UNITED STATESSECURITIES 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: JPMorgan Chase & Co. | ||||||
| 383 Madison Avenue, New York, NY | 10179 | |||||
| (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
Cohen
&
Steers
REIT
ETF
|
ICF
|
Cboe
BZX
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
the
economy
brought
an
ongoing
mismatch
between
supply
and
demand,
contributing
to
the
current
inflationary
regime.
While
growth
has
slowed
in
2022,
we
believe
that
taming
inflation
requires
a
more
dramatic
economic
decline
to
bring
demand
back
to
a
lower
level
that
is
more
in
line
with
the
economy’s
capacity.
The
Fed
has
been
raising
interest
rates
at
the
fastest
pace
in
decades,
and
seems
set
to
overtighten
in
its
effort
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
and
the
outlook
for
Europe
and
the
U.K.
is
also
troubling.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Rising
input
costs
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
However,
we
see
better
opportunities
in
credit,
where
higher
spreads
provide
income
opportunities
and
partially
compensate
for
inflation
risk.
We
believe
that
investment-grade
corporates,
local-
currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
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
)
(31.03
)
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
)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
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
..........................................................................................
9
Statement
of
Operations
................................................................................................
10
Statements
of
Changes
in
Net
Assets
........................................................................................
11
Financial
Highlights
.....................................................................................................
12
Notes
to
Financial
Statements
...............................................................................................
13
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
19
Supplemental
Information
.................................................................................................
21
General
Information
.....................................................................................................
22
Fund
Summary
as
of
October
31,
2022
2022
iShares
Semi-Annual
Report
to
Shareholders
4
iShares
®
Cohen
&
Steers
REIT
ETF
Investment
Objective
The
iShares
Cohen
&
Steers
REIT
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
real
estate
investment
trusts
(REITs),
as
represented
by
the
Cohen
&
Steers
Realty
Majors
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(19.18)%
(20.53)%
4.48%
6.72%
(20.53)%
24.49%
91.62%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(19.15)
(20.52)
4.50
6.73
(20.52)
24.59
91.85
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(19.04)
(20.26)
4.85
7.11
(20.26)
26.74
98.67
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
$
808.20
$
1.50
$
1,000.00
$
1,023.54
$
1.68
0.33%
(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.
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Specialized
REITs
.................................
43.7
%
Residential
REITs
.................................
19.0
Retail
REITs
.....................................
14.3
Industrial
REITs
...................................
10.0
Health
Care
REITs
.................................
5.6
Office
REITs
.....................................
5.5
Hotel
&
Resort
REITs
...............................
1.9
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Prologis,
Inc.
.....................................
10.0
%
American
Tower
Corp.
..............................
7.3
Equinix,
Inc.
.....................................
7.1
Crown
Castle,
Inc.
.................................
7.1
Public
Storage
....................................
6.6
Realty
Income
Corp.
................................
5.2
Simon
Property
Group,
Inc.
...........................
5.0
VICI
Properties,
Inc.
................................
4.3
SBA
Communications
Corp.,
Class
A
.....................
4.0
Digital
Realty
Trust,
Inc.
.............................
4.0
(a)
Excludes
money
market
funds.
About
Fund
Performance
5
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
the
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of the
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
example
shown (which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
example
provides information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
example also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Fund
and
other
funds, compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
example are
intended
to highlight shareholder’s
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.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
Cohen
&
Steers
REIT
ETF
6
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Health
Care
REITs
—
5.6%
Healthpeak
Properties,
Inc.
............
1,627,010
$
38,608,947
Welltower
,
Inc.
.....................
1,368,917
83,558,694
122,167,641
Hotel
&
Resort
REITs
—
1.9%
Host
Hotels
&
Resorts,
Inc.
............
2,155,374
40,693,461
Industrial
REITs
—
10.0%
Prologis,
Inc.
......................
1,968,629
218,025,662
Office
REITs
—
5.5%
Alexandria
Real
Estate
Equities,
Inc.
(a)
.....
447,878
65,076,673
Boston
Properties,
Inc.
...............
430,028
31,263,036
Cousins
Properties,
Inc.
..............
448,593
10,658,570
Kilroy
Realty
Corp.
..................
316,419
13,523,748
120,522,027
Residential
REITs
—
19.0%
AvalonBay
Communities,
Inc.
..........
421,613
73,832,869
Equity
LifeStyle
Properties,
Inc.
.........
521,646
33,364,478
Equity
Residential
..................
1,031,885
65,029,393
Essex
Property
Trust,
Inc.
.............
197,006
43,782,613
Invitation
Homes,
Inc.
(a)
...............
1,840,396
58,322,149
Mid-America
Apartment
Communities,
Inc.
..
348,066
54,802,992
Sun
Communities,
Inc.
...............
366,718
49,451,922
UDR,
Inc.
........................
902,513
35,883,917
414,470,333
Retail
REITs
—
14.2%
Federal
Realty
Investment
Trust
.........
215,537
21,333,852
Kimco
Realty
Corp.
.................
1,863,572
39,843,170
Realty
Income
Corp.
.................
1,814,092
112,963,509
Regency
Centers
Corp.
..............
467,777
28,305,186
Simon
Property
Group,
Inc.
............
990,100
107,901,098
310,346,815
Specialized
REITs
—
43.6%
American
Tower
Corp.
...............
762,057
157,890,590
Crown
Castle,
Inc.
..................
1,162,695
154,940,735
Digital
Realty
Trust,
Inc.
..............
858,417
86,056,304
Equinix
,
Inc.
(a)
.....................
274,470
155,470,787
Extra
Space
Storage,
Inc.
.............
404,914
71,847,940
Public
Storage
.....................
460,492
142,637,397
SBA
Communications
Corp.,
Class
A
......
325,153
87,758,795
VICI
Properties,
Inc.
.................
2,903,888
92,982,494
949,585,042
Total
Long-Term
Investments
—
99.8%
(Cost:
$2,180,407,420)
...........................
2,175,810,981
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0.5%
(b)(c)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.29%
(d)
............
6,206,942
$
6,205,701
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.97%
..................
3,742,493
3,742,493
Total
Short-Term
Securities
—
0.5%
(Cost:
$9,948,951)
..............................
9,948,194
Total
Investments
—
100.3%
(Cost:
$2,190,356,371
)
...........................
2,185,759,175
Liabilities
in
Excess
of
Other
Assets
—
(0.3)%
............
(6,062,391)
Net
Assets
—
100.0%
..............................
$
2,179,696,784
(a)
All
or
a
portion
of
this
security
is
on
loan.
(b)
Affiliate
of
the
Fund.
(c)
Annualized
7-day
yield
as
of
period
end.
(d)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Cohen
&
Steers
REIT
ETF
Schedule
of
Investments
7
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
$
—
$
6,205,536
(a)
$
—
$
922
$
(757)
$
6,205,701
6,206,942
$
19,326
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
5,220,000
—
(1,477,507)
(a)
—
—
3,742,493
3,742,493
28,967
—
$
922
$
(757)
$
9,948,194
$
48,293
$
—
—
—
(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
Dow
Jones
U.S.
Real
Estate
Index
..............................................
109
12/16/22
$
3,560
$
155,285
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)
......
$
—
$
—
$
155,285
$
—
$
—
$
—
$
155,285
(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
.......................
$
—
$
—
$
(1,704,527)
$
—
$
—
$
—
$
(1,704,527)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
107,181
$
—
$
—
$
—
$
107,181
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
6,981,850
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Cohen
&
Steers
REIT
ETF
8
See
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
.........................................
$
2,175,810,981
$
—
$
—
$
2,175,810,981
Short-Term
Securities
Money
Market
Funds
......................................
9,948,194
—
—
9,948,194
$
2,185,759,175
$
—
$
—
$
2,185,759,175
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
155,285
$
—
$
—
$
155,285
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statement
of
Assets
and
Liabilities
(unaudited)
October
31,
2022
9
Financial
Statements
See
notes
to
financial
statements.
iShares
Cohen
&
Steers
REIT
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
2,175,810,981
Investments,
at
value
—
affiliated
(c)
..........................................................................................
9,948,194
Cash
pledged:
Futures
contracts
....................................................................................................
298,000
Receivables:
–
Securities
lending
income
—
affiliated
......................................................................................
3,611
Dividends
—
unaffiliated
...............................................................................................
451,020
Dividends
—
affiliated
.................................................................................................
6,955
Total
assets
.........................................................................................................
2,186,518,761
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
6,205,525
Payables:
–
Capital
shares
redeemed
...............................................................................................
8,975
Investment
advisory
fees
...............................................................................................
600,968
Variation
margin
on
futures
contracts
.......................................................................................
6,509
Total
liabilities
........................................................................................................
6,821,977
NET
ASSETS
........................................................................................................
$
2,179,696,784
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
2,312,122,800
Accumulated
loss
.....................................................................................................
(132,426,016)
NET
ASSETS
........................................................................................................
$
2,179,696,784
NET
ASSET
VALUE
Shares
outstanding
....................................................................................................
39,950,000
Net
asset
value
.......................................................................................................
$
54.56
Shares
authorized
.....................................................................................................
Unlimited
Par
value
...........................................................................................................
None
(a)
Investments,
at
cost
—
unaffiliated
........................................................................................
$
2,180,407,420
(b)
Securities
loaned,
at
value
..............................................................................................
$
6,058,384
(c)
Investments,
at
cost
—
affiliated
..........................................................................................
$
9,948,951
Statement
of
Operations
(unaudited)
Six
Months
Ended
October
31,
2022
2022
iShares
Semi-Annual
Report
to
Shareholders
10
See
notes
to
financial
statements.
iShares
Cohen
&
Steers
REIT
ETF
INVESTMENT
INCOME
–
Dividends
—
unaffiliated
...............................................................................................
$
30,319,136
Dividends
—
affiliated
.................................................................................................
28,967
Securities
lending
income
—
affiliated
—
net
.................................................................................
19,326
Total
investment
income
.................................................................................................
30,367,429
EXPENSES
Investment
advisory
..................................................................................................
4,132,930
Total
expenses
.......................................................................................................
4,132,930
Net
investment
income
..................................................................................................
26,234,499
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(563,082,281)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
...........................................................................................
(28,594,388)
Investments
—
affiliated
.............................................................................................
922
Futures
contracts
..................................................................................................
(1,704,527)
In-kind
redemptions
—
unaffiliated
(a)
.....................................................................................
45,301,605
15,003,612
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(578,192,318)
Investments
—
affiliated
.............................................................................................
(757)
Futures
contracts
..................................................................................................
107,181
(578,085,894)
Net
realized
and
unrealized
loss
............................................................................................
(563,082,282)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(536,847,783)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets
11
Financial
Statements
See
notes
to
financial
statements.
iShares
Cohen
&
Steers
REIT
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
26,234,499
$
38,463,959
Net
realized
gain
......................................................................................
15,003,612
75,595,227
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(578,085,894)
139,703,962
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................................................
(536,847,783)
253,763,148
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(30,434,675)
(50,406,231)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...............................................
(6,457,873)
292,748,055
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.........................................................................
(573,740,331)
496,104,972
Beginning
of
period
......................................................................................
2,753,437,115
2,257,332,143
End
of
period
..........................................................................................
$
2,179,696,784
$
2,753,437,115
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
iShares
Semi-Annual
Report
to
Shareholders
12
iShares
Cohen
&
Steers
REIT
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
................
$
68.41
$
62.62
$
49.68
$
55.51
$
47.00
$
49.84
Net
investment
income
(b)
........................
0.64
1.01
1.15
1.39
1.28
1.30
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(13.75
)
6.10
13.04
(5.78
)
8.74
(2.58
)
Net
increase
(decrease)
from
investment
operations
.......
(13.11
)
7.11
14.19
(4.39
)
10.02
(1.28
)
Distributions
from
net
investment
income
(d)
..............
(0.74
)
(1.32
)
(1.25
)
(1.44
)
(1.51
)
(1.56
)
Net
asset
value,
end
of
period
.....................
$
54.56
$
68.41
$
62.62
$
49.68
$
55.51
$
47.00
Total
Return
(e)
(19.18)%
11.33%
29.11%
(8.10)%
21.70%
(2.68)%
Based
on
net
asset
value
.........................
(19.18
)%
(f)
11.33
%
29.11
%
(8.10
)%
21.70
%
(2.68
)%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.33
%
(h)
0.32
%
0.33
%
0.34
%
0.34
%
0.34
%
Net
investment
income
...........................
2.09
%
(h)
1.46
%
2.15
%
2.43
%
2.51
%
2.63
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
2,179,697
$
2,753,437
$
2,257,332
$
1,842,861
$
2,187,126
$
2,476,649
Portfolio
turnover
rate
(i)
...........................
7
%
11
%
27
%
19
%
17
%
12
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Not
annualized.
(g)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(h)
Annualized.
(i)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
(unaudited)
13
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
fund
(the
“Fund”):
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
or
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.
Dividends
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
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
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
iShares
ETF
Diversification
Classification
Cohen
&
Steers
REIT
..................................................................................................
Non-diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
14
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
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
the
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA, or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
the
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statement
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Fund
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Fund,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
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
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.
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:
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
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
BNP
Paribas
SA
.......................................
$
4,809,430
$
(4,809,430)
$
–
$
–
National
Financial
Services
LLC
............................
399,294
(399,294)
–
–
UBS
AG
............................................
849,660
(849,660)
–
–
$
6,058,384
$
(6,058,384)
$
–
$
–
(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.
Notes
to
Financial
Statements
(unaudited)
(continued)
15
Notes
to
Financial
Statements
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
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
the
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Fund.
ETF
Servicing
Fees:
The
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Fund
does
not
pay
BRIL
for
ETF
Services.
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
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.
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
funds
(the
“iShares
ETF
Complex”)
in
that
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.
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$121
billion
..................................................................................................
0.3500%
Over
$121
billion,
up
to
and
including
$181
billion
............................................................................
0.3325
Over
$181
billion,
up
to
and
including
$231
billion
............................................................................
0.3159
Over
$231
billion,
up
to
and
including
$281
billion
............................................................................
0.3001
Over
$281
billion
..................................................................................................
0.2851
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
16
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 $8,030
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:
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 securities
and
in-kind
transactions,
were
as
follows:
For
the six
months ended
October
31,
2022,
in-kind
transactions
were
as
follows:
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
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
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
April
30,
2022,
the
Fund
had
non-expiring
capital
loss
carryforwards
of
$116,124,833
available
to
offset
future
realized
capital
gains.
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:
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.
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Cohen
&
Steers
REIT
...................................................................
$
24,496,245
$
29,837,682
$
(9,963,704)
iShares
ETF
Purchases
Sales
Cohen
&
Steers
REIT
...................................................................................
$
181,312,749
$
173,424,065
iShares
ETF
In-kind
Purchases
In-kind
Sales
Cohen
&
Steers
REIT
...................................................................................
$
200,036,847
$
206,547,838
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Cohen
&
Steers
REIT
..............................................
$
2,212,970,975
$
187,617,552
$
(214,674,067)
$
(27,056,515)
Notes
to
Financial
Statements
(unaudited)
(continued)
17
Notes
to
Financial
Statements
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, 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 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
iShares
ETF
Shares
Amount
Shares
Amount
Cohen
&
Steers
REIT
Shares
sold
3,300,000
$
200,738,047
6,750,000
$
468,713,265
Shares
redeemed
(3,600,000)
(207,195,920)
(2,550,000)
(175,965,210)
(300,000)
$
(6,457,873)
4,200,000
$
292,748,055
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
To
Shareholders
18
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.
Board
Review
and
Approval
of
Investment
Advisory
Contract
19
Board
Review
and
Approval
of
Investment
Advisory
Contract
iShares
Cohen
&
Steers
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
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
20
the
revenues
to
BTC,
a
BlackRock
affiliate,
from
securities
lending
by
the
Fund.
The
Board
also
discussed
BFA’s
estimated
profit
margin
as
reflected
in
the
Fund’s
profitability
analysis
and
reviewed
information
regarding
potential
economies
of
scale
(as
discussed
below).
Based
on
this
review,
the
Board
concluded
that
the
information
considered
with
respect
to
the
profits
realized
by
BFA
and
its
affiliates
under
the
Advisory
Agreement
and
from
other
relationships
between
the
Fund
and
BFA
and/or
its
affiliates,
if
any,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Economies
of
Scale:
The
Board
reviewed
information
and
considered
the
extent
to
which
economies
of
scale
might
be
realized
as
the
assets
of
the
Fund
increase,
noting
that
the
issue
of
potential
economies
of
scale
had
been
focused
on
by
the
15(c)
Committee
and
the
Board
during
their
meetings
and
addressed
by
management.
The
15(c)
Committee
and
the
Board
received
information
regarding
BlackRock’s
historical
estimated
profitability,
including
BFA’s
and
its
affiliates’
estimated
costs
in
providing
services.
The
estimated
cost
information
distinguished,
among
other
things,
between
fixed
and
variable
costs,
and
showed
how
the
level
and
nature
of
fixed
and
variable
costs
may
impact
the
existence
or
size
of
scale
benefits,
with
the
Board
recognizing
that
potential
economies
of
scale
are
difficult
to
measure.
The
15(c)
Committee
and
the
Board
reviewed
information
provided
by
BFA
regarding
the
sharing
of
scale
benefits
with
the
iShares
funds
through
various
means,
including,
as
applicable,
through
relatively
low
fee
rates
established
at
inception,
breakpoints,
waivers,
or
other
fee
reductions,
as
well
as
through
additional
investment
in
the
iShares
business
and
the
provision
of
improved
or
additional
infrastructure
and
services
to
the
iShares
funds
and
their
shareholders.
The
Board
noted
that
the
Advisory
Agreement
for
the
Fund
already
provided
for
breakpoints
in
the
Fund’s
investment
advisory
fee
rate
as
the
assets
of
the
Fund,
on
an
aggregated
basis
with
the
assets
of
certain
other
iShares
funds,
increase.
The
Board
noted
that
it
would
continue
to
assess
the
appropriateness
of
adding
new
or
revised
breakpoints
in
the
future.
The
Board
concluded
that
this
review
of
potential
economies
of
scale
and
the
sharing
of
related
benefits,
as
well
as
the
other
factors
considered
at
the
meeting,
supported
the
Board’s
approval
of
the
continuance
of
the
Advisory
Agreement
for
the
coming
year.
Fees
and
Services
Provided
for
Other
Comparable
Funds/Accounts
Managed
by
BFA
and
its
Affiliates:
The
Board
received
and
considered
information
regarding
the
investment
advisory/management
fee
rates
for
other
funds/accounts
in
the
U.S.
for
which
BFA
(or
its
affiliates)
provides
investment
advisory/management
services,
including
open-end
funds
registered
under
the
1940
Act
(including
sub-advised
funds),
collective
trust
funds,
and
institutional
separate
accounts
(collectively,
the
“Other
Accounts”).
The
Board
acknowledged
BFA’s
representation
that
the
iShares
funds
are
fundamentally
different
investment
vehicles
from
the
Other
Accounts.
The
Board
received
detailed
information
regarding
how
the
Other
Accounts
generally
differ
from
the
Fund,
including
in
terms
of
the
types
of
services
and
generally
more
extensive
services
provided
to
the
Fund,
as
well
as
other
significant
differences.
In
that
regard,
the
Board
considered
that
the
pricing
of
services
to
institutional
clients
is
typically
based
on
a
number
of
factors
beyond
the
nature
and
extent
of
the
specific
services
to
be
provided
and
often
depends
on
the
overall
relationship
between
the
client
and
its
affiliates
and
the
adviser
and
its
affiliates.
In
addition,
the
Board
considered
the
relative
complexity
and
inherent
risks
and
challenges
of
managing
and
providing
other
services
to
the
Fund,
as
a
publicly
traded
investment
vehicle,
as
compared
to
the
Other
Accounts,
particularly
those
that
are
institutional
clients,
in
light
of
differing
regulatory
requirements
and
client-imposed
mandates.
The
Board
noted
that
BFA
and
its
affiliates
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.
Supplemental
Information
(unaudited)
21
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
the
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
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
Cohen
&
Steers
REIT
...................
$
0.742920
$
—
$
—
$
0.742920
100%
—%
—%
100%
General
Information
2022
iShares
Semi-Annual
Report
to
Shareholders
22
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•
Go
to
icsdelivery.com
.
•
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
the
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
iS-SAR-411-1022
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 Cohen
&
Steers
Capital
Management,
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.
OCTOBER
31,
2022
2022
Semi-Annual
Report
(Unaudited)
iShares
Trust
iShares
Morningstar
Growth
ETF
|
ILCG
|
NYSE
Arca
iShares
Morningstar
Mid-Cap
ETF
|
IMCB
|
NYSE
Arca
iShares
Morningstar
Mid-Cap
Growth
ETF
|
IMCG
|
NYSE
Arca
iShares
Morningstar
Small-Cap
Growth
ETF
|
ISCG
|
NYSE
Arca
iShares
Morningstar
Small-Cap
Value
ETF
|
ISCV
|
NYSE
Arca
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
the
economy
brought
an
ongoing
mismatch
between
supply
and
demand,
contributing
to
the
current
inflationary
regime.
While
growth
has
slowed
in
2022,
we
believe
that
taming
inflation
requires
a
more
dramatic
economic
decline
to
bring
demand
back
to
a
lower
level
that
is
more
in
line
with
the
economy’s
capacity.
The
Fed
has
been
raising
interest
rates
at
the
fastest
pace
in
decades,
and
seems
set
to
overtighten
in
its
effort
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near-term
is
high,
and
the
outlook
for
Europe
and
the
U.K.
is
also
troubling.
Investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
In
this
environment,
while
we
favor
an
overweight
to
equities
in
the
long-term,
the
market’s
concerns
over
excessive
rate
hikes
from
central
banks
moderate
our
outlook.
Rising
input
costs
and
a
deteriorating
economic
backdrop
in
China
and
Europe
are
likely
to
challenge
corporate
earnings,
so
we
are
underweight
equities
overall
in
the
near
term.
However,
we
see
better
opportunities
in
credit,
where
higher
spreads
provide
income
opportunities
and
partially
compensate
for
inflation
risk.
We
believe
that
investment-grade
corporates,
local-
currency
emerging
market
debt,
and
inflation-protected
bonds
(particularly
in
Europe)
offer
strong
opportunities
for
a
six-
to
twelve-month
horizon.
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
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
)
(31.03
)
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
)
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Semi-Annual
Report:
Fund
Summary
........................................................................................................
4
About
Fund
Performance
..................................................................................................
9
Disclosure
of Expenses
...................................................................................................
9
Schedules
of
Investments
.................................................................................................
10
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
57
Statements
of
Operations
................................................................................................
59
Statements
of
Changes
in
Net
Assets
........................................................................................
61
Financial
Highlights
.....................................................................................................
64
Notes
to
Financial
Statements
...............................................................................................
69
Board
Review
and
Approval
of
Investment
Advisory
Contract
............................................................................
78
Supplemental
Information
.................................................................................................
80
General
Information
.....................................................................................................
81
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
82
Fund
Summary
as
of
October
31,
2022
2022
iShares
Semi-Annual
Report
To
Shareholders
4
iShares
®
Morningstar
Growth
ETF
Investment
Objective
The
iShares
Morningstar
Growth
ETF
(the
“Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
large-
and
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
Morningstar
®
US
Large-Mid
Cap
Broad
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
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Large
Growth
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Large-Mid
Cap
Broad
Growth
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
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(10.06)%
(28.58)%
11.35%
13.69%
(28.58)%
71.19%
260.66%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(10.05)
(28.58)
11.35
13.68
(28.58)
71.15
260.45
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(10.04)
(28.56)
11.69
14.02
(28.56)
73.79
271.33
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
$
899.40
$
0.19
$
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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
42.9
%
Consumer
Discretionary
............................
17.1
Health
Care
....................................
11.0
Communication
Services
............................
7.8
Industrials
......................................
5.8
Financials
......................................
4.6
Real
Estate
.....................................
3.4
Consumer
Staples
................................
3.1
Materials
......................................
2.3
Energy
........................................
1.7
Utilities
........................................
0.3
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Microsoft
Corp.
...................................
10.8
%
Apple,
Inc.
......................................
9.9
Amazon.com,
Inc.
.................................
5.6
Tesla,
Inc.
.......................................
3.8
Alphabet,
Inc.,
Class
A
..............................
2.4
Alphabet,
Inc.,
Class
C,
NVS
..........................
2.2
Visa,
Inc.,
Class
A
.................................
2.1
NVIDIA
Corp.
....................................
2.1
Mastercard,
Inc.,
Class
A
.............................
1.7
UnitedHealth
Group,
Inc.
.............................
1.5
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
October
31,
2022
5
Fund
Summary
iShares
®
Morningstar
Mid-Cap
ETF
Investment
Objective
The
iShares
Morningstar
Mid-Cap
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities,
as
represented
by
the
Morningstar
®
US
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
are
included
in
the
Index.
Performance
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Core
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
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
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(5.57)%
(16.01)%
7.14%
10.99%
(16.01)%
41.20%
183.76%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(5.47)
(16.01)
7.15
11.00
(16.01)
41.25
183.87
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(5.58)
(16.02)
7.34
11.23
(16.02)
42.50
189.78
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
$
944.30
$
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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
15.5
%
Financials
......................................
14.3
Information
Technology
.............................
14.3
Health
Care
....................................
10.5
Consumer
Discretionary
............................
10.4
Real
Estate
.....................................
8.1
Utilities
........................................
6.9
Energy
........................................
6.5
Materials
......................................
5.7
Consumer
Staples
................................
4.5
Communication
Services
............................
3.3
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Devon
Energy
Corp.
................................
0.7
%
Phillips
66
.......................................
0.7
AutoZone,
Inc.
....................................
0.7
Cheniere
Energy,
Inc.
...............................
0.6
Motorola
Solutions,
Inc.
.............................
0.6
Enphase
Energy,
Inc.
...............................
0.6
Agilent
Technologies,
Inc.
............................
0.5
Biogen,
Inc.
.....................................
0.5���
Arthur
J
Gallagher
&
Co.
.............................
0.5
Hess
Corp.
......................................
0.5
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
October
31,
2022
2022
iShares
Semi-Annual
Report
To
Shareholders
6
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Investment
Objective
The
iShares
Morningstar
Mid-Cap
Growth
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
Morningstar
®
US
Mid
Cap
Broad
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
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Growth
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Cap
Broad
Growth
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
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(6.69)%
(27.03)%
10.99%
12.57%
(27.03)%
68.40%
226.70%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(6.58)
(26.96)
11.02
12.59
(26.96)
68.66
227.28
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(6.69)
(27.02)
11.22
12.80
(27.02)
70.16
233.60
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
$
933.10
$
0.29
$
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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
22.5
%
Industrials
......................................
18.9
Health
Care
....................................
14.2
Consumer
Discretionary
............................
11.7
Financials
......................................
8.7
Real
Estate
.....................................
7.8
Energy
........................................
4.4
Materials
......................................
4.2
Communication
Services
............................
3.7
Consumer
Staples
................................
2.6
Utilities
........................................
1.3
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Cheniere
Energy,
Inc.
...............................
1.2
%
Enphase
Energy,
Inc.
...............................
1.1
Agilent
Technologies,
Inc.
............................
1.1
MSCI,
Inc.
......................................
1.0
Microchip
Technology,
Inc.
............................
0.9
Yum!
Brands,
Inc.
.................................
0.9
Ross
Stores,
Inc.
..................................
0.9
Albemarle
Corp.
..................................
0.9
ResMed,
Inc.
....................................
0.9
CoStar
Group,
Inc.
.................................
0.9
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
October
31,
2022
7
Fund
Summary
iShares
®
Morningstar
Small-Cap
Growth
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,
that
exhibit
growth
characteristics,
as
represented
by
the
Morningstar
®
US
Small
Cap
Broad
Growth
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
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Growth
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Cap
Broad
Growth
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
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.03)%
(26.96)%
5.63%
10.14%
(26.96)%
31.51%
162.59%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(3.83)
(26.90)
5.63
10.16
(26.90)
31.53
163.10
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.07)
(27.02)
5.73
10.21
(27.02)
32.11
164.33
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
$
959.70
$
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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Health
Care
....................................
23.1
%
Information
Technology
.............................
20.3
Industrials
......................................
16.9
Consumer
Discretionary
............................
12.1
Financials
......................................
6.7
Real
Estate
.....................................
6.3
Materials
......................................
3.9
Energy
........................................
3.4
Consumer
Staples
................................
3.3
Communication
Services
............................
3.0
Utilities
........................................
1.0
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Shockwave
Medical,
Inc.
.............................
0.6
%
Sarepta
Therapeutics,
Inc.
............................
0.6
Chart
Industries,
Inc.
...............................
0.5
WEX,
Inc.
.......................................
0.4
DraftKings,
Inc.,
Class
A
.............................
0.4
Kinsale
Capital
Group,
Inc.
...........................
0.4
Toast,
Inc.,
Class
A
.................................
0.4
Texas
Roadhouse,
Inc.
..............................
0.4
Halozyme
Therapeutics,
Inc.
..........................
0.4
HealthEquity,
Inc.
..................................
0.4
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
October
31,
2022
2022
iShares
Semi-Annual
Report
To
Shareholders
8
iShares
®
Morningstar
Small-Cap
Value
ETF
Investment
Objective
The
iShares
Morningstar
Small-Cap
Value
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities
that
exhibit
value
characteristics,
as
represented
by
the
Morningstar
®
US
Small
Cap
Broad
Value
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.
of
Performance
Index
Small
Cap
Value
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Cap
Broad
Value
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
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Portfolio
Information
Average
Annual
Total
Returns
Cumulative
Total
Returns
6-Month
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.14)%
(6.79)%
4.24%
8.67%
(6.79)%
23.07%
129.76%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(0.79)
(6.63)
4.31
8.72
(6.63)
23.46
130.65
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.14)
(6.73)
4.47
8.90
(6.73)
24.46
134.58
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
$
988.60
$
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.
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Financials
......................................
27.2
%
Industrials
......................................
17.3
Consumer
Discretionary
............................
11.8
Energy
........................................
7.9
Health
Care
....................................
7.3
Real
Estate
.....................................
6.4
Information
Technology
.............................
6.3
Materials
......................................
5.5
Utilities
........................................
4.2
Consumer
Staples
................................
3.9
Communication
Services
............................
2.2
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
HF
Sinclair
Corp.
..................................
0.5
%
NOV,
Inc.
.......................................
0.5
Unum
Group
.....................................
0.5
Omega
Healthcare
Investors,
Inc.
.......................
0.4
CACI
International,
Inc.,
Class
A
........................
0.4
PDC
Energy,
Inc.
..................................
0.4
SouthState
Corp.
..................................
0.4
Nexstar
Media
Group,
Inc.
............................
0.4
Stifel
Financial
Corp.
...............................
0.4
Prosperity
Bancshares,
Inc.
...........................
0.4
(a)
Excludes
money
market
funds.
About
Fund
Performance
9
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
Morningstar
Growth
ETF
10
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.5%
Axon
Enterprise,
Inc.
(a)
...............
6,169
$
897,219
HEICO
Corp.
.....................
3,644
592,660
HEICO
Corp.,
Class
A
................
6,331
805,937
Howmet
Aerospace,
Inc.
..............
33,795
1,201,412
Huntington
Ingalls
Industries,
Inc.
........
1,669
429,050
Textron,
Inc.
......................
9,270
634,439
TransDigm
Group,
Inc.
...............
4,715
2,714,708
7,275,425
Air
Freight
&
Logistics
—
0.1%
CH
Robinson
Worldwide,
Inc.
..........
3,749
366,352
Expeditors
International
of
Washington,
Inc.
.
8,309
813,036
GXO
Logistics,
Inc.
(a)
................
6,588
240,725
1,420,113
Airlines
—
0.1%
Delta
Air
Lines,
Inc.
(a)
................
36,084
1,224,330
Auto
Components
—
0.1%
Aptiv
plc
(a)
........................
14,619
1,331,352
Gentex
Corp.
.....................
11,200
296,688
1,628,040
Automobiles
—
3.9%
(a)
Lucid
Group,
Inc.
(b)
..................
53,554
765,287
Rivian
Automotive,
Inc.,
Class
A
.........
49,865
1,743,779
Tesla,
Inc.
........................
244,285
55,584,609
58,093,675
Banks
—
0.2%
First
Republic
Bank
.................
10,827
1,300,323
Signature
Bank
....................
3,212
509,198
SVB
Financial
Group
(a)
...............
1,792
413,880
Western
Alliance
Bancorp
.............
4,022
270,158
2,493,559
Beverages
—
1.5%
Brown-Forman
Corp.,
Class
A
..........
5,076
349,076
Brown-Forman
Corp.,
Class
B,
NVS
......
16,870
1,147,160
Coca-Cola
Co.
(The)
................
146,990
8,797,351
Monster
Beverage
Corp.
(a)
.............
23,476
2,200,171
PepsiCo,
Inc.
.....................
53,334
9,684,388
22,178,146
Biotechnology
—
0.8%
(a)
Alnylam
Pharmaceuticals,
Inc.
..........
10,976
2,274,886
BioMarin
Pharmaceutical,
Inc.
..........
17,018
1,474,269
Exact
Sciences
Corp.
................
16,458
572,409
Horizon
Therapeutics
plc
..............
21,106
1,315,326
Incyte
Corp.
......................
16,887
1,255,380
Neurocrine
Biosciences,
Inc.
...........
8,828
1,016,279
Seagen,
Inc.
......................
12,492
1,588,483
Vertex
Pharmaceuticals,
Inc.
...........
9,390
2,929,680
12,426,712
Building
Products
—
0.5%
Advanced
Drainage
Systems,
Inc.
.......
5,870
680,215
Allegion
plc
.......................
4,032
422,433
AO
Smith
Corp.
....................
4,777
261,684
Builders
FirstSource,
Inc.
(a)
............
6,131
378,037
Carlisle
Cos.,
Inc.
..................
4,756
1,135,733
Carrier
Global
Corp.
.................
27,466
1,092,048
Lennox
International,
Inc.
.............
1,147
267,905
Owens
Corning
....................
3,049
261,025
Trane
Technologies
plc
...............
11,487
1,833,670
Security
Shares
Shares
Value
Building
Products
(continued)
Trex
Co.,
Inc.
(a)
....................
10,267
$
493,740
6,826,490
Capital
Markets
—
2.4%
Ares
Management
Corp.,
Class
A
........
14,163
1,073,980
Blackstone,
Inc.,
Class
A,
NVS
..........
43,346
3,950,554
Charles
Schwab
Corp.
(The)
...........
75,225
5,993,176
FactSet
Research
Systems,
Inc.
.........
3,476
1,479,003
Intercontinental
Exchange,
Inc.
.........
25,099
2,398,711
KKR
&
Co.,
Inc.
....................
31,083
1,511,566
LPL
Financial
Holdings,
Inc.
............
7,316
1,870,335
MarketAxess
Holdings,
Inc.
............
3,463
845,111
Moody's
Corp.
.....................
9,165
2,427,534
Morningstar,
Inc.
...................
2,292
532,157
MSCI,
Inc.
.......................
7,389
3,464,407
Nasdaq,
Inc.
......................
15,566
968,828
Raymond
James
Financial,
Inc.
.........
10,622
1,254,883
S&P
Global,
Inc.
...................
7,494,763
SEI
Investments
Co.
.................
5,101
276,984
Tradeweb
Markets,
Inc.,
Class
A
.........
9,788
539,123
36,081,115
Chemicals
—
1.5%
Air
Products
&
Chemicals,
Inc.
..........
9,029
2,260,862
Albemarle
Corp.
...................
10,740
3,005,804
Corteva,
Inc.
......................
33,318
2,176,998
DuPont
de
Nemours,
Inc.
.............
18,850
1,078,220
Ecolab,
Inc.
......................
12,261
1,925,835
FMC
Corp.
.......................
4,872
579,281
Linde
plc
........................
22,854
6,795,637
Olin
Corp.
........................
7,595
402,155
PPG
Industries,
Inc.
.................
9,744
1,112,570
RPM
International,
Inc.
...............
5,887
556,734
Sherwin-Williams
Co.
(The)
............
9,950
2,239,048
Westlake
Corp.
....................
1,931
186,631
22,319,775
Commercial
Services
&
Supplies
—
0.6%
Cintas
Corp.
......................
5,042
2,155,707
Copart,
Inc.
(a)
.....................
19,590
2,253,242
Republic
Services,
Inc.
...............
7,895
1,047,035
Rollins,
Inc.
.......................
21,176
891,086
Tetra
Tech,
Inc.
....................
4,896
691,707
Waste
Management,
Inc.
..............
16,039
2,540,096
9,578,873
Communications
Equipment
—
0.4%
Arista
Networks,
Inc.
(a)
...............
22,663
2,739,050
Ciena
Corp.
(a)
.....................
8,035
384,877
F5,
Inc.
(a)
........................
3,220
460,170
Motorola
Solutions,
Inc.
..............
7,840
1,957,726
5,541,823
Construction
&
Engineering
—
0.1%
AECOM
.........................
6,987
525,981
Quanta
Services,
Inc.
................
5,851
831,076
WillScot
Mobile
Mini
Holdings
Corp.
(a)
.....
19,558
831,802
2,188,859
Construction
Materials
—
0.3%
Martin
Marietta
Materials,
Inc.
..........
5,720
1,921,805
Vulcan
Materials
Co.
................
12,194
1,996,158
3,917,963
Consumer
Finance
—
0.5%
American
Express
Co.
...............
34,662
5,145,574
Credit
Acceptance
Corp.
(a)(b)
............
359
167,158
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Growth
ETF
Schedule
of
Investments
11
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Consumer
Finance
(continued)
Discover
Financial
Services
............
15,768
$
1,647,125
6,959,857
Containers
&
Packaging
—
0.2%
AptarGroup,
Inc.
...................
2,706
268,300
Avery
Dennison
Corp.
................
4,862
824,352
Ball
Corp.
........................
17,573
867,930
Crown
Holdings,
Inc.
................
6,197
425,052
Sealed
Air
Corp.
...................
8,446
402,199
2,787,833
Distributors
—
0.1%
LKQ
Corp.
.......................
12,026
669,126
Pool
Corp.
.......................
3,625
1,102,834
1,771,960
Diversified
Consumer
Services
—
0.1%
Bright
Horizons
Family
Solutions,
Inc.
(a)
....
5,414
353,642
Service
Corp.
International
............
6,960
421,846
775,488
Diversified
Financial
Services
—
0.1%
Apollo
Global
Management,
Inc.
.........
20,526
1,136,319
Voya
Financial,
Inc.
.................
2,994
204,670
1,340,989
Electric
Utilities
—
0.1%
Constellation
Energy
Corp.
............
11,623
1,098,838
NRG
Energy,
Inc.
...................
11,582
514,241
1,613,079
Electrical
Equipment
—
0.4%
AMETEK,
Inc.
.....................
14,071
1,824,446
Generac
Holdings,
Inc.
(a)
..............
5,889
682,594
Hubbell,
Inc.
......................
2,155
511,769
Plug
Power,
Inc.
(a)(b)
.................
47,442
758,123
Rockwell
Automation,
Inc.
.............
5,867
1,497,845
5,274,777
Electronic
Equipment,
Instruments
&
Components
—
0.8%
Amphenol
Corp.,
Class
A
.............
28,460
2,158,122
CDW
Corp.
.......................
6,836
1,181,329
Cognex
Corp.
.....................
15,820
731,359
Corning,
Inc.
......................
31,715
1,020,271
Keysight
Technologies,
Inc.
(a)
...........
16,465
2,867,380
Teledyne
Technologies,
Inc.
(a)
...........
4,311
1,715,692
Trimble,
Inc.
(a)
.....................
22,652
1,362,744
Zebra
Technologies
Corp.,
Class
A
(a)
......
4,740
1,342,463
12,379,360
Energy
Equipment
&
Services
—
0.5%
Baker
Hughes
Co.,
Class
A
............
51,953
1,437,020
Halliburton
Co.
....................
52,405
1,908,590
Schlumberger
NV
..................
65,259
3,395,426
6,741,036
Entertainment
—
1.6%
Activision
Blizzard,
Inc.
...............
27,943
2,034,250
Electronic
Arts,
Inc.
.................
14,871
1,873,151
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(a)
..................
11,644
672,208
Liberty
Media
Corp-Liberty
Formula
One,
Class
A
(a)
..........................
1,421
73,920
Live
Nation
Entertainment,
Inc.
(a)
........
8,682
691,174
Netflix,
Inc.
(a)
......................
27,096
7,908,781
Playtika
Holding
Corp.
(a)
..............
3,482
32,905
Roku,
Inc.,
Class
A
(a)
................
11,177
620,771
Take-Two
Interactive
Software,
Inc.
(a)
......
9,622
1,140,015
Security
Shares
Shares
Value
Entertainment
(continued)
Walt
Disney
Co.
(The)
(a)
..............
86,169
$
9,180,445
24,227,620
Equity
Real
Estate
Investment
Trusts
(REITs)
—
3.3%
Alexandria
Real
Estate
Equities,
Inc.
......
6,009
873,108
American
Homes
4
Rent,
Class
A
........
27,682
884,163
American
Tower
Corp.
...............
27,624
5,723,417
Apartment
Income
REIT
Corp.
..........
7,287
280,039
AvalonBay
Communities,
Inc.
..........
6,235
1,091,873
Brixmor
Property
Group,
Inc.
...........
10,321
219,940
Camden
Property
Trust
...............
9,823
1,135,048
Crown
Castle,
Inc.
..................
20,748
2,764,878
CubeSmart
.......................
13,083
547,785
Digital
Realty
Trust,
Inc.
..............
13,475
1,350,869
EastGroup
Properties,
Inc.
............
3,982
623,940
Equinix,
Inc.
......................
8,346
4,727,508
Equity
LifeStyle
Properties,
Inc.
.........
11,039
706,054
Equity
Residential
..................
840,057
Essex
Property
Trust,
Inc.
.............
2,841
631,384
Extra
Space
Storage,
Inc.
.............
8,391
1,488,899
Federal
Realty
Investment
Trust
.........
3,245
321,190
Healthpeak
Properties,
Inc.
............
28,952
687,031
Host
Hotels
&
Resorts,
Inc.
............
65,869
1,243,607
Invitation
Homes,
Inc.
................
53,041
1,680,869
Kilroy
Realty
Corp.
..................
4,237
181,089
Lamar
Advertising
Co.,
Class
A
.........
3,038
280,195
Life
Storage,
Inc.
...................
4,740
524,291
Mid-America
Apartment
Communities,
Inc.
..
6,127
964,696
Prologis,
Inc.
......................
55,513
6,148,065
Public
Storage
.....................
8,763
2,714,339
Realty
Income
Corp.
.................
22,174
1,380,775
Regency
Centers
Corp.
..............
8,019
485,230
Rexford
Industrial
Realty,
Inc.
..........
15,645
864,856
SBA
Communications
Corp.,
Class
A
......
9,920
2,677,408
Sun
Communities,
Inc.
...............
11,287
1,522,052
UDR,
Inc.
........................
17,646
701,605
Welltower,
Inc.
.....................
17,467
1,066,186
Weyerhaeuser
Co.
..................
29,724
919,363
48,251,809
Food
&
Staples
Retailing
—
1.0%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
......
4,559
352,866
Costco
Wholesale
Corp.
..............
27,120
13,600,680
Performance
Food
Group
Co.
(a)
.........
14,116
734,597
US
Foods
Holding
Corp.
(a)
.............
7,639
227,337
14,915,480
Food
Products
—
0.3%
Darling
Ingredients,
Inc.
(a)(b)
............
5,342
419,240
Hershey
Co.
(The)
..................
8,728
2,083,985
Hormel
Foods
Corp.
.................
12,218
567,526
Lamb
Weston
Holdings,
Inc.
...........
8,491
732,094
McCormick
&
Co.,
NVS
(b)
.............
12,185
958,228
4,761,073
Health
Care
Equipment
&
Supplies
—
3.0%
Abbott
Laboratories
.................
58,752
5,812,923
ABIOMED,
Inc.
(a)
...................
4,151
1,046,384
Align
Technology,
Inc.
(a)
...............
6,652
1,292,484
Baxter
International,
Inc.
..............
21,584
1,173,090
Boston
Scientific
Corp.
(a)
..............
49,954
2,153,517
Cooper
Cos.,
Inc.
(The)
..............
4,536
1,240,097
Dentsply
Sirona,
Inc.
................
7,310
225,294
Dexcom,
Inc.
(a)
....................
36,044
4,353,394
Edwards
Lifesciences
Corp.
(a)
..........
56,932
4,123,585
Hologic,
Inc.
(a)
.....................
12,512
848,314
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Growth
ETF
12
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
IDEXX
Laboratories,
Inc.
(a)(b)
...........
7,617
$
2,739,683
Insulet
Corp.
(a)
.....................
6,373
1,649,396
Intuitive
Surgical,
Inc.
(a)
...............
32,753
8,072,632
Novocure
Ltd.
(a)(b)
...................
8,189
578,635
ResMed,
Inc.
.....................
13,457
3,010,196
STERIS
plc
.......................
9,182
1,584,630
Stryker
Corp.
.....................
12,548
2,876,503
Teleflex,
Inc.
......................
4,277
917,673
43,698,430
Health
Care
Providers
&
Services
—
1.8%
agilon
health,
Inc.
(a)(b)
................
18,042
358,134
Chemed
Corp.
.....................
699
326,342
DaVita,
Inc.
(a)
......................
2,063
150,620
Humana,
Inc.
(b)
....................
4,813
2,686,039
Molina
Healthcare,
Inc.
(a)
..............
2,691
965,692
UnitedHealth
Group,
Inc.
..............
39,760
22,072,764
26,559,591
Health
Care
Technology
—
0.1%
Veeva
Systems,
Inc.,
Class
A
(a)
.........
12,804
2,150,304
Hotels,
Restaurants
&
Leisure
—
3.0%
Airbnb,
Inc.,
Class
A
(a)
................
36,652
3,918,465
Booking
Holdings,
Inc.
(a)
..............
3,644
6,812,385
Caesars
Entertainment,
Inc.
(a)
..........
19,526
853,872
Chipotle
Mexican
Grill,
Inc.
(a)
...........
2,546
3,814,748
Choice
Hotels
International,
Inc.
.........
2,645
343,427
Churchill
Downs,
Inc.
................
3,038
631,631
Darden
Restaurants,
Inc.
.............
5,105
730,730
Domino's
Pizza,
Inc.
.................
3,314
1,101,043
Expedia
Group,
Inc.
(a)
................
6,307
589,515
Hilton
Worldwide
Holdings,
Inc.
.........
25,202
3,408,823
Marriott
International,
Inc.,
Class
A
.......
25,327
4,055,106
McDonald's
Corp.
..................
25,702
7,007,907
MGM
Resorts
International
............
29,849
1,061,729
Royal
Caribbean
Cruises
Ltd.
(a)
.........
11,154
595,401
Starbucks
Corp.
....................
47,074
4,076,138
Vail
Resorts,
Inc.
...................
3,700
810,781
Wyndham
Hotels
&
Resorts,
Inc.
........
8,353
634,243
Yum!
Brands,
Inc.
..................
26,096
3,085,852
43,531,796
Household
Durables
—
0.1%
DR
Horton,
Inc.
....................
13,423
1,031,960
Garmin
Ltd.
.......................
5,293
465,996
NVR,
Inc.
(a)
.......................
165
699,229
2,197,185
Household
Products
—
0.1%
Church
&
Dwight
Co.,
Inc.
.............
14,699
1,089,637
Insurance
—
1.4%
Aon
plc,
Class
A
...................
8,758
2,465,289
Arch
Capital
Group
Ltd.
(a)
.............
13,666
785,795
Arthur
J
Gallagher
&
Co.
..............
12,290
2,299,213
Assurant,
Inc.
.....................
2,061
280,008
Brown
&
Brown,
Inc.
.................
21,501
1,264,044
Cincinnati
Financial
Corp.
.............
8,600
888,552
Erie
Indemnity
Co.,
Class
A,
NVS
........
1,144
294,019
Everest
Re
Group
Ltd.
...............
1,739
561,106
Loews
Corp.
......................
8,070
460,151
Markel
Corp.
(a)
.....................
753
908,193
Marsh
&
McLennan
Cos.,
Inc.
..........
23,977
3,872,046
Progressive
Corp.
(The)
..............
30,682
3,939,569
Willis
Towers
Watson
plc
..............
6,141
1,340,028
Security
Shares
Shares
Value
Insurance
(continued)
WR
Berkley
Corp.
..................
11,897
$
884,899
20,242,912
Interactive
Media
&
Services
—
5.4%
(a)
Alphabet,
Inc.,
Class
A
...............
376,008
35,536,516
Alphabet,
Inc.,
Class
C,
NVS
...........
336,238
31,828,289
IAC,
Inc.
.........................
2,692
131,047
Match
Group,
Inc.
..................
25,893
1,118,578
Meta
Platforms,
Inc.,
Class
A
...........
78,984
7,358,149
Pinterest,
Inc.,
Class
A
...............
53,327
1,311,844
Snap,
Inc.,
Class
A,
NVS
(b)
............
94,426
935,762
ZoomInfo
Technologies,
Inc.
(b)
..........
24,734
1,101,405
79,321,590
Internet
&
Direct
Marketing
Retail
—
6.0%
(a)
Amazon.com,
Inc.
..................
812,906
83,274,091
DoorDash,
Inc.,
Class
A
(b)
.............
23,903
1,040,498
Etsy,
Inc.
........................
11,575
1,087,008
MercadoLibre,
Inc.
(b)
.................
4,231
3,814,754
89,216,351
IT
Services
—
7.4%
Accenture
plc,
Class
A
...............
36,384
10,329,418
Akamai
Technologies,
Inc.
(a)(b)
...........
8,580
757,871
Automatic
Data
Processing,
Inc.
.........
24,744
5,980,625
Block,
Inc.,
Class
A
(a)
................
48,684
2,924,448
Broadridge
Financial
Solutions,
Inc.
......
10,794
1,619,748
Cloudflare,
Inc.,
Class
A
(a)(b)
............
25,876
1,457,336
Concentrix
Corp.
...................
2,452
299,708
EPAM
Systems,
Inc.
(a)
................
5,252
1,838,200
Fiserv,
Inc.
(a)
......................
22,218
2,282,677
FleetCor
Technologies,
Inc.
(a)
...........
4,272
795,105
Gartner,
Inc.
(a)
.....................
7,242
2,186,505
Genpact
Ltd.
......................
6,639
321,992
Global
Payments,
Inc.
...............
12,849
1,468,127
GoDaddy,
Inc.,
Class
A
(a)
..............
14,313
1,150,765
Jack
Henry
&
Associates,
Inc.
..........
6,719
1,337,484
Mastercard,
Inc.,
Class
A
..............
78,255
25,681,726
MongoDB,
Inc.,
Class
A
(a)
.............
6,280
1,149,428
Okta,
Inc.,
Class
A
(a)
.................
13,736
770,864
Paychex,
Inc.
.....................
19,149
2,265,518
PayPal
Holdings,
Inc.
(a)
...............
66,346
5,545,199
Snowflake,
Inc.,
Class
A
(a)
.............
25,998
4,167,479
SS&C
Technologies
Holdings,
Inc.
.......
7,815
401,847
Twilio,
Inc.,
Class
A
(a)
................
15,857
1,179,285
VeriSign,
Inc.
(a)
....................
8,606
1,725,159
Visa,
Inc.,
Class
A
(b)
.................
149,959
31,065,506
108,702,020
Leisure
Products
—
0.0%
Hasbro,
Inc.
......................
5,954
388,498
Mattel,
Inc.
(a)
......................
15,607
295,909
684,407
Life
Sciences
Tools
&
Services
—
3.3%
Agilent
Technologies,
Inc.
.............
27,430
3,794,941
Avantor,
Inc.
(a)
.....................
61,671
1,243,904
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
......
1,979
696,034
Bio-Techne
Corp.
...................
3,575
1,059,130
Bruker
Corp.
......................
9,347
578,018
Charles
River
Laboratories
International,
Inc.
(a)
4,694
996,302
Danaher
Corp.
....................
60,047
15,112,028
Illumina,
Inc.
(a)
.....................
14,434
3,302,788
IQVIA
Holdings,
Inc.
(a)
................
9,337
1,957,689
Mettler-Toledo
International,
Inc.
(a)
.......
2,063
2,609,551
PerkinElmer,
Inc.
...................
11,577
1,546,456
Repligen
Corp.
(a)
...................
4,776
871,572
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Growth
ETF
Schedule
of
Investments
13
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Syneos
Health,
Inc.,
Class
A
(a)
..........
3,318
$
167,161
Thermo
Fisher
Scientific,
Inc.
...........
22,854
11,746,270
Waters
Corp.
(a)
....................
5,484
1,640,648
West
Pharmaceutical
Services,
Inc.
......
6,783
1,560,768
48,883,260
Machinery
—
1.7%
AGCO
Corp.
......................
1,926
239,151
Caterpillar,
Inc.
....................
15,149
3,279,153
Deere
&
Co.
......................
12,941
5,122,307
Dover
Corp.
......................
6,648
868,827
Fortive
Corp.
......................
16,025
1,023,998
Graco,
Inc.
.......................
15,416
1,072,645
IDEX
Corp.
.......................
6,901
1,534,161
Illinois
Tool
Works,
Inc.
...............
8,012
1,710,802
Ingersoll
Rand,
Inc.
.................
36,886
1,862,743
Lincoln
Electric
Holdings,
Inc.
..........
3,570
506,940
Middleby
Corp.
(The)
(a)
...............
2,420
338,461
Nordson
Corp.
.....................
4,983
1,121,175
Otis
Worldwide
Corp.
................
20,249
1,430,389
PACCAR,
Inc.
.....................
10,994
1,064,549
Parker-Hannifin
Corp.
................
4,676
1,358,939
Pentair
plc
.......................
5,142
220,849
Toro
Co.
(The)
.....................
5,494
579,233
Westinghouse
Air
Brake
Technologies
Corp.
.
6,818
635,983
Xylem,
Inc.
.......................
16,565
1,696,753
25,667,058
Media
—
0.4%
Cable
One,
Inc.
....................
250
214,857
Charter
Communications,
Inc.,
Class
A
(a)
...
4,535
1,667,157
Liberty
Broadband
Corp.,
Class
A
(a)
.......
1,555
132,673
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)
..
11,343
957,689
Sirius
XM
Holdings,
Inc.
(b)
.............
40,077
242,065
Trade
Desk,
Inc.
(The),
Class
A
(a)
........
40,844
2,174,535
5,388,976
Metals
&
Mining
—
0.3%
Freeport-McMoRan,
Inc.
..............
76,190
2,414,461
Nucor
Corp.
......................
11,744
1,542,927
Royal
Gold,
Inc.
....................
5,981
567,956
Southern
Copper
Corp.
...............
3,051
143,305
4,668,649
Multiline
Retail
—
0.4%
Dollar
Tree,
Inc.
(a)
...................
11,283
1,788,356
Target
Corp.
......................
21,241
3,488,834
5,277,190
Multi-Utilities
—
0.0%
CMS
Energy
Corp.
..................
11,402
650,484
Oil,
Gas
&
Consumable
Fuels
—
1.3%
APA
Corp.
.......................
16,620
755,545
Cheniere
Energy,
Inc.
................
22,940
4,046,846
ConocoPhillips
....................
58,039
7,318,138
Coterra
Energy,
Inc.
.................
46,041
1,433,256
EQT
Corp.
.......................
20,180
844,331
Hess
Corp.
.......................
8,882
1,253,073
New
Fortress
Energy,
Inc.,
Class
A
.......
4,376
240,986
ONEOK,
Inc.
......................
17,282
1,025,168
Targa
Resources
Corp.
...............
7,409
506,553
Texas
Pacific
Land
Corp.
..............
570
1,313,206
18,737,102
Security
Shares
Shares
Value
Personal
Products
—
0.2%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
16,995
$
3,407,328
Olaplex
Holdings,
Inc.
(a)
..............
8,295
36,498
3,443,826
Pharmaceuticals
—
2.0%
Catalent,
Inc.
(a)
....................
16,460
1,081,916
Elanco
Animal
Health,
Inc.
(a)
............
40,764
537,677
Eli
Lilly
&
Co.
.....................
57,548
20,837,555
Zoetis,
Inc.,
Class
A
.................
42,936
6,473,890
28,931,038
Professional
Services
—
0.7%
Booz
Allen
Hamilton
Holding
Corp.
.......
6,014
654,624
Clarivate
plc
(a)(b)
....................
39,440
407,415
CoStar
Group,
Inc.
(a)
.................
36,277
3,000,834
Dun
&
Bradstreet
Holdings,
Inc.
.........
6,240
80,184
Equifax,
Inc.
......................
11,224
1,902,917
Jacobs
Solutions,
Inc.
................
5,629
648,573
Robert
Half
International,
Inc.
...........
5,006
382,759
TransUnion
.......................
17,720
1,050,264
Verisk
Analytics,
Inc.
.................
14,434
2,638,968
10,766,538
Real
Estate
Management
&
Development
—
0.1%
(a)
CBRE
Group,
Inc.,
Class
A
............
10,395
737,421
Zillow
Group,
Inc.,
Class
A
.............
5,399
166,991
Zillow
Group,
Inc.,
Class
C,
NVS
(b)
.......
15,403
475,337
1,379,749
Road
&
Rail
—
0.8%
AMERCO
........................
465
267,463
Avis
Budget
Group,
Inc.
(a)
.............
1,451
343,103
CSX
Corp.
.......................
72,634
2,110,744
JB
Hunt
Transport
Services,
Inc.
........
7,598
1,299,790
Knight-Swift
Transportation
Holdings,
Inc.
..
7,440
357,343
Lyft,
Inc.,
Class
A
(a)(b)
.................
14,476
211,929
Norfolk
Southern
Corp.
...............
6,811
1,553,385
Old
Dominion
Freight
Line,
Inc.
.........
8,417
2,311,308
Uber
Technologies,
Inc.
(a)
.............
106,163
2,820,751
11,275,816
Semiconductors
&
Semiconductor
Equipment
—
6.5%
Advanced
Micro
Devices,
Inc.
(a)
.........
148,061
8,892,544
Analog
Devices,
Inc.
.................
17,794
2,537,780
Applied
Materials,
Inc.
...............
43,357
3,827,990
Broadcom,
Inc.
....................
16,597
7,802,582
Enphase
Energy,
Inc.
(a)
...............
12,424
3,814,168
Entegris,
Inc.
......................
13,604
1,079,341
First
Solar,
Inc.
(a)
...................
4,081
594,071
KLA
Corp.
........................
7,621
2,411,665
Lam
Research
Corp.
................
6,461
2,615,284
Lattice
Semiconductor
Corp.
(a)
..........
12,539
608,267
Marvell
Technology,
Inc.
..............
77,809
3,087,461
Microchip
Technology,
Inc.
.............
34,197
2,111,323
Micron
Technology,
Inc.
...............
48,724
2,635,968
Monolithic
Power
Systems,
Inc.
.........
4,066
1,380,204
NVIDIA
Corp.
.....................
229,662
30,997,480
NXP
Semiconductors
NV
.............
11,346
1,657,424
ON
Semiconductor
Corp.
(a)
............
39,767
2,442,887
Qorvo,
Inc.
(a)
......................
3,929
338,208
QUALCOMM,
Inc.
..................
59,657
7,019,243
Skyworks
Solutions,
Inc.
..............
4,741
407,773
SolarEdge
Technologies,
Inc.
(a)
..........
5,130
1,180,054
Teradyne,
Inc.
.....................
14,334
1,166,071
Texas
Instruments,
Inc.
...............
42,335
6,800,271
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Growth
ETF
14
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
Wolfspeed,
Inc.
(a)
...................
4,350
$
342,562
95,750,621
Software
—
17.7%
Adobe,
Inc.
(a)
......................
42,923
13,670,976
ANSYS,
Inc.
(a)
.....................
7,977
1,764,193
AppLovin
Corp.,
Class
A
(a)(b)
............
11,220
190,291
Aspen
Technology,
Inc.
(a)(b)
.............
2,639
637,187
Autodesk,
Inc.
(a)
....................
19,951
4,275,499
Bentley
Systems,
Inc.,
Class
B
..........
17,973
634,087
Bill.com
Holdings,
Inc.
(a)
..............
8,658
1,154,631
Black
Knight,
Inc.
(a)
..................
14,207
859,097
Cadence
Design
Systems,
Inc.
(a)
........
25,058
3,793,531
Ceridian
HCM
Holding,
Inc.
(a)(b)
..........
14,001
926,726
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
19,612
3,161,454
Datadog,
Inc.,
Class
A
(a)
..............
22,792
1,834,984
DocuSign,
Inc.
(a)
...................
18,508
893,936
Dynatrace,
Inc.
(a)
...................
18,409
648,733
Elastic
NV
(a)
......................
7,029
449,505
Fair
Isaac
Corp.
(a)
...................
2,309
1,105,642
Five9,
Inc.
(a)
......................
6,329
381,386
Fortinet,
Inc.
(a)(b)
....................
60,143
3,437,774
Guidewire
Software,
Inc.
(a)(b)
............
3,090
183,577
HubSpot,
Inc.
(a)(b)
...................
4,386
1,300,712
Intuit,
Inc.
........................
25,871
11,059,852
Manhattan
Associates,
Inc.
(a)
...........
5,742
698,629
Microsoft
Corp.
....................
684,017
158,780,866
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
159,901
1,405,530
Palo
Alto
Networks,
Inc.
(a)
.............
27,435
4,707,572
Paycom
Software,
Inc.
(a)
..............
4,472
1,547,312
Paylocity
Holding
Corp.
(a)
.............
3,749
868,981
PTC,
Inc.
(a)
.......................
9,727
1,146,132
RingCentral,
Inc.,
Class
A
(a)
............
7,029
249,670
Roper
Technologies,
Inc.
..............
6,103
2,529,938
Salesforce,
Inc.
(a)
...................
91,259
14,837,801
ServiceNow,
Inc.
(a)
..................
18,527
7,795,050
Splunk,
Inc.
(a)
.....................
13,545
1,125,725
Synopsys,
Inc.
(a)
...................
14,047
4,109,450
Tyler
Technologies,
Inc.
(a)
.............
3,828
1,237,707
UiPath,
Inc.,
Class
A
(a)(b)
..............
31,722
401,283
Unity
Software,
Inc.
(a)(b)
...............
16,366
482,797
VMware,
Inc.,
Class
A
................
7,045
792,774
Workday,
Inc.,
Class
A
(a)
..............
18,287
2,849,480
Zendesk,
Inc.
(a)
....................
11,346
870,125
Zoom
Video
Communications,
Inc.,
Class
A
(a)
20,257
1,690,244
Zscaler,
Inc.
(a)
.....................
7,659
1,180,252
261,671,091
Specialty
Retail
—
2.3%
Advance
Auto
Parts,
Inc.
..............
2,584
490,753
AutoZone,
Inc.
(a)
...................
1,079
2,732,978
Bath
&
Body
Works,
Inc.
..............
6,498
216,903
Burlington
Stores,
Inc.
(a)
..............
6,025
861,334
CarMax,
Inc.
(a)(b)
....................
6,896
434,517
Five
Below,
Inc.
(a)
...................
5,146
753,117
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)
....
9,649
707,947
GameStop
Corp.,
Class
A
(a)
............
10,260
290,461
Home
Depot,
Inc.
(The)
..............
33,680
9,973,658
Lithia
Motors,
Inc.,
Class
A
............
1,241
245,904
Lowe's
Cos.,
Inc.
...................
25,083
4,889,931
O'Reilly
Automotive,
Inc.
(a)
.............
2,636
2,206,780
RH
(a)
...........................
922
234,124
Ross
Stores,
Inc.
...................
22,125
2,117,141
TJX
Cos.,
Inc.
(The)
.................
47,984
3,459,646
Tractor
Supply
Co.
..................
6,033
1,325,872
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Ulta
Beauty,
Inc.
(a)
..................
4,742
$
1,988,653
Williams-Sonoma,
Inc.
...............
2,821
349,325
33,279,044
Technology
Hardware,
Storage
&
Peripherals
—
10.0%
Apple,
Inc.
.......................
951,661
145,927,698
NetApp,
Inc.
......................
7,246
501,931
Pure
Storage,
Inc.,
Class
A
(a)(b)
..........
25,540
788,164
147,217,793
Textiles,
Apparel
&
Luxury
Goods
—
1.1%
Capri
Holdings
Ltd.
(a)
................
4,346
198,525
Deckers
Outdoor
Corp.
(a)
..............
2,430
850,330
Lululemon
Athletica,
Inc.
(a)
.............
10,662
3,508,225
NIKE,
Inc.,
Class
B
.................
115,899
10,741,519
VF
Corp.
........................
30,204
853,263
16,151,862
Trading
Companies
&
Distributors
—
0.3%
Fastenal
Co.
......................
31,455
1,520,220
United
Rentals,
Inc.
(a)
................
3,280
1,035,529
Watsco,
Inc.
......................
1,874
507,779
WW
Grainger,
Inc.
..................
2,477
1,447,435
4,510,963
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
.........
10,275
1,493,368
Essential
Utilities,
Inc.
................
13,007
575,170
2,068,538
Wireless
Telecommunication
Services
—
0.4%
T-Mobile
US,
Inc.
(a)(b)
.................
39,043
5,917,357
Total
Long-Term
Investments
—
99.9%
(Cost:
$1,427,073,689)
...........................
1,474,026,437
Short-Term
Securities
Money
Market
Funds
—
2.3%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.29%
(e)
............
32,855,443
32,848,872
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.97%
..................
1,738,927
1,738,927
Total
Short-Term
Securities
—
2.3%
(Cost:
$34,586,457)
..............................
34,587,799
Total
Investments
—
102.2%
(Cost:
$1,461,660,146
)
...........................
1,508,614,236
Liabilities
in
Excess
of
Other
Assets
—
(2.2)%
............
(32,574,533)
Net
Assets
—
100.0%
..............................
$
1,476,039,703
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Growth
ETF
Schedule
of
Investments
15
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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
$
31,914,376
$
935,797
(a)
$
—
$
2,786
$
(4,087)
$
32,848,872
32,855,443
$
98,966
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
3,207,000
—
(1,468,073)
(a)
—
—
1,738,927
1,738,927
27,354
—
$
2,786
$
(4,087)
$
34,587,799
$
126,320
$
—
—
—
(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
NASDAQ
100
E-Mini
Index
...................................................
8
12/16/22
$
1,832
$
14,100
S&P
E-Mini
Communication
Services
Index
........................................
1
12/16/22
63
(1,189)
$
12,911
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)
......
$
—
$
—
$
14,100
$
—
$
—
$
—
$
14,100
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
1,189
—
—
—
1,189
(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
.......................
$
—
$
—
$
(616,731)
$
—
$
—
$
—
$
(616,731)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
321,742
$
—
$
—
$
—
$
321,742
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Growth
ETF
16
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,911,228
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
.........................................
$
1,474,026,437
$
—
$
—
$
1,474,026,437
Short-Term
Securities
Money
Market
Funds
......................................
34,587,799
—
—
34,587,799
$
1,508,614,236
$
—
$
—
$
1,508,614,236
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
14,100
$
—
$
—
$
14,100
Liabilities
Equity
contracts
...........................................
(1,189)
—
—
(1,189)
$
12,911
$
—
$
—
$
12,911
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.2%
Axon
Enterprise,
Inc.
(a)(b)
..............
6,559
$
953,941
HEICO
Corp.
.....................
3,831
623,074
HEICO
Corp.,
Class
A
................
6,665
848,454
Howmet
Aerospace,
Inc.
..............
35,814
1,273,188
Huntington
Ingalls
Industries,
Inc.
........
3,857
991,519
Textron,
Inc.
......................
20,484
1,401,925
TransDigm
Group,
Inc.
...............
4,989
2,872,467
8,964,568
Air
Freight
&
Logistics
—
0.4%
CH
Robinson
Worldwide,
Inc.
(a)
.........
12,002
1,172,836
Expeditors
International
of
Washington,
Inc.
.
15,834
1,549,357
GXO
Logistics,
Inc.
(a)(b)
...............
11,419
417,250
3,139,443
Airlines
—
0.9%
(b)
American
Airlines
Group,
Inc.
...........
62,885
891,709
Delta
Air
Lines,
Inc.
.................
62,074
2,106,171
Southwest
Airlines
Co.
...............
57,442
2,088,017
United
Airlines
Holdings,
Inc.
...........
31,510
1,357,451
6,443,348
Auto
Components
—
0.6%
Aptiv
plc
(b)
........................
26,228
2,388,584
BorgWarner,
Inc.
...................
23,013
863,678
Gentex
Corp.
.....................
22,771
603,203
Lear
Corp.
.......................
5,742
796,473
4,651,938
Automobiles
—
0.4%
(a)(b)
Lucid
Group,
Inc.
...................
56,941
813,687
Rivian
Automotive,
Inc.,
Class
A
.........
52,763
1,845,122
2,658,809
Banks
—
3.5%
Citizens
Financial
Group,
Inc.
..........
47,983
1,962,505
Comerica,
Inc.
.....................
12,663
892,742
Commerce
Bancshares,
Inc.
...........
10,601
750,975
Cullen/Frost
Bankers,
Inc.
.............
6,223
964,876
East
West
Bancorp,
Inc.
..............
13,666
978,076
Fifth
Third
Bancorp
.................
66,430
2,370,887
First
Citizens
BancShares,
Inc.,
Class
A
....
1,279
1,051,491
First
Horizon
Corp.
..................
51,916
1,272,461
First
Republic
Bank
.................
17,688
2,124,329
Huntington
Bancshares,
Inc.
...........
139,617
2,119,386
KeyCorp
.........................
90,290
1,613,482
M&T
Bank
Corp.
...................
17,001
2,862,458
Regions
Financial
Corp.
..............
90,458
1,985,553
Signature
Bank
....................
6,073
962,753
SVB
Financial
Group
(b)
...............
5,720
1,321,091
Webster
Financial
Corp.
..............
17,075
926,489
Western
Alliance
Bancorp
(a)
............
10,478
703,807
Zions
Bancorp
NA
..................
14,608
758,740
25,622,101
Beverages
—
0.3%
Brown-Forman
Corp.,
Class
A
(a)
.........
5,455
375,141
Brown-Forman
Corp.,
Class
B,
NVS
......
17,727
1,205,436
Molson
Coors
Beverage
Co.,
Class
B
.....
18,224
919,036
2,499,613
Biotechnology
—
2.0%
(b)
Alnylam
Pharmaceuticals,
Inc.
..........
11,619
2,408,154
Biogen,
Inc.
......................
14,048
3,981,765
BioMarin
Pharmaceutical,
Inc.
..........
17,980
1,557,608
Exact
Sciences
Corp.
(a)
...............
17,230
599,259
Security
Shares
Shares
Value
Biotechnology
(continued)
Horizon
Therapeutics
plc
..............
22,333
$
1,391,793
Incyte
Corp.
......................
17,877
1,328,976
Neurocrine
Biosciences,
Inc.
...........
9,231
1,062,673
Seagen,
Inc.
......................
13,213
1,680,165
United
Therapeutics
Corp.
.............
4,408
1,016,176
15,026,569
Building
Products
—
2.1%
Advanced
Drainage
Systems,
Inc.
.......
6,234
722,396
Allegion
plc
.......................
8,488
889,288
AO
Smith
Corp.
....................
12,369
677,574
Builders
FirstSource,
Inc.
(b)
............
15,148
934,026
Carlisle
Cos.,
Inc.
..................
5,014
1,197,343
Carrier
Global
Corp.
.................
81,473
3,239,366
Fortune
Brands
Home
&
Security,
Inc.
.....
12,574
758,464
Lennox
International,
Inc.
.............
3,136
732,475
Masco
Corp.
......................
21,862
1,011,555
Owens
Corning
....................
9,352
800,625
Trane
Technologies
plc
...............
22,432
3,580,820
Trex
Co.,
Inc.
(a)(b)
...................
10,615
510,475
15,054,407
Capital
Markets
—
4.7%
Ameriprise
Financial,
Inc.
.............
10,472
3,237,105
Ares
Management
Corp.,
Class
A
........
15,009
1,138,132
Bank
of
New
York
Mellon
Corp.
(The)
.....
71,191
2,997,853
Carlyle
Group,
Inc.
(The)
..............
20,872
590,260
Coinbase
Global,
Inc.,
Class
A
(a)(b)
........
15,258
1,010,843
FactSet
Research
Systems,
Inc.
.........
3,677
1,564,527
Franklin
Resources,
Inc.
..............
27,348
641,311
Invesco
Ltd.
......................
43,794
670,924
Jefferies
Financial
Group,
Inc.
..........
17,903
616,042
KKR
&
Co.,
Inc.
....................
55,785
2,712,825
LPL
Financial
Holdings,
Inc.
............
7,723
1,974,385
MarketAxess
Holdings,
Inc.
............
3,632
886,353
Morningstar,
Inc.
...................
2,413
560,250
MSCI,
Inc.
.......................
7,793
3,653,826
Nasdaq,
Inc.
......................
32,813
2,042,281
Northern
Trust
Corp.
.................
20,173
1,701,593
Raymond
James
Financial,
Inc.
.........
18,774
2,217,960
SEI
Investments
Co.
.................
9,913
538,276
State
Street
Corp.
..................
35,589
2,633,586
T.
Rowe
Price
Group,
Inc.
.............
21,849
2,319,490
Tradeweb
Markets,
Inc.,
Class
A
.........
10,429
574,429
34,282,251
Chemicals
—
3.0%
Albemarle
Corp.
...................
11,339
3,173,446
Celanese
Corp.
....................
9,676
930,057
CF
Industries
Holdings,
Inc.
............
19,259
2,046,461
DuPont
de
Nemours,
Inc.
.............
48,501
2,774,257
Eastman
Chemical
Co.
...............
11,921
915,652
FMC
Corp.
.......................
12,194
1,449,867
International
Flavors
&
Fragrances,
Inc.
....
24,681
2,409,113
LyondellBasell
Industries
NV,
Class
A
.....
24,632
1,883,116
Mosaic
Co.
(The)
...................
33,425
1,796,594
Olin
Corp.
........................
12,995
688,085
PPG
Industries,
Inc.
.................
22,754
2,598,052
RPM
International,
Inc.
...............
12,500
1,182,125
Westlake
Corp.
....................
3,328
321,651
22,168,476
Commercial
Services
&
Supplies
—
0.6%
Copart,
Inc.
(b)
.....................
20,709
2,381,949
Rollins,
Inc.
.......................
22,480
945,959
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Commercial
Services
&
Supplies
(continued)
Tetra
Tech,
Inc.
....................
5,133
$
725,190
4,053,098
Communications
Equipment
—
1.3%
Arista
Networks,
Inc.
(b)
...............
23,860
2,883,720
Ciena
Corp.
(a)(b)
....................
14,413
690,383
F5,
Inc.
(b)
........................
5,785
826,734
Juniper
Networks,
Inc.
...............
31,272
956,923
Motorola
Solutions,
Inc.
..............
16,156
4,034,315
9,392,075
Construction
&
Engineering
—
0.5%
AECOM
.........................
13,547
1,019,818
Quanta
Services,
Inc.
................
13,846
1,966,686
WillScot
Mobile
Mini
Holdings
Corp.
(b)
.....
20,744
882,242
3,868,746
Construction
Materials
—
0.6%
Martin
Marietta
Materials,
Inc.
..........
6,038
2,028,647
Vulcan
Materials
Co.
................
12,866
2,106,164
4,134,811
Consumer
Finance
—
0.8%
Ally
Financial,
Inc.
..................
29,943
825,229
Credit
Acceptance
Corp.
(a)(b)
............
586
272,853
Discover
Financial
Services
............
26,456
2,763,594
Synchrony
Financial
.................
46,639
1,658,483
5,520,159
Containers
&
Packaging
—
1.4%
Amcor
plc
........................
145,482
1,684,682
AptarGroup,
Inc.
...................
6,327
627,322
Avery
Dennison
Corp.
................
7,866
1,333,680
Ball
Corp.
........................
30,428
1,502,839
Berry
Global
Group,
Inc.
(b)
.............
12,044
569,922
Crown
Holdings,
Inc.
................
11,749
805,864
International
Paper
Co.
...............
35,072
1,178,770
Packaging
Corp.
of
America
...........
9,035
1,086,097
Sealed
Air
Corp.
...................
14,090
670,966
WestRock
Co.
.....................
24,633
839,000
10,299,142
Distributors
—
0.7%
Genuine
Parts
Co.
..................
13,692
2,435,259
LKQ
Corp.
.......................
25,221
1,403,297
Pool
Corp.
.......................
3,835
1,166,722
5,005,278
Diversified
Consumer
Services
—
0.2%
Bright
Horizons
Family
Solutions,
Inc.
(a)(b)
...
5,566
363,571
Service
Corp.
International
............
15,299
927,272
1,290,843
Diversified
Financial
Services
—
0.5%
Apollo
Global
Management,
Inc.
.........
42,010
2,325,674
Equitable
Holdings,
Inc.
..............
33,888
1,037,650
Voya
Financial,
Inc.
.................
9,427
644,430
4,007,754
Diversified
Telecommunication
Services
—
0.1%
Lumen
Technologies,
Inc.
.............
91,748
675,265
Electric
Utilities
—
3.4%
Alliant
Energy
Corp.
.................
24,305
1,267,992
Avangrid,
Inc.
.....................
6,673
271,458
Constellation
Energy
Corp.
............
31,642
2,991,435
Edison
International
.................
36,926
2,217,037
Entergy
Corp.
.....................
19,658
2,106,158
Security
Shares
Shares
Value
Electric
Utilities
(continued)
Evergy,
Inc.
.......................
22,226
$
1,358,675
Eversource
Energy
.................
33,548
2,559,041
FirstEnergy
Corp.
..................
52,461
1,978,304
NRG
Energy,
Inc.
...................
22,812
1,012,853
OGE
Energy
Corp.
..................
19,383
709,999
PG&E
Corp.
(a)(b)
....................
155,864
2,327,050
Pinnacle
West
Capital
Corp.
...........
10,932
734,740
PPL
Corp.
.......................
71,270
1,887,942
Xcel
Energy,
Inc.
...................
52,954
3,447,835
24,870,519
Electrical
Equipment
—
1.4%
AMETEK,
Inc.
.....................
22,229
2,882,212
Generac
Holdings,
Inc.
(a)(b)
.............
6,196
718,178
Hubbell,
Inc.
......................
5,206
1,236,321
Plug
Power,
Inc.
(a)(b)
.................
50,547
807,741
Regal
Rexnord
Corp.
................
6,438
814,665
Rockwell
Automation,
Inc.
.............
11,180
2,854,254
Sensata
Technologies
Holding
plc
........
15,091
606,809
9,920,180
Electronic
Equipment,
Instruments
&
Components
—
2.2%
Arrow
Electronics,
Inc.
(b)
..............
6,178
625,584
CDW
Corp.
.......................
13,093
2,262,601
Cognex
Corp.
.....................
16,758
774,722
Corning,
Inc.
......................
73,651
2,369,353
Flex
Ltd.
(b)
........................
44,320
867,786
Jabil,
Inc.
........................
13,361
858,444
Keysight
Technologies,
Inc.
(b)
...........
17,420
3,033,693
TD
SYNNEX
Corp.
..................
4,060
371,531
Teledyne
Technologies,
Inc.
(b)
...........
4,537
1,805,635
Trimble,
Inc.
(b)
.....................
23,978
1,442,517
Zebra
Technologies
Corp.,
Class
A
(b)
......
5,015
1,420,348
15,832,214
Energy
Equipment
&
Services
—
0.8%
Baker
Hughes
Co.,
Class
A
............
97,947
2,709,214
Halliburton
Co.
....................
87,801
3,197,712
5,906,926
Entertainment
—
1.2%
AMC
Entertainment
Holdings,
Inc.,
Class
A
(a)(b)
49,848
331,988
Electronic
Arts,
Inc.
.................
25,572
3,221,049
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(b)
..................
20,027
1,156,159
Liberty
Media
Corp-Liberty
Formula
One,
Class
A
(b)
..........................
2,308
120,062
Live
Nation
Entertainment,
Inc.
(a)(b)
.......
13,772
1,096,389
Playtika
Holding
Corp.
(b)
..............
9,767
92,298
Roku,
Inc.,
Class
A
(a)(b)
...............
11,693
649,429
Take-Two
Interactive
Software,
Inc.
(b)
......
15,169
1,797,223
8,464,597
Equity
Real
Estate
Investment
Trusts
(REITs)
—
7.6%
Alexandria
Real
Estate
Equities,
Inc.
......
14,374
2,088,542
American
Homes
4
Rent,
Class
A
........
29,345
937,279
Americold
Realty
Trust,
Inc.
............
26,069
632,173
Apartment
Income
REIT
Corp.
..........
14,844
570,455
AvalonBay
Communities,
Inc.
..........
13,545
2,372,000
Boston
Properties,
Inc.
...............
13,756
1,000,061
Brixmor
Property
Group,
Inc.
...........
29,056
619,183
Camden
Property
Trust
...............
10,321
1,192,592
CubeSmart
.......................
21,670
907,323
EastGroup
Properties,
Inc.
............
4,194
657,158
Equity
LifeStyle
Properties,
Inc.
.........
16,956
1,084,506
Equity
Residential
..................
32,771
2,065,228
Essex
Property
Trust,
Inc.
.............
6,304
1,401,001
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Extra
Space
Storage,
Inc.
.............
12,964
$
2,300,332
Federal
Realty
Investment
Trust
.........
7,085
701,273
Gaming
and
Leisure
Properties,
Inc.
......
24,753
1,240,620
Healthpeak
Properties,
Inc.
............
52,298
1,241,032
Host
Hotels
&
Resorts,
Inc.
............
69,308
1,308,535
Invitation
Homes,
Inc.
................
56,047
1,776,130
Iron
Mountain,
Inc.
..................
28,147
1,409,320
Kilroy
Realty
Corp.
..................
10,131
432,999
Kimco
Realty
Corp.
.................
59,940
1,281,517
Lamar
Advertising
Co.,
Class
A
.........
8,446
778,975
Life
Storage,
Inc.
...................
8,144
900,808
Medical
Properties
Trust,
Inc.
...........
58,038
664,535
Mid-America
Apartment
Communities,
Inc.
..
11,176
1,759,661
National
Retail
Properties,
Inc.
..........
17,079
717,830
Realty
Income
Corp.
.................
59,787
3,722,937
Regency
Centers
Corp.
..............
14,958
905,109
Rexford
Industrial
Realty,
Inc.
..........
16,607
918,035
SBA
Communications
Corp.,
Class
A
......
10,444
2,818,836
STORE
Capital
Corp.
................
25,811
820,790
Sun
Communities,
Inc.
...............
11,939
1,609,974
UDR,
Inc.
........................
29,590
1,176,498
Ventas,
Inc.
......................
38,696
1,514,175
VICI
Properties,
Inc.
.................
93,236
2,985,417
Vornado
Realty
Trust
................
15,664
369,514
Welltower,
Inc.
.....................
44,859
2,738,193
Weyerhaeuser
Co.
..................
71,670
2,216,753
WP
Carey,
Inc.
....................
20,093
1,533,096
55,370,395
Food
&
Staples
Retailing
—
1.1%
Albertsons
Cos.,
Inc.,
Class
A
..........
15,362
315,075
BJ's
Wholesale
Club
Holdings,
Inc.
(b)
......
13,035
1,008,909
Kroger
Co.
(The)
...................
63,038
2,981,067
Performance
Food
Group
Co.
(b)
.........
15,005
780,860
US
Foods
Holding
Corp.
(b)
.............
19,672
585,439
Walgreens
Boots
Alliance,
Inc.
..........
69,445
2,534,742
8,206,092
Food
Products
—
2.5%
Bunge
Ltd.
.......................
14,708
1,451,679
Campbell
Soup
Co.
.................
19,533
1,033,491
Conagra
Brands,
Inc.
................
46,477
1,705,706
Darling
Ingredients,
Inc.
(b)
.............
15,535
1,219,187
Hershey
Co.
(The)
..................
14,219
3,395,071
Hormel
Foods
Corp.
.................
28,024
1,301,715
JM
Smucker
Co.
(The)
...............
10,316
1,554,208
Kellogg
Co.
.......................
24,694
1,896,993
Lamb
Weston
Holdings,
Inc.
...........
13,905
1,198,889
McCormick
&
Co.,
NVS
...............
24,248
1,906,863
Tyson
Foods,
Inc.,
Class
A
............
28,038
1,916,397
18,580,199
Gas
Utilities
—
0.3%
Atmos
Energy
Corp.
.................
13,540
1,442,687
UGI
Corp.
........................
20,334
718,400
2,161,087
Health
Care
Equipment
&
Supplies
—
3.0%
ABIOMED,
Inc.
(b)
...................
4,406
1,110,664
Align
Technology,
Inc.
(b)
...............
7,032
1,366,318
Baxter
International,
Inc.
..............
48,754
2,649,780
Cooper
Cos.,
Inc.
(The)
..............
4,778
1,306,257
Dentsply
Sirona,
Inc.
................
20,852
642,659
Hologic,
Inc.
(b)
.....................
24,168
1,638,590
IDEXX
Laboratories,
Inc.
(b)
.............
8,060
2,899,021
Insulet
Corp.
(b)
.....................
6,719
1,738,944
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Novocure
Ltd.
(a)(b)
...................
8,705
$
615,095
ResMed,
Inc.
.....................
14,175
3,170,806
STERIS
plc
.......................
9,683
1,671,092
Teleflex,
Inc.
......................
4,525
970,884
Zimmer
Biomet
Holdings,
Inc.
..........
20,313
2,302,479
22,082,589
Health
Care
Providers
&
Services
—
1.8%
agilon
health,
Inc.
(a)(b)
................
18,990
376,951
AmerisourceBergen
Corp.
.............
15,048
2,365,846
Cardinal
Health,
Inc.
.................
26,373
2,001,711
Chemed
Corp.
.....................
1,451
677,428
DaVita,
Inc.
(b)
......................
5,362
391,480
Henry
Schein,
Inc.
(b)
.................
13,211
904,425
Laboratory
Corp.
of
America
Holdings
.....
8,752
1,941,719
Molina
Healthcare,
Inc.
(b)
..............
5,616
2,015,358
Quest
Diagnostics,
Inc.
...............
11,289
1,621,665
Tenet
Healthcare
Corp.
(b)
..............
463,739
Universal
Health
Services,
Inc.,
Class
B
...
6,401
741,684
13,502,006
Health
Care
Technology
—
0.3%
Veeva
Systems,
Inc.,
Class
A
(b)
.........
13,561
2,277,434
Hotels,
Restaurants
&
Leisure
—
2.4%
Aramark
.........................
24,887
908,376
Caesars
Entertainment,
Inc.
(b)
..........
20,769
908,228
Carnival
Corp.
(a)(b)
...................
95,214
862,639
Choice
Hotels
International,
Inc.
.........
2,792
362,513
Churchill
Downs,
Inc.
................
3,229
671,341
Darden
Restaurants,
Inc.
.............
11,867
1,698,642
Domino's
Pizza,
Inc.
.................
3,478
1,155,531
Expedia
Group,
Inc.
(b)
................
14,719
1,375,785
Las
Vegas
Sands
Corp.
(b)
.............
31,838
1,210,162
MGM
Resorts
International
............
31,636
1,125,293
Norwegian
Cruise
Line
Holdings
Ltd.
(a)(b)
...
40,986
692,254
Royal
Caribbean
Cruises
Ltd.
(b)
.........
21,272
1,135,499
Vail
Resorts,
Inc.
...................
3,909
856,579
Wyndham
Hotels
&
Resorts,
Inc.
........
8,696
660,287
Wynn
Resorts
Ltd.
(b)
.................
9,964
636,700
Yum!
Brands,
Inc.
..................
27,547
3,257,433
17,517,262
Household
Durables
—
1.3%
DR
Horton,
Inc.
....................
30,612
2,353,451
Garmin
Ltd.
.......................
14,946
1,315,846
Lennar
Corp.,
Class
A
................
24,646
1,988,932
Lennar
Corp.,
Class
B
...............
1,488
97,048
Mohawk
Industries,
Inc.
(b)
.............
5,077
481,046
Newell
Brands,
Inc.
.................
36,235
500,405
NVR,
Inc.
(b)
.......................
298
1,262,849
PulteGroup,
Inc.
...................
22,475
898,775
Whirlpool
Corp.
....................
5,297
732,257
9,630,609
Household
Products
—
0.5%
Church
&
Dwight
Co.,
Inc.
.............
23,516
1,743,241
Clorox
Co.
(The)
...................
11,924
1,741,381
3,484,622
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
AES
Corp.
(The)
...................
64,663
1,691,584
Vistra
Corp.
......................
38,012
873,136
2,564,720
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
—
4.7%
Aflac,
Inc.
........................
55,670
$
3,624,674
Allstate
Corp.
(The)
.................
26,167
3,303,584
American
Financial
Group,
Inc.
.........
6,778
983,556
Arch
Capital
Group
Ltd.
(a)(b)
............
35,735
2,054,762
Arthur
J
Gallagher
&
Co.
..............
20,362
3,809,323
Assurant,
Inc.
.....................
5,124
696,147
Brown
&
Brown,
Inc.
.................
22,695
1,334,239
Cincinnati
Financial
Corp.
.............
15,412
1,592,368
CNA
Financial
Corp.
.................
2,599
108,378
Erie
Indemnity
Co.,
Class
A,
NVS
........
2,419
621,707
Everest
Re
Group
Ltd.
...............
3,810
1,229,335
Fidelity
National
Financial,
Inc.
..........
26,783
1,054,714
Globe
Life,
Inc.
....................
8,765
1,012,533
Hartford
Financial
Services
Group,
Inc.
(The)
31,283
2,265,202
Lincoln
National
Corp.
...............
15,061
811,336
Loews
Corp.
......................
19,382
1,105,162
Markel
Corp.
(b)
.....................
1,309
1,578,785
Old
Republic
International
Corp.
.........
27,815
645,586
Principal
Financial
Group,
Inc.
..........
22,439
1,977,549
Reinsurance
Group
of
America,
Inc.
......
6,504
957,194
Willis
Towers
Watson
plc
..............
10,645
2,322,845
WR
Berkley
Corp.
..................
19,774
1,470,790
34,559,769
Interactive
Media
&
Services
—
0.6%
(b)
Getty
Images
Holdings,
Inc.
............
2,764
18,795
IAC,
Inc.
.........................
7,547
367,388
Match
Group,
Inc.
..................
27,409
1,184,069
Pinterest,
Inc.,
Class
A
...............
56,423
1,388,006
ZoomInfo
Technologies,
Inc.
(a)
..........
26,189
1,166,196
4,124,454
Internet
&
Direct
Marketing
Retail
—
0.6%
DoorDash,
Inc.,
Class
A
(a)(b)
............
25,317
1,102,049
eBay,
Inc.
........................
53,275
2,122,476
Etsy,
Inc.
(a)(b)
......................
12,264
1,151,712
4,376,237
IT
Services
—
2.9%
Akamai
Technologies,
Inc.
(b)
............
15,392
1,359,575
Broadridge
Financial
Solutions,
Inc.
......
11,348
1,702,881
Cloudflare,
Inc.,
Class
A
(a)(b)
............
27,399
1,543,112
Concentrix
Corp.
...................
4,136
505,543
DXC
Technology
Co.
(b)
...............
22,131
636,266
EPAM
Systems,
Inc.
(b)
................
5,554
1,943,900
FleetCor
Technologies,
Inc.
(b)
...........
7,265
1,352,162
Gartner,
Inc.
(b)
.....................
7,658
2,312,103
Genpact
Ltd.
......................
16,404
795,594
GoDaddy,
Inc.,
Class
A
(b)
..............
15,152
1,218,221
Jack
Henry
&
Associates,
Inc.
..........
7,056
1,404,567
MongoDB,
Inc.,
Class
A
(b)
.............
6,605
1,208,913
Okta,
Inc.,
Class
A
(b)
.................
14,656
822,495
SS&C
Technologies
Holdings,
Inc.
.......
21,516
1,106,353
Twilio,
Inc.,
Class
A
(b)
................
16,792
1,248,821
VeriSign,
Inc.
(b)
....................
9,036
1,811,357
20,971,863
Leisure
Products
—
0.2%
Hasbro,
Inc.
......................
12,604
822,411
Mattel,
Inc.
(b)
......................
34,132
647,143
1,469,554
Life
Sciences
Tools
&
Services
—
2.5%
Agilent
Technologies,
Inc.
.............
28,917
4,000,667
Avantor,
Inc.
(b)
.....................
65,253
1,316,153
Bio-Rad
Laboratories,
Inc.,
Class
A
(b)
......
2,082
732,260
Bio-Techne
Corp.
...................
3,805
1,127,269
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Bruker
Corp.
......................
9,785
$
605,105
Charles
River
Laboratories
International,
Inc.
(b)
4,905
1,041,086
Mettler-Toledo
International,
Inc.
(b)
.......
2,179
2,756,283
PerkinElmer,
Inc.
...................
12,220
1,632,348
Repligen
Corp.
(b)
...................
4,974
907,705
Syneos
Health,
Inc.,
Class
A
(b)
..........
9,882
497,855
Waters
Corp.
(b)
....................
5,796
1,733,989
West
Pharmaceutical
Services,
Inc.
......
7,169
1,649,587
18,000,307
Machinery
—
4.5%
AGCO
Corp.
......................
5,961
740,177
Cummins,
Inc.
.....................
13,649
3,337,317
Dover
Corp.
......................
13,896
1,816,068
Fortive
Corp.
......................
34,435
2,200,397
Graco,
Inc.
.......................
16,312
1,134,989
IDEX
Corp.
.......................
7,307
1,624,419
Ingersoll
Rand,
Inc.
.................
1,971,116
Lincoln
Electric
Holdings,
Inc.
..........
5,597
794,774
Middleby
Corp.
(The)
(b)
...............
5,241
733,006
Nordson
Corp.
.....................
5,225
1,175,625
Otis
Worldwide
Corp.
................
40,684
2,873,918
PACCAR,
Inc.
.....................
33,662
3,259,492
Parker-Hannifin
Corp.
................
12,428
3,611,825
Pentair
plc
.......................
15,999
687,157
Snap-on,
Inc.
.....................
5,164
1,146,666
Stanley
Black
&
Decker,
Inc.
...........
14,325
1,124,369
Toro
Co.
(The)
.....................
10,098
1,064,632
Westinghouse
Air
Brake
Technologies
Corp.
.
17,607
1,642,381
Xylem,
Inc.
.......................
17,443
1,786,687
32,725,015
Media
—
1.5%
Cable
One,
Inc.
....................
471
404,792
DISH
Network
Corp.,
Class
A
(b)
.........
24,523
365,638
Fox
Corp.,
Class
A,
NVS
..............
29,506
851,838
Fox
Corp.,
Class
B
..................
13,549
368,533
Interpublic
Group
of
Cos.,
Inc.
(The)
......
37,891
1,128,773
Liberty
Broadband
Corp.,
Class
A
(a)(b)
......
1,643
140,181
Liberty
Broadband
Corp.,
Class
C,
NVS
(b)
..
12,020
1,014,848
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(a)
(b)
...........................
7,177
304,592
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C,
NVS
(b)
........................
14,746
622,134
News
Corp.,
Class
A,
NVS
............
37,352
630,128
News
Corp.,
Class
B
................
11,757
201,398
Omnicom
Group,
Inc.
................
19,831
1,442,705
Paramount
Global,
Class
A
............
776
16,358
Paramount
Global,
Class
B,
NVS
........
48,973
897,185
Sirius
XM
Holdings,
Inc.
(a)
.............
67,484
407,603
Trade
Desk,
Inc.
(The),
Class
A
(b)
........
43,001
2,289,373
11,086,079
Metals
&
Mining
—
0.7%
Alcoa
Corp.
.......................
17,498
682,947
Cleveland-Cliffs,
Inc.
(a)(b)
..............
50,266
652,955
Reliance
Steel
&
Aluminum
Co.
.........
5,845
1,177,651
Royal
Gold,
Inc.
....................
6,362
604,135
Steel
Dynamics,
Inc.
.................
16,795
1,579,570
United
States
Steel
Corp.
(a)
............
22,839
465,002
5,162,260
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Annaly
Capital
Management,
Inc.
........
41,909
777,412
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
21
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Multiline
Retail
—
0.6%
Dollar
Tree,
Inc.
(b)
...................
20,434
$
3,238,789
Kohl's
Corp.
......................
12,321
369,014
Macy's,
Inc.
......................
25,968
541,433
4,149,236
Multi-Utilities
—
2.3%
Ameren
Corp.
.....................
25,013
2,039,060
CenterPoint
Energy,
Inc.
..............
60,942
1,743,551
CMS
Energy
Corp.
..................
28,094
1,602,763
Consolidated
Edison,
Inc.
.............
34,327
3,019,403
DTE
Energy
Co.
...................
18,756
2,102,735
NiSource,
Inc.
.....................
39,151
1,005,789
Public
Service
Enterprise
Group,
Inc.
.....
48,294
2,707,844
WEC
Energy
Group,
Inc.
..............
30,537
2,788,944
17,010,089
Oil,
Gas
&
Consumable
Fuels
—
5.6%
Antero
Resources
Corp.
(a)(b)
............
27,334
1,002,064
APA
Corp.
.......................
31,621
1,437,491
Cheniere
Energy,
Inc.
................
24,181
4,265,770
Chesapeake
Energy
Corp.
............
9,382
959,497
Continental
Resources,
Inc.
............
5,242
387,751
Coterra
Energy,
Inc.
.................
77,021
2,397,664
Devon
Energy
Corp.
.................
63,391
4,903,294
Diamondback
Energy,
Inc.
.............
17,208
2,703,549
EQT
Corp.
.......................
35,816
1,498,541
Hess
Corp.
.......................
26,976
3,805,774
Kinder
Morgan,
Inc.
.................
191,938
3,477,917
Marathon
Oil
Corp.
..................
65,596
1,997,398
New
Fortress
Energy,
Inc.,
Class
A
(a)
......
4,596
253,102
ONEOK,
Inc.
......................
43,260
2,566,183
Ovintiv,
Inc.
.......................
24,627
1,247,357
Phillips
66
........................
46,571
4,856,890
Southwestern
Energy
Co.
(b)
............
108,105
749,168
Targa
Resources
Corp.
...............
21,932
1,499,491
Texas
Pacific
Land
Corp.
..............
597
1,375,410
41,384,311
Personal
Products
—
0.0%
Olaplex
Holdings,
Inc.
(a)(b)
.............
8,124
35,746
Pharmaceuticals
—
0.8%
Catalent,
Inc.
(b)
....................
17,352
1,140,547
Elanco
Animal
Health,
Inc.
(b)
............
42,904
565,904
Jazz
Pharmaceuticals
plc
(b)
............
6,074
873,380
Organon
&
Co.
....................
24,569
643,216
Royalty
Pharma
plc,
Class
A
...........
35,548
1,504,391
Viatris,
Inc.
.......................
116,950
1,184,704
5,912,142
Professional
Services
—
2.0%
Booz
Allen
Hamilton
Holding
Corp.
.......
12,816
1,395,022
Clarivate
plc
(a)(b)
....................
41,497
428,664
CoStar
Group,
Inc.
(b)
.................
38,332
3,170,823
Dun
&
Bradstreet
Holdings,
Inc.
.........
20,882
268,334
Equifax,
Inc.
......................
11,849
2,008,879
Jacobs
Solutions,
Inc.
................
12,353
1,423,313
Leidos
Holdings,
Inc.
................
13,238
1,344,848
Robert
Half
International,
Inc.
...........
10,636
813,228
TransUnion
.......................
18,658
1,105,860
Verisk
Analytics,
Inc.
.................
15,199
2,778,833
14,737,804
Real
Estate
Management
&
Development
—
0.5%
(b)
CBRE
Group,
Inc.,
Class
A
............
31,092
2,205,667
Jones
Lang
LaSalle,
Inc.
..............
4,657
740,882
Zillow
Group,
Inc.,
Class
A
.............
5,677
175,590
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
Zillow
Group,
Inc.,
Class
C,
NVS
(a)
.......
15,910
$
490,982
3,613,121
Road
&
Rail
—
0.9%
AMERCO
........................
947
544,705
Avis
Budget
Group,
Inc.
(b)
.............
2,776
656,413
Hertz
Global
Holdings,
Inc.
(b)
...........
17,345
319,148
JB
Hunt
Transport
Services,
Inc.
........
8,040
1,375,403
Knight-Swift
Transportation
Holdings,
Inc.
..
15,612
749,844
Lyft,
Inc.,
Class
A
(b)
..................
29,487
431,689
Old
Dominion
Freight
Line,
Inc.
.........
8,873
2,436,526
6,513,728
Semiconductors
&
Semiconductor
Equipment
—
2.7%
Enphase
Energy,
Inc.
(b)
...............
13,113
4,025,691
Entegris,
Inc.
(a)
....................
14,444
1,145,987
First
Solar,
Inc.
(b)
...................
9,608
1,398,637
Lattice
Semiconductor
Corp.
(b)
..........
13,298
645,086
Microchip
Technology,
Inc.
.............
53,485
3,302,164
Monolithic
Power
Systems,
Inc.
.........
4,303
1,460,653
ON
Semiconductor
Corp.
(b)
............
41,941
2,576,436
Qorvo,
Inc.
(b)
......................
10,024
862,866
Skyworks
Solutions,
Inc.
..............
15,537
1,336,337
SolarEdge
Technologies,
Inc.
(b)
..........
5,363
1,233,651
Teradyne,
Inc.
.....................
15,197
1,236,276
Wolfspeed,
Inc.
(b)
...................
11,978
943,267
20,167,051
Software
—
3.9%
ANSYS,
Inc.
(b)
.....................
8,416
1,861,283
AppLovin
Corp.,
Class
A
(a)(b)
............
11,805
200,213
Aspen
Technology,
Inc.
(b)
..............
2,786
672,680
Bentley
Systems,
Inc.,
Class
B
(a)
.........
18,919
667,462
Bill.com
Holdings,
Inc.
(a)(b)
.............
9,092
1,212,509
Black
Knight,
Inc.
(b)
..................
15,055
910,376
Ceridian
HCM
Holding,
Inc.
(b)
...........
14,863
983,782
Datadog,
Inc.,
Class
A
(b)
..............
23,930
1,926,604
DocuSign,
Inc.
(b)
...................
19,405
937,262
Dynatrace,
Inc.
(b)
...................
19,364
682,387
Elastic
NV
(b)
......................
7,397
473,038
Fair
Isaac
Corp.
(b)
...................
2,449
1,172,679
Five9,
Inc.
(b)
......................
6,732
405,670
Guidewire
Software,
Inc.
(b)
.............
8,146
483,954
HubSpot,
Inc.
(b)
....................
4,649
1,378,707
Manhattan
Associates,
Inc.
(b)
...........
6,094
741,457
NortonLifeLock,
Inc.
.................
57,346
1,292,005
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
169,202
1,487,286
Paycom
Software,
Inc.
(b)
..............
4,706
1,628,276
Paylocity
Holding
Corp.
(b)
.............
3,970
920,206
PTC,
Inc.
(b)
.......................
10,219
1,204,105
RingCentral,
Inc.,
Class
A
(b)
............
7,396
262,706
Splunk,
Inc.
(b)
.....................
14,349
1,192,545
Tyler
Technologies,
Inc.
(b)
.............
4,017
1,298,817
UiPath,
Inc.,
Class
A
(b)
...............
33,379
422,244
Unity
Software,
Inc.
(a)(b)
...............
17,223
508,079
Zendesk,
Inc.
(b)
....................
11,935
915,295
Zoom
Video
Communications,
Inc.,
Class
A
(b)
21,443
1,789,204
Zscaler,
Inc.
(b)
.....................
8,109
1,249,597
28,880,428
Specialty
Retail
—
3.0%
Advance
Auto
Parts,
Inc.
..............
5,881
1,116,920
AutoNation,
Inc.
(a)(b)
.................
3,719
395,367
AutoZone,
Inc.
(b)
...................
1,887
4,779,545
Bath
&
Body
Works,
Inc.
..............
22,196
740,902
Best
Buy
Co.,
Inc.
..................
19,404
1,327,428
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
ETF
22
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Burlington
Stores,
Inc.
(b)
..............
6,368
$
910,369
CarMax,
Inc.
(b)
.....................
15,440
972,874
Five
Below,
Inc.
(a)(b)
..................
5,350
782,973
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
10,236
751,015
GameStop
Corp.,
Class
A
(a)(b)
...........
24,599
696,398
Lithia
Motors,
Inc.,
Class
A
............
2,650
525,098
Penske
Automotive
Group,
Inc.
.........
2,500
279,050
RH
(a)(b)
..........................
1,925
488,815
Ross
Stores,
Inc.
...................
33,876
3,241,594
Tractor
Supply
Co.
..................
10,746
2,361,648
Ulta
Beauty,
Inc.
(b)
..................
5,008
2,100,205
Williams-Sonoma,
Inc.
...............
6,680
827,184
22,297,385
Technology
Hardware,
Storage
&
Peripherals
—
1.3%
Dell
Technologies,
Inc.,
Class
C
.........
25,790
990,336
Hewlett
Packard
Enterprise
Co.
.........
125,787
1,794,980
HP,
Inc.
.........................
88,180
2,435,532
NetApp,
Inc.
......................
21,270
1,473,373
Pure
Storage,
Inc.,
Class
A
(b)
...........
27,038
834,393
Seagate
Technology
Holdings
plc
........
18,938
940,461
Western
Digital
Corp.
(b)
...............
30,367
1,043,714
9,512,789
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
Capri
Holdings
Ltd.
(b)
................
13,289
607,042
Deckers
Outdoor
Corp.
(b)
..............
2,575
901,070
Tapestry,
Inc.
......................
24,356
771,598
VF
Corp.
........................
32,045
905,271
3,184,981
Trading
Companies
&
Distributors
—
1.1%
Fastenal
Co.
......................
55,644
2,689,275
United
Rentals,
Inc.
(b)
................
6,765
2,135,778
Watsco,
Inc.
......................
3,204
868,156
WW
Grainger,
Inc.
(a)
.................
4,383
2,561,206
8,254,415
Security
Shares
Shares
Value
Water
Utilities
—
0.5%
American
Water
Works
Co.,
Inc.
.........
17,598
$
2,557,693
Essential
Utilities,
Inc.
................
23,135
1,023,030
3,580,723
Total
Long-Term
Investments
—
99.8%
(Cost:
$730,940,452)
.............................
731,617,044
Short-Term
Securities
Money
Market
Funds
—
3.8%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.29%
(e)
............
27,236,298
27,230,850
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.97%
..................
1,031,064
1,031,064
Total
Short-Term
Securities
—
3.8%
(Cost:
$28,259,186)
..............................
28,261,914
Total
Investments
—
103.6%
(Cost:
$759,199,638
)
.............................
759,878,958
Liabilities
in
Excess
of
Other
Assets
—
(3.6)%
............
(26,727,815)
Net
Assets
—
100.0%
..............................
$
733,151,143
(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
$
36,799,614
$
—
$
(9,559,627)
(a)
$
(3,839)
$
(5,298)
$
27,230,850
27,236,298
$
141,506
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,172,000
—
(140,936)
(a)
—
—
1,031,064
1,031,064
11,992
—
$
(3,839)
$
(5,298)
$
28,261,914
$
153,498
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
23
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
......................................................
5
12/16/22
$
971
$
28,409
S&P
Midcap
400
E-Mini
Index
.................................................
2
12/16/22
488
33,700
$
62,109
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)
......
$
—
$
—
$
62,109
$
—
$
—
$
—
$
62,109
(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
.......................
$
—
$
—
$
(192,380)
$
—
$
—
$
—
$
(192,380)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
141,120
$
—
$
—
$
—
$
141,120
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,897,005
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
ETF
24
See
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
.........................................
$
731,617,044
$
—
$
—
$
731,617,044
Short-Term
Securities
Money
Market
Funds
......................................
28,261,914
—
—
28,261,914
$
759,878,958
$
—
$
—
$
759,878,958
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
62,109
$
—
$
—
$
62,109
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.2%
Axon
Enterprise,
Inc.
(a)
...............
21,145
$
3,075,329
HEICO
Corp.
.....................
12,486
2,030,723
HEICO
Corp.,
Class
A
................
21,680
2,759,864
Howmet
Aerospace,
Inc.
..............
115,773
4,115,730
Huntington
Ingalls
Industries,
Inc.
........
5,717
1,469,669
Textron,
Inc.
......................
31,419
2,150,316
TransDigm
Group,
Inc.
...............
16,135
9,289,888
24,891,519
Air
Freight
&
Logistics
—
0.4%
CH
Robinson
Worldwide,
Inc.
(b)
.........
13,013
1,271,630
Expeditors
International
of
Washington,
Inc.
.
28,430
2,781,876
GXO
Logistics,
Inc.
(a)
................
22,613
826,279
4,879,785
Airlines
—
0.4%
Delta
Air
Lines,
Inc.
(a)
................
122,662
4,161,922
Auto
Components
—
0.5%
Aptiv
plc
(a)
........................
49,733
4,529,184
Gentex
Corp.
.....................
37,711
998,965
5,528,149
Automobiles
—
0.7%
(a)(b)
Lucid
Group,
Inc.
...................
183,392
2,620,672
Rivian
Automotive,
Inc.,
Class
A
.........
170,672
5,968,400
8,589,072
Banks
—
0.7%
First
Republic
Bank
.................
37,091
4,454,629
Signature
Bank
....................
10,876
1,724,172
SVB
Financial
Group
(a)
...............
6,108
1,410,704
Western
Alliance
Bancorp
.............
13,382
898,869
8,488,374
Beverages
—
0.4%
Brown-Forman
Corp.,
Class
A
..........
17,438
1,199,211
Brown-Forman
Corp.,
Class
B,
NVS
......
57,256
3,893,408
5,092,619
Biotechnology
—
2.8%
(a)
Alnylam
Pharmaceuticals,
Inc.
(b)
.........
37,586
7,790,074
BioMarin
Pharmaceutical,
Inc.
..........
58,081
5,031,557
Exact
Sciences
Corp.
................
55,485
1,929,768
Horizon
Therapeutics
plc
..............
72,145
4,496,077
Incyte
Corp.
......................
57,812
4,297,744
Neurocrine
Biosciences,
Inc.
...........
29,950
3,447,844
Seagen
,
Inc.
......................
42,739
5,434,691
32,427,755
Building
Products
—
2.0%
Advanced
Drainage
Systems,
Inc.
.......
20,091
2,328,145
Allegion
plc
.......................
13,818
1,447,712
AO
Smith
Corp.
....................
16,271
891,325
Builders
FirstSource
,
Inc.
(a)(b)
...........
20,943
1,291,345
Carlisle
Cos.,
Inc.
..................
16,198
3,868,083
Carrier
Global
Corp.
.................
93,729
3,726,665
Lennox
International,
Inc.
.............
3,865
902,748
Owens
Corning
....................
10,410
891,200
Trane
Technologies
plc
...............
39,341
6,280,004
Trex
Co.,
Inc.
(a)
....................
34,423
1,655,402
23,282,629
Capital
Markets
—
4.1%
Ares
Management
Corp.,
Class
A
........
48,469
3,675,404
FactSet
Research
Systems,
Inc.
.........
11,894
5,060,778
Security
Shares
Shares
Value
Capital
Markets
(continued)
KKR
&
Co.,
Inc.
....................
106,389
$
5,173,697
LPL
Financial
Holdings,
Inc.
............
24,980
6,386,137
MarketAxess
Holdings,
Inc.
............
11,786
2,876,255
Morningstar,
Inc.
...................
7,872
1,827,721
MSCI,
Inc.
.......................
25,210
11,819,961
Nasdaq,
Inc.
......................
53,306
3,317,765
Raymond
James
Financial,
Inc.
.........
36,126
4,267,926
SEI
Investments
Co.
.................
17,723
962,359
Tradeweb
Markets,
Inc.,
Class
A
.........
33,713
1,856,912
47,224,915
Chemicals
—
2.0%
Albemarle
Corp.
...................
36,678
10,265,072
DuPont
de
Nemours,
Inc.
.............
63,946
3,657,711
FMC
Corp.
.......................
16,756
1,992,288
Olin
Corp.
........................
25,462
1,348,213
PPG
Industries,
Inc.
.................
33,035
3,771,936
RPM
International,
Inc.
...............
1,912,111
Westlake
Corp.
....................
6,478
626,099
23,573,430
Commercial
Services
&
Supplies
—
1.1%
Copart
,
Inc.
(a)
.....................
66,984
7,704,500
Rollins,
Inc.
.......................
72,474
3,049,706
Tetra
Tech,
Inc.
....................
16,707
2,360,365
13,114,571
Communications
Equipment
—
1.6%
Arista
Networks,
Inc.
(a)
...............
77,180
9,327,975
Ciena
Corp.
(a)(b)
....................
27,206
1,303,168
F5,
Inc.
(a)
........................
10,843
1,549,573
Motorola
Solutions,
Inc.
..............
26,854
6,705,712
18,886,428
Construction
&
Engineering
—
0.7%
AECOM
.........................
23,840
1,794,675
Quanta
Services,
Inc.
................
20,027
2,844,635
WillScot
Mobile
Mini
Holdings
Corp.
(a)
.....
66,921
2,846,150
7,485,460
Construction
Materials
—
1.2%
Martin
Marietta
Materials,
Inc.
..........
19,532
6,562,361
Vulcan
Materials
Co.
................
41,618
6,812,867
13,375,228
Consumer
Finance
—
0.5%
Credit
Acceptance
Corp.
(a)(b)
............
1,265
589,009
Discover
Financial
Services
............
53,978
5,638,542
6,227,551
Containers
&
Packaging
—
0.8%
AptarGroup,
Inc.
...................
9,309
922,988
Avery
Dennison
Corp.
................
16,606
2,815,547
Ball
Corp.
........................
60,334
2,979,896
Crown
Holdings,
Inc.
................
20,968
1,438,195
Sealed
Air
Corp.
...................
28,807
1,371,789
9,528,415
Distributors
—
0.5%
LKQ
Corp.
.......................
41,497
2,308,893
Pool
Corp.
.......................
12,398
3,771,844
6,080,737
Diversified
Consumer
Services
—
0.2%
Bright
Horizons
Family
Solutions,
Inc.
(a)(b)
...
18,109
1,182,880
Service
Corp.
International
............
23,736
1,438,639
2,621,519
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
Growth
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
Financial
Services
—
0.4%
Apollo
Global
Management,
Inc.
.........
70,255
$
3,889,317
Voya
Financial,
Inc.
.................
9,790
669,244
4,558,561
Electric
Utilities
—
0.5%
Constellation
Energy
Corp.
............
39,477
3,732,156
NRG
Energy,
Inc.
...................
39,375
1,748,250
5,480,406
Electrical
Equipment
—
1.6%
AMETEK,
Inc.
.....................
48,160
6,244,426
Generac
Holdings,
Inc.
(a)(b)
.............
19,988
2,316,809
Hubbell,
Inc.
......................
7,205
1,711,043
Plug
Power,
Inc.
(a)
..................
163,096
2,606,274
Rockwell
Automation,
Inc.
.............
20,080
5,126,424
18,004,976
Electronic
Equipment,
Instruments
&
Components
—
3.0%
CDW
Corp.
.......................
23,251
4,018,005
Cognex
Corp.
.....................
54,307
2,510,613
Corning,
Inc.
......................
107,560
3,460,205
Keysight
Technologies,
Inc.
(a)(b)
..........
56,350
9,813,353
Teledyne
Technologies,
Inc.
(a)
...........
14,676
5,840,755
Trimble,
Inc.
(a)
.....................
77,553
4,665,588
Zebra
Technologies
Corp.,
Class
A
(a)
......
16,218
4,593,262
34,901,781
Energy
Equipment
&
Services
—
1.0%
Baker
Hughes
Co.,
Class
A
............
177,847
4,919,248
Halliburton
Co.
....................
178,256
6,492,084
11,411,332
Entertainment
—
1.5%
Electronic
Arts,
Inc.
.................
50,878
6,408,593
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(a)
..................
39,468
2,278,488
Liberty
Media
Corp-Liberty
Formula
One,
Class
A
(a)(b)
.........................
4,536
235,963
Live
Nation
Entertainment,
Inc.
(a)
........
29,735
2,367,203
Playtika
Holding
Corp.
(a)
..............
11,801
111,520
Roku,
Inc.,
Class
A
(a)(b)
...............
37,847
2,102,022
Take-Two
Interactive
Software,
Inc.
(a)
......
32,911
3,899,295
17,403,084
Equity
Real
Estate
Investment
Trusts
(REITs)
—
7.4%
Alexandria
Real
Estate
Equities,
Inc.
......
20,639
2,998,847
American
Homes
4
Rent,
Class
A
........
94,736
3,025,868
Apartment
Income
REIT
Corp.
..........
24,610
945,762
AvalonBay
Communities,
Inc.
..........
21,204
3,713,244
Brixmor
Property
Group,
Inc.
...........
35,657
759,851
Camden
Property
Trust
...............
33,359
3,854,632
CubeSmart
.......................
45,075
1,887,290
EastGroup
Properties,
Inc.
............
13,665
2,141,169
Equity
LifeStyle
Properties,
Inc.
.........
37,562
2,402,466
Equity
Residential
..................
45,307
2,855,247
Essex
Property
Trust,
Inc.
.............
9,755
2,167,951
Extra
Space
Storage,
Inc.
.............
28,727
5,097,319
Federal
Realty
Investment
Trust
.........
11,186
1,107,190
Healthpeak
Properties,
Inc.
............
99,636
2,364,362
Host
Hotels
&
Resorts,
Inc.
............
223,868
4,226,628
Invitation
Homes,
Inc.
................
181,576
5,754,143
Kilroy
Realty
Corp.
..................
14,598
623,919
Lamar
Advertising
Co.,
Class
A
.........
10,467
965,371
Life
Storage,
Inc.
...................
16,086
1,779,272
Mid-America
Apartment
Communities,
Inc.
..
21,039
3,312,591
Realty
Income
Corp.
.................
75,906
4,726,667
Regency
Centers
Corp.
..............
27,337
1,654,162
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Rexford
Industrial
Realty,
Inc.
..........
53,570
$
2,961,350
SBA
Communications
Corp.,
Class
A
......
33,782
9,117,762
Sun
Communities,
Inc.
...............
38,619
5,207,772
UDR,
Inc.
........................
60,396
2,401,345
Welltower
,
Inc.
.....................
59,799
3,650,131
Weyerhaeuser
Co.
..................
101,670
3,144,653
84,846,964
Food
&
Staples
Retailing
—
0.4%
(a)
BJ's
Wholesale
Club
Holdings,
Inc.
.......
15,654
1,211,620
Performance
Food
Group
Co.
..........
48,557
2,526,906
US
Foods
Holding
Corp.
..............
26,283
782,182
4,520,708
Food
Products
—
1.4%
Darling
Ingredients,
Inc.
(a)
.............
18,212
1,429,278
Hershey
Co.
(The)
..................
29,753
7,104,124
Hormel
Foods
Corp.
.................
41,842
1,943,561
Lamb
Weston
Holdings,
Inc.
...........
29,093
2,508,398
McCormick
&
Co.,
NVS
...............
41,340
3,250,978
16,236,339
Health
Care
Equipment
&
Supplies
—
4.8%
ABIOMED,
Inc.
(a)
...................
14,236
3,588,611
Align
Technology,
Inc.
(a)
...............
22,747
4,419,742
Baxter
International,
Inc.
..............
73,281
3,982,822
Cooper
Cos.,
Inc.
(The)
..............
15,450
4,223,875
Dentsply
Sirona,
Inc.
................
25,188
776,294
Hologic
,
Inc.
(a)
.....................
42,316
2,869,025
IDEXX
Laboratories,
Inc.
(a)
.............
26,071
9,377,217
Insulet
Corp.
(a)
.....................
21,734
5,624,977
Novocure
Ltd.
(a)
....................
28,227
1,994,520
ResMed
,
Inc.
.....................
45,853
10,256,858
STERIS
plc
.......................
31,320
5,405,206
Teleflex,
Inc.
......................
14,688
3,151,457
55,670,604
Health
Care
Providers
&
Services
—
0.5%
agilon
health,
Inc.
(a)(b)
................
61,624
1,223,237
Chemed
Corp.
(b)
...................
2,382
1,112,084
DaVita,
Inc.
(a)
......................
7,032
513,406
Molina
Healthcare,
Inc.
(a)
..............
9,191
3,298,282
6,147,009
Health
Care
Technology
—
0.6%
Veeva
Systems,
Inc.,
Class
A
(a)
.........
43,866
7,366,856
Hotels,
Restaurants
&
Leisure
—
3.1%
Caesars
Entertainment,
Inc.
(a)(b)
.........
67,144
2,936,207
Choice
Hotels
International,
Inc.
(b)
........
9,083
1,179,337
Churchill
Downs,
Inc.
................
10,398
2,161,848
Darden
Restaurants,
Inc.
.............
17,318
2,478,899
Domino's
Pizza,
Inc.
.................
11,237
3,733,381
Expedia
Group,
Inc.
(a)
................
21,789
2,036,618
MGM
Resorts
International
............
102,173
3,634,294
Royal
Caribbean
Cruises
Ltd.
(a)
.........
38,656
2,063,457
Vail
Resorts,
Inc.
...................
12,604
2,761,914
Wyndham
Hotels
&
Resorts,
Inc.
........
28,344
2,152,160
Yum!
Brands,
Inc.
..................
89,104
10,536,548
35,674,663
Household
Durables
—
0.7%
DR
Horton,
Inc.
....................
45,602
3,505,882
Garmin
Ltd.
.......................
17,872
1,573,451
NVR,
Inc.
(a)
.......................
557
2,360,426
7,439,759
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedule
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Household
Products
—
0.3%
Church
&
Dwight
Co.,
Inc.
.............
50,001
$
3,706,574
Insurance
—
2.9%
Arch
Capital
Group
Ltd.
(a)
.............
46,772
2,689,390
Arthur
J
Gallagher
&
Co.
(b)
.............
41,843
7,827,988
Assurant,
Inc.
.....................
6,908
938,521
Brown
&
Brown,
Inc.
.................
73,414
4,316,009
Cincinnati
Financial
Corp.
.............
29,457
3,043,497
Erie
Indemnity
Co.,
Class
A,
NVS
........
3,851
989,745
Everest
Re
Group
Ltd.
...............
5,883
1,898,209
Loews
Corp.
......................
27,551
1,570,958
Markel
Corp.
(a)
.....................
2,550
3,075,555
Willis
Towers
Watson
plc
..............
21,043
4,591,793
WR
Berkley
Corp.
..................
40,704
3,027,564
33,969,229
Interactive
Media
&
Services
—
1.1%
(a)
IAC,
Inc.
.........................
9,350
455,158
Match
Group,
Inc.
..................
88,617
3,828,255
Pinterest,
Inc.,
Class
A
...............
182,527
4,490,164
ZoomInfo
Technologies,
Inc.
...........
84,646
3,769,286
12,542,863
Internet
&
Direct
Marketing
Retail
—
0.6%
(a)
DoorDash
,
Inc.,
Class
A
..............
81,829
3,562,016
Etsy,
Inc.
(b)
.......................
39,647
3,723,250
7,285,266
IT
Services
—
5.0%
Akamai
Technologies,
Inc.
(a)(b)
...........
29,288
2,587,009
Broadridge
Financial
Solutions,
Inc.
......
36,709
5,508,552
Cloudflare
,
Inc.,
Class
A
(a)(b)
............
88,627
4,991,473
Concentrix
Corp.
...................
8,360
1,021,843
EPAM
Systems,
Inc.
(a)
................
17,965
6,287,750
FleetCor
Technologies,
Inc.
(a)
...........
14,605
2,718,283
Gartner,
Inc.
(a)
.....................
24,769
7,478,256
Genpact
Ltd.
......................
22,618
1,096,973
GoDaddy
,
Inc.,
Class
A
(a)
..............
48,967
3,936,947
Jack
Henry
&
Associates,
Inc.
..........
22,817
4,541,952
MongoDB,
Inc.,
Class
A
(a)(b)
............
21,331
3,904,213
Okta
,
Inc.,
Class
A
(a)
.................
47,224
2,650,211
SS&C
Technologies
Holdings,
Inc.
.......
26,756
1,375,793
Twilio
,
Inc.,
Class
A
(a)
................
54,271
4,036,134
VeriSign,
Inc.
(a)
....................
29,228
5,859,045
57,994,434
Leisure
Products
—
0.2%
Hasbro,
Inc.
......................
20,221
1,319,420
Mattel,
Inc.
(a)
......................
53,576
1,015,801
2,335,221
Life
Sciences
Tools
&
Services
—
5.0%
Agilent
Technologies,
Inc.
.............
93,540
12,941,259
Avantor
,
Inc.
(a)
.....................
211,073
4,257,342
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
......
6,712
2,360,678
Bio-
Techne
Corp.
...................
12,286
3,639,850
Bruker
Corp.
......................
31,595
1,953,835
Charles
River
Laboratories
International,
Inc.
(a)
15,928
3,380,718
Mettler
-Toledo
International,
Inc.
(a)
.......
7,048
8,915,227
PerkinElmer,
Inc.
...................
39,527
5,280,017
Repligen
Corp.
(a)
...................
16,161
2,949,221
Syneos
Health,
Inc.,
Class
A
(a)(b)
.........
11,479
578,312
Waters
Corp.
(a)
....................
18,750
5,609,437
West
Pharmaceutical
Services,
Inc.
......
23,188
5,335,559
57,201,455
Security
Shares
Shares
Value
Machinery
—
4.6%
AGCO
Corp.
(b)
.....................
6,654
$
826,227
Dover
Corp.
......................
22,741
2,972,021
Fortive
Corp.
......................
54,664
3,493,030
Graco
,
Inc.
.......................
52,958
3,684,818
IDEX
Corp.
.......................
23,635
5,254,297
Ingersoll
Rand,
Inc.
.................
126,256
6,375,928
Lincoln
Electric
Holdings,
Inc.
..........
12,270
1,742,340
Middleby
Corp.
(The)
(a)
...............
8,237
1,152,027
Nordson
Corp.
.....................
16,929
3,809,025
Otis
Worldwide
Corp.
................
69,335
4,897,824
PACCAR,
Inc.
.....................
37,319
3,613,599
Parker-Hannifin
Corp.
................
15,912
4,624,345
Pentair
plc
.......................
17,685
759,571
Toro
Co.
(The)
.....................
18,905
1,993,154
Westinghouse
Air
Brake
Technologies
Corp.
.
23,402
2,182,938
Xylem,
Inc.
.......................
56,423
5,779,408
53,160,552
Media
—
1.1%
Cable
One,
Inc.
....................
824
708,170
Liberty
Broadband
Corp.,
Class
A
(a)(b)
......
5,291
451,428
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)
..
38,804
3,276,222
Sirius
XM
Holdings,
Inc.
(b)
.............
137,555
830,832
Trade
Desk,
Inc.
(The),
Class
A
(a)
........
139,044
7,402,703
12,669,355
Metals
&
Mining
—
0.2%
Royal
Gold,
Inc.
....................
20,594
1,955,606
Multiline
Retail
—
0.5%
Dollar
Tree,
Inc.
(a)
...................
38,605
6,118,892
Multi-Utilities
—
0.2%
CMS
Energy
Corp.
..................
39,269
2,240,296
Oil,
Gas
&
Consumable
Fuels
—
3.4%
APA
Corp.
.......................
56,883
2,585,901
Cheniere
Energy,
Inc.
................
78,219
13,798,615
Coterra
Energy,
Inc.
.................
157,616
4,906,586
EQT
Corp.
.......................
69,047
2,888,927
Hess
Corp.
.......................
30,332
4,279,239
New
Fortress
Energy,
Inc.,
Class
A
(b)
......
15,044
828,473
ONEOK,
Inc.
......................
58,592
3,475,677
Targa
Resources
Corp.
...............
25,282
1,728,530
Texas
Pacific
Land
Corp.
(b)
............
1,934
4,455,685
38,947,633
Personal
Products
—
0.0%
Olaplex
Holdings,
Inc.
(a)
..............
26,161
115,108
Pharmaceuticals
—
0.5%
(a)
Catalent
,
Inc.
.....................
56,121
3,688,834
Elanco
Animal
Health,
Inc.
.............
139,896
1,845,228
5,534,062
Professional
Services
—
3.2%
Booz
Allen
Hamilton
Holding
Corp.
.......
20,551
2,236,976
Clarivate
plc
(a)(b)
....................
134,771
1,392,184
CoStar
Group,
Inc.
(a)
.................
123,990
10,256,453
Dun
&
Bradstreet
Holdings,
Inc.
(b)
........
21,169
272,022
Equifax,
Inc.
......................
38,329
6,498,299
Jacobs
Solutions,
Inc.
................
19,246
2,217,524
Robert
Half
International,
Inc.
...........
17,083
1,306,166
TransUnion
.......................
60,281
3,572,855
Verisk
Analytics,
Inc.
.................
49,151
8,986,277
36,738,756
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
Growth
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
—
0.4%
(a)
CBRE
Group,
Inc.,
Class
A
............
35,826
$
2,541,496
Zillow
Group,
Inc.,
Class
A
(b)
...........
18,281
565,431
Zillow
Group,
Inc.,
Class
C,
NVS
(b)
.......
51,945
1,603,023
4,709,950
Road
&
Rail
—
1.4%
AMERCO
........................
1,610
926,056
Avis
Budget
Group,
Inc.
(a)(b)
............
4,949
1,170,241
JB
Hunt
Transport
Services,
Inc.
........
26,007
4,449,017
Knight-Swift
Transportation
Holdings,
Inc.
(b)
.
25,126
1,206,802
Lyft,
Inc.,
Class
A
(a)(b)
.................
50,560
740,198
Old
Dominion
Freight
Line,
Inc.
(b)
........
28,702
7,881,569
16,373,883
Semiconductors
&
Semiconductor
Equipment
—
4.9%
Enphase
Energy,
Inc.
(a)
...............
42,419
13,022,633
Entegris
,
Inc.
......................
46,647
3,700,973
First
Solar,
Inc.
(a)
...................
13,948
2,030,410
Lattice
Semiconductor
Corp.
(a)
..........
43,039
2,087,822
Microchip
Technology,
Inc.
.............
173,009
10,681,576
Monolithic
Power
Systems,
Inc.
.........
13,919
4,724,804
ON
Semiconductor
Corp.
(a)
............
135,668
8,334,085
Qorvo
,
Inc.
(a)
......................
13,474
1,159,842
Skyworks
Solutions,
Inc.
..............
16,212
1,394,394
SolarEdge
Technologies,
Inc.
(a)
..........
17,422
4,007,583
Teradyne,
Inc.
.....................
49,096
3,993,960
Wolfspeed
,
Inc.
(a)
...................
14,885
1,172,194
56,310,276
Software
—
7.7%
ANSYS,
Inc.
(a)
.....................
27,265
6,029,927
AppLovin
Corp.,
Class
A
(a)(b)
............
38,608
654,792
Aspen
Technology,
Inc.
(a)(b)
.............
9,065
2,188,744
Bentley
Systems,
Inc.,
Class
B
..........
61,608
2,173,530
Bill.com
Holdings,
Inc.
(a)(b)
.............
29,386
3,918,917
Black
Knight,
Inc.
(a)
..................
48,859
2,954,504
Ceridian
HCM
Holding,
Inc.
(a)(b)
..........
47,929
3,172,421
Datadog
,
Inc.,
Class
A
(a)
..............
77,408
6,232,118
DocuSign,
Inc.
(a)
...................
62,613
3,024,208
Dynatrace
,
Inc.
(a)
...................
63,020
2,220,825
Elastic
NV
(a)
......................
23,977
1,533,329
Fair
Isaac
Corp.
(a)
...................
7,908
3,786,667
Five9,
Inc.
(a)(b)
.....................
21,874
1,318,127
Guidewire
Software,
Inc.
(a)
.............
10,619
630,875
HubSpot
,
Inc.
(a)
....................
15,037
4,459,373
Manhattan
Associates,
Inc.
(a)
...........
19,641
2,389,720
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
547,320
4,810,943
Paycom
Software,
Inc.
(a)
..............
15,221
5,266,466
Paylocity
Holding
Corp.
(a)
.............
12,810
2,969,230
PTC,
Inc.
(a)
.......................
33,106
3,900,880
RingCentral,
Inc.,
Class
A
(a)
............
24,138
857,382
Splunk
,
Inc.
(a)
.....................
46,355
3,852,564
Tyler
Technologies,
Inc.
(a)
.............
13,021
4,210,080
UiPath
,
Inc.,
Class
A
(a)(b)
..............
108,349
1,370,615
Unity
Software,
Inc.
(a)
................
56,142
1,656,189
Zendesk
,
Inc.
(a)
....................
38,663
2,965,065
Zoom
Video
Communications,
Inc.,
Class
A
(a)
69,362
5,787,565
Zscaler
,
Inc.
(a)(b)
....................
26,210
4,038,961
88,374,017
Specialty
Retail
—
4.1%
Advance
Auto
Parts,
Inc.
..............
8,850
1,680,792
AutoZone,
Inc.
(a)(b)
..................
3,683
9,328,597
Bath
&
Body
Works,
Inc.
..............
22,848
762,666
Burlington
Stores,
Inc.
(a)(b)
.............
20,692
2,958,128
CarMax,
Inc.
(a)(b)
....................
23,425
1,476,009
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Five
Below,
Inc.
(a)
...................
17,377
$
2,543,124
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
33,210
2,436,618
GameStop
Corp.,
Class
A
(a)(b)
...........
35,503
1,005,090
Lithia
Motors,
Inc.,
Class
A
............
4,273
846,695
RH
(a)
...........................
3,196
811,560
Ross
Stores,
Inc.
...................
109,579
10,485,614
Tractor
Supply
Co.
..................
20,632
4,534,295
Ulta
Beauty,
Inc.
(a)
..................
16,227
6,805,117
Williams-Sonoma,
Inc.
...............
9,532
1,180,348
46,854,653
Technology
Hardware,
Storage
&
Peripherals
—
0.4%
NetApp,
Inc.
......................
24,505
1,697,461
Pure
Storage,
Inc.,
Class
A
(a)
...........
87,138
2,689,079
4,386,540
Textiles,
Apparel
&
Luxury
Goods
—
0.6%
Capri
Holdings
Ltd.
(a)
................
14,892
680,267
Deckers
Outdoor
Corp.
(a)
..............
8,308
2,907,218
VF
Corp.
........................
103,408
2,921,276
6,508,761
Trading
Companies
&
Distributors
—
1.3%
Fastenal
Co.
......................
107,005
5,171,552
United
Rentals,
Inc.
(a)
................
11,250
3,551,737
Watsco
,
Inc.
......................
6,455
1,749,047
WW
Grainger,
Inc.
..................
8,465
4,946,523
15,418,859
Water
Utilities
—
0.6%
American
Water
Works
Co.,
Inc.
.........
34,970
5,082,540
Essential
Utilities,
Inc.
................
44,590
1,971,770
7,054,310
Total
Long-Term
Investments
—
99.9%
(Cost:
$1,223,393,703)
...........................
1,153,629,671
Short-Term
Securities
Money
Market
Funds
—
7.3%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.29%
(e)
............
83,306,010
83,289,349
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.97%
..................
1,488,534
1,488,534
Total
Short-Term
Securities
—
7.3%
(Cost:
$84,773,692)
..............................
84,777,883
Total
Investments
—
107.2%
(Cost:
$1,308,167,395
)
...........................
1,238,407,554
Liabilities
in
Excess
of
Other
Assets
—
(7.2)%
............
(83,002,816)
Net
Assets
—
100.0%
..............................
$
1,155,404,738
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedule
of
Investments
29
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
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
$
76,809,658
$
6,491,468
(a)
$
—
$
3,182
$
(14,959)
$
83,289,349
83,306,010
$
255,178
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,250,000
238,534
(a)
—
—
—
1,488,534
1,488,534
15,189
—
$
3,182
$
(14,959)
$
84,777,883
$
270,367
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
10
12/16/22
$
927
$
32,352
Xak
Technology
Equity
Index
..................................................
5
12/16/22
646
3,599
$
35,951
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)
......
$
—
$
—
$
35,951
$
—
$
—
$
—
$
35,951
(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
.......................
$
—
$
—
$
(321,356)
$
—
$
—
$
—
$
(321,356)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
112,782
$
—
$
—
$
—
$
112,782
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Mid-Cap
Growth
ETF
30
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,762,848
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
.........................................
$
1,153,629,671
$
—
$
—
$
1,153,629,671
Short-Term
Securities
Money
Market
Funds
......................................
84,777,883
—
—
84,777,883
$
1,238,407,554
$
—
$
—
$
1,238,407,554
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
35,951
$
—
$
—
$
35,951
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.5%
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
......
7,035
$
340,846
AeroVironment
,
Inc.
(a)
................
5,660
517,890
BWX
Technologies,
Inc.
..............
9,431
537,378
Cadre
Holdings,
Inc.
(b)
................
1,264
37,124
Curtiss-Wright
Corp.
.................
3,853
646,649
Ducommun,
Inc.
(a)
..................
2,498
117,931
Hexcel
Corp.
......................
19,056
1,061,419
Kaman
Corp.
.....................
3,309
106,219
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
.
16,881
187,041
Maxar
Technologies,
Inc.
(b)
............
16,893
377,390
Mercury
Systems,
Inc.
(a)
..............
4,394
212,670
Rocket
Lab
USA,
Inc.
(a)
...............
48,918
248,993
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
..
8,966
207,652
Terran
Orbital
Corp.
(a)
................
13,429
35,184
Triumph
Group,
Inc.
(a)
................
9,234
83,568
Virgin
Galactic
Holdings,
Inc.
(a)(b)
.........
50,907
235,190
Woodward,
Inc.
....................
8,735
800,999
5,754,143
Air
Freight
&
Logistics
—
0.2%
Air
Transport
Services
Group,
Inc.
(a)(b)
.....
6,266
182,967
Forward
Air
Corp.
..................
3,256
344,713
Hub
Group,
Inc.,
Class
A
(a)
.............
2,867
222,479
750,159
Airlines
—
0.2%
(a)
Allegiant
Travel
Co.
.................
3,496
262,375
Blade
Air
Mobility,
Inc.,
Class
A
..........
4,230
19,035
Frontier
Group
Holdings,
Inc.
(b)
..........
8,249
108,144
Hawaiian
Holdings,
Inc.
..............
5,290
76,335
SkyWest,
Inc.
.....................
4,720
83,449
Sun
Country
Airlines
Holdings,
Inc.
.......
7,314
119,072
668,410
Auto
Components
—
1.4%
Adient
plc
(a)(b)
......................
12,965
453,516
Autoliv
,
Inc.
.......................
7,258
583,180
Dana,
Inc.
........................
12,236
195,286
Dorman
Products,
Inc.
(a)
..............
4,356
355,537
Fox
Factory
Holding
Corp.
(a)
............
9,607
843,975
Gentherm
,
Inc.
(a)
...................
7,528
439,786
Holley,
Inc.
(a)(b)
.....................
5,829
23,199
LCI
Industries
.....................
2,690
285,436
Luminar
Technologies,
Inc.,
Class
A
(a)(b)
....
51,930
420,114
QuantumScape
Corp.,
Class
A
(a)(b)
.......
34,871
290,475
Solid
Power,
Inc.,
Class
A
(a)
............
24,842
139,364
Visteon
Corp.
(a)
....................
6,366
830,572
XPEL,
Inc.
(a)(c)
.....................
4,426
306,235
5,166,675
Automobiles
—
0.2%
Canoo
,
Inc.,
Class
A
(a)(b)
..............
35,159
48,168
Thor
Industries,
Inc.
.................
5,542
451,507
Winnebago
Industries,
Inc.
............
2,941
175,548
Workhorse
Group,
Inc.
(a)(b)
.............
36,701
99,093
774,316
Banks
—
1.9%
Amerant
Bancorp,
Inc.,
Class
A
.........
2,587
77,869
BancFirst
Corp.
....................
1,728
165,577
Bancorp,
Inc.
(The)
(a)
................
6,689
184,483
Byline
Bancorp,
Inc.
.................
1,866
43,142
Coastal
Financial
Corp.
(a)
.............
2,446
114,032
ConnectOne
Bancorp,
Inc.
............
3,405
85,295
CrossFirst
Bankshares
,
Inc.
(a)(b)
.........
4,770
66,351
Security
Shares
Shares
Value
Banks
(continued)
Dime
Community
Bancshares,
Inc.
.......
4,771
$
164,743
Eastern
Bankshares
,
Inc.
.............
36,904
707,450
FB
Financial
Corp.
..................
3,053
128,104
First
BanCorp
.....................
14,918
235,555
First
Financial
Bankshares
,
Inc.
.........
29,440
1,133,146
First
Internet
Bancorp
................
1,217
31,265
German
American
Bancorp,
Inc.
.........
2,502
98,304
Glacier
Bancorp,
Inc.
................
10,035
574,805
HarborOne
Bancorp,
Inc.
.............
5,977
91,030
Lakeland
Financial
Corp.
..............
2,700
223,155
Live
Oak
Bancshares,
Inc.
.............
7,486
243,070
Metropolitan
Bank
Holding
Corp.
(a)
.......
1,670
110,220
MVB
Financial
Corp.
................
1,311
32,460
Origin
Bancorp,
Inc.
.................
3,656
151,102
Pathward
Financial,
Inc.
..............
3,506
147,357
Peapack
-Gladstone
Financial
Corp.
......
2,030
80,327
Seacoast
Banking
Corp.
of
Florida
.......
12,168
375,991
ServisFirst
Bancshares,
Inc.
...........
11,045
832,020
Silvergate
Capital
Corp.,
Class
A
(a)
.......
7,200
408,672
Southern
First
Bancshares,
Inc.
(a)
........
1,046
46,735
Stock
Yards
Bancorp,
Inc.
.............
3,739
292,352
Triumph
Bancorp,
Inc.
(a)
..............
2,803
144,354
Veritex
Holdings,
Inc.
................
3,183
100,519
7,089,485
Beverages
—
0.7%
Boston
Beer
Co.,
Inc.
(The),
Class
A,
NVS
(a)
.
2,154
804,067
Celsius
Holdings,
Inc.
(a)(b)
..............
9,109
829,648
Coca-Cola
Consolidated,
Inc.
...........
733
356,978
Duckhorn
Portfolio,
Inc.
(The)
(a)(b)
........
9,741
142,413
MGP
Ingredients,
Inc.
................
3,497
391,839
National
Beverage
Corp.
..............
2,181
103,423
Vintage
Wine
Estates,
Inc.
(a)(b)
..........
4,709
13,044
Vita
Coco
Co.,
Inc.
(The)
(a)
.............
5,335
54,737
2,696,149
Biotechnology
—
8.7%
(a)
4D
Molecular
Therapeutics,
Inc.
.........
2,821
24,430
ACADIA
Pharmaceuticals,
Inc.
..........
16,209
259,830
Adicet
Bio,
Inc.
....................
7,154
117,969
ADMA
Biologics,
Inc.
................
40,561
114,382
Agenus,
Inc.
(b)
.....................
39,354
98,779
Agios
Pharmaceuticals,
Inc.
............
6,218
171,244
Albireo
Pharma,
Inc.
.................
3,798
77,935
Alkermes
plc
......................
37,295
846,597
Amicus
Therapeutics,
Inc.
.............
56,637
566,370
AnaptysBio
,
Inc.
(b)
..................
2,241
64,653
Anavex
Life
Sciences
Corp.
(b)
...........
5,473
66,606
Apellis
Pharmaceuticals,
Inc.
...........
21,201
1,282,448
Arcturus
Therapeutics
Holdings,
Inc.
(b)
.....
2,972
52,604
Arrowhead
Pharmaceuticals,
Inc.
........
24,055
837,355
Atara
Biotherapeutics
,
Inc.
.............
7,118
33,170
Avid
Bioservices
,
Inc.
................
13,986
236,923
Avidity
Biosciences,
Inc.
..............
11,846
169,161
Beam
Therapeutics,
Inc.
(b)
.............
4,658
205,231
BioCryst
Pharmaceuticals,
Inc.
..........
42,262
564,198
Bioxcel
Therapeutics,
Inc.
(b)
............
2,447
30,808
Blueprint
Medicines
Corp.
(b)
............
13,575
703,728
Bridgebio
Pharma,
Inc.
(b)
..............
24,138
251,759
C4
Therapeutics,
Inc.
................
3,980
38,288
CareDx
,
Inc.
(b)
.....................
12,121
241,329
Caribou
Biosciences,
Inc.
(b)
............
3,765
36,671
Catalyst
Pharmaceuticals,
Inc.
..........
14,684
203,667
Celldex
Therapeutics,
Inc.
.............
10,664
374,626
Cerevel
Therapeutics
Holdings,
Inc.
......
14,486
405,029
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Chimerix
,
Inc.
.....................
9,848
$
17,431
Chinook
Therapeutics,
Inc.
(b)
...........
9,991
217,304
Coherus
Biosciences,
Inc.
.............
14,786
128,638
Crinetics
Pharmaceuticals,
Inc.
.........
9,849
181,813
CTI
BioPharma
Corp.
(b)
...............
10,811
52,974
Cytokinetics,
Inc.
...................
21,336
931,530
Deciphera
Pharmaceuticals,
Inc.
........
11,170
181,177
Denali
Therapeutics,
Inc.
..............
24,549
704,065
Dynavax
Technologies
Corp.
(b)
..........
26,552
304,020
Editas
Medicine,
Inc.
................
5,385
67,582
Emergent
BioSolutions
,
Inc.
............
4,833
100,816
Enanta
Pharmaceuticals,
Inc.
...........
1,727
77,905
Enochian
Biosciences,
Inc.
............
4,194
8,514
Exelixis
,
Inc.
......................
73,088
1,211,799
Fate
Therapeutics,
Inc.
...............
18,698
391,162
FibroGen
,
Inc.
.....................
9,545
155,393
Foghorn
Therapeutics,
Inc.
(b)
...........
4,523
39,531
Geron
Corp.
......................
73,925
164,113
Gossamer
Bio,
Inc.
.................
11,932
132,445
Halozyme
Therapeutics,
Inc.
(b)
..........
31,261
1,494,588
Heron
Therapeutics,
Inc.
..............
22,881
88,092
Ideaya
Biosciences,
Inc.
..............
7,410
125,155
ImmunityBio
,
Inc.
...................
12,125
66,688
ImmunoGen
,
Inc.
(b)
..................
45,010
267,359
Inhibrx
,
Inc.
.......................
3,040
97,827
Inovio
Pharmaceuticals,
Inc.
(b)
..........
55,604
120,105
Insmed
,
Inc.
(b)
.....................
30,309
524,952
Intellia
Therapeutics,
Inc.
(b)
............
9,753
514,763
Ionis
Pharmaceuticals,
Inc.
(b)
...........
32,203
1,423,373
Iovance
Biotherapeutics
,
Inc.
(b)
..........
30,982
289,372
IVERIC
bio,
Inc.
....................
25,111
600,655
Janux
Therapeutics,
Inc.
(b)
.............
3,900
70,512
Karuna
Therapeutics,
Inc.
.............
6,071
1,331,613
Keros
Therapeutics,
Inc.
..............
3,702
186,359
Kezar
Life
Sciences,
Inc.
..............
11,575
86,986
Kura
Oncology,
Inc.
.................
7,753
120,327
Kymera
Therapeutics,
Inc.
.............
8,405
255,008
Ligand
Pharmaceuticals,
Inc.
...........
3,656
320,448
Lyell
Immunopharma
,
Inc.
(b)
............
32,518
191,206
Madrigal
Pharmaceuticals,
Inc.
..........
1,228
86,967
MannKind
Corp.
...................
58,260
196,919
MeiraGTx
Holdings
plc
...............
3,629
26,383
MiMedx
Group,
Inc.
.................
14,764
43,701
Mirati
Therapeutics,
Inc.
..............
7,140
480,665
Mirum
Pharmaceuticals,
Inc.
...........
2,585
58,292
Morphic
Holding,
Inc.
................
6,733
188,591
Myovant
Sciences
Ltd.
(b)
..............
9,766
261,143
Myriad
Genetics,
Inc.
................
7,295
151,298
Natera
,
Inc.
.......................
21,987
1,032,510
Nurix
Therapeutics,
Inc.
..............
5,388
68,589
Organogenesis
Holdings,
Inc.,
Class
A
....
15,757
51,683
Prometheus
Biosciences,
Inc.
..........
6,597
346,474
Protagonist
Therapeutics,
Inc.
..........
10,272
83,203
Prothena
Corp.
plc
..................
3,233
198,636
PTC
Therapeutics,
Inc.
(b)
..............
16,255
614,764
RAPT
Therapeutics,
Inc.
..............
3,007
65,613
Recursion
Pharmaceuticals,
Inc.,
Class
A
(b)
.
27,166
286,601
Relay
Therapeutics,
Inc.
..............
20,167
448,111
Replimune
Group,
Inc.
...............
3,802
69,805
Rigel
Pharmaceuticals,
Inc.
............
39,046
28,449
Sage
Therapeutics,
Inc.
..............
11,706
440,848
Sarepta
Therapeutics,
Inc.
.............
19,857
2,264,095
Seres
Therapeutics,
Inc.
(b)
.............
9,858
87,342
Sorrento
Therapeutics,
Inc.
............
89,009
139,744
SpringWorks
Therapeutics,
Inc.
.........
3,321
79,737
Security
Shares
Shares
Value
Biotechnology
(continued)
Stoke
Therapeutics,
Inc.
..............
1,666
$
24,740
Syndax
Pharmaceuticals,
Inc.
..........
12,001
275,543
Tango
Therapeutics,
Inc.
..............
9,617
77,321
TG
Therapeutics,
Inc.
................
31,078
180,874
Travere
Therapeutics,
Inc.
.............
12,556
272,214
Twist
Bioscience
Corp.
(b)
..............
12,781
419,600
Ultragenyx
Pharmaceutical,
Inc.
.........
15,878
642,424
Vanda
Pharmaceuticals,
Inc.
...........
12,952
135,607
Vaxart
,
Inc.
.......................
15,975
26,678
Veracyte
,
Inc.
.....................
16,163
325,038
Vericel
Corp.
......................
10,674
286,917
Xencor
,
Inc.
(b)
.....................
13,569
379,932
Y-
mAbs
Therapeutics,
Inc.
.............
4,221
15,238
32,181,679
Building
Products
—
1.3%
AAON,
Inc.
.......................
9,556
616,266
Armstrong
World
Industries,
Inc.
.........
795,828
AZEK
Co.,
Inc.
(The),
Class
A
(a)(b)
........
24,824
434,668
Gibraltar
Industries,
Inc.
(a)
.............
3,264
166,725
Hayward
Holdings,
Inc.
(a)(b)
.............
23,003
212,778
Insteel
Industries,
Inc.
................
1,895
49,933
JELD-WEN
Holding,
Inc.
(a)
.............
6,692
71,002
Masonite
International
Corp.
(a)
..........
2,744
196,278
PGT
Innovations,
Inc.
(a)
...............
5,576
118,825
Resideo
Technologies,
Inc.
(a)
...........
16,579
391,596
Simpson
Manufacturing
Co.,
Inc.
........
9,810
838,559
Tecnoglass
,
Inc.
....................
4,463
91,625
UFP
Industries,
Inc.
.................
7,368
524,823
Zurn
Elkay
Water
Solutions
Corp.
........
20,996
493,196
5,002,102
Capital
Markets
—
1.5%
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
7,194
205,101
AssetMark
Financial
Holdings,
Inc.
(a)
......
2,802
58,029
Blue
Owl
Capital,
Inc.,
Class
A
..........
76,576
767,291
Bridge
Investment
Group
Holdings,
Inc.,
Class
A
...........................
3,229
50,566
Brightsphere
Investment
Group,
Inc.
......
7,441
140,040
Cohen
&
Steers,
Inc.
................
5,647
339,724
Focus
Financial
Partners,
Inc.,
Class
A
(a)(b)
..
7,027
244,469
Forge
Global
Holdings,
Inc.
(a)
...........
23,416
36,295
Freedom
Holding
Corp.
(a)(b)
............
3,784
209,861
GCM
Grosvenor,
Inc.,
Class
A
..........
6,407
52,986
Hamilton
Lane,
Inc.,
Class
A
...........
7,982
477,483
Houlihan
Lokey
,
Inc.,
Class
A
...........
6,413
572,809
Interactive
Brokers
Group,
Inc.,
Class
A
....
14,335
1,148,950
Open
Lending
Corp.,
Class
A
(a)
..........
24,112
172,883
P10,
Inc.,
Class
A
..................
7,661
79,598
Piper
Sandler
Cos.
..................
1,839
235,337
PJT
Partners,
Inc.,
Class
A
............
5,501
409,274
StepStone
Group,
Inc.,
Class
A
.........
4,469
131,925
Virtus
Investment
Partners,
Inc.
.........
826
141,651
5,474,272
Chemicals
—
2.4%
Amyris
,
Inc.
(a)(b)
....................
51,957
145,999
Ashland,
Inc.
......................
6,801
713,561
Aspen
Aerogels,
Inc.
(a)(b)
..............
6,671
84,588
Avient
Corp.
......................
12,155
419,226
Axalta
Coating
Systems
Ltd.
(a)(b)
.........
26,701
622,667
Balchem
Corp.
....................
7,286
1,018,583
Chase
Corp.
......................
813
76,593
Danimer
Scientific,
Inc.,
Class
A
(a)(b)
.......
20,466
53,621
Ecovyst
,
Inc.
(a)
.....................
10,624
105,709
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Chemicals
(continued)
Element
Solutions,
Inc.
...............
30,627
$
526,784
Ginkgo
Bioworks
Holdings,
Inc.,
Class
A
(a)(b)
.
187,730
512,503
Hawkins,
Inc.
.....................
4,307
193,944
HB
Fuller
Co.
.....................
7,059
492,083
Huntsman
Corp.
...................
14,859
397,627
Innospec
,
Inc.
.....................
3,264
326,367
Intrepid
Potash,
Inc.
(a)
................
1,407
63,667
Kronos
Worldwide,
Inc.
...............
1,605
15,248
Livent
Corp.
(a)
.....................
40,711
1,285,246
LSB
Industries,
Inc.
(a)
................
4,109
72,442
Perimeter
Solutions
SA
(a)
..............
34,533
275,919
Quaker
Chemical
Corp.
..............
3,089
502,395
Scotts
Miracle-
Gro
Co.
(The)
...........
3,502
160,777
Sensient
Technologies
Corp.
...........
4,696
335,576
Stepan
Co.
.......................
2,167
226,321
Valvoline,
Inc.
.....................
15,353
450,764
9,078,210
Commercial
Services
&
Supplies
—
1.5%
ACV
Auctions,
Inc.,
Class
A
(a)(b)
..........
26,140
238,397
Aris
Water
Solution,
Inc.,
Class
A
........
5,686
96,832
Brady
Corp.,
Class
A,
NVS
............
3,668
167,811
Brink's
Co.
(The)
...................
5,779
344,602
Casella
Waste
Systems,
Inc.,
Class
A
(a)
....
11,505
941,224
Clean
Harbors,
Inc.
(a)(b)
...............
6,722
823,176
Driven
Brands
Holdings,
Inc.
(a)(b)
.........
12,558
401,605
Harsco
Corp.
(a)
....................
6,933
36,675
Heritage-Crystal
Clean,
Inc.
(a)
...........
1,863
51,177
IAA,
Inc.
(a)
........................
19,099
724,425
KAR
Auction
Services,
Inc.
(a)(b)
..........
11,585
168,330
MillerKnoll
,
Inc.
....................
7,679
162,641
Montrose
Environmental
Group,
Inc.
(a)
.....
3,314
145,087
MSA
Safety,
Inc.
...................
4,082
547,968
Steelcase,
Inc.,
Class
A
..............
7,767
60,350
Stericycle,
Inc.
(a)
...................
7,521
335,286
UniFirst
Corp.
.....................
1,576
290,000
Viad
Corp.
(a)
......................
3,330
124,142
VSE
Corp.
.......................
985
45,596
5,705,324
Communications
Equipment
—
1.2%
(a)
Calix,
Inc.
........................
12,900
949,956
Cambium
Networks
Corp.
(b)
............
2,560
49,536
Casa
Systems,
Inc.
.................
3,995
12,584
Clearfield,
Inc.
.....................
2,619
318,130
Digi
International,
Inc.
(b)
...............
4,747
191,447
Extreme
Networks,
Inc.
...............
18,667
334,886
Harmonic,
Inc.
.....................
23,949
370,012
Infinera
Corp.
(b)
....................
42,774
239,962
Lumentum
Holdings,
Inc.
..............
8,172
608,405
NetScout
Systems,
Inc.
...............
6,490
233,121
Viasat
,
Inc.
(b)
......................
17,132
701,727
Viavi
Solutions,
Inc.
.................
29,322
442,762
4,452,528
Construction
&
Engineering
—
1.5%
Ameresco
,
Inc.,
Class
A
(a)
.............
7,652
462,793
API
Group
Corp.
(a)
..................
28,033
462,264
Arcosa
,
Inc.
......................
6,185
397,077
Comfort
Systems
USA,
Inc.
............
3,818
470,683
Construction
Partners,
Inc.,
Class
A
(a)
.....
9,316
290,100
Dycom
Industries,
Inc.
(a)
..............
3,078
363,758
EMCOR
Group,
Inc.
.................
4,592
647,931
Fluor
Corp.
(a)
......................
15,994
483,978
Granite
Construction,
Inc.
.............
3,248
109,555
Great
Lakes
Dredge
&
Dock
Corp.
(a)(b)
.....
4,828
36,500
Security
Shares
Shares
Value
Construction
&
Engineering
(continued)
IES
Holdings,
Inc.
(a)
.................
714
$
23,591
MasTec
,
Inc.
(a)(b)
....................
5,090
392,337
MYR
Group,
Inc.
(a)
..................
2,022
176,945
NV5
Global,
Inc.
(a)
..................
2,831
410,354
Valmont
Industries,
Inc.
...............
2,624
837,633
5,565,499
Construction
Materials
—
0.3%
Eagle
Materials,
Inc.
.................
6,041
738,875
Summit
Materials,
Inc.,
Class
A
(a)
........
17,071
449,821
1,188,696
Consumer
Finance
—
0.6%
Atlanticus
Holdings
Corp.
(a)(b)
...........
461
13,166
Encore
Capital
Group,
Inc.
(a)(b)
..........
2,270
115,588
FirstCash
Holdings,
Inc.
..............
3,404
335,124
Green
Dot
Corp.,
Class
A
(a)
............
3,604
68,584
LendingClub
Corp.
(a)
.................
12,726
135,404
Moneylion
,
Inc.,
Class
A
(a)(b)
............
26,948
30,182
Nelnet,
Inc.,
Class
A
.................
2,708
241,256
SoFi
Technologies,
Inc.
(a)(b)
............
184,061
1,001,292
Upstart
Holdings,
Inc.
(a)(b)
..............
15,899
368,539
World
Acceptance
Corp.
(a)(b)
............
401
32,569
2,341,704
Containers
&
Packaging
—
0.3%
Graphic
Packaging
Holding
Co.
.........
37,042
850,485
Myers
Industries,
Inc.
................
5,956
120,847
Pactiv
Evergreen,
Inc.
...............
3,989
43,520
Ranpak
Holdings
Corp.,
Class
A
(a)(b)
......
8,809
33,474
1,048,326
Distributors
—
0.0%
Funko
,
Inc.,
Class
A
(a)(b)
...............
3,787
78,202
Diversified
Consumer
Services
—
1.1%
American
Public
Education,
Inc.
(a)
........
1,730
22,161
Carriage
Services,
Inc.
...............
1,270
31,001
Chegg
,
Inc.
(a)(b)
....................
28,679
618,606
Coursera,
Inc.
(a)(b)
...................
19,162
246,998
Duolingo
,
Inc.,
Class
A
(a)
..............
5,639
461,496
European
Wax
Center,
Inc.,
Class
A
......
5,639
81,089
Frontdoor
,
Inc.
(a)
....................
7,280
160,597
Grand
Canyon
Education,
Inc.
(a)
.........
4,661
469,036
H&R
Block,
Inc.
....................
18,002
740,782
Laureate
Education,
Inc.
..............
9,487
119,916
Mister
Car
Wash,
Inc.
(a)(b)
..............
17,992
158,869
OneSpaWorld
Holdings
Ltd.
(a)(b)
.........
13,163
119,388
PowerSchool
Holdings,
Inc.,
Class
A
(a)
.....
3,794
75,880
Rover
Group,
Inc.,
Class
A
(a)(b)
..........
21,599
94,820
Strategic
Education,
Inc.
..............
2,252
155,388
Stride,
Inc.
(a)
......................
6,112
204,813
Udemy
,
Inc.
(a)
.....................
14,720
214,176
3,975,016
Diversified
Financial
Services
—
0.1%
Cannae
Holdings,
Inc.
(a)(b)
.............
9,787
226,667
Diversified
Telecommunication
Services
—
0.7%
Anterix
,
Inc.
(a)
.....................
2,210
84,754
AST
SpaceMobile
,
Inc.,
Class
A
(a)(b)
.......
9,916
71,693
Bandwidth,
Inc.,
Class
A
(a)(b)
............
4,841
57,463
Cogent
Communications
Holdings,
Inc.
....
5,927
311,227
Globalstar
,
Inc.
(a)(b)
..................
160,602
348,506
IDT
Corp.,
Class
B
(a)
.................
1,874
48,836
Iridium
Communications,
Inc.
(a)
..........
28,812
1,484,682
Liberty
Latin
America
Ltd.,
Class
A
(a)
......
3,746
29,144
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
Telecommunication
Services
(continued)
Liberty
Latin
America
Ltd.,
Class
C,
NVS
(a)
..
14,474
$
112,752
Radius
Global
Infrastructure,
Inc.
(a)(b)
......
17,342
162,148
2,711,205
Electric
Utilities
—
0.1%
MGE
Energy,
Inc.
...................
3,363
228,987
Otter
Tail
Corp.
....................
4,014
270,624
499,611
Electrical
Equipment
—
1.9%
Acuity
Brands,
Inc.
..................
2,989
548,691
Allied
Motion
Technologies,
Inc.
.........
3,213
108,664
Array
Technologies,
Inc.
(a)
.............
10,591
191,697
Babcock
&
Wilcox
Enterprises,
Inc.
(a)
......
16,818
76,690
Blink
Charging
Co.
(a)(b)
................
5,033
74,488
Bloom
Energy
Corp.,
Class
A
(a)
..........
39,892
746,379
ChargePoint
Holdings,
Inc.,
Class
A
(a)(b)
....
58,935
823,911
Encore
Wire
Corp.
..................
1,839
253,028
EnerSys
.........................
3,398
225,253
Fluence
Energy,
Inc.,
Class
A
(a)(b)
........
4,278
63,871
FuelCell
Energy,
Inc.
(a)(b)
..............
88,383
275,755
Shoals
Technologies
Group,
Inc.,
Class
A
(a)(b)
24,036
555,472
Stem,
Inc.
(a)
.......................
32,847
446,719
SunPower
Corp.
(a)
..................
19,332
357,449
Sunrun
,
Inc.
(a)
.....................
48,044
1,081,471
TPI
Composites,
Inc.
(a)
...............
3,118
31,055
Vertiv
Holdings
Co.,
Class
A
...........
68,526
980,607
Vicor
Corp.
(a)
......................
5,027
240,140
7,081,340
Electronic
Equipment,
Instruments
&
Components
—
2.2%
908
Devices,
Inc.
(a)(b)
.................
4,858
77,679
Advanced
Energy
Industries,
Inc.
........
3,416
268,668
Aeva
Technologies,
Inc.
(a)
.............
23,307
46,614
AEye
,
Inc.,
Class
A
(a)
................
26,919
23,433
Badger
Meter,
Inc.
..................
6,637
746,530
Belden,
Inc.
......................
3,324
231,450
Benchmark
Electronics,
Inc.
...........
3,201
90,876
Cepton
,
Inc.
(a)
.....................
5,588
12,294
Coherent
Corp.
(a)
...................
11,819
397,237
CTS
Corp.
.......................
7,270
287,310
ePlus
,
Inc.
(a)
......................
3,446
167,889
Fabrinet
(a)
........................
4,273
488,831
FARO
Technologies,
Inc.
(a)
.............
4,202
122,740
IPG
Photonics
Corp.
(a)
...............
2,847
243,874
Itron
,
Inc.
(a)
.......................
10,225
499,900
Knowles
Corp.
(a)
...................
9,491
130,501
Lightwave
Logic,
Inc.
(a)(b)
..............
25,494
215,934
Littelfuse
,
Inc.
(b)
....................
5,606
1,234,722
MicroVision
,
Inc.
(a)(b)
.................
16,411
60,064
Mirion
Technologies,
Inc.,
Class
A
(a)
......
12,536
101,291
Napco
Security
Technologies,
Inc.
(a)(b)
.....
6,589
187,259
National
Instruments
Corp.
............
17,264
659,140
nLight
,
Inc.
(a)
......................
10,400
112,008
Novanta
,
Inc.
(a)
....................
8,083
1,142,936
Ouster,
Inc.,
Class
A
(a)(b)
..............
21,882
27,353
PAR
Technology
Corp.
(a)(b)
.............
6,194
178,263
Plexus
Corp.
(a)
.....................
3,554
349,714
SmartRent
,
Inc.,
Class
A
(a)
.............
27,334
75,169
Velodyne
Lidar,
Inc.
(a)(b)
...............
26,110
25,784
Vishay
Precision
Group,
Inc.
(a)
..........
1,424
48,060
8,253,523
Energy
Equipment
&
Services
—
1.4%
Cactus,
Inc.,
Class
A
................
13,737
710,478
ChampionX
Corp.
..................
25,820
738,968
Security
Shares
Shares
Value
Energy
Equipment
&
Services
(continued)
Core
Laboratories
NV
(b)
...............
10,566
$
205,614
DMC
Global,
Inc.
(a)
..................
4,339
93,896
Dril
-Quip,
Inc.
(a)
....................
5,220
129,874
Liberty
Energy,
Inc.,
Class
A
(a)
..........
36,153
611,347
Nabors
Industries
Ltd.
(a)
..............
937
163,066
Noble
Corp.
plc
(a)(b)
..................
9,300
335,172
Oceaneering
International,
Inc.
(a)
........
13,494
188,781
Patterson-UTI
Energy,
Inc.
............
49,149
867,480
ProPetro
Holding
Corp.
(a)
..............
13,608
161,119
RPC,
Inc.
........................
19,024
211,737
Select
Energy
Services,
Inc.,
Class
A
(a)
....
8,361
80,684
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
..
7,693
104,779
TETRA
Technologies,
Inc.
(a)
............
26,377
130,302
Weatherford
International
plc
(a)
..........
8,206
342,026
5,075,323
Entertainment
—
0.7%
IMAX
Corp.
(a)(b)
....................
135,320
Liberty
Media
Corp.-Liberty
Braves,
Class
A
(a)
1,504
47,963
Liberty
Media
Corp.-Liberty
Braves,
Class
C,
NVS
(a)(b)
.......................
8,372
260,871
Madison
Square
Garden
Entertainment
Corp.
(a)
(b)
...........................
2,418
118,554
Madison
Square
Garden
Sports
Corp.
.....
2,749
430,521
Playstudios
,
Inc.,
Class
A
(a)
............
19,124
86,249
Warner
Music
Group
Corp.,
Class
A
(b)
.....
26,441
687,995
World
Wrestling
Entertainment,
Inc.,
Class
A
9,792
772,491
2,539,964
Equity
Real
Estate
Investment
Trusts
(REITs)
—
5.8%
Acadia
Realty
Trust
(b)
................
8,626
120,505
Agree
Realty
Corp.
.................
10,038
689,611
Alexander
&
Baldwin,
Inc.
.............
16,609
323,543
American
Assets
Trust,
Inc.
............
5,940
163,231
Apartment
Investment
and
Management
Co.,
Class
A
.......................
19,454
154,465
Apple
Hospitality
REIT,
Inc.
............
48,193
825,064
Broadstone
Net
Lease,
Inc.
............
25,693
440,378
Centerspace
......................
1,452
100,624
Chatham
Lodging
Trust
(a)
.............
4,047
52,490
City
Office
REIT,
Inc.
................
4,787
50,838
Community
Healthcare
Trust,
Inc.
........
5,206
180,128
Corporate
Office
Properties
Trust
........
17,258
459,926
Cousins
Properties,
Inc.
..............
13,107
311,422
CTO
Realty
Growth,
Inc.
..............
3,594
72,239
DiamondRock
Hospitality
Co.
...........
47,882
447,218
Douglas
Emmett,
Inc.
................
13,387
235,477
Easterly
Government
Properties,
Inc.
.....
11,874
206,489
EPR
Properties
....................
8,740
337,364
Essential
Properties
Realty
Trust,
Inc.
.....
19,169
412,517
Farmland
Partners,
Inc.
..............
7,575
106,126
First
Industrial
Realty
Trust,
Inc.
(b)
........
20,397
971,509
Four
Corners
Property
Trust,
Inc.
........
11,665
298,857
Gladstone
Commercial
Corp.
...........
3,827
67,317
Gladstone
Land
Corp.
...............
5,071
103,195
Global
Medical
REIT,
Inc.
.............
7,844
71,694
Global
Net
Lease,
Inc.
...............
7,992
97,902
Healthcare
Realty
Trust,
Inc.,
Class
A
.....
37,892
770,344
Hudson
Pacific
Properties,
Inc.
..........
14,100
155,664
Independence
Realty
Trust,
Inc.
.........
50,375
844,285
Indus
Realty
Trust,
Inc.
...............
1,135
58,782
Innovative
Industrial
Properties,
Inc.
......
6,355
686,976
InvenTrust
Properties
Corp.
............
8,288
208,858
Kite
Realty
Group
Trust
...............
26,882
527,962
LXP
Industrial
Trust
.................
34,320
332,218
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
35
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Macerich
Co.
(The)
.................
28,491
$
317,105
National
Storage
Affiliates
Trust
.........
19,392
827,263
NETSTREIT
Corp.
..................
11,442
215,338
NexPoint
Residential
Trust,
Inc.
.........
3,512
160,147
One
Liberty
Properties,
Inc.
............
1,360
30,654
Orion
Office
REIT,
Inc.
...............
13,004
121,848
Outfront
Media,
Inc.
.................
21,861
394,591
Pebblebrook
Hotel
Trust
..............
29,785
477,751
Phillips
Edison
&
Co.,
Inc.
.............
16,680
502,735
Physicians
Realty
Trust
...............
22,277
335,492
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
..
8,651
90,403
Plymouth
Industrial
REIT,
Inc.
..........
4,265
78,647
Rayonier,
Inc.
.....................
33,171
1,117,863
Retail
Opportunity
Investments
Corp.
.....
14,941
216,346
RLJ
Lodging
Trust
..................
24,525
298,469
RPT
Realty
.......................
10,274
95,548
Ryman
Hospitality
Properties,
Inc.
.......
12,501
1,111,589
Safehold
,
Inc.
.....................
4,016
117,468
Saul
Centers,
Inc.
..................
1,431
58,599
Service
Properties
Trust
..............
16,922
137,237
SITE
Centers
Corp.
.................
18,587
230,107
Spirit
Realty
Capital,
Inc.
..............
13,408
520,633
STAG
Industrial,
Inc.
................
25,283
798,690
Sunstone
Hotel
Investors,
Inc.
..........
48,396
539,615
Tanger
Factory
Outlet
Centers,
Inc.
.......
10,241
184,440
Terreno
Realty
Corp.
................
15,103
862,985
UMH
Properties,
Inc.
................
4,365
76,562
Uniti
Group,
Inc.
...................
16,959
131,602
Universal
Health
Realty
Income
Trust
.....
1,261
61,373
Urban
Edge
Properties
...............
16,014
226,118
Urstadt
Biddle
Properties,
Inc.,
Class
A
....
2,322
43,514
Xenia
Hotels
&
Resorts,
Inc.
...........
25,948
443,192
21,709,142
Food
&
Staples
Retailing
—
0.5%
Andersons,
Inc.
(The)
................
3,128
110,325
Casey's
General
Stores,
Inc.
...........
4,526
1,053,245
Chefs'
Warehouse,
Inc.
(The)
(a)
.........
3,426
125,494
Grocery
Outlet
Holding
Corp.
(a)
..........
9,834
339,961
Ingles
Markets,
Inc.,
Class
A
...........
1,526
144,009
PriceSmart
,
Inc.
....................
2,332
149,178
1,922,212
Food
Products
—
1.4%
Benson
Hill,
Inc.
(a)(b)
.................
28,427
96,368
Beyond
Meat,
Inc.
(a)(b)
................
13,728
215,530
BRC,
Inc.,
Class
A
(a)(b)
................
7,978
57,841
Calavo
Growers,
Inc.
................
1,311
45,348
Cal-Maine
Foods,
Inc.
................
8,648
488,698
Freshpet
,
Inc.
(a)(b)
...................
10,854
639,843
Hain
Celestial
Group,
Inc.
(The)
(a)
........
7,273
136,078
Hostess
Brands,
Inc.,
Class
A
(a)
.........
21,449
567,970
J
&
J
Snack
Foods
Corp.
..............
2,028
299,353
Lancaster
Colony
Corp.
..............
2,654
478,463
Local
Bounti
Corp.
(a)(b)
................
8,494
25,142
Mission
Produce,
Inc.
(a)
...............
3,774
62,799
Pilgrim's
Pride
Corp.
(a)
...............
3,611
83,234
Post
Holdings,
Inc.
(a)(b)
................
6,563
593,426
Seaboard
Corp.
....................
32
119,884
Simply
Good
Foods
Co.
(The)
(a)
.........
19,344
740,875
Sovos
Brands,
Inc.
(a)
.................
8,793
121,871
Tattooed
Chef,
Inc.,
Class
A
(a)(b)
.........
10,880
51,680
Tootsie
Roll
Industries,
Inc.
............
4,061
164,024
Utz
Brands,
Inc.,
Class
A
(b)
............
5,407
87,647
Security
Shares
Shares
Value
Food
Products
(continued)
Vital
Farms,
Inc.
(a)
..................
5,987
$
79,268
5,155,342
Gas
Utilities
—
0.2%
Chesapeake
Utilities
Corp.
............
1,897
235,949
ONE
Gas,
Inc.
.....................
5,013
388,407
624,356
Health
Care
Equipment
&
Supplies
—
6.8%
Alphatec
Holdings,
Inc.
(a)
..............
15,997
163,809
AngioDynamics
,
Inc.
(a)
...............
3,800
53,542
Artivion
,
Inc.
(a)
.....................
3,358
37,475
AtriCure
,
Inc.
(a)
....................
10,536
443,776
Atrion
Corp.
......................
308
184,895
Avanos
Medical,
Inc.
(a)
...............
5,107
113,120
Axonics
,
Inc.
(a)
.....................
11,164
816,535
BioLife
Solutions,
Inc.
(a)(b)
..............
3,794
89,235
Bioventus
,
Inc.,
Class
A
(a)
.............
3,032
24,680
Butterfly
Network,
Inc.,
Class
A
(a)(b)
.......
32,828
160,857
Cardiovascular
Systems,
Inc.
(a)
..........
3,888
56,143
Cerus
Corp.
(a)
.....................
40,475
148,139
CONMED
Corp.
....................
6,927
552,290
Cutera
,
Inc.
(a)(b)
....................
4,048
186,087
Enovis
Corp.
(a)
.....................
5,363
265,200
Envista
Holdings
Corp.
(a)(b)
.............
23,277
768,374
Establishment
Labs
Holdings,
Inc.
(a)(b)
.....
4,985
281,104
Figs,
Inc.,
Class
A
(a)(b)
................
28,729
212,020
Glaukos
Corp.
(a)
....................
10,808
606,005
Globus
Medical,
Inc.,
Class
A
(a)(b)
........
17,452
1,169,284
Haemonetics
Corp.
(a)(b)
...............
5,289
449,301
Heska
Corp.
(a)
.....................
2,319
166,411
ICU
Medical,
Inc.
(a)
..................
2,655
394,029
Inari
Medical,
Inc.
(a)(b)
................
10,918
839,922
Inspire
Medical
Systems,
Inc.
(a)
.........
6,262
1,220,777
Integer
Holdings
Corp.
(a)
..............
3,707
231,057
Integra
LifeSciences
Holdings
Corp.
(a)(b)
....
16,449
826,562
iRadimed
Corp.
....................
1,643
47,729
iRhythm
Technologies,
Inc.
(a)
...........
6,820
869,482
Lantheus
Holdings,
Inc.
(a)
.............
15,573
1,152,246
LeMaitre
Vascular,
Inc.
...............
4,377
189,962
LivaNova
plc
(a)
.....................
4,701
221,417
Masimo
Corp.
(a)
....................
5,876
773,282
Meridian
Bioscience,
Inc.
(a)
............
9,973
318,837
Merit
Medical
Systems,
Inc.
(a)
...........
12,850
883,695
Mesa
Laboratories,
Inc.
..............
1,138
150,455
Neogen
Corp.
(a)
....................
49,006
646,879
Nevro
Corp.
(a)
.....................
8,052
308,714
NuVasive
,
Inc.
(a)
....................
8,358
368,839
Omnicell
,
Inc.
(a)
....................
10,061
777,917
Orthofix
Medical,
Inc.
(a)(b)
..............
4,524
72,655
OrthoPediatrics
Corp.
(a)(b)
..............
3,245
137,880
Outset
Medical,
Inc.
(a)(b)
...............
10,918
169,666
Paragon
28,
Inc.
(a)
..................
5,842
116,665
Penumbra,
Inc.
(a)(b)
..................
8,596
1,473,956
PROCEPT
BioRobotics
Corp.
(a)(b)
........
7,421
337,136
Pulmonx
Corp.
(a)(b)
..................
8,417
112,451
Senseonics
Holdings,
Inc.
(a)(b)
...........
106,795
126,018
Shockwave
Medical,
Inc.
(a)
.............
8,147
2,388,293
SI-BONE,
Inc.
(a)
....................
6,919
134,505
Silk
Road
Medical,
Inc.
(a)
..............
8,013
353,213
STAAR
Surgical
Co.
(a)
................
10,920
773,900
Surmodics
,
Inc.
(a)
...................
3,239
110,579
Tandem
Diabetes
Care,
Inc.
(a)(b)
.........
14,535
816,140
TransMedics
Group,
Inc.
(a)
.............
7,154
344,966
Treace
Medical
Concepts,
Inc.
(a)
.........
7,195
176,134
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
36
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
UFP
Technologies,
Inc.
(a)
..............
1,572
$
147,532
ViewRay
,
Inc.
(a)
....................
33,207
142,458
25,104,230
Health
Care
Providers
&
Services
—
3.9%
1Life
Healthcare,
Inc.
(a)
...............
22,318
381,638
Acadia
Healthcare
Co.,
Inc.
(a)
...........
13,466
1,094,786
Accolade,
Inc.
(a)
....................
5,438
58,622
AdaptHealth
Corp.
(a)(b)
................
9,913
226,016
Addus
HomeCare
Corp.
(a)
.............
3,656
374,448
Agiliti
,
Inc.
(a)(b)
.....................
7,628
133,261
AirSculpt
Technologies,
Inc.
............
2,083
14,123
Alignment
Healthcare,
Inc.
(a)
...........
7,509
99,419
Amedisys
,
Inc.
(a)
...................
7,347
716,994
AMN
Healthcare
Services,
Inc.
(a)
.........
3,765
472,507
Apollo
Medical
Holdings,
Inc.
(a)(b)
.........
8,931
316,693
Cano
Health,
Inc.,
Class
A
(a)
............
39,173
140,239
CareMax
,
Inc.,
Class
A
(a)
..............
15,568
109,599
Castle
Biosciences,
Inc.
(a)
.............
5,655
144,316
Clover
Health
Investments
Corp.
(a)(b)
......
30,861
48,760
CorVel
Corp.
(a)
.....................
2,085
342,378
DocGo
,
Inc.
(a)
.....................
18,453
182,685
Encompass
Health
Corp.
.............
8,869
482,828
Ensign
Group,
Inc.
(The)
..............
12,525
1,124,495
Guardant
Health,
Inc.
(a)(b)
..............
23,146
1,145,727
HealthEquity
,
Inc.
(a)
..................
19,141
1,491,275
Hims
&
Hers
Health,
Inc.,
Class
A
(a)
.......
15,992
72,604
Innovage
Holding
Corp.
(a)(b)
............
4,214
26,085
Invitae
Corp.
(a)(b)
....................
16,785
43,305
Joint
Corp.
(The)
(a)
..................
3,293
54,400
LifeStance
Health
Group,
Inc.
(a)(b)
........
21,418
161,706
ModivCare
,
Inc.
(a)
...................
1,185
115,229
National
Research
Corp.
..............
2,120
86,348
Oak
Street
Health,
Inc.
(a)(b)
.............
26,305
532,150
Option
Care
Health,
Inc.
(a)
.............
35,104
1,062,247
Pennant
Group,
Inc.
(The)
(a)
............
3,141
38,666
PetIQ
,
Inc.,
Class
A
(a)(b)
...............
5,685
46,731
Privia
Health
Group,
Inc.
(a)
.............
11,128
372,565
Progyny
,
Inc.
(a)(b)
...................
16,906
751,810
R1
RCM,
Inc.
(a)
....................
31,164
550,356
RadNet
,
Inc.
(a)
.....................
11,108
212,385
Select
Medical
Holdings
Corp.
..........
8,700
223,416
Sema4
Holdings
Corp.,
Class
A
(a)
........
24,877
25,623
Signify
Health,
Inc.,
Class
A
(a)
...........
15,611
456,310
Surgery
Partners,
Inc.
(a)(b)
.............
8,760
238,184
US
Physical
Therapy,
Inc.
.............
2,943
261,338
14,432,267
Health
Care
Technology
—
1.0%
Allscripts
Healthcare
Solutions,
Inc.
(a)
.....
13,757
202,228
American
Well
Corp.,
Class
A
(a)
.........
28,354
115,968
Certara
,
Inc.
(a)
.....................
24,090
294,621
Definitive
Healthcare
Corp.,
Class
A
(a)
.....
8,302
131,006
Doximity
,
Inc.,
Class
A
(a)(b)
.............
25,021
662,306
Evolent
Health,
Inc.,
Class
A
(a)
..........
12,138
386,110
GoodRx
Holdings,
Inc.,
Class
A
(a)(b)
.......
17,125
91,961
Health
Catalyst,
Inc.
(a)
................
5,164
45,546
HealthStream
,
Inc.
(a)
.................
3,387
83,659
Nutex
Health,
Inc.
(a)(b)
................
5,870
4,725
OptimizeRx
Corp.
(a)
.................
4,125
63,587
Pear
Therapeutics,
Inc.,
Class
A
(a)
........
6,978
19,189
Phreesia
,
Inc.
(a)
....................
11,929
325,900
Schrodinger,
Inc.
(a)
..................
12,035
288,479
Sharecare
,
Inc.,
Class
A
(a)
.............
72,036
138,309
Simulations
Plus,
Inc.
................
3,634
150,811
Security
Shares
Shares
Value
Health
Care
Technology
(continued)
Teladoc
Health,
Inc.
(a)
................
18,295
$
542,264
3,546,669
Hotels,
Restaurants
&
Leisure
—
4.2%
Accel
Entertainment,
Inc.,
Class
A
(a)
......
12,653
124,252
Bally's
Corp.
(a)(b)
....................
6,370
143,580
BJ's
Restaurants,
Inc.
(a)
...............
3,128
102,755
Bowlero
Corp.
(a)
....................
7,928
115,432
Boyd
Gaming
Corp.
.................
18,414
1,063,593
Chuy's
Holdings,
Inc.
(a)
...............
1,918
56,197
Cracker
Barrel
Old
Country
Store,
Inc.
.....
1,719
196,344
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
5,047
201,123
Denny's
Corp.
(a)(b)
...................
4,371
49,523
DraftKings
,
Inc.,
Class
A
(a)(b)
............
101,780
1,608,124
Dutch
Bros,
Inc.,
Class
A
(a)(b)
...........
5,844
215,702
Everi
Holdings,
Inc.
(a)
................
20,441
387,970
F45
Training
Holdings,
Inc.
(a)
...........
8,057
26,910
First
Watch
Restaurant
Group,
Inc.
(a)
......
2,639
44,995
Hyatt
Hotels
Corp.,
Class
A
(a)(b)
..........
11,362
1,070,414
Jack
in
the
Box,
Inc.
.................
3,074
271,219
Krispy
Kreme,
Inc.
..................
15,215
218,335
Kura
Sushi
USA,
Inc.,
Class
A
(a)
.........
819
64,726
Light
&
Wonder,
Inc.,
Class
A
(a)(b)
........
13,207
741,441
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
7,452
62,522
Marriott
Vacations
Worldwide
Corp.
.......
5,987
884,639
Membership
Collective
Group,
Inc.,
Class
A
(a)(b)
9,369
42,910
Monarch
Casino
&
Resort,
Inc.
(a)
.........
3,008
238,865
Papa
John's
International,
Inc.
..........
3,836
278,609
Penn
Entertainment,
Inc.
(a)(b)
...........
21,275
704,203
Planet
Fitness,
Inc.,
Class
A
(a)(b)
.........
19,133
1,252,829
Portillo's,
Inc.,
Class
A
(a)
..............
6,585
141,182
RCI
Hospitality
Holdings,
Inc.
...........
1,951
164,723
Red
Rock
Resorts,
Inc.,
Class
A
.........
11,265
469,187
Rush
Street
Interactive,
Inc.,
Class
A
(a)
....
7,330
30,420
Ruth's
Hospitality
Group,
Inc.
...........
4,087
84,928
SeaWorld
Entertainment,
Inc.
(a)(b)
........
5,468
318,019
Shake
Shack,
Inc.,
Class
A
(a)(b)
..........
8,470
470,678
Six
Flags
Entertainment
Corp.
(a)
.........
11,012
245,568
Sonder
Holdings,
Inc.,
Class
A
(a)
.........
15,551
34,057
Sweetgreen
,
Inc.,
Class
A
(a)
............
16,985
315,921
Texas
Roadhouse,
Inc.
...............
15,167
1,500,775
Vacasa
,
Inc.,
Class
A
(a)
...............
18,200
66,430
Wendy's
Co.
(The)
..................
17,578
365,271
Wingstop
,
Inc.
.....................
6,793
1,075,943
Xponential
Fitness,
Inc.,
Class
A
(a)(b)
......
4,001
77,419
15,527,733
Household
Durables
—
1.6%
Cavco
Industries,
Inc.
(a)
...............
1,882
426,593
Century
Communities,
Inc.
............
3,514
156,408
Cricut
,
Inc.,
Class
A
(a)(b)
...............
9,279
82,490
Dream
Finders
Homes,
Inc.,
Class
A
(a)(b)
....
2,348
26,063
Helen
of
Troy
Ltd.
(a)
.................
3,359
317,829
Installed
Building
Products,
Inc.
.........
5,335
458,810
iRobot
Corp.
(a)
.....................
3,701
209,107
Leggett
&
Platt,
Inc.
.................
9,877
333,349
LGI
Homes,
Inc.
(a)
..................
2,059
189,531
Lovesac
Co.
(The)
(a)(b)
................
3,372
82,075
Meritage
Homes
Corp.
(a)
..............
3,365
256,278
Skyline
Champion
Corp.
(a)
.............
11,991
697,996
Snap
One
Holdings
Corp.
(a)
............
2,372
28,274
Sonos
,
Inc.
(a)(b)
.....................
28,869
465,368
Taylor
Morrison
Home
Corp.
(a)(b)
.........
10,026
264,085
Tempur
Sealy
International,
Inc.
.........
17,083
459,362
TopBuild
Corp.
(a)
...................
7,353
1,251,039
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Household
Durables
(continued)
Traeger
,
Inc.
(a)(b)
....................
5,408
$
22,443
Vizio
Holding
Corp.,
Class
A
(a)
..........
12,851
143,931
Weber,
Inc.,
Class
A
(b)
................
1,962
13,067
5,884,098
Household
Products
—
0.3%
Energizer
Holdings,
Inc.
..............
10,343
298,809
Spectrum
Brands
Holdings,
Inc.
.........
3,766
173,763
WD-40
Co.
.......................
3,105
497,297
969,869
Independent
Power
and
Renewable
Electricity
Producers
—
0.4%
Altus
Power,
Inc.,
Class
A
(a)
............
8,189
81,562
Clearway
Energy,
Inc.,
Class
A
..........
2,832
91,558
Clearway
Energy,
Inc.,
Class
C
.........
6,546
227,408
Ormat
Technologies,
Inc.
..............
6,917
625,643
Sunnova
Energy
International,
Inc.
(a)(b)
.....
22,466
416,520
1,442,691
Insurance
—
2.2%
Assured
Guaranty
Ltd.
...............
5,725
338,863
BRP
Group,
Inc.,
Class
A
(a)
............
13,680
387,828
Goosehead
Insurance,
Inc.,
Class
A
(a)
.....
4,674
194,018
Hagerty
,
Inc.,
Class
A
(a)(b)
..............
4,348
39,523
HCI
Group,
Inc.
....................
1,219
44,664
Hippo
Holdings,
Inc.
(a)(b)
...............
3,587
61,983
Kinsale
Capital
Group,
Inc.
............
4,887
1,540,236
Lemonade,
Inc.
(a)(b)
..................
4,770
115,434
Oscar
Health,
Inc.,
Class
A
(a)
...........
25,024
93,340
Palomar
Holdings,
Inc.
(a)
..............
5,751
511,609
Primerica,
Inc.
.....................
3,669
530,904
ProAssurance
Corp.
.................
3,962
87,996
RenaissanceRe
Holdings
Ltd.
..........
5,227
808,512
RLI
Corp.
........................
9,183
1,194,433
Ryan
Specialty
Holdings,
Inc.,
Class
A
(a)(b)
..
13,103
587,670
Selective
Insurance
Group,
Inc.
.........
4,299
421,646
Stewart
Information
Services
Corp.
.......
2,250
87,660
Trupanion
,
Inc.
(a)
...................
8,001
403,810
White
Mountains
Insurance
Group
Ltd.
....
575
814,286
8,264,415
Interactive
Media
&
Services
—
0.7%
Bumble,
Inc.,
Class
A
(a)
...............
17,936
455,574
BuzzFeed
,
Inc.,
Class
A
(a)
.............
5,277
9,657
Cargurus
,
Inc.,
Class
A
(a)(b)
.............
21,267
309,648
Eventbrite,
Inc.,
Class
A
(a)(b)
............
6,415
42,147
fuboTV
,
Inc.
(a)(b)
....................
21,455
78,525
MediaAlpha
,
Inc.,
Class
A
(a)(b)
...........
2,637
28,954
Nextdoor
Holdings,
Inc.,
Class
A
(a)(b)
......
28,751
77,915
QuinStreet
,
Inc.
(a)
...................
7,193
82,072
Shutterstock
,
Inc.
...................
5,470
273,664
System1,
Inc.,
Class
A
(a)
..............
4,647
24,072
TripAdvisor,
Inc.
(a)
..................
8,300
196,046
Vimeo,
Inc.
(a)(b)
.....................
35,845
136,211
Yelp,
Inc.
(a)
.......................
9,948
382,103
Ziff
Davis,
Inc.
(a)(b)
...................
5,203
402,660
ZipRecruiter,
Inc.,
Class
A
(a)
............
6,431
107,848
2,607,096
Internet
&
Direct
Marketing
Retail
—
0.8%
1-800-Flowers.com,
Inc.,
Class
A
(a)
.......
2,985
21,761
Boxed,
Inc.
(a)
......................
5,727
2,863
Chewy,
Inc.,
Class
A
(a)(b)
..............
20,571
796,715
Duluth
Holdings,
Inc.,
Class
B
(a)(b)
........
1,360
11,832
Groupon,
Inc.
(a)(b)
...................
1,949
14,364
Lands'
End,
Inc.
(a)(b)
.................
1,002
10,501
Liquidity
Services,
Inc.
(a)
..............
6,067
104,231
Security
Shares
Shares
Value
Internet
&
Direct
Marketing
Retail
(continued)
Lulu's
Fashion
Lounge
Holdings,
Inc.
(a)
....
1,992
$
12,470
Overstock.com,
Inc.
(a)(b)
...............
10,329
240,149
PetMed
Express,
Inc.
................
1,957
41,723
Porch
Group,
Inc.
(a)
.................
19,071
25,936
Poshmark
,
Inc.,
Class
A
(a)(b)
............
9,980
178,243
RealReal
,
Inc.
(The)
(a)
................
18,845
31,848
Revolve
Group,
Inc.,
Class
A
(a)
..........
9,237
221,688
Stitch
Fix,
Inc.,
Class
A
(a)
..............
8,765
35,060
Vivid
Seats,
Inc.,
Class
A
(a)
............
5,628
46,150
Wayfair,
Inc.,
Class
A
(a)(b)
..............
17,361
658,329
Xometry
,
Inc.,
Class
A
(a)(b)
.............
6,685
401,501
2,855,364
IT
Services
—
3.8%
Affirm
Holdings,
Inc.,
Class
A
(a)(b)
.........
46,726
937,791
AvidXchange
Holdings,
Inc.
(a)
...........
30,009
273,082
BigCommerce
Holdings,
Inc.
(a)
..........
13,807
205,172
Cantaloupe,
Inc.
(a)
..................
40,893
Core
Scientific,
Inc.
(a)(b)
...............
57,508
11,502
Cyxtera
Technologies,
Inc.,
Class
A
(a)
.....
5,457
13,206
DigitalOcean
Holdings,
Inc.
(a)(b)
..........
13,898
499,216
Edgio
,
Inc.
(a)
......................
17,859
48,041
Euronet
Worldwide,
Inc.
(a)
.............
10,697
898,655
EVERTEC,
Inc.
....................
7,502
268,647
Evo
Payments,
Inc.,
Class
A
(a)
..........
10,900
367,221
ExlService
Holdings,
Inc.
(a)
............
7,508
1,365,330
Fastly
,
Inc.,
Class
A
(a)
................
25,192
213,880
Flywire
Corp.
(a)
....................
14,002
307,344
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)
....
10,689
145,477
Hackett
Group,
Inc.
(The)
.............
6,250
136,500
I3
Verticals,
Inc.,
Class
A
(a)(b)
...........
5,132
111,672
International
Money
Express,
Inc.
(a)
.......
7,661
207,077
Marqeta
,
Inc.,
Class
A
(a)(b)
.............
90,921
716,457
Maximus,
Inc.
.....................
5,345
329,626
Paya
Holdings,
Inc.,
Class
A
(a)
..........
19,738
158,693
Payoneer
Global,
Inc.
(a)
...............
23,589
182,815
Perficient
,
Inc.
(a)(b)
...................
7,872
527,188
Repay
Holdings
Corp.,
Class
A
(a)(b)
.......
17,410
106,027
Shift4
Payments,
Inc.,
Class
A
(a)
.........
11,626
534,447
SolarWinds
Corp.
(a)
.................
4,597
42,890
Squarespace,
Inc.,
Class
A
(a)(b)
..........
9,520
211,439
Switch,
Inc.,
Class
A
.................
31,276
1,064,948
TaskUS
,
Inc.,
Class
A
(a)(b)
..............
6,088
122,917
Thoughtworks
Holding,
Inc.
(a)
...........
14,895
143,141
Toast,
Inc.,
Class
A
(a)
................
68,343
1,509,697
TTEC
Holdings,
Inc.
.................
4,297
191,087
Tucows
,
Inc.,
Class
A
(a)
...............
2,245
100,913
Verra
Mobility
Corp.,
Class
A
(a)
..........
32,411
553,256
WEX,
Inc.
(a)
.......................
10,022
1,645,011
14,191,258
Leisure
Products
—
0.6%
Acushnet
Holdings
Corp.
..............
2,653
123,550
AMMO,
Inc.
(a)(b)
....................
19,938
64,799
Clarus
Corp.
......................
6,636
80,362
Latham
Group,
Inc.
(a)
................
9,402
41,557
Malibu
Boats,
Inc.,
Class
A
(a)(b)
..........
1,571
83,106
Peloton
Interactive,
Inc.,
Class
A
(a)(b)
......
69,821
586,496
Solo
Brands,
Inc.,
Class
A
(a)
............
1,939
8,008
Topgolf
Callaway
Brands
Corp.
(a)
........
31,458
588,894
YETI
Holdings,
Inc.
(a)(b)
...............
19,554
627,292
2,204,064
Life
Sciences
Tools
&
Services
—
1.3%
10X
Genomics,
Inc.,
Class
A
(a)(b)
.........
21,566
586,164
AbCellera
Biologics,
Inc.
(a)
.............
30,775
364,068
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Life
Sciences
Tools
&
Services
(continued)
Absci
Corp.
(a)
.....................
10,351
$
32,709
Adaptive
Biotechnologies
Corp.
(a)
........
11,637
90,536
Azenta
,
Inc.
......................
16,986
754,178
Bionano
Genomics,
Inc.
(a)(b)
............
66,435
155,458
Codexis
,
Inc.
(a)
.....................
14,601
82,058
CryoPort
,
Inc.
(a)(b)
...................
6,766
187,824
Cytek
Biosciences,
Inc.
(a)
..............
8,852
137,383
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
(a)
11,108
184,393
Medpace
Holdings,
Inc.
(a)
.............
5,697
1,264,620
NanoString
Technologies,
Inc.
(a)
.........
9,852
103,052
Pacific
Biosciences
of
California,
Inc.
(a)(b)
...
46,722
394,334
Quanterix
Corp.
(a)
...................
3,960
43,837
Science
37
Holdings,
Inc.
(a)
............
13,860
20,097
Seer,
Inc.,
Class
A
(a)
.................
4,423
34,632
SomaLogic
,
Inc.,
Class
A
(a)
............
34,000
117,980
Sotera
Health
Co.
(a)
.................
22,574
155,309
4,708,632
Machinery
—
4.6%
3D
Systems
Corp.
(a)(b)
................
29,458
260,114
Alamo
Group,
Inc.
..................
1,258
191,317
Albany
International
Corp.,
Class
A
.......
4,223
386,911
Altra
Industrial
Motion
Corp.
...........
4,757
286,086
Astec
Industries,
Inc.
................
2,207
96,335
Berkshire
Grey,
Inc.,
Class
A
(a)(b)
.........
11,213
15,025
Blue
Bird
Corp.
(a)(b)
..................
1,186
10,876
Chart
Industries,
Inc.
(a)(b)
..............
8,135
1,813,129
Columbus
McKinnon
Corp.
............
3,316
94,572
Crane
Holdings
Co.
.................
4,587
460,260
Desktop
Metal,
Inc.,
Class
A
(a)(b)
.........
53,476
135,294
Donaldson
Co.,
Inc.
.................
14,705
844,802
Energy
Recovery,
Inc.
(a)
..............
12,597
324,121
Enerpac
Tool
Group
Corp.,
Class
A
.......
13,160
334,396
EnPro
Industries,
Inc.
................
2,308
245,802
ESCO
Technologies,
Inc.
.............
5,857
504,698
Evoqua
Water
Technologies
Corp.
(a)
......
27,544
1,079,174
Federal
Signal
Corp.
................
7,079
330,235
Flowserve
Corp.
...................
14,587
418,355
Franklin
Electric
Co.,
Inc.
.............
8,800
721,072
Gorman-Rupp
Co.
(The)
..............
2,615
70,971
Greenbrier
Cos.,
Inc.
(The)
............
4,199
148,267
Helios
Technologies,
Inc.
..............
7,389
418,882
Hillman
Solutions
Corp.
(a)(b)
............
9,514
74,304
Hydrofarm
Holdings
Group,
Inc.
(a)(b)
.......
10,053
25,937
Hyzon
Motors,
Inc.,
Class
A
(a)(b)
.........
20,392
38,949
Ideanomics
,
Inc.
(a)(b)
.................
110,962
33,843
ITT,
Inc.
.........................
10,648
813,401
John
Bean
Technologies
Corp.
..........
7,220
658,464
Kadant
,
Inc.
......................
2,642
470,144
Lindsay
Corp.
.....................
2,497
422,742
Manitowoc
Co.,
Inc.
(The)
(a)
............
4,043
36,872
Markforged
Holding
Corp.
(a)
............
19,750
43,055
Microvast
Holdings,
Inc.
(a)
.............
43,369
106,254
Mueller
Industries,
Inc.
...............
8,061
504,941
Mueller
Water
Products,
Inc.,
Class
A
.....
17,520
204,984
Nikola
Corp.
(a)(b)
....................
73,202
277,436
Omega
Flex,
Inc.
...................
677
63,909
Oshkosh
Corp.
....................
6,869
604,472
Proterra
,
Inc.
(a)
.....................
20,815
129,886
Proto
Labs,
Inc.
(a)
...................
6,227
237,809
RBC
Bearings,
Inc.
(a)(b)
...............
4,254
1,078,517
Shyft
Group,
Inc.
(The)
...............
7,367
169,294
SPX
Technologies,
Inc.
(a)
..............
4,233
278,701
Standex
International
Corp.
............
1,585
156,994
Terex
Corp.
.......................
9,487
384,603
Security
Shares
Shares
Value
Machinery
(continued)
Titan
International,
Inc.
(a)
..............
7,959
$
119,067
Trinity
Industries,
Inc.
................
12,916
368,493
Velo3D,
Inc.
(a)(b)
....................
13,775
54,273
Wabash
National
Corp.
...............
3,720
80,538
Watts
Water
Technologies,
Inc.,
Class
A
....
3,520
515,187
Xos
,
Inc.
(a)
.......................
14,376
16,245
17,160,008
Marine
—
0.2%
Eagle
Bulk
Shipping,
Inc.
.............
1,071
51,815
Genco
Shipping
&
Trading
Ltd.
..........
3,443
46,136
Kirby
Corp.
(a)
......................
5,344
372,744
Matson,
Inc.
......................
3,600
264,888
735,583
Media
—
0.8%
AdTheorent
Holding
Co.,
Inc.
(a)(b)
.........
6,941
14,715
Boston
Omaha
Corp.,
Class
A
(a)
.........
4,418
123,130
Cardlytics,
Inc.
(a)(b)
..................
7,334
69,160
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)
....
5,065
71,872
Integral
Ad
Science
Holding
Corp.
(a)
......
8,334
70,172
Magnite
,
Inc.
(a)(b)
....................
26,532
193,418
New
York
Times
Co.
(The),
Class
A
(b)
.....
37,474
1,085,247
PubMatic,
Inc.,
Class
A
(a)(b)
.............
9,709
168,937
Scholastic
Corp.,
NVS
...............
3,587
136,808
TechTarget
,
Inc.
(a)
...................
6,151
397,047
TEGNA,
Inc.
......................
24,451
510,537
WideOpenWest
,
Inc.
(a)(b)
..............
6,089
83,480
2,924,523
Metals
&
Mining
—
0.9%
Alpha
Metallurgical
Resources,
Inc.
......
2,183
368,600
ATI,
Inc.
(a)
........................
29,493
877,712
Century
Aluminum
Co.
(a)
..............
6,107
44,031
Compass
Minerals
International,
Inc.
......
7,795
308,214
Haynes
International,
Inc.
.............
1,713
83,783
Hecla
Mining
Co.
...................
63,065
288,207
Kaiser
Aluminum
Corp.
...............
1,478
119,408
Materion
Corp.
....................
3,055
261,844
MP
Materials
Corp.,
Class
A
(a)
..........
20,946
629,218
Piedmont
Lithium,
Inc.
(a)(b)
.............
3,711
230,898
Ramaco
Resources,
Inc.
..............
3,162
35,699
3,247,614
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Ellington
Financial,
Inc.
...............
5,894
78,862
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
....................
10,346
281,204
360,066
Multiline
Retail
—
0.1%
Dillard's,
Inc.,
Class
A
................
367
120,666
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)
.....
4,908
274,848
395,514
Oil,
Gas
&
Consumable
Fuels
—
2.0%
Alto
Ingredients,
Inc.
(a)
...............
6,360
26,267
Arch
Resources,
Inc.,
Class
A
..........
2,652
403,873
Archaea
Energy,
Inc.,
Class
A
(a)
.........
16,636
429,375
Brigham
Minerals,
Inc.,
Class
A
.........
7,206
223,386
Clean
Energy
Fuels
Corp.
(a)(b)
...........
39,948
268,051
Denbury,
Inc.
(a)
....................
6,127
560,069
Enviva
,
Inc.
.......................
3,377
202,080
Excelerate
Energy,
Inc.,
Class
A
.........
1,981
54,715
Gevo
,
Inc.
(a)
......................
28,221
63,497
Green
Plains,
Inc.
(a)
.................
8,450
244,121
International
Seaways,
Inc.
............
3,906
165,653
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Kosmos
Energy
Ltd.
(a)
................
57,334
$
372,098
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
13,112
336,716
Matador
Resources
Co.
..............
12,842
853,351
Murphy
Oil
Corp.
...................
14,820
718,918
NextDecade
Corp.
(a)
.................
5,363
37,541
Range
Resources
Corp.
..............
31,629
900,794
REX
American
Resources
Corp.
(a)
.......
1,482
44,445
Riley
Exploration
Permian,
Inc.
..........
539
15,669
SM
Energy
Co.
....................
14,096
634,038
Tellurian,
Inc.
(a)
....................
116,354
314,156
Uranium
Energy
Corp.
(a)(b)
.............
76,625
322,591
VAALCO
Energy,
Inc.
................
9,217
47,468
Vertex
Energy,
Inc.
(a)(b)
...............
14,177
120,930
7,359,802
Paper
&
Forest
Products
—
0.0%
Glatfelter
Corp.
....................
3,876
10,969
Mercer
International,
Inc.
..............
4,033
54,123
65,092
Personal
Products
—
0.4%
Beauty
Health
Co.
(The),
Class
A
(a)(b)
......
24,103
275,497
elf
Beauty,
Inc.
(a)(b)
..................
11,291
488,449
Honest
Co.,
Inc.
(The)
(a)
..............
4,079
13,501
Inter
Parfums
,
Inc.
..................
4,070
329,182
Medifast
,
Inc.
.....................
1,639
191,747
USANA
Health
Sciences,
Inc.
(a)
.........
1,056
55,450
Veru
,
Inc.
(a)(b)
......................
11,919
145,889
1,499,715
Pharmaceuticals
—
1.4%
Aclaris
Therapeutics,
Inc.
(a)
............
11,674
182,231
Amphastar
Pharmaceuticals,
Inc.
(a)
.......
8,649
267,254
ANI
Pharmaceuticals,
Inc.
(a)
............
1,878
72,472
Arvinas
,
Inc.
(a)
.....................
10,963
544,971
Atea
Pharmaceuticals,
Inc.
(a)
...........
10,992
65,952
Axsome
Therapeutics,
Inc.
(a)
...........
7,238
326,796
Cassava
Sciences,
Inc.
(a)(b)
............
8,588
312,947
Corcept
Therapeutics,
Inc.
(a)(b)
..........
11,550
330,330
DICE
Therapeutics,
Inc.
(a)
.............
3,917
139,093
Evolus
,
Inc.
(a)
.....................
8,381
71,741
EyePoint
Pharmaceuticals,
Inc.
(a)
........
5,166
27,896
Fulcrum
Therapeutics,
Inc.
(a)
...........
7,497
41,683
Harmony
Biosciences
Holdings,
Inc.
(a)(b)
....
6,745
350,740
Intra-Cellular
Therapies,
Inc.
(a)
..........
19,907
909,153
NGM
Biopharmaceuticals,
Inc.
(a)
.........
5,567
29,728
Pacira
BioSciences
,
Inc.
(a)
.............
10,411
538,873
Phathom
Pharmaceuticals,
Inc.
(a)(b)
.......
2,235
23,691
Reata
Pharmaceuticals,
Inc.,
Class
A
(a)
....
6,310
203,182
Relmada
Therapeutics,
Inc.
(a)
...........
3,608
23,055
Revance
Therapeutics,
Inc.
(a)
...........
18,342
409,210
SIGA
Technologies,
Inc.
..............
4,813
44,231
Theravance
Biopharma,
Inc.
(a)(b)
.........
13,109
130,697
Tilray
Brands,
Inc.
(a)(b)
................
67,460
274,562
Tricida
,
Inc.
(a)(b)
....................
3,062
1,018
5,321,506
Professional
Services
—
2.0%
Alight,
Inc.,
Class
A
(a)
................
33,268
275,792
ASGN,
Inc.
(a)
......................
7,779
659,504
Barrett
Business
Services,
Inc.
..........
587
51,198
CBIZ,
Inc.
(a)(b)
......................
7,591
376,817
CRA
International,
Inc.
...............
992
101,918
Exponent,
Inc.
.....................
11,584
1,103,492
First
Advantage
Corp.
(a)
...............
13,247
186,120
Forrester
Research,
Inc.
(a)
.............
2,585
109,397
Security
Shares
Shares
Value
Professional
Services
(continued)
Franklin
Covey
Co.
(a)
................
2,759
$
139,605
FTI
Consulting,
Inc.
(a)(b)
...............
3,999
622,364
Heidrick
&
Struggles
International,
Inc.
....
1,842
51,871
HireRight
Holdings
Corp.
(a)
............
4,252
57,232
Huron
Consulting
Group,
Inc.
(a)
..........
2,994
220,448
ICF
International,
Inc.
................
2,305
275,747
Insperity
,
Inc.
......................
8,113
957,496
KBR,
Inc.
........................
11,752
584,897
Kforce
,
Inc.
.......................
3,189
201,768
Korn
Ferry
.......................
6,635
368,840
Legalzoom.com,
Inc.
(a)
...............
9,939
91,936
Planet
Labs
PBC
(a)
..................
43,394
227,819
Resources
Connection,
Inc.
............
2,829
51,686
Sterling
Check
Corp.
(a)
...............
5,333
104,154
TriNet
Group,
Inc.
(a)(b)
................
3,702
240,556
Upwork
,
Inc.
(a)
.....................
26,996
363,096
7,423,753
Real
Estate
Management
&
Development
—
0.4%
DigitalBridge
Group,
Inc.,
Class
A
........
10,770
137,856
Douglas
Elliman
,
Inc.
................
8,782
40,573
eXp
World
Holdings,
Inc.
(b)
.............
16,549
218,612
Forestar
Group,
Inc.
(a)
................
1,651
19,118
Howard
Hughes
Corp.
(The)
(a)
..........
8,140
499,389
Kennedy-Wilson
Holdings,
Inc.
..........
12,313
204,519
Marcus
&
Millichap,
Inc.
..............
2,361
86,979
St.
Joe
Co.
(The)
...................
7,786
276,637
1,483,683
Road
&
Rail
—
0.6%
ArcBest
Corp.
(b)
....................
2,952
234,477
Bird
Global,
Inc.,
Class
A
(a)(b)
...........
33,262
14,442
Landstar
System,
Inc.
................
4,133
645,657
PAM
Transportation
Services,
Inc.
(a)
......
937
26,096
Saia,
Inc.
(a)
.......................
5,999
1,192,961
TuSimple
Holdings,
Inc.,
Class
A
(a)(b)
......
30,836
105,768
2,219,401
Semiconductors
&
Semiconductor
Equipment
—
3.2%
ACM
Research,
Inc.,
Class
A
(a)
..........
9,182
58,765
Allegro
MicroSystems
,
Inc.
(a)
...........
14,827
376,754
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.....
3,274
107,224
Ambarella
,
Inc.
(a)
...................
8,260
452,070
Amkor
Technology,
Inc.
...............
9,332
194,012
Axcelis
Technologies,
Inc.
(a)(b)
...........
7,481
433,898
CEVA,
Inc.
(a)
......................
5,316
147,041
Cirrus
Logic,
Inc.
(a)(b)
.................
5,933
398,223
Cohu
,
Inc.
(a)
......................
7,073
232,843
Credo
Technology
Group
Holding
Ltd.
(a)(b)
...
20,472
281,285
Diodes,
Inc.
(a)
.....................
10,301
738,273
FormFactor
,
Inc.
(a)
..................
17,591
355,514
Impinj
,
Inc.
(a)
......................
4,756
545,180
indie
Semiconductor,
Inc.,
Class
A
(a)
......
14,536
113,672
Kulicke
&
Soffa
Industries,
Inc.
..........
8,226
344,998
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
11,591
670,771
Magnachip
Semiconductor
Corp.
(a)
.......
6,630
65,969
MaxLinear
,
Inc.
(a)(b)
..................
16,384
505,938
MKS
Instruments,
Inc.
...............
7,667
629,844
Navitas
Semiconductor
Corp.
(a)(b)
........
17,099
71,987
Onto
Innovation,
Inc.
(a)
...............
7,260
485,258
PDF
Solutions,
Inc.
(a)
................
6,710
158,222
Power
Integrations,
Inc.
..............
12,982
866,029
Rambus,
Inc.
(a)
....................
15,433
465,459
Rockley
Photonics
Holdings
Ltd.
(a)
.......
10,689
5,452
Semtech
Corp.
(a)
...................
14,396
398,625
Silicon
Laboratories,
Inc.
(a)(b)
............
7,760
891,779
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
SiTime
Corp.
(a)
.....................
3,646
$
327,447
SMART
Global
Holdings,
Inc.
(a)
..........
4,522
61,183
Synaptics
,
Inc.
(a)
...................
5,426
480,744
Ultra
Clean
Holdings,
Inc.
(a)
............
4,249
132,186
Universal
Display
Corp.
..............
9,853
938,203
Veeco
Instruments,
Inc.
(a)
.............
5,594
101,979
12,036,827
Software
—
9.7%
8x8,
Inc.
(a)(b)
.......................
27,556
116,562
A10
Networks,
Inc.
..................
15,029
252,487
ACI
Worldwide,
Inc.
(a)
................
18,326
445,872
Adeia
,
Inc.
.......................
7,753
86,678
Agilysys
,
Inc.
(a)
....................
4,476
287,225
Alarm.com
Holdings,
Inc.
(a)
............
11,262
662,656
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
11,871
582,273
Alteryx
,
Inc.,
Class
A
(a)(b)
..............
13,752
670,135
American
Software,
Inc.,
Class
A
........
4,909
84,091
Amplitude,
Inc.,
Class
A
(a)(b)
............
11,740
197,232
Appfolio
,
Inc.,
Class
A
(a)
..............
4,232
530,566
Appian
Corp.,
Class
A
(a)(b)
.............
9,293
453,684
Arteris
,
Inc.
(a)
......................
3,571
19,783
Asana,
Inc.,
Class
A
(a)(b)
...............
17,128
352,837
AvePoint
,
Inc.,
Class
A
(a)(b)
.............
19,001
83,034
Blackbaud
,
Inc.
(a)
...................
4,841
264,803
Blackline,
Inc.
(a)
....................
12,281
687,736
Blend
Labs,
Inc.,
Class
A
(a)(b)
...........
36,294
91,098
Box,
Inc.,
Class
A
(a)(b)
................
32,687
949,557
Braze,
Inc.,
Class
A
(a)(b)
...............
6,875
203,569
BTRS
Holdings,
Inc.,
Class
A
(a)
..........
13,141
124,051
C3.ai,
Inc.,
Class
A
(a)(b)
...............
18,594
243,767
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
...
23,748
221,569
Cerence
,
Inc.
(a)
....................
4,532
77,950
ChannelAdvisor
Corp.
(a)
..............
3,030
69,811
Clear
Secure,
Inc.,
Class
A
(a)(b)
..........
16,230
438,535
Clearwater
Analytics
Holdings,
Inc.,
Class
A
(a)(b)
11,654
189,844
CommVault
Systems,
Inc.
(a)
............
6,239
379,893
Confluent,
Inc.,
Class
A
(a)(b)
............
32,084
862,418
Couchbase
,
Inc.
(a)
..................
5,461
69,901
Coupa
Software,
Inc.
(a)
...............
17,133
911,990
CS
Disco,
Inc.
(a)(b)
...................
3,792
40,650
Cvent
Holding
Corp.
(a)
................
13,991
81,847
Digimarc
Corp.
(a)(b)
..................
3,029
49,494
Digital
Turbine,
Inc.
(a)
................
20,538
299,855
Dolby
Laboratories,
Inc.,
Class
A
........
13,969
933,688
Domo,
Inc.,
Class
B
(a)
................
7,016
123,973
DoubleVerify
Holdings,
Inc.
(a)(b)
..........
14,495
423,689
Dropbox,
Inc.,
Class
A
(a)
..............
62,476
1,358,853
Duck
Creek
Technologies,
Inc.
(a)(b)
........
17,143
204,687
E2open
Parent
Holdings,
Inc.,
Class
A
(a)
...
38,915
226,874
Enfusion
,
Inc.,
Class
A
(a)(b)
.............
2,840
40,243
Envestnet
,
Inc.
(a)
...................
10,881
536,542
Everbridge
,
Inc.
(a)
...................
9,087
284,696
EverCommerce
,
Inc.
(a)
...............
6,507
56,676
Expensify,
Inc.,
Class
A
(a)(b)
............
10,095
132,144
Freshworks
,
Inc.,
Class
A
(a)(b)
...........
32,935
447,587
Gitlab
,
Inc.,
Class
A
(a)(b)
...............
12,171
589,807
HashiCorp
,
Inc.,
Class
A
(a)(b)
............
9,021
277,215
Informatica
,
Inc.,
Class
A
(a)(b)
...........
8,624
166,961
Intapp
,
Inc.
(a)
......................
3,329
74,769
InterDigital
,
Inc.
....................
6,762
337,221
Jamf
Holding
Corp.
(a)
................
10,107
239,233
JFrog
Ltd.
(a)(b)
.....................
13,600
345,440
KnowBe4,
Inc.,
Class
A
(a)
.............
18,082
444,456
Latch,
Inc.
(a)
......................
24,032
32,203
Security
Shares
Shares
Value
Software
(continued)
LivePerson
,
Inc.
(a)
..................
15,482
$
163,645
LiveRamp
Holdings,
Inc.
(a)
.............
15,350
281,826
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
25,195
330,306
Matterport
,
Inc.,
Class
A
(a)(b)
............
49,544
172,909
MeridianLink
,
Inc.
(a)
.................
4,502
81,036
MicroStrategy
,
Inc.,
Class
A
(a)(b)
..........
2,114
565,516
Mitek
Systems,
Inc.
(a)
................
10,235
115,758
Model
N,
Inc.
(a)
....................
7,629
289,902
Momentive
Global,
Inc.
(a)
..............
28,905
224,303
N-able,
Inc.
(a)
......................
15,213
164,757
nCino
,
Inc.
(a)(b)
.....................
17,268
543,597
New
Relic,
Inc.
(a)
...................
12,952
767,276
NextNav
,
Inc.
(a)
....................
4,950
16,978
Nutanix
,
Inc.,
Class
A
(a)
...............
29,453
807,012
Olo
,
Inc.,
Class
A
(a)(b)
.................
23,270
205,009
ON24,
Inc.
(a)
......................
9,529
77,566
OneSpan
,
Inc.
(a)
....................
5,040
55,390
PagerDuty
,
Inc.
(a)
...................
18,103
451,489
Paycor
HCM,
Inc.
(a)(b)
................
7,109
216,611
Pegasystems
,
Inc.
..................
9,353
348,025
Progress
Software
Corp.
..............
5,477
279,491
PROS
Holdings,
Inc.
(a)
...............
4,432
110,578
Q2
Holdings,
Inc.
(a)
..................
12,992
403,272
Qualtrics
International,
Inc.,
Class
A
(a)
.....
24,387
291,912
Qualys
,
Inc.
(a)
.....................
7,911
1,127,792
Rapid7,
Inc.
(a)
.....................
13,324
603,177
Rimini
Street,
Inc.
(a)
.................
5,134
28,802
Riot
Blockchain
,
Inc.
(a)(b)
..............
30,668
211,302
Samsara,
Inc.,
Class
A
(a)(b)
.............
18,461
227,255
SentinelOne
,
Inc.,
Class
A
(a)
............
45,246
1,033,419
Smartsheet
,
Inc.,
Class
A
(a)(b)
...........
29,343
1,024,658
Sprinklr
,
Inc.,
Class
A
(a)
...............
13,362
123,598
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
10,626
641,067
SPS
Commerce,
Inc.
(a)(b)
..............
8,162
1,032,656
Sumo
Logic,
Inc.
(a)
..................
23,952
184,670
Telos
Corp.
(a)
......................
12,255
129,903
Tenable
Holdings,
Inc.
(a)
..............
25,348
1,030,143
Teradata
Corp.
(a)
...................
23,277
735,320
Upland
Software,
Inc.
(a)
...............
2,986
24,007
Varonis
Systems,
Inc.
(a)
...............
24,904
666,680
Verint
Systems,
Inc.
(a)
................
7,680
272,102
Veritone
,
Inc.
(a)(b)
...................
7,123
52,781
Vertex,
Inc.,
Class
A
(a)(b)
...............
8,043
144,935
WM
Technology,
Inc.,
Class
A
(a)
.........
8,223
16,857
Workiva
,
Inc.,
Class
A
(a)
...............
10,353
805,567
Yext
,
Inc.
(a)
.......................
14,623
77,794
Zeta
Global
Holdings
Corp.,
Class
A
(a)
.....
28,030
233,770
Zuora
,
Inc.,
Class
A
(a)
................
27,495
211,437
35,964,266
Specialty
Retail
—
1.2%
Arko
Corp.
.......................
11,212
114,923
Asbury
Automotive
Group,
Inc.
(a)
.........
2,203
347,523
Boot
Barn
Holdings,
Inc.
(a)
.............
6,763
384,138
Camping
World
Holdings,
Inc.,
Class
A
(b)
...
3,766
104,808
Carvana
Co.,
Class
A
(a)(b)
..............
22,469
304,006
EVgo
,
Inc.,
Class
A
(a)(b)
...............
15,878
117,656
Guess?,
Inc.
......................
2,630
44,657
Leslie's,
Inc.
(a)
.....................
33,524
470,677
LL
Flooring
Holdings,
Inc.
(a)
............
2,393
19,910
MarineMax
,
Inc.
(a)
...................
1,624
52,471
Monro
,
Inc.
.......................
4,410
210,577
Murphy
USA,
Inc.
..................
3,215
1,011,150
National
Vision
Holdings,
Inc.
(a)(b)
........
9,315
345,028
Petco
Health
&
Wellness
Co.,
Inc.
(a)
......
18,064
190,214
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Signet
Jewelers
Ltd.
.................
5,015
$
327,179
Warby
Parker,
Inc.,
Class
A
(a)(b)
..........
14,127
226,738
Winmark
Corp.
....................
637
160,295
4,431,950
Technology
Hardware,
Storage
&
Peripherals
—
0.1%
(a)
Avid
Technology,
Inc.
................
4,555
125,217
Eastman
Kodak
Co.
(b)
................
9,035
48,337
IonQ
,
Inc.
........................
34,240
201,674
375,228
Textiles,
Apparel
&
Luxury
Goods
—
1.0%
Allbirds
,
Inc.,
Class
A
(a)(b)
..............
22,050
75,852
Carter's,
Inc.
......................
3,270
221,935
Columbia
Sportswear
Co.
.............
3,194
237,953
Crocs,
Inc.
(a)
......................
6,374
450,960
PLBY
Group,
Inc.
(a)(b)
................
7,528
27,251
Ralph
Lauren
Corp.,
Class
A
...........
5,958
552,247
Skechers
USA,
Inc.,
Class
A
(a)
..........
30,557
1,052,078
Steven
Madden
Ltd.
.................
8,153
243,530
Under
Armour
,
Inc.,
Class
A
(a)
...........
43,089
321,013
Under
Armour
,
Inc.,
Class
C,
NVS
(a)
......
45,057
295,574
Wolverine
World
Wide,
Inc.
............
6,075
104,065
3,582,458
Thrifts
&
Mortgage
Finance
—
0.3%
Axos
Financial,
Inc.
(a)
................
5,407
210,657
Columbia
Financial,
Inc.
(a)
.............
7,558
155,241
Hingham
Institution
for
Savings
(The)
.....
196
48,461
Kearny
Financial
Corp.
...............
6,205
62,919
Merchants
Bancorp
.................
3,612
86,507
Mr
Cooper
Group,
Inc.
(a)
..............
9,833
388,305
NMI
Holdings,
Inc.,
Class
A
(a)
...........
6,770
148,466
Southern
Missouri
Bancorp,
Inc.
.........
685
35,106
TFS
Financial
Corp.
.................
3,772
52,997
1,188,659
Tobacco
—
0.0%
Turning
Point
Brands,
Inc.
.............
2,211
52,091
Trading
Companies
&
Distributors
—
1.3%
Applied
Industrial
Technologies,
Inc.
......
4,937
614,064
BlueLinx
Holdings,
Inc.
(a)
..............
1,052
74,124
Core
&
Main,
Inc.,
Class
A
(a)
............
16,421
387,207
Custom
Truck
One
Source,
Inc.
(a)(b)
.......
9,797
67,893
DXP
Enterprises,
Inc.
(a)
...............
2,280
65,231
Global
Industrial
Co.
.................
2,192
69,574
H&E
Equipment
Services,
Inc.
..........
3,440
129,895
Herc
Holdings,
Inc.
..................
5,766
678,139
McGrath
RentCorp
..................
3,183
299,361
NOW,
Inc.
(a)
......................
10,274
130,788
SiteOne
Landscape
Supply,
Inc.
(a)
........
10,202
1,182,106
Titan
Machinery,
Inc.
(a)
...............
1,837
63,156
Transcat
,
Inc.
(a)
....................
1,628
134,733
WESCO
International,
Inc.
(a)
...........
5,432
748,367
4,644,638
Water
Utilities
—
0.3%
American
States
Water
Co.
............
4,621
418,016
California
Water
Service
Group
.........
6,359
394,639
Middlesex
Water
Co.
................
2,048
183,235
SJW
Group
.......................
3,034
214,443
York
Water
Co.
(The)
................
1,799
78,364
1,288,697
Security
Shares
Shares
Value
Wireless
Telecommunication
Services
—
0.1%
Gogo
,
Inc.
(a)
......................
12,327
$
175,290
Shenandoah
Telecommunications
Co.
.....
11,367
257,576
432,866
Total
Long-Term
Investments
—
99.8%
(Cost:
$426,466,086)
.............................
370,721,906
Short-Term
Securities
Money
Market
Funds
—
17.4%
(d)(e)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.29%
(f)
............
64,142,948
64,130,120
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.97%
..................
474,815
474,815
Total
Short-Term
Securities
—
17.4%
(Cost:
$64,602,269)
..............................
64,604,935
Total
Investments
—
117.2%
(Cost:
$491,068,355
)
.............................
435,326,841
Liabilities
in
Excess
of
Other
Assets
—
(17.2)%
...........
(64,034,081)
Net
Assets
—
100.0%
..............................
$
371,292,760
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(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.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
42
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
$
54,627,389
$
9,517,440
(a)
$
—
$
(5,238)
$
(9,471)
$
64,130,120
64,142,948
$
489,400
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
600,000
—
(125,185)
(a)
—
—
474,815
474,815
6,396
—
$
(5,238)
$
(9,471)
$
64,604,935
$
495,796
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
4
12/16/22
$
371
$
22,697
Xak
Technology
Equity
Index
..................................................
1
12/16/22
129
7,438
$
30,135
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)
......
$
—
$
—
$
30,135
$
—
$
—
$
—
$
30,135
(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
.......................
$
—
$
—
$
(74,119)
$
—
$
—
$
—
$
(74,119)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
93,959
$
—
$
—
$
—
$
93,959
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
699,735
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
43
See
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
.........................................
$
370,721,906
$
—
$
—
$
370,721,906
Short-Term
Securities
Money
Market
Funds
......................................
64,604,935
—
—
64,604,935
$
435,326,841
$
—
$
—
$
435,326,841
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
30,135
$
—
$
—
$
30,135
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.3%
AAR
Corp.
(a)
......................
7,726
$
342,416
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
......
10,087
488,715
AerSale
Corp.
(a)
....................
3,635
77,062
BWX
Technologies,
Inc.
..............
11,285
643,019
Cadre
Holdings,
Inc.
(b)
................
2,170
63,733
Curtiss-Wright
Corp.
.................
4,891
820,857
Kaman
Corp.
.....................
3,095
99,350
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
.
11,678
129,392
Mercury
Systems,
Inc.
(a)
..............
8,743
423,161
Moog,
Inc.,
Class
A
.................
6,586
558,164
National
Presto
Industries,
Inc.
..........
1,234
86,985
Parsons
Corp.
(a)(b)
...................
7,610
356,757
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
..
14,924
345,640
Triumph
Group,
Inc.
(a)
................
5,369
48,589
V2X,
Inc.
(a)
.......................
2,488
101,983
Woodward,
Inc.
(b)
...................
4,919
451,072
5,036,895
Air
Freight
&
Logistics
—
0.4%
Air
Transport
Services
Group,
Inc.
(a)
......
6,965
203,378
Atlas
Air
Worldwide
Holdings,
Inc.
(a)
......
5,853
591,972
Forward
Air
Corp.
..................
2,874
304,270
Hub
Group,
Inc.,
Class
A
(a)
.............
4,781
371,006
1,470,626
Airlines
—
0.7%
Alaska
Air
Group,
Inc.
(a)
...............
28,854
1,282,849
Blade
Air
Mobility,
Inc.,
Class
A
(a)
........
6,251
28,129
Hawaiian
Holdings,
Inc.
(a)
.............
6,603
95,281
JetBlue
Airways
Corp.
(a)(b)
.............
74,020
595,121
SkyWest,
Inc.
(a)
....................
6,620
117,042
Spirit
Airlines,
Inc.
..................
24,777
545,094
Wheels
Up
Experience,
Inc.,
Class
A
(a)(b)
...
39,548
70,000
2,733,516
Auto
Components
—
1.1%
Adient
plc
(a)
.......................
8,691
304,011
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
26,139
253,287
Autoliv,
Inc.
.......................
10,618
853,156
Dana,
Inc.
........................
16,877
269,357
Dorman
Products,
Inc.
(a)
..............
2,056
167,811
Garrett
Motion,
Inc.
(a)(b)
...............
13,214
87,741
Goodyear
Tire
&
Rubber
Co.
(The)
(a)
......
64,542
819,683
Holley,
Inc.
(a)(b)
.....................
5,531
22,013
LCI
Industries
.....................
3,114
330,427
Modine
Manufacturing
Co.
(a)
...........
11,953
214,198
Patrick
Industries,
Inc.
...............
4,934
225,533
QuantumScape
Corp.,
Class
A
(a)(b)
.......
27,354
227,859
Standard
Motor
Products,
Inc.
..........
4,221
160,102
Stoneridge,
Inc.
(a)(b)
..................
6,133
127,996
Tenneco,
Inc.,
Class
A
(a)
..............
18,853
371,404
4,434,578
Automobiles
—
0.6%
Harley-Davidson,
Inc.
................
30,283
1,302,169
Lordstown
Motors
Corp.,
Class
A
(a)(b)
......
38,031
68,836
Mullen
Automotive,
Inc.
(a)(b)
............
93,664
44,621
Thor
Industries,
Inc.
.................
6,848
557,907
Winnebago
Industries,
Inc.
............
4,297
256,488
2,230,021
Banks
—
14.7%
1st
Source
Corp.
...................
3,918
227,871
Amerant
Bancorp,
Inc.,
Class
A
.........
3,599
108,330
Ameris
Bancorp
....................
14,643
754,261
Security
Shares
Shares
Value
Banks
(continued)
Associated
Banc-Corp.
...............
36,046
$
877,720
Atlantic
Union
Bankshares
Corp.
........
17,771
613,810
Banc
of
California,
Inc.
...............
12,770
213,004
BancFirst
Corp.
....................
2,296
220,003
Bancorp,
Inc.
(The)
(a)
................
5,070
139,831
Bank
of
Hawaii
Corp.
................
9,155
695,322
Bank
of
Marin
Bancorp
...............
3,952
142,667
Bank
OZK
.......................
25,319
1,088,211
BankUnited,
Inc.
...................
16,548
594,901
Banner
Corp.
.....................
7,037
526,016
Berkshire
Hills
Bancorp,
Inc.
...........
9,614
281,210
BOK
Financial
Corp.
.................
6,820
751,496
Brookline
Bancorp,
Inc.
...............
16,141
221,939
Byline
Bancorp,
Inc.
.................
4,027
93,104
Cadence
Bank
....................
38,494
1,064,359
Cambridge
Bancorp
.................
1,820
159,887
Camden
National
Corp.
..............
3,759
163,592
Carter
Bankshares,
Inc.
(a)
.............
6,201
110,998
Cathay
General
Bancorp
..............
16,952
773,011
Central
Pacific
Financial
Corp.
..........
3,937
80,787
City
Holding
Co.
...................
1,945
196,153
Columbia
Banking
System,
Inc.
.........
15,901
532,206
Community
Bank
System,
Inc.
..........
10,929
682,297
Community
Trust
Bancorp,
Inc.
.........
3,440
162,678
ConnectOne
Bancorp,
Inc.
............
5,375
134,644
CrossFirst
Bankshares,
Inc.
(a)
...........
5,969
83,029
Customers
Bancorp,
Inc.
(a)
.............
6,431
216,660
CVB
Financial
Corp.
.................
27,734
796,520
Dime
Community
Bancshares,
Inc.
.......
3,067
105,904
Eagle
Bancorp,
Inc.
.................
6,681
302,516
Enterprise
Financial
Services
Corp.
......
9,156
489,571
Equity
Bancshares,
Inc.,
Class
A
........
3,815
136,272
Farmers
National
Banc
Corp.
...........
8,044
110,525
FB
Financial
Corp.
..................
5,701
239,214
Financial
Institutions,
Inc.
.............
4,430
105,567
First
BanCorp/Puerto
Rico
.............
22,066
348,422
First
Bancorp/Southern
Pines
NC
........
7,290
324,915
First
Bancshares,
Inc.
(The)
............
6,000
196,440
First
Busey
Corp.
...................
13,462
355,531
First
Commonwealth
Financial
Corp.
......
17,358
248,914
First
Financial
Bancorp
...............
17,385
453,227
First
Financial
Corp.
.................
3,136
152,065
First
Foundation,
Inc.
................
12,721
203,027
First
Hawaiian,
Inc.
.................
29,610
757,424
First
Internet
Bancorp
................
1,056
27,129
First
Interstate
BancSystem,
Inc.,
Class
A
..
20,937
954,937
First
Merchants
Corp.
................
14,092
632,731
First
Mid
Bancshares,
Inc.
.............
3,930
140,733
First
of
Long
Island
Corp.
(The)
.........
6,429
113,022
Flushing
Financial
Corp.
..............
7,577
149,267
FNB
Corp.
.......................
79,869
1,154,107
Fulton
Financial
Corp.
................
38,133
695,165
German
American
Bancorp,
Inc.
.........
4,743
186,352
Glacier
Bancorp,
Inc.
................
15,576
892,193
Great
Southern
Bancorp,
Inc.
...........
2,606
161,520
Hancock
Whitney
Corp.
..............
20,138
1,125,110
Hanmi
Financial
Corp.
...............
5,346
143,166
HarborOne
Bancorp,
Inc.
.............
5,831
88,806
Heartland
Financial
USA,
Inc.
..........
9,422
464,693
Heritage
Commerce
Corp.
.............
16,385
234,305
Heritage
Financial
Corp.
..............
7,188
242,164
Hilltop
Holdings,
Inc.
.................
10,817
313,152
Home
BancShares,
Inc.
..............
44,582
1,136,395
HomeStreet,
Inc.
...................
3,788
98,336
HomeTrust
Bancshares,
Inc.
...........
3,898
93,669
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Hope
Bancorp,
Inc.
.................
21,811
$
295,975
Horizon
Bancorp,
Inc.
................
9,998
149,070
Independent
Bank
Corp.
..............
14,863
950,705
Independent
Bank
Group,
Inc.
..........
8,219
518,537
International
Bancshares
Corp.
.........
12,575
623,720
Lakeland
Bancorp,
Inc.
...............
16,709
311,623
Lakeland
Financial
Corp.
..............
2,834
234,230
Mercantile
Bank
Corp.
...............
4,064
142,037
Metropolitan
Bank
Holding
Corp.
(a)
.......
982
64,812
Midland
States
Bancorp,
Inc.
...........
5,703
159,912
MVB
Financial
Corp.
................
1,543
38,205
National
Bank
Holdings
Corp.,
Class
A
....
6,933
303,804
NBT
Bancorp,
Inc.
..................
9,028
427,837
Nicolet
Bankshares,
Inc.
(a)(b)
............
2,981
227,420
Northwest
Bancshares,
Inc.
............
25,856
389,391
OceanFirst
Financial
Corp.
............
15,364
346,919
OFG
Bancorp
.....................
10,059
280,445
Old
National
Bancorp
................
67,843
1,327,009
Old
Second
Bancorp,
Inc.
.............
10,032
160,512
Origin
Bancorp,
Inc.
.................
3,511
145,110
Pacific
Premier
Bancorp,
Inc.
...........
19,961
726,780
PacWest
Bancorp
..................
27,606
686,285
Park
National
Corp.
(b)
................
3,484
513,890
Pathward
Financial,
Inc.
..............
2,098
88,179
Peapack-Gladstone
Financial
Corp.
......
2,518
99,637
Peoples
Bancorp,
Inc.
...............
7,424
224,724
Pinnacle
Financial
Partners,
Inc.
.........
17,645
1,464,359
Popular,
Inc.
......................
17,307
1,223,951
Premier
Financial
Corp.
..............
9,204
265,535
Prosperity
Bancshares,
Inc.
............
20,761
1,485,865
QCR
Holdings,
Inc.
.................
4,359
221,045
Renasant
Corp.
....................
11,529
465,426
S&T
Bancorp,
Inc.
..................
7,273
274,992
Sandy
Spring
Bancorp,
Inc.
............
11,062
392,037
Simmons
First
National
Corp.,
Class
A
....
23,992
572,689
Southern
First
Bancshares,
Inc.
(a)
........
1,077
48,120
Southside
Bancshares,
Inc.
............
6,915
236,770
SouthState
Corp.
...................
17,434
1,576,557
Stellar
Bancorp,
Inc.
.................
10,269
337,234
Stock
Yards
Bancorp,
Inc.
.............
3,176
248,331
Synovus
Financial
Corp.
..............
33,107
1,319,314
Texas
Capital
Bancshares,
Inc.
(a)
........
11,576
694,560
Tompkins
Financial
Corp.
.............
3,024
250,508
Towne
Bank
......................
15,129
498,349
TriCo
Bancshares
..................
8,024
464,670
Triumph
Bancorp,
Inc.
(a)(b)
.............
2,368
121,952
Trustmark
Corp.
...................
13,375
489,124
UMB
Financial
Corp.
................
9,890
823,046
Umpqua
Holdings
Corp.
..............
49,368
981,436
United
Bankshares,
Inc.
..............
30,781
1,303,575
United
Community
Banks,
Inc.
..........
20,928
805,728
Univest
Financial
Corp.
...............
7,504
211,163
Valley
National
Bancorp
..............
97,875
1,161,776
Veritex
Holdings,
Inc.
................
7,839
247,556
Washington
Federal,
Inc.
..............
15,879
614,517
Washington
Trust
Bancorp,
Inc.
.........
4,530
219,705
WesBanco,
Inc.
....................
14,373
581,244
Westamerica
BanCorp
...............
5,755
361,011
Wintrust
Financial
Corp.
..............
14,144
1,324,161
57,006,077
Beverages
—
0.1%
Coca-Cola
Consolidated,
Inc.
...........
318
154,869
National
Beverage
Corp.
..............
3,110
147,476
Security
Shares
Shares
Value
Beverages
(continued)
Vintage
Wine
Estates,
Inc.
(a)(b)
..........
3,346
$
9,269
311,614
Biotechnology
—
2.4%
(a)
4D
Molecular
Therapeutics,
Inc.
.........
3,745
32,432
ACADIA
Pharmaceuticals,
Inc.
..........
10,817
173,396
Agenus,
Inc.
(b)
.....................
19,309
48,466
Agios
Pharmaceuticals,
Inc.
............
6,294
173,337
Akero
Therapeutics,
Inc.
..............
6,791
286,988
Alector,
Inc.
(b)
.....................
14,110
129,812
Allogene
Therapeutics,
Inc.
(b)
...........
20,649
212,685
AnaptysBio,
Inc.
(b)
..................
2,203
63,557
Anavex
Life
Sciences
Corp.
............
12,309
149,800
Arcturus
Therapeutics
Holdings,
Inc.
(b)
.....
2,525
44,692
Arcus
Biosciences,
Inc.
...............
11,827
301,352
Arcutis
Biotherapeutics,
Inc.
(b)
..........
9,059
160,163
Atara
Biotherapeutics,
Inc.
.............
14,018
65,324
Beam
Therapeutics,
Inc.
(b)
.............
8,777
386,715
Bioxcel
Therapeutics,
Inc.
(b)
............
2,018
25,407
C4
Therapeutics,
Inc.
................
5,762
55,430
Caribou
Biosciences,
Inc.
.............
8,437
82,176
Catalyst
Pharmaceuticals,
Inc.
(b)
.........
6,834
94,788
Chimerix,
Inc.
.....................
10,772
19,066
CRISPR
Therapeutics
AG
(b)
............
17,767
929,925
CTI
BioPharma
Corp.
................
10,783
52,837
Eagle
Pharmaceuticals,
Inc.
...........
2,427
76,378
Editas
Medicine,
Inc.
................
10,104
126,805
Emergent
BioSolutions,
Inc.
............
5,121
106,824
Enanta
Pharmaceuticals,
Inc.
...........
2,696
121,617
FibroGen,
Inc.
.....................
10,450
170,126
Gossamer
Bio,
Inc.
.................
5,640
62,604
IGM
Biosciences,
Inc.
................
1,971
39,420
ImmunityBio,
Inc.
(b)
..................
11,234
61,787
Immunovant,
Inc.
...................
9,979
111,765
Inhibrx,
Inc.
.......................
3,082
99,179
Intellia
Therapeutics,
Inc.
(b)
............
7,544
398,172
Intercept
Pharmaceuticals,
Inc.
.........
5,633
78,130
Ironwood
Pharmaceuticals,
Inc.,
Class
A
...
30,608
334,851
Karyopharm
Therapeutics,
Inc.
..........
17,033
81,077
Krystal
Biotech,
Inc.
.................
4,912
375,768
Kura
Oncology,
Inc.
.................
6,370
98,862
MacroGenics,
Inc.
(b)
.................
12,440
63,693
Madrigal
Pharmaceuticals,
Inc.
(b)
........
1,511
107,009
MeiraGTx
Holdings
plc
...............
2,520
18,320
MiMedx
Group,
Inc.
(b)
................
10,697
31,663
Mirati
Therapeutics,
Inc.
..............
4,252
286,245
Mirum
Pharmaceuticals,
Inc.
...........
2,799
63,117
Myriad
Genetics,
Inc.
................
11,083
229,861
Novavax,
Inc.
(b)
....................
17,803
396,473
Nurix
Therapeutics,
Inc.
..............
4,495
57,221
Ocugen,
Inc.
......................
48,678
83,726
Prothena
Corp.
plc
..................
4,807
295,342
RAPT
Therapeutics,
Inc.
..............
1,873
40,869
REGENXBIO,
Inc.
..................
8,490
200,958
Replimune
Group,
Inc.
...............
3,452
63,379
REVOLUTION
Medicines,
Inc.
..........
17,015
344,724
Rocket
Pharmaceuticals,
Inc.
(b)
..........
11,174
208,507
Sangamo
Therapeutics,
Inc.
...........
29,597
129,931
Seres
Therapeutics,
Inc.
(b)
.............
10,756
95,298
SpringWorks
Therapeutics,
Inc.
.........
3,833
92,030
Stoke
Therapeutics,
Inc.
..............
3,539
52,554
uniQure
NV
.......................
9,358
174,246
Vaxart,
Inc.
(b)
......................
12,777
21,338
Vir
Biotechnology,
Inc.
...............
17,196
377,968
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Y-mAbs
Therapeutics,
Inc.
(b)
............
3,303
$
11,924
9,278,109
Building
Products
—
0.8%
American
Woodmark
Corp.
(a)
...........
3,758
170,425
Apogee
Enterprises,
Inc.
..............
5,061
232,199
Gibraltar
Industries,
Inc.
(a)
.............
3,969
202,737
Griffon
Corp.
......................
10,769
346,116
Insteel
Industries,
Inc.
................
2,570
67,719
Janus
International
Group,
Inc.
(a)
........
17,901
172,387
JELD-WEN
Holding,
Inc.
(a)
.............
12,468
132,285
Masonite
International
Corp.
(a)
..........
2,317
165,735
PGT
Innovations,
Inc.
(a)
...............
8,134
173,336
Quanex
Building
Products
Corp.
.........
7,539
167,064
Resideo
Technologies,
Inc.
(a)
...........
16,564
391,242
UFP
Industries,
Inc.
.................
6,684
476,101
Zurn
Elkay
Water
Solutions
Corp.
........
12,190
286,343
2,983,689
Capital
Markets
—
2.7%
Affiliated
Managers
Group,
Inc.
.........
8,710
1,081,434
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
8,295
236,490
AssetMark
Financial
Holdings,
Inc.
(a)
......
2,431
50,346
B
Riley
Financial,
Inc.
................
3,641
148,116
BGC
Partners,
Inc.,
Class
A
............
74,608
295,448
Blucora,
Inc.
(a)
.....................
10,883
239,752
Bridge
Investment
Group
Holdings,
Inc.,
Class
A
...........................
2,801
43,864
Cowen,
Inc.,
Class
A
................
5,975
230,754
Diamond
Hill
Investment
Group,
Inc.
......
735
132,263
Donnelley
Financial
Solutions,
Inc.
(a)(b)
.....
5,831
235,747
Evercore,
Inc.,
Class
A
...............
8,197
861,505
Federated
Hermes,
Inc.,
Class
B
........
19,269
669,598
Focus
Financial
Partners,
Inc.,
Class
A
(a)(b)
..
6,164
214,445
GCM
Grosvenor,
Inc.,
Class
A
..........
3,524
29,143
Houlihan
Lokey,
Inc.,
Class
A
...........
4,909
438,472
Interactive
Brokers
Group,
Inc.,
Class
A
....
9,064
726,480
Janus
Henderson
Group
plc
...........
30,195
687,540
Moelis
&
Co.,
Class
A
................
14,660
622,464
Oppenheimer
Holdings,
Inc.,
Class
A
......
1,704
58,652
Piper
Sandler
Cos.
..................
1,313
168,025
StepStone
Group,
Inc.,
Class
A
.........
6,607
195,039
Stifel
Financial
Corp.
................
24,156
1,494,532
StoneX
Group,
Inc.
(a)
................
3,927
366,468
TPG,
Inc.,
Class
A
(b)
.................
11,650
358,237
Victory
Capital
Holdings,
Inc.,
Class
A
.....
6,327
182,977
Virtu
Financial,
Inc.,
Class
A
............
21,824
488,421
Virtus
Investment
Partners,
Inc.
.........
750
128,617
WisdomTree
Investments,
Inc.
..........
25,309
137,428
10,522,257
Chemicals
—
2.5%
AdvanSix,
Inc.
.....................
6,415
233,378
American
Vanguard
Corp.
.............
6,573
152,954
Ashland,
Inc.
......................
4,526
474,868
Avient
Corp.
......................
7,280
251,087
Axalta
Coating
Systems
Ltd.
(a)(b)
.........
23,353
544,592
Cabot
Corp.
......................
12,853
944,439
Chase
Corp.
......................
910
85,731
Chemours
Co.
(The)
.................
35,332
1,011,555
Diversey
Holdings
Ltd.
(a)
..............
17,611
95,099
Ecovyst,
Inc.
(a)
.....................
5,352
53,252
Element
Solutions,
Inc.
...............
21,490
369,628
FutureFuel
Corp.
...................
5,800
39,672
HB
Fuller
Co.
.....................
5,093
355,033
Security
Shares
Shares
Value
Chemicals
(continued)
Huntsman
Corp.
...................
28,278
$
756,719
Ingevity
Corp.
(a)(b)
...................
8,173
549,798
Innospec,
Inc.
.....................
2,387
238,676
Intrepid
Potash,
Inc.
(a)(b)
...............
771
34,888
Koppers
Holdings,
Inc.
...............
4,832
120,607
Kronos
Worldwide,
Inc.
...............
3,309
31,436
LSB
Industries,
Inc.
(a)
................
4,721
83,231
Mativ
Holdings,
Inc.
.................
12,446
295,468
Minerals
Technologies,
Inc.
............
7,411
407,679
NewMarket
Corp.
...................
1,569
477,510
Scotts
Miracle-Gro
Co.
(The)
...........
5,747
263,845
Sensient
Technologies
Corp.
...........
4,909
350,797
Stepan
Co.
.......................
2,678
279,690
Tredegar
Corp.
....................
5,827
63,456
Trinseo
plc
.......................
7,982
150,221
Tronox
Holdings
plc,
Class
A
...........
26,041
312,492
Valvoline,
Inc.
.....................
24,937
732,150
9,759,951
Commercial
Services
&
Supplies
—
1.8%
ABM
Industries,
Inc.
.................
15,187
675,973
ACCO
Brands
Corp.
.................
21,141
97,249
Brady
Corp.,
Class
A,
NVS
............
6,968
318,786
BrightView
Holdings,
Inc.
(a)
............
8,729
77,863
Brink's
Co.
(The)
...................
4,991
297,613
Cimpress
plc
(a)
.....................
4,394
102,292
Clean
Harbors,
Inc.
(a)
................
4,734
579,726
CoreCivic,
Inc.
(a)
...................
26,746
280,031
Deluxe
Corp.
......................
9,726
178,764
Ennis,
Inc.
.......................
6,012
135,631
GEO
Group,
Inc.
(The)
(a)
..............
26,591
224,960
Harsco
Corp.
(a)
....................
11,106
58,751
Healthcare
Services
Group,
Inc.
.........
16,999
237,306
Heritage-Crystal
Clean,
Inc.
(a)
...........
1,749
48,045
HNI
Corp.
........................
9,490
275,115
IAA,
Inc.
(a)(b)
.......................
11,256
426,940
Interface,
Inc.
.....................
13,334
150,807
KAR
Auction
Services,
Inc.
(a)
...........
14,898
216,468
Matthews
International
Corp.,
Class
A
.....
7,039
189,208
MillerKnoll,
Inc.
....................
9,706
205,573
Montrose
Environmental
Group,
Inc.
(a)(b)
....
2,962
129,676
MSA
Safety,
Inc.
...................
4,289
575,755
Pitney
Bowes,
Inc.
..................
4,409
13,712
SP
Plus
Corp.
(a)
....................
5,341
197,777
Steelcase,
Inc.,
Class
A
..............
13,460
104,584
Stericycle,
Inc.
(a)
...................
13,482
601,028
UniFirst
Corp.
.....................
1,852
340,786
Viad
Corp.
(a)
......................
1,467
54,690
VSE
Corp.
.......................
1,409
65,223
6,860,332
Communications
Equipment
—
0.7%
ADTRAN
Holdings,
Inc.
..............
16,127
362,213
Casa
Systems,
Inc.
(a)
................
4,895
15,419
CommScope
Holding
Co.,
Inc.
(a)
.........
47,546
629,509
Comtech
Telecommunications
Corp.
......
6,397
70,687
Digi
International,
Inc.
(a)
...............
3,252
131,153
Extreme
Networks,
Inc.
(a)
..............
10,628
190,666
Lumentum
Holdings,
Inc.
(a)(b)
...........
7,509
559,045
NETGEAR,
Inc.
(a)
...................
6,577
129,238
NetScout
Systems,
Inc.
(a)
.............
8,933
320,873
Ribbon
Communications,
Inc.
(a)(b)
........
16,415
43,500
Viavi
Solutions,
Inc.
(a)
................
22,479
339,433
2,791,736
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Construction
&
Engineering
—
1.7%
API
Group
Corp.
(a)
..................
17,846
$
294,281
Arcosa,
Inc.
......................
4,806
308,545
Argan,
Inc.
.......................
3,365
116,665
Comfort
Systems
USA,
Inc.
............
4,302
530,351
Dycom
Industries,
Inc.
(a)(b)
.............
3,679
434,784
EMCOR
Group,
Inc.
.................
6,655
939,020
Fluor
Corp.
(a)
......................
16,331
494,176
Granite
Construction,
Inc.
.............
6,770
228,352
Great
Lakes
Dredge
&
Dock
Corp.
(a)
......
10,280
77,717
IES
Holdings,
Inc.
(a)
.................
1,257
41,531
MasTec,
Inc.
(a)(b)
....................
8,364
644,697
MDU
Resources
Group,
Inc.
...........
46,273
1,317,855
MYR
Group,
Inc.
(a)
..................
1,785
156,205
Primoris
Services
Corp.
..............
12,165
245,611
Sterling
Infrastructure,
Inc.
(a)
...........
6,916
186,663
Tutor
Perini
Corp.
(a)
.................
9,730
72,197
Valmont
Industries,
Inc.
...............
2,227
710,903
6,799,553
Construction
Materials
—
0.1%
Eagle
Materials,
Inc.
.................
2,535
310,056
Summit
Materials,
Inc.,
Class
A
(a)
........
9,914
261,234
571,290
Consumer
Finance
—
1.3%
Atlanticus
Holdings
Corp.
(a)
............
633
18,079
Bread
Financial
Holdings,
Inc.
..........
10,330
373,016
Curo
Group
Holdings
Corp.
............
4,906
25,364
Encore
Capital
Group,
Inc.
(a)(b)
..........
3,213
163,606
Enova
International,
Inc.
(a)
.............
7,339
275,139
EZCORP,
Inc.,
Class
A,
NVS
(a)
..........
12,212
117,968
FirstCash
Holdings,
Inc.
..............
5,297
521,490
Green
Dot
Corp.,
Class
A
(a)
............
5,076
96,596
LendingClub
Corp.
(a)
.................
10,955
116,561
LendingTree,
Inc.
(a)
..................
2,461
62,091
Navient
Corp.
.....................
25,328
383,466
Nelnet,
Inc.,
Class
A
(b)
................
1,389
123,746
OneMain
Holdings,
Inc.
...............
28,204
1,087,546
PRA
Group,
Inc.
(a)
..................
8,919
298,787
PROG
Holdings,
Inc.
(a)
...............
11,492
189,848
Regional
Management
Corp.
...........
1,972
66,969
SLM
Corp.
.......................
57,209
949,097
World
Acceptance
Corp.
(a)(b)
............
458
37,199
4,906,568
Containers
&
Packaging
—
1.1%
Graphic
Packaging
Holding
Co.
.........
32,888
755,108
Greif,
Inc.,
Class
A,
NVS
..............
6,060
401,233
Myers
Industries,
Inc.
................
2,407
48,838
O-I
Glass,
Inc.
(a)
....................
35,548
579,788
Pactiv
Evergreen,
Inc.
...............
4,833
52,728
Silgan
Holdings,
Inc.
.................
19,091
904,150
Sonoco
Products
Co.
................
22,177
1,376,748
TriMas
Corp.
......................
9,551
218,240
4,336,833
Distributors
—
0.0%
Funko,
Inc.,
Class
A
(a)
................
3,798
78,429
Diversified
Consumer
Services
—
1.0%
2U,
Inc.
(a)
........................
17,394
107,669
ADT,
Inc.
........................
48,832
413,119
Adtalem
Global
Education,
Inc.
(a)
........
10,328
430,678
American
Public
Education,
Inc.
(a)
........
2,587
33,139
Carriage
Services,
Inc.
...............
1,717
41,912
Frontdoor,
Inc.
(a)
....................
11,431
252,168
Graham
Holdings
Co.,
Class
B
..........
887
553,373
Security
Shares
Shares
Value
Diversified
Consumer
Services
(continued)
Grand
Canyon
Education,
Inc.
(a)
.........
2,615
$
263,147
H&R
Block,
Inc.
....................
18,262
751,481
Laureate
Education,
Inc.
..............
15,607
197,273
Perdoceo
Education
Corp.
(a)
...........
15,454
176,639
PowerSchool
Holdings,
Inc.,
Class
A
(a)
.....
3,349
66,980
Strategic
Education,
Inc.
..............
2,854
196,926
Stride,
Inc.
(a)
......................
3,091
103,579
Vivint
Smart
Home,
Inc.,
Class
A
(a)(b)
......
10,153
77,670
WW
International,
Inc.
(a)
..............
12,163
54,977
3,720,730
Diversified
Financial
Services
—
0.3%
A-Mark
Precious
Metals,
Inc.
...........
4,068
123,708
Cannae
Holdings,
Inc.
(a)
..............
7,180
166,289
Compass
Diversified
Holdings
..........
14,040
298,771
Jackson
Financial,
Inc.,
Class
A
.........
13,708
525,839
1,114,607
Diversified
Telecommunication
Services
—
0.2%
Anterix,
Inc.
(a)
.....................
2,118
81,225
ATN
International,
Inc.
...............
2,472
106,593
Cogent
Communications
Holdings,
Inc.
....
3,768
197,858
Consolidated
Communications
Holdings,
Inc.
(a)
17,195
88,898
EchoStar
Corp.,
Class
A
(a)(b)
............
8,150
153,790
IDT
Corp.,
Class
B
(a)
.................
2,870
74,792
Liberty
Latin
America
Ltd.,
Class
A
(a)
......
4,948
38,496
Liberty
Latin
America
Ltd.,
Class
C,
NVS
(a)
..
20,028
156,018
897,670
Electric
Utilities
—
1.4%
ALLETE,
Inc.
.....................
13,022
732,748
Hawaiian
Electric
Industries,
Inc.
........
25,075
953,853
IDACORP,
Inc.
....................
11,557
1,210,018
MGE
Energy,
Inc.
...................
4,924
335,275
Otter
Tail
Corp.
....................
5,471
368,855
PNM
Resources,
Inc.
................
19,557
908,814
Portland
General
Electric
Co.
...........
20,274
911,113
5,420,676
Electrical
Equipment
—
1.4%
Acuity
Brands,
Inc.
..................
4,440
815,051
Array
Technologies,
Inc.
(a)
.............
21,101
381,928
Atkore,
Inc.
(a)
......................
9,431
898,774
AZZ,
Inc.
........................
5,648
227,050
Blink
Charging
Co.
(a)
.................
4,180
61,864
Encore
Wire
Corp.
(b)
.................
2,511
345,488
EnerSys
.........................
5,895
390,780
Enovix
Corp.
(a)
.....................
24,958
470,957
Fluence
Energy,
Inc.,
Class
A
(a)(b)
........
4,077
60,870
GrafTech
International
Ltd.
............
44,103
224,484
nVent
Electric
plc
...................
37,889
1,382,949
Thermon
Group
Holdings,
Inc.
(a)
.........
7,733
137,338
TPI
Composites,
Inc.
(a)
...............
5,343
53,216
5,450,749
Electronic
Equipment,
Instruments
&
Components
—
2.3%
Advanced
Energy
Industries,
Inc.
........
5,127
403,239
Arlo
Technologies,
Inc.
(a)
..............
20,313
104,612
Avnet,
Inc.
.......................
21,577
867,180
Belden,
Inc.
......................
6,568
457,330
Benchmark
Electronics,
Inc.
...........
4,776
135,591
Coherent
Corp.
(a)(b)
..................
17,595
591,368
ePlus,
Inc.
(a)
......................
2,710
132,031
Fabrinet
(a)
........................
4,089
467,782
Insight
Enterprises,
Inc.
(a)
.............
6,997
661,286
IPG
Photonics
Corp.
(a)
...............
4,673
400,289
Kimball
Electronics,
Inc.
(a)
.............
5,647
116,723
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
48
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Knowles
Corp.
(a)
...................
11,675
$
160,531
Methode
Electronics,
Inc.
.............
8,429
347,528
MicroVision,
Inc.
(a)(b)
.................
21,119
77,296
Mirion
Technologies,
Inc.,
Class
A
(a)(b)
.....
15,324
123,818
National
Instruments
Corp.
............
12,830
489,849
OSI
Systems,
Inc.
(a)
.................
3,623
297,738
PC
Connection,
Inc.
.................
2,689
142,893
Plexus
Corp.
(a)
.....................
2,755
271,092
Sanmina
Corp.
(a)
...................
13,188
739,187
ScanSource,
Inc.
(a)
..................
5,780
179,064
TTM
Technologies,
Inc.
(a)
..............
23,433
358,759
Velodyne
Lidar,
Inc.
(a)(b)
...............
15,309
15,118
Vishay
Intertechnology,
Inc.
............
29,686
620,734
Vishay
Precision
Group,
Inc.
(a)
..........
1,409
47,554
Vontier
Corp.
......................
36,045
688,460
8,897,052
Energy
Equipment
&
Services
—
1.8%
Archrock,
Inc.
.....................
30,369
228,071
ChampionX
Corp.
..................
20,297
580,900
Dril-Quip,
Inc.
(a)
....................
2,713
67,499
Helix
Energy
Solutions
Group,
Inc.
(a)
......
32,465
227,255
Helmerich
&
Payne,
Inc.
..............
23,978
1,187,151
Nabors
Industries
Ltd.
(a)
..............
1,111
193,347
NexTier
Oilfield
Solutions,
Inc.
(a)
.........
36,387
366,781
Noble
Corp.
plc
(a)
...................
13,513
487,009
NOV,
Inc.
(b)
.......................
89,339
2,001,194
Oceaneering
International,
Inc.
(a)
........
9,453
132,247
Oil
States
International,
Inc.
(a)
...........
14,799
95,750
ProPetro
Holding
Corp.
(a)
..............
6,522
77,220
Select
Energy
Services,
Inc.,
Class
A
(a)
....
9,011
86,956
Tidewater,
Inc.
(a)
...................
10,603
359,442
Transocean
Ltd.
(a)(b)
.................
147,326
542,160
US
Silica
Holdings,
Inc.
(a)
.............
17,211
247,666
Weatherford
International
plc
(a)
..........
6,631
276,380
7,157,028
Entertainment
—
0.3%
Cinemark
Holdings,
Inc.
(a)(b)
............
24,728
262,364
Liberty
Media
Corp.-Liberty
Braves,
Class
A
(a)
910
29,020
Lions
Gate
Entertainment
Corp.,
Class
A
(a)
..
14,105
113,686
Lions
Gate
Entertainment
Corp.,
Class
B,
NVS
(a)
........................
28,540
216,619
Madison
Square
Garden
Entertainment
Corp.
(a)
3,524
172,782
Madison
Square
Garden
Sports
Corp.
.....
1,408
220,507
Marcus
Corp.
(The)
.................
5,881
88,450
Skillz,
Inc.,
Class
A
(a)(b)
...............
68,031
70,072
1,173,500
Equity
Real
Estate
Investment
Trusts
(REITs)
—
5.7%
Acadia
Realty
Trust
(b)
................
10,775
150,527
Agree
Realty
Corp.
.................
8,045
552,692
Alexander's,
Inc.
...................
500
117,445
American
Assets
Trust,
Inc.
............
6,012
165,210
Apartment
Investment
and
Management
Co.,
Class
A
.......................
15,351
121,887
Armada
Hoffler
Properties,
Inc.
.........
15,364
179,605
Braemar
Hotels
&
Resorts,
Inc.
.........
13,245
65,298
Brandywine
Realty
Trust
..............
39,247
257,460
Broadstone
Net
Lease,
Inc.
............
13,639
233,772
CareTrust
REIT,
Inc.
.................
22,221
415,088
CBL
&
Associates
Properties,
Inc.
........
5,590
160,601
Centerspace
......................
2,026
140,402
Chatham
Lodging
Trust
(a)
.............
7,218
93,617
City
Office
REIT,
Inc.
................
4,706
49,978
Corporate
Office
Properties
Trust
........
8,243
219,676
Security
Shares
Shares
Value
Equity
Real
Estate
Investment
Trusts
(REITs)
(continued)
Cousins
Properties,
Inc.
..............
21,376
$
507,894
Diversified
Healthcare
Trust
............
55,003
74,804
Douglas
Emmett,
Inc.
................
26,541
466,856
Easterly
Government
Properties,
Inc.
.....
8,710
151,467
Elme
Communities
..................
19,922
380,311
Empire
State
Realty
Trust,
Inc.,
Class
A
(b)
...
30,373
223,849
EPR
Properties
....................
8,399
324,201
Equity
Commonwealth
...............
25,390
664,202
Essential
Properties
Realty
Trust,
Inc.
.....
12,933
278,318
Farmland
Partners,
Inc.
..............
3,444
48,250
First
Industrial
Realty
Trust,
Inc.
.........
9,637
459,010
Four
Corners
Property
Trust,
Inc.
........
6,904
176,881
Franklin
Street
Properties
Corp.
.........
21,425
61,704
Getty
Realty
Corp.
..................
8,421
265,177
Gladstone
Commercial
Corp.
...........
5,494
96,639
Gladstone
Land
Corp.
...............
2,186
44,485
Global
Medical
REIT,
Inc.
.............
6,366
58,185
Global
Net
Lease,
Inc.
...............
15,325
187,731
Healthcare
Realty
Trust,
Inc.,
Class
A
.....
48,733
990,742
Hersha
Hospitality
Trust,
Class
A
........
7,449
68,158
Highwoods
Properties,
Inc.
............
24,046
678,819
Hudson
Pacific
Properties,
Inc.
..........
15,412
170,148
Industrial
Logistics
Properties
Trust
.......
14,787
69,203
InvenTrust
Properties
Corp.
............
7,098
178,870
iStar,
Inc.
........................
19,638
205,806
JBG
SMITH
Properties
...............
22,598
444,729
Kite
Realty
Group
Trust
...............
22,967
451,072
LTC
Properties,
Inc.
.................
9,219
356,499
LXP
Industrial
Trust
.................
29,720
287,690
Macerich
Co.
(The)
.................
20,089
223,591
National
Health
Investors,
Inc.
..........
10,198
578,227
Necessity
Retail
REIT,
Inc.
(The),
Class
A
..
30,223
206,725
NexPoint
Residential
Trust,
Inc.
.........
1,660
75,696
Office
Properties
Income
Trust
..........
11,015
168,530
Omega
Healthcare
Investors,
Inc.
........
53,246
1,692,158
One
Liberty
Properties,
Inc.
............
2,338
52,699
Outfront
Media,
Inc.
.................
11,316
204,254
Paramount
Group,
Inc.
...............
38,457
248,817
Park
Hotels
&
Resorts,
Inc.
............
51,142
668,937
Phillips
Edison
&
Co.,
Inc.
.............
9,960
300,194
Physicians
Realty
Trust
...............
29,256
440,595
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
..
19,415
202,887
Plymouth
Industrial
REIT,
Inc.
..........
4,103
75,659
PotlatchDeltic
Corp.
.................
18,361
816,881
Retail
Opportunity
Investments
Corp.
.....
13,957
202,097
RLJ
Lodging
Trust
..................
12,359
150,409
RPT
Realty
.......................
8,877
82,556
Sabra
Health
Care
REIT,
Inc.
...........
52,791
721,125
Saul
Centers,
Inc.
..................
1,494
61,179
Service
Properties
Trust
..............
20,583
166,928
SITE
Centers
Corp.
.................
23,995
297,058
SL
Green
Realty
Corp.
...............
14,603
579,447
Spirit
Realty
Capital,
Inc.
..............
17,690
686,903
STAG
Industrial,
Inc.
................
15,368
485,475
Summit
Hotel
Properties,
Inc.
...........
24,552
212,129
Tanger
Factory
Outlet
Centers,
Inc.
.......
13,680
246,377
UMH
Properties,
Inc.
................
7,210
126,463
Uniti
Group,
Inc.
...................
37,117
288,028
Universal
Health
Realty
Income
Trust
.....
1,754
85,367
Urban
Edge
Properties
...............
10,921
154,205
Urstadt
Biddle
Properties,
Inc.,
Class
A
....
4,594
86,092
Veris
Residential,
Inc.
(a)
...............
18,095
286,444
Whitestone
REIT
...................
10,455
98,382
22,267,472
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
49
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
&
Staples
Retailing
—
1.0%
Andersons,
Inc.
(The)
................
4,115
$
145,136
Casey's
General
Stores,
Inc.
...........
3,940
916,877
Chefs'
Warehouse,
Inc.
(The)
(a)
.........
4,339
158,938
Grocery
Outlet
Holding
Corp.
(a)(b)
.........
10,347
357,696
Ingles
Markets,
Inc.,
Class
A
...........
1,753
165,431
Natural
Grocers
by
Vitamin
Cottage,
Inc.
...
1,740
20,010
PriceSmart,
Inc.
....................
3,360
214,939
SpartanNash
Co.
...................
8,263
295,072
Sprouts
Farmers
Market,
Inc.
(a)
..........
24,532
723,694
United
Natural
Foods,
Inc.
(a)
............
13,247
561,805
Weis
Markets,
Inc.
..................
3,759
352,105
3,911,703
Food
Products
—
1.6%
B&G
Foods,
Inc.
...................
16,350
267,813
Calavo
Growers,
Inc.
................
2,743
94,880
Flowers
Foods,
Inc.
.................
43,924
1,261,058
Fresh
Del
Monte
Produce,
Inc.
..........
6,978
181,986
Hain
Celestial
Group,
Inc.
(The)
(a)
........
13,207
247,103
Hostess
Brands,
Inc.,
Class
A
(a)
.........
9,746
258,074
Ingredion,
Inc.
.....................
14,912
1,328,958
J
&
J
Snack
Foods
Corp.
..............
1,360
200,750
John
B
Sanfilippo
&
Son,
Inc.
...........
2,062
171,991
Lancaster
Colony
Corp.
..............
1,861
335,501
Mission
Produce,
Inc.
(a)
...............
5,244
87,260
Pilgrim's
Pride
Corp.
(a)
...............
6,633
152,891
Post
Holdings,
Inc.
(a)(b)
................
5,828
526,968
Seaboard
Corp.
....................
26
97,406
Seneca
Foods
Corp.,
Class
A
(a)
.........
1,292
81,538
TreeHouse
Foods,
Inc.
(a)(b)
.............
11,489
577,207
Utz
Brands,
Inc.,
Class
A
(b)
............
9,601
155,632
6,027,016
Gas
Utilities
—
1.6%
Chesapeake
Utilities
Corp.
............
1,644
204,481
National
Fuel
Gas
Co.
...............
20,815
1,404,804
New
Jersey
Resources
Corp.
...........
21,938
979,312
Northwest
Natural
Holding
Co.
..........
7,994
384,432
ONE
Gas,
Inc.
.....................
7,365
570,640
South
Jersey
Industries,
Inc.
...........
27,903
967,397
Southwest
Gas
Holdings,
Inc.
..........
14,012
1,023,857
Spire,
Inc.
........................
11,964
835,207
6,370,130
Health
Care
Equipment
&
Supplies
—
1.4%
AngioDynamics,
Inc.
(a)
...............
5,160
72,704
Artivion,
Inc.
(a)
.....................
5,789
64,605
Avanos
Medical,
Inc.
(a)
...............
5,624
124,572
BioLife
Solutions,
Inc.
(a)
...............
3,889
91,469
Bioventus,
Inc.,
Class
A
(a)
.............
3,998
32,544
Cardiovascular
Systems,
Inc.
(a)
..........
5,357
77,355
Embecta
Corp.
....................
13,227
408,979
Enovis
Corp.
(a)(b)
....................
5,496
271,777
Envista
Holdings
Corp.
(a)(b)
.............
13,865
457,684
Haemonetics
Corp.
(a)
................
6,367
540,877
ICU
Medical,
Inc.
(a)(b)
.................
1,929
286,283
Inogen,
Inc.
(a)
.....................
5,204
117,923
Integer
Holdings
Corp.
(a)
..............
3,810
237,477
LivaNova
plc
(a)
.....................
7,455
351,131
Masimo
Corp.
(a)
....................
5,137
676,029
NuVasive,
Inc.
(a)
....................
3,491
154,058
OraSure
Technologies,
Inc.
(a)
...........
16,125
70,305
QuidelOrtho
Corp.
(a)
.................
12,353
1,109,546
Varex
Imaging
Corp.
(a)
...............
9,130
201,864
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Zimvie,
Inc.
(a)
......................
4,569
$
40,070
5,387,252
Health
Care
Providers
&
Services
—
1.8%
1Life
Healthcare,
Inc.
(a)
...............
15,846
270,967
Acadia
Healthcare
Co.,
Inc.
(a)
...........
7,139
580,401
Accolade,
Inc.
(a)
....................
8,703
93,818
AdaptHealth
Corp.
(a)(b)
................
7,495
170,886
Alignment
Healthcare,
Inc.
(a)
...........
11,046
146,249
AMN
Healthcare
Services,
Inc.
(a)
.........
6,067
761,409
Aveanna
Healthcare
Holdings,
Inc.
(a)
......
10,952
15,223
Brookdale
Senior
Living,
Inc.
(a)
..........
42,462
189,805
Clover
Health
Investments
Corp.
(a)
.......
43,534
68,784
Community
Health
Systems,
Inc.
(a)
.......
28,962
83,121
Cross
Country
Healthcare,
Inc.
(a)
........
8,261
306,401
Encompass
Health
Corp.
.............
13,841
753,504
Fulgent
Genetics,
Inc.
(a)
..............
4,623
183,210
Hims
&
Hers
Health,
Inc.,
Class
A
(a)
.......
11,023
50,044
Invitae
Corp.
(a)(b)
....................
34,039
87,821
ModivCare,
Inc.
(a)
...................
1,718
167,058
National
HealthCare
Corp.
.............
3,132
190,801
National
Research
Corp.
..............
1,139
46,392
OPKO
Health,
Inc.
(a)(b)
................
92,900
176,510
Owens
&
Minor,
Inc.
.................
17,351
294,967
Patterson
Cos.,
Inc.
.................
19,683
511,168
Pediatrix
Medical
Group,
Inc.
(a)
..........
19,268
373,799
Pennant
Group,
Inc.
(The)
(a)
............
3,046
37,496
Premier,
Inc.,
Class
A
................
26,880
937,574
Select
Medical
Holdings
Corp.
..........
14,808
380,269
Sema4
Holdings
Corp.,
Class
A
(a)
........
34,374
35,405
6,913,082
Health
Care
Technology
—
0.4%
(a)
Allscripts
Healthcare
Solutions,
Inc.
(b)
.....
11,451
168,330
American
Well
Corp.,
Class
A
..........
26,899
110,017
Computer
Programs
and
Systems,
Inc.
....
3,393
109,594
Evolent
Health,
Inc.,
Class
A
...........
6,845
217,739
Health
Catalyst,
Inc.
.................
7,348
64,809
HealthStream,
Inc.
..................
2,076
51,277
Multiplan
Corp.,
Class
A
..............
53,832
154,498
NextGen
Healthcare,
Inc.
.............
12,672
253,947
Pear
Therapeutics,
Inc.,
Class
A
(b)
........
4,477
12,312
Teladoc
Health,
Inc.
.................
18,362
544,250
1,686,773
Hotels,
Restaurants
&
Leisure
—
1.8%
BJ's
Restaurants,
Inc.
(a)(b)
.............
2,265
74,405
Bloomin'
Brands,
Inc.
................
20,263
486,515
Bluegreen
Vacations
Holding
Corp.
.......
2,458
42,548
Brinker
International,
Inc.
(a)
............
9,966
332,765
Cheesecake
Factory,
Inc.
(The)
.........
11,044
395,486
Chuy's
Holdings,
Inc.
(a)
...............
2,367
69,353
Cracker
Barrel
Old
Country
Store,
Inc.
.....
3,483
397,828
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
4,668
186,020
Denny's
Corp.
(a)
....................
8,747
99,103
Dine
Brands
Global,
Inc.
..............
3,593
259,019
El
Pollo
Loco
Holdings,
Inc.
............
4,355
43,724
Golden
Entertainment,
Inc.
(a)
...........
5,004
211,269
Hilton
Grand
Vacations,
Inc.
(a)
..........
18,526
726,960
Jack
in
the
Box,
Inc.
.................
1,706
150,520
Life
Time
Group
Holdings,
Inc.
(a)(b)
........
12,699
133,213
Light
&
Wonder,
Inc.,
Class
A
(a)
..........
8,233
462,201
Marriott
Vacations
Worldwide
Corp.
.......
2,944
435,005
Papa
John's
International,
Inc.
..........
3,477
252,535
Penn
Entertainment,
Inc.
(a)(b)
...........
14,782
489,284
Rush
Street
Interactive,
Inc.,
Class
A
(a)
....
5,671
23,535
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Ruth's
Hospitality
Group,
Inc.
...........
3,147
$
65,395
SeaWorld
Entertainment,
Inc.
(a)(b)
........
4,033
234,559
Six
Flags
Entertainment
Corp.
(a)
.........
5,920
132,016
Sonder
Holdings,
Inc.,
Class
A
(a)(b)
........
16,239
35,563
Travel
+
Leisure
Co.
.................
19,117
726,064
Wendy's
Co.
(The)
..................
21,109
438,645
6,903,530
Household
Durables
—
1.7%
Beazer
Homes
USA,
Inc.
(a)
............
6,687
75,630
Century
Communities,
Inc.
............
3,039
135,266
Dream
Finders
Homes,
Inc.,
Class
A
(a)(b)
....
2,468
27,395
Ethan
Allen
Interiors,
Inc.
.............
5,119
130,995
GoPro,
Inc.,
Class
A
(a)(b)
...............
29,783
162,317
Green
Brick
Partners,
Inc.
(a)
............
6,240
144,331
Helen
of
Troy
Ltd.
(a)
.................
2,116
200,216
iRobot
Corp.
(a)
.....................
2,469
139,498
KB
Home
........................
19,305
556,370
La-Z-Boy,
Inc.
.....................
9,880
244,728
Leggett
&
Platt,
Inc.
.................
20,370
687,487
LGI
Homes,
Inc.
(a)
..................
2,634
242,460
M/I
Homes,
Inc.
(a)
...................
6,373
264,416
MDC
Holdings,
Inc.
.................
12,991
395,706
Meritage
Homes
Corp.
(a)
..............
4,975
378,896
Snap
One
Holdings
Corp.
(a)
............
1,540
18,357
Taylor
Morrison
Home
Corp.
(a)
..........
15,882
418,332
Tempur
Sealy
International,
Inc.
.........
22,030
592,387
Toll
Brothers,
Inc.
...................
24,351
1,049,041
Traeger,
Inc.
(a)(b)
....................
7,370
30,585
Tri
Pointe
Homes,
Inc.
(a)
..............
23,104
386,992
Tupperware
Brands
Corp.
(a)
............
8,859
68,480
Universal
Electronics,
Inc.
(a)
............
2,668
54,454
Weber,
Inc.,
Class
A
.................
2,813
18,735
6,423,074
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.
(a)
............
2,208
91,124
Central
Garden
&
Pet
Co.,
Class
A,
NVS
(a)
..
9,428
369,012
Energizer
Holdings,
Inc.
..............
4,823
139,336
Reynolds
Consumer
Products,
Inc.
.......
12,509
382,025
Spectrum
Brands
Holdings,
Inc.
.........
5,564
256,723
1,238,220
Independent
Power
and
Renewable
Electricity
Producers
—
0.2%
Clearway
Energy,
Inc.,
Class
A
..........
5,182
167,534
Clearway
Energy,
Inc.,
Class
C
.........
12,207
424,071
Ormat
Technologies,
Inc.
..............
3,285
297,129
888,734
Insurance
—
3.9%
American
Equity
Investment
Life
Holding
Co.
16,151
695,785
AMERISAFE,
Inc.
..................
4,769
278,557
Argo
Group
International
Holdings
Ltd.
....
7,996
198,860
Assured
Guaranty
Ltd.
...............
8,507
503,529
Axis
Capital
Holdings
Ltd.
.............
17,571
960,607
Brighthouse
Financial,
Inc.
(a)
...........
16,376
934,578
CNO
Financial
Group,
Inc.
.............
26,204
578,060
Employers
Holdings,
Inc.
..............
3,840
167,462
Enstar
Group
Ltd.
(a)
.................
3,125
626,625
First
American
Financial
Corp.
..........
23,789
1,198,966
Genworth
Financial,
Inc.,
Class
A
(a)
.......
102,936
480,711
Hagerty,
Inc.,
Class
A
(a)(b)
..............
2,987
27,152
Hanover
Insurance
Group,
Inc.
(The)
.....
8,240
1,207,078
HCI
Group,
Inc.
....................
538
19,712
Horace
Mann
Educators
Corp.
..........
8,145
321,402
James
River
Group
Holdings
Ltd.
........
7,675
193,947
Security
Shares
Shares
Value
Insurance
(continued)
Kemper
Corp.
.....................
14,574
$
694,743
Lemonade,
Inc.
(a)(b)
..................
5,697
137,867
MBIA,
Inc.
(a)
......................
10,885
117,123
Mercury
General
Corp.
...............
6,145
178,205
National
Western
Life
Group,
Inc.,
Class
A
..
583
115,446
Primerica,
Inc.
.....................
4,913
710,911
ProAssurance
Corp.
.................
4,302
95,547
RenaissanceRe
Holdings
Ltd.
..........
4,745
733,957
Ryan
Specialty
Holdings,
Inc.,
Class
A
(a)
...
5,785
259,457
Safety
Insurance
Group,
Inc.
...........
2,821
245,286
Selective
Insurance
Group,
Inc.
(b)
........
9,533
934,997
SiriusPoint
Ltd.
(a)
...................
20,251
130,011
Stewart
Information
Services
Corp.
.......
2,958
115,244
United
Fire
Group,
Inc.
...............
4,872
132,031
Universal
Insurance
Holdings,
Inc.
.......
6,221
62,459
Unum
Group
......................
42,766
1,949,702
15,006,017
Interactive
Media
&
Services
—
0.4%
(a)
BuzzFeed,
Inc.,
Class
A
..............
4,879
8,928
Cars.com,
Inc.
.....................
14,369
199,442
Eventbrite,
Inc.,
Class
A
..............
11,663
76,626
fuboTV,
Inc.
(b)
.....................
20,653
75,590
MediaAlpha,
Inc.,
Class
A
(b)
............
2,481
27,241
Outbrain,
Inc.
.....................
7,449
31,882
QuinStreet,
Inc.
....................
4,588
52,349
TripAdvisor,
Inc.
....................
15,451
364,953
Yelp,
Inc.
........................
6,029
231,574
Ziff
Davis,
Inc.
(b)
....................
5,513
426,651
ZipRecruiter,
Inc.,
Class
A
(b)
............
6,619
111,001
1,606,237
Internet
&
Direct
Marketing
Retail
—
0.1%
1-800-Flowers.com,
Inc.,
Class
A
(a)
.......
3,158
23,022
Boxed,
Inc.
(a)
......................
5,471
2,735
ContextLogic,
Inc.,
Class
A
(a)
...........
115,354
90,322
Duluth
Holdings,
Inc.,
Class
B
(a)
.........
1,583
13,772
Groupon,
Inc.
(a)(b)
...................
2,791
20,570
Lands'
End,
Inc.
(a)
..................
1,846
19,346
PetMed
Express,
Inc.
................
2,820
60,122
Qurate
Retail,
Inc.
..................
77,106
180,428
Rent
the
Runway,
Inc.,
Class
A
(a)(b)
.......
9,855
19,217
Stitch
Fix,
Inc.,
Class
A
(a)(b)
.............
7,780
31,120
460,654
IT
Services
—
1.1%
Cass
Information
Systems,
Inc.
.........
2,838
121,410
Conduent,
Inc.
(a)
...................
37,867
156,012
CSG
Systems
International,
Inc.
.........
7,311
472,802
Cyxtera
Technologies,
Inc.,
Class
A
(a)(b)
....
7,076
17,124
Edgio,
Inc.
(a)
......................
12,530
33,706
EVERTEC,
Inc.
....................
7,563
270,831
Kyndryl
Holdings,
Inc.
(a)
...............
46,425
448,930
Maximus,
Inc.
.....................
8,458
521,605
MoneyGram
International,
Inc.
(a)
.........
22,000
232,980
Payoneer
Global,
Inc.
(a)
...............
21,282
164,935
Rackspace
Technology,
Inc.
(a)(b)
.........
12,947
66,677
Sabre
Corp.
(a)
.....................
74,473
432,688
SolarWinds
Corp.
(a)
.................
6,114
57,044
Unisys
Corp.
(a)
.....................
15,618
132,753
Western
Union
Co.
(The)
.............
87,792
1,186,070
4,315,567
Leisure
Products
—
1.0%
Acushnet
Holdings
Corp.
..............
4,798
223,443
Brunswick
Corp.
...................
16,929
1,196,372
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Leisure
Products
(continued)
Johnson
Outdoors,
Inc.,
Class
A
.........
1,279
$
67,301
Malibu
Boats,
Inc.,
Class
A
(a)
...........
3,071
162,456
MasterCraft
Boat
Holdings,
Inc.
(a)
........
4,152
90,348
Polaris,
Inc.
.......................
12,742
1,294,587
Smith
&
Wesson
Brands,
Inc.
...........
10,480
118,319
Solo
Brands,
Inc.,
Class
A
(a)(b)
...........
3,001
12,394
Sturm
Ruger
&
Co.,
Inc.
..............
4,027
226,036
Vista
Outdoor,
Inc.
(a)
.................
12,984
377,055
3,768,311
Life
Sciences
Tools
&
Services
—
0.3%
(a)
AbCellera
Biologics,
Inc.
(b)
.............
16,296
192,782
Adaptive
Biotechnologies
Corp.
(b)
........
13,080
101,762
CryoPort,
Inc.
.....................
4,222
117,203
Cytek
Biosciences,
Inc.
...............
9,261
143,731
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
(b)
13,723
227,802
NeoGenomics,
Inc.
(b)
................
28,919
219,929
Quanterix
Corp.
....................
3,784
41,889
Seer,
Inc.,
Class
A
(b)
.................
3,849
30,137
1,075,235
Machinery
—
3.3%
Alamo
Group,
Inc.
..................
1,092
166,071
Albany
International
Corp.,
Class
A
.......
2,887
264,507
Allison
Transmission
Holdings,
Inc.
.......
21,940
926,965
Altra
Industrial
Motion
Corp.
...........
10,123
608,797
Astec
Industries,
Inc.
................
3,038
132,609
Barnes
Group,
Inc.
..................
11,504
406,896
Blue
Bird
Corp.
(a)
...................
2,643
24,236
CIRCOR
International,
Inc.
(a)
...........
4,557
94,193
Columbus
McKinnon
Corp.
............
3,187
90,893
Crane
Holdings
Co.
.................
6,240
626,122
Donaldson
Co.,
Inc.
.................
13,339
766,326
Douglas
Dynamics,
Inc.
..............
5,258
178,509
EnPro
Industries,
Inc.
................
2,426
258,369
Federal
Signal
Corp.
................
6,664
310,876
Flowserve
Corp.
...................
15,163
434,875
Gates
Industrial
Corp.
plc
(a)
............
23,414
261,066
Gorman-Rupp
Co.
(The)
..............
2,561
69,505
Greenbrier
Cos.,
Inc.
(The)
............
3,312
116,947
Hillenbrand,
Inc.
...................
15,854
700,430
Hillman
Solutions
Corp.
(a)
.............
17,597
137,433
Hyliion
Holdings
Corp.,
Class
A
(a)(b)
.......
28,328
80,735
Hyster-Yale
Materials
Handling,
Inc.
......
2,383
69,488
ITT,
Inc.
.........................
8,135
621,433
Kennametal,
Inc.
...................
18,563
495,818
Luxfer
Holdings
plc
.................
6,132
88,730
Manitowoc
Co.,
Inc.
(The)
(a)
............
4,076
37,173
Mueller
Industries,
Inc.
...............
4,792
300,171
Mueller
Water
Products,
Inc.,
Class
A
.....
18,041
211,080
Oshkosh
Corp.
....................
8,035
707,080
Proterra,
Inc.
(a)
.....................
23,125
144,300
RBC
Bearings,
Inc.
(a)(b)
...............
2,312
586,161
REV
Group,
Inc.
...................
7,457
102,459
Sarcos
Technology
&
Robotics
Corp.
(a)
....
17,972
36,303
SPX
Technologies,
Inc.
(a)
..............
6,038
397,542
Standex
International
Corp.
............
1,173
116,186
Tennant
Co.
......................
4,243
247,155
Terex
Corp.
.......................
6,019
244,010
Timken
Co.
(The)
...................
15,225
1,085,390
Titan
International,
Inc.
(a)
..............
3,745
56,025
Trinity
Industries,
Inc.
................
5,807
165,674
Wabash
National
Corp.
...............
7,151
154,819
Watts
Water
Technologies,
Inc.,
Class
A
....
2,703
395,611
12,918,968
Security
Shares
Shares
Value
Marine
—
0.3%
Eagle
Bulk
Shipping,
Inc.
.............
1,103
$
53,363
Genco
Shipping
&
Trading
Ltd.
..........
5,114
68,528
Kirby
Corp.
(a)
......................
8,270
576,832
Matson,
Inc.
......................
5,262
387,178
1,085,901
Media
—
1.2%
Advantage
Solutions,
Inc.,
Class
A
(a)(b)
.....
20,760
70,169
Altice
USA,
Inc.,
Class
A
(a)(b)
............
49,265
325,642
AMC
Networks,
Inc.,
Class
A
(a)
..........
6,421
144,537
Clear
Channel
Outdoor
Holdings,
Inc.
(a)
....
108,429
155,054
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)
....
8,176
116,017
Gannett
Co.,
Inc.
(a)
..................
33,287
48,266
Gray
Television,
Inc.
.................
19,574
276,972
iHeartMedia,
Inc.,
Class
A
(a)
............
23,859
197,553
John
Wiley
&
Sons,
Inc.,
Class
A
........
9,860
415,993
Nexstar
Media
Group,
Inc.
.............
8,828
1,512,236
Scholastic
Corp.,
NVS
...............
3,353
127,883
Sinclair
Broadcast
Group,
Inc.,
Class
A
....
9,983
177,797
Stagwell,
Inc.,
Class
A
(a)(b)
.............
23,362
177,318
TEGNA,
Inc.
......................
26,363
550,459
Thryv
Holdings,
Inc.
(a)
................
7,045
144,141
WideOpenWest,
Inc.
(a)(b)
..............
5,646
77,407
4,517,444
Metals
&
Mining
—
1.2%
Alpha
Metallurgical
Resources,
Inc.
......
1,410
238,078
Arconic
Corp.
(a)
....................
23,296
483,625
Carpenter
Technology
Corp.
...........
11,010
411,774
Century
Aluminum
Co.
(a)
..............
5,484
39,540
Coeur
Mining,
Inc.
(a)(b)
................
64,360
243,281
Commercial
Metals
Co.
...............
27,427
1,247,928
Haynes
International,
Inc.
.............
1,069
52,285
Hecla
Mining
Co.
...................
65,143
297,704
Kaiser
Aluminum
Corp.
...............
2,185
176,526
Materion
Corp.
....................
1,621
138,936
Olympic
Steel,
Inc.
..................
2,080
56,597
Ramaco
Resources,
Inc.
..............
2,326
26,261
Ryerson
Holding
Corp.
...............
4,717
158,255
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
5,785
156,137
SunCoke
Energy,
Inc.
................
18,725
135,943
TimkenSteel
Corp.
(a)
.................
9,453
164,860
Warrior
Met
Coal,
Inc.
................
11,787
437,769
Worthington
Industries,
Inc.
............
6,939
330,019
4,795,518
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
2.4%
AGNC
Investment
Corp.
..............
119,072
978,772
Apollo
Commercial
Real
Estate
Finance,
Inc.
29,502
332,193
Arbor
Realty
Trust,
Inc.
...............
38,941
536,218
Ares
Commercial
Real
Estate
Corp.
......
12,495
154,188
ARMOUR
Residential
REIT,
Inc.
.........
26,609
141,560
Blackstone
Mortgage
Trust,
Inc.,
Class
A
...
38,800
968,448
BrightSpire
Capital,
Inc.,
Class
A
........
21,654
166,303
Broadmark
Realty
Capital,
Inc.
..........
30,265
176,142
Chimera
Investment
Corp.
.............
52,975
357,581
Dynex
Capital,
Inc.
..................
10,252
122,409
Ellington
Financial,
Inc.
...............
7,230
96,737
Franklin
BSP
Realty
Trust,
Inc.
..........
19,337
272,458
Granite
Point
Mortgage
Trust,
Inc.
.......
12,227
96,104
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
....................
9,575
260,249
Invesco
Mortgage
Capital,
Inc.
..........
7,479
87,579
KKR
Real
Estate
Finance
Trust,
Inc.
......
13,408
233,567
Ladder
Capital
Corp.,
Class
A
..........
25,996
277,377
MFA
Financial,
Inc.
..................
20,628
205,455
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
New
York
Mortgage
Trust,
Inc.
..........
85,633
$
230,353
Orchid
Island
Capital,
Inc.
(b)
............
8,071
81,275
PennyMac
Mortgage
Investment
Trust
.....
20,702
287,137
Ready
Capital
Corp.
(b)
................
23,446
284,166
Redwood
Trust,
Inc.
.................
26,832
191,312
Rithm
Capital
Corp.
.................
106,586
898,520
Starwood
Property
Trust,
Inc.
...........
70,373
1,453,906
TPG
RE
Finance
Trust,
Inc.
............
13,856
117,360
Two
Harbors
Investment
Corp.
..........
79,180
281,881
9,289,250
Multiline
Retail
—
0.4%
Big
Lots,
Inc.
......................
6,528
123,183
Dillard's,
Inc.,
Class
A
(b)
...............
438
144,010
Franchise
Group,
Inc.
................
6,464
196,183
Nordstrom,
Inc.
(b)
...................
25,571
520,115
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)(b)
....
8,311
465,416
1,448,907
Multi-Utilities
—
0.6%
Avista
Corp.
......................
15,923
653,321
Black
Hills
Corp.
...................
14,881
972,771
NorthWestern
Corp.
.................
12,836
678,126
Unitil
Corp.
.......................
3,623
190,968
2,495,186
Oil,
Gas
&
Consumable
Fuels
—
6.1%
Alto
Ingredients,
Inc.
(a)
...............
8,754
36,154
Antero
Midstream
Corp.
..............
76,358
813,213
Arch
Resources,
Inc.,
Class
A
..........
1,568
238,791
Berry
Corp.
.......................
14,951
132,615
Brigham
Minerals,
Inc.,
Class
A
.........
5,245
162,595
California
Resources
Corp.
............
17,151
773,682
Callon
Petroleum
Co.
(a)
...............
11,641
511,738
Centrus
Energy
Corp.,
Class
A
(a)
.........
2,257
106,779
Chord
Energy
Corp.
.................
9,440
1,445,170
Civitas
Resources,
Inc.
...............
11,799
824,868
CNX
Resources
Corp.
(a)
..............
43,214
726,427
Comstock
Resources,
Inc.
(a)(b)
..........
20,738
389,460
CONSOL
Energy,
Inc.
................
7,458
470,003
Crescent
Energy,
Inc.,
Class
A
..........
7,342
101,173
CVR
Energy,
Inc.
...................
6,725
262,678
Delek
US
Holdings,
Inc.
..............
16,163
479,395
Denbury,
Inc.
(a)
....................
5,187
474,144
Dorian
LPG
Ltd.
....................
7,157
129,327
DT
Midstream,
Inc.
..................
22,018
1,314,475
Earthstone
Energy,
Inc.,
Class
A
(a)(b)
......
8,604
139,041
Enviva,
Inc.
.......................
3,612
216,142
Equitrans
Midstream
Corp.
............
98,646
830,599
Excelerate
Energy,
Inc.,
Class
A
(b)
........
2,038
56,289
Gevo,
Inc.
(a)(b)
.....................
26,660
59,985
Gran
Tierra
Energy,
Inc.
(a)
.............
84,433
113,984
Gulfport
Energy
Corp.
(a)(b)
.............
2,666
238,634
HF
Sinclair
Corp.
...................
33,044
2,021,301
International
Seaways,
Inc.
............
5,440
230,710
Kosmos
Energy
Ltd.
(a)
................
46,540
302,045
Laredo
Petroleum,
Inc.
(a)
..............
3,894
251,747
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
25,175
646,494
Matador
Resources
Co.
..............
12,689
843,184
Murphy
Oil
Corp.
...................
18,456
895,301
NextDecade
Corp.
(a)(b)
................
4,775
33,425
Northern
Oil
and
Gas,
Inc.
.............
15,592
532,311
Par
Pacific
Holdings,
Inc.
(a)
............
12,644
289,295
PBF
Energy,
Inc.,
Class
A
(a)
............
24,436
1,081,293
PDC
Energy,
Inc.
...................
21,920
1,581,309
Peabody
Energy
Corp.
(a)
..............
26,638
636,648
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Permian
Resources
Corp.,
Class
A
(a)
......
46,387
$
453,201
Range
Resources
Corp.
..............
24,792
706,076
Ranger
Oil
Corp.,
Class
A
.............
4,532
185,359
REX
American
Resources
Corp.
(a)(b)
......
2,274
68,197
Riley
Exploration
Permian,
Inc.
..........
468
13,605
Ring
Energy,
Inc.
(a)
..................
18,394
58,677
SandRidge
Energy,
Inc.
(a)
.............
6,616
124,976
SilverBow
Resources,
Inc.
(a)
............
3,057
108,432
SM
Energy
Co.
....................
13,839
622,478
Talos
Energy,
Inc.
(a)
.................
14,855
316,114
VAALCO
Energy,
Inc.
................
14,582
75,097
W&T
Offshore,
Inc.
(a)
................
21,331
161,902
World
Fuel
Services
Corp.
.............
14,147
360,607
23,647,145
Paper
&
Forest
Products
—
0.5%
Clearwater
Paper
Corp.
(a)
.............
3,770
167,690
Glatfelter
Corp.
....................
6,172
17,467
Louisiana-Pacific
Corp.
...............
16,787
950,984
Mercer
International,
Inc.
..............
5,063
67,945
Resolute
Forest
Products,
Inc.
(a)
.........
10,283
213,989
Sylvamo
Corp.
....................
7,531
362,768
1,780,843
Personal
Products
—
0.7%
BellRing
Brands,
Inc.
(a)
...............
30,904
748,495
Coty,
Inc.,
Class
A
(a)(b)
................
82,091
550,831
Edgewell
Personal
Care
Co.
(b)
..........
11,850
464,401
Herbalife
Nutrition
Ltd.
(a)
..............
22,284
473,758
Honest
Co.,
Inc.
(The)
(a)(b)
.............
9,136
30,240
Medifast,
Inc.
.....................
883
103,302
Nu
Skin
Enterprises,
Inc.,
Class
A
........
11,480
438,421
USANA
Health
Sciences,
Inc.
(a)
.........
1,531
80,393
2,889,841
Pharmaceuticals
—
1.0%
Amneal
Pharmaceuticals,
Inc.,
Class
A
(a)
...
22,022
48,448
ANI
Pharmaceuticals,
Inc.
(a)
............
791
30,525
Atea
Pharmaceuticals,
Inc.
(a)
...........
6,065
36,390
Cara
Therapeutics,
Inc.
(a)
.............
10,284
96,670
Collegium
Pharmaceutical,
Inc.
(a)
........
7,698
138,102
Corcept
Therapeutics,
Inc.
(a)(b)
..........
10,187
291,348
DICE
Therapeutics,
Inc.
(a)
.............
3,544
125,848
Innoviva,
Inc.
(a)
....................
14,266
193,447
Nektar
Therapeutics
(a)
................
42,742
160,710
NGM
Biopharmaceuticals,
Inc.
(a)
.........
2,571
13,729
Perrigo
Co.
plc
....................
30,658
1,234,904
Phathom
Pharmaceuticals,
Inc.
(a)
........
2,554
27,072
Phibro
Animal
Health
Corp.,
Class
A
......
4,587
67,383
Prestige
Consumer
Healthcare,
Inc.
(a)
.....
11,321
616,768
Relmada
Therapeutics,
Inc.
(a)
...........
2,134
13,636
SIGA
Technologies,
Inc.
..............
4,395
40,390
Supernus
Pharmaceuticals,
Inc.
(a)
........
12,170
417,066
Tilray
Brands,
Inc.
(a)(b)
................
64,844
263,915
Tricida,
Inc.
(a)(b)
....................
3,086
1,026
3,817,377
Professional
Services
—
2.1%
Alight,
Inc.,
Class
A
(a)
................
27,886
231,175
ASGN,
Inc.
(a)
......................
3,617
306,649
Atlas
Technical
Consultants,
Inc.
(a)
.......
7,081
53,674
Barrett
Business
Services,
Inc.
..........
1,105
96,378
CACI
International,
Inc.,
Class
A
(a)
.......
5,329
1,620,176
CBIZ,
Inc.
(a)
.......................
4,120
204,517
CRA
International,
Inc.
...............
669
68,733
FTI
Consulting,
Inc.
(a)
................
3,844
598,242
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
Heidrick
&
Struggles
International,
Inc.
....
2,587
$
72,850
Huron
Consulting
Group,
Inc.
(a)
..........
1,754
129,147
ICF
International,
Inc.
................
1,548
185,187
KBR,
Inc.
........................
19,922
991,518
Kelly
Services,
Inc.,
Class
A,
NVS
.......
7,919
129,396
Kforce,
Inc.
.......................
1,341
84,845
Korn
Ferry
.......................
5,818
323,423
Legalzoom.com,
Inc.
(a)
...............
11,942
110,463
ManpowerGroup,
Inc.
................
11,776
922,532
Resources
Connection,
Inc.
............
4,526
82,690
Science
Applications
International
Corp.
...
12,674
1,373,101
TriNet
Group,
Inc.
(a)
.................
4,648
302,027
TrueBlue,
Inc.
(a)
....................
7,451
146,487
8,033,210
Real
Estate
Management
&
Development
—
0.6%
Anywhere
Real
Estate,
Inc.
(a)
...........
26,107
193,975
Cushman
&
Wakefield
plc
(a)
............
36,870
425,848
DigitalBridge
Group,
Inc.,
Class
A
(b)
.......
22,863
292,646
Doma
Holdings,
Inc.
(a)
................
31,061
16,854
Douglas
Elliman,
Inc.
................
6,919
31,966
Forestar
Group,
Inc.
(a)
................
2,575
29,818
Kennedy-Wilson
Holdings,
Inc.
..........
14,306
237,623
Marcus
&
Millichap,
Inc.
..............
3,445
126,914
Newmark
Group,
Inc.,
Class
A
..........
29,517
241,744
Offerpad
Solutions,
Inc.,
Class
A
(a)(b)
......
16,557
16,135
Opendoor
Technologies,
Inc.
(a)(b)
.........
114,529
296,630
RE/MAX
Holdings,
Inc.,
Class
A
.........
4,241
82,530
Redfin
Corp.
(a)(b)
....................
24,886
119,702
RMR
Group,
Inc.
(The),
Class
A
.........
3,447
94,344
Seritage
Growth
Properties,
Class
A
(a)
.....
8,330
89,381
WeWork,
Inc.,
Class
A
(a)(b)
.............
53,451
137,369
2,433,479
Road
&
Rail
—
1.1%
ArcBest
Corp.
(b)
....................
2,619
208,027
Daseke,
Inc.
(a)
.....................
13,789
82,182
Heartland
Express,
Inc.
...............
10,553
157,029
Landstar
System,
Inc.
................
4,151
648,469
Marten
Transport
Ltd.
................
13,081
245,530
PAM
Transportation
Services,
Inc.
(a)
......
623
17,351
Ryder
System,
Inc.
..................
11,664
939,069
Schneider
National,
Inc.,
Class
B
........
8,405
186,927
Werner
Enterprises,
Inc.
(b)
.............
13,428
526,378
XPO
Logistics,
Inc.
(a)
................
26,180
1,354,553
4,365,515
Semiconductors
&
Semiconductor
Equipment
—
0.8%
Alpha
&
Omega
Semiconductor
Ltd.
(a)(b)
....
1,856
60,784
Amkor
Technology,
Inc.
(b)
..............
13,584
282,411
Cirrus
Logic,
Inc.
(a)
..................
6,803
456,617
Cohu,
Inc.
(a)
......................
3,975
130,857
Ichor
Holdings
Ltd.
(a)
.................
6,608
168,108
Kulicke
&
Soffa
Industries,
Inc.
..........
5,018
210,455
Magnachip
Semiconductor
Corp.
(a)
.......
2,955
29,402
MKS
Instruments,
Inc.
...............
5,345
439,092
Onto
Innovation,
Inc.
(a)
...............
4,078
272,573
Photronics,
Inc.
(a)
...................
13,836
224,420
Rambus,
Inc.
(a)
....................
9,847
296,985
Rockley
Photonics
Holdings
Ltd.
(a)(b)
......
7,484
3,818
SMART
Global
Holdings,
Inc.
(a)
..........
7,018
94,954
Synaptics,
Inc.
(a)
...................
3,600
318,960
Ultra
Clean
Holdings,
Inc.
(a)
............
6,091
189,491
Veeco
Instruments,
Inc.
(a)
.............
6,413
116,909
3,295,836
Security
Shares
Shares
Value
Software
—
0.9%
ACI
Worldwide,
Inc.
(a)
................
7,633
$
185,711
Adeia,
Inc.
.......................
15,976
178,612
American
Software,
Inc.,
Class
A
........
3,497
59,904
Avaya
Holdings
Corp.
(a)(b)
..............
18,963
29,961
Blackbaud,
Inc.
(a)
...................
5,323
291,168
BTRS
Holdings,
Inc.,
Class
A
(a)
..........
6,588
62,191
Cerence,
Inc.
(a)
....................
4,288
73,753
ChannelAdvisor
Corp.
(a)
..............
3,467
79,880
CommVault
Systems,
Inc.
(a)
............
3,959
241,063
Consensus
Cloud
Solutions,
Inc.
(a)
.......
4,048
227,255
Ebix,
Inc.
........................
5,311
105,105
NCR
Corp.
(a)
......................
31,172
662,717
Nutanix,
Inc.,
Class
A
(a)
...............
21,453
587,812
OneSpan,
Inc.
(a)
....................
3,484
38,289
Paycor
HCM,
Inc.
(a)(b)
................
3,595
109,540
Progress
Software
Corp.
..............
4,470
228,104
PROS
Holdings,
Inc.
(a)
...............
4,871
121,531
Rimini
Street,
Inc.
(a)
.................
6,093
34,182
Upland
Software,
Inc.
(a)(b)
..............
3,929
31,589
Verint
Systems,
Inc.
(a)
................
7,101
251,588
WM
Technology,
Inc.,
Class
A
(a)
.........
10,518
21,562
Yext,
Inc.
(a)
.......................
9,365
49,822
3,671,339
Specialty
Retail
—
3.0%
Aaron's
Co.,
Inc.
(The)
...............
7,060
73,565
Abercrombie
&
Fitch
Co.,
Class
A
(a)
.......
11,488
201,959
Academy
Sports
&
Outdoors,
Inc.
........
19,393
853,874
American
Eagle
Outfitters,
Inc.
..........
35,993
408,880
America's
Car-Mart,
Inc.
(a)
.............
1,351
92,354
Arhaus,
Inc.,
Class
A
(a)(b)
..............
4,832
40,251
Arko
Corp.
.......................
5,452
55,883
Asbury
Automotive
Group,
Inc.
(a)(b)
........
2,829
446,275
Bed
Bath
&
Beyond,
Inc.
(a)(b)
............
15,931
72,805
Buckle,
Inc.
(The)
..................
6,776
266,500
Caleres,
Inc.
......................
8,409
229,818
Camping
World
Holdings,
Inc.,
Class
A
(b)
...
5,253
146,191
Chico's
FAS,
Inc.
(a)
..................
28,681
168,644
Children's
Place,
Inc.
(The)
(a)
...........
3,027
122,533
Conn's,
Inc.
(a)
.....................
2,930
24,055
Container
Store
Group,
Inc.
(The)
(a)
.......
7,825
42,490
Designer
Brands,
Inc.,
Class
A
..........
12,834
195,462
Dick's
Sporting
Goods,
Inc.
............
12,946
1,472,737
Foot
Locker,
Inc.
...................
18,270
579,159
Gap,
Inc.
(The)
....................
48,490
546,482
Genesco,
Inc.
(a)
....................
2,961
139,285
Group
1
Automotive,
Inc.
..............
3,606
623,838
Guess?,
Inc.
......................
4,987
84,679
Haverty
Furniture
Cos.,
Inc.
............
3,020
80,272
Hibbett,
Inc.
......................
2,945
183,827
JOANN,
Inc.
......................
2,903
15,357
LL
Flooring
Holdings,
Inc.
(a)
............
4,342
36,125
MarineMax,
Inc.
(a)
...................
3,197
103,295
Monro,
Inc.
.......................
2,937
140,242
Murphy
USA,
Inc.
..................
1,674
526,490
National
Vision
Holdings,
Inc.
(a)(b)
........
8,670
321,137
ODP
Corp.
(The)
(a)
..................
9,816
388,419
OneWater
Marine,
Inc.,
Class
A
(a)
........
2,482
81,906
Rent-A-Center,
Inc.
.................
12,166
253,661
Sally
Beauty
Holdings,
Inc.
(a)
...........
24,574
312,336
Shoe
Carnival,
Inc.
..................
3,965
95,081
Signet
Jewelers
Ltd.
.................
5,521
360,190
Sleep
Number
Corp.
(a)
...............
5,010
138,977
Sonic
Automotive,
Inc.,
Class
A
.........
4,204
196,537
Sportsman's
Warehouse
Holdings,
Inc.
(a)
...
9,961
89,450
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Torrid
Holdings,
Inc.
(a)
................
2,471
$
12,182
TravelCenters
of
America,
Inc.
(a)
.........
2,815
178,978
Urban
Outfitters,
Inc.
(a)(b)
..............
13,844
330,318
Victoria's
Secret
&
Co.
(a)
..............
18,979
713,610
Zumiez,
Inc.
(a)
.....................
3,594
80,613
11,526,722
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Avid
Technology,
Inc.
(a)
...............
3,196
87,858
Corsair
Gaming,
Inc.
(a)(b)
..............
9,007
124,297
Eastman
Kodak
Co.
(a)(b)
...............
7,352
39,333
Super
Micro
Computer,
Inc.
(a)
...........
10,293
716,290
Xerox
Holdings
Corp.
................
25,572
374,118
1,341,896
Textiles,
Apparel
&
Luxury
Goods
—
1.3%
Carter's,
Inc.
......................
5,608
380,615
Columbia
Sportswear
Co.
.............
4,859
361,996
Crocs,
Inc.
(a)
......................
7,643
540,742
Fossil
Group,
Inc.
(a)
.................
10,748
45,679
G-III
Apparel
Group
Ltd.
(a)
.............
9,877
192,602
Hanesbrands,
Inc.
..................
79,648
543,199
Kontoor
Brands,
Inc.
.................
11,206
400,054
Levi
Strauss
&
Co.,
Class
A
............
22,736
340,131
Movado
Group,
Inc.
.................
3,667
121,268
Oxford
Industries,
Inc.
...............
3,438
349,748
PVH
Corp.
.......................
15,273
783,810
Ralph
Lauren
Corp.,
Class
A
...........
3,817
353,798
Steven
Madden
Ltd.
.................
8,797
262,766
Wolverine
World
Wide,
Inc.
............
12,050
206,416
4,882,824
Thrifts
&
Mortgage
Finance
—
2.0%
Axos
Financial,
Inc.
(a)
................
6,719
261,772
Capitol
Federal
Financial,
Inc.
..........
26,153
213,931
Essent
Group
Ltd.
..................
24,952
987,600
Federal
Agricultural
Mortgage
Corp.,
Class
C,
NVS
.........................
2,113
243,418
Hingham
Institution
for
Savings
(The)
.....
191
47,225
Kearny
Financial
Corp.
...............
12,931
131,120
Merchants
Bancorp
(b)
................
2,757
66,030
MGIC
Investment
Corp.
..............
69,894
954,053
Mr
Cooper
Group,
Inc.
(a)
..............
6,445
254,513
New
York
Community
Bancorp,
Inc.
......
106,389
990,482
NMI
Holdings,
Inc.,
Class
A
(a)
...........
12,739
279,366
Northfield
Bancorp,
Inc.
..............
9,717
155,861
PennyMac
Financial
Services,
Inc.
.......
7,325
390,569
Provident
Financial
Services,
Inc.
........
15,592
349,573
Radian
Group,
Inc.
..................
37,166
775,654
Rocket
Cos.,
Inc.,
Class
A
(b)
............
26,474
182,671
Southern
Missouri
Bancorp,
Inc.
.........
1,304
66,830
TFS
Financial
Corp.
.................
9,093
127,757
TrustCo
Bank
Corp.
.................
3,291
122,820
UWM
Holdings
Corp.,
Class
A
(b)
.........
21,001
68,883
Walker
&
Dunlop,
Inc.
................
7,038
633,138
Waterstone
Financial,
Inc.
.............
5,653
95,988
WSFS
Financial
Corp.
...............
8,273
385,191
7,784,445
Tobacco
—
0.2%
Turning
Point
Brands,
Inc.
.............
1,305
30,746
Universal
Corp.
....................
5,612
284,023
Vector
Group
Ltd.
..................
30,013
318,738
633,507
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
—
2.3%
Air
Lease
Corp.,
Class
A
..............
23,522
$
830,091
Applied
Industrial
Technologies,
Inc.
......
3,804
473,142
Beacon
Roofing
Supply,
Inc.
(a)
..........
11,517
648,983
BlueLinx
Holdings,
Inc.
(a)
..............
1,044
73,560
Boise
Cascade
Co.
(b)
................
8,979
599,528
Custom
Truck
One
Source,
Inc.
(a)
........
4,041
28,004
DXP
Enterprises,
Inc.
(a)
...............
1,247
35,677
GATX
Corp.
(b)
.....................
8,050
842,916
Global
Industrial
Co.
.................
1,488
47,229
GMS,
Inc.
(a)
.......................
9,694
457,557
H&E
Equipment
Services,
Inc.
..........
4,296
162,217
McGrath
RentCorp
..................
2,362
222,146
MRC
Global,
Inc.
(a)
..................
18,970
190,269
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
10,809
896,931
NOW,
Inc.
(a)
......................
14,976
190,644
Rush
Enterprises,
Inc.,
Class
A
.........
9,808
489,321
Titan
Machinery,
Inc.
(a)
...............
2,689
92,448
Triton
International
Ltd.
...............
14,139
858,096
Univar
Solutions,
Inc.
(a)
...............
38,000
968,240
Veritiv
Corp.
(a)(b)
....................
3,193
371,218
WESCO
International,
Inc.
(a)
...........
4,735
652,341
9,130,558
Water
Utilities
—
0.3%
American
States
Water
Co.
............
3,860
349,176
California
Water
Service
Group
.........
6,086
377,697
Middlesex
Water
Co.
(b)
...............
1,501
134,294
SJW
Group
.......................
3,155
222,995
York
Water
Co.
(The)
................
1,603
69,827
1,153,989
Wireless
Telecommunication
Services
—
0.1%
Telephone
and
Data
Systems,
Inc.
.......
22,984
390,728
United
States
Cellular
Corp.
(a)
..........
3,225
100,523
491,251
Total
Long-Term
Investments
—
99.7%
(Cost:
$398,283,695)
.............................
387,624,044
Short-Term
Securities
Money
Market
Funds
—
6.1%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
3.29%
(e)
............
22,676,506
22,671,971
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
2.97%
..................
821,099
821,099
Total
Short-Term
Securities
—
6.1%
(Cost:
$23,492,656)
..............................
23,493,070
Total
Investments
—
105.8%
(Cost:
$421,776,351
)
.............................
411,117,114
Liabilities
in
Excess
of
Other
Assets
—
(5.8)%
............
(22,417,305)
Net
Assets
—
100.0%
..............................
$
388,699,809
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
55
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
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
$
19,595,129
$
3,082,062
(a)
$
—
$
(2,105)
$
(3,115)
$
22,671,971
22,676,506
$
84,017
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
540,000
281,099
(a)
—
—
—
821,099
821,099
6,621
—
$
(2,105)
$
(3,115)
$
23,493,070
$
90,638
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
6
12/16/22
$
556
$
26,463
S&P
Midcap
400
E-Mini
Index
.................................................
2
12/16/22
488
3,635
$
30,098
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)
......
$
—
$
—
$
30,098
$
—
$
—
$
—
$
30,098
(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
.......................
$
—
$
—
$
(82,934)
$
—
$
—
$
—
$
(82,934)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
73,051
$
—
$
—
$
—
$
73,051
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
930,425
2022
iShares
Semi-Annual
Report
to
Shareholders
Schedule
of
Investments
(unaudited)
(continued)
October
31,
2022
iShares
®
Morningstar
Small-Cap
Value
ETF
56
See
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
.........................................
$
387,624,044
$
—
$
—
$
387,624,044
Short-Term
Securities
Money
Market
Funds
......................................
23,493,070
—
—
23,493,070
$
411,117,114
$
—
$
—
$
411,117,114
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
30,098
$
—
$
—
$
30,098
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities
(unaudited)
October
31,
2022
57
Financial
Statements
See
notes
to
financial
statements.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
1,474,026,437
$
731,617,044
$
1,153,629,671
$
370,721,906
Investments,
at
value
—
affiliated
(c)
............................................
34,587,799
28,261,914
84,777,883
64,604,935
Cash
...............................................................
3,328,314
—
—
—
Cash
pledged:
Futures
contracts
......................................................
127,000
68,000
117,000
36,000
Receivables:
–
–
–
–
Investments
sold
......................................................
—
—
—
2
Securities
lending
income
—
affiliated
........................................
10,697
18,680
27,241
61,408
Capital
shares
sold
.....................................................
11,459
—
—
—
Dividends
—
unaffiliated
.................................................
439,293
461,078
258,210
44,977
Dividends
—
affiliated
...................................................
6,040
2,190
3,616
1,451
Variation
margin
on
futures
contracts
.........................................
—
—
701
281
Total
assets
...........................................................
1,512,537,039
760,428,906
1,238,814,322
435,470,960
LIABILITIES
Bank
overdraft
..........................................................
—
11,215
—
—
Collateral
on
securities
loaned
...............................................
32,875,268
27,236,696
83,344,549
64,157,846
Payables:
–
–
–
–
Investments
purchased
..................................................
3,549,843
—
90
704
Investment
advisory
fees
.................................................
48,892
23,685
55,895
17,840
Variation
margin
on
futures
contracts
.........................................
23,333
6,167
9,050
1,810
Total
liabilities
..........................................................
36,497,336
27,277,763
83,409,584
64,178,200
NET
ASSETS
..........................................................
$
1,476,039,703
$
733,151,143
$
1,155,404,738
$
371,292,760
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
1,563,139,377
$
801,714,686
$
1,447,565,281
$
539,570,193
Accumulated
loss
.......................................................
(87,099,674)
(68,563,543)
(292,160,543)
(168,277,433)
NET
ASSETS
..........................................................
$
1,476,039,703
$
733,151,143
$
1,155,404,738
$
371,292,760
NET
ASSET
VALUE
Shares
outstanding
......................................................
29,250,000
12,550,000
21,500,000
9,900,000
Net
asset
value
.........................................................
$
50.46
$
58.42
$
53.74
$
37.50
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
Investments,
at
cost
—
unaffiliated
..........................................
$
1,427,073,689
$
730,940,452
$
1,223,393,703
$
426,466,086
(b)
Securities
loaned,
at
value
................................................
$
31,957,991
$
26,012,853
$
79,901,705
$
62,265,684
(c)
Investments,
at
cost
—
affiliated
............................................
$
34,586,457
$
28,259,186
$
84,773,692
$
64,602,269
Statements
of
Assets
and
Liabilities
(unaudited)
(continued)
October
31,
2022
2022
iShares
Semi-Annual
Report
to
Shareholders
58
See
notes
to
financial
statements.
iShares
Morningstar
Small-Cap
Value
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
387,624,044
Investments,
at
value
—
affiliated
(c)
..........................................................................................
23,493,070
Cash
pledged:
Futures
contracts
....................................................................................................
61,000
Receivables:
–
Investments
sold
....................................................................................................
4,322
Securities
lending
income
—
affiliated
......................................................................................
9,406
Dividends
—
unaffiliated
...............................................................................................
207,441
Dividends
—
affiliated
.................................................................................................
1,534
Variation
margin
on
futures
contracts
.......................................................................................
472
Total
assets
.........................................................................................................
411,401,289
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
22,682,838
Payables:
–
Investment
advisory
fees
...............................................................................................
18,362
Variation
margin
on
futures
contracts
.......................................................................................
280
Total
liabilities
........................................................................................................
22,701,480
NET
ASSETS
........................................................................................................
$
388,699,809
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
439,252,880
Accumulated
loss
.....................................................................................................
(50,553,071)
NET
ASSETS
........................................................................................................
$
388,699,809
NET
ASSET
VALUE
Shares
outstanding
....................................................................................................
7,250,000
Net
asset
value
.......................................................................................................
$
53.61
Shares
authorized
.....................................................................................................
Unlimited
Par
value
...........................................................................................................
None
(a)
Investments,
at
cost
—
unaffiliated
........................................................................................
$
398,283,695
(b)
Securities
loaned,
at
value
..............................................................................................
$
21,994,563
(c)
Investments,
at
cost
—
affiliated
..........................................................................................
$
23,492,656
Statements
of
Operations
(unaudited)
Six
Months
Ended
October
31,
2022
59
Financial
Statements
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
6,117,203
$
6,925,090
$
5,334,160
$
1,329,436
Dividends
—
affiliated
...................................................
27,354
11,992
15,189
6,396
Securities
lending
income
—
affiliated
—
net
...................................
98,966
141,506
255,178
489,400
Foreign
taxes
withheld
..................................................
(3,254)
—
—
(1,014)
Total
investment
income
...................................................
6,240,269
7,078,588
5,604,527
1,824,218
EXPENSES
Investment
advisory
....................................................
320,637
149,633
333,067
106,256
Total
expenses
.........................................................
320,637
149,633
333,067
106,256
Net
investment
income
....................................................
5,919,632
6,928,955
5,271,460
1,717,962
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(177,506,387)
$
(50,943,137)
$
(86,840,813)
$
(14,581,280)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
$
(87,315,576)
$
(32,267,483)
$
(141,163,225)
$
(52,182,809)
Investments
—
affiliated
...............................................
2,786
(3,839)
3,182
(5,238)
Futures
contracts
....................................................
(616,731)
(192,380)
(321,356)
(74,119)
In-kind
redemptions
—
unaffiliated
(a)
.......................................
30,003,892
2,440,016
4,662,336
1,965,877
(57,925,629)
(30,023,686)
(136,819,063)
(50,296,289)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
(119,898,414)
(21,055,276)
49,880,430
35,630,521
Investments
—
affiliated
...............................................
(4,087)
(5,298)
(14,959)
(9,471)
Futures
contracts
....................................................
321,742
141,120
112,782
93,959
(119,580,759)
(20,919,454)
49,978,253
35,715,009
Net
realized
and
unrealized
loss
..............................................
(177,506,388)
(50,943,140)
(86,840,810)
(14,581,280)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................
$
(171,586,756)
$
(44,014,185)
$
(81,569,350)
$
(12,863,318)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Operations
(unaudited)
(continued)
Six
Months
Ended
October
31,
2022
2022
iShares
Semi-Annual
Report
to
Shareholders
60
iShares
Morningstar
Small-Cap
Value
ETF
INVESTMENT
INCOME
–
Dividends
—
unaffiliated
...............................................................................................
$
4,170,813
Dividends
—
affiliated
.................................................................................................
6,621
Securities
lending
income
—
affiliated
—
net
.................................................................................
84,017
Foreign
taxes
withheld
................................................................................................
(2,290)
Total
investment
income
.................................................................................................
4,259,161
EXPENSES
Investment
advisory
..................................................................................................
110,593
Total
expenses
.......................................................................................................
110,593
Net
investment
income
..................................................................................................
4,148,568
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(9,515,901)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
...........................................................................................
$
(6,658,551)
Investments
—
affiliated
.............................................................................................
(2,105)
Futures
contracts
..................................................................................................
(82,934)
In-kind
redemptions
—
unaffiliated
(a)
.....................................................................................
2,825,916
(3,917,674)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(5,668,163)
Investments
—
affiliated
.............................................................................................
(3,115)
Futures
contracts
..................................................................................................
73,051
(5,598,227)
Net
realized
and
unrealized
loss
............................................................................................
(9,515,901)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(5,367,333)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets
61
Financial
Statements
See
notes
to
financial
statements.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-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
....................................................
$
5,919,632
$
9,208,746
$
6,928,955
$
10,708,557
Net
realized
gain
(loss)
....................................................
(57,925,629)
122,861,510
(30,023,686)
56,099,068
Net
change
in
unrealized
appreciation
(depreciation)
................................
(119,580,759)
(284,641,360)
(20,919,454)
(97,816,617)
Net
decrease
in
net
assets
resulting
from
operations
..................................
(171,586,756)
(152,571,104)
(44,014,185)
(31,008,992)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(5,366,210)
(9,412,555)
(6,035,034)
(11,074,412)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
(58,624,337)
(13,450,194)
204,311
(56,837,193)
NET
ASSETS
Total
decrease
in
net
assets
..................................................
(235,577,303)
(175,433,853)
(49,844,908)
(98,920,597)
Beginning
of
period
........................................................
1,711,617,006
1,887,050,859
782,996,051
881,916,648
End
of
period
............................................................
$
1,476,039,703
$
1,711,617,006
$
733,151,143
$
782,996,051
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
62
See
notes
to
financial
statements.
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
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
....................................................
$
5,271,460
$
6,518,586
$
1,717,962
$
2,912,223
Net
realized
gain
(loss)
....................................................
(136,819,063)
157,119,447
(50,296,289)
13,290,975
Net
change
in
unrealized
appreciation
(depreciation)
................................
49,978,253
(334,493,660)
35,715,009
(128,436,975)
Net
decrease
in
net
assets
resulting
from
operations
..................................
(81,569,350)
(170,855,627)
(12,863,318)
(112,233,777)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(4,482,191)
(7,275,693)
(1,675,234)
(3,156,876)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
154,174,788
(254,467,058)
67,713,019
(332,806,008)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
68,123,247
(432,598,378)
53,174,467
(448,196,661)
Beginning
of
period
........................................................
1,087,281,491
1,519,879,869
318,118,293
766,314,954
End
of
period
............................................................
$
1,155,404,738
$
1,087,281,491
$
371,292,760
$
318,118,293
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
63
Financial
Statements
See
notes
to
financial
statements.
iShares
Morningstar
Small-Cap
Value
ETF
Six
Months
Ended
10/31/22
(unaudited)
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
4,148,568
$
7,503,628
Net
realized
gain
(loss)
..................................................................................
(3,917,674)
39,582,241
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(5,598,227)
(69,408,148)
Net
decrease
in
net
assets
resulting
from
operations
................................................................
(5,367,333)
(22,322,279)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(3,888,929)
(7,825,447)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...............................................
30,633,421
(48,607,925)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.........................................................................
21,377,159
(78,755,651)
Beginning
of
period
......................................................................................
367,322,650
446,078,301
End
of
period
..........................................................................................
$
388,699,809
$
367,322,650
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2022
iShares
Semi-Annual
Report
to
Shareholders
64
iShares
Morningstar
Growth
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
.................
$
56.30
$
61.87
$
42.80
$
38.08
$
33.00
$
27.25
Net
investment
income
(b)
.........................
0.20
0.29
0.14
0.21
0.23
0.30
Net
realized
and
unrealized
gain
(loss)
(c)
...............
(5.86
)
(5.56
)
19.07
4.73
5.10
5.74
Net
increase
(decrease)
from
investment
operations
........
(5.66
)
(5.27
)
19.21
4.94
5.33
6.04
Distributions
from
net
investment
income
(d)
...............
(0.18
)
(0.30
)
(0.14
)
(0.22
)
(0.25
)
(0.29
)
Net
asset
value,
end
of
period
......................
$
50.46
$
56.30
$
61.87
$
42.80
$
38.08
$
33.00
Total
Return
(e)
(10.06)%
—
—
—
—
—
Based
on
net
asset
value
..........................
(10.06
)%
(f)
(8.59
)%
44.94
%
13.04
%
16.21
%
22.26
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.................................
0.04
%
(h)
0.04
%
0.23
%
0.25
%
0.25
%
0.25
%
Net
investment
income
............................
0.74
%
(h)
0.45
%
0.27
%
0.54
%
0.66
%
0.97
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
1,476,040
$
1,711,617
$
1,887,051
$
1,519,374
$
1,104,273
$
932,317
Portfolio
turnover
rate
(i)
............................
13
%
22
%
97
%
28
%
23
%
48
%
(a)
Per
share
amounts
reflect
a
five-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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
65
Financial
Highlights
iShares
Morningstar
Mid-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
................
$
62.39
$
65.81
$
43.02
$
49.08
$
45.05
$
42.00
Net
investment
income
(b)
........................
0.55
0.82
0.57
0.67
0.75
0.62
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(4.04
)
(3.38
)
22.83
(6.03
)
4.05
3.03
Net
increase
(decrease)
from
investment
operations
.......
(3.49
)
(2.56
)
23.40
(5.36
)
4.80
3.65
Distributions
from
net
investment
income
(d)
..............
(0.48
)
(0.86
)
(0.61
)
(0.70
)
(0.77
)
(0.60
)
Net
asset
value,
end
of
period
.....................
$
58.42
$
62.39
$
65.81
$
43.02
$
49.08
$
45.05
Total
Return
(e)
(5.57)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(5.57
)%
(f)
(3.99
)%
54.74
%
(10.99
)%
10.79
%
8.73
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.04
%
(h)
0.04
%
0.22
%
0.25
%
0.25
%
0.25
%
Net
investment
income
...........................
1.85
%
(h)
1.22
%
1.06
%
1.39
%
1.63
%
1.40
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
733,151
$
782,996
$
881,917
$
567,905
$
716,534
$
747,858
Portfolio
turnover
rate
(i)
...........................
14
%
27
%
133
%
55
%
60
%
50
%
(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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
iShares
Semi-Annual
Report
to
Shareholders
66
iShares
Morningstar
Mid-Cap
Growth
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
.................
$
57.83
$
66.52
$
42.27
$
40.66
$
34.55
$
29.55
Net
investment
income
(b)
.........................
0.26
0.35
0.07
0.13
0.09
0.13
Net
realized
and
unrealized
gain
(loss)
(c)
...............
(4.13
)
(8.65
)
24.23
1.61
6.13
5.02
Net
increase
(decrease)
from
investment
operations
........
(3.87
)
(8.30
)
24.30
1.74
6.22
5.15
Distributions
from
net
investment
income
(d)
...............
(0.22
)
(0.39
)
(0.05
)
(0.13
)
(0.11
)
(0.15
)
Net
asset
value,
end
of
period
......................
$
53.74
$
57.83
$
66.52
$
42.27
$
40.66
$
34.55
Total
Return
(e)
(6.69)%
—
—
—
—
—
Based
on
net
asset
value
..........................
(6.69
)%
(f)
(12.56
)%
57.51
%
4.29
%
18.03
%
17.46
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
.................................
0.06
%
(h)
0.06
%
0.27
%
0.30
%
0.30
%
0.30
%
Net
investment
income
............................
0.95
%
(h)
0.51
%
0.12
%
0.31
%
0.25
%
0.38
%
Supplemental
Data
Net
assets,
end
of
period
(000)
......................
$
1,155,405
$
1,087,281
$
1,519,880
$
532,633
$
475,724
$
259,139
Portfolio
turnover
rate
(i)
............................
23
%
43
%
90
%
26
%
30
%
43
%
(a)
Per
share
amounts
reflect
a
six-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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
67
Financial
Highlights
iShares
Morningstar
Small-Cap
Growth
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
................
$
39.27
$
51.60
$
31.92
$
34.17
$
30.51
$
25.81
Net
investment
income
(b)
........................
0.18
0.31
0.05
0.08
0.04
0.12
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(1.77
)
(12.30
)
19.68
(2.24
)
3.72
4.71
Net
increase
(decrease)
from
investment
operations
.......
(1.59
)
(11.99
)
19.73
(2.16
)
3.76
4.83
Distributions
from
net
investment
income
(d)
..............
(0.18
)
(0.34
)
(0.05
)
(0.09
)
(0.10
)
(0.13
)
Net
asset
value,
end
of
period
.....................
$
37.50
$
39.27
$
51.60
$
31.92
$
34.17
$
30.51
Total
Return
(e)
(4.03)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(4.03
)%
(f)
(23.36
)%
61.86
%
(6.32
)%
12.35
%
18.75
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.06
%
(h)
0.06
%
0.26
%
0.30
%
0.30
%
0.30
%
Net
investment
income
...........................
0.97
%
(h)
0.65
%
0.11
%
0.24
%
0.12
%
0.42
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
371,293
$
318,118
$
766,315
$
191,512
$
215,251
$
164,737
Portfolio
turnover
rate
(i)
...........................
31
%
58
%
156
%
57
%
55
%
51
%
(a)
Per
share
amounts
reflect
a
six-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.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2022
iShares
Semi-Annual
Report
to
Shareholders
68
iShares
Morningstar
Small-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
................
$
54.82
$
58.31
$
32.95
$
47.85
$
48.08
$
47.92
Net
investment
income
(b)
........................
0.60
1.03
0.89
1.02
1.08
0.86
Net
realized
and
unrealized
gain
(loss)
(c)
..............
(1.26
)
(3.43
)
25.39
(14.74
)
(0.23
)
0.20
Net
increase
(decrease)
from
investment
operations
.......
(0.66
)
(2.40
)
26.28
(13.72
)
0.85
1.06
Distributions
from
net
investment
income
(d)
..............
(0.55
)
(1.09
)
(0.92
)
(1.18
)
(1.08
)
(0.90
)
Net
asset
value,
end
of
period
.....................
$
53.61
$
54.82
$
58.31
$
32.95
$
47.85
$
48.08
Total
Return
(e)
(1.14)%
—
—
—
—
—
Based
on
net
asset
value
.........................
(1.14
)%
(f)
(4.19
)%
80.90
%
(29.05
)%
1.83
%
2.23
%
Ratios
to
Average
Net
Assets
(g)
Total
expenses
................................
0.06
%
(h)
0.06
%
0.26
%
0.30
%
0.30
%
0.30
%
Net
investment
income
...........................
2.25
%
(h)
1.76
%
2.07
%
2.34
%
2.24
%
1.78
%
Supplemental
Data
Net
assets,
end
of
period
(000)
.....................
$
388,700
$
367,323
$
446,078
$
257,012
$
430,681
$
447,161
Portfolio
turnover
rate
(i)
...........................
20
%
47
%
145
%
65
%
48
%
54
%
(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.
Notes
to
Financial
Statements
(unaudited)
69
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios.
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain.
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of
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
includes
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
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
iShares
ETF
Diversification
Classification
Morningstar
Growth
...................................................................................................
Non-diversified
Morningstar
Mid-Cap
..................................................................................................
Diversified
Morningstar
Mid-Cap
Growth
.............................................................................................
Diversified
Morningstar
Small-Cap
Growth
...........................................................................................
Diversified
Morningstar
Small-Cap
Value
.............................................................................................
Diversified
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
70
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
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.
Notes
to
Financial
Statements
(unaudited)
(continued)
71
Notes
to
Financial
Statements
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
Growth
Barclays
Bank
PLC
...................................
$
2,715,227
$
(2,715,227)
$
–
$
–
$
–
$
–
$
–
$
–
BNP
Paribas
SA
.......................................
4,906,533
(4,906,533)
–
–
BofA
Securities,
Inc.
....................................
1,407,257���
(1,407,257)
–
–
Citigroup
Global
Markets,
Inc.
..............................
327,116
(327,116)
–
–
Goldman
Sachs
&
Co.
LLC
...............................
2,003,706
(2,003,706)
–
–
HSBC
Bank
PLC
......................................
728,176
(728,176)
–
–
J.P.
Morgan
Securities
LLC
...............................
8,572,272
(8,572,272)
–
–
Jefferies
LLC
.........................................
462,996
(462,996)
–
–
Morgan
Stanley
.......................................
2,284,333
(2,284,333)
–
–
RBC
Capital
Markets
LLC
................................
259,916
(259,916)
–
–
Scotia
Capital
(USA),
Inc.
................................
7,848
(7,848)
–
–
SG
Americas
Securities
LLC
..............................
5,344,728
(5,344,728)
–
–
State
Street
Bank
&
Trust
Co.
..............................
39,726
(39,726)
–
–
UBS
AG
............................................
2,116,845
(2,116,845)
–
–
Virtu
Americas
LLC
.....................................
781,312
(781,312)
–
–
$
31,957,991
$
(31,957,991)
$
–
$
–
Morningstar
Mid-Cap
Barclays
Bank
PLC
...................................
$
622,417
$
(622,417)
$
–
$
–
–
–
–
–
Barclays
Capital,
Inc.
...................................
859,146
(859,146)
–
–
BNP
Paribas
SA
.......................................
3,613,762
(3,613,762)
–
–
BofA
Securities,
Inc.
....................................
699,024
(699,024)
–
–
Citigroup
Global
Markets,
Inc.
..............................
82,524
(82,524)
–
–
Goldman
Sachs
&
Co.
LLC
...............................
5,029,312
(5,029,312)
–
–
HSBC
Bank
PLC
......................................
2,530,863
(2,530,863)
–
–
J.P.
Morgan
Securities
LLC
...............................
5,422,315
(5,422,315)
–
–
Jefferies
LLC
.........................................
369,666
(369,666)
–
–
Morgan
Stanley
.......................................
2,316,585
(2,316,585)
–
–
National
Financial
Services
LLC
............................
300,472
(300,472)
–
–
Scotia
Capital
(USA),
Inc.
................................
222,349
(222,349)
–
–
State
Street
Bank
&
Trust
Co.
..............................
6,342
(6,342)
–
–
UBS
AG
............................................
1,841,732
(1,841,732)
–
–
UBS
Securities
LLC
....................................
802,129
(802,129)
–
–
Wells
Fargo
Bank
N.A.
..................................
1,198,651
(1,198,651)
–
–
Wells
Fargo
Securities
LLC
...............................
95,564
(95,564)
–
–
$
26,012,853
$
(26,012,853)
$
–
$
–
Morningstar
Mid-Cap
Growth
Barclays
Bank
PLC
...................................
$
1,999,733
$
(1,999,733)
$
–
$
–
–
–
–
–
Barclays
Capital,
Inc.
...................................
562,266
(562,266)
–
–
BMO
Capital
Markets
Corp.
...............................
82,164
(82,164)
–
–
BNP
Paribas
SA
.......................................
13,799,698
(13,799,698)
–
–
BofA
Securities,
Inc.
....................................
972,960
(972,960)
–
–
Citadel
Clearing
LLC
....................................
343,988
(343,988)
–
–
Citigroup
Global
Markets,
Inc.
..............................
359,830
(359,830)
–
–
Credit
Suisse
Securities
(USA)
LLC
..........................
82,904
(82,904)
–
–
Goldman
Sachs
&
Co.
LLC
...............................
12,361,657
(12,361,657)
–
–
HSBC
Bank
PLC
......................................
8,811,551
(8,811,551)
–
–
J.P.
Morgan
Securities
LLC
...............................
10,859,050
(10,859,050)
–
–
Jefferies
LLC
.........................................
358,858
(358,858)
–
–
Morgan
Stanley
.......................................
10,595,517
(10,595,517)
–
–
National
Financial
Services
LLC
............................
803,546
(803,546)
–
–
Natixis
SA
...........................................
1,269,681
(1,269,681)
–
–
RBC
Capital
Markets
LLC
................................
7,618,502
(7,618,502)
–
–
Scotia
Capital
(USA),
Inc.
................................
1,510,563
(1,510,563)
–
–
SG
Americas
Securities
LLC
..............................
62,542
(62,542)
–
–
State
Street
Bank
&
Trust
Co.
..............................
2,917,277
(2,917,277)
–
–
UBS
AG
............................................
4,384,935
(4,384,935)
–
–
Wells
Fargo
Securities
LLC
...............................
144,483
(144,483)
–
–
$
79,901,705
$
(79,901,705)
$
–
$
–
Morningstar
Small-Cap
Growth
Barclays
Bank
PLC
...................................
$
5,178,529
$
(5,178,529)
$
–
$
–
–
–
–
–
Barclays
Capital,
Inc.
...................................
333,583
(333,583)
–
–
BMO
Capital
Markets
Corp.
...............................
86,562
(86,562)
–
–
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
72
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).
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
(b)
Morningstar
Small-Cap
Growth
(continued)
BNP
Paribas
SA
.......................................
$
10,230,380
$
(10,230,380)
$
–
$
–
BofA
Securities,
Inc.
....................................
5,054,294
(5,054,294)
–
–
Citigroup
Global
Markets,
Inc.
..............................
3,009,586
(3,009,586)
–
–
Credit
Suisse
Securities
(USA)
LLC
..........................
4,223
(4,223)
–
–
Goldman
Sachs
&
Co.
LLC
...............................
12,379,294
(12,379,294)
–
–
HSBC
Bank
PLC
......................................
1,709,147
(1,709,147)
–
–
ING
Financial
Markets
LLC
...............................
15,019
(15,019)
–
–
J.P.
Morgan
Securities
LLC
...............................
7,519,135
(7,519,135)
–
–
Jefferies
LLC
.........................................
853,148
(853,148)
–
–
Morgan
Stanley
.......................................
6,675,145
(6,675,145)
–
–
National
Financial
Services
LLC
............................
1,235,222
(1,235,222)
–
–
Natixis
SA
...........................................
615,851
(615,851)
–
–
Scotia
Capital
(USA),
Inc.
................................
129,893
(129,893)
–
–
SG
Americas
Securities
LLC
..............................
168,825
(168,825)
–
–
State
Street
Bank
&
Trust
Co.
..............................
728,227
(728,227)
–
–
Toronto-Dominion
Bank
..................................
1,536,513
(1,536,513)
–
–
UBS
AG
............................................
3,214,812
(3,214,812)
–
–
UBS
Securities
LLC
....................................
467,663
(467,663)
–
–
Virtu
Americas
LLC
.....................................
199,263
(199,263)
–
–
Wells
Fargo
Bank
N.A.
..................................
422,642
(422,642)
–
–
Wells
Fargo
Securities
LLC
...............................
498,728
(498,728)
–
–
$
62,265,684
$
(62,265,684)
$
–
$
–
Morningstar
Small-Cap
Value
Barclays
Bank
PLC
...................................
$
1,415,709
$
(1,415,709)
$
–
$
–
–
–
–
–
Barclays
Capital,
Inc.
...................................
173,772
(173,772)
–
–
BMO
Capital
Markets
Corp.
...............................
13,111
(13,111)
–
–
BNP
Paribas
SA
.......................................
3,089,082
(3,089,082)
–
–
BofA
Securities,
Inc.
....................................
1,493,721
(1,493,721)
–
–
Citigroup
Global
Markets,
Inc.
..............................
1,035,422
(1,035,422)
–
–
Goldman
Sachs
&
Co.
LLC
...............................
7,039,705
(7,039,705)
–
–
HSBC
Bank
PLC
......................................
1,794
(1,794)
–
–
ING
Financial
Markets
LLC
...............................
43,261
(43,261)
–
–
J.P.
Morgan
Securities
LLC
...............................
2,572,351
(2,572,351)
–
–
Jefferies
LLC
.........................................
876,954
(876,954)
–
–
Morgan
Stanley
.......................................
1,458,757
(1,458,757)
–
–
National
Financial
Services
LLC
............................
498,859
(498,859)
–
–
Natixis
SA
...........................................
7,080
(7,080)
–
–
Scotia
Capital
(USA),
Inc.
................................
65,899
(65,899)
–
–
SG
Americas
Securities
LLC
..............................
29,747
(29,747)
–
–
State
Street
Bank
&
Trust
Co.
..............................
1,043,768
(1,043,768)
–
–
Toronto-Dominion
Bank
..................................
474,032
(474,032)
–
–
UBS
AG
............................................
398,196
(398,196)
–
–
UBS
Securities
LLC
....................................
101,380
(99,284)
–
2,096
Wells
Fargo
Bank
N.A.
..................................
104,189
(104,189)
–
–
Wells
Fargo
Securities
LLC
...............................
57,774
(57,774)
–
–
$
21,994,563
$
(21,992,467)
$
–
$
2,096
(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.
Notes
to
Financial
Statements
(unaudited)
(continued)
73
Notes
to
Financial
Statements
Futures
contracts
are
exchange-traded
agreements
between
the
Funds
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Funds
are
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Funds
agree
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statements
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statements
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the
Trust
,
BFA
manages
the
investment
of each
Fund’s
assets.
BFA
is
a
California
corporation
indirectly owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Funds,
except
(i)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to each of
the
following Funds,
BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Funds,
based
on
the
average
daily
net
assets
of each
Fund
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
Each Fund
does
not
pay
BRIL
for
ETF
Services.
Prior
to
April
25,
2022,
ETF
Services
were
performed
by
State
Street
Bank
and
Trust
Company.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
iShares
ETF
Investment
Advisory
Fees
Morningstar
Growth
................................................................................................
0.04
%
Morningstar
Mid-Cap
...............................................................................................
0.04
Morningstar
Mid-Cap
Growth
..........................................................................................
0.06
Morningstar
Small-Cap
Growth
........................................................................................
0.06
Morningstar
Small-Cap
Value
..........................................................................................
0.06
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
74
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:
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:
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:
For
the six
months ended
October
31,
2022,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
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.
iShares
ETF
Amounts
Morningstar
Growth
.......................................................................................................
$
30,903
Morningstar
Mid-Cap
......................................................................................................
39,946
Morningstar
Mid-Cap
Growth
.................................................................................................
74,606
Morningstar
Small-Cap
Growth
...............................................................................................
129,360
Morningstar
Small-Cap
Value
.................................................................................................
24,511
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Morningstar
Growth
....................................................................
$
91,359,295
$
71,749,224
$
(56,852,279)
Morningstar
Mid-Cap
...................................................................
24,943,547
44,167,478
(30,821,765)
Morningstar
Mid-Cap
Growth
..............................................................
79,357,165
108,215,071
(95,876,316)
Morningstar
Small-Cap
Growth
............................................................
39,470,975
37,422,452
(26,909,097)
Morningstar
Small-Cap
Value
..............................................................
28,187,799
31,847,231
(891,450)
iShares
ETF
Purchases
Sales
Morningstar
Growth
....................................................................................
$
214,643,048
$
212,831,408
Morningstar
Mid-Cap
...................................................................................
104,364,578
103,947,761
Morningstar
Mid-Cap
Growth
..............................................................................
257,673,689
256,804,193
Morningstar
Small-Cap
Growth
............................................................................
109,805,668
108,437,897
Morningstar
Small-Cap
Value
..............................................................................
75,644,669
73,367,490
iShares
ETF
In-kind
Purchases
In-kind
Sales
Morningstar
Growth
....................................................................................
$
44,427,737
$
102,950,542
Morningstar
Mid-Cap
...................................................................................
18,146,828
17,890,598
Morningstar
Mid-Cap
Growth
..............................................................................
203,481,837
49,856,039
Morningstar
Small-Cap
Growth
............................................................................
87,788,914
21,072,656
Morningstar
Small-Cap
Value
..............................................................................
52,569,941
23,771,222
Notes
to
Financial
Statements
(unaudited)
(continued)
75
Notes
to
Financial
Statements
As
of
April
30,
2022,
the
Funds
had
non-expiring
capital
loss
carryforwards
available
to
offset
future
realized
capital
gains
as
follows:
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:
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
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
iShares
ETF
Amounts
Morningstar
Growth
......................................................................................................
$
76,630,684
Morningstar
Mid-Cap
.....................................................................................................
39,318,897
Morningstar
Mid-Cap
Growth
................................................................................................
84,572,455
Morningstar
Small-Cap
Growth
..............................................................................................
62,157,054
Morningstar
Small-Cap
Value
................................................................................................
35,458,005
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Morningstar
Growth
................................................
$
1,462,363,348
$
212,251,466
$
(165,987,667)
$
46,263,799
Morningstar
Mid-Cap
...............................................
760,134,959
104,073,193
(104,267,085)
(193,892)
Morningstar
Mid-Cap
Growth
.........................................
1,310,078,630
96,327,423
(167,962,548)
(71,635,125)
Morningstar
Small-Cap
Growth
........................................
491,477,411
34,197,034
(90,317,469)
(56,120,435)
Morningstar
Small-Cap
Value
.........................................
422,348,488
41,800,086
(53,001,362)
(11,201,276)
Notes
to
Financial
Statements
(unaudited)
(continued)
2022
iShares
Semi-Annual
Report
to
Shareholders
76
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
Certain
Funds
invest
a
significant
portion
of
their
assets
in
securities
within
a
single
or
limited
number
of
market
sectors.
When
a
fund
concentrates
its
investments
in
this
manner,
it
assumes
the
risk
that
economic,
regulatory,
political
and
social
conditions
affecting
such
sectors
may
have
a
significant
impact
on
the
fund
and
could
affect
the
income
from,
or
the
value
or
liquidity
of,
the
fund’s
portfolio.
Investment
percentages
in
specific
sectors
are
presented
in
the
Schedule
of
Investments.
Significant
Shareholder
Redemption
Risk:
Certain
shareholders
may
own
or
manage
a
substantial
amount
of
fund
shares
and/or
hold
their
fund
investments
for
a
limited
period
of
time.
Large
redemptions
of
fund
shares
by
these
shareholders
may
force
a
fund
to
sell
portfolio
securities,
which
may
negatively
impact
the
fund’s
NAV,
increase
the
fund’s
brokerage
costs,
and/or
accelerate
the
realization
of
taxable
income/gains
and
cause
the
fund
to
make
additional
taxable
distributions
to
shareholders.
LIBOR
Transition
Risk:
The
United
Kingdom’s
Financial
Conduct
Authority
announced
a
phase
out
of
the
London
Interbank
Offered
Rate
(“LIBOR”).
Although
many
LIBOR
rates
ceased
to
be
published
or
no
longer
are
representative
of
the
underlying
market
they
seek
to
measure
after
December
31, 2021,
a
selection
of
widely
used
USD
LIBOR
rates
will
continue
to
be
published
through
June
2023
in
order
to
assist
with
the
transition.
The
Funds
may
be
exposed
to
financial
instruments
tied
to
LIBOR
to
determine
payment
obligations,
financing
terms,
hedging
strategies
or
investment
value.
The
transition
process
away
from
LIBOR
might
lead
to
increased
volatility
and
illiquidity
in
markets
for,
and
reduce
the
effectiveness
of
new
hedges
placed
against,
instruments
whose
terms
currently
include
LIBOR.
The
ultimate
effect
of
the
LIBOR
transition
process
on
the
Funds
is
uncertain.
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
Six
Months
Ended
10/31/22
Year
Ended
04/30/22
iShares
ETF
Shares
Amount
Shares
Amount
Morningstar
Growth
Shares
sold
850,000
$
44,657,576
3,350,000
$
208,754,686
Shares
redeemed
(2,000,000)
(103,281,913)
(3,450,000)
(222,204,880)
(1,150,000)
$
(58,624,337)
(100,000)
$
(13,450,194)
Morningstar
Mid-Cap
Shares
sold
300,000
$
18,279,111
2,050,000
$
136,072,736
Shares
redeemed
(300,000)
(18,074,800)
(2,900,000)
(192,909,929)
—
204,311
(850,000)
$
(56,837,193)
Morningstar
Mid-Cap
Growth
Shares
sold
3,650,000
$
204,367,644
8,050,000
$
550,847,090
Shares
redeemed
(950,000)
(50,192,856)
(12,100,000)
(805,314,148)
2,700,000
$
154,174,788
(4,050,000)
$
(254,467,058)
Morningstar
Small-Cap
Growth
Shares
sold
2,400,000
$
89,144,842
250,000
$
11,523,573
Shares
redeemed
(600,000)
(21,431,823)
(7,000,000)
(344,329,581)
1,800,000
$
67,713,019
(6,750,000)
$
(332,806,008)
Morningstar
Small-Cap
Value
Shares
sold
1,050,000
$
55,919,201
2,350,000
$
140,735,962
Shares
redeemed
(500,000)
(25,285,780)
(3,300,000)
(189,343,887)
550,000
$
30,633,421
(950,000)
$
(48,607,925)
Notes
to
Financial
Statements
(unaudited)
(continued)
77
Notes
to
Financial
Statements
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.
Board
Review
and
Approval
of
Investment
Advisory
Contract
2022
iShares
Semi-Annual
Report
to
Shareholders
78
iShares
Morningstar
Growth
ETF,
iShares
Morningstar
Mid-Cap
ETF,
iShares
Morningstar
Mid-Cap
Growth
ETF,
iShares
Morningstar
Small-Cap
Growth
ETF,
iShares
Morningstar
Small-Cap
Val
ue
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
Board
Review
and
Approval
of
Investment
Advisory
Contract
(continued)
79
Board
Review
and
Approval
of
Investment
Advisory
Contract
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.
Supplemental
Information
(unaudited)
2022
iShares
Semi-Annual
Report
To
Shareholders
80
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
(a)
..................
$
0.470527
$
—
$
0.011098
$
0.481625
98%
—%
2%
100%
Morningstar
Mid-Cap
Growth
(a)
.............
0.217153
—
0.000372
0.217525
100
—
0
(b)
100
Morningstar
Small-Cap
Value
(a)
............
0.535852
—
0.014000
0.549852
97
—
3
100
(a)
Each
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
each
Fund
is
returned
to
the
shareholder.
A
return
of
capital
does
not
necessarily
reflect
each
Fund’s
investment
performance
and
should
not
be
confused
with
“yield”
or
“income”.
When
distributions
exceed
total
return
performance,
the
difference
will
incrementally
reduce
each
Fund’s
net
asset
value
per
share.
(b)
Rounds
to
less
than
1%.
General
Information
81
General
Information
Electronic
Delivery
Shareholders
can
sign
up
for
e-mail
notifications
announcing
that
the
shareholder
report
or
prospectus
has
been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
no
longer
receive
prospectuses
and
shareholder
reports
in
the
mail.
To
enroll
in
electronic
delivery:
•
Go
to
icsdelivery.com
.
•
If
your
brokerage
firm
is
not
listed,
electronic
delivery
may
not
be
available.
Please
contact
your
broker-dealer
or
financial
advisor.
Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
of
delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
2022
iShares
Semi-Annual
Report
to
Shareholders
82
Portfolio
Abbreviation
CVR
Contingent
Value
Rights
MSCI
Morgan
Stanley
Capital
International
NASDAQ
National
Association
of
Securities
Dealers
Automated
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
iS-SAR-404-1022
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.
(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)
(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable
(a) (4) Change in Registrant’s independent public accountant – Not Applicable
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 | |||||||