iShares MSCI ACWI ex U.S. ETF (ACWX) N-CSRS Certified semi-annual shareholder report (management investment company)

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: BNY Mellon Investment Servicing (US) Inc.

301 Bellevue Parkway, Wilmington, DE 19809

(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: April 30, 2023

Date of reporting period: October 31, 2022

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

OCTOBER 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Core Dividend ETF | DIVB | Cboe BZX

· iShares Core Dividend Growth ETF | DGRO | NYSE Arca

· iShares Core High Dividend ETF | HDV | NYSE Arca

· iShares Select Dividend ETF | DVY | NASDAQ

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period as of October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(5.50	)%		(14.61	)%
U.S. small cap equities (Russell 2000® Index)		(0.20	)		(18.54	)
International equities (MSCI Europe, Australasia, Far East Index)		(12.70	)		(23.00	)
Emerging market equities (MSCI Emerging Markets Index)		(19.66	)		(13.03	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72			0.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24	)		(17.68	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86	)		(15.68	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43	)		(11.98	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71	)		(11.76	)
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 THIS    PAGE    IS    NOT      PART    OF    YOUR      FUND      REPORT

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		28
Statements of Operations		29
Statements of Changes in Net Assets		30
Financial Highlights		32
Notes to Financial Statements		36
Board Review and Approval of Investment Advisory Contract		43
Supplemental Information		47
General Information		48
Glossary of Terms Used in this Report		49

3

Fund Summary as  of October 31, 2022 iShares^® Core Dividend ETF

Investment Objective

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

Performance

				Average Annual Total Returns						Cumulative Total Returns
	6-Month Total Returns			1 Year			Since Inception			1 Year			Since Inception
Fund NAV		(4.20	)%		(8.51	)%		10.61	%		(8.51	)%		65.27	%
Fund Market		(4.14	)		(8.50	)		10.62			(8.50	)		65.33
Index		(4.08	)		(8.28	)		10.91			(8.28	)		67.46

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

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	958.00	$	1.20		$	1,000.00	$	1,023.98	$	1.22		0.24	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	22.9	%
Financials	19.4
Health Care	12.6
Consumer Discretionary	8.9
Communication Services	8.7
Industrials	8.1
Consumer Staples	7.4
Energy	6.3
Materials	3.0
Utilities	1.6
Real Estate	1.1

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Apple Inc.	4.9	%
Microsoft Corp.	3.6
JPMorgan Chase & Co.	2.1
Berkshire Hathaway, Inc., Class B	1.8
Exxon Mobil Corp.	1.8
Bank of America Corp.	1.7
Alphabet, Inc., Class A	1.7
Procter & Gamble Co.	1.6
Meta Platforms, Inc., Class A	1.6
Alphabet, Inc., Class C, NVS	1.6

4 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of October  31, 2022 iShares^® Core Dividend Growth ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			Since Inception			1 Year			5 Years			Since Inception
Fund NAV		(1.97	)%		(5.68	)%		10.71	%		10.90	%		(5.68	)%		66.34	%		138.22	%
Fund Market		(1.93	)		(5.64	)		10.72			10.90			(5.64	)		66.38			138.35
Index		(1.91	)		(5.56	)		10.81			10.97			(5.56	)		67.07			139.50

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

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	980.30	$	0.40		$	1,000.00	$	1,024.80	$	0.41		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	20.7	%
Information Technology	19.3
Health Care	17.7
Industrials	13.4
Consumer Staples	11.3
Consumer Discretionary	7.5
Utilities	4.2
Materials	2.9
Communication Services	1.6
Energy	1.4

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
JPMorgan Chase & Co.	2.9	%
Johnson & Johnson	2.9
Apple Inc.	2.8
Microsoft Corp.	2.7
Pfizer, Inc.	2.6
Procter & Gamble Co.	2.5
Merck & Co., Inc.	2.3
Home Depot, Inc.	2.3
PepsiCo, Inc.	1.9
Coca-Cola Co.	1.9

FUND   SUMMARY 5

Fund Summary as of October  31, 2022 iShares^® Core High Dividend ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		1.18	%		8.56	%		7.66	%		9.33	%		8.56	%		44.65	%		144.01	%
Fund Market		1.24			8.60			7.67			9.33			8.60			44.72			143.98
Index		1.22			8.65			7.75			9.48			8.65			45.24			147.41

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,011.80	$	0.41		$	1,000.00	$	1,024.80	$	0.41		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Energy	28.1	%
Health Care	21.5
Information Technology	11.9
Consumer Staples	10.8
Utilities	7.4
Financials	7.2
Communication Services	5.9
Industrials	5.2
Consumer Discretionary	1.4
Materials	0.6

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Exxon Mobil Corp.	10.3	%
Chevron Corp.	7.7
AbbVie, Inc.	6.2
Verizon Communications, Inc.	5.7
Merck & Co., Inc.	4.8
Philip Morris International, Inc.	4.4
Pioneer Natural Resources Co.	4.3
Coca-Cola Co.	3.9
International Business Machines Corp.	3.8
Cisco Systems, Inc.	3.7

6 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Fund Summary as of October  31, 2022 iShares^® Select Dividend ETF

Investment Objective

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

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.52	)%		3.47	%		8.32	%		11.14	%		3.47	%		49.14	%		187.53	%
Fund Market		(2.51	)		3.48			8.33			11.14			3.48			49.18			187.64
Index		(2.34	)		3.87			8.75			11.57			3.87			52.09			198.89

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	974.80	$	1.90		$	1,000.00	$	1,023.28	$	1.94		0.38	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Utilities	25.6	%
Financials	21.9
Consumer Staples	10.5
Energy	9.7
Materials	6.5
Consumer Discretionary	5.5
Communication Services	5.5
Health Care	5.2
Industrials	4.8
Information Technology	4.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Valero Energy Corp.	2.5	%
Gilead Sciences, Inc.	2.3
Altria Group, Inc.	2.3
Exxon Mobil Corp.	2.2
International Business Machines Corp.	2.1
ONEOK, Inc.	1.9
Philip Morris International, Inc.	1.8
Principal Financial Group, Inc.	1.8
Merck & Co., Inc.	1.7
Marathon Petroleum Corp.	1.6

FUND   SUMMARY 7

About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

8 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2022 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.0%
General Dynamics Corp.		2,116	$	528,577
L3Harris Technologies, Inc.		3,331		820,992
Lockheed Martin Corp.		2,688		1,308,196
Northrop Grumman Corp.		1,251		686,811
Raytheon Technologies Corp.		12,081		1,145,520
Textron, Inc.		2,420		165,625
				4,655,721
Air Freight & Logistics — 0.5%
CH Robinson Worldwide, Inc.		1,572		153,616
FedEx Corp.		1,686		270,232
United Parcel Service, Inc., Class B		4,859		815,194
				1,239,042
Automobiles — 0.1%
Ford Motor Co.		23,227		310,545
Banks — 7.4%
Bank of America Corp.		113,551		4,092,378
Citigroup, Inc.		39,091		1,792,713
Citizens Financial Group, Inc.		5,198		212,598
Comerica, Inc.		1,767		124,574
Fifth Third Bancorp		9,076		323,923
Huntington Bancshares, Inc.		18,183		276,018
JPMorgan Chase & Co.		39,493		4,971,379
KeyCorp		14,774		264,011
M&T Bank Corp.		1,292		217,534
PNC Financial Services Group, Inc.		4,881		789,892
Regions Financial Corp.		8,505		186,685
Truist Financial Corp.		15,260		683,495
U.S. Bancorp		14,129		599,776
Wells Fargo & Co.		64,491		2,965,941
Zions Bancorp N.A.		2,415		125,435
				17,626,352
Beverages — 1.3%
Coca-Cola Co.		21,580		1,291,563
Constellation Brands, Inc., Class A		1,766		436,343
PepsiCo, Inc.		8,068		1,464,988
				3,192,894
Biotechnology — 2.8%
AbbVie, Inc.		16,292		2,385,149
Amgen, Inc.		8,872		2,398,545
Biogen, Inc.(a)		1,998		566,313
Gilead Sciences, Inc.		12,676		994,559
Regeneron Pharmaceuticals, Inc.(a)		207		154,991
Vertex Pharmaceuticals, Inc.(a)		705		219,960
				6,719,517
Building Products — 0.8%
Builders FirstSource, Inc.(a)		5,219		321,804
Carrier Global Corp.		5,829		231,761
Fortune Brands Home & Security, Inc.		2,086		125,827
Johnson Controls International PLC		9,445		546,299
Masco Corp.		5,144		238,013
Owens Corning		1,686		144,338
Trane Technologies PLC		2,005		320,058
				1,928,100
Capital Markets — 4.0%
Ameriprise Financial, Inc.		1,757		543,124
Bank of New York Mellon Corp.		15,218		640,830
BlackRock, Inc.(b)		1,188		767,341
Blackstone, Inc., NVS		9,289		846,599

Security	Shares		Value
Capital Markets (continued)
Charles Schwab Corp.		3,420	$	272,471
CME Group, Inc., Class A		1,383		239,674
Evercore, Inc., Class A		1,507		158,386
Goldman Sachs Group, Inc.		3,701		1,275,031
Intercontinental Exchange, Inc.		2,722		260,142
Jefferies Financial Group, Inc.		4,216		145,073
KKR & Co., Inc.		2,654		129,064
Moody’s Corp.		864		228,848
Morgan Stanley		26,855		2,206,675
MSCI, Inc., Class A		523		245,214
Nasdaq, Inc.		2,874		178,878
Northern Trust Corp.		1,549		130,658
S&P Global, Inc.		3,006		965,677
T Rowe Price Group, Inc.		3,249		344,914
				9,578,599
Chemicals — 2.0%
Air Products and Chemicals, Inc.		1,106		276,942
Celanese Corp.		1,926		185,127
CF Industries Holdings, Inc.		1,716		182,342
Corteva, Inc.		4,011		262,079
Dow, Inc.		12,402		579,669
DuPont de Nemours, Inc.		7,425		424,710
Eastman Chemical Co.		2,797		214,838
Ecolab, Inc.		880		138,222
International Flavors & Fragrances, Inc.		1,449		141,437
Linde PLC		4,608		1,370,189
LyondellBasell Industries NV, Class A		3,710		283,630
PPG Industries, Inc.		1,117		127,539
Sherwin-Williams Co.		2,372		533,771
				4,720,495
Commercial Services & Supplies — 0.3%
Cintas Corp.		701		299,712
Waste Management, Inc.		2,091		331,152
				630,864
Communications Equipment — 1.1%
Cisco Systems, Inc.		48,632		2,209,352
Juniper Networks, Inc.		4,577		140,056
Motorola Solutions, Inc.		921		229,983
				2,579,391
Construction & Engineering — 0.1%
AECOM		2,059		155,002
Consumer Finance — 1.8%
Ally Financial, Inc.		12,069		332,622
American Express Co.		6,832		1,014,210
Capital One Financial Corp.		13,027		1,381,123
Credit Acceptance Corp.(a)		260		121,061
Discover Financial Services		5,109		533,686
SLM Corp.		15,250		252,997
Synchrony Financial		17,287		614,726
				4,250,425
Containers & Packaging — 0.2%
Ball Corp.		3,103		153,257
Crown Holdings, Inc.		1,876		128,675
International Paper Co.		7,446		250,260
				532,192
Distributors — 0.2%
Genuine Parts Co.		894		159,007
LKQ Corp.		3,521		195,908
				354,915

SCHEDULES   OF   INVESTMENTS 9

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services — 0.1%
Grand Canyon Education, Inc.(a)		1,748	$	175,901
Service Corp. International		2,466		149,465
				325,366
Diversified Financial Services — 2.0%
Berkshire Hathaway, Inc., Class B(a)		14,579		4,302,117
Equitable Holdings, Inc.		9,302		284,827
Voya Financial, Inc.		3,566		243,772
				4,830,716
Diversified Telecommunication Services — 2.0%
AT&T Inc.		143,078		2,608,312
Lumen Technologies, Inc.		19,335		142,305
Verizon Communications, Inc.		53,113		1,984,833
				4,735,450
Electric Utilities — 1.0%
American Electric Power Co., Inc.		1,694		148,936
Duke Energy Corp.		3,115		290,256
Edison International		3,075		184,623
Entergy Corp.		1,204		128,997
Eversource Energy		1,756		133,948
Exelon Corp.		6,115		235,978
NextEra Energy, Inc.		7,367		570,942
PPL Corp.		6,348		168,158
Southern Co.		7,075		463,271
				2,325,109
Electrical Equipment — 0.4%
Eaton Corp. PLC		2,270		340,659
Emerson Electric Co.		4,161		360,342
Rockwell Automation, Inc.		653		166,711
				867,712
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		3,177		240,912
Arrow Electronics, Inc.(a)		1,655		167,585
CDW Corp.		1,317		227,591
Corning, Inc.		6,241		200,773
Keysight Technologies, Inc.(a)		962		167,532
TE Connectivity Ltd.		2,637		322,321
				1,326,714
Energy Equipment & Services — 0.2%
Baker Hughes Co.		9,168		253,587
Schlumberger Ltd.		4,264		221,856
				475,443
Entertainment — 0.1%
Electronic Arts, Inc.		2,038		256,707
Equity Real Estate Investment Trusts (REITs) — 1.1%
American Tower Corp.		189		39,159
AvalonBay Communities, Inc.		934		163,562
Crown Castle, Inc.		2,975		396,448
Equity Residential		2,242		141,291
Essex Property Trust, Inc.		466		103,564
Healthpeak Properties, Inc.		4,983		118,247
Iron Mountain, Inc.		2,767		138,544
Prologis, Inc.		3,376		373,892
Public Storage		691		214,037
Realty Income Corp.		1,510		94,028
SBA Communications Corp., Class A		695		187,580
Simon Property Group, Inc.		2,489		271,251
SL Green Realty Corp.		2,651		105,192
Weyerhaeuser Co.		5,685		175,837
				2,522,632

Security	Shares		Value
Food & Staples Retailing — 1.2%
Costco Wholesale Corp.		745	$	373,617
Kroger Co.		7,793		368,531
Sysco Corp.		2,990		258,814
Walgreens Boots Alliance, Inc.		8,375		305,688
Walmart, Inc.		10,966		1,560,791
				2,867,441
Food Products — 1.1%
Archer-Daniels-Midland Co.		2,321		225,091
Conagra Brands, Inc.		4,735		173,774
General Mills, Inc.		5,099		415,976
Hershey Co.		844		201,522
JM Smucker Co.		1,313		197,817
Kellogg Co.		1,901		146,035
Kraft Heinz Co.		6,188		238,052
Mondelez International, Inc., Class A		13,480		828,750
Tyson Foods, Inc., Class A		2,530		172,926
				2,599,943
Health Care Equipment & Supplies — 1.2%
Abbott Laboratories		10,938		1,082,206
Baxter International, Inc.		3,881		210,932
Becton Dickinson and Co.		1,448		341,685
Medtronic PLC		10,968		957,945
Stryker Corp.		877		201,043
				2,793,811
Health Care Providers & Services — 3.7%
Cardinal Health, Inc.		3,253		246,903
Cigna Corp.		5,196		1,678,620
CVS Health Corp.		5,691		538,938
DaVita, Inc.(a)		2,419		176,611
Elevance Health, Inc.		1,571		858,975
HCA Healthcare, Inc.		5,242		1,139,978
Humana, Inc.		772		430,838
Laboratory Corp. of America Holdings		978		216,979
McKesson Corp.		1,513		589,117
Quest Diagnostics, Inc.		2,878		413,425
UnitedHealth Group, Inc.		4,122		2,288,328
Universal Health Services, Inc., Class B		1,887		218,646
				8,797,358
Hotels, Restaurants & Leisure — 1.4%
Booking Holdings, Inc.(a)		134		250,510
Darden Restaurants, Inc.		1,846		264,237
Domino’s Pizza, Inc.		538		178,745
McDonald’s Corp.		4,541		1,238,149
MGM Resorts International		7,748		275,596
Starbucks Corp.		9,179		794,810
Yum! Brands, Inc.		3,201		378,518
				3,380,565
Household Durables — 0.6%
DR Horton, Inc.		3,181		244,555
Lennar Corp., Class A		3,970		320,379
NVR, Inc.(a)		67		283,929
PulteGroup, Inc.		5,126		204,989
Tempur Sealy International, Inc.		6,332		170,268
Whirlpool Corp.		1,647		227,681
				1,451,801
Household Products — 2.1%
Church & Dwight Co., Inc.		628		46,554
Clorox Co.		1,445		211,028
Colgate-Palmolive Co.		8,322		614,497

10 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Products (continued)
Kimberly-Clark Corp.		3,181	$	395,907
Procter & Gamble Co.		28,135		3,788,940
				5,056,926
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.		8,464		194,418
Industrial Conglomerates — 1.0%
3M Co.		8,202		1,031,729
Honeywell International, Inc.		6,594		1,345,308
				2,377,037
Insurance — 3.9%
Aflac, Inc.		9,622		626,488
Allstate Corp.		5,980		754,975
American International Group, Inc.		14,599		832,143
Aon PLC, Class A		2,495		702,318
Arch Capital Group Ltd.(a)		3,977		228,678
Assurant, Inc.		1,135		154,201
Chubb Ltd.		5,199		1,117,213
Fidelity National Financial, Inc.		4,674		184,062
Hartford Financial Services Group, Inc.		5,506		398,690
Lincoln National Corp.		4,537		244,408
Loews Corp.		2,959		168,722
Marsh & McLennan Cos., Inc.		2,732		441,191
MetLife, Inc.		13,304		973,986
Principal Financial Group, Inc.		3,937		346,968
Progressive Corp.		1,956		251,150
Prudential Financial, Inc.		7,207		758,104
Travelers Cos., Inc.		3,204		591,010
Willis Towers Watson PLC		2,430		530,250
				9,304,557
Interactive Media & Services — 4.8%
Alphabet, Inc., Class A(a)		42,773		4,042,476
Alphabet, Inc., Class C, NVS(a)		39,187		3,709,442
Meta Platforms, Inc., Class A(a)		39,833		3,710,842
				11,462,760
Internet & Direct Marketing Retail — 0.4%
eBay, Inc.		26,039		1,037,394
IT Services — 4.4%
Accenture PLC, Class A		3,778		1,072,574
Automatic Data Processing, Inc.		2,827		683,286
Cognizant Technology Solutions Corp., Class A		5,894		366,902
Fidelity National Information Services, Inc.		5,181		429,971
Fiserv, Inc.(a)		3,338		342,946
FleetCor Technologies, Inc.(a)		1,115		207,524
Gartner, Inc.(a)		914		275,955
Global Payments, Inc.		3,567		407,565
GoDaddy, Inc., Class A(a)		2,027		162,971
International Business Machines Corp.		9,981		1,380,272
Mastercard, Inc., Class A		4,805		1,576,905
Paychex, Inc.		1,732		204,913
PayPal Holdings, Inc.(a)		6,362		531,736
VeriSign, Inc.(a)		772		154,755
Visa, Inc., Class A		12,466		2,582,457
Western Union Co.		9,200		124,292
				10,505,024
Life Sciences Tools & Services — 0.4%
Agilent Technologies, Inc.		1,964		271,719
Mettler-Toledo International, Inc.(a)		173		218,833
Thermo Fisher Scientific, Inc.		903		464,115
				954,667

Security	Shares		Value
Machinery — 1.4%
Caterpillar, Inc.		5,075	$	1,098,534
Cummins, Inc.		1,583		387,059
Deere & Co.		1,811		716,830
Illinois Tool Works, Inc.		2,132		455,246
Otis Worldwide Corp.		2,104		148,627
Parker-Hannifin Corp.		701		203,725
Stanley Black & Decker, Inc.		3,573		280,445
				3,290,466
Media — 1.8%
Altice U.S.A., Inc., Class A(a)		36,257		239,659
Charter Communications, Inc., Class A(a)		5,249		1,929,637
Comcast Corp., Class A		26,953		855,488
Fox Corp., Class A, NVS		4,415		127,461
Liberty Broadband Corp., Class C, NVS(a)		5,726		483,446
Liberty Media Corp. - Liberty SiriusXM, Class C, NVS(a)		4,995		210,739
Nexstar Media Group, Inc.		785		134,471
Omnicom Group, Inc.		3,174		230,909
				4,211,810
Metals & Mining — 0.7%
Freeport-McMoRan, Inc.		11,429		362,185
Newmont Corp.		10,070		426,162
Nucor Corp.		4,480		588,582
Steel Dynamics, Inc.		2,929		275,473
				1,652,402
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AGNC Investment Corp.		17,232		141,647
Annaly Capital Management, Inc.		5,705		105,828
				247,475
Multiline Retail — 1.0%
Dollar General Corp.		2,610		665,681
Dollar Tree, Inc.(a)		1,136		180,056
Kohl’s Corp.		6,692		200,425
Target Corp.		8,153		1,339,130
				2,385,292
Multi-Utilities — 0.5%
Dominion Energy, Inc.		6,565		459,353
DTE Energy Co.		1,100		123,321
Public Service Enterprise Group, Inc.		3,138		175,947
Sempra Energy		2,422		365,577
WEC Energy Group, Inc.		1,854		169,326
				1,293,524
Oil, Gas & Consumable Fuels — 6.1%
APA Corp.		4,699		213,617
Chevron Corp.		14,391		2,603,332
ConocoPhillips		11,393		1,436,543
Devon Energy Corp.		8,122		628,237
Diamondback Energy, Inc.		1,356		213,041
EOG Resources, Inc.		2,792		381,164
Exxon Mobil Corp.		38,691		4,287,350
Kinder Morgan, Inc., Class P		25,186		456,370
Marathon Oil Corp.		4,752		144,698
Marathon Petroleum Corp.		13,483		1,531,938
ONEOK, Inc.		5,578		330,887
Phillips 66		4,248		443,024
Pioneer Natural Resources Co.		2,824		724,102
Valero Energy Corp.		4,608		578,534
Williams Cos., Inc.		12,179		398,619
				14,371,456

SCHEDULES   OF   INVESTMENTS 11

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		4,210	$	238,497
Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		1,693		339,430
Herbalife Nutrition Ltd.(a)		7,378		156,856
				496,286
Pharmaceuticals — 4.5%
Bristol-Myers Squibb Co.		32,093		2,486,245
Eli Lilly & Co.		2,694		975,470
Johnson & Johnson		18,452		3,210,094
Merck & Co., Inc.		17,076		1,728,091
Pfizer, Inc.		43,721		2,035,213
Zoetis, Inc., Class A		1,701		256,477
				10,691,590
Professional Services — 0.1%
Leidos Holdings, Inc.		1,258		127,800
Verisk Analytics, Inc.		980		179,174
				306,974
Road & Rail — 1.4%
Avis Budget Group, Inc.(a)		1,475		348,778
CSX Corp.		23,426		680,760
Norfolk Southern Corp.		3,282		748,526
Union Pacific Corp.		7,874		1,552,280
				3,330,344
Semiconductors & Semiconductor Equipment — 4.9%
Advanced Micro Devices, Inc.(a)		6,326		379,939
Analog Devices, Inc.		5,376		766,725
Applied Materials, Inc.		10,833		956,445
Broadcom, Inc.		4,197		1,973,094
Intel Corp.		80,204		2,280,200
KLA Corp.		1,815		574,357
Lam Research Corp.		1,927		780,011
Microchip Technology, Inc.		2,615		161,450
Micron Technology, Inc.		9,253		500,587
NXP Semiconductors NV		3,926		573,510
Qorvo, Inc. (a)		2,107		181,370
QUALCOMM, Inc.		9,242		1,087,414
Silicon Laboratories, Inc.(a)		1,440		165,485
Skyworks Solutions, Inc.		2,167		186,384
Texas Instruments, Inc.		6,166		990,445
				11,557,416
Software — 5.9%
Adobe, Inc.(a)		2,359		751,341
Autodesk, Inc.(a)		936		200,585
Cadence Design Systems, Inc.(a)		884		133,829
Dropbox, Inc., Class A(a)		7,634		166,039
Fair Isaac Corp.(a)		438		209,732
Fortinet, Inc.(a)		3,712		212,178
Intuit, Inc.		1,013		433,057
Microsoft Corp.		36,859		8,556,080
Oracle Corp.		38,058		2,971,188
Palo Alto Networks, Inc.(a)		1,162		199,388
VMware, Inc., Class A(a)		1,052		118,382
				13,951,799
Specialty Retail — 4.6%
Advance Auto Parts, Inc.		1,372		260,570

Security	Shares		Value
Specialty Retail (continued)
AutoNation, Inc.(a)		1,758	$	186,893
AutoZone, Inc.(a)		337		853,580
Bath & Body Works, Inc.		12,084		403,364
Best Buy Co., Inc.		7,417		507,397
Dick’s Sporting Goods, Inc.		1,604		182,471
Home Depot, Inc.		11,375		3,368,479
Lowe’s Cos., Inc.		14,986		2,921,521
O’Reilly Automotive, Inc.(a)		828		693,177
Ross Stores, Inc.		2,211		211,571
TJX Cos., Inc.		8,726		629,145
Tractor Supply Co.		1,034		227,242
Ulta Beauty, Inc.(a)		457		191,652
Williams-Sonoma, Inc.		1,444		178,810
				10,815,872
Technology Hardware, Storage & Peripherals — 6.0%
Apple Inc.		75,377		11,558,309
Dell Technologies, Inc., Class C		13,057		501,389
Hewlett Packard Enterprise Co.		14,122		201,521
HP, Inc.		50,277		1,388,651
NetApp, Inc.		2,823		195,549
Seagate Technology Holdings PLC		7,141		354,622
Xerox Holdings Corp.		7,880		115,284
				14,315,325
Textiles, Apparel & Luxury Goods — 0.5%
Crocs, Inc.(a)		1,540		108,955
Nike, Inc., Class B		7,861		728,558
Tapestry, Inc.		6,130		194,198
VF Corp.		3,569		100,824
				1,132,535
Tobacco — 1.4%
Altria Group, Inc.		35,676		1,650,728
Philip Morris International, Inc.		17,702		1,625,929
				3,276,657
Trading Companies & Distributors — 0.1%
Fastenal Co.		2,825		136,532
WW Grainger, Inc.		307		179,396
				315,928
Total Long-Term Investments — 99.7% (Cost: $257,619,362)				236,805,253
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(b)(c)		768,866		768,866
Total Short-Term Securities — 0.3% (Cost: $768,866)				768,866
Total Investments — 100.0% (Cost: $258,388,228)				237,574,119
Liabilities in Excess of Other Assets — (0.0)%				(107,747	)
Net Assets — 100.0%			$	237,466,372

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

12 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core Dividend ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22	Shares Held at 10/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	490,000	$	278,866	(a)	$	—		$	—		$	—	$	768,866	768,866	$	5,463	$	—
BlackRock, Inc.		922,028		146,781			(317,583	)		(71,576	)		87,691		767,341	1,188		14,713		—
									$	(71,576	)	$	87,691	$	1,536,207		$	20,176	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)	Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-Mini S&P 500 Index		33		12/16/22	$ 641	$	7,092

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	7,092	$	—	$	—	$	—	$	7,092

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

For the period ended October 31, 2022, 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	$	—	$	—	$	(146,312	)	$	—	$	—	$	—	$	(146,312	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	66,540		$	—	$	—	$	—	$	66,540

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	785,366

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

SCHEDULES    OF   INVESTMENTS 13

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core Dividend ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	236,805,253	$	—	$	—	$	236,805,253
Short-Term Securities
Money Market Funds		768,866		—		—		768,866
	$	237,574,119	$	—	$	—	$	237,574,119
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	7,092	$	—	$	—	$	7,092

^(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 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2022 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.0%
BWX Technologies, Inc.		101,371	$	5,776,120
Curtiss-Wright Corp.		13,371		2,244,055
General Dynamics Corp.		347,194		86,729,061
HEICO Corp.		4,716		767,010
HEICO Corp., Class A		8,911		1,134,370
Huntington Ingalls Industries, Inc.		55,587		14,289,750
L3Harris Technologies, Inc.		252,470		62,226,281
Lockheed Martin Corp.		429,191		208,878,676
Northrop Grumman Corp.		140,790		77,295,118
Raytheon Technologies Corp.		2,543,556		241,179,980
				700,520,421
Air Freight & Logistics — 1.2%
CH Robinson Worldwide, Inc.		167,611		16,378,947
Expeditors International of Washington, Inc.		150,772		14,753,040
Forward Air Corp.		19,652		2,080,557
United Parcel Service, Inc., Class B		1,546,562		259,466,707
				292,679,251
Auto Components — 0.1%
Gentex Corp.		285,654		7,566,974
LCI Industries		61,990		6,577,759
				14,144,733
Automobiles — 0.0%
Thor Industries, Inc.		81,667		6,653,411
Banks — 10.2%
Associated Banc-Corp.		408,999		9,959,126
Atlantic Union Bankshares Corp.		183,967		6,354,220
BancFirst Corp.		18,943		1,815,118
Bank of America Corp.		12,060,907		434,675,088
Bank of Hawaii Corp.		99,239		7,537,202
Bank OZK		247,257		10,627,106
BOK Financial Corp.		49,380		5,441,182
Cadence Bank		119,539		3,305,253
Cathay General Bancorp		168,797		7,697,143
Citigroup, Inc.		5,538,079		253,976,303
Comerica, Inc.		295,822		20,855,451
Commerce Bancshares, Inc.		114,675		8,123,577
Community Bank System, Inc.		53,253		3,324,585
Cullen/Frost Bankers, Inc.		100,669		15,608,728
CVB Financial Corp.		267,710		7,688,631
Fifth Third Bancorp		1,653,385		59,009,311
First Financial Bankshares, Inc.		145,182		5,588,055
First Horizon Corp.		952,919		23,356,045
First Merchants Corp.		128,543		5,771,581
First Republic Bank		87,373		10,493,497
Fulton Financial Corp.		426,369		7,772,707
Glacier Bancorp, Inc.		197,011		11,284,790
Hilltop Holdings, Inc.		80,025		2,316,724
Home BancShares, Inc.		374,586		9,548,197
Independent Bank Corp.		34,694		3,018,725
Independent Bank Group, Inc.		56,786		3,582,629
JPMorgan Chase & Co.		5,513,566		694,047,688
KeyCorp		2,797,919		49,998,813
M&T Bank Corp.		320,896		54,029,260
PNC Financial Services Group, Inc.		1,056,937		171,044,115
Popular, Inc.		150,690		10,656,797
Prosperity Bancshares, Inc.		186,475		13,346,016
Regions Financial Corp.		2,015,698		44,244,571
ServisFirst Bancshares, Inc.		37,094		2,794,291
Simmons First National Corp., Class A		177,423		4,235,087

Security	Shares		Value
Banks (continued)
SouthState Corp.		131,018	$	11,847,958
Synovus Financial Corp.		340,577		13,571,993
Towne Bank		150,416		4,954,703
Truist Financial Corp.		3,997,221		179,035,529
U.S. Bancorp		3,683,836		156,378,838
UMB Financial Corp.		48,788		4,060,137
United Community Banks, Inc.		94,831		3,650,993
Washington Federal, Inc.		137,504		5,321,405
Webster Financial Corp.		422,370		22,917,796
Wintrust Financial Corp.		67,369		6,307,086
Zions Bancorp N.A.		301,109		15,639,601
				2,406,813,651
Beverages — 4.0%
Brown-Forman Corp., Class A		40,161		2,761,872
Brown-Forman Corp., Class B, NVS		129,429		8,801,172
Coca-Cola Co.		7,491,900		448,390,215
Constellation Brands, Inc., Class A		142,387		35,180,980
PepsiCo, Inc.		2,495,810		453,189,180
				948,323,419
Biotechnology — 1.3%
Amgen, Inc.		1,151,267		311,245,033
Building Products — 0.5%
A O Smith Corp.		176,434		9,665,055
AAON, Inc.		21,123		1,362,222
Advanced Drainage Systems, Inc.		13,655		1,582,341
Allegion PLC		100,378		10,516,603
Carlisle Cos., Inc.		35,082		8,377,582
Fortune Brands Home & Security, Inc.		160,984		9,710,555
Lennox International, Inc.		37,157		8,678,761
Masco Corp.		355,294		16,439,453
Owens Corning		111,920		9,581,471
Simpson Manufacturing Co., Inc.		33,789		2,888,284
Trane Technologies PLC		263,975		42,138,329
UFP Industries, Inc.		59,101		4,209,764
				125,150,420
Capital Markets — 5.8%
Ameriprise Financial, Inc.		135,677		41,940,474
Bank of New York Mellon Corp.		1,759,698		74,100,883
BlackRock, Inc.(a)		280,307		181,053,094
CME Group, Inc., Class A		488,239		84,611,819
Cohen & Steers, Inc.		52,333		3,148,353
Evercore, Inc., Class A		83,689		8,795,714
FactSet Research Systems, Inc.		20,710		8,811,898
Franklin Resources, Inc.		852,182		19,983,668
Goldman Sachs Group, Inc.		706,339		243,340,849
Hamilton Lane, Inc., Class A		56,228		3,363,559
Houlihan Lokey, Inc., Class A		92,717		8,281,482
Intercontinental Exchange, Inc.		563,038		53,809,542
Jefferies Financial Group, Inc.		482,889		16,616,211
MarketAxess Holdings, Inc.		29,160		7,116,206
Moody’s Corp.		104,388		27,649,250
Morgan Stanley		3,395,442		279,003,469
MSCI, Inc., Class A		58,452		27,405,805
Nasdaq, Inc.		302,927		18,854,176
Northern Trust Corp.		413,326		34,864,048
Raymond James Financial, Inc.		170,994		20,201,231
S&P Global, Inc.		220,404		70,804,785
SEI Investments Co.		107,340		5,828,562
State Street Corp.		820,487		60,716,038

SCHEDULES   OF   INVESTMENTS 15

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Stifel Financial Corp.		145,632	$	9,010,252
T Rowe Price Group, Inc.		610,691		64,830,957
				1,374,142,325
Chemicals — 2.2%
Air Products and Chemicals, Inc.		385,315		96,482,876
Albemarle Corp.		45,362		12,695,463
Ashland, Inc.		46,658		4,895,357
Avient Corp.		142,165		4,903,271
Balchem Corp.		11,753		1,643,069
Cabot Corp.		81,818		6,011,987
Celanese Corp.		182,718		17,562,854
Eastman Chemical Co.		292,856		22,494,269
Ecolab, Inc.		201,297		31,617,720
HB Fuller Co.		41,938		2,923,498
Innospec, Inc.		25,980		2,597,740
International Flavors & Fragrances, Inc.		482,832		47,129,232
Linde PLC		559,406		166,339,374
NewMarket Corp.		12,989		3,953,072
PPG Industries, Inc.		311,010		35,511,122
Quaker Chemical Corp.		8,835		1,436,924
RPM International, Inc.		148,312		14,025,866
Scotts Miracle-Gro Co., Class A		126,653		5,814,639
Sensient Technologies Corp.		60,926		4,353,772
Sherwin-Williams Co.		163,393		36,768,327
Stepan Co.		21,035		2,196,896
Valvoline, Inc.		210,577		6,182,541
Westlake Corp.		33,328		3,221,151
				530,761,020
Commercial Services & Supplies — 0.5%
ABM Industries, Inc.		81,640		3,633,796
Brady Corp., Class A, NVS		69,652		3,186,579
Cintas Corp.		63,945		27,339,685
MSA Safety, Inc.		39,445		5,295,097
Republic Services, Inc.		177,769		23,575,725
Tetra Tech, Inc.		24,584		3,473,227
Waste Management, Inc.		389,343		61,660,251
				128,164,360
Communications Equipment — 2.0%
Cisco Systems, Inc.		9,535,083		433,178,821
Motorola Solutions, Inc.		143,827		35,915,040
				469,093,861
Construction & Engineering — 0.1%
Comfort Systems U.S.A., Inc.		15,554		1,917,497
MDU Resources Group, Inc.		399,738		11,384,538
				13,302,035
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		31,953		10,735,569
Vulcan Materials Co.		85,517		13,999,133
				24,734,702
Consumer Finance — 0.8%
Ally Financial, Inc.		806,625		22,230,585
American Express Co.		567,139		84,191,785
Discover Financial Services		461,293		48,186,667
FirstCash Holdings, Inc.		44,993		4,429,561
Nelnet, Inc., Class A		16,780		1,494,930
Synchrony Financial		987,129		35,102,307
				195,635,835
Containers & Packaging — 0.2%
AptarGroup, Inc.		67,337		6,676,464

Security	Shares		Value
Containers & Packaging (continued)
Avery Dennison Corp.		88,788	$	15,054,005
Ball Corp.		298,265		14,731,308
Silgan Holdings, Inc.		79,261		3,753,801
Sonoco Products Co.		203,399		12,627,010
				52,842,588
Distributors — 0.2%
Genuine Parts Co.		212,480		37,791,693
Pool Corp.		31,662		9,632,530
				47,424,223
Diversified Consumer Services — 0.1%
Graham Holdings Co., Class B		3,140		1,958,952
Service Corp. International		172,302		10,443,224
				12,402,176
Electric Utilities — 2.1%
Alliant Energy Corp.		465,047		24,261,502
American Electric Power Co., Inc.		1,040,876		91,513,818
Evergy, Inc.		508,800		31,102,944
Eversource Energy		650,130		49,591,916
IDACORP, Inc.		93,737		9,814,264
MGE Energy, Inc.		53,133		3,617,826
NextEra Energy, Inc.		2,515,970		194,987,675
Otter Tail Corp.		61,383		4,138,442
PNM Resources, Inc.		170,588		7,927,224
Portland General Electric Co.		210,329		9,452,185
Xcel Energy, Inc.		940,034		61,205,614
				487,613,410
Electrical Equipment — 1.1%
Eaton Corp. PLC		621,152		93,216,281
Emerson Electric Co.		1,012,585		87,689,861
Hubbell, Inc.		71,730		17,034,440
nVent Electric PLC		236,503		8,632,360
Regal Rexnord Corp.		45,384		5,742,891
Rockwell Automation, Inc.		145,494		37,144,618
				249,460,451
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		436,557		33,104,117
Avnet, Inc.		167,484		6,731,182
Badger Meter, Inc.		18,661		2,098,989
CDW Corp.		106,731		18,444,184
Cognex Corp.		74,050		3,423,332
Corning, Inc.		1,689,321		54,345,457
Littelfuse, Inc.		17,885		3,939,171
TD SYNNEX Corp.		37,599		3,440,685
TE Connectivity Ltd.		387,345		47,345,179
				172,872,296
Entertainment — 0.1%
Activision Blizzard, Inc.		323,151		23,525,393
Food & Staples Retailing — 1.9%
Casey’s General Stores, Inc.		17,452		4,061,255
Costco Wholesale Corp.		204,909		102,761,864
Kroger Co.		929,643		43,962,817
Sysco Corp.		820,394		71,013,305
Walmart, Inc.		1,575,031		224,174,162
				445,973,403
Food Products — 1.8%
Archer-Daniels-Midland Co.		702,952		68,172,285
Flowers Foods, Inc.		444,891		12,772,821
Hershey Co.		179,991		42,976,451
Hormel Foods Corp.		426,930		19,830,899

16 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Ingredion, Inc.		138,362	$	12,330,821
J & J Snack Foods Corp.		18,048		2,664,065
JM Smucker Co.		213,070		32,101,126
Kellogg Co.		554,757		42,616,433
Lamb Weston Holdings, Inc.		120,707		10,407,358
Lancaster Colony Corp.		25,088		4,522,865
McCormick & Co., Inc., NVS		298,510		23,474,826
Mondelez International, Inc., Class A		2,144,862		131,866,116
Tyson Foods, Inc., Class A		492,890		33,689,031
				437,425,097
Gas Utilities — 0.3%
Atmos Energy Corp.		219,774		23,416,920
National Fuel Gas Co.		167,367		11,295,599
New Jersey Resources Corp.		207,161		9,247,667
ONE Gas, Inc.		115,474		8,946,925
Southwest Gas Holdings, Inc.		138,561		10,124,652
UGI Corp.		522,915		18,474,587
				81,506,350
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		2,137,408		211,475,148
Baxter International, Inc.		675,149		36,694,348
Becton Dickinson and Co.		260,959		61,578,495
Dentsply Sirona, Inc.		230,732		7,111,160
Medtronic PLC		2,847,770		248,724,232
ResMed, Inc.		76,119		17,027,059
STERIS PLC		57,735		9,963,906
Stryker Corp.		301,652		69,150,705
				661,725,053
Health Care Providers & Services — 2.8%
AmerisourceBergen Corp.		128,265		20,165,823
Chemed Corp.		3,314		1,547,207
Elevance Health, Inc.		173,211		94,706,579
Encompass Health Corp.		151,936		8,271,396
Ensign Group, Inc.		9,117		818,524
Humana, Inc.		56,130		31,325,030
McKesson Corp.		58,483		22,771,526
Quest Diagnostics, Inc.		167,024		23,992,998
UnitedHealth Group, Inc.		806,886		447,942,763
				651,541,846
Hotels, Restaurants & Leisure — 2.1%
Domino’s Pizza, Inc.		30,326		10,075,510
McDonald’s Corp.		1,073,947		292,822,389
Starbucks Corp.		1,730,526		149,846,246
Texas Roadhouse, Inc.		96,252		9,524,136
Wingstop, Inc.		11,084		1,755,595
Yum! Brands, Inc.		382,791		45,265,036
				509,288,912
Household Durables — 0.2%
DR Horton, Inc.		277,300		21,318,824
Whirlpool Corp.		174,492		24,121,774
				45,440,598
Household Products — 3.4%
Church & Dwight Co., Inc.		213,689		15,840,766
Colgate-Palmolive Co.		1,364,322		100,741,536
Energizer Holdings, Inc.		193,266		5,583,455
Kimberly-Clark Corp.		834,482		103,859,630
Procter & Gamble Co.		4,328,009		582,852,972
WD-40 Co.		16,165		2,588,986
				811,467,345

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		1,060,994	$	27,755,603
Industrial Conglomerates — 1.8%
3M Co.		1,912,689		240,597,149
Honeywell International, Inc.		959,386		195,733,932
				436,331,081
Insurance — 3.9%
Aflac, Inc.		1,057,562		68,857,861
Allstate Corp.		507,168		64,029,960
American Equity Investment Life Holding Co.		51,245		2,207,635
American Financial Group, Inc.		78,696		11,419,577
Aon PLC, Class A		112,761		31,741,094
Arthur J. Gallagher & Co.		156,968		29,365,573
Assurant, Inc.		62,285		8,462,040
Assured Guaranty Ltd.		85,622		5,067,966
Axis Capital Holdings Ltd.		172,568		9,434,293
Brown & Brown, Inc.		100,548		5,911,217
Chubb Ltd.		493,041		105,949,581
Cincinnati Financial Corp.		284,057		29,348,769
CNO Financial Group, Inc.		244,816		5,400,641
Erie Indemnity Co., Class A, NVS		33,540		8,620,115
Everest Re Group Ltd.		63,310		20,427,605
Fidelity National Financial, Inc.		844,257		33,246,841
First American Financial Corp.		286,027		14,415,761
Globe Life, Inc.		51,512		5,950,666
Hanover Insurance Group, Inc.		55,790		8,172,677
Hartford Financial Services Group, Inc.		526,475		38,122,055
Kinsale Capital Group, Inc.		3,652		1,151,001
Lincoln National Corp.		417,353		22,482,806
Marsh & McLennan Cos., Inc.		485,636		78,425,358
MetLife, Inc.		1,418,284		103,832,572
Old Republic International Corp.		817,719		18,979,258
Primerica, Inc.		46,891		6,785,128
Principal Financial Group, Inc.		545,988		48,117,922
Reinsurance Group of America, Inc.		115,597		17,012,410
RenaissanceRe Holdings Ltd.		33,121		5,123,156
RLI Corp.		26,821		3,488,607
Selective Insurance Group, Inc.		56,763		5,567,315
Travelers Cos., Inc.		369,407		68,140,815
W. R. Berkley Corp.		85,706		6,374,812
Willis Towers Watson PLC		118,844		25,932,949
				917,566,036
IT Services — 2.9%
Accenture PLC, Class A		582,620		165,405,818
Automatic Data Processing, Inc.		488,914		118,170,514
Broadridge Financial Solutions, Inc.		120,898		18,141,954
Fidelity National Information Services, Inc.		860,257		71,392,729
Genpact Ltd.		125,084		6,066,574
Jack Henry & Associates, Inc.		49,588		9,870,987
Mastercard, Inc., Class A		348,411		114,341,522
SS&C Technologies Holdings, Inc.		216,778		11,146,725
TTEC Holdings, Inc.		24,088		1,071,193
Visa, Inc., Class A		837,382		173,472,055
				689,080,071
Leisure Products — 0.1%
Acushnet Holdings Corp.		34,126		1,589,248
Brunswick Corp.		102,434		7,239,010
Polaris, Inc.		87,688		8,909,101
				17,737,359
Life Sciences Tools & Services — 0.3%
Agilent Technologies, Inc.		131,200		18,151,520

SCHEDULES   OF   INVESTMENTS 17

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
Danaher Corp.		158,250	$	39,826,778
West Pharmaceutical Services, Inc.		12,850		2,956,785
				60,935,083
Machinery — 2.9%
AGCO Corp.		36,843		4,574,795
Caterpillar, Inc.		962,323		208,304,437
Cummins, Inc.		278,507		68,097,747
Donaldson Co., Inc.		151,539		8,705,915
Dover Corp.		154,389		20,177,098
Franklin Electric Co., Inc.		23,586		1,932,637
Graco, Inc.		149,259		10,385,441
Hillenbrand, Inc.		111,702		4,934,994
IDEX Corp.		60,131		13,367,723
Illinois Tool Works, Inc.		464,070		99,092,867
ITT, Inc.		81,847		6,252,292
Kadant, Inc.		5,198		924,984
Lincoln Electric Holdings, Inc.		64,474		9,155,308
Mueller Water Products, Inc., Class A		234,001		2,737,812
Nordson Corp.		41,179		9,265,275
Oshkosh Corp.		84,146		7,404,848
Otis Worldwide Corp.		453,290		32,020,406
PACCAR, Inc.		362,235		35,075,215
Parker-Hannifin Corp.		169,882		49,371,107
Pentair PLC		210,220		9,028,949
Snap-on, Inc.		92,812		20,608,905
Stanley Black & Decker, Inc.		369,966		29,038,631
Terex Corp.		74,138		3,005,554
Timken Co.		86,893		6,194,602
Toro Co.		98,069		10,339,415
Trinity Industries, Inc.		182,413		5,204,243
Watts Water Technologies, Inc., Class A		17,696		2,589,986
Xylem, Inc.		154,220		15,796,755
				693,587,941
Marine — 0.0%
Matson, Inc.		47,150		3,469,297
Media — 1.5%
Cable One, Inc.		3,706		3,185,047
Comcast Corp., Class A		9,383,570		297,834,512
Interpublic Group of Cos., Inc.		1,115,897		33,242,572
John Wiley & Sons, Inc., Class A		99,141		4,182,759
Nexstar Media Group, Inc.		52,767		9,038,987
Sirius XM Holdings, Inc.		916,589		5,536,197
				353,020,074
Metals & Mining — 0.3%
Nucor Corp.		267,832		35,187,768
Reliance Steel & Aluminum Co.		78,672		15,850,835
Royal Gold, Inc.		66,664		6,330,414
Steel Dynamics, Inc.		209,168		19,672,250
Worthington Industries, Inc.		49,047		2,332,675
				79,373,942
Multiline Retail — 0.7%
Dillard’s, Inc., Class A		880		289,335
Dollar General Corp.		139,734		35,639,157
Target Corp.		795,268		130,622,769
				166,551,261
Multi-Utilities — 1.4%
Ameren Corp.		432,724		35,275,660
Black Hills Corp.		135,954		8,887,313
CMS Energy Corp.		519,809		29,655,103
DTE Energy Co.		344,190		38,587,141

Security	Shares		Value
Multi-Utilities (continued)
NiSource, Inc.		856,942	$	22,014,840
Public Service Enterprise Group, Inc.		1,092,568		61,260,288
Sempra Energy		564,630		85,225,252
WEC Energy Group, Inc.		589,105		53,802,960
				334,708,557
Oil, Gas & Consumable Fuels — 1.5%
ConocoPhillips		1,515,545		191,095,069
Coterra Energy, Inc.		4,894,572		152,368,026
				343,463,095
Personal Products — 0.2%
Estee Lauder Cos., Inc., Class A		152,327		30,540,040
Medifast, Inc.		43,210		5,055,138
				35,595,178
Pharmaceuticals — 10.5%
Bristol-Myers Squibb Co.		4,546,850		352,244,469
Eli Lilly & Co.		674,496		244,228,257
Johnson & Johnson		3,903,980		679,175,401
Merck & Co., Inc.		5,462,049		552,759,359
Perrigo Co. PLC		251,714		10,139,040
Pfizer, Inc.		13,230,357		615,873,118
Zoetis, Inc., Class A		258,963		39,046,441
				2,493,466,085
Professional Services — 0.2%
Booz Allen Hamilton Holding Corp., Class A		161,992		17,632,829
Exponent, Inc.		35,885		3,418,405
Insperity, Inc.		47,113		5,560,276
ManpowerGroup, Inc.		135,723		10,632,540
Robert Half International, Inc.		167,925		12,839,546
				50,083,596
Road & Rail — 1.5%
CSX Corp.		1,851,218		53,796,395
JB Hunt Transport Services, Inc.		53,884		9,217,936
Landstar System, Inc.		21,070		3,291,555
Norfolk Southern Corp.		330,859		75,459,012
Old Dominion Freight Line, Inc.		28,541		7,837,359
Ryder System, Inc.		116,239		9,358,402
Schneider National, Inc., Class B		35,299		785,050
Union Pacific Corp.		970,373		191,299,333
Werner Enterprises, Inc.		57,267		2,244,866
				353,289,908
Semiconductors & Semiconductor Equipment — 6.6%
Analog Devices, Inc.		718,034		102,406,009
Broadcom, Inc.		901,155		423,650,989
Intel Corp.		13,241,646		376,459,996
KLA Corp.		156,643		49,569,677
Lam Research Corp.		130,861		52,969,916
Microchip Technology, Inc.		698,734		43,139,837
Power Integrations, Inc.		42,689		2,847,783
QUALCOMM, Inc.		1,776,205		208,988,280
Skyworks Solutions, Inc.		274,672		23,624,539
Texas Instruments, Inc.		1,739,091		279,350,187
Universal Display Corp.		33,073		3,149,211
				1,566,156,424
Software — 3.6%
Dolby Laboratories, Inc., Class A		60,672		4,055,316
Intuit, Inc.		120,412		51,476,130
Microsoft Corp.		2,748,892		638,100,300

18 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments  (unaudited) (continued) October 31, 2022 iShares^® Core Dividend Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Oracle Corp.		1,839,410	$	143,602,739
Roper Technologies, Inc.		44,213		18,328,057
				855,562,542
Specialty Retail — 3.5%
Best Buy Co., Inc.		660,514		45,185,763
Dick’s Sporting Goods, Inc.		69,457		7,901,428
Group 1 Automotive, Inc.		11,188		1,935,524
Home Depot, Inc.		1,794,819		531,499,751
Lithia Motors, Inc.		13,246		2,624,695
Lowe’s Cos., Inc.		937,762		182,816,702
Penske Automotive Group, Inc.		38,566		4,304,737
Tractor Supply Co.		143,251		31,482,272
Williams-Sonoma, Inc.		102,023		12,633,508
				820,384,380
Technology Hardware, Storage & Peripherals — 3.4%
Apple Inc.		4,256,604		652,707,657
Hewlett Packard Enterprise Co.		3,187,488		45,485,454
HP, Inc.		2,611,158		72,120,184
NetApp, Inc.		430,024		29,787,763
				800,101,058
Textiles, Apparel & Luxury Goods — 0.5%
Carter’s, Inc.		111,064		7,537,914
Columbia Sportswear Co.		40,752		3,036,024
Nike, Inc., Class B		970,839		89,977,358
VF Corp.		1,034,069		29,212,449
				129,763,745
Thrifts & Mortgage Finance — 0.0%
WSFS Financial Corp.		31,138		1,449,785
Trading Companies & Distributors — 0.5%
Air Lease Corp., Class A		142,822		5,040,188

Security	Shares		Value
Trading Companies & Distributors (continued)
Applied Industrial Technologies, Inc.		33,559	$	4,174,068
Fastenal Co.		948,157		45,824,428
GATX Corp.		53,681		5,620,938
MSC Industrial Direct Co., Inc., Class A		122,175		10,138,082
Watsco, Inc.		70,079		18,988,606
WW Grainger, Inc.		35,250		20,598,337
				110,384,647
Water Utilities — 0.2%
American States Water Co.		48,847		4,418,699
American Water Works Co., Inc.		210,752		30,630,696
California Water Service Group		62,432		3,874,530
Essential Utilities, Inc.		370,136		16,367,414
				55,291,339
Total Long-Term Investments — 99.7% (Cost: $21,098,333,396)			23,626,981,705
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b)		49,382,273		49,382,273
Total Short-Term Securities — 0.2% (Cost: $49,382,273)				49,382,273
Total Investments — 99.9% (Cost: $21,147,715,669)				23,676,363,978
Other Assets Less Liabilities — 0.1%				30,302,851
Net Assets — 100.0%			$	23,706,666,829

^(a)  Affiliate of the Fund.

^(b)  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 October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22	Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	—	$	—		$	(23,634	)(b)	$	23,634		$	—	$	—	—	$	267,190	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		48,180,000		1,202,273	(b)		—			—			—		49,382,273	49,382,273		437,769			—
BlackRock, Inc.		146,773,563		42,229,607			(15,422,290	)		(5,009,400	)		12,481,614		181,053,094	280,307		2,601,235			—
									$	(4,985,766	)	$	12,481,614	$	230,435,367		$	3,306,194		$	—

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

^(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.

SCHEDULES  OF  INVESTMENTS 19

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core Dividend 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
S&P 500 E-Mini Index		392		12/16/22	$  76,107	$	436,115

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	436,115	$	—	$	—	$	—	$	436,115

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

For the period ended October 31, 2022, 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	$	—	$	—	$	(10,422,890	)	$	—	$	—	$	—	$	(10,422,890	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,492,552		$	—	$	—	$	—	$	2,492,552

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	83,108,550

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

20 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core Dividend 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	$	23,626,981,705	$	—	$	—	$	23,626,981,705
Short-Term Securities
Money Market Funds		49,382,273		—		—		49,382,273
	$	23,676,363,978	$	—	$	—	$	23,676,363,978
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	436,115	$	—	$	—	$	436,115

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

See notes to financial statements.

SCHEDULES    OF   INVESTMENTS 21

Schedule of Investments (unaudited) October 31, 2022 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 2.2%
United Parcel Service, Inc., Class B		1,602,066	$	268,778,613
Banks — 3.6%
Huntington Bancshares, Inc.		4,640,692		70,445,704
PNC Financial Services Group, Inc.		1,094,894		177,186,696
Truist Financial Corp.		4,140,715		185,462,625
				433,095,025
Beverages — 3.9%
Coca-Cola Co.		7,760,847		464,486,693
Biotechnology — 11.5%
AbbVie, Inc.		5,060,048		740,791,027
Amgen, Inc.		1,192,591		322,416,977
Gilead Sciences, Inc.		3,981,076		312,355,223
				1,375,563,227
Capital Markets — 3.4%
Artisan Partners Asset Management, Inc., Class A		343,820		9,802,308
Blackstone, Inc., NVS		2,602,099		237,155,303
Carlyle Group, Inc.		397,629		11,244,948
Cohen & Steers, Inc.		54,156		3,258,025
Evercore, Inc., Class A		86,378		9,078,328
Franklin Resources, Inc.		879,014		20,612,878
Invesco Ltd.		1,068,526		16,369,818
Janus Henderson Group PLC		774,970		17,646,067
Moelis & Co., Class A		262,855		11,160,823
T Rowe Price Group, Inc.		634,084		67,314,358
				403,642,856
Communications Equipment — 3.7%
Cisco Systems, Inc.		9,877,383		448,729,510
Containers & Packaging — 0.6%
Amcor PLC		4,199,690		48,632,410
Packaging Corp. of America		236,821		28,468,253
				77,100,663
Diversified Telecommunication Services — 5.8%
Cogent Communications Holdings, Inc.		218,085		11,451,643
Verizon Communications, Inc.		18,430,694		688,755,035
				700,206,678
Electric Utilities — 4.4%
Alliant Energy Corp.		478,689		24,973,205
American Electric Power Co., Inc.		1,077,307		94,716,831
Avangrid, Inc.		174,843		7,112,613
Duke Energy Corp.		1,976,977		184,214,717
Evergy, Inc.		527,302		32,233,971
IDACORP, Inc.		96,108		10,062,508
PNM Resources, Inc.		176,093		8,183,042
Southern Co.		2,552,095		167,111,181
				528,608,068
Electronic Equipment, Instruments & Components — 0.6%
Corning, Inc.		1,752,513		56,378,343
National Instruments Corp.		264,647		10,104,223
				66,482,566
Food Products — 1.5%
Campbell Soup Co.		427,625		22,625,639
Flowers Foods, Inc.		456,209		13,097,760
General Mills, Inc.		1,200,915		97,970,646
Kellogg Co.		576,214		44,264,759
				177,958,804

Security	Shares		Value
Health Care Equipment & Supplies — 2.1%
Medtronic PLC		2,950,013	$	257,654,135
Hotels, Restaurants & Leisure — 0.4%
Darden Restaurants, Inc.		332,249		47,558,122
Household Durables — 0.4%
Garmin Ltd.		345,638		30,429,970
Leggett & Platt, Inc.		439,550		14,834,812
				45,264,782
Household Products — 0.9%
Kimberly-Clark Corp.		863,902		107,521,243
Reynolds Consumer Products, Inc.		125,120		3,821,165
				111,342,408
Industrial Conglomerates — 2.1%
3M Co.		1,981,327		249,231,123
Insurance — 0.1%
CNA Financial Corp.		76,991		3,210,525
First American Financial Corp.		292,945		14,764,428
				17,974,953
IT Services — 4.0%
International Business Machines Corp.		3,273,472		452,688,443
Western Union Co.		1,747,806		23,612,859
				476,301,302
Leisure Products — 0.2%
Hasbro, Inc.		326,434		21,299,818
Machinery — 0.6%
Cummins, Inc.		288,900		70,638,939
Media — 0.0%
John Wiley & Sons, Inc., Class A		102,435		4,321,733
Multi-Utilities — 3.0%
Dominion Energy, Inc.		1,829,288		127,995,281
NiSource, Inc.		883,181		22,688,920
Public Service Enterprise Group, Inc.		1,128,478		63,273,761
Sempra Energy		584,336		88,199,676
WEC Energy Group, Inc.		608,578		55,581,429
				357,739,067
Oil, Gas & Consumable Fuels — 28.0%
Antero Midstream Corp.		2,101,357		22,379,452
Chevron Corp.		5,066,984		916,617,406
Devon Energy Corp.		3,212,240		248,466,764
DT Midstream, Inc.		313,948		18,742,696
Exxon Mobil Corp.		11,092,579		1,229,168,679
Kinder Morgan, Inc., Class P		8,539,748		154,740,234
ONEOK, Inc.		1,948,194		115,566,868
Pioneer Natural Resources Co.		1,994,544		511,421,027
Williams Cos., Inc.		4,380,324		143,368,004
				3,360,471,130
Personal Products — 0.0%
Medifast, Inc.		44,740		5,234,133
Pharmaceuticals — 7.8%
Bristol-Myers Squibb Co.		4,710,059		364,888,271
Merck & Co., Inc.		5,658,147		572,604,476
				937,492,747
Semiconductors & Semiconductor Equipment — 3.7%
Broadcom, Inc.		933,511		438,862,191
Specialty Retail — 0.2%
Advance Auto Parts, Inc.		144,799		27,500,226

22 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core High Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.3%
VF Corp.		1,071,581	$	30,272,163
Thrifts & Mortgage Finance — 0.1%
Radian Group, Inc.		476,998		9,954,948
Tobacco — 4.4%
Philip Morris International, Inc.		5,769,195		529,900,561
Trading Companies & Distributors — 0.2%
MSC Industrial Direct Co., Inc., Class A		124,886		10,363,040
Watsco, Inc.		72,340		19,601,247
				29,964,287
Total Long-Term Investments — 99.7% (Cost: $11,702,052,033)				11,973,631,471

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b)		17,951,620	$	17,951,620
Total Short-Term Securities — 0.2% (Cost: $17,951,620)				17,951,620
Total Investments — 99.9% (Cost: $11,720,003,653)				11,991,583,091
Other Assets Less Liabilities — 0.1%				14,165,187
Net Assets — 100.0%			$	12,005,748,278

^(a)  Affiliate of the Fund.

^(b)  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 October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash
Funds: Institutional, SL Agency Shares(a)	$	—	$	—		$	(22,951	)(b)	$	22,951	$	—	$	—		—	$	210,968	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,010,000		3,941,620	(b)		—			—		—		17,951,620		17,951,620		170,209			—
									$	22,951	$	—	$	17,951,620			$	381,177		$	—

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

^(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.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Consumer Staples Index		109		12/16/22	$	8,001	$	336,839
E-Mini Dow Jones Industrial Average Index		78		12/16/22		12,782		1,134,567
E-Mini Energy Select Sector Index		84		12/16/22		7,911		1,236,955
							$	2,708,361

SCHEDULES  OF  INVESTMENTS 23

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core High Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	2,708,361	$	—	$	—	$	—	$	2,708,361

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

For the period ended October 31, 2022, 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	$	—	$	—	$	(963,156	)	$	—	$	—	$	—	$	(963,156	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	2,328,040		$	—	$	—	$	—	$	2,328,040

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	30,283,153

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	$	11,973,631,471	$	—	$	—	$	11,973,631,471
Short-Term Securities
Money Market Funds		17,951,620		—		—		17,951,620
	$	11,991,583,091	$	—	$	—	$	11,991,583,091
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	2,708,361	$	—	$	—	$	2,708,361

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

See notes to financial statements.

24 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) October 31, 2022 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
Lockheed Martin Corp.		451,168	$	219,574,442
Banks — 10.4%
Citizens Financial Group, Inc.		4,876,756		199,459,321
Comerica, Inc.		2,531,560		178,474,980
Fifth Third Bancorp		4,398,790		156,992,815
First Horizon Corp.		8,537,397		209,251,601
FNB Corp.		8,772,732		126,765,977
Huntington Bancshares, Inc.		21,294,757		323,254,411
KeyCorp		10,461,997		186,955,886
Regions Financial Corp.		9,818,428		215,514,495
Truist Financial Corp.		4,134,782		185,196,886
U.S. Bancorp		4,681,354		198,723,477
United Bankshares, Inc.		3,536,983		149,791,230
Valley National Bancorp		10,393,201		123,367,296
				2,253,748,375
Beverages — 1.0%
Coca-Cola Co.		3,760,724		225,079,331
Biotechnology — 2.3%
Gilead Sciences, Inc.		6,425,091		504,112,640
Capital Markets — 2.8%
Federated Hermes, Inc., Class B		2,516,096		87,434,336
Franklin Resources, Inc.		7,193,776		168,694,047
Invesco Ltd.		8,864,313		135,801,275
Janus Henderson Group PLC		4,412,164		100,464,974
Lazard Ltd., Class A		2,867,687		108,140,477
				600,535,109
Chemicals — 2.4%
Chemours Co.		4,340,703		124,274,327
Huntsman Corp.		4,459,238		119,329,209
LyondellBasell Industries NV, Class A		3,705,619		283,294,572
				526,898,108
Containers & Packaging — 3.4%
International Paper Co.		7,902,506		265,603,227
Packaging Corp. of America		1,443,506		173,523,856
Sonoco Products Co.		2,559,527		158,895,436
Westrock Co.		4,080,803		138,992,150
				737,014,669
Distributors — 1.6%
Genuine Parts Co.		1,891,157		336,361,184
Diversified Consumer Services — 0.8%
H&R Block, Inc.		4,338,470		178,528,041
Diversified Telecommunication Services — 3.3%
AT&T Inc.		15,795,506		287,952,075
Lumen Technologies, Inc.		22,096,006		162,626,604
Verizon Communications, Inc.		7,046,327		263,321,240
				713,899,919
Electric Utilities — 14.4%
Alliant Energy Corp.		3,842,650		200,471,050
American Electric Power Co., Inc.		2,840,553		249,741,420
Edison International		5,287,800		317,479,512
Entergy Corp.		2,788,470		298,756,676
Eversource Energy		2,903,435		221,474,022
Exelon Corp.		5,711,224		220,396,134
FirstEnergy Corp.		6,630,906		250,051,465
IDACORP, Inc.		1,184,082		123,973,385
NextEra Energy, Inc.		2,120,928		164,371,920

Security	Shares		Value
Electric Utilities (continued)
NRG Energy, Inc.		6,006,203	$	266,675,413
OGE Energy Corp.		4,761,868		174,427,225
Pinnacle West Capital Corp.		2,680,742		180,172,670
PPL Corp.		8,980,967		237,905,816
Xcel Energy, Inc.		3,251,678		211,716,755
				3,117,613,463
Electrical Equipment — 1.5%
Eaton Corp. PLC		1,104,221		165,710,445
Emerson Electric Co.		1,840,491		159,386,521
				325,096,966
Food & Staples Retailing — 1.1%
Walgreens Boots Alliance, Inc.		6,752,839		246,478,624
Food Products — 2.9%
Conagra Brands, Inc.		8,989,253		329,905,585
General Mills, Inc.		3,700,297		301,870,229
				631,775,814
Gas Utilities — 1.9%
New Jersey Resources Corp.		2,350,298		104,917,303
Southwest Gas Holdings, Inc.		1,488,006		108,728,598
UGI Corp.		5,684,714		200,840,946
				414,486,847
Hotels, Restaurants & Leisure — 1.0%
McDonald’s Corp.		794,869		216,728,982
Household Durables — 1.8%
Garmin Ltd.		1,718,965		151,337,679
Leggett & Platt, Inc.		3,287,312		110,946,780
Newell Brands, Inc.		9,788,730		135,182,361
				397,466,820
Household Products — 1.3%
Kimberly-Clark Corp.		2,262,463		281,586,145
Insurance — 8.1%
Cincinnati Financial Corp.		1,452,297		150,051,326
Fidelity National Financial, Inc.		6,237,838		245,646,060
MetLife, Inc.		3,458,642		253,207,181
Old Republic International Corp.		7,217,381		167,515,413
Principal Financial Group, Inc.		4,294,508		378,474,990
Prudential Financial, Inc.		3,153,494		331,716,034
Unum Group		5,092,750		232,178,473
				1,758,789,477
IT Services — 2.8%
International Business Machines Corp.		3,326,514		460,023,621
Western Union Co.		10,093,687		136,365,711
				596,389,332
Machinery — 0.9%
Caterpillar, Inc.		885,001		191,567,317
Media — 2.2%
Interpublic Group of Cos., Inc.		7,317,048		217,974,860
Omnicom Group, Inc.		3,403,793		247,625,941
				465,600,801
Metals & Mining — 0.7%
Newmont Corp.		3,431,979		145,241,351
Multi-Utilities — 9.3%
Avista Corp.		1,678,453		68,866,927
Black Hills Corp.		1,560,941		102,038,713
CenterPoint Energy, Inc.		6,869,489		196,536,080
CMS Energy Corp.		3,456,003		197,164,971
Dominion Energy, Inc.		3,249,978		227,400,961

SCHEDULES   OF   INVESTMENTS 25

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Select Dividend ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Multi-Utilities (continued)
DTE Energy Co.		1,825,897	$	204,701,313
NiSource, Inc.		8,592,907		220,751,781
NorthWestern Corp.		1,290,556		68,180,073
Public Service Enterprise Group, Inc.		3,969,220		222,554,165
Sempra Energy		1,635,029		246,791,277
WEC Energy Group, Inc.		2,711,432		247,635,085
				2,002,621,346
Oil, Gas & Consumable Fuels — 9.7%
Chevron Corp.		1,860,189		336,508,190
Exxon Mobil Corp.		4,251,315		471,088,215
Marathon Petroleum Corp.		3,097,131		351,896,024
ONEOK, Inc.		6,742,246		399,950,033
Valero Energy Corp.		4,223,917		530,312,780
				2,089,755,242
Pharmaceuticals — 2.9%
Merck & Co., Inc.		3,632,918		367,651,301
Pfizer, Inc.		5,482,614		255,215,682
				622,866,983
Semiconductors & Semiconductor Equipment — 0.7%
Intel Corp.		5,038,937		143,256,979
Technology Hardware, Storage & Peripherals — 1.3%
HP, Inc.		6,331,296		174,870,395
Seagate Technology Holdings PLC		2,353,522		116,875,903
				291,746,298
Textiles, Apparel & Luxury Goods — 0.3%
Hanesbrands, Inc.		8,736,218		59,581,007

Security	Shares		Value
Thrifts & Mortgage Finance — 0.5%
New York Community Bancorp, Inc.		11,663,229	$	108,584,662
Tobacco — 4.1%
Altria Group, Inc.		10,791,581		499,326,453
Philip Morris International, Inc.		4,135,083		379,807,373
				879,133,826
Trading Companies & Distributors — 1.4%
MSC Industrial Direct Co., Inc., Class A		1,133,897		94,090,773
Watsco, Inc.		773,441		209,571,573
				303,662,346
Total Long-Term Investments — 99.8% (Cost: $20,079,560,831)				21,585,782,446
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(a)(b)		24,169,069		24,169,069
Total Short-Term Securities — 0.1% (Cost: $24,169,069)				24,169,069
Total Investments — 99.9% (Cost: $20,103,729,900)				21,609,951,515
Other Assets Less Liabilities — 0.1%				23,436,130
Net Assets — 100.0%			$	21,633,387,645

^(a)  Affiliate of the Fund.

^(b)  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 October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost		Proceeds from Sale		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 10/31/22		Shares Held at 10/31/22		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	24,690,000	$	—	$	(520,931)(a)	$	—	$	—	$	24,169,069		24,169,069	$	280,922	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Energy Select Sector Index		79		12/16/22	$	7,440	$	498,490
E-Mini Financial Select Sector Index		211		12/16/22		22,105		568,772
E-Mini Utilities Select Sector Index		240		12/16/22		16,210		(915,324	)
							$	151,938

26 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Select Dividend ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,067,262	$	—	$	—	$	—	$	1,067,262
Liabilities — Derivative Financial Instruments
Futures contracts
Unrealized depreciation on futures contracts(a)	$	—	$	—	$	915,324	$	—	$	—	$	—	$	915,324

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

For the period ended October 31, 2022, 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	$	—	$	—	$	(9,580,319	)	$	—	$	—	$	—	$	(9,580,319	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	1,016,341		$	—	$	—	$	—	$	1,016,341

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	40,792,579

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	$	21,585,782,446		$	—	$	—	$	21,585,782,446
Short-Term Securities
Money Market Funds		24,169,069			—		—		24,169,069
	$	21,609,951,515		$	—	$	—	$	21,609,951,515
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,067,262		$	—	$	—	$	1,067,262
Liabilities
Equity Contracts		(915,324	)		—		—		(915,324	)
	$	151,938		$	—	$	—	$	151,938

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

See notes to financial statements.

SCHEDULE S   OF   INVESTMENTS 27

Statements of Assets and Liabilities (unaudited)

October 31, 2022

	iShares Core Dividend ETF			iShares Core Dividend Growth ETF		iShares Core High Dividend ETF			iShares Select Dividend ETF
ASSETS
Investments, at value — unaffiliated(a)	$	236,037,912		$	23,445,928,611	$	11,973,631,471		$	21,585,782,446
Investments, at value — affiliated(b)		1,536,207			230,435,367		17,951,620			24,169,069
Cash		432,450			5,440,977		—			—
Cash pledged for futures contracts		55,000			3,959,400		1,625,600			2,062,200
Receivables:
Investments sold		—			19,738		10,268,795			17,699,321
Securities lending income — affiliated		—			23,315		22,951			—
Capital shares sold		—			44,111,335		25,762,859			35,435,652
Dividends — unaffiliated		305,167			22,497,427		33,975,996			28,041,583
Dividends — affiliated		2,898			222,081		89,402			144,982
Total assets		238,369,634			23,752,638,251		12,063,328,694			21,693,335,253
LIABILITIES
Bank overdraft		—			—		38,369			4,876
Payables:
Investments purchased		855,686			43,910,034		46,392,754			35,243,225
Capital shares redeemed		—			—		10,296,525			17,790,239
Investment advisory fees		39,949			1,507,688		808,198			6,625,898
Variation margin on futures contracts		7,627			553,700		44,570			283,370
Total liabilities		903,262			45,971,422		57,580,416			59,947,608
NET ASSETS	$	237,466,372		$	23,706,666,829	$	12,005,748,278		$	21,633,387,645
NET ASSETS CONSIST OF:
Paid-in capital	$	262,339,189		$	21,798,776,732	$	12,513,530,743		$	20,478,223,615
Accumulated earnings (loss)		(24,872,817	)		1,907,890,097		(507,782,465	)		1,155,164,030
NET ASSETS	$	237,466,372		$	23,706,666,829	$	12,005,748,278		$	21,633,387,645
NET ASSET VALUE
Shares outstanding		6,400,000			484,000,000		116,600,000			183,150,000
Net asset value	$	37.10		$	48.98	$	102.97		$	118.12
Shares authorized		Unlimited			Unlimited		Unlimited			Unlimited
Par value		None			None		None			None
(a) Investments, at cost — unaffiliated	$	256,690,756		$	20,931,040,410	$	11,702,052,033		$	20,079,560,831
(b) Investments, at cost — affiliated	$	1,697,472		$	216,675,259	$	17,951,620		$	24,169,069

See notes to financial statements.

28 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Operations (unaudited)

Six Months Ended October 31, 2022

	iShares Core Dividend ETF			iShares Core Dividend Growth ETF			iShares Core High Dividend ETF			iShares Select Dividend ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	2,910,346		$	281,846,626		$	246,896,285		$	448,141,954
Dividends — affiliated		20,176			3,039,004			170,209			280,922
Securities lending income — affiliated — net		—			267,190			210,968			—
Foreign taxes withheld		(1,082	)		(15,025	)		—			—
Total investment income		2,929,440			285,137,795			247,277,462			448,422,876
EXPENSES
Investment advisory		308,388			9,166,668			4,915,255			41,603,356
Total expenses		308,388			9,166,668			4,915,255			41,603,356
Net investment income		2,621,052			275,971,127			242,362,207			406,819,520
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(9,058,673	)		(227,362,363	)		(469,493,144	)		(133,422,781	)
Investments — affiliated		(74,225	)		(5,723,286	)		22,951			—
Futures contracts		(146,312	)		(10,422,890	)		(963,156	)		(9,580,319	)
In-kind redemptions — unaffiliated(a)		8,663,914			137,458,652			617,059,523			349,183,675
In-kind redemptions — affiliated(a)		2,649			737,520			—			—
		(612,647	)		(105,312,367	)		146,626,174			206,180,575
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(14,797,004	)		(637,456,236	)		(386,587,006	)		(1,216,140,239	)
Investments — affiliated		87,691			12,481,614			—			—
Futures contracts		66,540			2,492,552			2,328,040			1,016,341
		(14,642,773	)		(622,482,070	)		(384,258,966	)		(1,215,123,898	)
Net realized and unrealized loss		(15,255,420	)		(727,794,437	)		(237,632,792	)		(1,008,943,323	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(12,634,368	)	$	(451,823,310	)	$	4,729,415		$	(602,123,803	)

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

See notes to financial statements.

FINANCIAL  STATEMENTS 29

Statements of Changes in Net Assets

	iShares Core Dividend ETF						iShares Core Dividend Growth ETF
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,621,052		$	2,926,970		$	275,971,127		$	445,718,048
Net realized gain (loss)		(612,647	)		9,208,877			(105,312,367	)		971,722,516
Net change in unrealized appreciation (depreciation)		(14,642,773	)		(19,291,256	)		(622,482,070	)		(933,077,494	)
Net increase (decrease) in net assets resulting from operations		(12,634,368	)		(7,155,409	)		(451,823,310	)		484,363,070
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,573,065	)		(2,605,463	)		(269,888,458	)		(433,784,061	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(7,589,621	)		202,844,254			1,685,580,589			4,289,062,601
NET ASSETS
Total increase (decrease) in net assets		(22,797,054	)		193,083,382			963,868,821			4,339,641,610
Beginning of period		260,263,426			67,180,044			22,742,798,008			18,403,156,398
End of period	$	237,466,372		$	260,263,426		$	23,706,666,829		$	22,742,798,008

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

See notes to financial statements.

30 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Statements of Changes in Net Assets  (continued)

	iShares Core High Dividend ETF						iShares Select Dividend ETF
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	242,362,207		$	282,262,323		$	406,819,520		$	627,979,818
Net realized gain		146,626,174			479,090,410			206,180,575			1,169,713,678
Net change in unrealized appreciation (depreciation)		(384,258,966	)		55,124,197			(1,215,123,898	)		(420,759,814	)
Net increase (decrease) in net assets resulting from operations		4,729,415			816,476,930			(602,123,803	)		1,376,933,682
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(224,345,200	)		(262,993,551	)		(402,071,131	)		(605,570,050	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		2,594,462,392			2,238,090,827			975,646,309			2,395,005,483
NET ASSETS
Total increase (decrease) in net assets		2,374,846,607			2,791,574,206			(28,548,625	)		3,166,369,115
Beginning of period		9,630,901,671			6,839,327,465			21,661,936,270			18,495,567,155
End of period	$	12,005,748,278		$	9,630,901,671		$	21,633,387,645		$	21,661,936,270

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

See notes to financial statements.

FINANCIAL  STATEMENTS 31

Financial Highlights  

(For a share outstanding throughout each period)

	iShares Core Dividend ETF
		Six Months Ended 10/31/22 (unaudited	)		Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Period from 11/07/17 to 04/30/18	(a)
Net asset value, beginning of period	$	39.14		$	38.39		$	25.94		$	27.96		$	25.30		$	24.99
Net investment income(b)		0.39			0.77			0.70			0.64			0.61			0.26
Net realized and unrealized gain (loss)(c)		(2.05	)		0.68			12.43			(2.02	)		2.67			0.28
Net increase (decrease) from investment operations		(1.66	)		1.45			13.13			(1.38	)		3.28			0.54
Distributions(d)
From net investment income		(0.38	)		(0.70	)		(0.68	)		(0.64	)		(0.58	)		(0.23	)
From net realized gain		—			—			—			—			(0.04	)		—
Total distributions		(0.38	)		(0.70	)		(0.68	)		(0.64	)		(0.62	)		(0.23	)
Net asset value, end of period	$	37.10		$	39.14		$	38.39		$	25.94		$	27.96		$	25.30
Total Return(e)
Based on net asset value		(4.20	)%(f)		3.71	%		51.33	%		(4.95	)%		13.21	%		2.16	%(f)
Ratios to Average Net Assets(g)
Total expenses		0.24	%(h)		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%(h)
Net investment income		2.06	%(h)		1.87	%		2.20	%		2.31	%		2.34	%		2.07	%(h)
Supplemental Data
Net assets, end of period (000)	$	237,466		$	260,263		$	67,180		$	24,645		$	8,389		$	7,591
Portfolio turnover rate(i)		14	%		25	%		30	%		33	%		31	%		14	%

^(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.

32 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core Dividend Growth ETF
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18
Net asset value, beginning of period	$	50.58		$	49.87		$	36.39		$	38.13		$	33.86		$	30.75
Net investment income(a)		0.59			1.10			1.08			0.99			0.91			0.78
Net realized and unrealized gain (loss)(b)		(1.61	)		0.68			13.44			(1.77	)		4.20			3.07
Net increase (decrease) from investment operations		(1.02	)		1.78			14.52			(0.78	)		5.11			3.85
Distributions from net investment income(c)		(0.58	)		(1.07	)		(1.04	)		(0.96	)		(0.84	)		(0.74	)
Net asset value, end of period	$	48.98		$	50.58		$	49.87		$	36.39		$	38.13		$	33.86
Total Return(d)
Based on net asset value		(1.97	)%(e)		3.51	%		40.52	%		(2.05	)%		15.30	%		12.59	%
Ratios to Average Net Assets(f)
Total expenses		0.08	%(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		2.41	%(g)		2.10	%		2.53	%		2.55	%		2.55	%		2.32	%
Supplemental Data
Net assets, end of period (000)	$	23,706,667		$	22,742,798		$	18,403,156		$	9,355,727		$	7,084,809		$	3,343,410
Portfolio turnover rate(h)		9	%		22	%		31	%		24	%		26	%		24	%

^(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.

FINANCIAL  HIGHLIGHTS 33

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core High Dividend ETF
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18
Net asset value, beginning of period	$	103.67		$	95.59		$	81.85		$	95.42		$	84.44		$	83.27
Net investment income(a)		2.02			3.68			3.56			3.24			3.09			2.99
Net realized and unrealized gain (loss)(b)		(0.92	)		7.80			13.72			(13.51	)		11.01			1.20
Net increase (decrease) from investment operations		1.10			11.48			17.28			(10.27	)		14.10			4.19
Distributions from net investment income(c)		(1.80	)		(3.40	)		(3.54	)		(3.30	)		(3.12	)		(3.02	)
Net asset value, end of period	$	102.97		$	103.67		$	95.59		$	81.85		$	95.42		$	84.44
Total Return(d)
Based on net asset value		1.18	%(e)		12.21	%		21.70	%		(10.86	)%		17.05	%		5.03	%
Ratios to Average Net Assets(f)
Total expenses		0.08	%(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		3.94	%(g)		3.68	%		4.13	%		3.53	%		3.48	%		3.47	%
Supplemental Data
Net assets, end of period (000)	$	12,005,748		$	9,630,902		$	6,839,327		$	6,036,798		$	7,175,741		$	6,007,744
Portfolio turnover rate(h)		39	%		74	%		75	%		62	%		57	%		46	%

^(a)  Based on average shares outstanding.

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

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

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

^(e)  Not annualized.

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

^(g)  Annualized.

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

See notes to financial statements.

34 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Financial Highlights

(For a share outstanding throughout each period)

	iShares Select Dividend ETF
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18
Net asset value, beginning of period	$	123.50		$	118.37		$	80.66		$	101.13		$	96.31		$	91.51
Net investment income(a)		2.26			3.91			3.51			3.51			3.31			3.08
Net realized and unrealized gain (loss)(b)		(5.43	)		4.97			37.74			(20.30	)		4.80			4.76
Net increase (decrease) from investment operations		(3.17	)		8.88			41.25			(16.79	)		8.11			7.84
Distributions from net investment income(c)		(2.21	)		(3.75	)		(3.54	)		(3.68	)		(3.29	)		(3.04	)
Net asset value, end of period	$	118.12		$	123.50		$	118.37		$	80.66		$	101.13		$	96.31
Total Return(d)
Based on net asset value		(2.52	)%(e)		7.63	%		52.54	%		(16.96	)%		8.63	%		8.65	%
Ratios to Average Net Assets(f)
Total expenses		0.38	%(g)		0.38	%		0.38	%		0.39	%		0.39	%		0.39	%
Net investment income		3.73	%(g)		3.23	%		3.78	%		3.60	%		3.40	%		3.24	%
Supplemental Data
Net assets, end of period (000)	$	21,633,388		$	21,666,936		$	18,495,567		$	13,257,023		$	17,585,695		$	16,714,032
Portfolio turnover rate(h)		1	%		15	%		55	%		6	%		21	%		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.

FINANCIAL  HIGHLIGHTS 35

Notes to Financial Statements (unaudited)

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Core Dividend(a)		Diversified
Core Dividend Growth		Diversified
Core High Dividend		Non-Diversified
Select Dividend		Diversified

^(a)  Formerly the iShares U.S. Dividend and Buyback ETF.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Dividends from foreign securities where the ex-dividend date may have passed are subsequently recorded when the Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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 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 October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations 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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

36 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

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

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

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

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

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

NOTES  TO    FINANCIAL   STATEMENTS 37

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.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
Core Dividend		0.05	%
Core Dividend Growth		0.08
Core High Dividend		0.08

Prior to October 25, 2022, BFA was entitled to an annual investment advisory fee of 0.25%, accrued daily and paid monthly by the iShares Core Dividend ETF, based on the average daily net assets of the Fund.

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

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

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.

38 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, distribution fee or service fee. The money market fund in which the cash collateral has been invested may, under certain circumstances, impose a liquidity fee of up to 2% of the value redeemed or temporarily restrict redemptions for up to 10 business days during a 90 day period, in the event that the money market fund’s weekly liquid assets fall below certain thresholds.

Securities lending income is equal to the total of income earned from the reinvestment of cash collateral, net of fees and other payments to and from borrowers of securities, and less the collateral investment fees. Each Fund retains a portion of securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Core Dividend Growth	$	66,442
Core High Dividend		52,652

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

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

For the six months ended October 31, 2022, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core Dividend	$	20,511,694	$	17,259,273	$	(3,411,696	)
Core Dividend Growth		731,365,112		475,196,228		(52,379,340	)
Core High Dividend		719,219,795		368,656,815		(40,852,129	)

Each Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statements of Operations.

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core Dividend	$	37,288,875	$	34,367,531
Core Dividend Growth		2,006,353,414		1,961,958,679
Core High Dividend		4,651,745,845		4,628,537,540
Select Dividend		354,428,821		260,676,160

NOTES  TO    FINANCIAL   STATEMENTS 39

Notes to Financial Statements (unaudited) (continued)

For the six months ended October 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core Dividend	$	37,939,725	$	48,328,823
Core Dividend Growth		1,942,383,196		309,689,891
Core High Dividend		5,355,554,162		2,771,503,352
Select Dividend		2,090,124,598		1,208,881,751

8. INCOME TAX INFORMATION

Each Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its taxable income to its shareholders. Therefore, no U.S. federal income tax provision is required.

Management has analyzed tax laws and regulations and their application to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
Core Dividend	$	3,581,767
Core Dividend Growth		500,795,997
Core High Dividend		940,170,854
Select Dividend		448,427,573

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core Dividend	$	258,758,635	$	12,476,128	$	(33,653,552	)	$	(21,177,424	)
Core Dividend Growth		21,207,493,675		3,414,075,353		(944,768,935	)		2,469,306,418
Core High Dividend		11,753,842,852		963,249,746		(722,801,146	)		240,448,600
Select Dividend		20,240,416,912		2,752,996,499		(1,383,309,958	)		1,369,686,541

9. PRINCIPAL RISKS

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

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

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

40 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Notes to Financial Statements (unaudited) (continued)

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.

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

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.

LIBOR Transition Risk: The United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Six Months Ended 10/31/22						Year Ended 04/30/22
iShares ETF	Shares			Amount			Shares			Amount
Core Dividend
Shares sold		1,000,000		$	38,111,268			5,700,000		$	235,671,266
Shares redeemed		(1,250,000	)		(45,700,889	)		(800,000	)		(32,827,012	)
		(250,000	)	$	(7,589,621	)		4,900,000		$	202,844,254
Core Dividend Growth
Shares sold		39,750,000		$	1,952,371,567			121,400,000		$	6,428,227,610
Shares redeemed		(5,400,000	)		(266,790,978	)		(40,750,000	)		(2,139,165,009	)
		34,350,000		$	1,685,580,589			80,650,000		$	4,289,062,601

NOTES  TO    FINANCIAL   STATEMENTS 41

Notes to Financial Statements (unaudited) (continued)

	Six Months Ended 10/31/22						Year Ended 04/30/22
iShares ETF	Shares			Amount			Shares			Amount
Core High Dividend
Shares sold		51,700,000		$	5,371,035,343			39,450,000		$	4,102,347,570
Shares redeemed		(28,000,000	)		(2,776,572,951	)		(18,100,000	)		(1,864,256,743	)
		23,700,000		$	2,594,462,392			21,350,000		$	2,238,090,827
Select Dividend
Shares sold		17,600,000		$	2,131,338,601			48,950,000		$	6,044,186,342
Shares redeemed		(9,850,000	)		(1,155,692,292	)		(29,800,000	)		(3,649,180,859	)
		7,750,000		$	975,646,309			19,150,000		$	2,395,005,483

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.

42 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract

iShares Core Dividend ETF, iShares Core Dividend Growth ETF, iShares Core High Dividend ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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

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

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 43

Board Review and Approval of Investment Advisory Contract  (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund 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 (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

iShares Select Dividend 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 and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in

44 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Board Review and Approval of Investment Advisory Contract (continued)

response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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

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

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may

BOARD  REVIEW  AND  APPROVAL  OF  INVESTMENT  ADVISORY  CONTRACT 45

Board Review and Approval of Investment Advisory Contract (continued)

impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund already provided for breakpoints in the Fund’s investment advisory fee rate as the assets of the Fund, on an aggregated basis with the assets of certain other iShares funds, increase. The Board noted that it would continue to assess the appropriateness of adding new or revised breakpoints in the future.

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

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

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

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

Other Benefits to BFA and/or its Affiliates: The Board reviewed other benefits or ancillary revenue received by BFA and/or its affiliates in connection with the services provided to the Fund by BFA, both direct and indirect, including, but not limited to, payment of revenue to BTC, the Fund’s securities lending agent, for loaning portfolio securities (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

46 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Supplemental Information (unaudited)

Section 19(a) Notices

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

October 31, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Select Dividend(a)	$	2.126192	$	—	$	0.086620	$	2.212812		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.

SUPPLEMENTAL  INFORMATION 47

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.

48 2 0 2 2  I SHARES  SEMI - ANNUAL  REPORT  TO  SHAREHOLDERS

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
S&P	Standard & Poor’s

GLOSSARY  OF  TERMS    USED   IN  THIS  REPORT 49

Want to know more?

iShares.com  |  1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©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-409-1022

OCTOBER 31, 2022

2022 Semi-Annual Report
(Unaudited)

iShares Trust

· iShares Morningstar Mid-Cap Value ETF | IMCV | NASDAQ

· iShares Morningstar Small-Cap ETF | ISCB | NYSE Arca

· iShares Morningstar U.S. Equity ETF | ILCB | NYSE Arca

· iShares Morningstar Value ETF | ILCV | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large-and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(5.50)	%		(14.61)	%
U.S. small cap equities (Russell 2000® Index)		(0.20)			(18.54)
International equities (MSCI Europe, Australasia, Far East Index)		(12.70)			(23.00)
Emerging market equities (MSCI Emerging Markets Index)		(19.66)			(13.03)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72			0.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24)			(17.68)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86)			(15.68)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43)			(11.98)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71)			(11.76)
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		51
Statements of Operations		52
Statements of Changes in Net Assets		53
Financial Highlights		55
Notes to Financial Statements		59
Board Review and Approval of Investment Advisory Contract		67
Supplemental Information		69
General Information		70
Glossary of Terms Used in this Report		71

3

Fund Summary as of October 31, 2022 iShares^® Morningstar Mid-Cap Value ETF

Investment Objective

The iShares Morningstar 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 Morningstar^® US Mid Cap Broad Value Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(4.80	)%		(4.66	)%		6.61	%		11.32	%		(4.66	)%		37.75	%		192.27	%
Fund Market		(4.80	)		(4.70	)		6.63			11.34			(4.70	)		37.87			192.77
Index		(4.81	)		(4.65	)		6.81			11.59			(4.65	)		38.98			199.33

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Mid Value Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Mid Cap Broad Value Index^SM.

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 of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period(	a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$        1,000.00	$          952.00	$         0.30			$       1,000.00	$       1,024.90	$         0.31		0.06	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	19.7	%
Industrials	12.4
Utilities	12.2
Consumer Discretionary	9.2
Energy	8.5
Real Estate	8.3
Materials	7.1
Health Care	6.9
Information Technology	6.4
Consumer Staples	6.3
Communication Services	3.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Devon Energy Corp.	1.3	%
Phillips 66	1.3
Biogen, Inc.	1.1
Aflac, Inc.	1.0
Kinder Morgan, Inc., Class P	0.9
Xcel Energy, Inc.	0.9
Cummins, Inc.	0.9
Allstate Corp.	0.9
Ameriprise Financial, Inc.	0.9
Consolidated Edison, Inc.	0.8

^(a) Excludes money market funds.

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

Fund Summary as of October 31, 2022 iShares^® Morningstar Small-Cap ETF

Investment Objective

The iShares Morningstar 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 Morningstar^® US Small Cap Extended Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

				Average Annual Total Returns									Cumulative Total Returns
	6-Month Total Returns			1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		(2.44	)%		(17.95	)%		4.00	%		8.96	%		(17.95	)%		21.66	%		135.83	%
Fund Market		(2.26	)		(17.98	)		4.00			8.97			(17.98	)		21.69			136.03
Index		(2.53	)		(18.07	)		4.07			9.04			(18.07	)		22.05			137.71

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Small Core Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Small Cap Extended Index^SM.

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 of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$          975.60	$         0.20			$       1,000.00	$       1,025.00	$         0.20		0.04	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	17.1	%
Industrials	17.0
Health Care	15.4
Information Technology	13.0
Consumer Discretionary	11.8
Real Estate	6.2
Energy	5.8
Materials	4.7
Consumer Staples	3.6
Communication Services	2.8
Utilities	2.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Shockwave Medical, Inc.	0.3	%
Sarepta Therapeutics, Inc.	0.3
HF Sinclair Corp.	0.3
NOV, Inc.	0.3
Casey’s General Stores, Inc.	0.3
Unum Group	0.3
Interactive Brokers Group, Inc., Class A	0.2
Chart Industries, Inc.	0.2
Healthcare Realty Trust, Inc.	0.2
Omega Healthcare Investors, Inc.	0.2

^(a)  Excludes money market funds.

F U N D    S U M M A R Y 5

Fund Summary as of October 31, 2022 iShares^® Morningstar U.S. Equity ETF

Investment Objective

The iShares Morningstar U.S. Equity ETF (the “Fund”) seeks to track the investment results of an index composed of large- and mid-capitalization U.S. equities, as represented by the Morningstar^® US Large-Mid Cap Index^SM (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that re 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		(5.94	)%		(16.75	)%		8.61	%		12.32	%		(16.75	)%		51.10	%		219.45	%
Fund Market		(5.82	)		(16.67	)		8.62			12.32			(16.67	)		51.21			219.57
Index		(5.93	)		(16.74	)		8.76			12.52			(16.74	)		52.18			225.26

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Large Core Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Large-Mid Cap Index^SM.

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 of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$          940.60	$         0.15			$       1,000.00	$       1,025.05	$         0.15		0.03	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	26.3	%
Health Care	14.9
Financials	11.6
Consumer Discretionary	11.0
Industrials	8.6
Communication Services	7.2
Consumer Staples	6.6
Energy	5.3
Real Estate	3.0
Utilities	2.9
Materials	2.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	6.6	%
Microsoft Corp.	4.9
Amazon.com, Inc.	2.6
Tesla, Inc.	1.7
Alphabet, Inc., Class A	1.6
Berkshire Hathaway, Inc., Class B	1.5
UnitedHealth Group, Inc.	1.5
Alphabet, Inc., Class C, NVS	1.5
Exxon Mobil Corp.	1.3
Johnson & Johnson	1.3

^(a) Excludes money market funds.

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

Fund Summary as of October 31, 2022 iShares^® Morningstar Value ETF

Investment Objective

The iShares MorningstarValue 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 Morningstar^® US Large-Mid Cap Broad 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		(2.37	)%		(4.40	)%		7.23	%		9.74	%		(4.40	)%		41.75	%		153.28	%
Fund Market		(2.33	)		(4.40	)		7.24			9.74			(4.40	)		41.85			153.35
Index		(2.36	)		(4.35	)		7.42			9.97			(4.35	)		43.03			158.78

Index performance through March 21, 2021 reflects the performance of the Morningstar^® US Large Value Index^SM. Index performance beginning on March 22, 2021 reflects the performance of the Morningstar^® US Large-Mid Cap Broad Value Index^SM.

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 of sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)	Ending Account Value (10/31/22)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$       1,000.00	$          976.30	$       0.20			$       1,000.00	$       1,025.00	$         0.20		0.04	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Health Care	18.2	%
Financials	17.7
Information Technology	12.3
Industrials	10.9
Consumer Staples	9.6
Energy	8.3
Communication Services	6.7
Consumer Discretionary	5.8
Utilities	5.0
Materials	2.9
Real Estate	2.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Apple Inc.	3.8	%
Berkshire Hathaway, Inc., Class B	2.8
Exxon Mobil Corp.	2.4
Johnson & Johnson	2.4
JPMorgan Chase & Co.	2.0
Chevron Corp.	1.7
Procter & Gamble Co.	1.7
UnitedHealth Group, Inc.	1.5
Pfizer, Inc.	1.4
AbbVie, Inc.	1.4

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

Schedule of Investments (unaudited) October 31, 2022 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.3%
Huntington Ingalls Industries, Inc.		2,621	$	673,781
Textron, Inc.		13,553		927,567
				1,601,348
Air Freight & Logistics — 0.4%
CH Robinson Worldwide, Inc.		10,005		977,689
Expeditors International of Washington, Inc.		8,863		867,244
GXO Logistics, Inc.(a)		5,650		206,451
				2,051,384
Airlines — 1.4%
American Airlines Group, Inc.(a)		79,002		1,120,248
Delta Air Lines, Inc.(a)		30,344		1,029,572
Southwest Airlines Co.(a)		71,998		2,617,127
United Airlines Holdings, Inc.(a)		39,581		1,705,150
				6,472,097
Auto Components — 0.8%
Aptiv PLC(a)		13,605		1,239,007
BorgWarner, Inc.		28,669		1,075,948
Gentex Corp.		13,860		367,151
Lear Corp.		7,214		1,000,654
				3,682,760
Banks — 6.1%
Citizens Financial Group, Inc.		60,143		2,459,849
Comerica, Inc.		15,874		1,119,117
Commerce Bancshares, Inc.		13,254		938,913
Cullen/Frost Bankers, Inc.		7,795		1,208,615
East West Bancorp, Inc.		17,099		1,223,775
Fifth Third Bancorp		83,264		2,971,692
First Citizens BancShares, Inc., Class A		1,603		1,317,858
First Horizon Corp.		65,145		1,596,704
First Republic Bank		7,804		937,260
Huntington Bancshares, Inc.		175,000		2,656,500
KeyCorp		113,172		2,022,384
M&T Bank Corp.		21,310		3,587,965
Regions Financial Corp.		113,382		2,488,735
Signature Bank		3,408		540,270
SVB Financial Group(a)		4,806		1,109,994
Webster Financial Corp.		21,377		1,159,916
Western Alliance Bancorp		7,958		534,539
Zions Bancorp N.A.		18,215		946,087
				28,820,173
Beverages — 0.2%
Molson Coors Beverage Co., Class B		22,873		1,153,485
Biotechnology — 1.3%
Biogen, Inc.(a)		17,609		4,991,095
United Therapeutics Corp.(a)		5,519		1,272,295
				6,263,390
Building Products — 2.1%
A O Smith Corp.		9,288		508,797
Allegion PLC		5,273		552,452
Builders FirstSource, Inc.(a)		10,793		665,496
Carrier Global Corp.		65,801		2,616,248
Fortune Brands Home & Security, Inc.		15,719		948,170
Lennox International, Inc.		2,413		563,605
Masco Corp.		27,323		1,264,235
Owens Corning		7,636		653,718
Trane Technologies PLC		12,873		2,054,917
				9,827,638

Security	Shares		Value
Capital Markets — 5.2%
Ameriprise Financial, Inc.		13,126	$	4,057,509
Bank of New York Mellon Corp.		89,233		3,757,602
Carlyle Group, Inc.		26,256		742,520
Coinbase Global, Inc., Class A(a)		19,071		1,263,454
Franklin Resources, Inc.		34,388		806,399
Invesco Ltd.		55,069		843,657
Jefferies Financial Group, Inc.		22,518		774,844
KKR & Co., Inc.		28,637		1,392,617
Nasdaq, Inc.		20,472		1,274,177
Northern Trust Corp.		25,286		2,132,874
Raymond James Financial, Inc.		9,548		1,128,001
SEI Investments Co.		5,634		305,926
State Street Corp.		44,608		3,300,992
T Rowe Price Group, Inc.		27,387		2,907,404
				24,687,976
Chemicals — 4.0%
Celanese Corp.		12,096		1,162,667
CF Industries Holdings, Inc.		24,179		2,569,261
DuPont de Nemours, Inc.		36,003		2,059,372
Eastman Chemical Co.		14,902		1,144,623
FMC Corp.		8,817		1,048,341
International Flavors & Fragrances, Inc.		30,936		3,019,663
LyondellBasell Industries NV, Class A		30,874		2,360,317
Mosaic Co.		41,896		2,251,910
Olin Corp.		6,504		344,387
PPG Industries, Inc.		15,715		1,794,339
RPM International, Inc.		7,823		739,821
Westlake Corp.		1,654		159,859
				18,654,560
Communications Equipment — 0.9%
Ciena Corp.(a)(b)		7,605		364,280
F5, Inc.(a)		3,009		430,016
Juniper Networks, Inc.		39,220		1,200,132
Motorola Solutions, Inc.		9,844		2,458,145
				4,452,573
Construction & Engineering — 0.4%
AECOM		7,661		576,720
Quanta Services, Inc.(b)		9,586		1,361,596
				1,938,316
Consumer Finance — 1.0%
Ally Financial, Inc.		37,438		1,031,791
Credit Acceptance Corp.(a)(b)		251		116,871
Discover Financial Services		12,251		1,279,739
Synchrony Financial		58,458		2,078,767
				4,507,168
Containers & Packaging — 2.0%
Amcor PLC		182,350		2,111,613
AptarGroup, Inc.		4,335		429,815
Avery Dennison Corp.		3,424		580,539
Ball Corp.		14,726		727,317
Berry Global Group, Inc.(a)		15,150		716,898
Crown Holdings, Inc.		6,540		448,579
International Paper Co.		43,974		1,477,966
Packaging Corp. of America		11,357		1,365,225
Sealed Air Corp.		6,485		308,816
Westrock Co.		30,921		1,053,169
				9,219,937

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Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Distributors — 0.8%
Genuine Parts Co.		17,162	$	3,052,433
LKQ Corp.		15,612		868,652
				3,921,085
Diversified Consumer Services — 0.1%
Service Corp. International		9,909		600,585
Diversified Financial Services — 0.7%
Apollo Global Management, Inc.		25,402		1,406,255
Equitable Holdings, Inc.		42,388		1,297,921
Voya Financial, Inc.		8,059		550,913
				3,255,089
Diversified Telecommunication Services — 0.2%
Lumen Technologies, Inc.		115,950		853,392
Electric Utilities — 6.2%
Alliant Energy Corp.		30,466		1,589,411
Avangrid, Inc.		8,476		344,804
Constellation Energy Corp.		24,364		2,303,373
Edison International		46,284		2,778,891
Entergy Corp.		24,683		2,644,537
Evergy, Inc.		27,863		1,703,265
Eversource Energy		42,038		3,206,659
FirstEnergy Corp.		65,868		2,483,882
NRG Energy, Inc.		13,206		586,346
OGE Energy Corp.		24,336		891,428
PG&E Corp.(a)		195,364		2,916,784
Pinnacle West Capital Corp.		13,755		924,474
PPL Corp.		89,330		2,366,352
Xcel Energy, Inc.		66,374		4,321,611
				29,061,817
Electrical Equipment — 1.2%
AMETEK, Inc.		9,212		1,194,428
Hubbell, Inc.		3,723		884,138
Regal Rexnord Corp.		8,078		1,022,190
Rockwell Automation, Inc.		6,227		1,589,753
Sensata Technologies Holding PLC		18,795		755,747
				5,446,256
Electronic Equipment, Instruments & Components — 1.3%
Arrow Electronics, Inc.(a)		7,771		786,891
CDW Corp.		7,395		1,277,930
Corning, Inc.		50,658		1,629,668
Flex Ltd.(a)		55,213		1,081,071
Jabil, Inc.		16,725		1,074,581
TD SYNNEX Corp.		5,107		467,342
				6,317,483
Energy Equipment & Services — 0.6%
Baker Hughes Co.		53,816		1,488,550
Halliburton Co.		41,028		1,494,240
				2,982,790
Entertainment — 0.8%
AMC Entertainment Holdings, Inc., Class A(a)(b)		62,886		418,821
Electronic Arts, Inc.		12,345		1,554,976
Liberty Media Corp. - Liberty Formula One, Class A(a)		1,132		58,887
Liberty Media Corp. - Liberty Formula One, Class C, NVS(a)		9,760		563,445
Live Nation Entertainment, Inc.(a)		5,708		454,414
Playtika Holding Corp.(a)		7,794		73,653
Take-Two Interactive Software, Inc.(a)		6,246		740,026
				3,864,222

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) — 7.8%
Alexandria Real Estate Equities, Inc.		10,002	$	1,453,291
Americold Realty Trust, Inc.		32,608		790,744
Apartment Income REIT Corp.		9,232		354,786
AvalonBay Communities, Inc.		8,756		1,533,351
Boston Properties, Inc.		17,286		1,256,692
Brixmor Property Group, Inc.		22,590		481,393
CubeSmart		9,826		411,415
Equity LifeStyle Properties, Inc.		6,678		427,125
Equity Residential		23,532		1,482,987
Essex Property Trust, Inc.		4,128		917,407
Extra Space Storage, Inc.		5,132		910,622
Federal Realty Investment Trust		4,496		445,014
Gaming and Leisure Properties, Inc.		31,032		1,555,324
Healthpeak Properties, Inc.		26,805		636,083
Iron Mountain, Inc.		35,286		1,766,770
Kilroy Realty Corp.		7,137		305,035
Kimco Realty Corp.		74,904		1,601,447
Lamar Advertising Co., Class A		6,509		600,325
Life Storage, Inc.		3,984		440,670
Medical Properties Trust, Inc.		72,513		830,274
Mid-America Apartment Communities, Inc.		5,865		923,444
National Retail Properties, Inc.		21,552		905,830
Realty Income Corp.		45,526		2,834,904
Regency Centers Corp.		8,084		489,163
STORE Capital Corp.		32,168		1,022,942
UDR, Inc.		13,635		542,128
Ventas, Inc.		48,506		1,898,040
VICI Properties, Inc.		116,864		3,741,985
Vornado Realty Trust		19,511		460,264
Welltower, Inc.		33,055		2,017,677
Weyerhaeuser Co.		50,477		1,561,254
WP Carey, Inc.		25,188		1,921,844
				36,520,230
Food & Staples Retailing — 1.8%
Albertsons Cos., Inc., Class A		19,329		396,438
BJ’s Wholesale Club Holdings, Inc.(a)		10,286		796,136
Kroger Co.		79,013		3,736,525
U.S. Foods Holding Corp.(a)		14,637		435,597
Walgreens Boots Alliance, Inc.		87,044		3,177,106
				8,541,802
Food Products — 3.6%
Bunge Ltd.		18,439		1,819,929
Campbell Soup Co.		24,422		1,292,168
Conagra Brands, Inc.		58,256		2,137,995
Darling Ingredients, Inc.(a)(b)		12,424		975,036
Hershey Co.		6,280		1,499,476
Hormel Foods Corp.		18,964		880,878
JM Smucker Co.		12,931		1,948,184
Kellogg Co.		30,953		2,377,809
Lamb Weston Holdings, Inc.		6,169		531,891
McCormick & Co., Inc., NVS		14,401		1,132,495
Tyson Foods, Inc., Class A		35,143		2,402,024
				16,997,885
Gas Utilities — 0.6%
Atmos Energy Corp.		16,981		1,809,325
UGI Corp.		25,348		895,545
				2,704,870
Health Care Equipment & Supplies — 1.3%
Baxter International, Inc.		32,716		1,778,114
Dentsply Sirona, Inc.		16,380		504,832

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Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Hologic, Inc.(a)		13,920	$	943,776
Zimmer Biomet Holdings, Inc.		25,460		2,885,891
				6,112,613
Health Care Providers & Services — 3.1%
AmerisourceBergen Corp.		18,862		2,965,484
Cardinal Health, Inc.		33,058		2,509,102
Chemed Corp.		889		415,047
DaVita, Inc.(a)(b)		3,999		291,967
Henry Schein, Inc.(a)		16,516		1,130,685
Laboratory Corp. of America Holdings		10,970		2,433,804
Molina Healthcare, Inc.(a)		3,486		1,250,986
Quest Diagnostics, Inc.		14,150		2,032,648
Tenet Healthcare Corp.(a)		13,065		579,563
Universal Health Services, Inc., Class B		7,956		921,862
				14,531,148
Hotels, Restaurants & Leisure — 1.7%
Aramark		31,329		1,143,508
Carnival Corp.(a)(b)		119,843		1,085,778
Darden Restaurants, Inc.		8,180		1,170,885
Expedia Group, Inc.(a)		9,987		933,485
Las Vegas Sands Corp.(a)		39,902		1,516,675
Norwegian Cruise Line Holdings Ltd.(a)(b)		51,080		862,741
Royal Caribbean Cruises Ltd.(a)		11,647		621,717
Wynn Resorts Ltd.(a)		12,529		800,603
				8,135,392
Household Durables — 2.0%
DR Horton, Inc.		20,715		1,592,569
Garmin Ltd.		11,788		1,037,816
Lennar Corp., Class A		30,941		2,496,939
Lennar Corp., Class B		1,763		114,983
Mohawk Industries, Inc.(a)		6,388		605,263
Newell Brands, Inc.		45,595		629,667
NVR, Inc.(a)		159		673,802
PulteGroup, Inc.		28,090		1,123,319
Whirlpool Corp.		6,622		915,425
				9,189,783
Household Products — 0.6%
Church & Dwight Co., Inc.		10,080		747,230
Clorox Co.		14,945		2,182,568
				2,929,798
Independent Power and Renewable Electricity Producers — 0.7%
AES Corp.		81,049		2,120,242
Vistra Corp.		47,378		1,088,273
				3,208,515
Insurance — 6.4%
Aflac, Inc.		69,778		4,543,246
Allstate Corp.		32,799		4,140,874
American Financial Group, Inc.		8,487		1,231,549
Arch Capital Group Ltd.(a)		26,647		1,532,202
Arthur J. Gallagher & Co.		9,313		1,742,276
Assurant, Inc.		3,746		508,932
Cincinnati Financial Corp.		7,887		814,885
CNA Financial Corp.		3,246		135,358
Erie Indemnity Co., Class A, NVS		1,544		396,823
Everest Re Group Ltd.		2,493		804,391
Fidelity National Financial, Inc.		33,490		1,318,836
Globe Life, Inc.		11,010		1,271,875
Hartford Financial Services Group, Inc.		39,211		2,839,269
Lincoln National Corp.		18,844		1,015,126
Loews Corp.		13,542		772,165

Security	Shares		Value
Insurance (continued)
Markel Corp.(a)		652	$	786,377
Old Republic International Corp.		34,780		807,244
Principal Financial Group, Inc.		28,126		2,478,744
Reinsurance Group of America, Inc.		8,145		1,198,700
W. R. Berkley Corp.		8,993		668,899
Willis Towers Watson PLC		5,177		1,129,673
				30,137,444
Interactive Media & Services — 0.1%
IAC, Inc.(a)		5,843		284,437
Internet & Direct Marketing Retail — 0.6%
eBay, Inc.		66,662		2,655,814
IT Services — 0.8%
Akamai Technologies, Inc.(a)		7,928		700,280
Concentrix Corp.		1,941		237,248
DXC Technology Co.(a)		27,828		800,055
FleetCor Technologies, Inc.(a)		3,438		639,881
Genpact Ltd.		11,701		567,499
SS&C Technologies Holdings, Inc.		16,559		851,464
				3,796,427
Leisure Products — 0.2%
Hasbro, Inc.		7,889		514,757
Mattel, Inc.(a)		21,979		416,722
				931,479
Life Sciences Tools & Services — 0.1%
Syneos Health, Inc.(a)		8,015		403,796
Machinery — 4.3%
AGCO Corp.		4,913		610,047
Cummins, Inc.		17,109		4,183,322
Dover Corp.		8,623		1,126,940
Fortive Corp.		21,947		1,402,413
Lincoln Electric Holdings, Inc.		2,304		327,168
Middleby Corp.(a)		3,341		467,272
Otis Worldwide Corp.		24,136		1,704,967
PACCAR, Inc.		27,733		2,685,386
Parker-Hannifin Corp.		9,411		2,735,025
Pentair PLC		13,136		564,191
Snap-on, Inc.		6,452		1,432,667
Stanley Black & Decker, Inc.		17,902		1,405,128
Toro Co.		5,376		566,792
Westinghouse Air Brake Technologies Corp.		13,033		1,215,718
				20,427,036
Media — 1.9%
Cable One, Inc.		274		235,484
DISH Network Corp., Class A(a)(b)		30,428		453,681
Fox Corp., Class A, NVS		37,100		1,071,077
Fox Corp., Class B		17,048		463,706
Interpublic Group of Cos., Inc.		47,392		1,411,808
Liberty Media Corp. - Liberty SiriusXM, Class A(a)(b)		9,030		383,233
Liberty Media Corp. - Liberty SiriusXM, Class C, NVS(a)		18,545		782,413
News Corp., Class A, NVS		46,687		787,610
News Corp., Class B		14,466		247,803
Omnicom Group, Inc.		24,864		1,808,856
Paramount Global, Class A(b)		1,107		23,335
Paramount Global, Class B, NVS		61,228		1,121,697
Sirius XM Holdings, Inc.(b)		31,850		192,374
				8,983,077
Metals & Mining — 1.2%
Alcoa Corp.		21,892		854,445

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Cleveland-Cliffs, Inc.(a)(b)		62,865	$	816,616
Reliance Steel & Aluminum Co.		7,307		1,472,214
Steel Dynamics, Inc.		21,057		1,980,411
United States Steel Corp.		28,742		585,187
				5,708,873
Mortgage Real Estate Investment Trusts (REITs) — 0.2%
Annaly Capital Management, Inc.		53,249		987,769
Multiline Retail — 0.6%
Dollar Tree, Inc.(a)(b)		10,662		1,689,927
Kohl’s Corp.		15,615		467,669
Macy’s, Inc.		32,652		680,794
				2,838,390
Multi-Utilities — 4.3%
Ameren Corp.		31,351		2,555,734
CenterPoint Energy, Inc.		76,386		2,185,403
CMS Energy Corp.		19,990		1,140,430
Consolidated Edison, Inc.		43,026		3,784,567
DTE Energy Co.		23,509		2,635,594
NiSource, Inc.		49,196		1,263,845
Public Service Enterprise Group, Inc.		60,533		3,394,085
WEC Energy Group, Inc.		38,276		3,495,747
				20,455,405
Oil, Gas & Consumable Fuels — 7.8%
Antero Resources Corp.(a)(b)		34,224		1,254,652
APA Corp.		17,546		797,641
Chesapeake Energy Corp.		11,728		1,199,422
Continental Resources, Inc.		6,595		487,832
Coterra Energy, Inc.		35,491		1,104,835
Devon Energy Corp.		79,455		6,145,843
Diamondback Energy, Inc.		21,569		3,388,706
EQT Corp.		18,093		757,011
Hess Corp.		22,059		3,112,084
Kinder Morgan, Inc., Class P		240,580		4,359,310
Marathon Oil Corp.		82,220		2,503,599
ONEOK, Inc.		31,527		1,870,182
Ovintiv, Inc.		30,872		1,563,667
Phillips 66		58,373		6,087,720
Southwestern Energy Co.(a)		135,555		939,396
Targa Resources Corp.		17,669		1,208,029
				36,779,929
Pharmaceuticals — 1.1%
Jazz Pharmaceuticals PLC(a)		7,622		1,095,967
Organon & Co.		30,792		806,135
Royalty Pharma PLC, Class A		44,559		1,885,737
Viatris, Inc.		146,929		1,488,391
				5,276,230
Professional Services — 0.9%
Booz Allen Hamilton Holding Corp., Class A		8,088		880,379
Dun & Bradstreet Holdings, Inc.		18,001		231,313
Jacobs Solutions, Inc.		8,050		927,521
Leidos Holdings, Inc.		16,579		1,684,261
Robert Half International, Inc.		6,651		508,535
				4,232,009
Real Estate Management & Development — 0.6%
CBRE Group, Inc., Class A(a)		25,095		1,780,239
Jones Lang LaSalle, Inc.(a)		5,823		926,381
				2,706,620
Road & Rail — 0.4%
AMERCO		567		326,133

Security	Shares		Value
Road & Rail (continued)
Avis Budget Group, Inc.(a)		1,584	$	374,552
Hertz Global Holdings, Inc.(a)(b)		21,821		401,506
Knight-Swift Transportation Holdings, Inc., Class A		9,726		467,140
Lyft, Inc., Class A(a)(b)		17,562		257,108
				1,826,439
Semiconductors & Semiconductor Equipment — 0.7%
First Solar, Inc.(a)		6,653		968,477
Qorvo, Inc. (a)		7,289		627,437
Skyworks Solutions, Inc.		13,172		1,132,924
Wolfspeed, Inc.(a)		9,240		727,650
				3,456,488
Software — 0.4%
Gen Digital, Inc.		71,883		1,619,524
Guidewire Software, Inc.(a)		6,038		358,718
				1,978,242
Specialty Retail — 2.1%
Advance Auto Parts, Inc.		3,919		744,296
AutoNation, Inc.(a)(b)		4,677		497,212
AutoZone, Inc.(a)		938		2,375,841
Bath & Body Works, Inc.		18,862		629,614
Best Buy Co., Inc.		24,329		1,664,347
CarMax, Inc.(a)(b)		10,234		644,844
GameStop Corp., Class A(a)(b)		16,905		478,580
Lithia Motors, Inc.(b)		1,686		334,081
Penske Automotive Group, Inc.(b)		3,145		351,045
RH(a)(b)		1,191		302,431
Tractor Supply Co.		5,484		1,205,219
Williams-Sonoma, Inc.		4,640		574,571
				9,802,081
Technology Hardware, Storage & Peripherals — 2.2%
Dell Technologies, Inc., Class C		32,239		1,237,978
Hewlett Packard Enterprise Co.		157,664		2,249,865
HP, Inc.		110,427		3,049,994
NetApp, Inc.		17,170		1,189,366
Seagate Technology Holdings PLC		23,664		1,175,154
Western Digital Corp.(a)		37,949		1,304,307
				10,206,664
Textiles, Apparel & Luxury Goods — 0.3%
Capri Holdings Ltd.(a)(b)		10,904		498,095
Tapestry, Inc.		30,591		969,123
				1,467,218
Trading Companies & Distributors — 0.9%
Fastenal Co.		28,224		1,364,066
United Rentals, Inc.(a)		4,133		1,304,829
Watsco, Inc.		1,536		416,195
WW Grainger, Inc.		2,217		1,295,504
				4,380,594
Water Utilities — 0.4%
American Water Works Co., Inc.		8,521		1,238,442
Essential Utilities, Inc.		11,670		516,048
				1,754,490
Total Long-Term Investments — 99.7% (Cost: $446,353,636)				469,984,511

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 2.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)(e)		9,403,921	$	9,402,040
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)(d)		719,799		719,799
Total Short-Term Securities — 2.2% (Cost: $10,121,241)				10,121,839
Total Investments — 101.9% (Cost: $456,474,877)				480,106,350
Liabilities in Excess of Other Assets — (1.9)%				(8,858,829	)
Net Assets — 100.0%			$	471,247,521

^(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 October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer		Value at 04/30/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22	Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	10,213,576	$	—	$	(808,845	)(a)	$	(766	)	$	(1,925	)	$	9,402,040	9,403,921	$	66,919	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		865,000		—		(145,201	)(a)		—			—			719,799	719,799		6,524			—
								$	(766	)	$	(1,925	)	$	10,121,839		$	73,443		$	—

^(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 Utilities Select Sector Index		7		12/16/22	$    473	$	3,395
S&P Mid 400 E-Mini Index		3		12/16/22	732		39,103
						$	42,498

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Mid-Cap 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
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	42,498	$	—	$	—	$	—	$	42,498

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

For the period ended October 31, 2022, 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	$	—	$	—	$	(120,383	)	$	—	$	—	$	—	$	(120,383	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	76,354		$	—	$	—	$	—	$	76,354

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,343,025

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	$	469,984,511	$	—	$	—	$	469,984,511
Short-Term Securities
Money Market Funds		10,121,839		—		—		10,121,839
	$	480,106,350	$	—	$	—	$	480,106,350
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	42,498	$	—	$	—	$	42,498

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

Schedule of Investments (unaudited) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security		Shares		Value
Common Stocks
Aerospace & Defense — 1.4%
AAR Corp.(a)			2,017	$	89,393
Aerojet Rocketdyne Holdings, Inc.(a)			4,477		216,911
AeroVironment, Inc.(a)			1,493		136,609
AerSale Corp.(a)	��		884		18,741
Archer Aviation, Inc., Class A(a)(b)			8,216		23,416
Astra Space, Inc.(a)			7,719		4,866
BWX Technologies, Inc.			5,419		308,775
Cadre Holdings, Inc.(b)			893		26,227
Curtiss-Wright Corp.			2,272		381,310
Ducommun, Inc.(a)			671		31,678
Hexcel Corp.			4,984		277,609
Kaman Corp.			1,649		52,933
Kratos Defense & Security Solutions, Inc.(a)			7,527		83,399
Maxar Technologies, Inc.			4,417		98,676
Mercury Systems, Inc.(a)			3,430		166,012
Moog, Inc., Class A			1,721		145,855
National Presto Industries, Inc.			298		21,006
Parsons Corp.(a)(b)			1,988		93,197
Redwire Corp.(a)			985		2,699
Rocket Lab U.S.A., Inc.(a)			12,648		64,378
Spirit AeroSystems Holdings, Inc., Class A			6,263		145,051
Terran Orbital Corp.(a)(b)			3,187		8,350
Triumph Group, Inc.(a)			3,826		34,625
V2X, Inc.(a)			643		26,356
Virgin Galactic Holdings, Inc.(a)			13,222		61,086
Woodward, Inc.			3,560		326,452
					2,845,610
Air Freight & Logistics — 0.3%
Air Transport Services Group, Inc.(a)			3,474		101,441
Atlas Air Worldwide Holdings, Inc.(a)			1,533		155,048
Forward Air Corp.			1,601		169,498
Hub Group, Inc., Class A(a)			1,999		155,122
					581,109
Airlines — 0.5%
Alaska Air Group, Inc.(a)			7,500		333,450
Allegiant Travel Co.(a)			912		68,446
Blade Air Mobility, Inc.(a)			3,147		14,161
Frontier Group Holdings, Inc.(a)			2,189		28,698
Hawaiian Holdings, Inc.(a)			3,022		43,607
JetBlue Airways Corp.(a)			19,195		154,328
Joby Aviation, Inc.(a)(b)			16,767		80,817
SkyWest, Inc.(a)			2,998		53,005
Spirit Airlines, Inc.(a)			6,506		143,132
Sun Country Airlines Holdings, Inc.(a)			1,902		30,964
Wheels Up Experience, Inc.(a)(b)			9,987		17,677
					968,285
Auto Components — 1.2%
Adient PLC(a)			5,635		197,112
American Axle & Manufacturing Holdings, Inc.(a)			6,804		65,931
Autoliv, Inc.			4,636		372,502
Dana, Inc.			7,510		119,860
Dorman Products, Inc.(a)			1,681		137,203
Fox Factory Holding Corp.(a)			2,504		219,976
Garrett Motion, Inc.(a)(b)			3,430		22,775
Gentherm, Inc.(a)	��		1,981		115,730
Goodyear Tire & Rubber Co.(a)			16,794		213,284
Holley, Inc.(a)(b)			2,941		11,705
LCI Industries			1,498		158,953
Luminar Technologies, Inc.(a)(b)			13,714		110,946
Modine Manufacturing Co.(a)			3,065		54,925

Security	Shares		Value
Auto Components (continued)
Patrick Industries, Inc.		1,294	$	59,149
QuantumScape Corp.(a)(b)		16,236		135,246
Solid Power, Inc.(a)		6,616		37,116
Standard Motor Products, Inc.		1,123		42,595
Stoneridge, Inc.(a)		1,614		33,684
Tenneco, Inc., Class A(a)(b)		4,918		96,885
Visteon Corp.(a)		1,668		217,624
XPEL, Inc.(a)(b)		1,151		79,638
				2,502,839
Automobiles — 0.4%
Canoo, Inc.(a)(b)		8,879		12,164
Faraday Future Intelligent Electric, Inc.(a)(b)		6,920		3,738
Fisker, Inc.(a)(b)		8,599		70,082
Harley-Davidson, Inc.		7,872		338,496
Lordstown Motors Corp., Class A(a)(b)		9,731		17,613
Mullen Automotive, Inc.(a)(b)		23,697		11,289
Thor Industries, Inc.		3,231		263,230
Winnebago Industries, Inc.		1,870		111,620
Workhorse Group, Inc.(a)(b)		9,592		25,898
				854,130
Banks — 8.4%
1st Source Corp.		1,224		71,188
Amerant Bancorp, Inc.		1,552		46,715
Ameris Bancorp		4,027		207,431
Associated Banc-Corp.		9,121		222,096
Atlantic Union Bankshares Corp.		4,527		156,363
Banc of California, Inc.		3,601		60,065
BancFirst Corp.		1,043		99,940
Bancorp, Inc.(a)		2,833		78,134
Bank of Hawaii Corp.		2,551		193,748
Bank of Marin Bancorp		971		35,053
Bank OZK		6,813		292,823
BankUnited, Inc.		4,384		157,605
Banner Corp.		1,557		116,386
Berkshire Hills Bancorp, Inc.		2,458		71,897
BOK Financial Corp.		1,753		193,163
Brookline Bancorp, Inc.		3,486		47,933
Byline Bancorp, Inc.		1,481		34,241
Cadence Bank		9,893		273,541
Cambridge Bancorp		465		40,850
Camden National Corp.		963		41,910
Carter Bankshares, Inc.(a)		1,570		28,103
Cathay General Bancorp		4,622		210,763
Central Pacific Financial Corp.		531		10,896
City Holding Co.		657		66,258
Coastal Financial Corp.(a)		642		29,930
Columbia Banking System, Inc.		4,143		138,666
Community Bank System, Inc.		3,105		193,845
Community Trust Bancorp, Inc.		1,105		52,255
ConnectOne Bancorp, Inc.		2,200		55,110
CrossFirst Bankshares, Inc.(a)		2,702		37,585
Customers Bancorp, Inc.(a)		1,896		63,876
CVB Financial Corp.		7,816		224,476
Dime Community Bancshares, Inc.		1,960		67,679
Eagle Bancorp, Inc.		1,806		81,776
Eastern Bankshares, Inc.		9,678		185,527
Enterprise Financial Services Corp.		2,296		122,767
Equity Bancshares, Inc., Class A		911		32,541
Farmers National Banc Corp.		2,004		27,535
FB Financial Corp.		2,167		90,927
Financial Institutions, Inc.		1,131		26,952
First Bancorp		2,074		92,438

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) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
First BanCorp		10,188	$	160,869
First Bancshares, Inc.		1,482		48,521
First Busey Corp.		3,339		88,183
First Commonwealth Financial Corp.		4,054		58,134
First Financial Bancorp		4,193		109,312
First Financial Bankshares, Inc.		7,680		295,603
First Financial Corp.		776		37,628
First Foundation, Inc.		3,195		50,992
First Hawaiian, Inc.		7,621		194,945
First Internet Bancorp		559		14,361
First Interstate BancSystem, Inc., Class A		5,390		245,838
First Merchants Corp.		3,565		160,068
First Mid Bancshares, Inc.		1,275		45,658
First of Long Island Corp.		1,556		27,354
Flushing Financial Corp.		1,921		37,844
FNB Corp.		21,883		316,209
Fulton Financial Corp.		10,282		187,441
German American Bancorp, Inc.		1,784		70,093
Glacier Bancorp, Inc.		6,577		376,731
Great Southern Bancorp, Inc.		658		40,783
Hancock Whitney Corp.		5,166		288,624
Hanmi Financial Corp.		1,167		31,252
HarborOne Bancorp, Inc.		2,929		44,609
Heartland Financial U.S.A., Inc.		2,360		116,395
Heritage Commerce Corp.		3,959		56,614
Heritage Financial Corp.		1,430		48,177
Hilltop Holdings, Inc.		2,801		81,089
Home BancShares, Inc.		11,391		290,357
HomeStreet, Inc.		1,070		27,777
HomeTrust Bancshares, Inc.		897		21,555
Hope Bancorp, Inc.		5,422		73,577
Horizon Bancorp, Inc.		2,502		37,305
Independent Bank Corp./MA		2,673		232,578
Independent Bank Corp./MI		1,660		38,396
Independent Bank Group, Inc.		2,159		136,211
International Bancshares Corp.		3,192		158,323
Lakeland Bancorp, Inc.		4,241		79,095
Lakeland Financial Corp.		1,569		129,678
Live Oak Bancshares, Inc.		1,939		62,959
Mercantile Bank Corp.		1,017		35,544
Metropolitan Bank Holding Corp.(a)		654		43,164
Midland States Bancorp, Inc.		1,462		40,994
MVB Financial Corp.		657		16,267
National Bank Holdings Corp., Class A		1,816		79,577
NBT Bancorp, Inc.		2,022		95,823
Nicolet Bankshares, Inc.(a)(b)		750		57,218
Northwest Bancshares, Inc.		6,509		98,026
OceanFirst Financial Corp.		3,824		86,346
OFG Bancorp		2,383		66,438
Old National Bancorp		17,388		340,109
Old Second Bancorp, Inc.		2,492		39,872
Origin Bancorp, Inc.		1,802		74,477
Pacific Premier Bancorp, Inc.		5,451		198,471
PacWest Bancorp		7,062		175,561
Park National Corp.		921		135,848
Pathward Financial, Inc.		1,755		73,763
Peapack-Gladstone Financial Corp.		1,118		44,239
Peoples Bancorp, Inc.		1,827		55,303
Pinnacle Financial Partners, Inc.		4,525		375,530
Popular, Inc.		4,463		315,623
Premier Financial Corp.		2,307		66,557
Prosperity Bancshares, Inc.		5,501		393,707

Security	Shares		Value
Banks (continued)
QCR Holdings, Inc.(b)		1,083	$	54,919
Renasant Corp.		3,180		128,377
S&T Bancorp, Inc.		2,069		78,229
Sandy Spring Bancorp, Inc.		2,778		98,452
Seacoast Banking Corp. of Florida		3,749		115,844
ServisFirst Bancshares, Inc.		2,894		218,005
Silvergate Capital Corp., Class A(a)		1,893		107,447
Simmons First National Corp., Class A		6,638		158,449
Southern First Bancshares, Inc.(a)		494		22,072
Southside Bancshares, Inc.		1,959		67,076
SouthState Corp.		4,494		406,392
Stellar Bancorp, Inc.		2,719		89,292
Stock Yards Bancorp, Inc.		1,753		137,067
Synovus Financial Corp.		8,711		347,133
Texas Capital Bancshares, Inc.(a)		2,978		178,680
Tompkins Financial Corp.		816		67,597
Towne Bank		4,245		139,830
TriCo Bancshares		2,034		117,789
Triumph Bancorp, Inc.(a)		1,427		73,491
Trustmark Corp.		3,772		137,942
UMB Financial Corp.		2,655		220,949
Umpqua Holdings Corp.		13,085		260,130
United Bankshares, Inc.		8,027		339,943
United Community Banks, Inc.		5,926		228,151
Univest Financial Corp.		1,912		53,804
Valley National Bancorp		25,035		297,165
Veritex Holdings, Inc.		3,247		102,540
Washington Federal, Inc.		4,028		155,884
Washington Trust Bancorp, Inc.		1,148		55,678
WesBanco, Inc.		3,671		148,455
Westamerica BanCorp		1,491		93,530
Wintrust Financial Corp.		3,625		339,372
				16,750,266
Beverages — 0.4%
Boston Beer Co., Inc., Class A, NVS(a)		565		210,909
Celsius Holdings, Inc.(a)(b)		2,378		216,588
Coca-Cola Consolidated, Inc.		276		134,415
Duckhorn Portfolio, Inc.(a)		2,489		36,389
MGP Ingredients, Inc.(b)		922		103,310
National Beverage Corp.		1,365		64,728
Vintage Wine Estates, Inc.(a)(b)		2,448		6,781
Vita Coco Co., Inc.(a)		1,406		14,426
				787,546
Biotechnology — 5.8%
4D Molecular Therapeutics, Inc.(a)(b)		1,698		14,705
Absci Corp.(a)(b)		2,675		8,453
ACADIA Pharmaceuticals, Inc.(a)		7,139		114,438
Adicet Bio, Inc.(a)		1,823		30,061
ADMA Biologics, Inc.(a)		10,524		29,678
Agenus, Inc.(a)(b)		15,449		38,777
Agios Pharmaceuticals, Inc.(a)(b)		3,291		90,634
Akero Therapeutics, Inc.(a)		1,752		74,040
Albireo Pharma, Inc.(a)(b)		1,009		20,705
Alector, Inc.(a)		3,573		32,872
Alkermes PLC(a)		9,730		220,871
Allogene Therapeutics, Inc.(a)(b)		5,324		54,837
ALX Oncology Holdings, Inc.(a)(b)		1,285		15,600
Amicus Therapeutics, Inc.(a)		14,835		148,350
AnaptysBio, Inc.(a)(b)		1,207		34,822
Anavex Life Sciences Corp.(a)(b)		4,680		56,956
Apellis Pharmaceuticals, Inc.(a)		5,522		334,026
Arcellx, Inc.(a)		1,586		37,239

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Arcturus Therapeutics Holdings, Inc.(a)(b)		1,448	$	25,630
Arcus Biosciences, Inc.(a)		3,120		79,498
Arcutis Biotherapeutics, Inc.(a)		2,340		41,371
Arrowhead Pharmaceuticals, Inc.(a)		6,283		218,711
Atara Biotherapeutics, Inc.(a)(b)		5,707		26,595
Avid Bioservices, Inc.(a)		3,631		61,509
Avidity Biosciences, Inc.(a)		3,061		43,711
Beam Therapeutics, Inc.(a)(b)		3,518		155,003
BioCryst Pharmaceuticals, Inc.(a)		11,063		147,691
Bioxcel Therapeutics, Inc.(a)(b)		1,211		15,246
Blueprint Medicines Corp.(a)		3,547		183,876
Bridgebio Pharma, Inc.(a)(b)		6,280		65,500
C4 Therapeutics, Inc.(a)		2,521		24,252
CareDx, Inc.(a)		3,150		62,717
Caribou Biosciences, Inc.(a)		3,163		30,808
Catalyst Pharmaceuticals, Inc.(a)		5,684		78,837
Celldex Therapeutics, Inc.(a)		2,756		96,818
Century Therapeutics, Inc.(a)		1,190		12,495
Cerevel Therapeutics Holdings, Inc.(a)		3,826		106,975
Chimerix, Inc.(a)		5,154		9,123
Chinook Therapeutics, Inc.(a)		2,593		56,398
Coherus Biosciences, Inc.(a)		3,902		33,947
Crinetics Pharmaceuticals, Inc.(a)		2,592		47,848
CRISPR Therapeutics AG(a)(b)		4,617		241,654
CTI BioPharma Corp.(a)		5,642		27,646
Cullinan Oncology, Inc.(a)		1,695		22,272
Cytokinetics, Inc.(a)		5,572		243,274
Day One Biopharmaceuticals, Inc.(a)		1,596		33,739
Deciphera Pharmaceuticals, Inc.(a)(b)		2,889		46,860
Denali Therapeutics, Inc.(a)		6,419		184,097
Design Therapeutics, Inc.(a)(b)		1,741		27,194
Dynavax Technologies Corp.(a)(b)		6,920		79,234
Dyne Therapeutics, Inc.(a)		1,501		17,111
Eagle Pharmaceuticals, Inc.(a)		660		20,770
Editas Medicine, Inc.(a)		4,046		50,777
Emergent BioSolutions, Inc.(a)		2,610		54,445
Enanta Pharmaceuticals, Inc.(a)		1,147		51,741
Enochian Biosciences, Inc.(a)(b)		1,022		2,075
EQRx, Inc.(a)		13,622		70,017
Erasca, Inc.(a)(b)		3,507		28,652
Exelixis, Inc.(a)		19,037		315,633
Fate Therapeutics, Inc.(a)(b)		4,918		102,885
FibroGen, Inc.(a)		5,137		83,630
Foghorn Therapeutics, Inc.(a)		1,170		10,226
Gelesis Holdings, Inc.(a)		1,646		613
Generation Bio Co.(a)(b)		2,673		13,686
Geron Corp.(a)		19,132		42,473
Gossamer Bio, Inc.(a)(b)		4,528		50,261
GreenLight Biosciences Holdings PBC(a)		4,624		8,231
Halozyme Therapeutics, Inc.(a)		8,148		389,556
Heron Therapeutics, Inc.(a)		5,971		22,988
HilleVax, Inc.(a)		777		16,612
Humacyte, Inc.(a)(b)		2,975		10,249
Ideaya Biosciences, Inc.(a)		1,998		33,746
IGM Biosciences, Inc.(a)(b)		520		10,400
Imago Biosciences, Inc.(a)		1,420		24,140
ImmunityBio, Inc.(a)(b)		6,059		33,325
ImmunoGen, Inc.(a)		11,702		69,510
Immunovant, Inc.(a)		2,642		29,590
Inhibrx, Inc.(a)(b)		1,588		51,102
Inovio Pharmaceuticals, Inc.(a)		14,641		31,625
Insmed, Inc.(a)(b)		7,925		137,261

Security	Shares		Value
Biotechnology (continued)
Instil Bio, Inc.(a)(b)		3,625	$	11,963
Intellia Therapeutics, Inc.(a)		4,504		237,721
Intercept Pharmaceuticals, Inc.(a)(b)		1,497		20,763
Ionis Pharmaceuticals, Inc.(a)(b)		8,430		372,606
Iovance Biotherapeutics, Inc.(a)(b)		8,079		75,458
Ironwood Pharmaceuticals, Inc.(a)		7,984		87,345
iTeos Therapeutics, Inc.(a)		1,441		28,071
IVERIC bio, Inc.(a)		6,570		157,154
Janux Therapeutics, Inc.(a)(b)		1,005		18,170
Karuna Therapeutics, Inc.(a)		1,583		347,215
Karyopharm Therapeutics, Inc.(a)		4,283		20,387
Keros Therapeutics, Inc.(a)		954		48,024
Kezar Life Sciences, Inc.(a)		3,053		22,943
Krystal Biotech, Inc.(a)		1,283		98,149
Kura Oncology, Inc.(a)		3,625		56,260
Kymera Therapeutics, Inc.(a)(b)		2,156		65,413
Lyell Immunopharma, Inc.(a)		8,406		49,427
MacroGenics, Inc.(a)		3,411		17,464
Madrigal Pharmaceuticals, Inc.(a)(b)		727		51,486
MannKind Corp.(a)(b)		15,507		52,414
MeiraGTx Holdings PLC(a)		1,539		11,189
MiMedx Group, Inc.(a)		6,607		19,557
Mirati Therapeutics, Inc.(a)(b)		2,971		200,008
Mirum Pharmaceuticals, Inc.(a)		1,403		31,638
Monte Rosa Therapeutics, Inc.(a)(b)		1,708		15,714
Morphic Holding, Inc.(a)(b)		1,743		48,821
Myovant Sciences Ltd.(a)		2,534		67,759
Myriad Genetics, Inc.(a)		4,765		98,826
Natera, Inc.(a)		5,747		269,879
Nkarta, Inc.(a)(b)		1,910		24,085
Novavax, Inc.(a)(b)		4,598		102,397
Nurix Therapeutics, Inc.(a)(b)		2,570		32,716
Nuvalent, Inc., Class A(a)		1,078		38,495
Ocugen, Inc.(a)(b)		12,418		21,359
Organogenesis Holdings, Inc.(a)		4,443		14,573
Pardes Biosciences, Inc.(a)		930		1,116
PMV Pharmaceuticals, Inc.(a)		1,909		23,500
Point Biopharma Global, Inc.(a)		3,869		36,098
Praxis Precision Medicines, Inc.(a)		2,186		4,306
Prometheus Biosciences, Inc.(a)		1,745		91,647
Protagonist Therapeutics, Inc.(a)		2,746		22,243
Prothena Corp. PLC(a)(b)		2,107		129,454
PTC Therapeutics, Inc.(a)		4,243		160,470
RAPT Therapeutics, Inc.(a)		1,273		27,777
Recursion Pharmaceuticals, Inc., Class A(a)		7,140		75,327
REGENXBIO, Inc.(a)		2,216		52,453
Relay Therapeutics, Inc.(a)		5,307		117,922
Replimune Group, Inc.(a)		1,881		34,535
REVOLUTION Medicines, Inc.(a)(b)		4,484		90,846
Rigel Pharmaceuticals, Inc.(a)		10,813		7,878
Rocket Pharmaceuticals, Inc.(a)		2,913		54,357
Roivant Sciences Ltd.(a)(b)		6,188		31,806
Sage Therapeutics, Inc.(a)		3,086		116,219
Sana Biotechnology, Inc.(a)(b)		5,262		30,520
Sangamo Therapeutics, Inc.(a)(b)		7,546		33,127
Sarepta Therapeutics, Inc.(a)		5,183		590,966
Seres Therapeutics, Inc.(a)(b)		5,367		47,552
Sorrento Therapeutics, Inc.(a)		22,934		36,006
SpringWorks Therapeutics, Inc.(a)		1,859		44,635
Stoke Therapeutics, Inc.(a)		1,335		19,825
Syndax Pharmaceuticals, Inc.(a)		3,124		71,727
Tango Therapeutics, Inc.(a)		2,600		20,904

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Tenaya Therapeutics, Inc.(a)		1,255	$	3,363
TG Therapeutics, Inc.(a)(b)		8,059		46,903
Travere Therapeutics, Inc.(a)		3,242		70,287
Twist Bioscience Corp.(a)(b)		3,381		110,998
Ultragenyx Pharmaceutical, Inc.(a)		4,164		168,475
uniQure NV(a)		2,413		44,930
Vanda Pharmaceuticals, Inc.(a)		3,295		34,499
Vaxart, Inc.(a)		7,795		13,018
Vaxcyte, Inc.(a)		3,523		153,638
Vera Therapeutics, Inc.(a)		784		14,614
Veracyte, Inc.(a)		4,220		84,864
Vericel Corp.(a)		2,787		74,915
Verve Therapeutics, Inc.(a)(b)		2,395		90,291
Vir Biotechnology, Inc.(a)		4,527		99,503
Xencor, Inc.(a)		3,582		100,296
Y-mAbs Therapeutics, Inc.(a)		1,961		7,079
Zentalis Pharmaceuticals, Inc.(a)(b)		2,586		64,883
				11,662,144
Building Products — 1.0%
AAON, Inc.		2,491		160,645
American Woodmark Corp.(a)		981		44,488
Apogee Enterprises, Inc.		1,335		61,250
Armstrong World Industries, Inc.		2,751		207,893
AZEK Co., Inc.(a)(b)		6,531		114,358
Gibraltar Industries, Inc.(a)		1,872		95,622
Griffon Corp.		2,850		91,599
Hayward Holdings, Inc.(a)(b)		5,938		54,926
Insteel Industries, Inc.		1,136		29,934
Janus International Group, Inc.(a)(b)		4,605		44,346
JELD-WEN Holding, Inc.(a)		4,975		52,785
Masonite International Corp.(a)		1,315		94,062
PGT Innovations, Inc.(a)		3,527		75,160
Quanex Building Products Corp.		1,972		43,699
Resideo Technologies, Inc.(a)		8,654		204,407
Simpson Manufacturing Co., Inc.		2,562		219,000
Tecnoglass, Inc.		1,192		24,472
UFP Industries, Inc.		3,648		259,847
Zurn Elkay Water Solutions Corp.		8,631		202,742
				2,081,235
Capital Markets — 2.1%
Affiliated Managers Group, Inc.		2,272		282,092
Artisan Partners Asset Management, Inc., Class A		4,046		115,352
AssetMark Financial Holdings, Inc.(a)		1,287		26,654
B Riley Financial, Inc.		963		39,175
BGC Partners, Inc., Class A		19,285		76,369
Blucora, Inc.(a)		2,846		62,697
Blue Owl Capital, Inc.		20,060		201,001
Bridge Investment Group Holdings, Inc., Class A		1,626		25,463
Brightsphere Investment Group, Inc.		1,965		36,981
Cohen & Steers, Inc.		1,494		89,879
Cowen, Inc., Class A		1,547		59,745
Diamond Hill Investment Group, Inc.		185		33,291
Donnelley Financial Solutions, Inc.(a)		1,510		61,049
Evercore, Inc., Class A		2,140		224,914
Federated Hermes, Inc., Class B		5,045		175,314
Focus Financial Partners, Inc., Class A(a)		3,431		119,365
Forge Global Holdings, Inc.(a)(b)		6,151		9,534
Freedom Holding Corp.(a)(b)		1,013		56,181
GCM Grosvenor, Inc., Class A		2,674		22,114
Hamilton Lane, Inc., Class A		2,097		125,443
Houlihan Lokey, Inc., Class A		2,954		263,851
Interactive Brokers Group, Inc., Class A		6,102		489,075

Security	Shares		Value
Capital Markets (continued)
Janus Henderson Group PLC		7,891	$	179,678
Moelis & Co., Class A		3,827		162,494
Open Lending Corp., Class A(a)		6,269		44,949
Oppenheimer Holdings, Inc., Class A, NVS		461		15,868
P10, Inc., Class A		2,106		21,881
Piper Sandler Cos		819		104,807
PJT Partners, Inc., Class A		1,450		107,880
StepStone Group, Inc., Class A		2,887		85,224
Stifel Financial Corp.		6,298		389,657
StoneX Group, Inc.(a)		1,039		96,960
TPG, Inc.(b)		3,051		93,818
Victory Capital Holdings, Inc., Class A		1,609		46,532
Virtu Financial, Inc., Class A		5,714		127,879
Virtus Investment Partners, Inc.		405		69,453
WisdomTree, Inc.		6,941		37,690
				4,180,309
Chemicals — 2.5%
AdvanSix, Inc.		1,668		60,682
American Vanguard Corp.		1,706		39,699
Amyris, Inc.(a)(b)		13,391		37,629
Ashland, Inc.		2,949		309,409
Aspen Aerogels, Inc.(a)		1,802		22,849
Avient Corp.		5,043		173,933
Axalta Coating Systems Ltd.(a)		13,054		304,419
Balchem Corp.		1,902		265,900
Cabot Corp.		3,343		245,644
Chase Corp.		450		42,394
Chemours Co.		9,195		263,253
Danimer Scientific, Inc.(a)(b)		5,186		13,587
Diversey Holdings Ltd.(a)(b)		4,525		24,435
Ecovyst, Inc.(a)		4,087		40,666
Element Solutions, Inc.		13,529		232,699
FutureFuel Corp.		1,850		12,654
Ginkgo Bioworks Holdings, Inc.(a)(b)		48,669		132,866
Hawkins, Inc.		1,119		50,389
HB Fuller Co.		3,159		220,214
Huntsman Corp.		11,239		300,756
Ingevity Corp.(a)(b)		2,125		142,949
Innospec, Inc.		1,482		148,185
Intrepid Potash, Inc.(a)		604		27,331
Koppers Holdings, Inc.		1,218		30,401
Kronos Worldwide, Inc.		1,360		12,920
Livent Corp.(a)		10,600		334,642
LSB Industries, Inc.(a)		2,307		40,672
Mativ Holdings, Inc.		3,212		76,253
Minerals Technologies, Inc.		1,954		107,490
NewMarket Corp.		410		124,779
Origin Materials, Inc.(a)(b)		7,281		41,356
Perimeter Solutions SA(a)		9,014		72,022
PureCycle Technologies, Inc.(a)		7,782		64,357
Quaker Chemical Corp.		805		130,925
Scotts Miracle-Gro Co., Class A		2,424		111,286
Sensient Technologies Corp.		2,479		177,149
Stepan Co.		1,266		132,221
Tredegar Corp.		1,585		17,261
Trinseo PLC		2,064		38,844
Tronox Holdings PLC		6,743		80,916
Valvoline, Inc.		10,481		307,722
				5,013,758
Commercial Services & Supplies — 1.7%
ABM Industries, Inc.		3,976		176,972
ACCO Brands Corp.		5,696		26,202

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
ACV Auctions, Inc., Class A(a)(b)		6,875	$	62,700
Aris Water Solution, Inc., Class A		1,499		25,528
Aurora Innovation, Inc.(a)(b)		21,242		43,758
Brady Corp., Class A, NVS		2,757		126,133
BrightView Holdings, Inc.(a)		2,264		20,195
Brink’s Co.		2,801		167,024
Casella Waste Systems, Inc., Class A(a)		2,998		245,266
Cimpress PLC(a)		1,149		26,749
Clean Harbors, Inc.(a)		2,975		364,318
CoreCivic, Inc.(a)		6,921		72,463
Deluxe Corp.		2,548		46,832
Driven Brands Holdings, Inc.(a)(b)		3,286		105,086
Ennis, Inc.		1,531		34,539
GEO Group, Inc.(a)		6,579		55,658
Harsco Corp.(a)		4,677		24,741
Healthcare Services Group, Inc.		4,403		61,466
Heritage-Crystal Clean, Inc.(a)		980		26,921
HNI Corp.		2,462		71,373
IAA, Inc.(a)(b)		7,917		300,292
Interface, Inc.		3,528		39,902
KAR Auction Services, Inc.(a)		6,831		99,254
Matthews International Corp., Class A		1,815		48,787
MillerKnoll, Inc.		4,474		94,759
Montrose Environmental Group, Inc.(a)		1,628		71,274
MSA Safety, Inc.		2,178		292,375
SP Plus Corp.(a)		1,395		51,657
Steelcase, Inc., Class A		5,558		43,186
Stericycle, Inc.(a)		5,465		243,630
UniFirst Corp.		900		165,609
Viad Corp.(a)		1,231		45,892
VSE Corp.		620		28,700
				3,309,241
Communications Equipment — 0.9%
ADTRAN Holdings, Inc.		4,173		93,726
Calix, Inc.(a)		3,352		246,841
Cambium Networks Corp.(a)		688		13,313
Casa Systems, Inc.(a)		1,985		6,253
Clearfield, Inc.(a)		680		82,600
CommScope Holding Co., Inc.(a)		12,400		164,176
Comtech Telecommunications Corp.		1,661		18,354
Digi International, Inc.(a)		2,081		83,927
Extreme Networks, Inc.(a)		7,626		136,810
Harmonic, Inc.(a)		6,186		95,574
Infinera Corp.(a)(b)		11,112		62,338
Lumentum Holdings, Inc.(a)(b)		4,084		304,054
NETGEAR, Inc.(a)		1,703		33,464
NetScout Systems, Inc.(a)		4,051		145,512
Ribbon Communications, Inc.(a)		4,211		11,159
Viasat, Inc.(a)		4,487		183,787
Viavi Solutions, Inc.(a)		13,533		204,348
				1,886,236
Construction & Engineering — 1.6%
Ameresco, Inc., Class A(a)		2,016		121,928
API Group Corp.(a)		11,948		197,022
Arcosa, Inc.		2,876		184,639
Argan, Inc.		865		29,990
Comfort Systems U.S.A., Inc.		2,114		260,614
Construction Partners, Inc., Class A(a)		2,427		75,577
Dycom Industries, Inc.(a)		1,755		207,406
EMCOR Group, Inc.		2,926		412,859
Fluor Corp.(a)		8,421		254,819
Granite Construction, Inc.		2,622		88,440

Security	Shares		Value
Construction & Engineering (continued)
Great Lakes Dredge & Dock Corp.(a)		3,892	$	29,423
IES Holdings, Inc.(a)		494		16,322
MasTec, Inc.(a)(b)		3,485		268,624
MDU Resources Group, Inc.		12,063		343,554
MYR Group, Inc.(a)		989		86,547
NV5 Global, Inc.(a)		738		106,973
Primoris Services Corp.		3,154		63,679
Sterling Infrastructure, Inc.(a)(b)		1,835		49,527
Tutor Perini Corp.(a)		2,490		18,476
Valmont Industries, Inc.		1,269		405,090
				3,221,509
Construction Materials — 0.2%
Eagle Materials, Inc.		2,240		273,974
Summit Materials, Inc., Class A(a)		7,047		185,689
				459,663
Consumer Finance — 1.0%
Atlanticus Holdings Corp.(a)(b)		334		9,539
Bread Financial Holdings, Inc.		3,026		109,269
Curo Group Holdings Corp.		1,349		6,974
Encore Capital Group, Inc.(a)		1,407		71,645
Enova International, Inc.(a)		1,896		71,081
EZCORP, Inc., Class A, NVS(a)		3,323		32,100
FirstCash Holdings, Inc.		2,262		222,694
Green Dot Corp., Class A(a)		2,922		55,606
LendingClub Corp.(a)		6,199		65,957
LendingTree, Inc.(a)		653		16,475
Moneylion, Inc.(a)		7,270		8,142
Navient Corp.		6,553		99,212
Nelnet, Inc., Class A		1,083		96,485
OneMain Holdings, Inc.		7,325		282,452
PRA Group, Inc.(a)		2,294		76,849
PROG Holdings, Inc.(a)		2,962		48,932
Regional Management Corp.		550		18,678
SLM Corp.		14,900		247,191
SoFi Technologies, Inc.(a)(b)		48,094		261,631
Upstart Holdings, Inc.(a)(b)		4,194		97,217
World Acceptance Corp.(a)		216		17,544
				1,915,673
Containers & Packaging — 0.7%
Graphic Packaging Holding Co.		18,281		419,732
Greif, Inc., Class A, NVS		1,568		103,817
Myers Industries, Inc.		2,168		43,989
O-I Glass, Inc.(a)		9,283		151,406
Pactiv Evergreen, Inc.		2,339		25,518
Ranpak Holdings Corp.(a)		2,532		9,621
Silgan Holdings, Inc.(b)		4,945		234,195
Sonoco Products Co.		5,783		359,009
TriMas Corp.		2,515		57,468
				1,404,755
Distributors — 0.0%
Funko, Inc., Class A(a)		1,981		40,908
Diversified Consumer Services — 1.0%
2U, Inc.(a)		4,618		28,585
ADT, Inc.		12,725		107,654
Adtalem Global Education, Inc.(a)		2,704		112,757
American Public Education, Inc.(a)(b)		1,118		14,322
Carriage Services, Inc.		808		19,723
Chegg, Inc.(a)		7,503		161,840
Coursera, Inc.(a)		4,960		63,934
Duolingo, Inc.(a)		1,479		121,041

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Consumer Services (continued)
European Wax Center, Inc., Class A		1,485	$	21,354
Frontdoor, Inc.(a)(b)		4,867		107,366
Graham Holdings Co., Class B		232		144,738
Grand Canyon Education, Inc.(a)		1,895		190,694
H&R Block, Inc.		9,477		389,979
Laureate Education, Inc.		6,471		81,793
Mister Car Wash, Inc.(a)(b)		4,706		41,554
OneSpaWorld Holdings Ltd.(a)		3,493		31,682
Perdoceo Education Corp.(a)		3,977		45,457
Rover Group, Inc.(a)(b)		5,618		24,663
Strategic Education, Inc.		1,322		91,218
Stride, Inc.(a)		2,427		81,329
Udemy, Inc.(a)		3,797		55,246
Vivint Smart Home, Inc.(a)		2,593		19,836
WW International, Inc.(a)		3,304		14,934
				1,971,699
Diversified Financial Services — 0.2%
A-Mark Precious Metals, Inc.		1,056		32,113
Cannae Holdings, Inc.(a)(b)		4,491		104,012
Compass Diversified Holdings		3,714		79,034
Jackson Financial, Inc., Class A		3,607		138,364
				353,523
Diversified Telecommunication Services — 0.6%
Anterix, Inc.(a)		1,141		43,757
AST SpaceMobile, Inc.(a)(b)		2,637		19,066
ATN International, Inc.		634		27,338
Bandwidth, Inc., Class A(a)		1,287		15,277
Cogent Communications Holdings, Inc.		2,525		132,588
Consolidated Communications Holdings, Inc.(a)		4,444		22,975
EchoStar Corp., Class A(a)(b)		2,103		39,684
Frontier Communications Parent, Inc.(a)		13,186		308,816
Globalstar, Inc.(a)		41,409		89,858
IDT Corp., Class B(a)		1,239		32,288
Iridium Communications, Inc.(a)		7,531		388,072
Liberty Latin America Ltd., Class A(a)		2,291		17,824
Liberty Latin America Ltd., Class C, NVS(a)		8,792		68,490
Radius Global Infrastructure, Inc., Class A(a)		4,469		41,785
				1,247,818
Electric Utilities — 0.8%
ALLETE, Inc.		3,390		190,755
Hawaiian Electric Industries, Inc.		6,492		246,956
IDACORP, Inc.		2,992		313,262
MGE Energy, Inc.		2,147		146,189
Otter Tail Corp.		2,456		165,584
PNM Resources, Inc.		5,107		237,322
Portland General Electric Co.		5,266		236,654
				1,536,722
Electrical Equipment — 1.7%
Acuity Brands, Inc.		1,937		355,575
Allied Motion Technologies, Inc.		812		27,462
Array Technologies, Inc.(a)		8,344		151,026
Atkore, Inc.(a)		2,450		233,485
AZZ, Inc.		1,450		58,290
Babcock & Wilcox Enterprises, Inc.(a)(b)		4,265		19,448
Blink Charging Co.(a)(b)		2,395		35,446
Bloom Energy Corp., Class A(a)		10,488		196,231
ChargePoint Holdings, Inc.(a)(b)		15,391		215,166
Encore Wire Corp.		1,141		156,990
Energy Vault Holdings, Inc.(a)		3,926		12,642
EnerSys		2,415		160,090
Enovix Corp.(a)		6,549		123,580

Security	Shares		Value
Electrical Equipment (continued)
ESS Tech, Inc.(a)(b)		3,221	$	13,625
Fluence Energy, Inc.(a)(b)		2,154		32,159
FREYR Battery SA(a)(b)		4,677		62,251
FuelCell Energy, Inc.(a)(b)		22,729		70,915
GrafTech International Ltd.		11,327		57,654
Heliogen, Inc.(a)(b)		5,414		9,745
nVent Electric PLC		9,847		359,416
SES AI Corp.(a)(b)		8,372		50,316
Shoals Technologies Group, Inc., Class A(a)		6,293		145,431
Stem, Inc.(a)		8,649		117,626
SunPower Corp.(a)		5,082		93,966
Sunrun, Inc.(a)		12,539		282,253
Thermon Group Holdings, Inc.(a)		2,015		35,786
TPI Composites, Inc.(a)(b)		2,281		22,719
Tritium DCFC Ltd.(a)		6,671		13,609
Vertiv Holdings Co.(b)		17,882		255,891
Vicor Corp.(a)		1,306		62,388
				3,431,181
Electronic Equipment, Instruments & Components — 2.2%
908 Devices, Inc.(a)(b)		1,278		20,435
Advanced Energy Industries, Inc.		2,215		174,210
Aeva Technologies, Inc.(a)		6,396		12,792
AEye, Inc.(a)(b)		6,644		5,784
Arlo Technologies, Inc.(a)		5,296		27,274
Avnet, Inc.		5,617		225,747
Badger Meter, Inc.		1,737		195,378
Belden, Inc.		2,588		180,202
Benchmark Electronics, Inc.		2,113		59,988
Cepton, Inc.(a)		1,391		3,060
Coherent Corp.(a)		7,674		257,923
CTS Corp.		1,905		75,286
ePlus, Inc.(a)(b)		1,600		77,952
Fabrinet(a)		2,178		249,163
FARO Technologies, Inc.(a)		1,074		31,372
Insight Enterprises, Inc.(a)(b)		1,808		170,874
IPG Photonics Corp.(a)		1,970		168,750
Itron, Inc.(a)		2,702		132,101
Kimball Electronics, Inc.(a)		1,476		30,509
Knowles Corp.(a)		5,523		75,941
Lightwave Logic, Inc.(a)(b)		6,603		55,927
Littelfuse, Inc.		1,466		322,886
Methode Electronics, Inc.		2,177		89,758
MicroVision, Inc.(a)(b)		10,033		36,721
Mirion Technologies, Inc.(a)		7,120		57,530
Napco Security Technologies, Inc.(a)		1,705		48,456
National Instruments Corp.		7,829		298,911
nLight, Inc.(a)		2,673		28,788
Novanta, Inc.(a)		2,113		298,778
OSI Systems, Inc.(a)		974		80,043
Ouster, Inc.(a)(b)		6,462		8,078
PAR Technology Corp.(a)		1,606		46,221
PC Connection, Inc.(a)		682		36,241
Plexus Corp.(a)		1,647		162,065
Sanmina Corp.(a)		3,431		192,308
ScanSource, Inc.(a)		1,541		47,740
SmartRent, Inc.(a)(b)		7,257		19,957
TTM Technologies, Inc.(a)		6,131		93,866
Velodyne Lidar, Inc.(a)(b)		11,019		10,881
Vishay Intertechnology, Inc.		7,765		162,366
Vishay Precision Group, Inc.(a)		745		25,144
Vontier Corp.		9,337		178,337
				4,475,743

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services — 1.7%
Archrock, Inc.		8,052	$	60,470
Bristow Group, Inc.(a)		1,373		41,108
Cactus, Inc., Class A		3,600		186,192
ChampionX Corp.		12,022		344,070
Core Laboratories NV(b)		2,741		53,340
DMC Global, Inc.(a)		1,089		23,566
Dril-Quip, Inc.(a)		2,048		50,954
Helix Energy Solutions Group, Inc.(a)		8,639		60,473
Helmerich & Payne, Inc.		6,240		308,942
Liberty Energy, Inc.(a)(b)		9,456		159,901
Nabors Industries Ltd.(a)		526		91,540
NexTier Oilfield Solutions, Inc.(a)		9,511		95,871
Noble Corp. PLC(a)		5,954		214,582
NOV, Inc.		23,298		521,875
Oceaneering International, Inc.(a)		5,970		83,520
Oil States International, Inc.(a)		3,675		23,777
Patterson-UTI Energy, Inc.		12,880		227,332
ProPetro Holding Corp.(a)		5,276		62,468
RPC, Inc.		4,885		54,370
Select Energy Services, Inc., Class A		4,403		42,489
Solaris Oilfield Infrastructure, Inc., Class A		1,919		26,137
TETRA Technologies, Inc.(a)		6,740		33,296
Tidewater, Inc.(a)		2,781		94,276
Transocean Ltd.(a)		38,816		142,843
U.S. Silica Holdings, Inc.(a)		4,431		63,762
Valaris Ltd.(a)		3,571		239,007
Weatherford International PLC(a)		3,863		161,010
				3,467,171
Entertainment — 0.5%
Cinemark Holdings, Inc.(a)(b)		6,332		67,182
IMAX Corp.(a)		2,762		35,160
Liberty Media Corp.-Liberty Braves, Class A(a)		623		19,867
Liberty Media Corp.-Liberty Braves, Class C, NVS(a)		2,174		67,742
Lions Gate Entertainment Corp., Class A(a)		3,683		29,685
Lions Gate Entertainment Corp., Class B, NVS(a)		7,428		56,378
Madison Square Garden Entertainment Corp.(a)		1,530		75,016
Madison Square Garden Sports Corp.		1,077		168,669
Marcus Corp.(b)		1,417		21,312
Playstudios, Inc.(a)		5,255		23,700
Skillz, Inc.(a)(b)		17,552		18,079
Warner Music Group Corp., Class A(b)		6,894		179,382
World Wrestling Entertainment, Inc., Class A		2,566		202,432
				964,604
Equity Real Estate Investment Trusts (REITs) — 5.7%
Acadia Realty Trust		5,700		79,629
Agree Realty Corp.		4,731		325,020
Alexander & Baldwin, Inc.		4,289		83,550
Alexander’s, Inc.		126		29,596
American Assets Trust, Inc.		3,069		84,336
Apartment Investment and Management Co., Class A		8,981		71,309
Apple Hospitality REIT, Inc.		12,633		216,277
Armada Hoffler Properties, Inc.		3,972		46,433
Braemar Hotels & Resorts, Inc.		3,436		16,939
Brandywine Realty Trust		10,122		66,400
Broadstone Net Lease, Inc.		10,225		175,257
CareTrust REIT, Inc.		5,730		107,036
CBL & Associates Properties, Inc.		1,446		41,544
Centerspace		912		63,202
Chatham Lodging Trust(a)		2,917		37,833
City Office REIT, Inc.		2,381		25,286
Community Healthcare Trust, Inc.		1,403		48,544
Corporate Office Properties Trust		6,684		178,129

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Cousins Properties, Inc.		8,986	$	213,507
CTO Realty Growth, Inc.		987		19,839
DiamondRock Hospitality Co.		12,431		116,106
Diversified Healthcare Trust		14,025		19,074
Douglas Emmett, Inc.		10,392		182,795
Easterly Government Properties, Inc.		5,414		94,149
Elme Communities		5,143		98,180
Empire State Realty Trust, Inc., Class A(b)		7,847		57,832
EPR Properties		4,428		170,921
Equity Commonwealth		6,583		172,211
Essential Properties Realty Trust, Inc.		8,566		184,340
Farmland Partners, Inc.		2,814		39,424
First Industrial Realty Trust, Inc.		7,848		373,800
Four Corners Property Trust, Inc.		4,817		123,412
Franklin Street Properties Corp.		5,466		15,742
Getty Realty Corp.		2,462		77,528
Gladstone Commercial Corp.		2,409		42,374
Gladstone Land Corp.		1,845		37,546
Global Medical REIT, Inc.		3,700		33,818
Global Net Lease, Inc.		6,094		74,652
Healthcare Realty Trust, Inc.		22,552		458,482
Hersha Hospitality Trust, Class A		1,988		18,190
Highwoods Properties, Inc.		6,258		176,663
Hudson Pacific Properties, Inc.		7,579		83,672
Independence Realty Trust, Inc.		13,158		220,528
Indus Realty Trust, Inc.		306		15,848
Industrial Logistics Properties Trust		3,867		18,098
Innovative Industrial Properties, Inc.		1,666		180,095
InvenTrust Properties Corp.		4,044		101,909
iStar, Inc.		5,059		53,018
JBG SMITH Properties		5,919		116,486
Kite Realty Group Trust		12,996		255,241
LTC Properties, Inc.		2,389		92,383
LXP Industrial Trust		16,630		160,978
Macerich Co.		12,661		140,917
National Health Investors, Inc.		2,663		150,992
National Storage Affiliates Trust		5,039		214,964
Necessity Retail REIT, Inc.		7,793		53,304
NETSTREIT Corp.		2,955		55,613
NexPoint Residential Trust, Inc.		1,337		60,967
Office Properties Income Trust		2,914		44,584
Omega Healthcare Investors, Inc.		13,892		441,488
One Liberty Properties, Inc.		937		21,120
Orion Office REIT, Inc.		3,333		31,230
Outfront Media, Inc.		8,861		159,941
Paramount Group, Inc.		10,055		65,056
Park Hotels & Resorts, Inc.		13,372		174,906
Pebblebrook Hotel Trust		7,848		125,882
Phillips Edison & Co., Inc.		6,951		209,503
Physicians Realty Trust(b)		13,431		202,271
Piedmont Office Realty Trust, Inc., Class A		7,385		77,173
Plymouth Industrial REIT, Inc.		2,168		39,978
PotlatchDeltic Corp.		4,781		212,707
Rayonier, Inc.		8,677		292,415
Retail Opportunity Investments Corp.		7,423		107,485
RLJ Lodging Trust		9,741		118,548
RPT Realty		5,115		47,570
Ryman Hospitality Properties, Inc.		3,268		290,591
Sabra Health Care REIT, Inc.		13,741		187,702
Safehold, Inc.		1,008		29,484
Saul Centers, Inc.		781		31,982
Service Properties Trust		9,860		79,965

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
SITE Centers Corp.		11,003	$	136,217
SL Green Realty Corp.		3,833		152,093
Spirit Realty Capital, Inc.		8,067		313,242
STAG Industrial, Inc.		10,601		334,886
Summit Hotel Properties, Inc.		6,255		54,043
Sunstone Hotel Investors, Inc.		12,664		141,204
Tanger Factory Outlet Centers, Inc.		6,192		111,518
Terreno Realty Corp.		3,945		225,417
UMH Properties, Inc.		3,012		52,830
Uniti Group, Inc.		13,970		108,407
Universal Health Realty Income Trust		760		36,989
Urban Edge Properties		6,922		97,739
Urstadt Biddle Properties, Inc., Class A		1,831		34,313
Veris Residential, Inc.(a)		4,640		73,451
Whitestone REIT		2,762		25,990
Xenia Hotels & Resorts, Inc.		6,850		116,998
				11,478,836
Food & Staples Retailing — 0.8%
Andersons, Inc.		1,873		66,061
Casey’s General Stores, Inc.		2,208		513,824
Chefs’ Warehouse, Inc.(a)		2,032		74,432
Fresh Market, Inc. Escrow(a)(c)		16,033		—
Grocery Outlet Holding Corp.(a)(b)		5,249		181,458
Ingles Markets, Inc., Class A		867		81,819
Natural Grocers by Vitamin Cottage, Inc.		552		6,348
PriceSmart, Inc.		1,504		96,211
SpartanNash Co.		2,138		76,348
Sprouts Farmers Market, Inc.(a)		6,390		188,505
United Natural Foods, Inc.(a)		3,438		145,805
Weis Markets, Inc.(b)		980		91,797
				1,522,608
Food Products — 1.5%
AppHarvest, Inc.(a)(b)		4,445		9,468
B&G Foods, Inc.		4,242		69,484
Benson Hill, Inc.(a)		7,479		25,354
Beyond Meat, Inc.(a)(b)		3,521		55,280
BRC, Inc., Class A(a)(b)		2,102		15,239
Calavo Growers, Inc.		1,054		36,458
Cal-Maine Foods, Inc.		2,252		127,261
Flowers Foods, Inc.		11,411		327,610
Fresh Del Monte Produce, Inc.		1,814		47,309
Freshpet, Inc.(a)		2,837		167,241
Hain Celestial Group, Inc.(a)		5,280		98,789
Hostess Brands, Inc.(a)		8,067		213,614
Ingredion, Inc.		3,888		346,499
J & J Snack Foods Corp.		882		130,192
John B. Sanfilippo & Son, Inc.		531		44,291
Lancaster Colony Corp.		1,175		211,829
Local Bounti Corp.(a)(b)		2,489		7,367
Mission Produce, Inc.(a)		2,339		38,921
Pilgrim’s Pride Corp.(a)		2,671		61,567
Post Holdings, Inc.(a)(b)		3,220		291,152
Seaboard Corp.		16		59,942
Seneca Foods Corp., Class A(a)		346		21,836
Simply Good Foods Co.(a)		5,061		193,836
Sovos Brands, Inc.(a)		2,234		30,963
Tattooed Chef, Inc.(a)(b)		2,781		13,210
Tootsie Roll Industries, Inc.		1,047		42,288
TreeHouse Foods, Inc.(a)		3,009		151,172

Security	Shares		Value
Food Products (continued)
Utz Brands, Inc.		3,960	$	64,192
Vital Farms, Inc.(a)		1,659		21,965
				2,924,329
Gas Utilities — 0.9%
Chesapeake Utilities Corp.		1,060		131,843
National Fuel Gas Co.		5,412		365,256
New Jersey Resources Corp.		5,686		253,823
Northwest Natural Holding Co.		2,082		100,123
ONE Gas, Inc.		3,216		249,176
South Jersey Industries, Inc.		7,256		251,566
Southwest Gas Holdings, Inc.		3,664		267,728
Spire, Inc.		3,111		217,179
				1,836,694
Health Care Equipment & Supplies — 4.0%
Alphatec Holdings, Inc.(a)		4,237		43,387
AngioDynamics, Inc.(a)		2,307		32,506
Artivion, Inc.(a)		2,333		26,036
AtriCure, Inc.(a)		2,781		117,136
Atrion Corp.		83		49,826
Avanos Medical, Inc.(a)		2,729		60,447
Axonics, Inc.(a)		2,916		213,276
Bioventus, Inc., Class A(a)		1,805		14,693
Butterfly Network, Inc.(a)(b)		8,464		41,474
Cardiovascular Systems, Inc.(a)		2,483		35,854
Cerus Corp.(a)		10,669		39,049
CONMED Corp.		1,804		143,833
Cutera, Inc.(a)		1,052		48,360
Embecta Corp.		3,460		106,983
Enovis Corp.(a)		2,833		140,092
Envista Holdings Corp.(a)		9,664		319,009
Establishment Labs Holdings, Inc.(a)(b)		1,302		73,420
Figs, Inc., Class A(a)(b)		7,455		55,018
Glaukos Corp.(a)		2,829		158,622
Globus Medical, Inc., Class A(a)		4,561		305,587
Haemonetics Corp.(a)		3,039		258,163
Heska Corp.(a)		598		42,912
ICU Medical, Inc.(a)		1,189		176,459
Inari Medical, Inc.(a)(b)		2,851		219,327
Inogen, Inc.(a)		1,342		30,410
Inspire Medical Systems, Inc.(a)(b)		1,637		319,133
Integer Holdings Corp.(a)		1,982		123,538
Integra LifeSciences Holdings Corp.(a)		4,326		217,381
iRadimed Corp.		451		13,102
iRhythm Technologies, Inc.(a)		1,781		227,060
Lantheus Holdings, Inc.(a)		4,067		300,917
LeMaitre Vascular, Inc.		1,140		49,476
LivaNova PLC(a)(b)		3,189		150,202
Masimo Corp.(a)		2,869		377,560
Meridian Bioscience, Inc.(a)		2,580		82,483
Merit Medical Systems, Inc.(a)		3,356		230,792
Mesa Laboratories, Inc.		297		39,266
Neogen Corp.(a)		12,879		170,003
Nevro Corp.(a)		2,081		79,786
NuVasive, Inc.(a)		3,102		136,891
Omnicell, Inc.(a)(b)		2,628		203,197
OraSure Technologies, Inc.(a)		4,372		19,062
Orthofix Medical, Inc.(a)(b)		1,170		18,790
OrthoPediatrics Corp.(a)		836		35,522
Outset Medical, Inc.(a)		2,825		43,900
Paragon 28, Inc.(a)		1,485		29,655
Penumbra, Inc.(a)(b)		2,249		385,636
PROCEPT BioRobotics Corp.(a)		1,956		88,861

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Pulmonx Corp.(a)		2,250	$	30,060
QuidelOrtho Corp.(a)		3,210		288,322
Senseonics Holdings, Inc.(a)(b)		27,350		32,273
Shockwave Medical, Inc.(a)		2,133		625,289
SI-BONE, Inc.(a)		1,788		34,759
Silk Road Medical, Inc.(a)		2,075		91,466
STAAR Surgical Co.(a)		2,852		202,121
Surmodics, Inc.(a)		822		28,063
Tandem Diabetes Care, Inc.(a)(b)		3,809		213,875
TransMedics Group, Inc.(a)		1,885		90,895
Treace Medical Concepts, Inc.(a)		1,844		45,141
UFP Technologies, Inc.(a)		400		37,540
Varex Imaging Corp.(a)		2,342		51,782
Vicarious Surgical, Inc.(a)		2,157		8,348
ViewRay, Inc.(a)		8,558		36,714
Zimvie, Inc.(a)		1,228		10,770
				7,921,510
Health Care Providers & Services — 2.8%
1Life Healthcare, Inc.(a)		9,970		170,487
23andMe Holding Co., Class A(a)(b)		15,279		47,976
Acadia Healthcare Co., Inc.(a)		5,388		438,044
Accolade, Inc.(a)(b)		3,715		40,048
AdaptHealth Corp.(a)(b)		4,595		104,766
Addus HomeCare Corp.(a)		955		97,811
Agiliti, Inc.(a)(b)		1,940		33,892
AirSculpt Technologies, Inc.		600		4,068
Alignment Healthcare, Inc.(a)		4,968		65,776
Amedisys, Inc.(a)		1,928		188,154
AMN Healthcare Services, Inc.(a)		2,561		321,405
Apollo Medical Holdings, Inc.(a)		2,336		82,835
Aveanna Healthcare Holdings, Inc.(a)		2,639		3,668
Brookdale Senior Living, Inc.(a)		10,989		49,121
Cano Health, Inc.(a)		10,215		36,570
CareMax, Inc.(a)(b)		4,062		28,596
Castle Biosciences, Inc.(a)		1,448		36,953
Clover Health Investments Corp.(a)(b)		19,220		30,368
Community Health Systems, Inc.(a)		7,499		21,522
CorVel Corp.(a)		544		89,330
Cross Country Healthcare, Inc.(a)		2,164		80,263
DocGo, Inc.(a)		4,749		47,015
Encompass Health Corp.		5,907		321,577
Ensign Group, Inc.		3,273		293,850
Fulgent Genetics, Inc.(a)		1,210		47,952
Guardant Health, Inc.(a)(b)		6,044		299,178
HealthEquity, Inc.(a)		4,990		388,771
Hims & Hers Health, Inc.(a)		7,175		32,575
Innovage Holding Corp.(a)		1,179		7,298
Invitae Corp.(a)(b)		13,218		34,102
Joint Corp.(a)		869		14,356
LifeStance Health Group, Inc.(a)(b)		5,491		41,457
ModivCare, Inc.(a)		760		73,902
National HealthCare Corp.		806		49,102
National Research Corp.		839		34,172
Oak Street Health, Inc.(a)(b)		6,905		139,688
OPKO Health, Inc.(a)		24,225		46,028
Option Care Health, Inc.(a)		9,147		276,788
Owens & Minor, Inc.		4,543		77,231
Patterson Cos., Inc.		5,116		132,863
Pediatrix Medical Group, Inc.(a)(b)		4,973		96,476
Pennant Group, Inc.(a)		1,662		20,459
PetIQ, Inc.(a)		1,486		12,215
Premier, Inc., Class A		6,993		243,916

Security	Shares		Value
Health Care Providers & Services (continued)
Privia Health Group, Inc.(a)		2,928	$	98,029
Progyny, Inc.(a)(b)		4,424		196,735
R1 RCM, Inc.(a)		8,109		143,205
RadNet, Inc.(a)		2,848		54,454
Select Medical Holdings Corp.		6,133		157,495
Sema4 Holdings Corp.(a)(b)		15,324		15,784
Signify Health, Inc., Class A(a)(b)		4,112		120,194
Surgery Partners, Inc.(a)(b)		2,272		61,776
U.S. Physical Therapy, Inc.		772		68,554
				5,618,850
Health Care Technology — 0.7%
Allscripts Healthcare Solutions, Inc.(a)		6,542		96,167
American Well Corp., Class A(a)(b)		14,129		57,788
Certara, Inc.(a)		6,207		75,911
Computer Programs and Systems, Inc.(a)		859		27,746
Definitive Healthcare Corp.(a)(b)		2,124		33,517
Doximity, Inc., Class A(a)(b)		6,554		173,484
Evolent Health, Inc., Class A(a)		4,949		157,428
GoodRx Holdings, Inc., Class A(a)(b)		4,495		24,138
Health Catalyst, Inc.(a)		3,254		28,700
HealthStream, Inc.(a)		1,466		36,210
Multiplan Corp.(a)		14,264		40,938
NextGen Healthcare, Inc.(a)(b)		3,277		65,671
Nutex Health, Inc.(a)(b)		1,494		1,203
OptimizeRx Corp.(a)		1,089		16,787
Pear Therapeutics, Inc.(a)		3,017		8,297
Phreesia, Inc.(a)		3,091		84,446
Schrodinger, Inc.(a)		3,142		75,314
Sharecare, Inc.(a)		18,589		35,691
Simulations Plus, Inc.		935		38,802
Teladoc Health, Inc.(a)		9,580		283,951
				1,362,189
Hotels, Restaurants & Leisure — 2.9%
Accel Entertainment, Inc.(a)		3,235		31,768
Bally’s Corp.(a)		1,616		36,425
BJ’s Restaurants, Inc.(a)		1,379		45,300
Bloomin’ Brands, Inc.		5,334		128,069
Bluegreen Vacations Holding Corp.		644		11,148
Bowlero Corp.(a)		2,017		29,368
Boyd Gaming Corp.		4,807		277,652
Brinker International, Inc.(a)(b)		2,607		87,048
Cheesecake Factory, Inc.		2,908		104,135
Chuy’s Holdings, Inc.(a)		1,127		33,021
Cracker Barrel Old Country Store, Inc.		1,359		155,225
Dave & Buster’s Entertainment, Inc.(a)		2,507		99,904
Denny’s Corp.(a)		3,376		38,250
Dine Brands Global, Inc.		928		66,899
DraftKings, Inc., Class A(a)(b)		26,634		420,817
Dutch Bros, Inc., Class A(a)(b)		1,515		55,919
El Pollo Loco Holdings, Inc.		1,091		10,954
Everi Holdings, Inc.(a)		5,300		100,594
F45 Training Holdings, Inc.(a)		2,124		7,094
First Watch Restaurant Group, Inc.(a)		659		11,236
Golden Entertainment, Inc.(a)		1,299		54,844
Hilton Grand Vacations, Inc.(a)		4,826		189,372
Hyatt Hotels Corp., Class A(a)(b)		2,965		279,333
Jack in the Box, Inc.		1,260		111,170
Krispy Kreme, Inc.		3,915		56,180
Kura Sushi U.S.A., Inc., Class A(a)		219		17,308
Life Time Group Holdings, Inc.(a)		3,286		34,470
Light & Wonder, Inc.(a)		5,587		313,654
Lindblad Expeditions Holdings, Inc.(a)(b)		1,923		16,134

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Marriott Vacations Worldwide Corp.		2,325	$	343,542
Membership Collective Group, Inc., Class A(a)(b)		2,476		11,340
Monarch Casino & Resort, Inc.(a)		783		62,178
Papa John’s International, Inc.		1,902		138,142
Penn Entertainment, Inc.(a)		9,389		310,776
Planet Fitness, Inc., Class A(a)(b)		4,985		326,418
Portillo’s, Inc., Class A(a)		1,668		35,762
RCI Hospitality Holdings, Inc.		500		42,215
Red Rock Resorts, Inc., Class A		2,934		122,201
Rush Street Interactive, Inc.(a)		3,282		13,620
Ruth’s Hospitality Group, Inc.		1,868		38,817
SeaWorld Entertainment, Inc.(a)		2,501		145,458
Shake Shack, Inc., Class A(a)		2,197		122,087
Six Flags Entertainment Corp.(a)		4,354		97,094
Sonder Holdings, Inc.(a)(b)		8,235		18,035
Sweetgreen, Inc., Class A(a)(b)		4,474		83,216
Texas Roadhouse, Inc.		3,964		392,238
Travel + Leisure Co.		4,980		189,140
Vacasa, Inc., Class A(a)		4,852		17,710
Wendy’s Co.		10,106		210,003
Wingstop, Inc.		1,771		280,509
Xponential Fitness, Inc., Class A(a)		1,062		20,550
				5,844,342
Household Durables — 1.6%
Beazer Homes U.S.A., Inc.(a)		1,821		20,596
Cavco Industries, Inc.(a)		487		110,388
Century Communities, Inc.		1,691		75,266
Cricut, Inc., Class A(a)(b)		2,387		21,220
Dream Finders Homes, Inc., Class A(a)(b)		1,285		14,264
Ethan Allen Interiors, Inc.		1,371		35,084
GoPro, Inc., Class A(a)(b)		7,738		42,172
Green Brick Partners, Inc.(a)(b)		1,616		37,378
Helen of Troy Ltd.(a)		1,425		134,833
Installed Building Products, Inc.		1,410		121,260
iRobot Corp.(a)		1,635		92,378
KB Home		5,014		144,503
La-Z-Boy, Inc.		2,558		63,362
Leggett & Platt, Inc.		7,856		265,140
LGI Homes, Inc.(a)(b)		1,205		110,920
Lovesac Co.(a)		912		22,198
M/I Homes, Inc.(a)		1,645		68,251
MDC Holdings, Inc.		3,355		102,193
Meritage Homes Corp.(a)		2,161		164,582
Skyline Champion Corp.(a)		3,141		182,838
Snap One Holdings Corp.(a)		1,000		11,920
Sonos, Inc.(a)(b)		7,611		122,689
Taylor Morrison Home Corp.(a)		6,761		178,085
Tempur Sealy International, Inc.		10,197		274,197
Toll Brothers, Inc.		6,332		272,783
TopBuild Corp.(a)		1,915		325,818
Traeger, Inc.(a)(b)		3,275		13,591
Tri Pointe Homes, Inc.(a)		5,990		100,332
Tupperware Brands Corp.(a)		2,286		17,671
Universal Electronics, Inc.(a)		737		15,042
Vizio Holding Corp., Class A(a)		3,283		36,770
Weber, Inc., Class A		1,095		7,293
				3,205,017
Household Products — 0.3%
Central Garden & Pet Co.(a)(b)		601		24,803
Central Garden & Pet Co., Class A, NVS(a)		2,482		97,146
Energizer Holdings, Inc.		3,968		114,636
Reynolds Consumer Products, Inc.		3,238		98,889

Security	Shares		Value
Household Products (continued)
Spectrum Brands Holdings, Inc.		2,403	$	110,874
WD-40 Co.		815		130,530
				576,878
Independent Power and Renewable Electricity Producers — 0.3%
Altus Power, Inc.(a)		2,079		20,707
Clearway Energy, Inc., Class A		2,020		65,307
Clearway Energy, Inc., Class C		4,858		168,767
Ormat Technologies, Inc.		2,663		240,868
Sunnova Energy International, Inc.(a)(b)		5,874		108,904
				604,553
Insurance — 3.0%
American Equity Investment Life Holding Co.		4,217		181,668
AMERISAFE, Inc.		1,263		73,772
Argo Group International Holdings Ltd.		2,093		52,053
Assured Guaranty Ltd.		3,706		219,358
Axis Capital Holdings Ltd.		4,571		249,897
Brighthouse Financial, Inc.(a)		4,260		243,118
BRP Group, Inc., Class A(a)(b)		3,571		101,238
CNO Financial Group, Inc.		6,828		150,626
Employers Holdings, Inc.		1,020		44,482
Enstar Group Ltd.(a)		808		162,020
First American Financial Corp.		6,161		310,514
Genworth Financial, Inc., Class A(a)		27,811		129,877
Goosehead Insurance, Inc., Class A(a)		1,203		49,937
Hagerty, Inc., Class A(a)(b)		1,877		17,062
Hanover Insurance Group, Inc.		2,145		314,221
HCI Group, Inc.		443		16,232
Hippo Holdings, Inc.(a)(b)		890		15,379
Horace Mann Educators Corp.		1,984		78,289
James River Group Holdings Ltd.		2,320		58,626
Kemper Corp.		3,808		181,527
Kinsale Capital Group, Inc.		1,276		402,157
Lemonade, Inc.(a)		2,675		64,735
MBIA, Inc.(a)		2,833		30,483
Mercury General Corp.		1,590		46,110
National Western Life Group, Inc., Class A		148		29,307
Oscar Health, Inc., Class A(a)		6,455		24,077
Palomar Holdings, Inc.(a)		1,516		134,863
Primerica, Inc.		2,224		321,813
ProAssurance Corp.		2,298		51,039
RenaissanceRe Holdings Ltd.		2,599		402,013
RLI Corp.		2,422		315,030
Ryan Specialty Holdings, Inc.(a)		4,918		220,572
Safety Insurance Group, Inc.		676		58,778
Selective Insurance Group, Inc.		3,589		352,009
SiriusPoint Ltd.(a)		5,018		32,216
Stewart Information Services Corp.		1,375		53,570
Trupanion, Inc.(a)(b)		2,075		104,725
United Fire Group, Inc.		1,321		35,799
Universal Insurance Holdings, Inc.		1,768		17,751
Unum Group		11,152		508,420
White Mountains Insurance Group Ltd.		152		215,255
				6,070,618
Interactive Media & Services — 0.6%
Bumble, Inc., Class A(a)		4,726		120,040
BuzzFeed, Inc.(a)		2,557		4,679
Cargurus, Inc.(a)		5,482		79,818
Cars.com, Inc.(a)		3,823		53,063
Eventbrite, Inc., Class A(a)		4,924		32,351
fuboTV, Inc.(a)(b)		10,925		39,986
Leafly Holdings, Inc.(a)(b)		3,038		2,693

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
MediaAlpha, Inc., Class A(a)		1,321	$	14,505
Nextdoor Holdings, Inc.(a)(b)		7,579		20,539
Outbrain, Inc.(a)		1,929		8,256
QuinStreet, Inc.(a)		2,976		33,956
Shutterstock, Inc.		1,440		72,043
System1, Inc.(a)		1,217		6,304
TripAdvisor, Inc.(a)		6,205		146,562
Vimeo, Inc.(a)		9,300		35,340
Yelp, Inc.(a)		4,187		160,823
Ziff Davis, Inc.(a)		2,805		217,079
ZipRecruiter, Inc., Class A(a)		3,338		55,978
				1,104,015
Internet & Direct Marketing Retail — 0.4%
1-800-Flowers.com, Inc., Class A(a)		1,664		12,131
BARK, Inc.(a)		6,031		11,037
Boxed, Inc.(a)		2,896		1,448
Chewy, Inc., Class A(a)(b)		5,395		208,948
ContextLogic, Inc., Class A(a)(b)		29,784		23,321
Duluth Holdings, Inc., Class B(a)		770		6,699
Groupon, Inc.(a)		1,331		9,809
Lands’ End, Inc.(a)		790		8,279
Liquidity Services, Inc.(a)		1,636		28,106
Lulu’s Fashion Lounge Holdings, Inc.(a)		525		3,287
Overstock.com, Inc.(a)		2,688		62,496
PetMed Express, Inc.		1,225		26,117
Porch Group, Inc.(a)		4,644		6,316
Poshmark, Inc., Class A(a)(b)		2,620		46,793
Quotient Technology, Inc.(a)		5,046		12,413
Qurate Retail, Inc., Series A(a)		20,330		47,572
RealReal, Inc.(a)		5,003		8,455
Rent the Runway, Inc., Class A(a)(b)		2,510		4,895
Revolve Group, Inc.(a)		2,407		57,768
Stitch Fix, Inc., Class A(a)(b)		4,335		17,340
Vivid Seats, Inc., Class A(a)		1,352		11,086
Wayfair, Inc., Class A(a)(b)		4,506		170,868
Xometry, Inc., Class A(a)(b)		1,765		106,006
				891,190
IT Services — 2.4%
Affirm Holdings, Inc.(a)(b)		12,206		244,974
AvidXchange Holdings, Inc.(a)(b)		7,793		70,916
BigCommerce Holdings, Inc., Series 1(a)		3,581		53,214
Cantaloupe, Inc.(a)		3,098		10,378
Cass Information Systems, Inc.		728		31,144
Conduent, Inc.(a)		9,980		41,118
Core Scientific, Inc.(a)		15,128		3,026
CSG Systems International, Inc.		1,904		123,132
Cyxtera Technologies, Inc.(a)(b)		3,259		7,887
DigitalOcean Holdings, Inc.(a)(b)		3,643		130,857
Edgio, Inc.(a)		7,642		20,557
Euronet Worldwide, Inc.(a)		2,796		234,892
EVERTEC, Inc.		3,940		141,091
Evo Payments, Inc., Class A(a)		2,869		96,657
ExlService Holdings, Inc.(a)		1,958		356,062
Fastly, Inc., Class A(a)		6,663		56,569
Flywire Corp.(a)		3,603		79,086
Grid Dynamics Holdings, Inc.(a)		2,774		37,754
Hackett Group, Inc.		1,691		36,931
I3 Verticals, Inc., Class A(a)		1,313		28,571
International Money Express, Inc.(a)		2,033		54,952
Kyndryl Holdings, Inc.(a)		12,193		117,906
Marqeta, Inc., Class A(a)(b)		23,833		187,804
Maximus, Inc.		3,576		220,532

Security	Shares		Value
IT Services (continued)
MoneyGram International, Inc.(a)(b)		5,633	$	59,653
Paya Holdings, Inc.(a)		5,285		42,491
Payoneer Global, Inc.(a)		11,831		91,690
Perficient, Inc.(a)(b)		2,067		138,427
Rackspace Technology, Inc.(a)(b)		3,335		17,175
Repay Holdings Corp.(a)		4,644		28,282
Sabre Corp.(a)		19,333		112,325
Shift4 Payments, Inc., Class A(a)		3,045		139,979
Squarespace, Inc., Class A(a)		2,457		54,570
Switch, Inc., Class A		8,377		285,237
TaskUS, Inc., Class A(a)(b)		1,552		31,335
Thoughtworks Holding, Inc.(a)		3,782		36,345
Toast, Inc., Class A(a)(b)		17,815		393,533
TTEC Holdings, Inc.		1,105		49,139
Tucows, Inc., Class A(a)(b)		589		26,476
Unisys Corp.(a)		4,001		34,009
Verra Mobility Corp.(a)		8,442		144,105
Western Union Co.		22,816		308,244
WEX, Inc.(a)		2,625		430,867
				4,809,892
Leisure Products — 0.8%
Acushnet Holdings Corp.		1,960		91,277
AMMO, Inc.(a)(b)		5,442		17,687
Brunswick Corp.		4,401		311,019
Clarus Corp.		1,669		20,212
Johnson Outdoors, Inc., Class A		341		17,943
Latham Group, Inc.(a)		2,486		10,988
Malibu Boats, Inc., Class A(a)		1,205		63,744
MasterCraft Boat Holdings, Inc.(a)		1,046		22,761
Peloton Interactive, Inc., Class A(a)(b)		18,311		153,812
Polaris, Inc.		3,311		336,398
Smith & Wesson Brands, Inc.		2,672		30,167
Solo Brands, Inc., Class A(a)		1,230		5,080
Sturm Ruger & Co., Inc.		1,039		58,319
Topgolf Callaway Brands Corp.(a)(b)		8,200		153,504
Vista Outdoor, Inc.(a)(b)		3,366		97,749
YETI Holdings, Inc.(a)		5,130		164,570
				1,555,230
Life Sciences Tools & Services — 0.8%
10X Genomics, Inc., Class A(a)		5,628		152,969
AbCellera Biologics, Inc.(a)(b)		12,394		146,621
Adaptive Biotechnologies Corp.(a)(b)		6,510		50,648
Azenta, Inc.		4,457		197,891
BioLife Solutions, Inc.(a)(b)		2,000		47,040
Bionano Genomics, Inc.(a)(b)		17,166		40,168
Codexis, Inc.(a)		3,868		21,738
CryoPort, Inc.(a)		2,860		79,394
Cytek Biosciences, Inc.(a)		4,652		72,199
Maravai LifeSciences Holdings, Inc., Class A(a)		6,513		108,116
Medpace Holdings, Inc.(a)		1,490		330,750
NanoString Technologies, Inc.(a)		2,519		26,349
Nautilus Biotechnology, Inc.(a)(b)		2,966		7,326
NeoGenomics, Inc.(a)		7,337		55,798
Pacific Biosciences of California, Inc.(a)		12,184		102,833
Quanterix Corp.(a)		1,973		21,841
Quantum-Si, Inc.(a)(b)		4,919		14,905
Science 37 Holdings, Inc.(a)		4,153		6,022
Seer, Inc.(a)(b)		2,171		16,999
SomaLogic, Inc.(a)		8,892		30,855
Sotera Health Co.(a)		5,789		39,828
				1,570,290

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) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery — 3.9%
3D Systems Corp.(a)		7,657	$	67,611
Alamo Group, Inc.		618		93,985
Albany International Corp., Class A		1,851		169,589
Allison Transmission Holdings, Inc.		5,690		240,402
Altra Industrial Motion Corp.		3,876		233,103
Astec Industries, Inc.		1,350		58,927
Barnes Group, Inc.		3,026		107,030
Berkshire Grey, Inc.(a)(b)		3,505		4,697
Blue Bird Corp.(a)(b)		1,018		9,335
Chart Industries, Inc.(a)(b)		2,129		474,512
CIRCOR International, Inc.(a)		1,160		23,977
Columbus McKinnon Corp.		1,692		48,256
Crane Holdings Co.		2,824		283,360
Desktop Metal, Inc., Class A(a)(b)		13,671		34,588
Donaldson Co., Inc.		7,325		420,821
Douglas Dynamics, Inc.		1,367		46,410
Energy Recovery, Inc.(a)(b)		3,271		84,163
Enerpac Tool Group Corp.		3,443		87,487
EnPro Industries, Inc.		1,229		130,888
ESCO Technologies, Inc.		1,544		133,046
Evoqua Water Technologies Corp.(a)		7,198		282,018
Federal Signal Corp.		3,601		167,987
Flowserve Corp.		7,764		222,672
Franklin Electric Co., Inc.		2,308		189,118
Gates Industrial Corp. PLC(a)(b)		6,090		67,903
Gorman-Rupp Co.		1,341		36,395
Greenbrier Cos., Inc.		1,930		68,148
Helios Technologies, Inc.		1,925		109,128
Hillenbrand, Inc.		4,133		182,596
Hillman Solutions Corp.(a)(b)		7,053		55,084
Hydrofarm Holdings Group, Inc.(a)		3,076		7,936
Hyliion Holdings Corp.(a)		7,222		20,583
Hyster-Yale Materials Handling, Inc.		592		17,263
Hyzon Motors, Inc.(a)(b)		5,354		10,226
Ideanomics, Inc.(a)(b)		30,404		9,273
ITT, Inc.		4,890		373,547
John Bean Technologies Corp.		1,894		172,733
Kadant, Inc.		696		123,853
Kennametal, Inc.		4,817		128,662
Lindsay Corp.		658		111,399
Luxfer Holdings PLC		1,586		22,949
Manitowoc Co., Inc.(a)(b)		2,193		20,000
Markforged Holding Corp.(a)		5,109		11,138
Microvast Holdings, Inc.(a)(b)		11,091		27,173
Mueller Industries, Inc.		3,367		210,909
Mueller Water Products, Inc., Class A		9,380		109,746
Nikola Corp.(a)(b)		19,116		72,450
Omega Flex, Inc.		176		16,614
Oshkosh Corp.		3,870		340,560
Proterra, Inc.(a)		11,414		71,223
Proto Labs, Inc.(a)		1,657		63,281
RBC Bearings, Inc.(a)		1,719		435,818
REV Group, Inc.		1,889		25,955
Sarcos Technology and Robotics Corp.(a)(b)		4,584		9,260
Shyft Group, Inc.		1,881		43,225
SPX Technologies, Inc.(a)		2,688		176,978
Standex International Corp.		717		71,019
Tennant Co.		1,100		64,075
Terex Corp.		4,045		163,984
Timken Co.		3,949		281,524
Titan International, Inc.(a)		3,045		45,553
Trinity Industries, Inc.		4,903		139,883

Security	Shares		Value
Machinery (continued)
Velo3D, Inc.(a)(b)		3,671	$	14,464
Wabash National Corp.		2,928		63,391
Watts Water Technologies, Inc., Class A		1,620		237,103
Xos, Inc.(a)		3,045		3,441
				7,850,427
Marine — 0.2%
Eagle Bulk Shipping, Inc.		567		27,431
Genco Shipping & Trading Ltd.		2,257		30,244
Kirby Corp.(a)		3,551		247,682
Matson, Inc.		2,320		170,706
				476,063
Media — 1.0%
AdTheorent Holding Co., Inc.(a)(b)		1,936		4,104
Advantage Solutions, Inc.(a)(b)		5,679		19,195
Altice U.S.A., Inc., Class A(a)		12,730		84,145
AMC Networks, Inc., Class A(a)(b)		1,653		37,209
Boston Omaha Corp., Class A(a)(b)		1,133		31,577
Cardlytics, Inc.(a)(b)		1,873		17,662
Clear Channel Outdoor Holdings, Inc.(a)		27,795		39,747
EW Scripps Co., Class A, NVS(a)		3,414		48,445
Gannett Co., Inc.(a)		7,994		11,591
Gray Television, Inc.		5,035		71,245
iHeartMedia, Inc., Class A(a)(b)		6,148		50,905
Integral Ad Science Holding Corp.(a)		2,180		18,356
John Wiley & Sons, Inc., Class A		2,538		107,078
Magnite, Inc.(a)(b)		7,043		51,344
New York Times Co., Class A		9,792		283,576
Nexstar Media Group, Inc.		2,304		394,675
PubMatic, Inc., Class A(a)		2,495		43,413
Scholastic Corp., NVS		1,782		67,966
Sinclair Broadcast Group, Inc., Class A		2,560		45,594
Stagwell, Inc.(a)		6,024		45,722
TechTarget, Inc.(a)		1,627		105,023
TEGNA, Inc.		13,206		275,741
Thryv Holdings, Inc.(a)		1,807		36,971
WideOpenWest, Inc.(a)		3,105		42,570
				1,933,854
Metals & Mining — 1.0%
Alpha Metallurgical Resources, Inc.		929		156,862
Arconic Corp.(a)		6,025		125,079
ATI, Inc.(a)		7,688		228,795
Carpenter Technology Corp.		2,893		108,198
Century Aluminum Co.(a)		2,913		21,003
Coeur Mining, Inc.(a)(b)		16,425		62,087
Commercial Metals Co.		7,134		324,597
Compass Minerals International, Inc.		2,008		79,396
Haynes International, Inc.		721		35,264
Hecla Mining Co.		33,304		152,199
Kaiser Aluminum Corp.		935		75,539
Materion Corp.		1,224		104,909
MP Materials Corp.(a)		5,482		164,679
Olympic Steel, Inc.		563		15,319
Piedmont Lithium, Inc.(a)(b)		965		60,042
Ramaco Resources, Inc.		1,422		16,054
Ryerson Holding Corp.		1,220		40,931
Schnitzer Steel Industries, Inc., Class A		1,550		41,835
SunCoke Energy, Inc.		4,862		35,298
TimkenSteel Corp.(a)		2,471		43,094
Warrior Met Coal, Inc.		3,044		113,054
Worthington Industries, Inc.		1,810		86,084
				2,090,318

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) — 1.3%
AGNC Investment Corp.		30,960	$	254,491
Apollo Commercial Real Estate Finance, Inc.		7,669		86,353
Arbor Realty Trust, Inc.		10,213		140,633
Ares Commercial Real Estate Corp.		3,351		41,351
ARMOUR Residential REIT, Inc.		6,704		35,665
Blackstone Mortgage Trust, Inc., Class A		10,095		251,971
BrightSpire Capital, Inc.		5,816		44,667
Broadmark Realty Capital, Inc.		7,932		46,164
Chimera Investment Corp.		14,010		94,567
Dynex Capital, Inc.		2,719		32,465
Ellington Financial, Inc.		3,436		45,974
Franklin BSP Realty Trust, Inc.		5,064		71,352
Granite Point Mortgage Trust, Inc.		3,042		23,910
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		5,226		142,043
Invesco Mortgage Capital, Inc.		2,039		23,877
KKR Real Estate Finance Trust, Inc.		3,456		60,203
Ladder Capital Corp.		6,673		71,201
MFA Financial, Inc.		5,362		53,406
New York Mortgage Trust, Inc.		22,873		61,528
Orchid Island Capital, Inc.		2,185		22,003
PennyMac Mortgage Investment Trust		5,357		74,302
Ready Capital Corp.		6,099		73,920
Redwood Trust, Inc.		6,902		49,211
Rithm Capital Corp.		27,650		233,089
Starwood Property Trust, Inc.		18,339		378,884
TPG RE Finance Trust, Inc.		3,670		31,085
Two Harbors Investment Corp.		20,828		74,148
				2,518,463
Multiline Retail — 0.2%
Big Lots, Inc.		1,677		31,645
Dillard’s, Inc., Class A(b)		208		68,388
Franchise Group, Inc.		1,674		50,806
Nordstrom, Inc.(b)		6,660		135,465
Ollie’s Bargain Outlet Holdings, Inc.(a)		3,455		193,480
				479,784
Multi-Utilities — 0.3%
Avista Corp.		4,204		172,490
Black Hills Corp.		3,843		251,217
NorthWestern Corp.		3,342		176,558
Unitil Corp.		968		51,023
				651,288
Oil, Gas & Consumable Fuels — 4.0%
Alto Ingredients, Inc.(a)		4,436		18,321
Antero Midstream Corp.		19,924		212,191
Arch Resources, Inc.		1,105		168,280
Archaea Energy, Inc.(a)		4,373		112,867
Berry Corp.		3,898		34,575
Brigham Minerals, Inc., Class A		3,223		99,913
California Resources Corp.		4,481		202,138
Callon Petroleum Co.(a)		3,057		134,386
Centrus Energy Corp., Class A(a)(b)		620		29,332
Chord Energy Corp.		2,458		376,295
Civitas Resources, Inc.		3,080		215,323
Clean Energy Fuels Corp.(a)(b)		10,386		69,690
CNX Resources Corp.(a)(b)		11,254		189,180
Comstock Resources, Inc.(a)		5,450		102,351
CONSOL Energy, Inc.		1,946		122,637
Crescent Energy Co., Class A		1,889		26,030
CVR Energy, Inc.		1,795		70,113
Delek U.S. Holdings, Inc.		4,319		128,102

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Denbury, Inc.(a)		2,944	$	269,111
Dorian LPG Ltd.		1,904		34,405
DT Midstream, Inc.		5,745		342,977
Earthstone Energy, Inc., Class A(a)(b)		2,224		35,940
Enviva, Inc.		1,826		109,268
Equitrans Midstream Corp.		25,713		216,503
Excelerate Energy, Inc., Class A		1,041		28,752
Gevo, Inc.(a)(b)		14,503		32,632
Gran Tierra Energy, Inc.(a)		22,066		29,789
Green Plains, Inc.(a)		1,656		47,842
Gulfport Energy Corp.(a)(b)		688		61,583
HF Sinclair Corp.		8,640		528,509
International Seaways, Inc.		2,415		102,420
Kosmos Energy Ltd.(a)		27,111		175,950
Laredo Petroleum, Inc.(a)		1,005		64,973
Magnolia Oil & Gas Corp., Class A		9,969		256,004
Matador Resources Co.		6,639		441,162
Murphy Oil Corp.		8,642		419,223
NextDecade Corp.(a)		2,528		17,696
Northern Oil and Gas, Inc.		4,090		139,633
Par Pacific Holdings, Inc.(a)		3,492		79,897
PBF Energy, Inc., Class A(a)		6,357		281,297
PDC Energy, Inc.		5,722		412,785
Peabody Energy Corp.(a)(b)		6,936		165,770
Permian Resources Corp.(a)		12,118		118,393
Range Resources Corp.		14,710		418,941
Ranger Oil Corp., Class A		1,171		47,894
REX American Resources Corp.(a)		1,112		33,349
Riley Exploration Permian, Inc.		276		8,023
Ring Energy, Inc.(a)(b)		4,732		15,095
SandRidge Energy, Inc.(a)		1,942		36,684
SilverBow Resources, Inc.(a)(b)		792		28,092
SM Energy Co.		7,276		327,275
Talos Energy, Inc.(a)		3,931		83,652
Tellurian, Inc.(a)		30,780		83,106
Uranium Energy Corp.(a)(b)		20,149		84,827
VAALCO Energy, Inc.		6,209		31,976
Vertex Energy, Inc.(a)(b)		3,608		30,776
W&T Offshore, Inc.(a)		5,672		43,051
World Fuel Services Corp.		3,733		95,154
				8,092,133
Paper & Forest Products — 0.2%
Clearwater Paper Corp.(a)		977		43,457
Glatfelter Corp.		2,750		7,783
Louisiana-Pacific Corp.		4,375		247,844
Mercer International, Inc.		2,401		32,221
Resolute Forest Products, Inc.(a)		2,719		56,582
Sylvamo Corp.		1,948		93,835
				481,722
Personal Products — 0.6%
Beauty Health Co.(a)(b)		6,209		70,969
BellRing Brands, Inc.(a)		8,026		194,390
Coty, Inc., Class A(a)		21,468		144,050
Edgewell Personal Care Co.		3,060		119,921
elf Beauty, Inc.(a)		2,936		127,011
Herbalife Nutrition Ltd.(a)(b)		5,792		123,138
Honest Co., Inc.(a)		3,334		11,036
Inter Parfums, Inc.		1,054		85,248
Medifast, Inc.		649		75,927
Nu Skin Enterprises, Inc., Class A		3,013		115,066

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Personal Products (continued)
USANA Health Sciences, Inc.(a)		658	$	34,552
Veru, Inc.(a)(b)		3,077		37,662
				1,138,970
Pharmaceuticals — 1.3%
Aclaris Therapeutics, Inc.(a)		3,037		47,408
Amneal Pharmaceuticals, Inc.(a)(b)		5,691		12,520
Amphastar Pharmaceuticals, Inc.(a)		2,293		70,854
Amylyx Pharmaceuticals, Inc.(a)(b)		2,309		82,362
ANI Pharmaceuticals, Inc.(a)		715		27,592
Arvinas, Inc.(a)(b)		2,884		143,364
Atea Pharmaceuticals, Inc.(a)		4,432		26,592
Athira Pharma, Inc.(a)		1,911		6,325
Axsome Therapeutics, Inc.(a)(b)		1,910		86,236
Cara Therapeutics, Inc.(a)		2,639		24,807
Cassava Sciences, Inc.(a)(b)		2,236		81,480
CinCor Pharma, Inc.(a)		1,125		37,845
Collegium Pharmaceutical, Inc.(a)(b)		1,984		35,593
Corcept Therapeutics, Inc.(a)(b)		5,672		162,219
DICE Therapeutics, Inc.(a)		1,948		69,173
Edgewise Therapeutics, Inc.(a)		1,565		14,883
Evolus, Inc.(a)(b)		2,246		19,226
EyePoint Pharmaceuticals, Inc.(a)		1,469		7,933
Fulcrum Therapeutics, Inc.(a)(b)		2,005		11,148
Harmony Biosciences Holdings, Inc.(a)(b)		1,777		92,404
Innoviva, Inc.(a)		3,696		50,118
Intra-Cellular Therapies, Inc.(a)		5,201		237,530
Ligand Pharmaceuticals, Inc.(a)		948		83,092
Nektar Therapeutics(a)		11,336		42,623
NGM Biopharmaceuticals, Inc.(a)		2,166		11,566
Pacira BioSciences, Inc.(a)		2,707		140,114
Perrigo Co. PLC		7,964		320,790
Phathom Pharmaceuticals, Inc.(a)		1,230		13,038
Phibro Animal Health Corp., Class A		1,184		17,393
Prestige Consumer Healthcare, Inc.(a)		2,962		161,370
Reata Pharmaceuticals, Inc., Class A(a)		1,677		53,999
Relmada Therapeutics, Inc.(a)		1,502		9,598
Revance Therapeutics, Inc.(a)		4,826		107,668
SIGA Technologies, Inc.		2,343		21,532
Supernus Pharmaceuticals, Inc.(a)		3,194		109,458
Theravance Biopharma, Inc.(a)		3,369		33,589
Tilray Brands, Inc.(a)(b)		34,652		141,034
Tricida, Inc.(a)(b)		1,619		538
Ventyx Biosciences, Inc.(a)		1,279		41,401
				2,656,415
Professional Services — 2.0%
Alight, Inc., Class A(a)(b)		16,100		133,469
ASGN, Inc.(a)		2,972		251,966
Atlas Technical Consultants, Inc.(a)(b)		1,815		13,758
Barrett Business Services, Inc.		437		38,115
CACI International, Inc., Class A(a)		1,392		423,210
CBIZ, Inc.(a)		3,035		150,657
CRA International, Inc.		422		43,356
Exponent, Inc.		3,027		288,352
First Advantage Corp.(a)		3,522		49,484
Forrester Research, Inc.(a)		658		27,847
Franklin Covey Co.(a)		715		36,179
FTI Consulting, Inc.(a)(b)		2,043		317,952
Heidrick & Struggles International, Inc.		1,148		32,328
HireRight Holdings Corp.(a)		1,125		15,142
Huron Consulting Group, Inc.(a)		1,231		90,639
ICF International, Inc.		1,012		121,066
Insperity, Inc.		2,120		250,202

Security	Shares		Value
Professional Services (continued)
KBR, Inc.		8,224	$	409,308
Kelly Services, Inc., Class A, NVS		2,052		33,530
Kforce, Inc.		1,170		74,026
Korn Ferry		3,226		179,333
Legalzoom.com, Inc.(a)		5,699		52,716
ManpowerGroup, Inc.		3,070		240,504
Planet Labs PBC(a)(b)		11,228		58,947
Resources Connection, Inc.		1,913		34,951
Science Applications International Corp.		3,295		356,980
Sterling Check Corp.(a)		1,338		26,131
TriNet Group, Inc.(a)(b)		2,185		141,981
TrueBlue, Inc.(a)		1,902		37,393
Upwork, Inc.(a)		7,131		95,912
				4,025,434
Real Estate Management & Development — 0.5%
Anywhere Real Estate, Inc.(a)		6,758		50,212
Cushman & Wakefield PLC(a)		9,638		111,319
DigitalBridge Group, Inc.		8,826		112,973
Doma Holdings, Inc.(a)		7,092		3,848
Douglas Elliman, Inc.		3,989		18,429
eXp World Holdings, Inc.		4,285		56,605
Forestar Group, Inc.(a)		1,112		12,877
Howard Hughes Corp.(a)		2,137		131,105
Kennedy-Wilson Holdings, Inc.		7,008		116,403
Marcus & Millichap, Inc.		1,515		55,812
Newmark Group, Inc., Class A		7,630		62,490
Offerpad Solutions, Inc.(a)(b)		4,353		4,242
Opendoor Technologies, Inc.(a)		29,537		76,501
RE/MAX Holdings, Inc., Class A		1,109		21,581
Redfin Corp.(a)		6,504		31,284
RMR Group, Inc., Class A		848		23,210
Seritage Growth Properties, Class A(a)		2,117		22,715
St. Joe Co.		2,047		72,730
WeWork, Inc., Class A(a)(b)		13,752		35,343
				1,019,679
Road & Rail — 0.9%
ArcBest Corp.		1,473		117,000
Bird Global, Inc., Class A(a)(b)		8,121		3,526
Daseke, Inc.(a)(b)		3,654		21,778
Heartland Express, Inc.		2,782		41,396
Landstar System, Inc.		2,162		337,748
Marten Transport Ltd.		3,429		64,362
PAM Transportation Services, Inc.(a)		407		11,335
Ryder System, Inc.		3,035		244,348
Saia, Inc.(a)(b)		1,568		311,812
Schneider National, Inc., Class B		2,169		48,239
TuSimple Holdings, Inc., Class A(a)(b)		8,031		27,546
Werner Enterprises, Inc.		3,508		137,514
XPO Logistics, Inc.(a)		6,804		352,039
				1,718,643
Semiconductors & Semiconductor Equipment — 2.0%
ACM Research, Inc., Class A(a)		2,423		15,507
Allegro MicroSystems, Inc.(a)		3,867		98,260
Alpha & Omega Semiconductor Ltd.(a)		1,338		43,820
Ambarella, Inc.(a)		2,167		118,600
Amkor Technology, Inc.		6,001		124,761
Axcelis Technologies, Inc.(a)		1,950		113,100
CEVA, Inc.(a)		1,367		37,811
Cirrus Logic, Inc.(a)		3,321		222,906
Cohu, Inc.(a)		2,883		94,908
Credo Technology Group Holding Ltd.(a)(b)		5,305		72,891

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Diodes, Inc.(a)		2,702	$	193,652
FormFactor, Inc.(a)		4,543		91,814
Ichor Holdings Ltd.(a)		1,690		42,994
Impinj, Inc.(a)(b)		1,256		143,975
indie Semiconductor, Inc., Class A(a)		3,882		30,357
Kulicke & Soffa Industries, Inc.		3,464		145,280
MACOM Technology Solutions Holdings, Inc.(a)		3,040		175,925
Magnachip Semiconductor Corp.(a)		2,541		25,283
MaxLinear, Inc.(a)		4,298		132,722
MKS Instruments, Inc.		3,384		277,996
Navitas Semiconductor Corp.(a)(b)		4,632		19,501
Onto Innovation, Inc.(a)		2,951		197,245
PDF Solutions, Inc.(a)		1,750		41,265
Photronics, Inc.(a)		3,644		59,106
Power Integrations, Inc.(b)		3,393		226,347
Rambus, Inc.(a)		6,529		196,915
Rigetti Computing, Inc.(a)(b)		4,200		8,820
Rockley Photonics Holdings Ltd.(a)		3,784		1,930
Semtech Corp.(a)		3,739		103,533
Silicon Laboratories, Inc.(a)(b)		2,028		233,058
SiTime Corp.(a)		950		85,320
SMART Global Holdings, Inc.(a)		2,987		40,414
Synaptics, Inc.(a)		2,354		208,564
Ultra Clean Holdings, Inc.(a)(b)		2,677		83,281
Universal Display Corp.		2,575		245,191
Veeco Instruments, Inc.(a)		3,056		55,711
				4,008,763
Software — 5.2%
8x8, Inc.(a)		6,902		29,196
A10 Networks, Inc.		3,950		66,360
ACI Worldwide, Inc.(a)		6,779		164,933
Adeia, Inc.		6,139		68,634
Agilysys, Inc.(a)		1,165		74,758
Alarm.com Holdings, Inc.(a)		2,959		174,108
Altair Engineering, Inc., Class A(a)		3,112		152,644
Alteryx, Inc., Class A(a)(b)		3,613		176,062
American Software, Inc., Class A		2,187		37,463
Amplitude, Inc., Class A(a)(b)		3,043		51,122
Appfolio, Inc., Class A(a)(b)		1,100		137,907
Appian Corp., Class A(a)(b)		2,448		119,511
Arteris, Inc.(a)		931		5,158
Asana, Inc., Class A(a)(b)		4,442		91,505
Avaya Holdings Corp.(a)		5,060		7,995
AvePoint, Inc.(a)(b)		5,305		23,183
Blackbaud, Inc.(a)		2,630		143,861
Blackline, Inc.(a)(b)		3,223		180,488
Blend Labs, Inc., Class A(a)(b)		9,532		23,925
Box, Inc., Class A(a)		8,566		248,842
Braze, Inc., Class A(a)(b)		1,789		52,972
BTRS Holdings, Inc., Class A(a)		5,111		48,248
C3.ai, Inc., Class A(a)(b)		4,863		63,754
CCC Intelligent Solutions Holdings, Inc.(a)		6,309		58,863
Cerence, Inc.(a)		2,326		40,007
ChannelAdvisor Corp.(a)		1,691		38,961
Cipher Mining, Inc.(a)(b)		2,554		2,580
Clear Secure, Inc., Class A(a)(b)		4,208		113,700
Clearwater Analytics Holdings, Inc., Class A(a)(b)		3,008		49,000
CommVault Systems, Inc.(a)		2,662		162,089
Confluent, Inc., Class A(a)(b)		8,382		225,308
Consensus Cloud Solutions, Inc.(a)		1,050		58,947
Couchbase, Inc.(a)		1,441		18,445
Coupa Software, Inc.(a)		4,479		238,417

Security	Shares		Value
Software (continued)
CS Disco, Inc.(a)(b)		1,010	$	10,827
Cvent Holding Corp.(a)		3,876		22,675
Dave, Inc.(a)		9,748		3,064
Digimarc Corp.(a)(b)		822		13,432
Digital Turbine, Inc.(a)		5,310		77,526
Dolby Laboratories, Inc., Class A		3,645		243,632
Domo, Inc., Class B(a)		1,809		31,965
DoubleVerify Holdings, Inc.(a)(b)		3,824		111,776
Dropbox, Inc., Class A(a)		16,328		355,134
Duck Creek Technologies, Inc.(a)		4,456		53,205
E2open Parent Holdings, Inc.(a)		10,183		59,367
Ebix, Inc.		1,374		27,192
Embark Technology, Inc.(a)(b)		824		4,977
Enfusion, Inc., Class A(a)		773		10,953
Envestnet, Inc.(a)		2,878		141,914
Everbridge, Inc.(a)		2,338		73,250
EverCommerce, Inc.(a)		1,710		14,894
Expensify, Inc., Class A(a)(b)		2,606		34,113
Freshworks, Inc., Class A(a)(b)		8,686		118,043
Gitlab, Inc., Class A(a)(b)		3,193		154,733
HashiCorp, Inc., Class A(a)		2,322		71,355
Informatica, Inc., Class A(a)(b)		2,229		43,153
Intapp, Inc.(a)		882		19,810
InterDigital, Inc.		1,754		87,472
Jamf Holding Corp.(a)(b)		2,639		62,465
JFrog Ltd.(a)(b)		3,513		89,230
KnowBe4, Inc., Class A(a)		4,762		117,050
Latch, Inc.(a)		5,967		7,996
LivePerson, Inc.(a)		3,956		41,815
LiveRamp Holdings, Inc.(a)		3,956		72,632
Marathon Digital Holdings, Inc.(a)(b)		6,576		86,211
Matterport, Inc.(a)(b)		13,211		46,106
MeridianLink, Inc.(a)		1,163		20,934
MicroStrategy, Inc., Class A(a)(b)		551		147,398
Mitek Systems, Inc.(a)		2,582		29,202
Model N, Inc.(a)		1,956		74,328
Momentive Global, Inc.(a)		7,472		57,983
N-able, Inc.(a)(b)		3,942		42,692
nCino, Inc.(a)(b)		4,523		142,384
NCR Corp.(a)		8,089		171,972
New Relic, Inc.(a)		3,398		201,298
NextNav, Inc.(a)(b)		1,097		3,763
Nutanix, Inc., Class A(a)		13,276		363,762
Olo, Inc., Class A(a)(b)		6,020		53,036
ON24, Inc.(a)		2,508		20,415
OneSpan, Inc.(a)		2,196		24,134
PagerDuty, Inc.(a)(b)		4,779		119,188
Paycor HCM, Inc.(a)(b)		2,779		84,676
Pegasystems, Inc.		2,452		91,239
PowerSchool Holdings, Inc., Class A(a)		1,869		37,380
Progress Software Corp.		2,579		131,606
PROS Holdings, Inc.(a)		2,422		60,429
Q2 Holdings, Inc.(a)		3,436		106,653
Qualtrics International, Inc., Class A(a)		6,289		75,279
Qualys, Inc.(a)		2,074		295,670
Rapid7, Inc.(a)(b)		3,460		156,634
Rimini Street, Inc.(a)		2,903		16,286
Riot Blockchain, Inc.(a)(b)		7,966		54,886
Samsara, Inc., Class A(a)(b)		4,803		59,125
SentinelOne, Inc., Class A(a)(b)		11,817		269,900
Smartsheet, Inc., Class A(a)		7,670		267,836
SolarWinds Corp.(a)		2,711		25,294

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) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
Sprinklr, Inc., Class A(a)		3,475	$	32,144
Sprout Social, Inc., Class A(a)		2,774		167,355
SPS Commerce, Inc.(a)		2,141		270,879
Sumo Logic, Inc.(a)		6,196		47,771
Telos Corp.(a)		3,260		34,556
Tenable Holdings, Inc.(a)		6,627		269,321
Teradata Corp.(a)		6,099		192,667
Terawulf, Inc.(a)		1,310		1,493
Upland Software, Inc.(a)(b)		1,741		13,998
Varonis Systems, Inc.(a)		6,543		175,156
Verint Systems, Inc.(a)		3,811		135,024
Veritone, Inc.(a)(b)		1,915		14,190
Vertex, Inc., Class A(a)(b)		2,044		36,833
WM Technology, Inc.(a)(b)		4,922		10,090
Workiva, Inc.(a)		2,707		210,632
Yext, Inc.(a)		6,270		33,356
Zeta Global Holdings Corp., Class A(a)		7,255		60,507
Zuora, Inc., Class A(a)		7,286		56,029
				10,424,296
Specialty Retail — 2.1%
Aaron’s Co., Inc.		1,833		19,100
Abercrombie & Fitch Co., Class A(a)(b)		2,967		52,160
Academy Sports & Outdoors, Inc.(b)		5,045		222,131
American Eagle Outfitters, Inc.		9,418		106,988
America’s Car-Mart, Inc.(a)		350		23,926
Arhaus, Inc.(a)(b)		1,231		10,254
Arko Corp.		4,306		44,136
Asbury Automotive Group, Inc.(a)		1,313		207,126
Bed Bath & Beyond, Inc.(a)(b)		4,114		18,801
Boot Barn Holdings, Inc.(a)		1,779		101,047
Buckle, Inc.		1,747		68,709
Caleres, Inc.		2,169		59,279
Camping World Holdings, Inc., Class A(b)		2,328		64,788
Carvana Co.(a)(b)		5,974		80,828
Chico’s FAS, Inc.(a)(b)		7,574		44,535
Children’s Place, Inc.(a)		807		32,667
Conn’s, Inc.(a)		875		7,184
Container Store Group, Inc.(a)		2,102		11,414
Designer Brands, Inc., Class A		3,341		50,883
Dick’s Sporting Goods, Inc.(b)		3,381		384,623
EVgo, Inc.(a)(b)		4,194		31,078
Foot Locker, Inc.		4,774		151,336
Gap, Inc.		12,617		142,194
Genesco, Inc.(a)(b)		765		35,986
Group 1 Automotive, Inc.		941		162,793
Guess?, Inc.		1,996		33,892
Haverty Furniture Cos., Inc.		836		22,221
Hibbett, Inc.		758		47,314
JOANN, Inc.		771		4,079
Leslie’s, Inc.(a)		8,777		123,229
LL Flooring Holdings, Inc.(a)		1,809		15,051
MarineMax, Inc.(a)		1,270		41,034
Monro, Inc.		1,902		90,820
Murphy U.S.A., Inc.		1,277		401,629
National Vision Holdings, Inc.(a)(b)		4,688		173,643
ODP Corp.(a)		2,563		101,418
OneWater Marine, Inc., Class A(a)		634		20,922
Petco Health & Wellness Co., Inc.(a)		4,659		49,059
Rent-A-Center, Inc.		3,133		65,323
Sally Beauty Holdings, Inc.(a)		6,289		79,933
Shoe Carnival, Inc.		1,010		24,220
Signet Jewelers Ltd.		2,770		180,715

Security	Shares		Value
Specialty Retail (continued)
Sleep Number Corp.(a)(b)		1,317	$	36,534
Sonic Automotive, Inc., Class A		1,089		50,911
Sportsman’s Warehouse Holdings, Inc.(a)		2,548		22,881
Torrid Holdings, Inc.(a)		606		2,988
TravelCenters of America, Inc.(a)		747		47,494
Urban Outfitters, Inc.(a)		3,610		86,135
Victoria’s Secret & Co.(a)		4,933		185,481
Warby Parker, Inc., Class A(a)		3,658		58,711
Winmark Corp.		163		41,017
Zumiez, Inc.(a)		960		21,533
				4,162,153
Technology Hardware, Storage & Peripherals — 0.2%
Avid Technology, Inc.(a)		2,009		55,227
Corsair Gaming, Inc.(a)		2,338		32,264
Eastman Kodak Co.(a)(b)		4,391		23,492
IonQ, Inc.(a)(b)		8,875		52,274
Super Micro Computer, Inc.(a)		2,692		187,336
Xerox Holdings Corp.		6,701		98,036
				448,629
Textiles, Apparel & Luxury Goods — 1.1%
Allbirds, Inc., Class A(a)		5,484		18,865
Carter’s, Inc.		2,316		157,187
Columbia Sportswear Co.		2,089		155,630
Crocs, Inc.(a)		3,644		257,813
Fossil Group, Inc.(a)		2,931		12,457
G-III Apparel Group Ltd.(a)		2,555		49,822
Hanesbrands, Inc.		20,722		141,324
Kontoor Brands, Inc.		2,946		105,172
Levi Strauss & Co., Class A		5,833		87,262
Movado Group, Inc.		954		31,549
Oxford Industries, Inc.		888		90,336
PLBY Group, Inc.(a)(b)		1,959		7,092
PVH Corp.		3,980		204,254
Ralph Lauren Corp.		2,542		235,618
Skechers U.S.A., Inc., Class A(a)		7,972		274,476
Steven Madden Ltd.		4,438		132,563
Under Armour, Inc., Class A(a)		11,276		84,006
Under Armour, Inc., Class C, NVS(a)		11,805		77,441
Wolverine World Wide, Inc.		4,648		79,620
				2,202,487
Thrifts & Mortgage Finance — 1.2%
Axos Financial, Inc.(a)		3,153		122,841
Capitol Federal Financial, Inc.		7,999		65,432
Columbia Financial, Inc.(a)(b)		2,033		41,758
Essent Group Ltd.		6,413		253,827
Federal Agricultural Mortgage Corp., Class C, NVS		560		64,512
Hingham Institution For Savings		97		23,983
Kearny Financial Corp.		4,752		48,185
Merchants Bancorp		1,552		37,171
MGIC Investment Corp.		18,057		246,478
Mr Cooper Group, Inc.(a)		4,252		167,912
New York Community Bancorp, Inc.		27,607		257,021
NMI Holdings, Inc., Class A(a)		5,071		111,207
Northfield Bancorp, Inc.		2,868		46,003
PennyMac Financial Services, Inc.		1,876		100,028
Provident Financial Services, Inc.		4,581		102,706
Radian Group, Inc.		9,636		201,103
Rocket Cos., Inc., Class A(b)		6,807		46,968
Southern Missouri Bancorp, Inc.		497		25,471
TFS Financial Corp.		3,085		43,344
TrustCo Bank Corp.		786		29,334

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Thrifts & Mortgage Finance (continued)
UWM Holdings Corp.(b)		5,344	$	17,528
Walker & Dunlop, Inc.		1,819		163,637
Waterstone Financial, Inc.		1,455		24,706
WSFS Financial Corp.		3,344		155,697
				2,396,852
Tobacco — 0.1%
Turning Point Brands, Inc.		907		21,369
Universal Corp.		1,464		74,093
Vector Group Ltd.		7,772		82,539
				178,001
Trading Companies & Distributors — 1.8%
Air Lease Corp., Class A		6,124		216,116
Applied Industrial Technologies, Inc.		2,277		283,213
Beacon Roofing Supply, Inc.(a)		3,013		169,782
BlueLinx Holdings, Inc.(a)		541		38,119
Boise Cascade Co.		2,324		155,173
Core & Main, Inc., Class A(a)(b)		4,301		101,417
Custom Truck One Source, Inc.(a)		3,587		24,858
DXP Enterprises, Inc.(a)		928		26,550
GATX Corp.(b)		2,090		218,844
Global Industrial Co.		984		31,232
GMS, Inc.(a)		2,519		118,897
H&E Equipment Services, Inc.		1,989		75,105
Herc Holdings, Inc.		1,506		177,121
McGrath RentCorp.		1,453		136,655
MRC Global, Inc.(a)		4,900		49,147
MSC Industrial Direct Co., Inc., Class A		2,803		232,593
NOW, Inc.(a)		6,612		84,171
Rush Enterprises, Inc., Class A		2,551		127,269
SiteOne Landscape Supply, Inc.(a)		2,668		309,141
Titan Machinery, Inc.(a)(b)		1,203		41,359
Transcat, Inc.(a)		414		34,263
Triton International Ltd.		3,675		223,036
Univar Solutions, Inc.(a)		9,858		251,182
Veritiv Corp.(a)		824		95,798
WESCO International, Inc.(a)		2,645		364,402
				3,585,443

Security	Shares		Value
Water Utilities — 0.3%
American States Water Co.		2,192	$	198,288
California Water Service Group		3,223		200,019
Middlesex Water Co.		1,050		93,944
SJW Group		1,578		111,533
York Water Co.		866		37,723
				641,507
Wireless Telecommunication Services — 0.1%
Gogo, Inc.(a)		3,859		54,875
Shenandoah Telecommunications Co.		2,967		67,232
Telephone and Data Systems, Inc.		5,975		101,575
United States Cellular Corp.(a)		839		26,152
				249,834
Total Long-Term Investments — 99.8% (Cost: $227,365,850)				200,241,876
Short-Term Securities
Money Market Funds — 11.9%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(d)(e)(f)		23,611,450		23,606,728
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(d)(e)		251,290		251,290
Total Short-Term Securities — 11.9% (Cost: $23,857,963)				23,858,018
Total Investments — 111.7% (Cost: $251,223,813)				224,099,894
Liabilities in Excess of Other Assets — (11.7)%				(23,486,011	)
Net Assets — 100.0%			$	200,613,883

^(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.

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	22,100,871	$	1,510,509	(a)	$	—	$	(4,475	)	$	(177	)	$	23,606,728		23,611,450	$	195,920	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		250,000		1,290	(a)		—		—			—			251,290		251,290		3,259			—
								$	(4,475	)	$	(177	)	$	23,858,018			$	199,179		$	—

^(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 31

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Small-Cap 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
Russel 2000 E-Mini Index		1		12/16/22	$	93	$	4,593
S&P Mid 400 E-Mini Index		1		12/16/22		244		16,850
							$	21,443

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	21,443	$	—	$	—	$	—	$	21,443

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

For the period ended October 31, 2022, 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	$	—	$	—	$	(45,835	)	$	—	$	—	$	—	$	(45,835	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	33,462		$	—	$	—	$	—	$	33,462

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	466,878

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

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar 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	$	200,241,876	$	—	$	—	$	200,241,876
Short-Term Securities
Money Market Funds		23,858,018		—		—		23,858,018
	$	224,099,894	$	—	$	—	$	224,099,894
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	21,443	$	—	$	—	$	21,443

^(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 33

Schedule of Investments (unaudited)  October 31, 2022 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.7%
Axon Enterprise, Inc.(a)(b)		1,387	$	201,725
Boeing Co.(a)		11,407		1,625,612
General Dynamics Corp.		4,617		1,153,327
HEICO Corp.		817		132,877
HEICO Corp., Class A		1,423		181,148
Howmet Aerospace, Inc.		7,525		267,514
Huntington Ingalls Industries, Inc.		833		214,139
L3Harris Technologies, Inc.		3,933		969,366
Lockheed Martin Corp.		4,822		2,346,771
Northrop Grumman Corp.		2,972		1,631,658
Raytheon Technologies Corp.		30,252		2,868,495
Textron, Inc.		4,318		295,524
TransDigm Group, Inc.		1,056		608,002
				12,496,158
Air Freight & Logistics — 0.6%
CH Robinson Worldwide, Inc.		2,546		248,795
Expeditors International of Washington, Inc.		3,333		326,134
FedEx Corp.		4,910		786,975
GXO Logistics, Inc.(a)(b)		2,436		89,012
United Parcel Service, Inc., Class B		14,999		2,516,382
				3,967,298
Airlines — 0.2%
American Airlines Group, Inc.(a)(b)		13,538		191,969
Delta Air Lines, Inc.(a)		13,186		447,401
Southwest Airlines Co.(a)		12,163		442,125
United Airlines Holdings, Inc.(a)		6,703		288,765
				1,370,260
Auto Components — 0.1%
Aptiv PLC(a)		5,560		506,349
BorgWarner, Inc.		4,925		184,835
Gentex Corp.		4,729		125,271
Lear Corp.		1,216		168,672
				985,127
Automobiles — 2.1%
Ford Motor Co.		81,017		1,083,197
General Motors Co.		29,940		1,175,145
Lucid Group, Inc.(a)(b)		12,020		171,766
Rivian Automotive, Inc., Class A(a)		11,194		391,454
Tesla, Inc.(a)		54,551		12,412,535
				15,234,097
Banks — 3.8%
Bank of America Corp.		143,179		5,160,171
Citigroup, Inc.		39,574		1,814,864
Citizens Financial Group, Inc.		10,187		416,648
Comerica, Inc.		2,716		191,478
Commerce Bancshares, Inc.(b)		2,280		161,515
Cullen/Frost Bankers, Inc.		1,316		204,046
East West Bancorp, Inc.		2,862		204,833
Fifth Third Bancorp		13,990		499,303
First Citizens BancShares, Inc., Class A		272		223,617
First Horizon Corp.		11,106		272,208
First Republic Bank		3,751		450,495
Huntington Bancshares, Inc.		29,709		450,983
JPMorgan Chase & Co.		60,063		7,560,730
KeyCorp		19,180		342,747
M&T Bank Corp.		3,608		607,479
PNC Financial Services Group, Inc.		8,377		1,355,650
Regions Financial Corp.		19,026		417,621
Signature Bank		1,268		201,016

Security	Shares		Value
Banks (continued)
SVB Financial Group(a)		1,204	$	278,076
Truist Financial Corp.		27,106		1,214,078
U.S. Bancorp		27,731		1,177,181
Webster Financial Corp.		3,636		197,289
Wells Fargo & Co.		77,687		3,572,825
Western Alliance Bancorp		2,186		146,834
Zions Bancorp N.A		3,041		157,949
				27,279,636
Beverages — 1.8%
Brown-Forman Corp., Class A		1,156		79,498
Brown-Forman Corp., Class B, NVS		3,775		256,700
Coca-Cola Co.		79,717		4,771,062
Constellation Brands, Inc., Class A		3,273		808,693
Keurig Dr Pepper, Inc.		17,445		677,564
Molson Coors Beverage Co., Class B		3,879		195,618
Monster Beverage Corp.(a)(b)		7,900		740,388
PepsiCo, Inc.		28,266		5,132,540
				12,662,063
Biotechnology — 2.5%
AbbVie, Inc.		36,213		5,301,583
Alnylam Pharmaceuticals, Inc.(a)		2,453		508,409
Amgen, Inc.		10,960		2,963,036
Biogen, Inc.(a)		2,961		839,266
BioMarin Pharmaceutical, Inc.(a)		3,813		330,320
Exact Sciences Corp.(a)		3,649		126,912
Gilead Sciences, Inc.		25,687		2,015,402
Horizon Therapeutics PLC(a)		4,691		292,343
Incyte Corp.(a)		3,741		278,106
Moderna, Inc.(a)		6,902		1,037,578
Neurocrine Biosciences, Inc.(a)		1,935		222,757
Regeneron Pharmaceuticals, Inc.(a)		2,191		1,640,511
Seagen, Inc.(a)		2,805		356,684
United Therapeutics Corp.(a)		948		218,543
Vertex Pharmaceuticals, Inc.(a)		5,246		1,636,752
				17,768,202
Building Products — 0.6%
A O Smith Corp.		2,566		140,565
Advanced Drainage Systems, Inc.		1,317		152,614
Allegion PLC		1,794		187,957
Builders FirstSource, Inc.(a)		3,204		197,559
Carlisle Cos., Inc.		1,049		250,501
Carrier Global Corp.		17,146		681,725
Fortune Brands Home & Security, Inc.		2,629		158,581
Johnson Controls International PLC		14,147		818,263
Lennox International, Inc.		674		157,426
Masco Corp.		4,632		214,323
Owens Corning		2,014		172,419
Trane Technologies PLC		4,732		755,369
Trex Co., Inc.(a)		2,296		110,415
				3,997,717
Capital Markets — 3.2%
Ameriprise Financial, Inc.		2,222		686,865
Ares Management Corp., Class A		3,177		240,912
Bank of New York Mellon Corp.		14,985		631,018
BlackRock, Inc.(c)		3,083		1,991,340
Blackstone, Inc., NVS		14,350		1,307,859
Carlyle Group, Inc.		4,455		125,987
Charles Schwab Corp.		31,302		2,493,830
CME Group, Inc., Class A		7,372		1,277,568
Coinbase Global, Inc., Class A(a)(b)		3,232		214,120
FactSet Research Systems, Inc.		777		330,606

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Franklin Resources, Inc.		5,904	$	138,449
Goldman Sachs Group, Inc.		6,998		2,410,881
Intercontinental Exchange, Inc.		11,459		1,095,137
Invesco Ltd.		9,338		143,058
Jefferies Financial Group, Inc.		3,812		131,171
KKR & Co., Inc.		11,829		575,244
LPL Financial Holdings, Inc.		1,621		414,409
MarketAxess Holdings, Inc.		781		190,595
Moody’s Corp.		3,242		858,709
Morgan Stanley		27,455		2,255,977
Morningstar, Inc.(b)		514		119,340
MSCI, Inc., Class A		1,645		771,275
Nasdaq, Inc.		6,959		433,128
Northern Trust Corp.		4,282		361,187
Raymond James Financial, Inc.		4,007		473,387
S&P Global, Inc.		6,984		2,243,610
SEI Investments Co.		2,169		117,777
State Street Corp.		7,507		555,518
T Rowe Price Group, Inc.		4,647		493,325
Tradeweb Markets, Inc., Class A		2,226		122,608
				23,204,890
Chemicals — 1.7%
Air Products and Chemicals, Inc.		4,550		1,139,320
Albemarle Corp.		2,389		668,610
Celanese Corp.		2,044		196,469
CF Industries Holdings, Inc.		4,093		434,922
Corteva, Inc.		14,686		959,583
Dow, Inc.		14,745		689,181
DuPont de Nemours, Inc.		10,201		583,497
Eastman Chemical Co.		2,524		193,869
Ecolab, Inc.		5,077		797,445
FMC Corp.		2,604		309,616
International Flavors & Fragrances, Inc.		5,199		507,475
Linde PLC		10,208		3,035,349
LyondellBasell Industries NV, Class A		5,227		399,604
Mosaic Co.		7,091		381,141
Olin Corp.		2,734		144,765
PPG Industries, Inc.		4,791		547,036
RPM International, Inc.		2,663		251,840
Sherwin-Williams Co.		4,842		1,089,595
Westlake Corp.		694		67,075
				12,396,392
Commercial Services & Supplies — 0.5%
Cintas Corp.		1,756		750,778
Copart, Inc.(a)(b)		4,398		505,858
Republic Services, Inc.		4,194		556,208
Rollins, Inc.		4,750		199,880
Tetra Tech, Inc.		1,090		153,995
Waste Management, Inc.		7,682		1,216,599
				3,383,318
Communications Equipment — 0.8%
Arista Networks, Inc.(a)		5,060		611,552
Ciena Corp.(a)		3,008		144,083
Cisco Systems, Inc.		84,813		3,853,055
F5, Inc.(a)		1,216		173,778
Juniper Networks, Inc.		6,672		204,163
Motorola Solutions, Inc.		3,428		856,006
				5,842,637
Construction & Engineering — 0.1%
AECOM		2,909		218,990

Security	Shares		Value
Construction & Engineering (continued)
Quanta Services, Inc.		2,929	$	416,035
WillScot Mobile Mini Holdings Corp.(a)		4,368		185,771
				820,796
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		1,275		428,375
Vulcan Materials Co.		2,723		445,755
				874,130
Consumer Finance — 0.5%
Ally Financial, Inc.		6,338		174,675
American Express Co.		12,258		1,819,700
Capital One Financial Corp.		7,883		835,755
Credit Acceptance Corp.(a)(b)		127		59,134
Discover Financial Services		5,608		585,812
Synchrony Financial		9,891		351,724
				3,826,800
Containers & Packaging — 0.3%
Amcor PLC		30,470		352,843
AptarGroup, Inc.		1,337		132,564
Avery Dennison Corp.		1,645		278,910
Ball Corp.		6,415		316,837
Berry Global Group, Inc.(a)(b)		2,566		121,423
Crown Holdings, Inc.		2,477		169,897
International Paper Co.		7,353		247,134
Packaging Corp. of America		1,942		233,448
Sealed Air Corp.		2,912		138,669
Westrock Co.		5,262		179,224
				2,170,949
Distributors — 0.2%
Genuine Parts Co.		2,906		516,861
LKQ Corp.		5,303		295,059
Pool Corp.		807		245,514
				1,057,434
Diversified Consumer Services — 0.0%
Bright Horizons Family Solutions, Inc.(a)		1,234		80,605
Service Corp. International		3,237		196,194
				276,799
Diversified Financial Services — 1.6%
Apollo Global Management, Inc.		8,911		493,313
Berkshire Hathaway, Inc., Class B(a)		36,966		10,908,297
Equitable Holdings, Inc.		7,224		221,199
Voya Financial, Inc.		2,023		138,292
				11,761,101
Diversified Telecommunication Services — 0.8%
AT&T Inc.		146,062		2,662,710
Lumen Technologies, Inc.		19,256		141,724
Verizon Communications, Inc.		86,016		3,214,418
				6,018,852
Electric Utilities — 1.8%
Alliant Energy Corp.		5,106		266,380
American Electric Power Co., Inc.		10,554		927,908
Avangrid, Inc.		1,417		57,644
Constellation Energy Corp.		6,703		633,702
Duke Energy Corp.		15,783		1,470,660
Edison International		7,804		468,552
Entergy Corp.		4,151		444,738
Evergy, Inc.		4,672		285,599
Eversource Energy		7,130		543,876
Exelon Corp.		20,382		786,541
FirstEnergy Corp.		11,148		420,391

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) October 31, 2022 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electric Utilities (continued)
NextEra Energy, Inc.		40,242	$	3,118,755
NRG Energy, Inc.		4,838		214,807
OGE Energy Corp.		4,084		149,597
PG&E Corp.(a)(b)		33,063		493,631
Pinnacle West Capital Corp.		2,299		154,516
PPL Corp.		15,133		400,873
Southern Co.		21,769		1,425,434
Xcel Energy, Inc.		11,249		732,422
				12,996,026
Electrical Equipment — 0.6%
AMETEK, Inc.		4,681		606,938
Eaton Corp. PLC		8,139		1,221,420
Emerson Electric Co.		12,113		1,048,986
Generac Holdings, Inc.(a)		1,300		150,683
Hubbell, Inc.		1,087		258,141
Plug Power, Inc.(a)(b)		10,506		167,886
Regal Rexnord Corp.		1,367		172,980
Rockwell Automation, Inc.		2,376		606,593
Sensata Technologies Holding PLC		3,238		130,200
				4,363,827
Electronic Equipment, Instruments & Components — 0.7%
Amphenol Corp., Class A		12,204		925,429
Arrow Electronics, Inc.(a)		1,286		130,220
CDW Corp.		2,782		480,757
Cognex Corp.		3,526		163,007
Corning, Inc.		15,506		498,828
Flex Ltd.(a)		9,316		182,407
Jabil, Inc.		2,812		180,671
Keysight Technologies, Inc.(a)		3,676		640,175
TD SYNNEX Corp.		844		77,235
TE Connectivity Ltd.		6,569		802,929
Teledyne Technologies, Inc.(a)		963		383,255
Trimble, Inc.(a)		5,037		303,026
Zebra Technologies Corp., Class A(a)		1,067		302,196
				5,070,135
Energy Equipment & Services — 0.4%
Baker Hughes Co.		20,776		574,664
Halliburton Co.		18,635		678,687
Schlumberger Ltd.		28,998		1,508,766
				2,762,117
Entertainment — 1.4%
Activision Blizzard, Inc.		14,527		1,057,566
AMC Entertainment Holdings, Inc., Class A(a)(b)		10,365		69,031
Electronic Arts, Inc.		5,425		683,333
Liberty Media Corp. - Liberty Formula One, Class A(a) .		527		27,415
Liberty Media Corp. - Liberty Formula One, Class C, NVS(a)		4,265		246,218
Live Nation Entertainment, Inc.(a)		2,916		232,143
Netflix, Inc.(a)		9,114		2,660,194
Playtika Holding Corp.(a)		2,064		19,505
Roku, Inc.(a)(b)		2,457		136,462
Take-Two Interactive Software, Inc.(a)		3,176		376,292
Walt Disney Co.(a)		37,339		3,978,097
Warner Bros Discovery, Inc.(a)		44,963		584,519
				10,070,775
Equity Real Estate Investment Trusts (REITs) — 2.8%
Alexandria Real Estate Equities, Inc.(b)		3,031		440,404
American Homes 4 Rent, Class A		6,212		198,411
American Tower Corp.		9,515		1,971,413
Americold Realty Trust, Inc.		5,485		133,011

Security	Shares		Value
Equity Real Estate Investment Trusts (REITs) (continued)
Apartment Income REIT Corp.		3,160	$	121,439
AvalonBay Communities, Inc.		2,867		502,069
Boston Properties, Inc.		2,937		213,520
Brixmor Property Group, Inc.		6,105		130,097
Camden Property Trust		2,173		251,090
Crown Castle, Inc.		8,873		1,182,416
CubeSmart		4,679		195,910
Digital Realty Trust, Inc.		5,901		591,575
EastGroup Properties, Inc.		898		140,708
Equinix, Inc.		1,867		1,057,543
Equity LifeStyle Properties, Inc.		3,586		229,360
Equity Residential		6,950		437,989
Essex Property Trust, Inc.		1,328		295,135
Extra Space Storage, Inc.		2,758		489,379
Federal Realty Investment Trust		1,516		150,054
Gaming and Leisure Properties, Inc.		5,249		263,080
Healthpeak Properties, Inc.		11,110		263,640
Host Hotels & Resorts, Inc.		14,475		273,288
Invitation Homes, Inc.		11,907		377,333
Iron Mountain, Inc.		5,908		295,813
Kilroy Realty Corp.		2,144		91,635
Kimco Realty Corp.		12,549		268,298
Lamar Advertising Co., Class A		1,756		161,956
Life Storage, Inc.		1,724		190,692
Medical Properties Trust, Inc.		12,384		141,797
Mid-America Apartment Communities, Inc.		2,383		375,203
National Retail Properties, Inc.		3,559		149,585
Prologis, Inc.		18,918		2,095,168
Public Storage		3,244		1,004,829
Realty Income Corp.		12,681		789,646
Regency Centers Corp.		3,091		187,036
Rexford Industrial Realty, Inc.		3,513		194,199
SBA Communications Corp., Class A		2,213		597,289
Simon Property Group, Inc.		6,713		731,583
STORE Capital Corp.		5,442		173,056
Sun Communities, Inc.		2,535		341,845
UDR, Inc.		6,220		247,307
Ventas, Inc.		8,096		316,796
VICI Properties, Inc.		19,637		628,777
Vornado Realty Trust		3,220		75,960
Welltower, Inc.		9,517		580,918
Weyerhaeuser Co.		15,173		469,301
WP Carey, Inc.(b)		4,261		325,114
				20,342,667
Food & Staples Retailing — 1.6%
Albertsons Cos., Inc., Class A		3,278		67,232
BJ’s Wholesale Club Holdings, Inc.(a)		2,753		213,082
Costco Wholesale Corp.		9,073		4,550,109
Kroger Co.		13,375		632,504
Performance Food Group Co.(a)		3,158		164,342
Sysco Corp.		10,394		899,705
U.S. Foods Holding Corp.(a)		4,193		124,784
Walgreens Boots Alliance, Inc.		14,715		537,097
Walmart, Inc.		29,194		4,155,182
				11,344,037
Food Products — 1.2%
Archer-Daniels-Midland Co.		11,456		1,111,003
Bunge Ltd.		3,098		305,773
Campbell Soup Co.		4,172		220,740
Conagra Brands, Inc.		9,916		363,917
Darling Ingredients, Inc.(a)		3,272		256,787
General Mills, Inc.		12,146		990,871

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Hershey Co.		3,019	$	720,847
Hormel Foods Corp.		5,943		276,052
JM Smucker Co.		2,188		329,644
Kellogg Co.		5,226		401,461
Kraft Heinz Co.		16,354		629,138
Lamb Weston Holdings, Inc.		2,974		256,418
McCormick & Co., Inc., NVS		5,119		402,558
Mondelez International, Inc., Class A		28,006		1,721,809
Tyson Foods, Inc., Class A		5,954		406,956
				8,393,974
Gas Utilities — 0.1%
Atmos Energy Corp.		2,836		302,176
UGI Corp.		4,279		151,177
				453,353
Health Care Equipment & Supplies — 2.6%
Abbott Laboratories		35,868		3,548,780
ABIOMED, Inc.(a)(b)		946		238,468
Align Technology, Inc.(a)		1,486		288,730
Baxter International, Inc.		10,276		558,501
Becton Dickinson and Co.		5,839		1,377,829
Boston Scientific Corp.(a)		29,332		1,264,502
Cooper Cos., Inc.		1,014		277,217
Dentsply Sirona, Inc.		4,372		134,745
Dexcom, Inc.(a)		8,070		974,695
Edwards Lifesciences Corp.(a)		12,655		916,602
Hologic, Inc.(a)		5,110		346,458
IDEXX Laboratories, Inc.(a)		1,714		616,491
Insulet Corp.(a)		1,429		369,839
Intuitive Surgical, Inc.(a)		7,297		1,798,491
Medtronic PLC		27,233		2,378,530
Novocure Ltd.(a)(b)		1,857		131,216
ResMed, Inc.		2,984		667,491
STERIS PLC		2,057		354,997
Stryker Corp.		6,897		1,581,068
Teleflex, Inc.		946		202,974
Zimmer Biomet Holdings, Inc.		4,279		485,025
				18,512,649
Health Care Providers & Services — 3.5%
agilon health, Inc.(a)(b)		4,050		80,393
AmerisourceBergen Corp.		3,191		501,689
Cardinal Health, Inc.		5,560		422,004
Centene Corp.(a)		11,741		999,511
Chemed Corp.		302		140,995
Cigna Corp.		6,236		2,014,602
CVS Health Corp.		26,903		2,547,714
DaVita, Inc.(a)(b)		1,145		83,596
Elevance Health, Inc.		4,920		2,690,108
HCA Healthcare, Inc.		4,420		961,217
Henry Schein, Inc.(a)		2,837		194,221
Humana, Inc.		2,591		1,445,985
Laboratory Corp. of America Holdings		1,847		409,775
McKesson Corp.		2,950		1,148,642
Molina Healthcare, Inc.(a)		1,182		424,173
Quest Diagnostics, Inc.		2,410		346,197
Tenet Healthcare Corp.(a)		2,198		97,503
UnitedHealth Group, Inc.		19,158		10,635,564
Universal Health Services, Inc., Class B		1,370		158,742
				25,302,631
Health Care Technology — 0.1%
Veeva Systems, Inc., Class A(a)		2,891		485,515

Security	Shares		Value
Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc., Class A(a)		8,199	$	876,555
Aramark		5,229		190,858
Booking Holdings, Inc.(a)		814		1,521,757
Caesars Entertainment, Inc.(a)(b)		4,316		188,739
Carnival Corp.(a)(b)		19,900		180,294
Chipotle Mexican Grill, Inc.(a)		568		851,051
Choice Hotels International, Inc.		597		77,514
Churchill Downs, Inc.		691		143,666
Darden Restaurants, Inc.		2,506		358,709
Domino’s Pizza, Inc.		740		245,858
Expedia Group, Inc.(a)		3,114		291,066
Hilton Worldwide Holdings, Inc.		5,632		761,784
Las Vegas Sands Corp.(a)		6,747		256,453
Marriott International, Inc., Class A		5,665		907,023
McDonald’s Corp.		15,069		4,108,714
MGM Resorts International		6,699		238,283
Norwegian Cruise Line Holdings Ltd.(a)		8,450		142,721
Royal Caribbean Cruises Ltd.(a)		4,509		240,690
Starbucks Corp.		23,523		2,036,857
Vail Resorts, Inc		809		177,276
Wyndham Hotels & Resorts, Inc.		1,878		142,597
Wynn Resorts Ltd.(a)(b)		2,161		138,088
Yum! Brands, Inc.		5,854		692,235
				14,768,788
Household Durables — 0.3%
DR Horton, Inc.		6,449		495,799
Garmin Ltd.		3,160		278,207
Lennar Corp., Class A		5,203		419,882
Lennar Corp., Class B		323		21,066
Mohawk Industries, Inc.(a)		1,049		99,393
Newell Brands, Inc.		7,752		107,055
NVR, Inc.(a)		65		275,454
PulteGroup, Inc.		4,668		186,673
Whirlpool Corp.		1,097		151,649
				2,035,178
Household Products — 1.3%
Church & Dwight Co., Inc.		4,974		368,723
Clorox Co.		2,531		369,627
Colgate-Palmolive Co.		17,045		1,258,603
Kimberly-Clark Corp.		6,877		855,911
Procter & Gamble Co.		48,942		6,591,019
				9,443,883
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		13,767		360,145
Vistra Corp.		8,035		184,564
				544,709
Industrial Conglomerates — 0.8%
3M Co.		11,313		1,423,062
General Electric Co.		22,407		1,743,489
Honeywell International, Inc.		13,805		2,816,496
				5,983,047
Insurance — 2.4%
Aflac, Inc.		11,807		768,754
Allstate Corp.		5,525		697,531
American Financial Group, Inc.		1,436		208,378
American International Group, Inc.		15,480		882,360
Aon PLC, Class A		4,310		1,213,222
Arch Capital Group Ltd.(a)		7,580		435,850
Arthur J. Gallagher & Co.		4,322		808,560
Assurant, Inc.		1,064		144,555

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) October 31, 2022 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Brown & Brown, Inc.		4,782	$	281,134
Chubb Ltd.		8,533		1,833,656
Cincinnati Financial Corp.		3,270		337,856
CNA Financial Corp.		554		23,102
Erie Indemnity Co., Class A, NVS		508		130,561
Everest Re Group Ltd.		800		258,128
Fidelity National Financial, Inc.		5,698		224,387
Globe Life, Inc.		1,834		211,864
Hartford Financial Services Group, Inc.		6,605		478,268
Lincoln National Corp.		3,180		171,307
Loews Corp.		4,108		234,238
Markel Corp.(a)		278		335,296
Marsh & McLennan Cos., Inc.		10,196		1,646,552
MetLife, Inc.		13,749		1,006,564
Old Republic International Corp.		5,745		133,341
Principal Financial Group, Inc.		4,701		414,299
Progressive Corp.		11,989		1,539,388
Prudential Financial, Inc.		7,603		799,759
Reinsurance Group of America, Inc.		1,349		198,532
Travelers Cos., Inc.		4,873		898,874
W. R. Berkley Corp.		4,192		311,801
Willis Towers Watson PLC		2,242		489,227
				17,117,344
Interactive Media & Services — 3.8%
Alphabet, Inc., Class A(a)		122,807		11,606,490
Alphabet, Inc., Class C, NVS(a)		109,818		10,395,372
IAC, Inc.(a)		1,668		81,198
Match Group, Inc.(a)		5,820		251,424
Meta Platforms, Inc., Class A(a)		46,712		4,351,690
Pinterest, Inc., Class A(a)		11,867		291,928
Snap, Inc., Class A, NVS(a)		21,196		210,052
ZoomInfo Technologies, Inc.(a)		5,548		247,053
				27,435,207
Internet & Direct Marketing Retail — 2.8%
Amazon.com, Inc.(a)		181,531		18,596,036
DoorDash, Inc., Class A(a)(b)		5,365		233,539
eBay, Inc.		11,224		447,164
Etsy, Inc.(a)		2,565		240,879
MercadoLibre, Inc.(a)(b)		947		853,834
				20,371,452
IT Services — 4.7%
Accenture PLC, Class A		12,956		3,678,208
Akamai Technologies, Inc.(a)		3,289		290,517
Automatic Data Processing, Inc.		8,493		2,052,758
Block, Inc.(a)(b)		10,875		653,261
Broadridge Financial Solutions, Inc.		2,389		358,493
Cloudflare, Inc., Class A(a)(b)		5,792		326,205
Cognizant Technology Solutions Corp., Class A		10,660		663,585
Concentrix Corp.		889		108,662
DXC Technology Co.(a)		4,645		133,544
EPAM Systems, Inc.(a)		1,171		409,850
Fidelity National Information Services, Inc.		12,424		1,031,068
Fiserv, Inc.(a)		13,063		1,342,093
FleetCor Technologies, Inc.(a)		1,539		286,439
Gartner, Inc.(a)		1,624		490,318
Genpact Ltd.		3,422		165,967
Global Payments, Inc.		5,692		650,368
GoDaddy, Inc., Class A(a)		3,210		258,084
International Business Machines Corp.		18,514		2,560,301
Jack Henry & Associates, Inc.		1,489		296,400
Mastercard, Inc., Class A		17,475		5,734,946

Security	Shares		Value
IT Services (continued)
MongoDB, Inc.(a)		1,387	$	253,863
Okta, Inc.(a)		3,104		174,197
Paychex, Inc		6,555		775,522
PayPal Holdings, Inc.(a)		23,710		1,981,682
Snowflake, Inc., Class A(a)(b)		5,814		931,984
SS&C Technologies Holdings, Inc.		4,486		230,670
Twilio, Inc., Class A(a)		3,514		261,336
VeriSign, Inc.(a)		1,917		384,282
Visa, Inc., Class A		33,488		6,937,374
				33,421,977
Leisure Products — 0.0%
Hasbro, Inc.		2,614		170,564
Mattel, Inc.(a)		7,065		133,952
				304,516
Life Sciences Tools & Services — 1.8%
Agilent Technologies, Inc.		6,129		847,947
Avantor, Inc.(a)		13,843		279,213
Bio-Rad Laboratories, Inc., Class A(a)		436		153,346
Bio-Techne Corp.		799		236,712
Bruker Corp.(b)		2,075		128,318
Charles River Laboratories International, Inc.(a)		1,040		220,740
Danaher Corp.		13,409		3,374,643
Illumina, Inc.(a)		3,203		732,910
IQVIA Holdings, Inc.(a)		3,831		803,246
Mettler-Toledo International, Inc.(a)		462		584,398
PerkinElmer, Inc.		2,594		346,507
Repligen Corp.(a)		1,056		192,709
Syneos Health, Inc.(a)		2,146		108,115
Thermo Fisher Scientific, Inc.		8,024		4,124,095
Waters Corp.(a)		1,216		363,791
West Pharmaceutical Services, Inc.		1,508		346,991
				12,843,681
Machinery — 1.8%
AGCO Corp.		1,241		154,095
Caterpillar, Inc.		10,825		2,343,180
Cummins, Inc.		2,896		708,101
Deere & Co.		5,703		2,257,362
Dover Corp.		2,954		386,058
Fortive Corp.		7,258		463,786
Graco, Inc.		3,461		240,816
IDEX Corp.		1,562		347,248
Illinois Tool Works, Inc.		5,759		1,229,719
Ingersoll Rand, Inc.		8,198		413,999
Lincoln Electric Holdings, Inc.		1,161		164,862
Middleby Corp.(a)		1,128		157,762
Nordson Corp.		1,113		250,425
Otis Worldwide Corp.		8,631		609,694
PACCAR, Inc.		7,114		688,849
Parker-Hannifin Corp.		2,632		764,912
Pentair PLC		3,299		141,692
Snap-on, Inc.		1,076		238,926
Stanley Black & Decker, Inc.		2,994		234,999
Toro Co.		2,160		227,729
Westinghouse Air Brake Technologies Corp.		3,723		347,281
Xylem, Inc.(b)		3,722		381,244
				12,752,739
Media — 0.8%
Cable One, Inc.		102		87,662
Charter Communications, Inc., Class A(a)		2,279		837,806
Comcast Corp., Class A		90,212		2,863,329
DISH Network Corp., Class A(a)		5,076		75,683

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Fox Corp., Class A, NVS		6,175	$	178,272
Fox Corp., Class B		2,896		78,771
Interpublic Group of Cos., Inc.		8,014		238,737
Liberty Broadband Corp., Class A(a)		352		30,033
Liberty Broadband Corp., Class C, NVS(a)		2,547		215,043
Liberty Media Corp. - Liberty SiriusXM, Class A(a)(b)		1,504		63,830
Liberty Media Corp. - Liberty SiriusXM, Class C, NVS(a)		3,055		128,890
News Corp., Class A, NVS		8,024		135,365
News Corp., Class B		2,511		43,013
Omnicom Group, Inc.		4,231		307,805
Paramount Global, Class A		309		6,514
Paramount Global, Class B, NVS		10,372		190,015
Sirius XM Holdings, Inc.(b)		14,396		86,952
Trade Desk, Inc., Class A(a)		9,144		486,827
				6,054,547
Metals & Mining — 0.5%
Alcoa Corp.		3,644		142,225
Cleveland-Cliffs, Inc.(a)		10,625		138,019
Freeport-McMoRan, Inc.		29,363		930,513
Newmont Corp.		16,325		690,874
Nucor Corp.		5,349		702,752
Reliance Steel & Aluminum Co.		1,236		249,029
Royal Gold, Inc.		1,338		127,057
Southern Copper Corp.		1,753		82,338
Steel Dynamics, Inc.		3,545		333,407
United States Steel Corp.		4,872		99,194
				3,495,408
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		8,983		166,635
Multiline Retail — 0.5%
Dollar General Corp.		4,662		1,189,043
Dollar Tree, Inc.(a)		4,335		687,098
Kohl’s Corp.		2,620		78,469
Macy’s, Inc.		5,366		111,881
Target Corp.		9,476		1,556,433
				3,622,924
Multi-Utilities — 0.8%
Ameren Corp.		5,312		433,034
CenterPoint Energy, Inc.		12,919		369,613
CMS Energy Corp.		5,915		337,451
Consolidated Edison, Inc.		7,235		636,391
Dominion Energy, Inc.		17,007		1,189,980
DTE Energy Co.		3,973		445,413
NiSource, Inc.		8,272		212,508
Public Service Enterprise Group, Inc.		10,222		573,147
Sempra Energy		6,414		968,129
WEC Energy Group, Inc.		6,456		589,626
				5,755,292
Oil, Gas & Consumable Fuels — 4.9%
Antero Resources Corp.(a)(b)		5,777		211,785
APA Corp.		6,704		304,764
Cheniere Energy, Inc.		5,126		904,278
Chesapeake Energy Corp.		1,987		203,210
Chevron Corp.		36,884		6,672,316
ConocoPhillips		26,074		3,287,671
Continental Resources, Inc.		1,112		82,255
Coterra Energy, Inc.		16,334		508,477
Devon Energy Corp.		13,445		1,039,971
Diamondback Energy, Inc.		3,647		572,980

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
EOG Resources, Inc.		12,013	$	1,640,015
EQT Corp.		7,598		317,900
Exxon Mobil Corp.		85,359		9,458,631
Hess Corp.		5,728		808,106
Kinder Morgan, Inc., Class P		40,711		737,683
Marathon Oil Corp.		13,911		423,590
Marathon Petroleum Corp.		10,230		1,162,333
New Fortress Energy, Inc.		1,000		55,070
Occidental Petroleum Corp.		15,291		1,110,127
ONEOK, Inc.		9,137		542,007
Ovintiv, Inc.		5,266		266,723
Phillips 66		9,814		1,023,502
Pioneer Natural Resources Co.		4,870		1,248,717
Southwestern Energy Co.(a)		22,765		157,761
Targa Resources Corp.		4,633		316,758
Texas Pacific Land Corp.		128		294,895
Valero Energy Corp.		8,024		1,007,413
Williams Cos., Inc.		24,839		812,980
				35,171,918
Personal Products — 0.1%
Estee Lauder Cos., Inc., Class A		4,756		953,530
Olaplex Holdings, Inc.(a)(b)		1,442		6,345
				959,875
Pharmaceuticals — 4.4%
Bristol-Myers Squibb Co.		43,733		3,387,995
Catalent, Inc.(a)		3,634		238,863
Elanco Animal Health, Inc.(a)		9,151		120,702
Eli Lilly & Co.		16,153		5,848,840
Jazz Pharmaceuticals PLC(a)		1,286		184,914
Johnson & Johnson		53,849		9,368,110
Merck & Co., Inc.		51,885		5,250,762
Organon & Co.		5,110		133,780
Pfizer, Inc.		114,949		5,350,876
Royalty Pharma PLC, Class A		7,535		318,881
Viatris, Inc.		24,877		252,004
Zoetis, Inc., Class A		9,568		1,442,663
				31,898,390
Professional Services — 0.4%
Booz Allen Hamilton Holding Corp., Class A		2,742		298,467
Clarivate PLC(a)(b)		8,850		91,420
CoStar Group, Inc.(a)		8,100		670,032
Dun & Bradstreet Holdings, Inc.		4,453		57,221
Equifax, Inc.		2,508		425,206
Jacobs Solutions, Inc.		2,603		299,918
Leidos Holdings, Inc.		2,780		282,420
Robert Half International, Inc.		2,221		169,818
TransUnion		3,969		235,243
Verisk Analytics, Inc.		3,200		585,056
				3,114,801
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		6,564		465,650
Jones Lang LaSalle, Inc.(a)		1,001		159,249
Zillow Group, Inc., Class A(a)		1,214		37,549
Zillow Group, Inc., Class C, NVS(a)(b)		3,416		105,418
				767,866
Road & Rail — 1.0%
AMERCO		205		117,914
Avis Budget Group, Inc.(a)		593		140,221
CSX Corp.		43,967		1,277,681
Hertz Global Holdings, Inc.(a)		3,698		68,043

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) October 31, 2022 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Road & Rail (continued)
JB Hunt Transport Services, Inc.		1,718	$	293,898
Knight-Swift Transportation Holdings, Inc., Class A		3,356		161,189
Lyft, Inc., Class A(a)		6,085		89,084
Norfolk Southern Corp.		4,822		1,099,753
Old Dominion Freight Line, Inc.		1,868		512,953
Uber Technologies, Inc.(a)		40,411		1,073,720
Union Pacific Corp.		12,797		2,522,801
				7,357,257
Semiconductors & Semiconductor Equipment — 4.6%
Advanced Micro Devices, Inc.(a)		32,988		1,981,259
Analog Devices, Inc.		10,623		1,515,052
Applied Materials, Inc.		17,776		1,569,443
Broadcom, Inc.		8,271		3,888,363
Enphase Energy, Inc.(a)		2,783		854,381
Entegris, Inc.(b)		3,035		240,797
First Solar, Inc.(a)		2,009		292,450
Intel Corp.		84,160		2,392,669
KLA Corp.		2,914		922,135
Lam Research Corp.		2,796		1,131,765
Lattice Semiconductor Corp.(a)		2,764		134,082
Marvell Technology, Inc.		17,351		688,488
Microchip Technology, Inc.		11,289		696,983
Micron Technology, Inc.		22,641		1,224,878
Monolithic Power Systems, Inc.		915		310,597
NVIDIA Corp.		51,286		6,922,071
NXP Semiconductors NV		5,402		789,124
ON Semiconductor Corp.(a)		8,859		544,208
Qorvo, Inc. (a)		2,118		182,318
QUALCOMM, Inc.		23,010		2,707,357
Skyworks Solutions, Inc.		3,291		283,059
SolarEdge Technologies, Inc.(a)		1,131		260,164
Teradyne, Inc.		3,203		260,564
Texas Instruments, Inc.		18,718		3,006,672
Wolfspeed, Inc.(a)(b)		2,507		197,426
				32,996,305
Software — 8.6%
Adobe, Inc.(a)		9,589		3,054,096
ANSYS, Inc.(a)		1,782		394,107
AppLovin Corp., Class A(a)		2,520		42,739
Aspen Technology, Inc.(a)		595		143,663
Autodesk, Inc.(a)		4,455		954,707
Bentley Systems, Inc., Class B		4,119		145,318
Bill.com Holdings, Inc.(a)(b)		1,928		257,118
Black Knight, Inc.(a)		3,215		194,411
Cadence Design Systems, Inc.(a)		5,592		846,573
Ceridian HCM Holding, Inc.(a)		3,141		207,903
Crowdstrike Holdings, Inc., Class A(a)		4,352		701,542
Datadog, Inc., Class A(a)		5,075		408,588
DocuSign, Inc.(a)		4,123		199,141
Dynatrace, Inc.(a)		4,159		146,563
Elastic NV(a)		1,539		98,419
Fair Isaac Corp.(a)		515		246,603
Five9, Inc.(a)		1,468		88,462
Fortinet, Inc.(a)		13,438		768,116
Gen Digital, Inc.		11,989		270,112
Guidewire Software, Inc.(a)		1,762		104,680
HubSpot, Inc.(a)		984		291,815
Intuit, Inc.		5,782		2,471,805
Manhattan Associates, Inc.(a)		1,282		155,981
Microsoft Corp.		152,749		35,457,625
Oracle Corp.		31,142		2,431,256
Palantir Technologies, Inc., Class A(a)		35,890		315,473

Security	Shares		Value
Software (continued)
Palo Alto Networks, Inc.(a)(b)		6,136	$	1,052,876
Paycom Software, Inc.(a)		990		342,540
Paylocity Holding Corp.(a)		829		192,154
PTC, Inc.(a)		2,181		256,987
RingCentral, Inc., Class A(a)		1,577		56,015
Roper Technologies, Inc		2,179		903,283
Salesforce, Inc.(a)		20,380		3,313,584
ServiceNow, Inc.(a)		4,129		1,737,235
Splunk, Inc.(a)		3,041		252,738
Synopsys, Inc.(a)		3,142		919,192
Tyler Technologies, Inc.(a)		847		273,861
UiPath, Inc., Class A(a)(b)		7,122		90,093
Unity Software, Inc.(a)(b)		3,671		108,295
VMware, Inc., Class A(a)		4,239		477,015
Workday, Inc., Class A(a)		4,097		638,395
Zendesk, Inc.(a)		2,493		191,188
Zoom Video Communications, Inc., Class A(a)		4,525		377,566
Zscaler, Inc.(a)		1,721		265,206
				61,845,039
Specialty Retail — 2.3%
Advance Auto Parts, Inc.		1,262		239,679
AutoNation, Inc.(a)		793		84,304
AutoZone, Inc.(a)		399		1,010,619
Bath & Body Works, Inc.		4,666		155,751
Best Buy Co., Inc.		4,132		282,670
Burlington Stores, Inc.(a)(b)		1,342		191,852
CarMax, Inc.(a)(b)		3,220		202,892
Five Below, Inc.(a)		1,122		164,205
Floor & Decor Holdings, Inc., Class A(a)		2,142		157,159
GameStop Corp., Class A(a)(b)		5,271		149,222
Home Depot, Inc.		21,050		6,233,537
Lithia Motors, Inc.		566		112,153
Lowe’s Cos., Inc.		13,098		2,553,455
O’Reilly Automotive, Inc.(a)		1,308		1,095,018
Penske Automotive Group, Inc.		533		59,493
RH(a)		408		103,603
Ross Stores, Inc.		7,140		683,227
TJX Cos., Inc.		24,044		1,733,572
Tractor Supply Co.		2,258		496,241
Ulta Beauty, Inc.(a)		1,065		446,629
Williams-Sonoma, Inc.		1,413		174,972
				16,330,253
Technology Hardware, Storage & Peripherals — 6.9%
Apple Inc.		309,404		47,444,009
Dell Technologies, Inc., Class C		5,401		207,398
Hewlett Packard Enterprise Co.		26,446		377,385
HP, Inc.		18,689		516,190
NetApp, Inc.		4,489		310,953
Pure Storage, Inc., Class A(a)(b)		5,724		176,643
Seagate Technology Holdings PLC		4,039		200,577
Western Digital Corp.(a)		6,351		218,284
				49,451,439
Textiles, Apparel & Luxury Goods — 0.5%
Capri Holdings Ltd.(a)		2,833		129,411
Deckers Outdoor Corp.(a)		537		187,912
Lululemon Athletica, Inc.(a)		2,370		779,825
Nike, Inc., Class B		25,896		2,400,041
Tapestry, Inc.		5,122		162,265
VF Corp.		6,782		191,592
				3,851,046

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar U.S. Equity ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Tobacco — 0.7%
Altria Group, Inc.		36,800	$	1,702,736
Philip Morris International, Inc.		31,758		2,916,972
				4,619,708
Trading Companies & Distributors — 0.3%
Fastenal Co.		11,767		568,699
United Rentals, Inc.(a)		1,439		454,307
Watsco, Inc.		676		183,169
WW Grainger, Inc.		932		544,614
				1,750,789
Water Utilities — 0.1%
American Water Works Co., Inc.		3,716		540,084
Essential Utilities, Inc.		4,952		218,977
				759,061
Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.(a)		12,298		1,863,885
Total Long-Term Investments — 99.7% (Cost: $692,759,124)				716,347,321

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)(e)		10,166,437	$	10,164,404
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)(d)		1,003,488		1,003,488
Total Short-Term Securities — 1.5% (Cost: $11,168,614)				11,167,892
Total Investments — 101.2% (Cost: $703,927,738)				727,515,213
Liabilities in Excess of Other Assets — (1.2)%				(8,794,683	)
Net Assets — 100.0%			$	718,720,530

^(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 October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost		Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	15,484,927	$	—		$ (5,318,203	)(a)	$	1,047	$	(3,367	)	$	10,164,404		10,166,437	$	36,814	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,733,000		—		(729,512	)(a)		—		—			1,003,488		1,003,488		12,330			—
BlackRock, Inc.		1,846,554		162,792		(83,701	)		25,122		40,573			1,991,340		3,083		29,124			—
								$	26,169	$	37,206		$	13,159,232			$	78,268		$	—

^(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		12		12/16/22	$2,330	$	61,678

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) October 31, 2022 iShares^® Morningstar U.S. Equity ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	61,678	$	—	$	—	$	—	$	61,678

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

For the period ended October 31, 2022, 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	$	—	$	—	$	(356,842	)	$	—	$	—	$	—	$	(356,842	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	180,423		$	—	$	—	$	—	$	180,423

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,784,925

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		$	716,347,321		$	—		$	—		$	716,347,321
Short-Term Securities
Money Market Funds			11,167,892			—			—			11,167,892
		$	727,515,213		$	—		$	—		$	727,515,213
Derivative Financial Instruments(a)
Assets
Equity Contracts		$	61,678		$	—		$	—		$	61,678

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

Schedule of Investments (unaudited) October 31, 2022 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.8%
Boeing Co.(a)		22,111	$	3,151,039
General Dynamics Corp.		8,919		2,227,966
Huntington Ingalls Industries, Inc.		868		223,137
L3Harris Technologies, Inc.		7,596		1,872,186
Lockheed Martin Corp.		9,347		4,548,998
Northrop Grumman Corp.		5,763		3,163,945
Raytheon Technologies Corp.		58,483		5,545,358
Textron, Inc.		4,446		304,284
				21,036,913
Air Freight & Logistics — 0.9%
CH Robinson Worldwide, Inc.		3,249		317,492
Expeditors International of Washington, Inc.		2,852		279,068
FedEx Corp.		9,490		1,521,057
GXO Logistics, Inc.(a)		1,858		67,892
United Parcel Service, Inc., Class B		28,988		4,863,317
				7,048,826
Airlines — 0.3%
American Airlines Group, Inc.(a)(b)		25,507		361,689
Delta Air Lines, Inc.(a)		9,795		332,345
Southwest Airlines Co.(a)		23,486		853,716
United Airlines Holdings, Inc.(a)		13,025		561,117
				2,108,867
Auto Components — 0.2%
Aptiv PLC(a)		4,403		400,981
BorgWarner, Inc.		9,409		353,120
Gentex Corp.(b)		4,637		122,834
Lear Corp.		2,347		325,552
				1,202,487
Automobiles — 0.6%
Ford Motor Co.		156,670		2,094,678
General Motors Co.		57,830		2,269,827
				4,364,505
Banks — 6.9%
Bank of America Corp.		276,890		9,979,116
Citigroup, Inc.		76,711		3,517,966
Citizens Financial Group, Inc.		19,720		806,548
Comerica, Inc.		5,231		368,785
Commerce Bancshares, Inc.		4,315		305,675
Cullen/Frost Bankers, Inc.		2,554		395,998
East West Bancorp, Inc.		5,573		398,860
Fifth Third Bancorp		27,159		969,305
First Citizens BancShares, Inc., Class A		524		430,791
First Horizon Corp.		21,364		523,632
First Republic Bank		2,560		307,456
Huntington Bancshares, Inc.		57,079		866,459
JPMorgan Chase & Co.		116,155		14,621,592
KeyCorp		37,026		661,655
M&T Bank Corp.		6,941		1,168,656
PNC Financial Services Group, Inc.		16,255		2,630,547
Regions Financial Corp.		37,047		813,182
Signature Bank		1,102		174,700
SVB Financial Group(a)		1,577		364,224
Truist Financial Corp.		52,575		2,354,834
U.S. Bancorp		53,601		2,275,362
Webster Financial Corp.		6,994		379,494
Wells Fargo & Co.		150,238		6,909,446

Security	Shares		Value
Banks (continued)
Western Alliance Bancorp		2,578	$	173,164
Zions Bancorp N.A.		5,944		308,731
				51,706,178
Beverages — 2.0%
Coca-Cola Co.		90,685		5,427,497
Constellation Brands, Inc., Class A		6,296		1,555,616
Keurig Dr Pepper, Inc.		33,578		1,304,170
Molson Coors Beverage Co., Class B		7,396		372,980
Monster Beverage Corp.(a)		5,097		477,691
PepsiCo, Inc.		31,631		5,743,557
				14,881,511
Biotechnology — 3.9%
AbbVie, Inc.		70,032		10,252,685
Amgen, Inc.		21,188		5,728,176
Biogen, Inc.(a)		5,736		1,625,812
Gilead Sciences, Inc.		49,644		3,895,068
Moderna, Inc.(a)		13,344		2,006,003
Regeneron Pharmaceuticals, Inc.(a)		4,247		3,179,941
United Therapeutics Corp.(a)		1,811		417,490
Vertex Pharmaceuticals, Inc.(a)		6,114		1,907,568
				29,012,743
Building Products — 0.6%
A O Smith Corp.		3,048		166,969
Allegion PLC		1,708		178,947
Builders FirstSource, Inc.(a)		3,550		218,893
Carrier Global Corp.		21,464		853,409
Fortune Brands Home & Security, Inc.		5,137		309,864
Johnson Controls International PLC		27,220		1,574,405
Lennox International, Inc.		803		187,557
Masco Corp.		8,909		412,219
Owens Corning		2,500		214,025
Trane Technologies PLC		4,204		671,085
				4,787,373
Capital Markets — 3.9%
Ameriprise Financial, Inc.		4,276		1,321,797
Bank of New York Mellon Corp.		29,061		1,223,759
BlackRock, Inc.(c)		5,960		3,849,624
Blackstone, Inc., NVS		9,036		823,541
Carlyle Group, Inc.		8,631		244,085
Charles Schwab Corp.		28,036		2,233,628
CME Group, Inc., Class A		14,244		2,468,485
Coinbase Global, Inc., Class A(a)(b)		6,266		415,122
Franklin Resources, Inc.		11,309		265,196
Goldman Sachs Group, Inc.		13,520		4,657,775
Intercontinental Exchange, Inc.		11,239		1,074,111
Invesco Ltd.		18,109		277,430
Jefferies Financial Group, Inc.		7,316		251,744
KKR & Co., Inc.		9,339		454,156
Moody’s Corp.		2,300		609,201
Morgan Stanley		53,041		4,358,379
Nasdaq, Inc.		6,641		413,336
Northern Trust Corp.		8,261		696,815
Raymond James Financial, Inc.		3,115		368,006
S&P Global, Inc.		3,411		1,095,784
SEI Investments Co.		1,837		99,749
State Street Corp.		14,530		1,075,220
T Rowe Price Group, Inc.		8,919		946,841
				29,223,784
Chemicals — 1.9%
Air Products and Chemicals, Inc.		4,875		1,220,700

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) October 31, 2022 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Celanese Corp.		3,970	$	381,596
CF Industries Holdings, Inc.		7,864		835,629
Corteva, Inc.		14,017		915,871
Dow, Inc.		28,379		1,326,435
DuPont de Nemours, Inc.		11,827		676,504
Eastman Chemical Co.		4,888		375,447
Ecolab, Inc.		4,564		716,868
FMC Corp.		2,847		338,508
International Flavors & Fragrances, Inc.		10,076		983,518
Linde PLC		9,873		2,935,737
LyondellBasell Industries NV, Class A		10,056		768,781
Mosaic Co.		13,757		739,439
Olin Corp.		2,137		113,154
PPG Industries, Inc.		5,141		586,999
RPM International, Inc.		2,547		240,870
Sherwin-Williams Co.		5,024		1,130,551
Westlake Corp.		539		52,094
				14,338,701
Commercial Services & Supplies — 0.3%
Cintas Corp.		1,239		529,735
Republic Services, Inc.		4,689		621,855
Waste Management, Inc.		7,938		1,257,141
				2,408,731
Communications Equipment — 1.2%
Ciena Corp.(a)(b)		2,499		119,702
Cisco Systems, Inc.		164,018		7,451,338
F5, Inc.(a)		988		141,195
Juniper Networks, Inc.		12,688		388,253
Motorola Solutions, Inc.		3,198		798,572
				8,899,060
Construction & Engineering — 0.1%
AECOM		2,539		191,136
Quanta Services, Inc.		3,120		443,165
				634,301
Consumer Finance — 0.6%
Ally Financial, Inc.		12,190		335,956
American Express Co.		8,777		1,302,946
Capital One Financial Corp.		15,239		1,615,639
Credit Acceptance Corp.(a)(b)		81		37,715
Discover Financial Services		3,985		416,273
Synchrony Financial		19,157		681,223
				4,389,752
Containers & Packaging — 0.4%
Amcor PLC		59,829		692,820
AptarGroup, Inc.		1,389		137,719
Avery Dennison Corp.		1,114		188,879
Ball Corp.		4,860		240,035
Berry Global Group, Inc.(a)		4,945		233,997
Crown Holdings, Inc.		2,151		147,537
International Paper Co.		14,307		480,858
Packaging Corp. of America		3,741		449,706
Sealed Air Corp.		2,098		99,907
Westrock Co.		10,090		343,666
				3,015,124
Distributors — 0.2%
Genuine Parts Co.		5,608		997,439
LKQ Corp.		5,027		279,702
				1,277,141

Security	Shares		Value
Diversified Consumer Services — 0.0%
Service Corp. International		3,222	$	195,285
Diversified Financial Services — 3.0%
Apollo Global Management, Inc.		8,346		462,035
Berkshire Hathaway, Inc., Class B(a)		71,487		21,095,099
Equitable Holdings, Inc.		13,957		427,363
Voya Financial, Inc.		2,633		179,992
				22,164,489
Diversified Telecommunication Services — 1.5%
AT&T Inc.		282,251		5,145,436
Lumen Technologies, Inc.		37,922		279,106
Verizon Communications, Inc.		166,345		6,216,312
				11,640,854
Electric Utilities — 3.3%
Alliant Energy Corp.		9,991		521,230
American Electric Power Co., Inc.		20,388		1,792,513
Avangrid, Inc.		2,684		109,185
Constellation Energy Corp.		7,993		755,658
Duke Energy Corp.		30,509		2,842,829
Edison International		15,081		905,463
Entergy Corp.		8,032		860,549
Evergy, Inc.		9,138		558,606
Eversource Energy		13,692		1,044,426
Exelon Corp.		39,381		1,519,713
FirstEnergy Corp.		21,433		808,238
NextEra Energy, Inc.		77,823		6,031,283
NRG Energy, Inc.		4,341		192,740
OGE Energy Corp.		7,862		287,985
PG&E Corp.(a)		64,043		956,162
Pinnacle West Capital Corp.		4,443		298,614
PPL Corp.		29,057		769,720
Southern Co.		42,119		2,757,952
Xcel Energy, Inc.		21,616		1,407,418
				24,420,284
Electrical Equipment — 0.8%
AMETEK, Inc.		2,994		388,202
Eaton Corp. PLC		15,794		2,370,206
Emerson Electric Co.		23,455		2,031,203
Hubbell, Inc.		1,209		287,113
Regal Rexnord Corp.		2,631		332,927
Rockwell Automation, Inc.		2,030		518,259
Sensata Technologies Holding PLC		6,162		247,774
				6,175,684
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		11,368		862,035
Arrow Electronics, Inc.(a)		2,513		254,466
CDW Corp.		2,437		421,138
Corning, Inc.		16,613		534,440
Flex Ltd.(a)		18,225		356,846
Jabil, Inc.		5,424		348,492
TD SYNNEX Corp.		1,705		156,025
TE Connectivity Ltd.		12,642		1,545,232
				4,478,674
Energy Equipment & Services — 0.3%
Baker Hughes Co.		17,539		485,129
Halliburton Co.		13,445		489,667
Schlumberger Ltd.		27,715		1,442,011
				2,416,807
Entertainment — 1.2%
Activision Blizzard, Inc.		16,063		1,169,386

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Entertainment (continued)
AMC Entertainment Holdings, Inc., Class A(a)(b)		20,296	$	135,171
Electronic Arts, Inc.		4,048		509,886
Liberty Media Corp. - Liberty Formula One, Class A(a)(b)		422		21,952
Liberty Media Corp. - Liberty Formula One, Class C, NVS(a)		3,141		181,330
Live Nation Entertainment, Inc.(a)		1,878		149,508
Netflix, Inc.(a)		5,901		1,722,384
Playtika Holding Corp.(a)		2,546		24,060
Take-Two Interactive Software, Inc.(a)		2,044		242,173
Walt Disney Co.(a)(b)		34,996		3,728,474
Warner Bros Discovery, Inc.(a)		87,306		1,134,978
				9,019,302
Equity Real Estate Investment Trusts (REITs) — 2.5%
Alexandria Real Estate Equities, Inc.		3,296		478,909
American Tower Corp.		6,500		1,346,735
Americold Realty Trust, Inc.(b)		10,575		256,444
Apartment Income REIT Corp.		3,030		116,443
AvalonBay Communities, Inc.		2,871		502,770
Boston Properties, Inc.		5,695		414,026
Brixmor Property Group, Inc.		7,308		155,733
Crown Castle, Inc.		8,199		1,092,599
CubeSmart		3,151		131,932
Digital Realty Trust, Inc.		5,606		562,001
Equity LifeStyle Properties, Inc.		2,171		138,857
Equity Residential		7,695		484,939
Essex Property Trust, Inc.		1,339		297,579
Extra Space Storage, Inc.		1,661		294,728
Federal Realty Investment Trust		1,461		144,610
Gaming and Leisure Properties, Inc.		10,170		509,720
Healthpeak Properties, Inc.		8,698		206,404
Iron Mountain, Inc.		11,572		579,410
Kilroy Realty Corp.		2,299		98,259
Kimco Realty Corp.		24,634		526,675
Lamar Advertising Co., Class A		2,130		196,450
Life Storage, Inc.		1,289		142,576
Medical Properties Trust, Inc.		23,567		269,842
Mid-America Apartment Communities, Inc.		1,895		298,368
National Retail Properties, Inc.		7,085		297,783
Prologis, Inc.		12,643		1,400,212
Public Storage		2,495		772,826
Realty Income Corp.		14,823		923,028
Regency Centers Corp.		2,630		159,141
Simon Property Group, Inc.		12,968		1,413,253
STORE Capital Corp.		10,579		336,412
UDR, Inc.		4,510		179,318
Ventas, Inc.		15,755		616,493
VICI Properties, Inc.		38,063		1,218,777
Vornado Realty Trust		6,250		147,438
Welltower, Inc.		10,800		659,232
Weyerhaeuser Co.		16,415		507,716
WP Carey, Inc.		8,262		630,391
				18,508,029
Food & Staples Retailing — 2.1%
Albertsons Cos., Inc., Class A		6,352		130,280
BJ’s Wholesale Club Holdings, Inc.(a)		3,330		257,742
Costco Wholesale Corp.		5,836		2,926,754
Kroger Co.		25,733		1,216,914
Sysco Corp.		20,227		1,750,849
U.S. Foods Holding Corp.(a)		4,773		142,044

Security	Shares		Value
Food & Staples Retailing (continued)
Walgreens Boots Alliance, Inc.		28,343	$	1,034,519
Walmart, Inc.		56,458		8,035,667
				15,494,769
Food Products — 1.9%
Archer-Daniels-Midland Co.		22,234		2,156,253
Bunge Ltd.		6,047		596,839
Campbell Soup Co.		7,938		420,000
Conagra Brands, Inc.		19,066		699,722
Darling Ingredients, Inc.(a)		4,040		317,059
General Mills, Inc.		23,633		1,927,980
Hershey Co.		2,066		493,299
Hormel Foods Corp.		6,211		288,501
JM Smucker Co.		4,209		634,128
Kellogg Co.		10,153		779,954
Kraft Heinz Co.		31,479		1,210,997
Lamb Weston Holdings, Inc.		2,006		172,957
McCormick & Co., Inc., NVS		4,648		365,519
Mondelez International, Inc., Class A		54,287		3,337,565
Tyson Foods, Inc., Class A		11,446		782,334
				14,183,107
Gas Utilities — 0.1%
Atmos Energy Corp.		5,569		593,377
UGI Corp.		8,247		291,366
				884,743
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		43,998		4,353,162
Baxter International, Inc.		10,636		578,067
Becton Dickinson and Co.		11,303		2,667,169
Boston Scientific Corp.(a)		35,039		1,510,531
Dentsply Sirona, Inc.		5,304		163,469
Hologic, Inc.(a)		4,492		304,558
Medtronic PLC		52,629		4,596,617
Stryker Corp.		7,926		1,816,956
Zimmer Biomet Holdings, Inc.		8,302		941,032
				16,931,561
Health Care Providers & Services — 5.0%
AmerisourceBergen Corp.		6,138		965,016
Cardinal Health, Inc.		10,809		820,403
Centene Corp.(a)		22,682		1,930,919
Chemed Corp.		289		134,926
Cigna Corp.		12,085		3,904,180
CVS Health Corp.		51,999		4,924,305
DaVita, Inc.(a)		1,301		94,986
Elevance Health, Inc.		9,507		5,198,142
HCA Healthcare, Inc.		8,539		1,856,976
Henry Schein, Inc.(a)		5,421		371,122
Humana, Inc.		2,926		1,632,942
Laboratory Corp. of America Holdings		3,573		792,706
McKesson Corp.		5,702		2,220,188
Molina Healthcare, Inc.(a)		1,140		409,100
Quest Diagnostics, Inc.		4,609		662,083
Tenet Healthcare Corp.(a)		4,230		187,643
UnitedHealth Group, Inc.		19,879		11,035,827
Universal Health Services, Inc., Class B		2,598		301,030
				37,442,494
Hotels, Restaurants & Leisure — 1.3%
Aramark		10,105		368,832
Carnival Corp.(a)		39,299		356,049
Darden Restaurants, Inc.		2,687		384,617
Expedia Group, Inc.(a)		3,231		302,002

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) October 31, 2022 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Las Vegas Sands Corp.(a)		13,083	$	497,285
McDonald’s Corp.		18,041		4,919,059
Norwegian Cruise Line Holdings Ltd.(a)(b)		16,458		277,976
Royal Caribbean Cruises Ltd.(a)		3,864		206,260
Starbucks Corp.		25,150		2,177,738
Wynn Resorts Ltd.(a)(b)		4,144		264,802
				9,754,620
Household Durables — 0.4%
DR Horton, Inc.		6,787		521,785
Garmin Ltd.		3,877		341,331
Lennar Corp., Class A		10,066		812,326
Lennar Corp., Class B		591		38,545
Mohawk Industries, Inc.(a)		2,101		199,070
Newell Brands, Inc.		14,983		206,915
NVR, Inc.(a)		51		216,125
PulteGroup, Inc.		9,147		365,788
Whirlpool Corp.		2,153		297,631
				2,999,516
Household Products — 2.4%
Church & Dwight Co., Inc.		3,267		242,183
Clorox Co.		4,886		713,551
Colgate-Palmolive Co.		33,061		2,441,224
Kimberly-Clark Corp.		13,345		1,660,919
Procter & Gamble Co.		94,647		12,746,112
				17,803,989
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp.		26,593		695,673
Vistra Corp.		15,582		357,918
				1,053,591
Industrial Conglomerates — 1.5%
3M Co.		21,940		2,759,832
General Electric Co.		43,441		3,380,144
Honeywell International, Inc.		26,684		5,444,070
				11,584,046
Insurance — 3.2%
Aflac, Inc.		22,728		1,479,820
Allstate Corp.		10,684		1,348,855
American Financial Group, Inc.		2,781		403,551
American International Group, Inc.		30,051		1,712,907
Aon PLC, Class A		4,553		1,281,624
Arch Capital Group Ltd.(a)		8,766		504,045
Arthur J. Gallagher & Co.		3,049		570,407
Assurant, Inc.		1,202		163,304
Chubb Ltd.		16,544		3,555,140
Cincinnati Financial Corp.		2,594		268,012
CNA Financial Corp.		1,066		44,452
Erie Indemnity Co., Class A, NVS		498		127,991
Everest Re Group Ltd.		809		261,032
Fidelity National Financial, Inc.		11,023		434,086
Globe Life, Inc.		3,562		411,482
Hartford Financial Services Group, Inc.		12,769		924,603
Lincoln National Corp.		6,124		329,900
Loews Corp.		4,453		253,910
Markel Corp.(a)		212		255,693
Marsh & McLennan Cos., Inc.		9,444		1,525,112
MetLife, Inc.		26,583		1,946,141
Old Republic International Corp.		11,260		261,345
Principal Financial Group, Inc.		9,158		807,095
Progressive Corp.		9,911		1,272,572
Prudential Financial, Inc.		14,700		1,546,293

Security	Shares		Value
Insurance (continued)
Reinsurance Group of America, Inc.		2,631	$	387,204
Travelers Cos., Inc.		9,422		1,737,982
W. R. Berkley Corp.		2,992		222,545
Willis Towers Watson PLC		1,703		371,612
				24,408,715
Interactive Media & Services — 2.5%
Alphabet, Inc., Class A(a)		75,112		7,098,835
Alphabet, Inc., Class C, NVS(a)		67,167		6,358,028
IAC, Inc.(a)		1,905		92,736
Meta Platforms, Inc., Class A(a)		56,225		5,237,921
				18,787,520
Internet & Direct Marketing Retail — 0.1%
eBay, Inc.		21,707		864,807
IT Services — 2.4%
Accenture PLC, Class A		9,349		2,654,181
Akamai Technologies, Inc.(a)		2,591		228,863
Automatic Data Processing, Inc.		5,789		1,399,201
Cognizant Technology Solutions Corp., Class A		20,450		1,273,012
Concentrix Corp.		634		77,494
DXC Technology Co.(a)		9,082		261,107
Fidelity National Information Services, Inc.		24,117		2,001,470
Fiserv, Inc.(a)		15,748		1,617,950
FleetCor Technologies, Inc.(a)		1,112		206,965
Genpact Ltd.		3,829		185,707
Global Payments, Inc.		5,387		615,519
International Business Machines Corp.		35,774		4,947,186
Paychex, Inc.		4,406		521,274
PayPal Holdings, Inc.(a)		17,120		1,430,890
SS&C Technologies Holdings, Inc.		5,338		274,480
				17,695,299
Leisure Products — 0.0%
Hasbro, Inc.		2,581		168,410
Mattel, Inc.(a)		7,108		134,768
				303,178
Life Sciences Tools & Services — 0.5%
IQVIA Holdings, Inc.(a)		3,338		699,878
Syneos Health, Inc.(a)		2,594		130,686
Thermo Fisher Scientific, Inc.		5,648		2,902,903
				3,733,467
Machinery — 1.8%
AGCO Corp.		1,637		203,266
Caterpillar, Inc.		14,387		3,114,210
Cummins, Inc.		5,579		1,364,121
Deere & Co.		5,440		2,153,261
Dover Corp.		2,797		365,540
Fortive Corp.		7,168		458,035
Illinois Tool Works, Inc.		7,701		1,644,395
Lincoln Electric Holdings, Inc.		743		105,506
Middleby Corp.(a)		1,093		152,867
Otis Worldwide Corp.		7,857		555,018
PACCAR, Inc.		9,095		880,669
Parker-Hannifin Corp.		3,060		889,297
Pentair PLC		4,275		183,611
Snap-on, Inc.		2,096		465,417
Stanley Black & Decker, Inc.		5,836		458,068
Toro Co.		1,740		183,448
Westinghouse Air Brake Technologies Corp.		4,228		394,388
				13,571,117

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

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media — 1.2%
Cable One, Inc.		90	$	77,349
Charter Communications, Inc., Class A(a)		2,416		888,170
Comcast Corp., Class A		174,428		5,536,345
DISH Network Corp., Class A(a)(b)		9,847		146,819
Fox Corp., Class A, NVS		12,261		353,975
Fox Corp., Class B		5,697		154,958
Interpublic Group of Cos., Inc.		15,460		460,553
Liberty Media Corp. - Liberty SiriusXM, Class A(a)(b)		2,944		124,943
Liberty Media Corp. - Liberty SiriusXM, Class C, NVS(a)		6,005		253,351
News Corp., Class A, NVS		15,255		257,352
News Corp., Class B		4,697		80,460
Omnicom Group, Inc.		8,079		587,747
Paramount Global, Class A		352		7,420
Paramount Global, Class B, NVS		20,105		368,323
Sirius XM Holdings, Inc.(b)		10,366		62,611
				9,360,376
Metals & Mining — 0.6%
Alcoa Corp.		7,052		275,240
Cleveland-Cliffs, Inc.(a)		20,596		267,542
Freeport-McMoRan, Inc.		23,759		752,923
Newmont Corp.		31,367		1,327,451
Nucor Corp.		5,274		692,898
Reliance Steel & Aluminum Co.		2,383		480,127
Southern Copper Corp.		2,055		96,523
Steel Dynamics, Inc.		6,856		644,807
United States Steel Corp.		9,444		192,280
				4,729,791
Mortgage Real Estate Investment Trusts (REITs) — 0.0%
Annaly Capital Management, Inc.		17,165		318,411
Multiline Retail — 0.6%
Dollar General Corp.		8,998		2,294,940
Dollar Tree, Inc.(a)		3,497		554,275
Kohl’s Corp.		5,216		156,219
Macy’s, Inc.		10,653		222,115
Target Corp.		9,168		1,505,844
				4,733,393
Multi-Utilities — 1.4%
Ameren Corp.		10,209		832,238
CenterPoint Energy, Inc.		24,834		710,501
CMS Energy Corp.		6,473		369,285
Consolidated Edison, Inc.		14,011		1,232,407
Dominion Energy, Inc.		33,008		2,309,570
DTE Energy Co.		7,665		859,323
NiSource, Inc.		16,218		416,640
Public Service Enterprise Group, Inc.		19,714		1,105,364
Sempra Energy		12,472		1,882,524
WEC Energy Group, Inc.		12,467		1,138,611
				10,856,463
Oil, Gas & Consumable Fuels — 8.0%
Antero Resources Corp.(a)		11,088		406,486
APA Corp.		5,770		262,304
Chesapeake Energy Corp.		3,849		393,637
Chevron Corp.		71,329		12,903,416
ConocoPhillips		25,360		3,197,642
Continental Resources, Inc.		2,150		159,036
Coterra Energy, Inc.		11,549		359,520
Devon Energy Corp.		25,979		2,009,476
Diamondback Energy, Inc.		7,019		1,102,755
EOG Resources, Inc.		23,221		3,170,131

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
EQT Corp.		5,951	$	248,990
Exxon Mobil Corp.		165,074		18,291,850
Hess Corp.		7,175		1,012,249
Kinder Morgan, Inc., Class P		78,351		1,419,720
Marathon Oil Corp.		26,943		820,414
Marathon Petroleum Corp.		19,772		2,246,495
Occidental Petroleum Corp.		29,555		2,145,693
ONEOK, Inc.		10,319		612,123
Ovintiv, Inc.		10,049		508,982
Phillips 66		19,084		1,990,270
Pioneer Natural Resources Co.		9,459		2,425,382
Southwestern Energy Co.(a)		43,704		302,869
Targa Resources Corp.		5,755		393,469
Valero Energy Corp.		15,572		1,955,065
Williams Cos., Inc.		48,309		1,581,154
				59,919,128
Personal Products — 0.0%
Estee Lauder Cos., Inc., Class A		1,854		371,708
Pharmaceuticals — 6.6%
Bristol-Myers Squibb Co.		84,575		6,552,025
Eli Lilly & Co.		6,394		2,315,204
Jazz Pharmaceuticals PLC(a)		2,500		359,475
Johnson & Johnson		104,138		18,116,888
Merck & Co., Inc.		100,340		10,154,408
Organon & Co.		9,963		260,831
Pfizer, Inc.		222,297		10,347,925
Royalty Pharma PLC, Class A		14,619		618,676
Viatris, Inc.		48,338		489,664
				49,215,096
Professional Services — 0.2%
Booz Allen Hamilton Holding Corp., Class A		2,642		287,582
Dun & Bradstreet Holdings, Inc.		5,918		76,046
Jacobs Solutions, Inc.		2,620		301,876
Leidos Holdings, Inc.		5,444		553,056
Robert Half International, Inc.		2,177		166,454
				1,385,014
Real Estate Management & Development — 0.1%
CBRE Group, Inc., Class A(a)		8,167		579,367
Jones Lang LaSalle, Inc.(a)		1,919		305,294
				884,661
Road & Rail — 1.2%
AMERCO		182		104,685
Avis Budget Group, Inc.(a)		520		122,959
CSX Corp.		53,493		1,554,506
Hertz Global Holdings, Inc.(a)		7,173		131,983
Knight-Swift Transportation Holdings, Inc., Class A		3,197		153,552
Lyft, Inc., Class A(a)(b)		5,616		82,218
Norfolk Southern Corp.		6,366		1,451,894
Uber Technologies, Inc.(a)		32,387		860,523
Union Pacific Corp.		24,735		4,876,258
				9,338,578
Semiconductors & Semiconductor Equipment — 3.0%
Analog Devices, Inc.		12,912		1,841,510
Applied Materials, Inc.		15,656		1,382,268
Broadcom, Inc.		8,827		4,149,749
First Solar, Inc.(a)		2,176		316,760
Intel Corp.		162,633		4,623,656
KLA Corp.		2,307		730,050
Lam Research Corp.		2,623		1,061,738
Microchip Technology, Inc.		7,164		442,305

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) October 31, 2022 iShares^® Morningstar Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Micron Technology, Inc.		22,662	$	1,226,014
NXP Semiconductors NV		5,505		804,171
Qorvo, Inc. (a)		2,379		204,784
QUALCOMM, Inc.		18,743		2,205,301
Skyworks Solutions, Inc.		4,276		367,779
Texas Instruments, Inc.		17,912		2,877,205
Wolfspeed, Inc.(a)(b)		2,984		234,990
				22,468,280
Software — 0.9%
Gen Digital, Inc.		23,395		527,089
Guidewire Software, Inc.(a)(b)		1,951		115,909
Oracle Corp.		60,166		4,697,160
Roper Technologies, Inc.		1,571		651,242
VMware, Inc., Class A(a)		5,155		580,092
				6,571,492
Specialty Retail — 2.3%
Advance Auto Parts, Inc.		1,275		242,148
AutoNation, Inc.(a)		1,551		164,887
AutoZone, Inc.(a)		305		772,528
Bath & Body Works, Inc.		6,152		205,354
Best Buy Co., Inc.		7,918		541,670
CarMax, Inc.(a)(b)		3,328		209,697
GameStop Corp., Class A(a)(b)		5,407		153,072
Home Depot, Inc.		26,163		7,747,649
Lithia Motors, Inc.(b)		544		107,794
Lowe’s Cos., Inc.		14,492		2,825,216
O’Reilly Automotive, Inc.(a)		1,384		1,158,643
Penske Automotive Group, Inc.(b)		1,024		114,299
RH(a)		393		99,795
Ross Stores, Inc.		4,326		413,955
TJX Cos., Inc.		25,735		1,855,494
Tractor Supply Co.		1,786		392,509
Williams-Sonoma, Inc.		1,533		189,831
				17,194,541
Technology Hardware, Storage & Peripherals — 4.3%
Apple Inc.		187,368		28,731,009
Dell Technologies, Inc., Class C		10,499		403,162
Hewlett Packard Enterprise Co.		51,731		738,201
HP, Inc.		35,953		993,022
NetApp, Inc.		5,618		389,159
Seagate Technology Holdings PLC		7,762		385,461
Western Digital Corp.(a)		12,506		429,831
				32,069,845

Security	Shares		Value
Textiles, Apparel & Luxury Goods — 0.1%
Capri Holdings Ltd.(a)		3,555	$	162,392
Tapestry, Inc.		9,898		313,569
				475,961
Tobacco — 1.2%
Altria Group, Inc.		71,329		3,300,393
Philip Morris International, Inc.		61,400		5,639,590
				8,939,983
Trading Companies & Distributors — 0.2%
Fastenal Co.		9,164		442,896
United Rentals, Inc.(a)		1,342		423,683
Watsco, Inc.		500		135,480
WW Grainger, Inc.(b)		726		424,238
				1,426,297
Water Utilities — 0.1%
American Water Works Co., Inc.		2,753		400,121
Essential Utilities, Inc.		3,806		168,301
				568,422
Wireless Telecommunication Services — 0.1%
T-Mobile U.S., Inc.(a)		6,967		1,055,918
Total Long-Term Investments — 99.7% (Cost: $692,335,736)				748,735,302
Short-Term Securities
Money Market Funds — 1.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)(e)		9,736,826		9,734,878
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)(d)		1,210,460		1,210,460
Total Short-Term Securities — 1.5% (Cost: $10,945,657)				10,945,338
Total Investments — 101.2% (Cost: $703,281,393)				759,680,640
Liabilities in Excess of Other Assets — (1.2)%				(8,768,030	)
Net Assets — 100.0%			$	750,912,610

^(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.

48 2 0 2 2    I S H A R E S    S E M I - A N N U A L    R E P O R T    T O    S H  A R E H O L D E R S

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Morningstar Value ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the six months ended October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,897,401	$	5,840,868	(a)	$	—		$	(2,297	)	$	(1,094	)	$	9,734,878		9,736,826	$	39,564	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,050,000		—			(839,540	)(a)		—			—			1,210,460		1,210,460		11,590			—
BlackRock, Inc.		3,367,025		510,511			(167,474	)		(8,778	)		148,340			3,849,624		5,960		53,309			—
									$	(11,075	)	$	147,246		$	14,794,962			$	104,463		$	—

^(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 Index		10		12/16/22	$	734	$	40,793
E-Mini Financial Select Sector Index		7		12/16/22		733		56,216
S&P 500 E-Mini Index		3		12/16/22		583		10,318
							$	107,327

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	107,327	$	—	$	—	$	—	$	107,327

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

For the period ended October 31, 2022, 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	$	—	$	—	$	(161,640	)	$	—	$	—	$	—	$	(161,640	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$	161,215		$	—	$	—	$	—	$	161,215

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) October 31, 2022 iShares^® Morningstar Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$2,139,956

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	$	748,735,302	$	—	$	—	$	748,735,302
Short-Term Securities
Money Market Funds		10,945,338		—		—		10,945,338
	$	759,680,640	$	—	$	—	$	759,680,640
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	107,327	$	—	$	—	$	107,327

^(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 2    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)

October 31, 2022

	iShares Morningstar Mid-Cap Value ETF		iShares Morningstar Small-Cap ETF			iShares Morningstar U.S. Equity ETF			iShares Morningstar Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	469,984,511	$	200,241,876		$	714,355,981		$	744,885,678
Investments, at value — affiliated(c)		10,121,839		23,858,018			13,159,232			14,794,962
Cash		20,513		6,598			781,883			45,095
Cash pledged for futures contracts		62,000		22,000			81,000			117,000
Receivables:
Investments sold		1,327,369		803,050			361,506			232,972
Securities lending income — affiliated		9,825		41,429			3,680			6,388
Dividends — unaffiliated		480,127		66,278			537,469			839,517
Dividends — affiliated		2,625		715			2,837			2,723
Total assets		482,008,809		225,039,964			729,283,588			760,924,335
LIABILITIES
Collateral on securities loaned		9,407,506		23,619,073			10,172,838			9,740,343
Payables:
Investments purchased		1,327,369		800,513			361,506			232,972
Investment advisory fees		22,579		6,425			17,534			23,835
Variation margin on futures contracts		3,834		70			11,180			14,575
Total liabilities		10,761,288		24,426,081			10,563,058			10,011,725
NET ASSETS	$	471,247,521	$	200,613,883		$	718,720,530		$	750,912,610
NET ASSETS CONSIST OF:
Paid-in capital	$	469,194,474	$	256,166,976		$	753,592,300		$	744,906,816
Accumulated earnings (loss)		2,053,047		(55,553,093	)		(34,871,770	)		6,005,794
NET ASSETS	$	471,247,521	$	200,613,883		$	718,720,530		$	750,912,610
NET ASSET VALUE
Shares outstanding		7,650,000		4,250,000			13,500,000			12,000,000
Net asset value	$	61.60	$	47.20		$	53.24		$	62.58
Shares authorized		Unlimited		Unlimited			Unlimited			Unlimited
Par value		None		None			None			None
(a) Investments, at cost — unaffiliated	$	446,353,636	$	227,365,850		$	691,310,277		$	687,999,182
(b) Securities loaned, at value	$	9,186,983	$	22,921,545		$	9,879,938		$	6,792,535
(c)  Investments, at cost — affiliated	$	10,121,241	$	23,857,963		$	12,617,461		$	15,282,211

See notes to financial statements.

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

Statements of Operations (unaudited) 

Six Months Ended October 31, 2022

	iShares Morningstar Mid-Cap Value ETF			iShares Morningstar Small-Cap ETF			iShares Morningstar U.S. Equity ETF			iShares Morningstar Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	6,284,165		$	1,079,519		$	6,285,807		$	9,177,716
Dividends — affiliated		6,524			3,259			41,454			64,899
Securities lending income — affiliated — net		66,919			195,920			36,814			39,564
Foreign taxes withheld		—			(907	)		(1,401	)		(1,289	)
Total investment income		6,357,608			1,277,791			6,362,674			9,280,890
EXPENSES
Investment advisory		142,372			40,980			113,285			150,092
Total expenses		142,372			40,980			113,285			150,092
Net investment income		6,215,236			1,236,811			6,249,389			9,130,798
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(30,089,568	)		(9,174,797	)		(11,797,199	)		(11,743,998	)
Investments — affiliated		(766	)		(4,475	)		(4,094	)		(15,326	)
Futures contracts		(120,383	)		(45,835	)		(356,842	)		(161,640	)
In-kind redemptions — unaffiliated(a)		32,235,361			879,020			5,437,395			7,579,149
In-kind redemptions — affiliated(a)		—			—			30,263			4,251
		2,024,644			(8,346,087	)		(6,690,477	)		(4,337,564	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(33,401,457	)		2,185,707			(47,076,916	)		(23,866,545	)
Investments — affiliated		(1,925	)		(177	)		37,206			147,246
Futures contracts		76,354			33,462			180,423			161,215
		(33,327,028	)		2,218,992			(46,859,287	)		(23,558,084	)
Net realized and unrealized loss		(31,302,384	)		(6,127,095	)		(53,549,764	)		(27,895,648	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(25,087,148	)	$	(4,890,284	)	$	(47,300,375	)	$	(18,764,850	)

^(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 Morningstar Mid-Cap Value ETF						iShares Morningstar Small-Cap ETF
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,215,236		$	9,049,985		$	1,236,811		$	2,981,463
Net realized gain (loss)		2,024,644			34,370,084			(8,346,087	)		7,667,954
Net change in unrealized appreciation (depreciation)		(33,327,028	)		(29,467,257	)		2,218,992			(46,929,295	)
Net increase (decrease) in net assets resulting from operations		(25,087,148	)		13,952,812			(4,890,284	)		(36,279,878	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(5,257,183	)		(9,487,846	)		(1,562,940	)		(2,987,187	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		4,100,957			35,331,452			7,095,887			(2,562,649	)
NET ASSETS
Total increase (decrease) in net assets		(26,243,374	)		39,796,418			642,663			(41,829,714	)
Beginning of period		497,490,895			457,694,477			199,971,220			241,800,934
End of period	$	471,247,521		$	497,490,895		$	200,613,883		$	199,971,220

^(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 53

Statements of Changes in Net Assets (continued)

	iShares Morningstar U.S. Equity ETF						iShares Morningstar Value ETF
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	6,249,389		$	11,447,954		$	9,130,798		$	16,182,799
Net realized gain (loss)		(6,690,477	)		19,341,762			(4,337,564	)		10,355,512
Net change in unrealized appreciation (depreciation)		(46,859,287	)		(42,727,180	)		(23,558,084	)		1,105,337
Net increase (decrease) in net assets resulting from operations		(47,300,375	)		(11,964,464	)		(18,764,850	)		27,643,648
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(5,834,599	)		(11,513,059	)		(8,745,059	)		(16,144,141	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		(18,458,064	)		(77,396,311	)		(10,020,836	)		89,185,958
NET ASSETS
Total increase (decrease) in net assets		(71,593,038	)		(100,873,834	)		(37,530,745	)		100,685,465
Beginning of period		790,313,568			891,187,402			788,443,355			687,757,890
End of period	$	718,720,530		$	790,313,568		$	750,912,610		$	788,443,355

^(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 Morningstar Mid-Cap Value ETF
		Six Months Ended 10/31/22 (unaudited	)		Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)
Net asset value, beginning of period	$	65.46		$	64.01		$	40.13		$	53.28		$	52.55		$	49.30
Net investment income(b)		0.82			1.24			1.14			1.50			1.23			1.09
Net realized and unrealized gain (loss)(c)		(3.99	)		1.50			23.92			(13.08	)		0.73			3.21
Net increase (decrease) from investment operations		(3.17	)		2.74			25.06			(11.58	)		1.96			4.30
Distributions from net investment income(d)		(0.69	)		(1.29	)		(1.18	)		(1.57	)		(1.23	)		(1.05	)
Net asset value, end of period	$	61.60		$	65.46		$	64.01		$	40.13		$	53.28		$	52.55
Total Return(e)
Based on net asset value		(4.80	)%(f)		4.28	%		63.45	%		(22.07	)%		3.83	%		8.81	%
Ratios to Average Net Assets(g)
Total expenses		0.06	%(h)		0.06	%		0.27	%		0.30	%		0.30	%		0.30	%
Net investment income		2.62	%(h)		1.88	%		2.32	%		2.95	%		2.36	%		2.13	%
Supplemental Data
Net assets, end of period (000)	$	471,248		$	497,491		$	457,694		$	331,048		$	463,524		$	417,801
Portfolio turnover rate(i)		17	%		42	%		95	%		51	%		35	%		45	%

^(a)  Per share amounts reflect a three-for-one stock split effective after the close of trading on April 16, 2021.

^(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 55

Financial Highlights

(For a share outstanding throughout each period)

	iShares Morningstar Small-Cap ETF
		Six Months Ended 10/31/22 (unaudited	)		Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)
Net asset value, beginning of period	$	48.77		$	58.27		$	35.60		$	43.90		$	42.58		$	40.28
Net investment income(b)		0.29			0.72			0.56			0.57			0.58			0.49
Net realized and unrealized gain (loss)(c)		(1.50	)		(9.50	)		22.71			(8.23	)		1.34			2.35
Net increase (decrease) from investment operations		(1.21	)		(8.78	)		23.27			(7.66	)		1.92			2.84
Distributions from net investment income(d)		(0.36	)		(0.72	)		(0.60	)		(0.64	)		(0.60	)		(0.54	)
Net asset value, end of period	$	47.20		$	48.77		$	58.27		$	35.60		$	43.90		$	42.58
Total Return(e)
Based on net asset value		(2.44	)%(f)		(15.22	)%		65.95	%		(17.58	)%		4.56	%		7.09	%
Ratios to Average Net Assets(g)
Total expenses		0.04	%(h)		0.04	%		0.22	%		0.25	%		0.25	%		0.25	%
Net investment income		1.21	%(h)		1.28	%		1.24	%		1.34	%		1.33	%		1.18	%
Supplemental Data
Net assets, end of period (000)	$	200,614		$	199,971		$	241,801		$	185,115		$	237,032		$	246,938
Portfolio turnover rate(i)		18	%		41	%		175	%		62	%		67	%		56	%

^(a)  Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(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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Financial Highlights

(For a share outstanding throughout each period)

	iShares Morningstar U.S. Equity ETF
		Six Months Ended 10/31/22 (unaudited	)		Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)
Net asset value, beginning of period	$	57.06		$	59.02		$	40.80		$	41.90		$	38.08		$	35.72
Net investment income(b)		0.45			0.79			0.66			0.81			0.81			0.73
Net realized and unrealized gain (loss)(c)		(3.85	)		(1.95	)		18.21			(0.88	)		3.82			2.36
Net increase (decrease) from investment operations		(3.40	)		(1.16	)		18.87			(0.07	)		4.63			3.09
Distributions from net investment income(d)		(0.42	)		(0.80	)		(0.65	)		(1.03	)		(0.81	)		(0.73	)
Net asset value, end of period	$	53.24		$	57.06		$	59.02		$	40.80		$	41.90		$	38.08
Total Return(e)
Based on net asset value		(5.94	)%(f)		(2.08	)%		46.58	%		(0.13	)%		12.33	%		8.66	%
Ratios to Average Net Assets(g)
Total expenses		0.03	%(h)		0.03	%		0.18	%		0.20	%		0.20	%		0.20	%
Net investment income		1.65	%(h)		1.27	%		1.32	%		1.90	%		2.05	%		1.91	%
Supplemental Data
Net assets, end of period (000)	$	718,721		$	790,314		$	891,187		$	718,065		$	863,172		$	944,382
Portfolio turnover rate(i)		2	%		6	%		131	%		49	%		38	%		46	%

^(a)  Per share amounts reflect a four-for-one stock split effective after the close of trading on April 16, 2021.

^(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 57

Financial Highlights

(For a share outstanding throughout each period)

	iShares Morningstar Value ETF
		Six Months Ended 10/31/22 (unaudited	)		Year Ended 04/30/22			Year Ended 04/30/21	(a)		Year Ended 04/30/20	(a)		Year Ended 04/30/19	(a)		Year Ended 04/30/18	(a)
Net asset value, beginning of period	$	64.89		$	63.68		$	48.12		$	54.18		$	50.55		$	47.54
Net investment income(b)		0.76			1.38			1.55			1.65			1.49			1.28
Net realized and unrealized gain (loss)(c)		(2.33	)		1.20			15.58			(6.04	)		3.58			3.01
Net increase (decrease) from investment operations		(1.57	)		2.58			17.13			(4.39	)		5.07			4.29
Distributions from net investment income(d)		(0.74	)		(1.37	)		(1.57	)		(1.67	)		(1.44	)		(1.28	)
Net asset value, end of period	$	62.58		$	64.89		$	63.68		$	48.12		$	54.18		$	50.55
Total Return(e)
Based on net asset value		(2.37	)%(f)		4.02	%		36.36	%		(8.23	)%		10.22	%		9.07	%
Ratios to Average Net Assets(g)
Total expenses		0.04	%(h)		0.04	%		0.22	%		0.25	%		0.25	%		0.25	%
Net investment income		2.43	%(h)		2.08	%		2.88	%		3.06	%		2.86	%		2.54	%
Supplemental Data
Net assets, end of period (000)	$	750,913		$	788,443		$	687,758		$	447,483		$	492,996		$	374,024
Portfolio turnover rate(i)		11	%		21	%		112	%		36	%		24	%		24	%

^(a)  Per share amounts reflect a two-for-one stock split effective after the close of trading on April 16, 2021.

^(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
Morningstar Mid-Cap Value		Diversified
Morningstar Small-Cap		Diversified
Morningstar U.S. Equity		Diversified
Morningstar 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 Funds are informed of the ex-dividend date. Under the applicable foreign tax laws, a withholding tax at various rates may be imposed on capital gains, dividends and interest. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain.

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 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 October 31, 2022, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market conventions. The Statements of Operations include tax reclaims recorded as well as professional fees 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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the 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	(b)
Morningstar Mid-Cap Value
Barclays Bank PLC	$	121,414	$	(121,414	)	$	—		$	—
Barclays Capital, Inc.		1,246,267		(1,224,387	)		—			21,880
BNP Paribas SA		1,604,416		(1,604,416	)		—			—
Citigroup Global Markets, Inc.		327,284		(327,284	)		—			—
Goldman Sachs & Co. LLC		545,780		(545,780	)		—			—
J.P. Morgan Securities LLC		1,250,360		(1,250,360	)		—			—
Jefferies LLC		243,625		(243,625	)		—			—
Morgan Stanley		720,176		(720,176	)		—			—
National Financial Services LLC		12,926		(12,926	)		—			—
Natixis SA		7,246		(7,235	)		—			11
Scotia Capital (USA), Inc.		183,337		(183,337	)		—			—
State Street Bank & Trust Co.		660,300		(660,300	)		—			—
UBS AG		987,083		(987,083	)		—			—
UBS Securities LLC		438,692		(438,692	)		—			—
Wells Fargo Bank N.A.		820,832		(820,832	)		—			—
Wells Fargo Securities LLC		17,245		(17,245	)		—			—
	$	9,186,983	$	(9,165,092	)	$	—		$	21,891
Morningstar Small-Cap
Barclays Bank PLC	$	1,591,631	$	(1,591,631	)	$	—		$	—
Barclays Capital, Inc.		341,977		(341,977	)		—			—
BMO Capital Markets Corp.		1,537		(1,537	)		—			—
BNP Paribas SA		3,719,874		(3,719,874	)		—			—
BofA Securities, Inc.		1,800,431		(1,800,431	)		—			—
Citigroup Global Markets, Inc.		465,849		(465,849	)		—			—
Credit Suisse Securities (USA) LLC		135,205		(135,205	)		—			—
Deutsche Bank Securities, Inc.		51,003		(51,003	)		—			—
Goldman Sachs & Co. LLC		4,547,500		(4,547,500	)		—			—
HSBC Bank PLC		28,566		(28,566	)		—			—
J.P. Morgan Securities LLC		3,199,053		(3,199,053	)		—			—
Jefferies LLC		380,956		(380,956	)		—			—
Morgan Stanley		3,691,137		(3,691,137	)		—			—
National Financial Services LLC		363,206		(363,206	)		—			—
Natixis SA		83,062		(83,062	)		—			—
Nomura Securities International, Inc.		131,377		(131,377	)		—			—
Scotia Capital (USA), Inc.		197,107		(197,107	)		—			—
SG Americas Securities LLC		53,997		(53,997	)		—			—
State Street Bank & Trust Co.		122,980		(122,980	)		—			—
TD Prime Services LLC		545,190		(545,190	)		—			—
UBS AG		439,487		(439,487	)		—			—
UBS Securities LLC		616,364		(616,364	)		—			—
Virtu Americas LLC		83,524		(83,524	)		—			—
Wells Fargo Bank N.A.		36,294		(36,294	)		—			—
Wells Fargo Securities LLC		294,238		(294,135	)		—			103
	$	22,921,545	$	(22,921,442	)	$	—		$	103
Morningstar U.S. Equity
Barclays Bank PLC	$	160,477	$	(160,477	)	$	—		$	—
Barclays Capital, Inc.		86,364		(86,364	)		—			—
BNP Paribas SA		1,161,261		(1,161,261	)		—			—
BofA Securities, Inc.		792,952		(792,952	)		—			—
Citigroup Global Markets, Inc.		885,858		(885,858	)		—			—
Goldman Sachs & Co. LLC		1,882,286		(1,882,286	)		—			—
HSBC Bank PLC		5,373		(5,373	)		—			—
J.P. Morgan Securities LLC		1,036,496		(1,036,496	)		—			—
Jefferies LLC		249,504		(249,504	)		—			—
Morgan Stanley		681,592		(681,592	)		—			—
National Financial Services LLC		61,265		(61,265	)		—			—
RBC Capital Market LLC		102,645		(102,136	)		—			509
Scotia Capital (USA), Inc.		606,855		(599,898	)		—			6,957
TD Prime Services LLC		1,147,302		(1,147,302	)		—			—
UBS AG		732,984		(732,984	)		—			—
UBS Securities LLC		80,769		(80,769	)		—			—

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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)
Morningstar U.S. Equity (continued)
Wells Fargo Bank N.A.	$	98,752	$	(98,752	)	$	—		$	—
Wells Fargo Securities LLC		107,203		(107,203	)		—			—
	$	9,879,938	$	(9,872,472	)	$	—		$	7,466
Morningstar Value
Barclays Bank PLC	$	235,426	$	(235,426	)	$	—		$	—
BNP Paribas SA		944,512		(944,512	)		—			—
BofA Securities, Inc.		133		(133	)		—			—
Goldman Sachs & Co. LLC		480,719		(480,719	)		—			—
HSBC Bank PLC		3,606,166		(3,606,166	)		—			—
J.P. Morgan Securities LLC		105,850		(105,850	)		—			—
Jefferies LLC		341,171		(341,171	)		—			—
Morgan Stanley		357,100		(357,100	)		—			—
National Financial Services LLC		131,016		(131,016	)		—			—
Natixis SA		117,391		(117,391	)		—			—
RBC Capital Market LLC		248,587		(248,587	)		—			—
Scotia Capital (USA), Inc.		91,401		(91,401	)		—			—
UBS AG		119,602		(119,602	)		—			—
Wells Fargo Securities LLC		13,461		(13,461	)		—			—
	$	6,792,535	$	(6,792,535	)	$	—		$	—

^(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 Fund’s Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of October 31, 2022. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by 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 upon the terms of the contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained to an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments as 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
Morningstar Mid-Cap Value	0.06%
Morningstar Small-Cap	0.04
Morningstar U.S. Equity	0.03
Morningstar 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.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliated 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 laon (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 that 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the six months ended October 31, 2022, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Morningstar Mid-Cap Value	$  18,255
Morningstar Small-Cap	51,535
Morningstar U.S. Equity	10,833
Morningstar Value	11,532

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

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

For the six months ended October 31, 2022, 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)
Morningstar Mid-Cap Value	$	29,229,555	$	39,713,648	$	(9,900,193	)
Morningstar Small-Cap		13,248,867		10,829,849		(1,985,811	)
Morningstar U.S. Equity		3,613,858		4,625,720		(7,398,541	)
Morningstar Value		33,708,167		30,126,525		(2,862,567	)

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.

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Notes to Financial Statements (unaudited) (continued)

A fund, in order to improve its portfolio liquidity and its ability to track its underlying index, may invest in shares of other iShares funds that invest in securities in the fund’s underlying index.

7. PURCHASES AND SALES

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Morningstar Mid-Cap Value	$	78,548,319	$	79,046,885
Morningstar Small-Cap		36,115,185		35,522,780
Morningstar U.S. Equity		18,861,025		16,921,935
Morningstar Value		85,524,531		83,344,650

For the six months ended October 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Morningstar Mid-Cap Value	$	63,345,121	$	58,492,301
Morningstar Small-Cap		15,437,874		8,607,669
Morningstar U.S. Equity		11,033,126		31,278,321
Morningstar Value		17,962,970		30,706,627

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 applicable to the Funds as of October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Funds’ financial statements.

As of April 30, 2022, the Funds had non-expiring capital loss carryforwards available to offset future realized capital gains as follows:

iShares ETF	Amounts
Morningstar Mid-Cap Value	$	22,659,568
Morningstar Small-Cap		19,390,575
Morningstar U.S. Equity		52,470,762
Morningstar Value		45,924,606

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Morningstar Mid-Cap Value	$	458,452,786	$	58,760,440	$	(37,064,378	)	$	21,696,062
Morningstar Small-Cap		251,623,658		24,091,392		(51,593,713	)		(27,502,321	)
Morningstar U.S. Equity		704,387,470		118,507,678		(95,318,257	)		23,189,421
Morningstar Value		705,059,166		116,041,370		(61,312,569	)		54,728,801

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.

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Notes to Financial Statements (unaudited) (continued)

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

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

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

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

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

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

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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Funds may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Funds is uncertain.

10. CAPITAL SHARE TRANSACTIONS

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

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Notes to Financial Statements (unaudited) (continued)

Transactions in capital shares were as follows:

	Six Months Ended 10/31/22						Year Ended 04/30/22
iShares ETF	Shares			Amount			Shares			Amount
Morningstar Mid-Cap Value
Shares sold		1,050,000		$	63,849,948			2,650,000		$	174,198,554
Shares redeemed		(1,000,000	)		(59,748,991	)		(2,200,000	)		(138,867,102	)
		50,000		$	4,100,957			450,000		$	35,331,452
Morningstar Small-Cap
Shares sold		350,000		$	16,046,329			50,000		$	2,817,190
Shares redeemed		(200,000	)		(8,950,442	)		(100,000	)		(5,379,839	)
		150,000		$	7,095,887			(50,000	)	$	(2,562,649	)
Morningstar U.S. Equity
Shares sold		200,000		$	10,798,586			100,000		$	6,211,849
Shares redeemed		(550,000	)		(29,256,650	)		(1,350,000	)		(83,608,160	)
		(350,000	)	$	(18,458,064	)		(1,250,000	)	$	(77,396,311	)
Morningstar Value
Shares sold		300,000		$	17,873,285			1,600,000		$	105,690,073
Shares redeemed		(450,000	)		(27,894,121	)		(250,000	)		(16,504,115	)
		(150,000	)	$	(10,020,836	)		1,350,000		$	89,185,958

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 Morningstar Mid-Cap Value ETF, iShares Morningstar Small-Cap ETF, iShares Morningstar U.S. Equity ETF, iShares Morningstar Value ETF (each the “Fund”)

Under Section 15(c) of the Investment Company Act of 1940 (the “1940 Act”), the Trust’s Board of Trustees (the “Board”), including a majority of Board Members who are not “interested persons” of the Trust (as that term is defined in the 1940 Act) (the “Independent Board Members”), is required annually to consider and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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

Costs of Services Provided to the Fund and Profits Realized by BFA and its Affiliates: The Board reviewed information about the estimated profitability to BlackRock in managing the Fund, based on the fees payable to BFA and its affiliates (including fees under the Advisory Agreement), and other sources of revenue and expense to BFA and its affiliates from the Fund’s operations for the last calendar year. The Board reviewed BlackRock’s methodology for calculating estimated profitability of the iShares funds, noting that the 15(c) Committee and the Board had focused on the methodology and profitability presentation. The Board recognized that profitability may be affected by numerous factors, including, among other things, fee waivers by BFA, the types of funds managed, expense allocations and business mix. The Board thus recognized that

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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, 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 (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

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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.

October 31, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Morningstar Mid-Cap Value	$	0.689885	$	—	$	—	$	0.689885		100	%		—	%		—	%		100	%
Morningstar Small-Cap		0.358212		—		—		0.358212		100			—			—			100

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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.

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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

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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 Morningstar, Inc., 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-410-1022

OCTOBER 31, 2022

2022 Semi-Annual Report

(Unaudited)

iShares Trust

· iShares Core U.S. REIT ETF | USRT | NYSE Arca

The Markets in Review

Dear Shareholder,

Significant economic headwinds emerged during the 12-month reporting period ended October 31, 2022, disrupting the economic recovery and strong financial markets of 2021. The U.S. economy shrank in the first half of 2022 before returning to moderate growth in the third quarter, marking a shift to a more challenging post-reopening economic environment. Changes in consumer spending patterns and a tight labor market led to elevated inflation, which reached a 40-year high. Moreover, while the foremost effect of Russia’s invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to present challenges for both investors and policymakers.

Equity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth stocks as inflation decreased the value of future cash flows and investors shifted focus to balance sheet resilience. Both large- and small-capitalization U.S. stocks fell, although declines for small-capitalization U.S. stocks were slightly steeper. Emerging market stocks and international equities from developed markets also declined significantly, pressured by rising interest rates and a strengthening U.S. dollar.

The 10-year U.S. Treasury yield rose notably during the reporting period, driving its price down, as investors reacted to higher inflation and attempted to anticipate its impact on future interest rate changes. The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasuries and similarly-dated corporate bonds).

The U.S. Federal Reserve (the “Fed”), acknowledging that inflation has been more persistent than expected, raised interest rates five times while indicating that additional rate hikes were likely. Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. As investors attempted to assess the Fed’s future trajectory, the Fed’s statements late in the reporting period led markets to believe that additional tightening is likely in the near term.

The pandemic’s restructuring of the economy brought an ongoing mismatch between supply and demand, contributing to the current inflationary regime. While growth has slowed in 2022, we believe that taming inflation requires a more dramatic economic decline to bring demand back to a lower level that is more in line with the economy’s capacity. The Fed has been raising interest rates at the fastest pace in decades, and seems set to overtighten in its effort to get inflation back to target. With this in mind, we believe the possibility of a U.S. recession in the near-term is high, and the outlook for Europe and the U.K. is also troubling. Investors should expect a period of higher volatility as markets adjust to the new economic reality and policymakers attempt to adapt to rapidly changing conditions.

In this environment, while we favor an overweight to equities in the long-term, the market’s concerns over excessive rate hikes from central banks moderate our outlook. Rising input costs and a deteriorating economic backdrop in China and Europe are likely to challenge corporate earnings, so we are underweight equities overall in the near term. However, we see better opportunities in credit, where higher spreads provide income opportunities and partially compensate for inflation risk. We believe that investment-grade corporates, local-currency emerging market debt, and inflation-protected bonds (particularly in Europe) offer strong opportunities for a six- to twelve-month horizon.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of October 31, 2022
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		(5.50	)%		(14.61	)%
U.S. small cap equities (Russell 2000® Index)		(0.20	)		(18.54	)
International equities (MSCI Europe, Australasia, Far East Index)		(12.70	)		(23.00	)
Emerging market equities (MSCI Emerging Markets Index)		(19.66	)		(13.03	)
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		0.72			0.79
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		(8.24	)		(17.68	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		(6.86	)		(15.68	)
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		(4.43	)		(11.98	)
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		(4.71	)		(11.76	)
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 THIS    PAGE    IS    NOT    PART    OF    YOUR    FUND    REPORT

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		10
Statement of Operations		11
Statements of Changes in Net Assets		12
Financial Highlights		13
Notes to Financial Statements		14
Board Review and Approval of Investment Advisory Contract		20
Supplemental Information		22
General Information		23
Glossary of Terms Used in this Report		24

3

Fund Summary as of October 31, 2022 iShares^® Core U.S. REIT ETF

Investment Objective

The iShares Core U.S. REIT ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate equities, as represented by the FTSE Nareit Equity REITs 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		(17.99	)%		(18.56	)%		4.08	%		6.17	%		(18.56	)%		21.14	%		81.99	%
Fund Market		(18.07	)		(18.58	)		4.06			6.16			(18.58	)		22.04			81.87
Index		(17.99	)		(18.51	)		4.12			6.38			(18.51	)		22.36			85.56

Index performance through November 2, 2016 reflects the performance of the FTSE NAREIT Real Estate 50 Index. Index performance beginning on November 3, 2016 reflects the performance of the FTSE Nareit Equity REITS Index.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)		Beginning Account Value (05/01/22)		Ending Account Value (10/31/22)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	820.10	$	0.37		$	1,000.00	$	1,024.80	$	0.41		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

Portfolio Information

INDUSTRY ALLOCATION
Industry	Percent of Total Investments	(a)
Specialized REITs	25.7	%
Residential REITs	18.4
Retail REITs	16.2
Industrial REITs	14.9
Health Care REITs	9.6
Office REITs	7.4
Hotel & Resort REITs	4.0
Diversified REITs	3.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Prologis, Inc.	10.5	%
Equinix, Inc.	5.3
Public Storage	5.0
Realty Income Corp.	4.0
Simon Property Group, Inc.	3.7
VICI Properties, Inc.	3.2
Digital Realty Trust, Inc.	2.9
Welltower, Inc.	2.9
AvalonBay Communities, Inc.	2.5
Alexandria Real Estate Equities, Inc.	2.4

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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 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) October 31, 2022 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Diversified REITs — 3.7%
Alexander & Baldwin, Inc.		140,580	$	2,738,498
Alpine Income Property Trust, Inc.		22,179		409,203
American Assets Trust, Inc.		95,861		2,634,260
Armada Hoffler Properties, Inc.		129,292		1,511,423
Broadstone Net Lease, Inc.		323,683		5,547,927
CTO Realty Growth, Inc.		34,390		691,239
Empire State Realty Trust, Inc., Class A(a)		262,492		1,934,566
Essential Properties Realty Trust, Inc.		273,295		5,881,308
Gladstone Commercial Corp.		76,624		1,347,816
Global Net Lease, Inc.		202,384		2,479,204
iStar, Inc.		133,545		1,399,552
One Liberty Properties, Inc.		31,818		717,178
STORE Capital Corp.		496,235		15,780,273
WP Carey, Inc.		373,507		28,498,584
				71,571,031
Health Care REITs — 9.6%
CareTrust REIT, Inc.		188,095		3,513,615
Community Healthcare Trust, Inc.		45,896		1,588,002
Diversified Healthcare Trust		469,099		637,975
Global Medical REIT, Inc.		118,397		1,082,149
Healthcare Realty Trust, Inc.		740,569		15,055,768
Healthpeak Properties, Inc.		1,053,384		24,996,802
LTC Properties, Inc.		77,959		3,014,674
Medical Properties Trust, Inc.		1,160,020		13,282,229
National Health Investors, Inc.		83,480		4,733,316
Omega Healthcare Investors, Inc.		459,022		14,587,719
Physicians Realty Trust		437,188		6,584,051
Sabra Health Care REIT, Inc.		448,914		6,132,165
Universal Health Realty Income Trust		24,884		1,211,104
Ventas, Inc.		779,959		30,519,796
Welltower, Inc.		906,484		55,331,783
				182,271,148
Hotel & Resort REITs — 4.0%
Apple Hospitality REIT, Inc.		418,060		7,157,187
Ashford Hospitality Trust, Inc.(a)(b)		67,749		550,122
Braemar Hotels & Resorts, Inc.		135,149		666,285
Chatham Lodging Trust(b)		93,999		1,219,167
DiamondRock Hospitality Co.		408,565		3,815,997
Hersha Hospitality Trust, Class A		62,054		567,794
Host Hotels & Resorts, Inc.		1,382,827		26,107,774
Park Hotels & Resorts, Inc.		435,340		5,694,247
Pebblebrook Hotel Trust(a)		252,654		4,052,570
RLJ Lodging Trust		312,311		3,800,825
Ryman Hospitality Properties, Inc.(a)		104,585		9,299,698
Service Properties Trust(a)		319,593		2,591,899
Summit Hotel Properties, Inc.		204,347		1,765,558
Sunstone Hotel Investors, Inc.(a)		412,319		4,597,357
Xenia Hotels & Resorts, Inc.		222,778		3,805,049
				75,691,529
Industrial REITs — 14.9%
Americold Realty Trust, Inc.		524,993		12,731,080
EastGroup Properties, Inc.		80,343		12,588,945
First Industrial Realty Trust, Inc.		257,303		12,255,342
Indus Realty Trust, Inc.(a)		10,589		548,404
Industrial Logistics Properties Trust		128,854		603,037
LXP Industrial Trust		536,169		5,190,116
Plymouth Industrial REIT, Inc.		73,283		1,351,339
Prologis, Inc.		1,800,106		199,361,739
Rexford Industrial Realty, Inc.		334,450		18,488,396

Security	Shares		Value
Industrial REITs (continued)
STAG Industrial, Inc.		350,421	$	11,069,799
Terreno Realty Corp.		144,536		8,258,787
				282,446,984
Office REITs — 7.4%
Alexandria Real Estate Equities, Inc.		316,489		45,985,852
Boston Properties, Inc.(a)		306,138		22,256,233
Brandywine Realty Trust		326,992		2,145,068
City Office REIT, Inc.		79,500		844,290
Corporate Office Properties Trust		218,591		5,825,450
Cousins Properties, Inc.		295,024		7,009,770
Creative Media & Community Trust Corp.		26,469		179,195
Douglas Emmett, Inc.		330,683		5,816,714
Easterly Government Properties, Inc.		176,847		3,075,369
Franklin Street Properties Corp.(a)		194,821		561,084
Highwoods Properties, Inc.		203,351		5,740,599
Hudson Pacific Properties, Inc.		268,324		2,962,297
JBG SMITH Properties		208,670		4,106,626
Kilroy Realty Corp.		227,142		9,708,049
Office Properties Income Trust		93,694		1,433,518
Orion Office REIT, Inc.		112,133		1,050,686
Paramount Group, Inc.		372,825		2,412,178
Piedmont Office Realty Trust, Inc., Class A		238,611		2,493,485
Postal Realty Trust, Inc., Class A		35,038		549,396
SL Green Realty Corp.		124,967		4,958,691
Veris Residential, Inc.(b)		167,516		2,651,778
Vornado Realty Trust		345,172		8,142,607
				139,908,935
Residential REITs — 18.3%
American Homes 4 Rent, Class A(a)		592,442		18,922,598
Apartment Income REIT Corp.		300,783		11,559,091
Apartment Investment and Management Co., Class A		290,970		2,310,302
AvalonBay Communities, Inc.		273,010		47,809,511
Bluerock Homes Trust, Inc.(b)		6,948		175,784
BRT Apartments Corp.(a)		23,886		529,314
Camden Property Trust		202,500		23,398,875
Centerspace		29,846		2,068,328
Elme Communities		170,478		3,254,425
Equity LifeStyle Properties, Inc.(a)		346,913		22,188,556
Equity Residential		723,502		45,595,096
Essex Property Trust, Inc.		126,961		28,215,813
Independence Realty Trust, Inc.		430,374		7,213,068
Invitation Homes, Inc.		1,192,199		37,780,786
Mid-America Apartment Communities, Inc.		224,285		35,313,673
NexPoint Residential Trust, Inc		44,032		2,007,859
Sun Communities, Inc.		237,658		32,048,181
UDR, Inc.		632,457		25,146,490
UMH Properties, Inc.		96,493		1,692,487
				347,230,237
Retail REITs — 16.2%
Acadia Realty Trust		172,387		2,408,246
Agree Realty Corp.		153,186		10,523,878
Alexander’s, Inc.		4,173		980,196
Brixmor Property Group, Inc.		582,738		12,418,147
CBL & Associates Properties, Inc.		51,665		1,484,335
Federal Realty Investment Trust		156,775		15,517,589
Getty Realty Corp.		78,064		2,458,235
InvenTrust Properties Corp.		132,133		3,329,752
Kimco Realty Corp.		1,179,818		25,224,509
Kite Realty Group Trust		423,780		8,323,039
Macerich Co.		417,320		4,644,772

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Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core U.S. REIT ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
National Retail Properties, Inc.		342,674	$	14,402,588
Necessity Retail REIT, Inc.		260,478		1,781,670
NETSTREIT Corp.		118,402		2,228,326
Phillips Edison & Co., Inc.		227,567		6,858,869
Realty Income Corp.		1,207,517		75,192,084
Regency Centers Corp.		334,717		20,253,726
Retail Opportunity Investments Corp.		234,909		3,401,482
RPT Realty		162,544		1,511,659
Saul Centers, Inc.		22,982		941,113
Simon Property Group, Inc.		637,356		69,459,057
SITE Centers Corp.(a)		378,483		4,685,620
Spirit Realty Capital, Inc.		265,468		10,308,122
Tanger Factory Outlet Centers, Inc.		197,663		3,559,911
Urban Edge Properties		223,090		3,150,031
Urstadt Biddle Properties, Inc., Class A(a)		58,409		1,094,585
Whitestone REIT		90,642		852,941
				306,994,482
Specialized REITs — 25.6%
CubeSmart		436,602		18,280,526
Digital Realty Trust, Inc.		554,975		55,636,244
EPR Properties		144,935		5,594,491
Equinix, Inc.		177,618		100,609,940
Extra Space Storage, Inc.		258,855		45,931,231
Farmland Partners, Inc.(a)		94,704		1,326,803
Four Corners Property Trust, Inc.(a)		157,990		4,047,704
Gaming and Leisure Properties, Inc.		476,922		23,903,330
Gladstone Land Corp.(a)		62,960		1,281,236
Iron Mountain, Inc.		563,886		28,233,772
Lamar Advertising Co., Class A		168,887		15,576,448
Life Storage, Inc.		164,315		18,174,882

Security	Shares		Value
Specialized REITs (continued)
National Storage Affiliates Trust		165,850	$	7,075,161
Outfront Media, Inc.		270,978		4,891,153
Public Storage		305,513		94,632,652
Safehold, Inc.		42,545		1,244,441
VICI Properties, Inc.		1,879,257		60,173,809
				486,613,823
Total Long-Term Investments — 99.7% (Cost: $2,154,351,999)				1,892,728,169
Short-Term Securities
Money Market Funds — 0.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 3.29%(c)(d)(e)		8,542,242		8,540,534
BlackRock Cash Funds: Treasury, SL Agency Shares, 2.97%(c)(d)		6,500,445		6,500,445
Total Short-Term Securities — 0.8% (Cost: $15,042,331)				15,040,979
Total Investments — 100.5% (Cost: $2,169,394,330)				1,907,769,148
Liabilities in Excess of Other Assets — (0.5)%				(10,110,581	)
Net Assets — 100.0%			$	1,897,658,567

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

^(b)  Non-income producing security.

^(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 October 31, 2022 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 04/30/22		Purchases at Cost			Proceeds from Sale			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 10/31/22		Shares Held at 10/31/22		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,621,730	$	4,918,545	(a)	$	—		$	1,727	$	(1,468	)	$	8,540,534		8,542,242	$	21,979	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		7,350,000		—			(849,555	)(a)		—		—			6,500,445		6,500,445		45,517			—
									$	1,727	$	(1,468	)	$	15,040,979			$	67,496		$	—

^(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    O F    I N V E S T  M E N T S 7

Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core U.S. REIT 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		147		12/16/22	$ 4,801	$	168,711

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts	Foreign Currency Exchange Contracts		Interest Rate Contracts	Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$  168,711	$	—	$        —	$	—	$	168,711

^(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 October 31, 2022, the effect of derivative financial instruments in the Statement 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	$	—	$	—	$  (2,059,728)	$	—	$         —	$	—	$	(2,059,728	)
Net Change in Unrealized Appreciation (Depreciation) on
Futures contracts	$	—	$	—	$       205,608	$	—	$         —	$	—	$	205,608

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts:
Average notional value of contracts — long	$	6,787,170

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

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Schedule of Investments (unaudited) (continued) October 31, 2022 iShares^® Core U.S. REIT 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	$	1,892,728,169	$	—	$	—	$	1,892,728,169
Short-Term Securities
Money Market Funds		15,040,979		—		—		15,040,979
	$	1,907,769,148	$	—	$	—	$	1,907,769,148
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	168,711	$	—	$	—	$	168,711

^(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     O F    I N V E S  T M E N T S 9

Statement of Assets and Liabilities (unaudited)

October 31, 2022

	iShares Core U.S. REIT ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	1,892,728,169
Investments, at value — affiliated(c)		15,040,979
Cash		1,619
Cash pledged for futures contracts		360,000
Receivables:
Investments sold		2,978,439
Securities lending income — affiliated		2,934
Dividends — unaffiliated		1,290,411
Dividends — affiliated		26,775
Total assets		1,912,429,326
LIABILITIES
Collateral on securities loaned		8,542,801
Payables:
Investments purchased		3,599,872
Capital shares redeemed		2,497,759
Investment advisory fees		121,773
Variation margin on futures contracts		8,554
Total liabilities		14,770,759
NET ASSETS	$	1,897,658,567
NET ASSETS CONSIST OF:
Paid-in capital	$	2,171,595,832
Accumulated loss		(273,937,265	)
NET ASSETS	$	1,897,658,567
NET ASSET VALUE
Shares outstanding	$	38,100,000
Net asset value	$	49.81
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	2,154,351,999
(b) Securities loaned, at value	$	8,296,829
(c)  Investments, at cost — affiliated	$	15,042,331

See notes to financial statements.

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Statement of Operations (unaudited)

Six Months Ended October 31, 2022

	iShares Core U.S. REIT ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	28,751,585
Dividends — affiliated		45,517
Securities lending income — affiliated — net		21,979
Total investment income		28,819,081
EXPENSES
Investment advisory		812,139
Total expenses		812,139
Net investment income		28,006,942
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(38,754,450	)
Investments — affiliated		1,727
Futures contracts		(2,059,728	)
In-kind redemptions — unaffiliated(a)		59,289,875
		18,477,424
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		(454,237,788	)
Investments — affiliated		(1,468	)
Futures contracts		205,608
		(454,033,648	)
Net realized and unrealized loss		(435,556,224	)
NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	(407,549,282	)

^(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 11

Statements of Changes in Net Assets

	iShares Core U.S. REIT ETF
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	28,006,942		$	47,545,870
Net realized gain		18,477,424			188,023,089
Net change in unrealized appreciation (depreciation)		(454,033,648	)		15,691,617
Net increase (decrease) in net assets resulting from operations		(407,549,282	)		251,260,576
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(33,192,125	)		(57,050,953	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		19,849,813			137,648,377
NET ASSETS
Total increase (decrease) in net assets		(420,891,594	)		331,858,000
Beginning of period		2,318,550,161			1,986,692,161
End of period	$	1,897,658,567		$	2,318,550,161

^(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 Core U.S. REIT ETF
	Six Months Ended 10/31/22 (unaudited)			Year Ended 04/30/22			Year Ended 04/30/21			Year Ended 04/30/20			Year Ended 04/30/19			Year Ended 04/30/18
Net asset value, beginning of period	$	61.83		$	56.60		$	42.45		$	51.60		$	45.73		$	48.93
Net investment income(a)		0.75			1.24			1.17			1.62			1.79			1.70
Net realized and unrealized gain (loss)(b)		(11.87	)		5.45			14.39			(8.95	)		6.59			(3.20	)
Net increase (decrease) from investment operations		(11.12	)		6.69			15.56			(7.33	)		8.38			(1.50	)
Distributions(c)
From net investment income		(0.90	)		(1.43	)		(1.41	)		(1.80	)		(2.44	)		(1.70	)
From net realized gain		—			(0.03	)		—			(0.02	)		(0.07	)		—
Total distributions		(0.90	)		(1.46	)		(1.41	)		(1.82	)		(2.51	)		(1.70	)
Net asset value, end of period	$	49.81		$	61.83		$	56.60		$	42.45		$	51.60		$	45.73
Total Return(d)
Based on net asset value		(17.99	)%(e)		11.82	%		37.43	%		(14.60	)%		18.82	%		(3.18	)%
Ratios to Average Net Assets(f)
Total expenses		0.08	%(g)		0.08	%		0.08	%		0.08	%		0.08	%		0.08	%
Net investment income		2.76	%(g)		2.00	%		2.48	%		3.12	%		3.64	%		3.60	%
Supplemental Data
Net assets, end of period (000)	$	1,897,659		$	2,318,550		$	1,986,692		$	1,339,443		$	1,290,051		$	514,475
Portfolio turnover rate(h)		4	%		9	%		5	%		8	%		11	%		8	%

^(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.

FINANCIAL    HIGHLIGHTS 13

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
Core U.S. REIT		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.

Collateralization: If required by an exchange or counterparty agreement, the Fund 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 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. The character and timing of distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

Indemnifications: In the normal course of business, 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 may be valued at the last available bid (long positions) or ask (short positions) 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

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Notes to Financial Statements (unaudited) (continued)

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 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 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: 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 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.

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 15

Notes to Financial Statements (unaudited) (continued)

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

Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount
Barclays Bank PLC	$	105,864	$	(105,864	)	$	—		$	—
Barclays Capital, Inc.		68,015		(68,015	)		—			—
BNP Paribas SA		1,380,302		(1,380,302	)		—			—
Citigroup Global Markets, Inc.		2,410,764		(2,410,764	)		—			—
Credit Suisse Securities (USA) LLC		17,784		(17,784	)		—			—
Goldman Sachs & Co. LLC		1,543,123		(1,543,123	)		—			—
J.P. Morgan Securities LLC		123,875		(123,875	)		—			—
Jefferies LLC		955,573		(955,573	)		—			—
Morgan Stanley		197,541		(197,541	)		—			—
National Financial Services LLC		288,034		(288,034	)		—			—
Scotia Capital (USA), Inc.		256,200		(256,200	)		—			—
UBS Securities LLC		89,544		(89,544	)		—			—
Wells Fargo Bank N.A.		860,210		(860,210	)		—			—
	$	8,296,829	$	(8,296,829	)	$	—		$	—

^(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.

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. 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 Fund 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 Fund is 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 Statement 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 Statement of Assets and Liabilities. Pursuant to the contract, the Fund agrees 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 Statement of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statement 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 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 average daily net assets of the Fund as follows:

iShares ETF	Investment Advisory Fees
Core U.S. REIT		0.08	%

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.

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Notes to Financial Statements (unaudited) (continued)

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.

Prior to April 25, 2022, ETF Services were performed by State Street Bank and Trust Company.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the 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 SLAgency 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. 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 October 31, 2022, the Fund paid BTC $8,900 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.

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

For the six months ended October 31, 2022, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core U.S. REIT	$	5,021,117	$	21,618,078	$	(7,073,756	)

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.

7. PURCHASES AND SALES

For the six months ended October 31, 2022, purchases and sales of investments, excluding short-term investments and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core U.S. REIT	$	107,604,225	$	72,333,106

For the six months ended October 31, 2022, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core U.S. REIT	$	239,231,763	$	243,338,513

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 17

Notes to Financial Statements (unaudited) (continued)

8. 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 October 31, 2022, inclusive of the open tax return years, and does not believe that there are any uncertain tax positions that require recognition of a tax liability in the Fund’s financial statements.

As of October 31, 2022, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core U.S. REIT	$	2,195,204,262	$	101,880,672	$	(389,147,075	)	$	(287,266,403	)

9. 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, 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.

Market Risk: An outbreak of respiratory disease caused by a novel coronavirus has developed into a global pandemic and has resulted in closing borders, quarantines, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other global health crises that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. This pandemic may result in substantial market volatility and may adversely impact the prices and liquidity of a fund’s investments. Although vaccines have been developed and approved for use by various governments, the duration of this pandemic and its effects cannot be determined with certainty.

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

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 manages 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 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.

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 Fund 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, the 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 and centrally cleared swaps 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

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Notes to Financial Statements (unaudited) (continued)

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 Fund.

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

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 United Kingdom’s Financial Conduct Authority announced a phase out of the London Interbank Offered Rate (“LIBOR”). Although many LIBOR rates ceased to be published or no longer are representative of the underlying market they seek to measure after December 31, 2021, a selection of widely used USD LIBOR rates will continue to be published through June 2023 in order to assist with the transition. The Fund may be exposed to financial instruments tied to LIBOR to determine payment obligations, financing terms, hedging strategies or investment value. The transition process away from LIBOR might lead to increased volatility and illiquidity in markets for, and reduce the effectiveness of new hedges placed against, instruments whose terms currently include LIBOR. The ultimate effect of the LIBOR transition process on the Fund is uncertain.

10. 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.

Transactions in capital shares were as follows:

	Six Months Ended 10/31/22					Year Ended 04/30/22
Share Class	Shares			Amount		Shares			Amount
Shares sold		4,700,000		$	239,039,844		11,850,000		$	729,451,592
Shares redeemed		(4,100,000	)		(219,190,031)		(9,450,000	)		(591,803,215	)
		600,000		$	19,849,813		2,400,000		$	137,648,377

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 Statement of Assets and Liabilities.

11. 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.

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

Board Review and Approval of Investment Advisory Contract

iShares Core U.S. REIT 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 and approve the Investment Advisory Agreement between the Trust and BFA (the “Advisory Agreement”) on behalf of the Fund. The Board’s consideration entails a year-long process whereby the Board and its committees (composed solely of Independent Board Members) assess BlackRock’s services to the Fund, including investment management; fund accounting; administrative and shareholder services; oversight of the Fund’s service providers; risk management and oversight; legal and compliance services; and ability to meet applicable legal and regulatory requirements. The Independent Board Members requested, and BFA provided, such information as the Independent Board Members, with advice from independent counsel, deemed reasonably necessary to evaluate the Advisory Agreement. At meetings on May 3, 2022 and May 18, 2022, a committee composed of all of the Independent Board Members (the “15(c) Committee”), with independent counsel, met with management and reviewed and discussed information provided in response to initial requests of the 15(c) Committee and/or its independent counsel, and requested certain additional information, which management agreed to provide. At a meeting held on June 13-15, 2022, the Board, including the Independent Board Members, reviewed the additional information provided by management in response to these requests.

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

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

In addition, to the extent that any of the comparison funds included in the Peer Group, excluding iShares funds, track the same index as the Fund, Broadridge also provided, and the Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year, ten-year, and since inception periods, as applicable, and for the quarter ended December 31, 2021, to that of such relevant comparison fund(s) for the same periods. The Board noted that the Fund seeks to track its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. Such periodic comparative performance information, including additional detailed information as requested by the Board, was also considered. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods.

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

Nature, Extent and Quality of Services Provided: Based on management’s representations, including information about recent enhancements and initiatives with respect to the iShares business, including with respect to capital markets support and analysis, technology, portfolio management, product design and quality, compliance and risk management, global public policy and other services, the Board expected that there would be no diminution in the scope of services required of or provided by BFA under the Advisory Agreement for the coming year as compared with the scope of services provided by BFA during prior years. In reviewing the scope of these services, the Board considered BFA’s investment philosophy and experience, noting that BFA and its affiliates have committed significant resources over time, including during the past year, to support the iShares funds and their shareholders and have made significant investments into the iShares business. The Board also considered BFA’s compliance program and its compliance record with respect to the Fund. In that regard, the Board noted that BFA reports to the Board about portfolio management and compliance matters on a periodic basis in connection with regularly scheduled meetings of the Board, and on other occasions as necessary and appropriate, and has provided information and made relevant officers and other employees of BFA (and its affiliates) available as needed to provide further assistance with these matters. The Board also reviewed the background and experience of the persons responsible for the day-to-day management of the Fund, as well as the resources available to them in managing the Fund. In addition to the above considerations, the Board reviewed and considered detailed presentations regarding BFA’s investment performance, investment and risk management processes and strategies, provided at the May 3, 2022 meeting and throughout the year, and matters related to BFA’s portfolio compliance program.

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

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

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Board Review and Approval of Investment Advisory Contract   (continued)

revenues to BTC, a BlackRock affiliate, from securities lending by the Fund. The Board also discussed BFA’s estimated profit margin as reflected in the Fund’s profitability analysis and reviewed information regarding potential economies of scale (as discussed below).

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

Economies of Scale: The Board reviewed information and considered the extent to which economies of scale might be realized as the assets of the Fund increase, noting that the issue of potential economies of scale had been focused on by the 15(c) Committee and the Board during their meetings and addressed by management. The 15(c) Committee and the Board received information regarding BlackRock’s historical estimated profitability, including BFA’s and its affiliates’ estimated costs in providing services. The estimated cost information distinguished, among other things, between fixed and variable costs, and showed how the level and nature of fixed and variable costs may impact the existence or size of scale benefits, with the Board recognizing that potential economies of scale are difficult to measure. The 15(c) Committee and the Board reviewed information provided by BFA regarding the sharing of scale benefits with the iShares funds through various means, including, as applicable, through relatively low fee rates established at inception, breakpoints, waivers, or other fee reductions, as well as through additional investment in the iShares business and the provision of improved or additional infrastructure and services to the iShares funds and their shareholders. The Board noted that the Advisory Agreement for the Fund 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 (which was included in the profit margins reviewed by the Board pursuant to BFA’s estimated profitability methodology), payment of advisory fees or other fees to BFA (or its affiliates) in connection with any investments by the Fund in other funds for which BFA (or its affiliates) provides investment advisory services or other services, and BlackRock’s profile in the investment community. The Board also noted the revenue received by BFA and/or its affiliates pursuant to an agreement that permits a service provider to use certain portions of BlackRock’s technology platform to service accounts managed by BFA and/or its affiliates, including the iShares funds. The Board noted that BFA generally does not use soft dollars or consider the value of research or other services that may be provided to BFA (including its affiliates) in selecting brokers for portfolio transactions for the Fund. The Board concluded that any such ancillary benefits would not be disadvantageous to the Fund and thus would not alter the Board’s conclusion with respect to the appropriateness of approving the continuance of the Advisory Agreement for the coming year.

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

BOARD    REVIEW    AND    APPROVAL    OF    INVESTMENT    ADVISORY    CONTRACT 21

Supplemental Information (unaudited)

Section 19(a) Notices

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

October 31, 2022

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core U.S. REIT	$	0.896607	$	—	$	—	$	0.896607		100	%		—	%		—	%		100	%

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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 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 their reports on Form N-PORT. The Fund’s Forms 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.

GENERAL  INFORMATION 23

Glossary of Terms Used in this Report

Portfolio Abbreviation
REIT	Real Estate Investment Trust

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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 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-412-1022

(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/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: December 22, 2022

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/ Armando Senra
	Armando Senra, President (Principal Executive Officer)

Date: December 22, 2022

By:	/s/ Trent Walker
	Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: December 22, 2022