1,876		268,962
TEGNA, Inc.		11,301		164,656
				969,644
Metals & Mining — 2.7%
Alcoa Corp.		10,052		292,111
Cleveland-Cliffs, Inc.(a)		28,560		446,393
Commercial Metals Co.		6,561		324,179
MP Materials Corp., Class A(a)		8,056		153,870
Reliance Steel & Aluminum Co.		3,288		862,212
Royal Gold, Inc.		3,689		392,251

S C H E D U L E S   O F   I N V E S T M E N T S 17

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
United States Steel Corp.		12,518	$	406,585
Worthington Industries, Inc.		1,709		105,650
				2,983,251
Mortgage Real Estate Investment Trusts (REITs) — 0.8%
Annaly Capital Management, Inc.		27,730		521,601
Starwood Property Trust, Inc.		16,694		323,029
				844,630
Office REITs — 0.6%
COPT Defense Properties		6,312		150,415
Cousins Properties, Inc.		8,497		173,084
Kilroy Realty Corp.		6,013		190,071
Vornado Realty Trust		9,023		204,641
				718,211
Oil, Gas & Consumable Fuels — 1.4%
Antero Midstream Corp.		19,159		229,525
DT Midstream, Inc.		5,457		288,784
Equitrans Midstream Corp.		24,373		228,375
HF Sinclair Corp.		8,166		464,890
PBF Energy, Inc., Class A		6,179		330,762
				1,542,336
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		3,619		200,022
Personal Care Products — 0.5%
BellRing Brands, Inc.(a)		7,401		305,143
Coty, Inc., Class A(a)(b)		20,154		221,090
				526,233
Pharmaceuticals — 0.6%
Jazz Pharmaceuticals PLC(a)		3,545		458,865
Perrigo Co. PLC		7,616		243,331
				702,196
Professional Services — 3.1%
ASGN, Inc.(a)		2,724		222,496
Concentrix Corp.		2,434		194,988
ExlService Holdings, Inc.(a)		9,317		261,249
Exponent, Inc.		2,860		244,816
FTI Consulting, Inc.(a)		1,909		340,585
Genpact Ltd.		9,370		339,194
Insperity, Inc.		2,045		199,592
KBR, Inc.		7,575		446,471
ManpowerGroup, Inc.		2,795		204,929
Maximus, Inc.		3,418		255,256
Paylocity Holding Corp.(a)		2,418		439,351
Science Applications International Corp.		3,012		317,886
				3,466,813
Real Estate Management & Development — 0.3%
Jones Lang LaSalle, Inc.(a)		2,678		378,080
Residential REITs — 1.0%
Apartment Income REIT Corp.		8,378		257,205
Equity LifeStyle Properties, Inc.		10,458		666,279
Independence Realty Trust, Inc.		12,660		178,126
				1,101,610
Retail REITs — 1.4%
Agree Realty Corp.		5,421		299,456
Brixmor Property Group, Inc.		16,883		350,829
Kite Realty Group Trust		12,354		264,623
NNN REIT, Inc.		10,245		362,058
Spirit Realty Capital, Inc.		7,959		266,865
				1,543,831

Security	Shares		Value
Semiconductors & Semiconductor Equipment — 2.7%
Allegro MicroSystems, Inc.(a)		3,990	$	127,441
Amkor Technology, Inc.		5,817		131,464
Cirrus Logic, Inc.(a)		3,079		227,723
Lattice Semiconductor Corp.(a)		7,739		665,012
MACOM Technology Solutions Holdings, Inc.(a)		3,021		246,453
MKS Instruments, Inc.		3,539		306,265
Power Integrations, Inc.		3,228		246,329
Silicon Laboratories, Inc.(a)		1,794		207,907
Synaptics, Inc.(a)		2,232		199,630
Universal Display Corp.		2,447		384,154
Wolfspeed, Inc.(a)		7,007		266,967
				3,009,345
Software — 3.0%
ACI Worldwide, Inc.(a)		6,139		138,496
Aspen Technology, Inc.(a)		1,596		325,999
Blackbaud, Inc.(a)		2,433		171,089
CommVault Systems, Inc.(a)		2,456		166,050
Dropbox, Inc., Class A(a)		14,479		394,263
Dynatrace, Inc.(a)		13,338		623,285
Envestnet, Inc.(a)		2,732		120,290
Manhattan Associates, Inc.(a)		3,462		684,299
NCR Corp.(a)		7,550		203,623
Qualys, Inc.(a)		2,066		315,168
Teradata Corp.(a)		5,628		253,373
				3,395,935
Specialized REITs — 1.5%
CubeSmart		12,622		481,277
EPR Properties		4,224		175,465
Lamar Advertising Co., Class A		4,915		410,255
National Storage Affiliates Trust		4,656		147,782
PotlatchDeltic Corp.		4,506		204,527
Rayonier, Inc.		7,687		218,772
				1,638,078
Specialty Retail — 2.8%
AutoNation, Inc.(a)(b)		1,512		228,917
Five Below, Inc.(a)(b)		3,125		502,812
GameStop Corp., Class A(a)		15,040		247,558
Gap, Inc. (The)		11,971		127,252
Lithia Motors, Inc., Class A		1,548		457,171
Murphy U.S.A., Inc.		1,096		374,536
Penske Automotive Group, Inc.		1,096		183,098
RH(a)		870		229,993
Valvoline, Inc.		7,798		251,408
Williams-Sonoma, Inc.		3,606		560,372
				3,163,117
Technology Hardware, Storage & Peripherals — 0.6%
Super Micro Computer, Inc.(a)		2,564		703,100
Textiles, Apparel & Luxury Goods — 2.2%
Capri Holdings Ltd.(a)		6,520		343,017
Carter’s, Inc.		2,091		144,593
Columbia Sportswear Co.		1,961		145,310
Crocs, Inc.(a)		3,471		306,247
Deckers Outdoor Corp.(a)		1,467		754,170
PVH Corp.		3,516		269,009
Skechers U.S.A., Inc., Class A(a)		7,547		369,426
Under Armour, Inc., Class A(a)		10,565		72,370
Under Armour, Inc., Class C, NVS(a)		11,290		72,030
				2,476,172
Trading Companies & Distributors — 1.4%
GATX Corp.		1,995		217,116

18 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Trading Companies & Distributors (continued)
MSC Industrial Direct Co., Inc., Class A		2,666	$	261,668
Watsco, Inc.		1,883		711,247
WESCO International, Inc.		2,488		357,824
				1,547,855
Water Utilities — 0.4%
Essential Utilities, Inc.		13,662		469,016
Total Long-Term Investments — 99.8% (Cost: $114,585,845)				111,389,032
Short-Term Securities
Money Market Funds — 4.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(c)(d)(e)		4,832,744		4,834,677
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(c)(d)		617,715		617,715
Total Short-Term Securities — 4.9% (Cost: $5,450,976)				5,452,392
Total Investments — 104.7% (Cost: $120,036,821)				116,841,424
Liabilities in Excess of Other Assets — (4.7)%				(5,243,028	)
Net Assets — 100.0%			$	111,598,396

^(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, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,258,251	$	1,575,701	(a)	$	—	$	(118	)	$	843	$	4,834,677		4,832,744	$	11,267	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		158,472		459,243	(a)		—		—			—		617,715		617,715		6,834			—
								$	(118	)	$	843	$	5,452,392			$	18,101		$	—

^(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.

S C H E D U L E S   O F   I N V E S T M E N T S 19

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Mid-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	7,384		$	—	$	—	$	—	$	7,384
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(5,977	)	$	—	$	—	$	—	$	(5,977	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	132,205

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	111,389,032	$	—	$	—	$	111,389,032
Short-Term Securities
Money Market Funds		5,452,392		—		—		5,452,392
	$	116,841,424	$	—	$	—	$	116,841,424

See notes to financial statements.

20 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) September 30, 2023 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.7%
AAR Corp.(a)		1,976	$	117,632
AeroVironment, Inc.(a)		1,557		173,652
Kaman Corp.		1,678		32,973
National Presto Industries, Inc.		311		22,535
Triumph Group, Inc.(a)(b)		4,561		34,937
				381,729
Air Freight & Logistics — 0.5%
Forward Air Corp.		1,528		105,035
Hub Group, Inc., Class A(a)		1,867		146,634
				251,669
Automobile Components — 1.6%
American Axle & Manufacturing Holdings, Inc.(a)		6,960		50,530
Dana, Inc.		7,603		111,536
Dorman Products, Inc.(a)		1,678		127,125
Gentherm, Inc.(a)		1,962		106,458
LCI Industries		1,504		176,600
Patrick Industries, Inc.		1,241		93,149
Standard Motor Products, Inc.		1,111		37,352
XPEL, Inc.(a)		1,258		97,004
				799,754
Automobiles — 0.2%
Winnebago Industries, Inc.		1,796		106,772
Banks — 9.4%
Ameris Bancorp		3,848		147,725
Atlantic Union Bankshares Corp.		4,012		115,465
Axos Financial, Inc.(a)		3,105		117,555
Banc of California, Inc.		3,103		38,415
BancFirst Corp.		888		77,016
Bancorp, Inc. (The)(a)(b)		3,214		110,883
Bank of Hawaii Corp.		2,226		110,610
BankUnited, Inc.		4,228		95,976
Banner Corp.		1,965		83,277
Berkshire Hills Bancorp, Inc.		2,338		46,877
Brookline Bancorp, Inc.		5,250		47,828
Capitol Federal Financial, Inc.		7,530		35,918
Central Pacific Financial Corp.		540		9,007
City Holding Co.		842		76,075
Community Bank System, Inc.		3,018		127,390
Customers Bancorp, Inc.(a)		1,674		57,669
CVB Financial Corp.		7,560		125,269
Dime Community Bancshares, Inc.		2,077		41,457
Eagle Bancorp, Inc.		1,771		37,988
FB Financial Corp.		2,158		61,201
First BanCorp/Puerto Rico		10,175		136,955
First Bancorp/Southern Pines NC		2,313		65,088
First Commonwealth Financial Corp.		5,941		72,540
First Financial Bancorp		5,600		109,760
First Hawaiian, Inc.		7,555		136,368
Fulton Financial Corp.		8,216		99,496
Hanmi Financial Corp.		1,634		26,520
Heritage Financial Corp.		2,075		33,843
Hilltop Holdings, Inc.		2,828		80,202
Hope Bancorp, Inc.		7,107		62,897
Independent Bank Corp.		2,468		121,154
Independent Bank Group, Inc.		2,135		84,439
Lakeland Financial Corp.		1,498		71,095
National Bank Holdings Corp., Class A		2,048		60,948
NBT Bancorp, Inc.		2,703		85,658
Northfield Bancorp, Inc.		2,354		22,245

Security	Shares		Value
Banks (continued)
Northwest Bancshares, Inc.		7,160	$	73,247
OFG Bancorp		2,786		83,190
Pacific Premier Bancorp, Inc.		5,535		120,442
PacWest Bancorp		7,048		55,750
Park National Corp.		869		82,138
Pathward Financial, Inc.		1,553		71,578
Preferred Bank		561		34,922
Provident Financial Services, Inc.		4,345		66,435
Renasant Corp.		3,211		84,096
S&T Bancorp, Inc.		2,264		61,309
Seacoast Banking Corp. of Florida		4,900		107,604
ServisFirst Bancshares, Inc.		2,900		151,293
Simmons First National Corp., Class A		7,008		118,856
Southside Bancshares, Inc.		1,717		49,278
Stellar Bancorp, Inc.		2,887		61,551
Tompkins Financial Corp.		743		36,400
Triumph Financial, Inc.(a)		1,279		82,866
TrustCo Bank Corp.		1,113		30,374
Trustmark Corp.		3,466		75,316
United Community Banks, Inc.		6,818		173,245
Veritex Holdings, Inc.		3,092		55,501
Washington Federal, Inc.		3,607		92,411
Westamerica BanCorp		1,574		68,076
WSFS Financial Corp.		3,473		126,764
				4,795,451
Beverages — 0.3%
MGP Ingredients, Inc.		929		97,991
National Beverage Corp.(a)		1,388		65,264
				163,255
Biotechnology — 1.7%
Arcus Biosciences, Inc.(a)		3,192		57,296
Avid Bioservices, Inc.(a)		3,729		35,202
Catalyst Pharmaceuticals, Inc.(a)		5,957		69,637
Cytokinetics, Inc.(a)(b)		5,683		167,421
Dynavax Technologies Corp.(a)		7,656		113,079
Ironwood Pharmaceuticals, Inc., Class A(a)		8,163		78,610
iTeos Therapeutics, Inc.(a)		1,575		17,246
Myriad Genetics, Inc.(a)(b)		4,869		78,099
REGENXBIO, Inc.(a)		2,405		39,586
Vericel Corp.(a)		2,832		94,929
Vir Biotechnology, Inc.(a)		5,109		47,871
Xencor, Inc.(a)		3,604		72,621
				871,597
Building Products — 1.9%
AAON, Inc.		4,018		228,504
American Woodmark Corp.(a)		973		73,569
Apogee Enterprises, Inc.		1,312		61,769
AZZ, Inc.		1,487		67,777
Gibraltar Industries, Inc.(a)		1,801		121,585
Griffon Corp.		2,434		96,557
Insteel Industries, Inc.		1,155		37,491
PGT Innovations, Inc.(a)		3,468		96,237
Quanex Building Products Corp.		1,959		55,185
Resideo Technologies, Inc.(a)		8,741		138,108
				976,782
Capital Markets — 1.3%
Artisan Partners Asset Management, Inc., Class A		2,619		98,003
Avantax, Inc.(a)		2,186		55,918
B Riley Financial, Inc.		982		40,252
Brightsphere Investment Group, Inc.		1,925		37,326
Donnelley Financial Solutions, Inc.(a)		1,482		83,407

S C H E D U L E S   O F   I N V E S T M E N T S 21

Schedule of Investments (unaudited) (continued) September 30, 2023     iShares^® ESG Screened S&P Small-Cap ETF     (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Piper Sandler Cos		893	$	129,762
StoneX Group, Inc.(a)		1,063		103,026
Virtus Investment Partners, Inc.		405		81,806
WisdomTree, Inc.		6,721		47,047
				676,547
Chemicals — 2.8%
AdvanSix, Inc.		1,618		50,287
American Vanguard Corp.		1,620		17,707
Balchem Corp.		1,909		236,792
Hawkins, Inc.		1,142		67,207
HB Fuller Co.		3,197		219,346
Ingevity Corp.(a)		2,002		95,315
Innospec, Inc.		1,473		150,541
Koppers Holdings, Inc.		1,241		49,082
Livent Corp.(a)		10,669		196,416
Minerals Technologies, Inc.		1,935		105,961
Quaker Chemical Corp.		823		131,680
Stepan Co.		1,256		94,162
				1,414,496
Commercial Services & Supplies — 2.2%
ABM Industries, Inc.		3,928		157,159
Brady Corp., Class A, NVS		2,718		149,273
Deluxe Corp.		2,594		49,001
Enviri Corp.(a)		4,742		34,237
GEO Group, Inc. (The)(a)		7,498		61,334
Healthcare Services Group, Inc.		4,411		46,007
HNI Corp.		2,767		95,821
Interface, Inc., Class A		3,454		33,884
Liquidity Services, Inc.(a)		1,332		23,470
Matthews International Corp., Class A		1,811		70,466
MillerKnoll, Inc.		4,496		109,927
OPENLANE, Inc.(a)		6,474		96,592
Pitney Bowes, Inc.		4,704		14,206
UniFirst Corp.		898		146,383
Viad Corp.(a)		1,241		32,514
				1,120,274
Communications Equipment — 1.3%
ADTRAN Holdings, Inc.		4,209		34,640
Clearfield, Inc.(a)		771		22,097
Digi International, Inc.(a)		2,139		57,753
Extreme Networks, Inc.(a)		7,585		183,633
Harmonic, Inc.(a)		6,654		64,078
NetScout Systems, Inc.(a)		4,290		120,206
Viasat, Inc.(a)		4,429		81,759
Viavi Solutions, Inc.(a)		13,169		120,365
				684,531
Construction & Engineering — 1.9%
Arcosa, Inc.		2,887		207,575
Comfort Systems U.S.A., Inc.		2,120		361,269
Dycom Industries, Inc.(a)		1,742		155,038
Granite Construction, Inc.		2,611		99,270
MYR Group, Inc.(a)		993		133,817
				956,969
Consumer Finance — 0.9%
Bread Financial Holdings, Inc.		1,688		57,729
Encore Capital Group, Inc.(a)		1,396		66,673
Enova International, Inc.(a)		1,830		93,092
Green Dot Corp., Class A(a)		875		12,189
Navient Corp.		5,205		89,630
PRA Group, Inc.(a)		2,333		44,817

Security	Shares		Value
Consumer Finance (continued)
PROG Holdings, Inc.(a)		2,718	$	90,265
World Acceptance Corp.(a)		203		25,793
				480,188
Consumer Staples Distribution & Retail — 0.7%
Andersons, Inc. (The)		1,872		96,426
Chefs’ Warehouse, Inc. (The)(a)		2,100		44,478
PriceSmart, Inc.		1,532		114,027
SpartanNash Co.		2,066		45,452
United Natural Foods, Inc.(a)(b)		3,492		49,377
				349,760
Containers & Packaging — 0.4%
Myers Industries, Inc.		2,189		39,249
O-I Glass, Inc.(a)		9,209		154,066
				193,315
Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc.(a)		2,469		105,797
Frontdoor, Inc.(a)		4,772		145,975
Perdoceo Education Corp.		3,899		66,673
Strategic Education, Inc.		1,308		98,427
Stride, Inc.(a)		2,394		107,802
				524,674
Diversified REITs — 0.9%
Alexander & Baldwin, Inc.		4,318		72,240
American Assets Trust, Inc.		2,888		56,171
Armada Hoffler Properties, Inc.		4,040		41,370
Essential Properties Realty Trust, Inc.		9,260		200,294
Global Net Lease, Inc.		11,503		110,544
				480,619
Diversified Telecommunication Services — 0.5%
ATN International, Inc.		630		19,883
Cogent Communications Holdings, Inc.		2,583		159,888
Consolidated Communications Holdings, Inc.(a)		4,437		15,174
Lumen Technologies, Inc.(a)		59,959		85,142
				280,087
Electrical Equipment — 0.5%
Encore Wire Corp.		998		182,095
Powell Industries, Inc.		543		45,015
SunPower Corp.(a)		5,104		31,492
				258,602
Electronic Equipment, Instruments & Components — 4.7%
Advanced Energy Industries, Inc.		2,229		229,855
Arlo Technologies, Inc.(a)		5,592		57,598
Badger Meter, Inc.		1,736		249,758
Benchmark Electronics, Inc.		2,120		51,431
CTS Corp.		1,864		77,803
ePlus, Inc.(a)		1,602		101,759
Fabrinet(a)		2,152		358,566
Insight Enterprises, Inc.(a)(b)		1,790		260,445
Itron, Inc.(a)		2,691		163,021
Knowles Corp.(a)		5,419		80,256
Methode Electronics, Inc.		2,141		48,922
OSI Systems, Inc.(a)		914		107,889
PC Connection, Inc.		672		35,871
Plexus Corp.(a)		1,632		151,743
Rogers Corp.(a)		992		130,418
Sanmina Corp.(a)		3,397		184,389
ScanSource, Inc.(a)		1,481		44,889
TTM Technologies, Inc.(a)		6,176		79,547
				2,414,160

22 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services — 2.2%
Archrock, Inc.		8,185	$	103,131
Bristow Group, Inc.(a)		1,424		40,114
Core Laboratories, Inc.		2,775		66,628
Dril-Quip, Inc.(a)(b)		2,032		57,241
Helix Energy Solutions Group, Inc.(a)		8,427		94,130
Helmerich & Payne, Inc.		5,886		248,154
Nabors Industries Ltd.(a)		533		65,634
Oil States International, Inc.(a)		3,800		31,806
Patterson-UTI Energy, Inc.		18,974		262,600
ProPetro Holding Corp.(a)		5,163		54,883
RPC, Inc.		5,061		45,245
U.S. Silica Holdings, Inc.(a)		4,584		64,359
				1,133,925
Entertainment — 0.6%
Cinemark Holdings, Inc.(a)(b)		6,408		117,587
Madison Square Garden Sports Corp., Class A		989		174,361
Marcus Corp. (The)		1,463		22,676
				314,624
Financial Services — 1.6%
EVERTEC, Inc.		3,840		142,771
Mr. Cooper Group, Inc.(a)(b)		3,968		212,526
NMI Holdings, Inc., Class A(a)		4,890		132,470
Payoneer Global, Inc.(a)		12,275		75,123
Radian Group, Inc.		3,344		83,968
Walker & Dunlop, Inc.		1,981		147,070
				793,928
Food Products — 2.2%
B&G Foods, Inc.		4,299		42,517
Calavo Growers, Inc.		1,057		26,668
Cal-Maine Foods, Inc.		2,406		116,498
Fresh Del Monte Produce, Inc.		2,003		51,758
Hain Celestial Group, Inc. (The)(a)		5,318		55,148
Hostess Brands, Inc., Class A(a)		7,865		261,983
J & J Snack Foods Corp.		917		150,067
John B Sanfilippo & Son, Inc.		532		52,562
Simply Good Foods Co. (The)(a)		5,363		185,131
Tootsie Roll Industries, Inc.		1,035		30,905
TreeHouse Foods, Inc.(a)(b)		3,049		132,875
				1,106,112
Gas Utilities — 0.4%
Chesapeake Utilities Corp.		1,059		103,517
Northwest Natural Holding Co.		2,145		81,853
				185,370
Ground Transportation — 0.5%
ArcBest Corp.		1,428		145,156
Heartland Express, Inc.		2,725		40,030
Marten Transport Ltd.		3,432		67,645
				252,831
Health Care Equipment & Supplies — 2.3%
Artivion, Inc.(a)		2,318		35,141
Avanos Medical, Inc.(a)		2,787		56,353
CONMED Corp.		1,820		183,547
Glaukos Corp.(a)		2,887		217,247
Integer Holdings Corp.(a)		1,972		154,664
LeMaitre Vascular, Inc.		1,179		64,232
Merit Medical Systems, Inc.(a)		3,412		235,496
OraSure Technologies, Inc.(a)		4,365		25,885
Orthofix Medical, Inc.(a)		2,171		27,919
Tandem Diabetes Care, Inc.(a)		3,869		80,359

Security	Shares		Value
Health Care Equipment & Supplies (continued)
UFP Technologies, Inc.(a)		417	$	67,325
Varex Imaging Corp.(a)		2,403		45,152
				1,193,320
Health Care Providers & Services — 3.2%
AdaptHealth Corp.(a)		4,856		44,190
Addus HomeCare Corp.(a)		965		82,208
Agiliti, Inc.(a)		2,074		13,460
AMN Healthcare Services, Inc.(a)		2,249		191,570
Apollo Medical Holdings, Inc.(a)		2,507		77,341
Community Health Systems, Inc.(a)		7,564		21,936
CorVel Corp.(a)(b)		539		105,994
Cross Country Healthcare, Inc.(a)		2,001		49,605
Ensign Group, Inc. (The)		3,327		309,178
Fulgent Genetics, Inc.(a)		1,210		32,355
ModivCare, Inc.(a)		734		23,128
NeoGenomics, Inc.(a)		7,584		93,283
Owens & Minor, Inc.(a)		4,550		73,528
Pediatrix Medical Group, Inc.(a)		4,920		62,533
Privia Health Group, Inc.(a)		6,044		139,012
RadNet, Inc.(a)		3,571		100,667
Select Medical Holdings Corp.		6,172		155,967
U.S. Physical Therapy, Inc.		891		81,731
				1,657,686
Health Care REITs — 0.5%
CareTrust REIT, Inc.		5,889		120,724
Community Healthcare Trust, Inc.		1,468		43,600
LTC Properties, Inc.		2,463		79,136
Universal Health Realty Income Trust		756		30,565
				274,025
Health Care Technology — 0.8%
Certara, Inc.(a)		6,365		92,547
HealthStream, Inc.		1,442		31,118
NextGen Healthcare, Inc.(a)		3,227		76,577
Schrodinger, Inc.(a)		3,245		91,736
Simulations Plus, Inc.		948		39,532
Veradigm, Inc.(a)		6,495		85,344
				416,854
Hotel & Resort REITs — 1.0%
Chatham Lodging Trust		2,905		27,801
DiamondRock Hospitality Co.		12,398		99,556
Pebblebrook Hotel Trust		7,165		97,372
Service Properties Trust		9,838		75,654
Summit Hotel Properties, Inc.		6,396		37,097
Sunstone Hotel Investors, Inc.		12,261		114,640
Xenia Hotels & Resorts, Inc.		6,378		75,133
				527,253
Hotels, Restaurants & Leisure — 2.1%
BJ’s Restaurants, Inc.(a)		1,401		32,867
Bloomin’ Brands, Inc.		5,156		126,786
Brinker International, Inc.(a)		2,634		83,208
Cheesecake Factory, Inc. (The)		2,804		84,961
Chuy’s Holdings, Inc.(a)		1,073		38,177
Cracker Barrel Old Country Store, Inc.		1,318		88,570
Dave & Buster’s Entertainment, Inc.(a)		2,042		75,697
Dine Brands Global, Inc.		926		45,791
Golden Entertainment, Inc.		1,288		44,024
Jack in the Box, Inc.		1,195		82,527
Monarch Casino & Resort, Inc.		797		49,494
Sabre Corp.(a)(b)		19,754		88,695

S C H E D U L E S   O F   I N V E S T M E N T S 23

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Shake Shack, Inc., Class A(a)		2,220	$	128,915
Six Flags Entertainment Corp.(a)		4,237		99,612
				1,069,324
Household Durables — 3.1%
Cavco Industries, Inc.(a)		479		127,251
Century Communities, Inc.		1,694		113,125
Ethan Allen Interiors, Inc.		1,357		40,574
Green Brick Partners, Inc.(a)(b)		1,511		62,722
Installed Building Products, Inc.		1,396		174,347
iRobot Corp.(a)		1,639		62,118
La-Z-Boy, Inc.		2,573		79,454
LGI Homes, Inc.(a)		1,213		120,681
M/I Homes, Inc.(a)		1,646		138,330
MDC Holdings, Inc.		3,531		145,583
Meritage Homes Corp.		2,181		266,933
Sonos, Inc.(a)		7,586		97,935
Tri Pointe Homes, Inc.(a)		5,879		160,791
				1,589,844
Household Products — 0.6%
Central Garden & Pet Co.(a)		566		24,983
Central Garden & Pet Co., Class A, NVS(a)		2,438		97,739
WD-40 Co.		806		163,812
				286,534
Industrial REITs — 0.6%
Innovative Industrial Properties, Inc.		1,660		125,596
LXP Industrial Trust		17,380		154,682
				280,278
Insurance — 2.4%
Ambac Financial Group, Inc.(a)		2,694		32,490
American Equity Investment Life Holding Co.(a)		3,672		196,966
AMERISAFE, Inc.		1,141		57,130
Assured Guaranty Ltd.		3,303		199,897
Employers Holdings, Inc.		1,465		58,527
Genworth Financial, Inc., Class A(a)		25,573		149,858
HCI Group, Inc.		358		19,436
Horace Mann Educators Corp.		2,029		59,612
James River Group Holdings Ltd.		2,007		30,807
Mercury General Corp.		1,580		44,287
Palomar Holdings, Inc.(a)		1,471		74,653
ProAssurance Corp.		2,810		53,081
Safety Insurance Group, Inc.		874		59,598
SiriusPoint Ltd.(a)		5,261		53,504
Stewart Information Services Corp.		1,567		68,635
Trupanion, Inc.(a)		2,115		59,643
United Fire Group, Inc.		1,261		24,905
				1,243,029
Interactive Media & Services — 0.8%
Cargurus, Inc., Class A(a)		5,159		90,386
Cars.com, Inc.(a)		3,676		61,977
QuinStreet, Inc.(a)		3,057		27,421
Shutterstock, Inc.		1,437		54,678
Yelp, Inc.(a)		4,081		169,729
				404,191
IT Services — 0.2%
Perficient, Inc.(a)		2,069		119,712
Life Sciences Tools & Services — 0.2%
BioLife Solutions, Inc.(a)		2,043		28,214
Cytek Biosciences, Inc.(a)		5,918		32,668
Mesa Laboratories, Inc.(b)		304		31,941

Security	Shares		Value
Life Sciences Tools & Services (continued)
OmniAb, Inc., 12.50 Earnout Shares(a)(c)		262	$	—
OmniAb, Inc., 15.00 Earnout Shares(a)(c)		262		—
				92,823
Machinery — 5.2%
3D Systems Corp.(a)		7,936		38,966
Alamo Group, Inc.		614		106,136
Albany International Corp., Class A		1,846		159,273
Astec Industries, Inc.		1,352		63,693
Barnes Group, Inc.		2,995		101,740
CIRCOR International, Inc.(a)		1,213		67,625
Enerpac Tool Group Corp., Class A		3,335		88,144
EnPro Industries, Inc.		1,238		150,033
ESCO Technologies, Inc.		1,531		159,898
Federal Signal Corp.		3,619		216,163
Franklin Electric Co., Inc.		2,355		210,137
Greenbrier Cos., Inc. (The)		1,836		73,440
Hillenbrand, Inc.		4,139		175,121
John Bean Technologies Corp.		1,885		198,189
Kennametal, Inc.		4,738		117,881
Lindsay Corp.		654		76,963
Proto Labs, Inc.(a)		1,551		40,946
SPX Technologies, Inc.(a)		2,699		219,698
Standex International Corp.		701		102,129
Tennant Co.		1,104		81,862
Titan International, Inc.(a)		3,059		41,082
Trinity Industries, Inc.		4,845		117,976
Wabash National Corp.		2,796		59,051
				2,666,146
Marine Transportation — 0.4%
Matson, Inc.		2,095		185,868
Media — 0.7%
AMC Networks, Inc., Class A(a)		1,808		21,298
DISH Network Corp., Class A(a)		14,761		86,500
EW Scripps Co. (The), Class A, NVS(a)		3,494		19,147
John Wiley & Sons, Inc., Class A		2,530		94,040
Scholastic Corp., NVS		1,657		63,198
TechTarget, Inc.(a)		1,506		45,722
Thryv Holdings, Inc.(a)		1,810		33,974
				363,879
Metals & Mining — 1.9%
ATI, Inc.(a)		7,612		313,234
Carpenter Technology Corp.		2,882		193,699
Century Aluminum Co.(a)(b)		3,076		22,116
Compass Minerals International, Inc.		2,006		56,068
Haynes International, Inc.		757		35,216
Kaiser Aluminum Corp.		952		71,647
Materion Corp.		1,227		125,044
Olympic Steel, Inc.		583		32,770
SunCoke Energy, Inc.		4,978		50,527
TimkenSteel Corp.(a)		2,298		49,913
				950,234
Mortgage Real Estate Investment Trusts (REITs) — 1.3%
Apollo Commercial Real Estate Finance, Inc.		7,735		78,356
Arbor Realty Trust, Inc.		1,075		16,318
ARMOUR Residential REIT, Inc.		13,584		57,732
Ellington Financial, Inc.		4,044		50,429
Franklin BSP Realty Trust, Inc.		4,889		64,730
Invesco Mortgage Capital, Inc.		2,651		26,537
KKR Real Estate Finance Trust, Inc.		3,451		40,963
New York Mortgage Trust, Inc.		5,425		46,058

24 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
PennyMac Mortgage Investment Trust		5,160	$	63,984
Ready Capital Corp.		9,345		94,478
Redwood Trust, Inc.		6,791		48,420
Two Harbors Investment Corp.		5,717		75,693
				663,698
Multi-Utilities — 0.4%
Avista Corp.		4,429		143,367
Unitil Corp.		957		40,873
				184,240
Office REITs — 0.7%
Brandywine Realty Trust		10,232		46,453
Easterly Government Properties, Inc.		5,556		63,505
Hudson Pacific Properties, Inc.		7,463		49,629
JBG SMITH Properties		5,574		80,600
SL Green Realty Corp.		3,523		131,408
				371,595
Oil, Gas & Consumable Fuels — 0.8%
CVR Energy, Inc.		1,733		58,974
Dorian LPG Ltd.		2,017		57,949
Green Plains, Inc.(a)(b)		2,434		73,263
Par Pacific Holdings, Inc.(a)		3,340		120,040
REX American Resources Corp.(a)		900		36,648
World Kinect Corp.		3,580		80,299
				427,173
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)		994		36,032
Mercer International, Inc.		2,610		22,394
Sylvamo Corp.		2,116		92,977
				151,403
Passenger Airlines — 0.4%
Allegiant Travel Co.		899		69,097
Hawaiian Holdings, Inc.(a)(b)		3,070		19,433
SkyWest, Inc.(a)		2,501		104,892
Sun Country Airlines Holdings, Inc.(a)		2,397		35,572
				228,994
Personal Care Products — 1.5%
Edgewell Personal Care Co.		3,008		111,176
elf Beauty, Inc.(a)		3,224		354,092
Inter Parfums, Inc.		1,063		142,803
Medifast, Inc.		648		48,503
Nu Skin Enterprises, Inc., Class A		2,971		63,015
USANA Health Sciences, Inc.(a)		665		38,975
				758,564
Pharmaceuticals — 1.7%
Amphastar Pharmaceuticals, Inc.(a)		2,255		103,707
ANI Pharmaceuticals, Inc.(a)		953		55,331
Collegium Pharmaceutical, Inc.(a)		2,065		46,153
Corcept Therapeutics, Inc.(a)		5,358		145,979
Harmony Biosciences Holdings, Inc.(a)		1,997		65,442
Innoviva, Inc.(a)		3,406		44,244
Ligand Pharmaceuticals, Inc.(a)		970		58,122
Pacira BioSciences, Inc.(a)		2,745		84,217
Phibro Animal Health Corp., Class A		1,204		15,375
Prestige Consumer Healthcare, Inc.(a)		2,933		167,738
Supernus Pharmaceuticals, Inc.(a)		3,245		89,465
				875,773
Professional Services — 1.3%
CSG Systems International, Inc.		1,808		92,425
Forrester Research, Inc.(a)		682		19,710

Security	Shares		Value
Professional Services (continued)
Heidrick & Struggles International, Inc.		1,189	$	29,749
Kelly Services, Inc., Class A, NVS		1,907		34,688
Korn Ferry		3,172		150,480
NV5 Global, Inc.(a)		755		72,653
Resources Connection, Inc.		1,902		28,359
TrueBlue, Inc.(a)		1,843		27,037
TTEC Holdings, Inc.		1,127		29,550
Verra Mobility Corp., Class A(a)(b)		10,072		188,346
				672,997
Real Estate Management & Development — 0.8%
Anywhere Real Estate, Inc.(a)		6,573		42,265
Cushman & Wakefield PLC(a)		7,384		56,266
eXp World Holdings, Inc.		4,566		74,152
Kennedy-Wilson Holdings, Inc.		7,045		103,843
Marcus & Millichap, Inc.		1,418		41,604
St. Joe Co. (The)		2,118		115,071
				433,201
Residential REITs — 0.5%
Centerspace		889		53,571
Elme Communities		5,221		71,214
NexPoint Residential Trust, Inc.		1,360		43,765
Veris Residential, Inc.		4,763		78,590
				247,140
Retail REITs — 1.7%
Acadia Realty Trust		5,637		80,891
Getty Realty Corp.		2,732		75,758
Macerich Co. (The)		12,790		139,539
Retail Opportunity Investments Corp.		7,493		92,763
RPT Realty		4,746		50,118
Saul Centers, Inc.		769		27,123
SITE Centers Corp.		10,697		131,894
Tanger Factory Outlet Centers, Inc.		6,227		140,730
Urban Edge Properties		6,962		106,240
Whitestone REIT		2,797		26,935
				871,991
Semiconductors & Semiconductor Equipment — 4.9%
Alpha & Omega Semiconductor Ltd.(a)		1,332		39,747
Axcelis Technologies, Inc.(a)		1,943		316,806
CEVA, Inc.(a)		1,405		27,243
Cohu, Inc.(a)		2,815		96,949
Diodes, Inc.(a)		2,715		214,051
FormFactor, Inc.(a)		4,597		160,619
Ichor Holdings Ltd.(a)		1,739		53,839
Kulicke & Soffa Industries, Inc.		3,343		162,570
MaxLinear, Inc.(a)		4,360		97,010
Onto Innovation, Inc.(a)		2,905		370,446
PDF Solutions, Inc.(a)		1,814		58,774
Photronics, Inc.(a)		3,717		75,120
Rambus, Inc.(a)(b)		6,470		360,961
Semtech Corp.(a)(b)		3,783		97,412
SiTime Corp.(a)		1,012		115,621
SMART Global Holdings, Inc.(a)		2,977		72,490
Ultra Clean Holdings, Inc.(a)		2,658		78,863
Veeco Instruments, Inc.(a)		3,349		94,140
				2,492,661
Software — 3.1%
A10 Networks, Inc.		4,142		62,254
Adeia, Inc.		6,346		67,775
Agilysys, Inc.(a)		1,206		79,789
Alarm.com Holdings, Inc.(a)(b)		2,963		181,158

S C H E D U L E S   O F   I N V E S T M E N T S 25

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Cerence, Inc.(a)		2,398	$	48,847
Consensus Cloud Solutions, Inc.(a)		1,078		27,144
Digital Turbine, Inc.(a)		5,379		32,543
DoubleVerify Holdings, Inc.(a)		7,433		207,752
Ebix, Inc.		1,450		14,326
InterDigital, Inc.		1,569		125,897
LiveRamp Holdings, Inc.(a)		3,917		112,966
N-able, Inc.(a)		4,124		53,200
OneSpan, Inc.(a)		2,139		22,994
Progress Software Corp.		2,577		135,499
SPS Commerce, Inc.(a)		2,170		370,224
Xperi, Inc.(a)		2,574		25,380
				1,567,748
Specialized REITs — 0.6%
Four Corners Property Trust, Inc.		5,361		118,961
Outfront Media, Inc.		8,637		87,234
Safehold, Inc.(a)		2,664		47,419
Uniti Group, Inc.		14,202		67,033
				320,647
Specialty Retail — 4.4%
Abercrombie & Fitch Co., Class A(a)		2,964		167,081
American Eagle Outfitters, Inc.		10,987		182,494
America’s Car-Mart, Inc.(a)		358		32,574
Asbury Automotive Group, Inc.(a)		1,218		280,225
Boot Barn Holdings, Inc.(a)		1,775		144,112
Buckle, Inc. (The)		1,770		59,100
Caleres, Inc.		2,027		58,297
Chico’s FAS, Inc.(a)		7,340		54,903
Designer Brands, Inc., Class A		2,927		37,056
Group 1 Automotive, Inc.		832		223,567
Guess?, Inc.		1,623		35,122
Haverty Furniture Cos., Inc.		799		22,995
Hibbett, Inc.		757		35,965
Leslie’s, Inc.(a)(b)		10,940		61,920
MarineMax, Inc.(a)(b)		1,185		38,892
Monro, Inc.		1,868		51,874
National Vision Holdings, Inc.(a)		4,647		75,189
ODP Corp. (The)(a)		2,014		92,946
Sally Beauty Holdings, Inc.(a)		6,408		53,699
Shoe Carnival, Inc.		1,073		25,784
Signet Jewelers Ltd.		2,688		193,025
Sleep Number Corp.(a)(b)		1,254		30,836
Sonic Automotive, Inc., Class A		947		45,229
Upbound Group, Inc.		2,729		80,369
Urban Outfitters, Inc.(a)		3,346		109,381
Victoria’s Secret & Co.(a)		4,589		76,545
				2,269,180
Technology Hardware, Storage & Peripherals — 0.2%
Avid Technology, Inc.(a)		2,016		54,170
Corsair Gaming, Inc.(a)		2,553		37,095
				91,265
Textiles, Apparel & Luxury Goods — 1.1%
G-III Apparel Group Ltd.(a)		2,413		60,132

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Hanesbrands, Inc.		20,824	$	82,463
Kontoor Brands, Inc.		2,957		129,842
Movado Group, Inc.		929		25,408
Oxford Industries, Inc.		878		84,402
Steven Madden Ltd.		4,208		133,688
Wolverine World Wide, Inc.		4,728		38,108
				554,043
Trading Companies & Distributors — 1.9%
Applied Industrial Technologies, Inc.		2,292		354,366
Boise Cascade Co.		2,344		241,526
DXP Enterprises, Inc.(a)		815		28,476
GMS, Inc.(a)		2,414		154,424
NOW, Inc.(a)		6,345		75,315
Veritiv Corp.		806		136,133
				990,240
Water Utilities — 1.0%
American States Water Co.		2,196		172,781
California Water Service Group		3,427		162,132
Middlesex Water Co.		1,055		69,894
SJW Group		1,711		102,848
				507,655
Wireless Telecommunication Services — 0.4%
Gogo, Inc.(a)		3,672		43,807
Shenandoah Telecommunications Co.		2,988		61,583
Telephone & Data Systems, Inc.		5,821		106,582
				211,972
Total Long-Term Investments — 97.9% (Cost: $53,271,582)				50,181,201
Short-Term Securities
Money Market Funds — 7.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.54%(d)(e)(f)		1,872,345		1,873,094
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.31%(d)(e)		1,904,260		1,904,260
Total Short-Term Securities — 7.4% (Cost: $3,776,848)				3,777,354
Total Investments — 105.3% (Cost: $57,048,430)				53,958,555
Liabilities in Excess of Other Assets — (5.3)%				(2,737,409	)
Net Assets — 100.0%			$	51,221,146

^(a)  Non-income producing security.

^(b) All or a portion of this security is on loan.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  All or a portion of this security was purchased with the cash collateral from loaned securities.

26 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended September 30, 2023 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 09/30/23		Shares Held at 09/30/23		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	718,829	$	1,154,004	(a)	$	—	$	48	$	213	$	1,873,094		1,872,345	$	2,324	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,812,611		91,649	(a)		—		—		—		1,904,260		1,904,260		29,792			—
								$	48	$	213	$	3,777,354			$	32,116		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-Mini Russell 2000 Index		9		12/15/23	$	81	$	(522	)

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA(b)		08/19/26	$	336,505	$	(12,183	)(c)	$	324,972		0.7	%
	Monthly	HSBC Bank PLC(d)		02/10/28		394,303		(23,597	)(e)		372,139		0.8
	Monthly	JPMorgan Chase Bank NA(f)		02/08/24		252,065		(7,789	)(g)		242,997		0.5
							$	(43,569	)	$	940,108

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $(650) of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $(1,433) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $1,279 of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	75 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

S C H E D U L E S   O F   I N V E S T M E N T S 27

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Small-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date February 27, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Bank of Hawaii Corp.		49	$	2,435		0.7	%
BankUnited, Inc.		32		726		0.2
Central Pacific Financial Corp.		11		183		0.1
City Holding Co.		47		4,246		1.3
Community Bank System, Inc.		104		4,390		1.4
CVB Financial Corp.		279		4,623		1.4
First Financial Bancorp		33		647		0.2
First Hawaiian, Inc.		109		1,967		0.6
Fulton Financial Corp.		1,181		14,302		4.4
Hanmi Financial Corp.		120		1,948		0.6
Independent Bank Corp.		60		2,945		0.9
Independent Bank Group, Inc.		69		2,729		0.8
National Bank Holdings Corp., Class A		81		2,411		0.7
Northwest Bancshares, Inc.		366		3,744		1.2
OFG Bancorp		5		149		0.0
Pacific Premier Bancorp, Inc.		144		3,133		1.0
Provident Financial Services, Inc.		1		15		0.0
ServisFirst Bancshares, Inc.		39		2,035		0.6
Simmons First National Corp., Class A		469		7,954		2.4
Triumph Bancorp, Inc.		33		2,138		0.7
TrustCo Bank Corp.		13		355		0.1
Trustmark Corp.		150		3,260		1.0
Westamerica BanCorp		4		173		0.1
WSFS Financial Corp.		25		913		0.3
				67,421
Capital Markets
Artisan Partners Asset Management, Inc., Class A		1,303		48,758		15.0
Moelis & Co., Class A		128		5,777		1.8
				54,535
Commercial Services & Supplies
Pitney Bowes, Inc.		1,110		3,352		1.0
Consumer Finance
Bread Financial Holdings, Inc.		693		23,701		7.3
Financial Services
Payoneer Global, Inc.		517		3,164		1.0
Insurance
Employers Holdings, Inc.		79		3,156		1.0
Genworth Financial, Inc., Class A		333		1,952		0.6
Horace Mann Educators Corp.		390		11,458		3.5
Safety Insurance Group, Inc.		1		68		0.0
				16,634
Mortgage Real Estate Investment Trusts (REITs)
Arbor Realty Trust, Inc.		9,609		145,865		44.9

	Shares		Value		% of Basket Value
Office REITs
Douglas Emmett, Inc.		322	$	4,108		1.3	%
SL Green Realty Corp.		166		6,192		1.9
				10,300
Net Value of Reference Entity — Goldman Sachs Bank USA			$	324,972

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Atlantic Union Bankshares Corp.		430	$	12,375		3.3	%
Berkshire Hills Bancorp, Inc.		194		3,890		1.1
First BanCorp/Puerto Rico		39		525		0.2
First Commonwealth Financial Corp.		123		1,502		0.4
Lakeland Financial Corp.		8		380		0.1
Seacoast Banking Corp. of Florida		91		1,998		0.5
Veritex Holdings, Inc.		27		484		0.1
				21,154
Capital Markets
Moelis & Co., Class A		3,814		172,126		46.2
Commercial Services & Supplies
Pitney Bowes, Inc.		2,998		9,054		2.4
Consumer Finance
Green Dot Corp., Class A		15		209		0.1
Financial Services
Radian Group, Inc.		5,675		142,499		38.3
Insurance
James River Group Holdings Ltd.		220		3,377		0.9
ProAssurance Corp.		273		5,157		1.4
				8,534
Multi-Utilities
Avista Corp.		102		3,302		0.9
Oil, Gas & Consumable Fuels
Green Plains, Inc.		507		15,261		4.1
Net Value of Reference Entity — HSBC Bank PLC			$	372,139

28 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Small-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 8, 2023.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Central Pacific Financial Corp.		1,050	$	17,514		7.2	%
Community Bank System, Inc.		48		2,026		0.8
First Bancorp		32		900		0.4
National Bank Holdings Corp., Class A		105		3,125		1.3
Preferred Bank		183		11,392		4.7
Seacoast Banking Corp. of Florida		47		1,032		0.4
Veritex Holdings, Inc.		57		1,023		0.4
Washington Federal, Inc.		226		5,790		2.4
				42,802

	Shares		Value		% of Basket Value
Consumer Finance
Bread Financial Holdings, Inc.		494	$	16,895		6.9	%
Green Dot Corp., Class A		1,776		24,739		10.2
				41,634
Financial Services
Payoneer Global, Inc.		2,523		15,441		6.4
Insurance
Genworth Financial, Inc., Class A		624		3,657		1.5
Office REITs
Douglas Emmett, Inc.		9,552		121,884		50.2
Oil, Gas & Consumable Fuels
Green Plains, Inc.		584		17,579		7.2
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	242,997

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	—	$	(43,569	)

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	522	$	—	$	—	$	—	$	522
Swaps — OTC
Unrealized depreciation on OTC swaps;
Swap premiums received		—		—		43,569		—		—		—		43,569
	$	—	$	—	$	44,091	$	—	$	—	$	—	$	44,091

^(a)  Net cumulative unrealized appreciation (depreciation) on futures contracts, if any, are reported in the Schedule of Investments. In the Statements of Assets and Liabilities, only current day’s variation margin is reported in receivables or payables and the net cumulative unrealized appreciation (depreciation) is included in accumulated earnings (loss).

S C H E D U L E S   O F   I N V E S T M E N T S 29

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Small-Cap ETF

For the period ended September 30, 2023, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	7,089		$	—	$	—	$	—	$	7,089
Swaps		—		—		(173,387	)		—		—		—		(173,387	)
	$	—	$	—	$	(166,298	)	$	—	$	—	$	—	$	(166,298	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(3,451	)	$	—	$	—	$	—	$	(3,451	)
Swaps		—		—		56,527			—		—		—		56,527
	$	—	$	—	$	53,076		$	—	$	—	$	—	$	53,076

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	92,820
Total return swaps
Average notional amount	$	1,307,124

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments
Futures contracts	$	—	$	473
Swaps — OTC(a)		—		43,569
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	—	$	44,042
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		(473	)
Total derivative assets and liabilities subject to an MNA	$	—	$	43,569

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Pledged(b)		Cash Collateral Pledged(b)		Net Amount of Derivative Liabilities(c)
Goldman Sachs Bank USA	$	12,183	$	—	$	—	$	—	$	12,183
HSBC Bank PLC		23,597		—		—		—		23,597
J.P. Morgan Securities LLC		7,789		—		—		—		7,789
	$	43,569	$	—	$	—	$	—	$	43,569

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount payable due to the counterparty in the event of default.

30 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Schedule of Investments (unaudited) (continued) September 30, 2023 iShares^® ESG Screened S&P Small-Cap ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	50,181,201		$	—		$	—	$	50,181,201
Short-Term Securities
Money Market Funds		3,777,354			—			—		3,777,354
	$	53,958,555		$	—		$	—	$	53,958,555
Derivative Financial Instruments(a)
Liabilities
Equity Contracts	$	(522	)	$	(43,569	)	$	—	$	(44,091	)

^(a)  Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E S   O F   I N V E S T M E N T S 31

Statements of Assets and Liabilities (unaudited)

September 30, 2023

	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	154,911,210		$	111,389,032		$	50,181,201
Investments, at value — affiliated(c)		2,111,248			5,452,392			3,777,354
Cash		2,291			250,584			982
Cash pledged:
Futures contracts		18,000			—			7,000
Receivables:
Investments sold		138,164			734,534			70,212
Securities lending income — affiliated		85			1,060			371
Dividends — unaffiliated		98,194			131,277			59,125
Dividends — affiliated		1,449			1,166			5,541
Total assets		157,280,641			117,960,045			54,101,786
LIABILITIES
Collateral on securities loaned		718,432			4,833,818			1,872,877
Payables:
Investments purchased		138,164			1,047,462			733,462
Swaps		—			—			15,118
Income dividend distributions		727,574			469,448			210,027
Investment advisory fees		11,687			10,921			5,114
Variation margin on futures contracts		840			—			473
Unrealized depreciation on OTC swaps		—			—			43,569
Total liabilities		1,596,697			6,361,649			2,880,640
Commitments and contingent liabilities
NET ASSETS	$	155,683,944		$	111,598,396		$	51,221,146
NET ASSETS CONSIST OF:
Paid-in capital	$	175,642,034		$	121,015,721		$	58,158,809
Accumulated loss		(19,958,090	)		(9,417,325	)		(6,937,663	)
NET ASSETS	$	155,683,944		$	111,598,396		$	51,221,146
NET ASSET VALUE
Shares outstanding	$	4,800,000		$	3,300,000		$	1,550,000
Net asset value	$	32.43		$	33.82		$	33.05
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — unaffiliated	$	174,932,636		$	114,585,845		$	53,271,582
(b) Securities loaned, at value	$	699,188		$	4,711,850		$	1,819,843
(c)  Investments, at cost — affiliated	$	2,268,069		$	5,450,976		$	3,776,848

See notes to financial statements.

32 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Operations (unaudited)

Six Months Ended September 30, 2023

	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,224,288		$	899,662		$	414,969
Dividends — affiliated		15,163			6,834			29,792
Securities lending income — affiliated — net		648			11,267			2,324
Foreign taxes withheld		(439	)		—			(338	)
Total investment income		1,239,660			917,763			446,747
EXPENSES
Investment advisory		68,970			63,235			28,944
Interest expense		1			—			332
Total expenses		68,971			63,235			29,276
Net investment income		1,170,689			854,528			417,471
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(650,270	)		(2,818,922	)		(2,032,951	)
Investments — affiliated		(12,346	)		(118	)		48
Futures contracts		29,614			7,384			7,089
In-kind redemptions — unaffiliated(a)		3,823,796			—			324,502
In-kind redemptions — affiliated(a)		3,209			—			—
Swaps		—			—			(173,387	)
		3,194,003			(2,811,656	)		(1,874,699	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		5,732,610			1,721,058			209,230
Investments — affiliated		(4,312	)		843			213
Futures contracts		(25,846	)		(5,977	)		(3,451	)
Swaps		—			—			56,527
		5,702,452			1,715,924			262,519
Net realized and unrealized gain (loss)		8,896,455			(1,095,732	)		(1,612,180	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1 0,067,144		$	(241,204)		$	(1,194,709)

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 33

Statements of Changes in Net Assets

	iShares ESG Screened S&P 500 ETF						iShares ESG Screened S&P Mid-Cap ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23			Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,170,689		$	2,778,031		$	854,528		$	1,361,122
Net realized gain (loss)		3,194,003			(16,055,490	)		(2,811,656	)		(246,383	)
Net change in unrealized appreciation (depreciation)		5,702,452			(13,931,777	)		1,715,924			(4,171,650	)
Net increase (decrease) in net assets resulting from operations		10,067,144			(27,209,236	)		(241,204	)		(3,056,911	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,126,854	)		(2,794,860	)		(749,972	)		(1,398,055	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		16,949,782			(68,616,036	)		10,543,554			29,834,804
NET ASSETS
Total increase (decrease) in net assets		25,890,072			(98,620,132	)		9,552,378			25,379,838
Beginning of period		129,793,872			228,414,004			102,046,018			76,666,180
End of period	$	155,683,944		$	129,793,872		$	111,598,396		$	102,046,018

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

34 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Statements of Changes in Net Assets  (continued)

	iShares ESG Screened S&P Small-Cap ETF
	Six Months Ended 09/30/23 (unaudited)			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	417,471		$	518,233
Net realized loss		(1,874,699	)		(476,254	)
Net change in unrealized appreciation (depreciation)		262,519			(2,242,704	)
Net decrease in net assets resulting from operations		(1,194,709	)		(2,200,725	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(362,825	)		(524,007	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		8,678,807			22,208,671
NET ASSETS
Total increase in net assets		7,121,273			19,483,939
Beginning of period		44,099,873			24,615,934
End of period	$	51,221,146		$	44,099,873

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L   S T A T E M E N T S 35

Financial Highlights

(For a share outstanding throughout each period)

	iShares ESG Screened S&P 500 ETF
		Six Months Ended 09/30/23 (unaudited	)		Year Ended 03/31/23			Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period	$	30.90		$	34.35		$	30.27		$	25.29
Net investment income(b)		0.22			0.42			0.39			0.21
Net realized and unrealized gain(c)		1.53			(3.45	)		4.07			4.91
Net increase from investment operations		1.75			(3.03	)		4.46			5.12
Distributions from net investment income(d)		(0.22	)		(0.42	)		(0.38	)		(0.14	)
Net asset value, end of period	$	32.43		$	30.90		$	34.35		$	30.27
Total Return(e)
Based on net asset value		5.68	%(f)		(8.72	)%		14.74	%		20.27	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.08	%(h)		0.08	%		0.08	%		0.08	%(h)
Net investment income		1.36	%(h)		1.40	%		1.12	%		1.37	%(h)
Supplemental Data
Net assets, end of period (000)	$	155,684		$	129,794		$	228,414		$	30,274
Portfolio turnover rate(i)		2	%		4	%		3	%		6	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

36 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares ESG Screened S&P Mid-Cap ETF
		Six Months Ended 09/30/23 (unaudited	)		Year Ended 03/31/23			Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period	$	34.02		$	36.51		$	35.89		$	25.19
Net investment income(b)		0.28			0.52			0.46			0.22
Net realized and unrealized gain(c)		(0.24	)		(2.50	)		0.58			10.66
Net increase from investment operations		0.04			(1.98	)		1.04			10.88
Distributions from net investment income(d)		(0.24	)		(0.51	)		(0.42	)		(0.18	)
Net asset value, end of period	$	33.82		$	34.02		$	36.51		$	35.89
Total Return(e)
Based on net asset value		0.11	%(f)		(5.35	)%		2.88	%		43.29	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.12	%(h)		0.12	%		0.12	%		0.12	%(h)
Net investment income		1.62	%(h)		1.55	%		1.23	%		1.29	%(h)
Supplemental Data
Net assets, end of period (000)	$	111,598		$	102,046		$	76,666		$	19,740
Portfolio turnover rate(i)		12	%		20	%		26	%		11	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c) 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.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾ Portfolio turnover rate excludes in-kind transactions.

See notes to financial statements.

F I N A N C I A L   H I G H L I G H T S 37

Financial Highlights(continued)

(For a share outstanding throughout each period)

	iShares ESG Screened S&P Small-Cap ETF
		Six Months Ended 09/30/23 (unaudited	)		Year Ended 03/31/23			Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period	$	33.92		$	37.87		$	38.81		$	25.18
Net investment income(b)		0.30			0.51			0.39			0.20
Net realized and unrealized gain(c)		(0.92	)		(3.97	)		(0.55	)		13.69
Net increase from investment operations		(0.62	)		(3.46	)		(0.16	)		13.89
Distributions from net investment income(d)		(0.25	)		(0.49	)		(0.78	)		(0.26	)
Net asset value, end of period	$	33.05		$	33.92		$	37.87		$	38.81
Total Return(e)
Based on net asset value		(1.85	)%(f)		(9.08	)%		(0.47	)%		55.32	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.12	%(h)		0.12	%		0.12	%		0.12	%(h)
Net investment income		1.73	%(h)		1.49	%		1.00	%		1.13	%(h)
Supplemental Data
Net assets, end of period (000)	$	51,221		$	44,100		$	24,616		$	9,701
Portfolio turnover rate(i)(j)		11	%		23	%		34	%		18	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  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.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(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.

^(j) Excludes underlying investments in total return swaps.

See notes to financial statements.

38 2 0 2 3   I S H A R E S   S E M I - A N N U A L   R E P O R T   T O   S H A R E H O L D E R S

Notes to Financial Statements (unaudited)

1. ORGANIZATION

iShares Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to have multiple series or portfolios.

These financial statements relate only to the following funds (each, a “Fund” and collectively, the “Funds”):

iShares ETF	Diversification Classification
ESG Screened S&P 500		Non-Diversified
ESG Screened S&P Mid-Cap		Non-Diversified
ESG Screened S&P Small-Cap		Non-Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of September 30, 2023, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise 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.

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Notes to Financial Statements (unaudited) (continued)

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

Generally, trading in foreign instruments is substantially completed each day at various times prior to the close of trading on the New York Stock Exchange (“NYSE”). Each business day, the Funds use current market factors supplied by independent pricing services to value certain foreign instruments (“Systematic Fair Value Price”). The Systematic Fair Value Price is designed to value such foreign securities at fair value as of the close of trading on the NYSE, which follows the close of the local markets.

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

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Notes to Financial Statements (unaudited) (continued)

or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
ESG Screened S&P 500
Barclays Bank PLC	$	186,686	$	(186,686	)	$	—		$	—
Citigroup Global Markets, Inc.		3,548		(3,548	)		—			—
HSBC Bank PLC		184,027		(184,027	)		—			—
J.P. Morgan Securities LLC		141,744		(141,744	)		—			—
UBS AG		183,183		(183,183	)		—			—
	$	699,188	$	(699,188	)	$	—		$	—
ESG Screened S&P Mid-Cap
Barclays Bank PLC	$	771,966	$	(771,966	)	$	—		$	—
BofA Securities, Inc.		241,444		(241,444	)		—			—
J.P. Morgan Securities LLC		215,442		(215,442	)		—			—
Jefferies LLC		387,532		(387,532	)		—			—
RBC Capital Market LLC		355,912		(355,912	)		—			—
Scotia Capital (USA), Inc.		818,741		(818,741	)		—			—
Toronto-Dominion Bank		738,083		(738,083	)		—			—
UBS AG		1,182,730		(1,182,730	)		—			—
	$	4,711,850	$	(4,711,850	)	$	—		$	—
ESG Screened S&P Small-Cap
Barclays Bank PLC	$	449	$	(449	)	$	—		$	—
Barclays Capital, Inc.		20,622		(20,622	)		—			—
BofA Securities, Inc.		31,023		(31,023	)		—			—
Citigroup Global Markets, Inc.		1,056		(1,056	)		—			—
Goldman Sachs & Co. LLC		986,429		(986,429	)		—			—
HSBC Bank PLC		172,410		(172,410	)		—			—
J.P. Morgan Securities LLC		551,987		(551,987	)		—			—
Jefferies LLC		37,251		(37,251	)		—			—
Scotia Capital (USA), Inc.		18,616		(18,616	)		—			—
	$	1,819,843	$	(1,819,843	)	$	—		$	—

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained 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.

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Notes to Financial Statements (unaudited) (continued)

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

Total return swaps are entered into by the iShares ESG Screened S&P Small-Cap to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statement of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and

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Notes to Financial Statements (unaudited) (continued)

taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
ESG Screened S&P 500		0.08	%
ESG Screened S&P Mid-Cap		0.12
ESG Screened S&P Small-Cap		0.12

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. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for
the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended September 30, 2023, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
ESG Screened S&P 500	$	249
ESG Screened S&P Mid-Cap		3,644
ESG Screened S&P Small-Cap		828

Officers and Trustees: Certain officers and/or trustees of the Trust are officers and/or trustees of BlackRock or its affiliates.

Other Transactions: Cross trading is the buying or selling of portfolio securities between funds to which BFA (or an affiliate) serves as investment adviser. At its regularly scheduled quarterly meetings, the Board reviews such transactions as of the most recent calendar quarter for compliance with the requirements and restrictions set forth by Rule 17a-7.

For the six months ended September 30, 2023, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
ESG Screened S&P 500	$	804,269	$	884,825	$	(219,609	)
ESG Screened S&P Mid-Cap		3,902,636		4,660,463		(1,928,235	)
ESG Screened S&P Small-Cap		971,638		1,778,155		(672,507	)

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.

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 43

Notes to Financial Statements (unaudited) (continued)

7. PURCHASES AND SALES

For the six months ended September 30, 2023, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
ESG Screened S&P 500	$	2,637,250	$	2,614,754
ESG Screened S&P Mid-Cap		12,738,317		12,397,986
ESG Screened S&P Small-Cap		6,458,785		5,123,738

For the six months ended September 30, 2023, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
ESG Screened S&P 500	$	53,248,028	$	36,338,387
ESG Screened S&P Mid-Cap		10,412,037		2,119
ESG Screened S&P Small-Cap		9,204,603		1,510,752

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, 2023, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of March 31, 2023, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains and qualified late-year losses as follows:

iShares ETF	Non-Expiring Capital Loss Carryforwards		Qualified Late-Year Ordinary Losses
ESG Screened S&P 500	$	2,733,274	$	—
ESG Screened S&P Mid-Cap		2,793,371		—
ESG Screened S&P Small-Cap		1,397,798		259,092

As of September 30, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG Screened S&P 500	$	177,459,267	$	5,523,591	$	(25,972,952	)	$	(20,449,361	)
ESG Screened S&P Mid-Cap		120,755,388		10,499,499		(14,413,463	)		(3,913,964	)
ESG Screened S&P Small-Cap		57,472,351		4,315,061		(7,872,948	)		(3,557,887	)

9. PRINCIPAL RISKS

In the normal course of business, each Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues, recessions, or other events could have a significant impact on the Funds and their investments. Each Fund’s prospectus provides details of the risks to which the Fund is subject.

BFA uses a “passive” or index approach to try to achieve each Fund’s investment objective following the securities included in its underlying index during upturns as well as downturns. BFA does not take steps to reduce market exposure or to lessen the effects of a declining market. Divergence from the underlying index and the composition of the portfolio is monitored by BFA.

The Funds may be exposed to additional risks when reinvesting cash collateral in money market funds that do not seek to maintain a stable NAV per share of $1.00, which may be subject to redemption gates or liquidity fees under certain circumstances.

Infectious Illness Risk: An outbreak of an infectious illness, such as the COVID-19 pandemic, may adversely impact the economies of many nations and the global economy, and may impact individual issuers and capital markets in ways that cannot be foreseen. An infectious illness outbreak may result in, among other things, closed international borders, prolonged quarantines, supply chain disruptions, market volatility or disruptions and other significant economic, social and political impacts.

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Notes to Financial Statements (unaudited) (continued)

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.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

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.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
ESG Screened S&P 500
Shares sold		1,700,000		$	53,415,630			2,700,000		$	79,779,151
Shares redeemed		(1,100,000	)		(36,465,848	)		(5,150,000	)		(148,395,187	)
		600,000		$	16,949,782			(2,450,000	)	$	(68,616,036	)

N O T E S   T O   F I N A N C I A L   S T A T E M E N T S 45

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 09/30/23						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
ESG Screened S&P Mid-Cap
Shares sold		300,000		$	10,543,554			1,350,000		$	44,682,535
Shares redeemed		—			—			(450,000	)		(14,847,731	)
		300,000		$	10,543,554			900,000		$	29,834,804
ESG Screened S&P Small-Cap
Shares sold		300,000		$	10,386,814			850,000		$	28,860,781
Shares redeemed		(50,000	)		(1,708,007	)		(200,000	)		(6,652,110	)
		250,000		$	8,678,807			650,000		$	22,208,671

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Board Review and Approval of Investment Advisory Contract

iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF, iShares ESG Screened S&P Small-Cap ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider the approval of the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 2, 2023 and May 15, 2023, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 7-8, 2023, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

After extensive discussions and deliberations, the Board, including all of the Independent Board Members, approved the continuance of the Advisory Agreement for the Fund, based on a review of qualitative and quantitative information provided by BFA and their cumulative experience as Board Members. The Board noted its satisfaction with the extent and quality of information provided and its frequent interactions with management, as well as the detailed responses and other information provided by BFA. The Independent Board Members were advised by their independent counsel throughout the process, including about the legal standards applicable to their review. In approving the continuance of the Advisory Agreement for the Fund, the Board, including the Independent Board Members, considered various factors, including: (i) the expenses and performance of the Fund; (ii) the nature, extent and quality of the services provided by BFA; (iii) the costs of services provided to the Fund and profits realized by BFA and its affiliates; (iv) potential economies of scale and the sharing of related benefits; (v) the fees and services provided for other comparable funds/accounts managed by BFA and its affiliates; and (vi) other benefits to BFA and/or its affiliates. The material factors, none of which was controlling, and conclusions that formed the basis for the Board, including the Independent Board Members, to approve the continuance of the Advisory Agreement are discussed below.

Expenses and Performance of the Fund: The Board reviewed statistical information prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, regarding the expense ratio components, including gross and net total expenses, fees and expenses of other fund(s) in which the Fund invests (if applicable), and waivers/reimbursements (if applicable) of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group pursuant to Broadridge’s proprietary ETF methodology (the “Peer Group”). The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s Peer Group. The Board noted that, due to the limitations in providing comparable funds in the Peer Group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board also noted that the investment advisory fee rate and overall expenses (net of any waivers and reimbursements) for the Fund were lower than the median of the investment advisory fee rates and overall expenses (net of any waivers and reimbursements) of the funds in its Peer Group, excluding iShares funds.

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2022, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

Based on this review, the other factors considered at the meeting, and their general knowledge of ETF pricing, the Board concluded that the investment advisory fee rate and expense level and the historical performance of the Fund supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about ongoing enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund, including related programs implemented pursuant to regulatory requirements. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies provided at the May 2, 2023 meeting and throughout the year, and matters related to BFA’s portfolio compliance program and other compliance programs and services.

Based on review of this information, and the performance information discussed above, the Board concluded that the nature, extent and quality of services provided to the Fund under the Advisory Agreement supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

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

B O A R D   R E V I E W   A N D   A P P R O V A L   O F   I N V E S T M E N T   A D V I S O R Y   C O N T R A C T 47

Board Review and Approval of Investment Advisory Contract  (continued)

calculating and comparing profitability at individual fund levels is challenging. The Board discussed with management the sources of direct and ancillary revenue, including the revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

Based on this review, the Board concluded that the information considered with respect to the profits realized by BFA and its affiliates under the Advisory Agreement and from other relationships between the Fund and BFA and/or its affiliates, if any, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability (as discussed above), including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund did not provide for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund increase. However, the Board noted that it would continue to assess the appropriateness of adding breakpoints in the future.

The Board concluded that this review of potential economies of scale and the sharing of related benefits, as well as the other factors considered at the meeting, supported the Board’s approval of the continuance of the Advisory Agreement for the coming year.

Fees and Services Provided for Other Comparable Funds/Accounts Managed by BFA and its Affiliates: The Board received and considered information regarding the investment advisory/management fee rates for other funds/accounts in the U.S. for which BFA (or its affiliates) provides investment advisory/management services, including open-end funds registered under the 1940 Act (including sub-advised funds), collective trust funds and institutional separate accounts (collectively, the “Other Accounts”). The Board acknowledged BFA’s representation that the iShares funds are fundamentally different investment vehicles from the Other Accounts.

The Board received detailed information regarding how the Other Accounts generally differ from the Fund, including in terms of the types of services and generally more extensive services provided to the Fund, as well as other significant differences. In that regard, the Board considered that the pricing of services to institutional clients is typically based on a number of factors beyond the nature and extent of the specific services to be provided and often depends on the overall relationship between the client and its affiliates and the adviser and its affiliates. In addition, the Board considered the relative complexity and inherent risks and challenges of managing and providing other services to the Fund, as a publicly traded investment vehicle, as compared to the Other Accounts, particularly those that are institutional clients, in light of differing regulatory requirements and client-imposed mandates. The Board noted that BFA and its affiliates do not manage Other Accounts with substantially the same investment objective and strategy as the Fund and that track the same index as the Fund. The Board also acknowledged management’s assertion that, for certain iShares funds, and for client segmentation purposes, BlackRock has launched an iShares fund that may provide a similar investment exposure at a lower investment advisory fee rate.

The Board considered the “all-inclusive” nature of the Fund’s advisory fee structure, and the Fund’s expenses borne by BFA under this arrangement and noted that the investment advisory fee rate under the Advisory Agreement for the Fund was generally higher than the investment advisory/management fee rates for certain of the Other Accounts (particularly institutional clients) and concluded that the differences appeared to be consistent with the factors discussed.

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities, as applicable (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board further considered other direct benefits that might accrue to BFA, including the potential for reduction in the Fund’s expenses that are borne by BFA under the “all-inclusive” management fee arrangement, due in part to the size and scope of BFA’s investment operations servicing the Fund (and other funds in the iShares complex) as well as in response to a changing market environment. The Board also reviewed and considered information provided by BFA concerning authorized participant primary market order processing services that are provided by BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, and paid for by authorized participants under the ETF Servicing Platform. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

Conclusion: Based on a review of the factors described above, as well as such other factors as deemed appropriate by the Board, the Board, including all of the Independent Board Members, determined that the Fund’s investment advisory fee rate under the Advisory Agreement does not constitute a fee that is so disproportionately large as to bear no reasonable relationship to the services rendered and that could not have been the product of arm’s-length bargaining, and concluded to approve the continuance of the Advisory Agreement for the coming year.

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Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

September 30, 2023

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
ESG Screened S&P Mid-Cap	$	0.235765	$	—	$	—	$	0.235765		100	%		—	%		—	%		100	%
ESG Screened S&P Small-Cap		0.253202		—		—		0.253202		100			—			—			100

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

S U P P L E M E N T A L   I N F O R M A T I O N 49

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

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Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust
S&P	Standard & Poor’s

G L O S S A R Y   O F   T E R M S   U S E D   I N   T H I S   R E P O R T 51

Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representations regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©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.

iS-SAR-315-0923

(b) Not Applicable

Item 2. Code of Ethics.

Not applicable to this semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6. Investments.

(a) Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the registrant.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11. Controls and Procedures.

(a) The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13. Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: November 20, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Dominik Rohe
	Dominik Rohe, President (Principal Executive Officer)

Date: November 20, 2023

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: November 20, 2023