UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT

OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-09729

iShares Trust

(Exact name of registrant as specified in charter)

c/o BlackRock Fund Advisors

400 Howard Street, San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

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

Date of fiscal year end: March 31, 2024

Date of reporting period: March 31, 2024

Item 1. Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

MARCH 31, 2024

  2024 Annual Report  

iShares Trust

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

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

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

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

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended March 31, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still robust. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the ongoing rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2024
	6-Month			12-Month
U.S. large cap equities (S&P 500® Index)		23.48	%		29.88	%
U.S. small cap equities (Russell 2000® Index)		19.94			19.71
International equities (MSCI Europe, Australasia, Far East Index)		16.81			15.32
Emerging market equities (MSCI Emerging Markets Index)		10.42			8.15
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.68			5.24
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		4.88			(2.44	)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		5.99			1.70
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.48			3.13
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		8.73			11.15
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		40
Statements of Operations		41
Statements of Changes in Net Assets		42
Financial Highlights		44
Notes to Financial Statements		48
Report of Independent Registered Public Accounting Firm		58
Important Tax Information		59
Statement Regarding Liquidity Risk Management Program		60
Supplemental Information		61
Trustee and Officer Information		62
General Information		64
Glossary of Terms Used in this Report		65

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2024 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 29.29%. The economy showed notable resilience even as interest rates rose, and analysts’ optimism about the economy’s trajectory improved. Meanwhile, inflation decelerated notably, enabling a pause in monetary policy tightening and providing a supportive backdrop for equities.

The U.S. economy grew at a robust pace in 2023 despite concerns about the impact of higher interest rates on growth. The U.S. consumer helped to power the expansion, as consumer spending continued to grow in both nominal and real (inflation-adjusted) terms. A strong labor market bolstered consumer spending, as employers continued to add jobs, and average hourly wages increased notably. Consumer spending was also supported by higher asset values, as both home prices and strong equity performance increased household net worth. Government spending also stimulated the economy, as the federal deficit increased amid rising expenditures, while state and local governments also boosted spending to fill personnel vacancies.

Despite high spending and healthy household balance sheets, consumer sentiment remained below pre-pandemic levels, as elevated inflation and high interest rates weighed on consumers’ outlook. While inflation declined early in the reporting period — decreasing from 4.9% in April 2023 to 3% in June 2023 — it remained stubbornly persistent thereafter, fluctuating between 3% and 4%, above the pre-pandemic average. While improved supply chains eased goods inflation, the tight labor market kept labor costs near record highs, and growing services inflation was a significant driver of inflation’s overall persistence.

To counteract inflation, the U.S. Federal Reserve (“Fed”) raised interest rates twice early in the reporting period, reaching the highest level since 2001. However, the Fed paused its interest rate increases thereafter as inflation edged down, keeping interest rates steady after its July 2023 meeting. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. Projections released by the Fed late in the reporting period included several interest rate decreases later in 2024, as it forecast inflation would continue to moderate despite the robust economy.

The strong economy supported corporate profits, which grew substantially in the last three quarters of 2023. Despite higher input costs, companies were able to raise prices sufficiently to widen profit margins, as the U.S. consumer continued to spend. Firms increasingly kept assets in short-term investments that earned higher yields due to elevated interest rates. This helped to mitigate the negative impact of higher borrowing costs, which drove a rise in interest expense. Innovations in computing also drove enthusiasm for equities, as new technologies drove hopes for economy-wide improvements in productivity.

Despite the strong economic conditions during the reporting period, analysts noted several areas of caution about potential disruptions to markets. Geopolitical tensions were high amid Russia’s ongoing invasion of Ukraine and fighting in Gaza following Hamas’ terrorist attack on Israel. Missile attacks on a major shipping lane in the Middle East raised concerns about a wider conflict while disrupting some supply chains. While inflation declined during the reporting period, it remained more persistent than some analysts expected, raising concerns about the effect of continued inflation on the Fed’s interest rate policy.

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Fund Summary as of March 31, 2024   iShares^® S&P 100 ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		33.98	%		16.33	%		13.56	%		33.98	%		113.04	%		256.56	%
Fund Market		33.97			16.33			13.55			33.97			113.05			256.42
Index		34.24			16.57			13.78			34.24			115.29			263.49

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/23)		Ending Account Value (03/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)		Ending Account Value (03/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,241.10	$	1.12		$	1,000.00	$	1,024.00	$	1.01		0.20	%

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

F U N D S U M M A R Y 5

Fund Summary as of March 31, 2024 (continued)   iShares^® S&P 100 ETF

Portfolio Management Commentary

Mega-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The information technology sector was the largest contributor to the Index’s return for the reporting period amid notable innovations in artificial intelligence (“AI”) technology. Rapid advances in generative AI, which allows users to generate outputs using simple natural language queries, drove a surge in investor enthusiasm for products and technologies associated with AI. The semiconductors industry gained the most, as companies purchased specialized chips used to provide computing capacity for AI applications, which require significant processing power. Additionally, the semiconductors industry continued to invest in building the next generation of processors for AI applications, further supporting stock prices.

The software and services industry also advanced, driven by strength among systems software companies. Enthusiasm for generative AI products benefited a large company in the industry with a significant investment in a prominent consumer-facing AI platform, a chatbot which grew its user base more rapidly than any other consumer application in history. Integration of AI into already existing productivity software also propelled gains. In addition, cloud services revenue accelerated, due in part to new AI features, beating analysts’ expectations and driving further earnings growth.

The communication services sector also contributed significantly to the Index’s performance, led by the interactive media and services industry. Growth in online advertising drove large increases in both revenue and income. Cost cutting efforts and reduced headcount also boosted profitability. Implementation of AI tools that allow clients to partially automate and optimize advertising campaigns also benefited the industry and fueled analysts’ optimism about continued growth. Strong sales of cloud computing products further bolstered industry earnings.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments(a)
Information Technology	35.8	%
Communication Services	12.6
Financials	12.4
Health Care	11.4
Consumer Discretionary	11.1
Consumer Staples	6.5
Industrials	4.9
Energy	3.0
Other (each representing less than 1%)	2.3

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Microsoft Corp.	10.4	%
Apple Inc.	8.3
NVIDIA Corp.	7.4
Amazon.com, Inc.	5.5
Meta Platforms, Inc., Class A	3.6
Alphabet, Inc., Class A	3.0
Berkshire Hathaway, Inc., Class B	2.5
Alphabet, Inc., Class C, NVS	2.5
Eli Lilly & Co.	2.1
Broadcom, Inc.	1.9

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Fund Summary as of March 31, 2024   iShares^® S&P 500 Growth ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		33.49	%		15.57	%		14.36	%		33.49	%		106.16	%		282.61	%
Fund Market		33.40			15.55			14.35			33.40			105.99			282.14
Index		33.73			15.78			14.56			33.73			108.03			289.48

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/23)		Ending Account Value (03/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)		Ending Account Value (03/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,240.20	$	1.01		$	1,000.00	$	1,024.10	$	0.91		0.18	%

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

F U N D S U M M A R Y 7

Fund Summary as of March 31, 2024 (continued)   iShares^® S&P 500 Growth ETF

Portfolio Management Commentary

Growth-oriented large-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. Growth stocks benefited from strong corporate earnings and the resilience of the U.S. economy in the face of higher interest rates.

The information technology sector was the largest contributor to the Index’s return for the reporting period amid notable innovations in artificial intelligence (“AI”) technology. Rapid advances in generative AI, which allows users to generate outputs using simple natural language queries, drove a surge in investor enthusiasm for products and technologies associated with AI. The semiconductors industry gained the most, as companies purchased specialized chips used to provide computing capacity for AI applications, which require significant processing power. Corporations seeking to use AI technologies invested significantly in this hardware, in some cases setting up separate budgetary allocations to expedite the increased investment. Consequently, industry revenues and earnings grew rapidly, driving strong equity performance. Additionally, the semiconductors industry continued to invest in building the next generation of processors for AI applications, further supporting stock prices.

The communication services sector also contributed significantly to the Index’s performance, led by the interactive media and services industry. Growth in online advertising drove large increases in both revenue and income, and led a prominent company in the industry to initiate a dividend payment while continuing stock buybacks. Cost cutting efforts and reduced headcount also boosted profitability. Implementation of AI tools into advertising services fueled analysts’ optimism about continued growth. Strong sales of cloud computing products further bolstered earnings, and a proposed deal between a large company in the industry and a smartphone manufacturer to license an AI product generated investor enthusiasm.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments(a)
Information Technology	47.4	%
Consumer Discretionary	14.3
Communication Services	12.6
Health Care	7.3
Industrials	6.6
Financials	5.2
Consumer Staples	2.7
Energy	1.7
Materials	1.4
Other (each representing less than 1%)	0.8

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Microsoft Corp.	13.0	%
Apple Inc.	10.4
NVIDIA Corp.	9.3
Amazon.com, Inc.	6.9
Meta Platforms, Inc., Class A	4.4
Alphabet, Inc., Class A	3.7
Alphabet, Inc., Class C, NVS	3.1
Eli Lilly & Co.	2.6
Broadcom, Inc.	2.4
Tesla, Inc.	2.0

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Fund Summary as of March 31, 2024   iShares^® S&P 500 Value ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		25.36	%		13.06	%		10.44	%		25.36	%		84.74	%		169.96	%
Fund Market		25.35			13.06			10.43			25.35			84.74			169.77
Index		25.58			13.26			10.62			25.58			86.35			174.37

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/23)		Ending Account Value (03/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)		Ending Account Value (03/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,226.70	$	1.00		$	1,000.00	$	1,024.10	$	0.91		0.18	%

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

F U N D S U M M A R Y 9

Fund Summary as of March 31, 2024 (continued)   iShares^® S&P 500 Value ETF

Portfolio Management Commentary

Value-oriented large-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The financials sector was the strongest contributor to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. The financial services industry gained, as a large multi-sector holding company with investments in a broad array of companies benefited from rising equity prices and strength among insurance companies, where rising premiums and higher investment income bolstered profitability. Banks also advanced, as robust net interest income (the difference between the interest received from a bank’s assets and the interest paid on deposits) supported earnings. The Fed’s shift in monetary policy also benefited banks, raising investor hopes for increased loan activity and dealmaking as borrowing costs subside.

The information technology sector was another strong contributor to the Index’s return amid notable innovations in artificial intelligence (“AI”) technology. The software and services industry gained, driven by strength among systems software companies. Enthusiasm for generative AI products benefited a large company in the industry with a significant investment in a prominent consumer-facing AI platform, a chatbot which grew its user base more rapidly than any other consumer application in history.

The industrials sector further contributed to the Index’s performance, supported by strong economic growth. The capital goods industry advanced notably, as a surge in manufacturing construction benefited makers of machinery, manufacturing equipment, building products, and tools.

As the U.S. economy continued to expand, consumer spending increased at a robust pace, driving substantial gains in the consumer discretionary sector. Higher online sales and new AI cloud services propelled gains in the broadline retail industry amid strong revenue and earnings growth.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments(a)
Financials	22.8	%
Health Care	18.5
Industrials	11.4
Consumer Staples	9.9
Information Technology	8.2
Energy	6.7
Consumer Discretionary	5.6
Utilities	4.7
Communication Services	4.6
Real Estate	4.1
Materials	3.5

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Berkshire Hathaway, Inc., Class B	3.8	%
JPMorgan Chase & Co.	2.9
Exxon Mobil Corp.	2.3
Johnson & Johnson	1.9
UnitedHealth Group, Inc.	1.4
Chevron Corp.	1.4
Bank of America Corp.	1.3
Walmart, Inc.	1.3
Home Depot, Inc. (The)	1.2
Procter & Gamble Co. (The)	1.2

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Fund Summary as of March 31, 2024   iShares^® S&P Small-Cap 600 Value ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		11.46	%		8.53	%		7.76	%		11.46	%		50.57	%		111.07	%
Fund Market		11.55			8.53			7.75			11.55			50.57			111.02
Index		11.64			8.76			7.96			11.64			52.17			115.13

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/23)		Ending Account Value (03/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)		Ending Account Value (03/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,158.90	$	0.97		$	1,000.00	$	1,024.10	$	0.91		0.18	%

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

F U N D S U M M A R Y 11

Fund Summary as of March 31, 2024 (continued)   iShares^® S&P Small-Cap 600 Value ETF

Portfolio Management Commentary

Value-oriented small-capitalization U.S. stocks advanced for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The consumer discretionary sector contributed the most to the Index’s return. As the U.S. economy continued to expand, consumers increased their spending at a robust pace, driving substantial gains in the sector. Despite rising interest rates and higher borrowing costs, spending remained resilient, as strong household balance sheets, higher wages, and elevated asset prices supported consumers. The specialty retail industry posted a strong advance, as new product lines targeted an expanded customer base, and a focus on online shopping helped drive e-commerce sales. Robust profit margins, strong holiday sales, and a new plan for higher profits also aided the industry. The household durables industry also gained, as homebuilders benefited from stabilizing interest rates, solid demand for starter homes, and faster build times.

The industrials sector was another significant contributor to the Index’s performance. Strong economic growth bolstered stocks in the sector, which is sensitive to overall conditions in the broader economy. This supportive backdrop led to investor confidence that demand would continue to expand, boosting earnings in the sector. A key measure of confidence among purchasing managers in manufacturing rose to its highest level in nearly two years, as output improved and suppliers’ delivery times shortened. The capital goods industry was the leading source of strength, as spending on factory construction increased following passage of federal legislation granting subsidies for certain types of production facilities. The surge in manufacturing construction benefited makers of building products, machinery, manufacturing equipment, and tools.

On the downside, the consumer staples sector detracted from the Index’s performance. Declining sales of baby and children’s products weighed on sales in the food products industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments(a)
Financials	24.3	%
Industrials	16.6
Consumer Discretionary	13.3
Information Technology	10.0
Real Estate	9.9
Health Care	9.4
Materials	5.3
Consumer Staples	4.1
Energy	2.7
Utilities	2.5
Communication Services	1.9

^(a) Excludes money market funds.

TEN LARGEST HOLDINGS

Security	Percent of Total Investments(a)
Alaska Air Group, Inc.	0.9	%
Mr. Cooper Group, Inc.	0.9
Advance Auto Parts, Inc.	0.9
Academy Sports & Outdoors, Inc.	0.9
Lincoln National Corp.	0.9
Organon & Co.	0.8
Dycom Industries, Inc.	0.7
Air Lease Corp., Class A	0.7
DXC Technology Co.	0.7
MDC Holdings, Inc.	0.7

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About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

A B O U T F U N D P E R F O R M A N C E  / D I S C L O S U R E O F E X P E N S E S 13

Schedule of Investments March 31, 2024   iShares^® S&P 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.0%
Boeing Co. (The)(a)		223,044	$	43,045,262
General Dynamics Corp.		88,314		24,947,822
General Electric Co.		423,373		74,314,663
Lockheed Martin Corp.		83,614		38,033,500
RTX Corp.		516,150		50,340,109
				230,681,356
Air Freight & Logistics — 0.6%
FedEx Corp.		89,215		25,849,154
United Parcel Service, Inc., Class B		281,353		41,817,497
				67,666,651
Automobiles — 2.0%
Ford Motor Co.		1,522,132		20,213,913
General Motors Co.		450,245		20,418,611
Tesla, Inc.(a)		1,077,855		189,476,130
				230,108,654
Banks — 4.1%
Bank of America Corp.		2,678,315		101,561,705
Citigroup, Inc.		740,273		46,814,864
JPMorgan Chase & Co.		1,124,632		225,263,790
U.S. BanCorp.		606,949		27,130,620
Wells Fargo & Co.		1,399,996		81,143,768
				481,914,747
Beverages — 1.6%
Coca-Cola Co. (The)		1,513,666		92,606,086
PepsiCo, Inc.		534,666		93,571,897
				186,177,983
Biotechnology — 1.9%
AbbVie, Inc.		686,811		125,068,283
Amgen, Inc.		208,068		59,157,894
Gilead Sciences, Inc.		484,706		35,504,714
				219,730,891
Broadline Retail — 5.5%
Amazon.com, Inc.(a)		3,555,900		641,413,242
Capital Markets — 1.7%
Bank of New York Mellon Corp. (The)		296,155		17,064,451
BlackRock, Inc.(b)		54,397		45,350,779
Charles Schwab Corp. (The)		579,747		41,938,898
Goldman Sachs Group, Inc. (The)		126,834		52,977,293
Morgan Stanley		487,297		45,883,886
				203,215,307
Chemicals — 0.9%
Dow, Inc.		273,405		15,838,352
Linde PLC		188,626		87,582,824
				103,421,176
Communications Equipment — 0.7%
Cisco Systems, Inc.		1,580,733		78,894,384
Consumer Finance — 0.6%
American Express Co.		222,460		50,651,917
Capital One Financial Corp.		148,120		22,053,587
				72,705,504
Consumer Staples Distribution & Retail — 2.2%
Costco Wholesale Corp.		172,614		126,462,195
Target Corp.		179,591		31,825,321
Walmart, Inc.		1,665,217		100,196,107
				258,483,623

Security	Shares		Value
Diversified Telecommunication Services — 1.0%
AT&T Inc.		2,781,423	$	48,953,045
Verizon Communications, Inc.		1,635,504		68,625,748
				117,578,793
Electric Utilities — 0.9%
Duke Energy Corp.		299,928		29,006,037
NextEra Energy, Inc.		797,382		50,960,683
Southern Co. (The)		424,732		30,470,274
				110,436,994
Electrical Equipment — 0.2%
Emerson Electric Co.		222,402		25,224,835
Entertainment — 1.6%
Netflix, Inc.(a)		168,348		102,242,791
Walt Disney Co. (The)		713,562		87,311,446
				189,554,237
Financial Services — 5.6%
Berkshire Hathaway, Inc., Class B(a)(c)		707,782		297,636,487
Mastercard, Inc., Class A		320,944		154,557,002
PayPal Holdings, Inc.(a)		416,161		27,878,625
Visa, Inc., Class A		615,255		171,705,366
				651,777,480
Food Products — 0.4%
Kraft Heinz Co. (The)		310,565		11,459,849
Mondelez International, Inc., Class A		523,544		36,648,080
				48,107,929
Ground Transportation — 0.5%
Union Pacific Corp.		237,210		58,337,055
Health Care Equipment & Supplies — 1.0%
Abbott Laboratories		675,343		76,759,486
Medtronic PLC		516,901		45,047,922
				121,807,408
Health Care Providers & Services — 1.9%
CVS Health Corp.		489,332		39,029,120
UnitedHealth Group, Inc.		359,804		177,995,039
				217,024,159
Hotels, Restaurants & Leisure — 1.5%
Booking Holdings, Inc.		13,574		49,244,843
McDonald’s Corp.		282,164		79,556,140
Starbucks Corp.		440,311		40,240,022
				169,041,005
Household Products — 1.5%
Colgate-Palmolive Co.		320,844		28,892,002
Procter & Gamble Co. (The)		915,348		148,515,213
				177,407,215
Industrial Conglomerates — 0.6%
3M Co.		214,762		22,779,805
Honeywell International, Inc.		256,456		52,637,594
				75,417,399
Insurance — 0.3%
American International Group, Inc.		272,805		21,325,167
MetLife, Inc.		239,419		17,743,342
				39,068,509
Interactive Media & Services — 9.0%
Alphabet, Inc., Class A(a)		2,292,436		345,997,365
Alphabet, Inc., Class C, NVS(a)		1,919,287		292,230,639
Meta Platforms, Inc., Class A		855,840		415,578,787
				1,053,806,791

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Schedule of Investments  (continued) March 31, 2024   iShares^® S&P 100 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services — 1.3%
Accenture PLC, Class A		243,907	$	84,540,605
International Business Machines Corp.		355,949		67,972,021
				152,512,626
Life Sciences Tools & Services — 1.3%
Danaher Corp.		255,815		63,882,122
Thermo Fisher Scientific, Inc.		150,303		87,357,606
				151,239,728
Machinery — 1.0%
Caterpillar, Inc.		198,038		72,567,065
Deere & Co.		101,261		41,591,943
				114,159,008
Media — 0.7%
Charter Communications, Inc., Class A(a)		38,514		11,193,324
Comcast Corp., Class A		1,541,419		66,820,513
				78,013,837
Oil, Gas & Consumable Fuels — 2.9%
Chevron Corp.		674,719		106,430,175
ConocoPhillips		458,294		58,331,660
Exxon Mobil Corp.		1,544,758		179,562,670
				344,324,505
Pharmaceuticals — 5.3%
Bristol-Myers Squibb Co.		791,540		42,925,214
Eli Lilly & Co.		310,204		241,326,304
Johnson & Johnson		936,456		148,137,974
Merck & Co., Inc.		985,761		130,071,164
Pfizer, Inc.		2,196,513		60,953,236
				623,413,892
Retail REITs — 0.2%
Simon Property Group, Inc.		126,603		19,812,103
Semiconductors & Semiconductor Equipment — 12.1%
Advanced Micro Devices, Inc.(a)		628,558		113,448,434
Broadcom, Inc.		171,185		226,890,311
Intel Corp.		1,644,736		72,647,989
NVIDIA Corp.		960,854		868,189,240
QUALCOMM, Inc.		434,137		73,499,394
Texas Instruments, Inc.		353,723		61,622,084
				1,416,297,452
Software — 13.4%
Adobe, Inc.(a)		175,833		88,725,332
Intuit, Inc.		108,899		70,784,350
Microsoft Corp.		2,890,514		1,216,097,050
Oracle Corp.		620,229		77,906,965
Salesforce, Inc.		376,563		113,413,244
				1,566,926,941

Security	Shares		Value
Specialized REITs — 0.3%
American Tower Corp.		181,630	$	35,888,272
Specialty Retail — 1.8%
Home Depot, Inc. (The)		387,166		148,516,878
Lowe’s Cos., Inc.		223,724		56,989,214
				205,506,092
Technology Hardware, Storage & Peripherals — 8.3%
Apple Inc.		5,646,626		968,283,427
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		473,513		44,500,752
Tobacco — 0.7%
Altria Group, Inc.		685,184		29,887,726
Philip Morris International, Inc.		603,922		55,331,334
				85,219,060
Wireless Telecommunication Services — 0.3%
T-Mobile U.S., Inc.		202,953		33,125,989
Total Long-Term Investments — 99.8% (Cost: $9,010,382,735)				11,668,227,011
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(b)(d)(e)		85,026		85,068
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(b)(d)		16,278,938		16,278,938
Total Short-Term Securities — 0.1%  (Cost: $16,363,998)			16,364,006
Total Investments — 99.9%  (Cost: $9,026,746,733)			11,684,591,017
Other Assets Less Liabilities — 0.1%				7,275,351
Net Assets — 100.0%			$	11,691,866,368

^(a) Non-income producing security.

^(b) Affiliate of the Fund.

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

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

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

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

Schedule of Investments  (continued) March 31, 2024   iShares^® S&P 100 ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	—	$	73,563	(a)	$	—		$	11,497	$	8	$	85,068		85,026	$	29,248	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		14,929,868		1,349,070	(a)		—			—		—		16,278,938		16,278,938		1,192,103			—
BlackRock, Inc.		33,178,984		15,649,425			(14,378,370	)		3,534,087		7,366,653		45,350,779		54,397		1,107,933			—
									$	3,545,584	$	7,366,661	$	61,714,785			$	2,329,284		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		90		06/21/24	$	23,888	$	440,919

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	440,919	$	—	$	—	$	—	$	440,919

^(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 March 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	6,605,051	$	—	$	—	$	—	$	6,605,051
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(572,239)	$	—	$	—	$	—	$	(572,239)

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Schedule of Investments  (continued) March 31, 2024   iShares^® S&P 100 ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	25,025,034

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	11,668,227,011	$	—	$	—	$	11,668,227,011
Short-Term Securities
Money Market Funds		16,364,006		—		—		16,364,006
	$	11,684,591,017	$	—	$	—	$	11,684,591,017
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	440,919	$	—	$	—	$	440,919

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

See notes to financial statements.

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

Schedule of Investments March 31, 2024   iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
Axon Enterprise, Inc.(a)		128,704	$	40,268,907
Boeing Co. (The)(a)		463,394		89,430,408
General Electric Co.		859,454		150,859,961
Howmet Aerospace, Inc.		417,902		28,597,034
TransDigm Group, Inc.		102,000		125,623,200
				434,779,510
Air Freight & Logistics — 0.0%
Expeditors International of Washington, Inc.		99,979		12,154,447
Automobiles — 2.0%
Tesla, Inc.(a)		5,088,884		894,574,918
Beverages — 0.9%
Coca-Cola Co. (The)		2,790,826		170,742,735
Monster Beverage Corp.(a)		812,730		48,178,634
PepsiCo, Inc.		908,764		159,042,788
				377,964,157
Biotechnology — 1.0%
AbbVie, Inc.		1,199,822		218,487,586
Regeneron Pharmaceuticals, Inc.(a)		116,384		112,018,436
Vertex Pharmaceuticals, Inc.(a)		303,350		126,803,334
				457,309,356
Broadline Retail — 6.9%
Amazon.com, Inc.(a)		16,788,086		3,028,234,953
Etsy, Inc.(a)		96,872		6,657,044
				3,034,891,997
Building Products — 0.5%
A. O. Smith Corp.		142,762		12,771,488
Allegion PLC		61,523		8,287,763
Builders FirstSource, Inc.(a)		226,283		47,191,320
Carrier Global Corp.		738,334		42,919,355
Masco Corp.		217,993		17,195,288
Trane Technologies PLC		288,473		86,599,595
				214,964,809
Capital Markets — 1.1%
Ameriprise Financial, Inc.		97,457		42,729,047
Blackstone, Inc., Class A, NVS		951,254		124,966,238
Cboe Global Markets, Inc.		124,495		22,873,440
CME Group, Inc., Class A		237,866		51,210,171
FactSet Research Systems, Inc.		32,796		14,902,174
Moody’s Corp.		135,714		53,339,673
MSCI, Inc., Class A		83,046		46,543,131
S&P Global, Inc.		259,685		110,482,983
				467,046,857
Chemicals — 0.9%
Celanese Corp., Class A		184,687		31,740,308
CF Industries Holdings, Inc.		189,925		15,803,659
Ecolab, Inc.		237,535		54,846,832
Linde PLC		462,862		214,916,084
Sherwin-Williams Co. (The)		216,325		75,136,162
				392,443,045
Commercial Services & Supplies — 0.6%
Cintas Corp.		87,108		59,845,809
Copart, Inc.(a)		1,604,316		92,921,983
Republic Services, Inc.		213,157		40,806,776
Rollins, Inc.		222,191		10,280,778
Waste Management, Inc.		315,962		67,347,300
				271,202,646

Security	Shares		Value
Communications Equipment — 0.4%
Arista Networks, Inc.(a)		462,600	$	134,144,748
Motorola Solutions, Inc.		176,698		62,724,256
				196,869,004
Construction & Engineering — 0.1%
Quanta Services, Inc.		184,036		47,812,553
Construction Materials — 0.2%
Martin Marietta Materials, Inc.(b)		74,610		45,806,063
Vulcan Materials Co.		156,574		42,732,176
				88,538,239
Consumer Finance — 0.4%
American Express Co.		735,120		167,379,473
Discover Financial Services		248,851		32,621,877
				200,001,350
Consumer Staples Distribution & Retail — 0.6%
Costco Wholesale Corp.		342,185		250,694,997
Distributors — 0.0%
Pool Corp.		40,682		16,415,187
Electric Utilities — 0.1%
Constellation Energy Corp.		264,528		48,898,001
Electrical Equipment — 0.5%
AMETEK, Inc.		202,503		37,037,799
Eaton Corp. PLC		454,244		142,033,014
Generac Holdings, Inc.(a)(b)		69,272		8,737,970
Hubbell, Inc.		45,225		18,770,636
Rockwell Automation, Inc.		101,575		29,591,845
				236,171,264
Electronic Equipment, Instruments & Components — 0.3%
Amphenol Corp., Class A		615,102		70,952,016
CDW Corp.		103,688		26,521,317
Jabil, Inc.		127,153		17,032,144
TE Connectivity Ltd.		221,611		32,186,781
				146,692,258
Entertainment — 1.3%
Electronic Arts, Inc		196,650		26,089,555
Live Nation Entertainment, Inc.(a)		261,348		27,642,778
Netflix, Inc.(a)		794,806		482,709,528
Take-Two Interactive Software, Inc.(a)		145,706		21,635,884
				558,077,745
Financial Services — 2.7%
Corpay, Inc.(a)(b)		132,507		40,883,710
Fiserv, Inc.(a)		573,259		91,618,253
Mastercard, Inc., Class A		1,090,903		525,346,158
Visa, Inc., Class A		1,917,057		535,012,267
				1,192,860,388
Food Products — 0.3%
Hershey Co. (The)		104,889		20,400,910
Lamb Weston Holdings, Inc.		174,335		18,571,908
Mondelez International, Inc., Class A		1,038,559		72,699,130
				111,671,948
Ground Transportation — 1.3%
CSX Corp.		1,813,459		67,224,925
Old Dominion Freight Line, Inc.		329,814		72,331,508
Uber Technologies, Inc.(a)		3,779,366		290,973,389
Union Pacific Corp.		503,653		123,863,382
				554,393,204
Health Care Equipment & Supplies — 1.4%
Align Technology, Inc.(a)		72,220		23,682,382

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Schedule of Investments  (continued) March 31, 2024   iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Boston Scientific Corp.(a)		1,478,638	$	101,271,917
Cooper Cos., Inc. (The)		152,976		15,520,945
Dexcom, Inc.(a)		432,171		59,942,118
Edwards Lifesciences Corp.(a)		411,423		39,315,582
IDEXX Laboratories, Inc.(a)		85,219		46,012,295
Insulet Corp.(a)		49,078		8,411,969
Intuitive Surgical, Inc.(a)(b)		427,371		170,559,492
STERIS PLC		102,069		22,947,153
Stryker Corp.		397,952		142,415,082
				630,078,935
Health Care Providers & Services — 0.9%
DaVita, Inc.(a)		54,434		7,514,614
HCA Healthcare, Inc		174,555		58,219,329
Molina Healthcare, Inc.(a)		62,826		25,810,805
UnitedHealth Group, Inc.		645,577		319,366,942
				410,911,690
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		779,894		16,128,208
Hotels, Restaurants & Leisure — 2.7%
Airbnb, Inc., Class A(a)(b)		398,847		65,793,801
Booking Holdings, Inc.		63,992		232,155,297
Caesars Entertainment, Inc.(a)		230,424		10,078,746
Carnival Corp.(a)(b)		1,317,574		21,529,159
Chipotle Mexican Grill, Inc.(a)(b)		50,405		146,515,742
Darden Restaurants, Inc.		114,064		19,065,798
Domino’s Pizza, Inc.		25,414		12,627,708
Expedia Group, Inc.(a)(b)		240,171		33,083,555
Hilton Worldwide Holdings, Inc.		463,051		98,773,409
Las Vegas Sands Corp.		414,977		21,454,311
Marriott International, Inc., Class A		452,840		114,256,060
McDonald’s Corp.		586,749		165,433,881
MGM Resorts International(a)		342,436		16,166,404
Norwegian Cruise Line Holdings Ltd.(a)(b)		783,640		16,401,585
Royal Caribbean Cruises Ltd.(a)		432,224		60,083,458
Starbucks Corp.		1,226,770		112,114,510
Wynn Resorts Ltd.		174,933		17,883,401
Yum! Brands, Inc.		237,625		32,946,706
				1,196,363,531
Household Durables — 0.6%
DR Horton, Inc.		548,368		90,233,955
Garmin Ltd.		152,519		22,705,504
Lennar Corp., Class A		254,133		43,705,793
NVR, Inc.(a)		5,972		48,372,961
PulteGroup, Inc.		389,505		46,982,093
				252,000,306
Household Products — 0.8%
Church & Dwight Co., Inc.		208,778		21,777,633
Colgate-Palmolive Co.		588,550		52,998,928
Procter & Gamble Co. (The)		1,685,369		273,451,120
				348,227,681
Insurance — 0.9%
Aon PLC, Class A		187,451		62,556,148
Arch Capital Group Ltd.(a)		681,352		62,984,179
Arthur J. Gallagher & Co.		201,687		50,429,817
Brown & Brown, Inc.		339,088		29,683,764
Marsh & McLennan Cos., Inc.		469,892		96,788,354
Progressive Corp. (The)		536,955		111,053,033
				413,495,295

Security	Shares		Value
Interactive Media & Services — 11.3%
Alphabet, Inc., Class A(a)		10,823,097	$	1,633,530,030
Alphabet, Inc., Class C, NVS(a)		9,061,485		1,379,701,706
Meta Platforms, Inc., Class A		4,040,520		1,961,995,702
				4,975,227,438
IT Services — 0.7%
Accenture PLC, Class A		621,719		215,494,023
Akamai Technologies, Inc.(a)		131,353		14,285,952
EPAM Systems, Inc.(a)		42,471		11,728,791
Gartner, Inc.(a)		143,186		68,252,471
VeriSign, Inc.(a)		77,592		14,704,460
				324,465,697
Life Sciences Tools & Services — 0.6%
IQVIA Holdings, Inc.(a)		127,229		32,174,942
Mettler-Toledo International, Inc.(a)		14,896		19,830,896
Thermo Fisher Scientific, Inc.		269,703		156,754,080
Waters Corp.(a)		40,387		13,902,417
West Pharmaceutical Services, Inc.		135,701		53,698,243
				276,360,578
Machinery — 1.7%
Caterpillar, Inc.		542,326		198,724,516
Deere & Co.		272,577		111,958,277
Fortive Corp.(b)		644,604		55,448,836
Illinois Tool Works, Inc.		229,726		61,642,378
Ingersoll Rand, Inc.		573,781		54,480,506
Otis Worldwide Corp.		290,471		28,835,056
PACCAR, Inc.		701,079		86,856,677
Parker-Hannifin Corp.		184,052		102,294,261
Pentair PLC		212,890		18,189,322
Snap-on, Inc.		43,633		12,924,967
				731,354,796
Media — 0.1%
Charter Communications, Inc., Class A(a)(b)		83,435		24,248,714
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		1,315,617		61,860,311
Nucor Corp.		283,951		56,193,903
Steel Dynamics, Inc.		176,582		26,174,750
				144,228,964
Oil, Gas & Consumable Fuels — 1.7%
APA Corp.		663,261		22,802,913
ConocoPhillips		1,493,011		190,030,440
Coterra Energy, Inc.		914,138		25,486,167
Diamondback Energy, Inc.		328,057		65,011,056
EOG Resources, Inc.		706,965		90,378,406
Hess Corp.		505,466		77,154,330
Marathon Oil Corp.		571,556		16,197,897
Marathon Petroleum Corp.		371,835		74,924,752
ONEOK, Inc.		661,946		53,068,211
Pioneer Natural Resources Co.		213,647		56,082,338
Targa Resources Corp.		410,532		45,975,479
Williams Cos., Inc. (The)		874,141		34,065,275
				751,177,264
Passenger Airlines — 0.1%
Delta Air Lines, Inc.		658,609		31,527,613
Pharmaceuticals — 3.3%
Eli Lilly & Co.		1,464,527		1,139,343,425
Merck & Co., Inc.		1,863,057		245,830,371
Zoetis, Inc., Class A		463,501		78,429,004
				1,463,602,800

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

Schedule of Investments (continued) March 31, 2024   iShares^® S&P 500 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services — 0.5%
Automatic Data Processing, Inc.		294,450	$	73,535,943
Broadridge Financial Solutions, Inc.		123,634		25,327,661
Dayforce, Inc.(a)(b)		157,946		10,457,605
Equifax, Inc.		88,223		23,601,417
Paychex, Inc.		235,145		28,875,806
Paycom Software, Inc.		37,961		7,554,619
Verisk Analytics, Inc.		146,046		34,427,423
				203,780,474
Real Estate Management & Development — 0.1%
CoStar Group, Inc.(a)(b)		323,478		31,247,975
Retail REITs — 0.1%
Simon Property Group, Inc.		222,172		34,767,696
Semiconductors & Semiconductor Equipment — 16.0%
Advanced Micro Devices, Inc.(a)		2,967,609		535,623,748
Analog Devices, Inc.		537,200		106,252,788
Applied Materials, Inc.		1,528,135		315,147,281
Broadcom, Inc.		808,133		1,071,107,560
Enphase Energy, Inc.(a)		93,124		11,266,142
KLA Corp.		248,430		173,545,745
Lam Research Corp.		240,778		233,932,681
Microchip Technology, Inc.		585,639		52,537,675
Monolithic Power Systems, Inc.		87,660		59,382,637
NVIDIA Corp.		4,536,452		4,098,956,569
NXP Semiconductors NV		355,904		88,182,334
ON Semiconductor Corp.(a)(b)		345,321		25,398,360
QUALCOMM, Inc.		1,064,353		180,194,963
Texas Instruments, Inc.		617,092		107,503,597
				7,059,032,080
Software — 19.2%
Adobe, Inc.(a)		830,053		418,844,744
ANSYS, Inc.(a)		91,300		31,695,708
Autodesk, Inc.(a)		204,555		53,270,213
Cadence Design Systems, Inc.(a)		499,721		155,553,153
Fair Isaac Corp.(a)		45,557		56,928,483
Fortinet, Inc.(a)		1,170,245		79,939,436
Intuit, Inc.		514,092		334,159,800
Microsoft Corp.		13,646,750		5,741,460,660
Oracle Corp.		2,928,227		367,814,593
Palo Alto Networks, Inc.(a)(b)		578,991		164,508,713
PTC, Inc.(a)		131,604		24,865,260
Roper Technologies, Inc.		84,180		47,211,511
Salesforce, Inc.		1,777,828		535,446,237
ServiceNow, Inc.(a)		376,799		287,271,558
Synopsys, Inc.(a)		279,875		159,948,562
Tyler Technologies, Inc.(a)		77,247		32,830,747
				8,491,749,378
Specialized REITs — 0.5%
American Tower Corp.		351,128		69,379,381
Digital Realty Trust, Inc.		228,790		32,954,912
Equinix, Inc.		81,099		66,933,438
Iron Mountain, Inc.		274,146		21,989,251
Public Storage		121,921		35,364,405
SBA Communications Corp., Class A		79,736		17,278,791
				243,900,178

Security	Shares		Value
Specialty Retail — 1.6%
AutoZone, Inc.(a)		21,891	$	68,992,770
Home Depot, Inc. (The)		676,400		259,467,040
O’Reilly Automotive, Inc.(a)(b)		79,301		89,521,313
Ross Stores, Inc.		618,291		90,740,387
TJX Cos., Inc. (The)		1,360,511		137,983,026
Tractor Supply Co.		83,639		21,889,999
Ulta Beauty, Inc.(a)		58,953		30,825,345
				699,419,880
Technology Hardware, Storage & Peripherals — 10.6%
Apple Inc.		26,658,871		4,571,463,199
NetApp, Inc.		139,915		14,686,878
Seagate Technology Holdings PLC		146,884		13,667,556
Super Micro Computer, Inc.(a)(b)		92,482		93,409,594
				4,693,227,227
Textiles, Apparel & Luxury Goods — 0.5%
Deckers Outdoor Corp.(a)		47,258		44,482,065
Lululemon Athletica, Inc.(a)		210,864		82,374,022
NIKE, Inc., Class B		961,307		90,343,632
Ralph Lauren Corp., Class A		39,269		7,373,147
				224,572,866
Tobacco — 0.2%
Philip Morris International, Inc.		1,054,899		96,649,846
Trading Companies & Distributors — 0.4%
Fastenal Co.		522,951		40,340,440
United Rentals, Inc.		123,452		89,022,472
WW Grainger, Inc.		60,891		61,944,414
				191,307,326
Total Long-Term Investments — 99.9%  (Cost: $29,808,000,381)				44,165,482,316
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(d)(e)		212,540,153		212,646,423
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(d)		24,073,535		24,073,535
Total Short-Term Securities — 0.6%  (Cost: $236,671,714)				236,719,958
Total Investments — 100.5%  (Cost: $30,044,672,095)				44,402,202,274
Liabilities in Excess of Other Assets — (0.5)%				(204,030,964	)
Net Assets — 100.0%			$	44,198,171,310

^(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.

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Schedule of Investments  (continued) March 31, 2024   iShares^® S&P 500 Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	237,690,559	$	—	$	(25,101,896)	(a)	$	34,238	$	23,522	$	212,646,423		212,540,153	$	1,351,877	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		41,154,407		—		(17,080,872)(a)			—		—		24,073,535		24,073,535		2,580,237			—
								$	34,238	$	23,522	$	236,719,958			$	3,932,114		$	—

^(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 1000 Growth E-Mini Index		161		06/21/24	$	27,660	$	187,854

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	187,854	$	—	$	—	$	—	$	187,854

^(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 March 31, 2024, 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	$	—	$	—	$	16,026,567	$	—	$	—	$	—	$	16,026,567
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(2,353,438)	$	—	$	—	$	—	$	(2,353,438	)

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

Schedule of Investments (continued) March 31, 2024   iShares^® S&P 500 Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	52,779,950

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	44,165,482,316	$	—	$	—	$	44,165,482,316
Short-Term Securities
Money Market Funds		236,719,958		—		—		236,719,958
	$	44,402,202,274	$	—	$	—	$	44,402,202,274
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	187,854	$	—	$	—	$	187,854

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

See notes to financial statements.

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Schedule of Investments  March 31, 2024 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 3.0%
Boeing Co. (The)(a)		539,413	$	104,101,315
General Dynamics Corp.		381,307		107,715,414
General Electric Co.		1,041,876		182,880,494
Howmet Aerospace, Inc.		274,639		18,793,547
Huntington Ingalls Industries, Inc.		66,363		19,342,824
L3Harris Technologies, Inc.		318,334		67,836,975
Lockheed Martin Corp.		361,194		164,296,315
Northrop Grumman Corp.		236,866		113,378,279
RTX Corp.		2,228,402		217,336,047
Textron, Inc.		330,019		31,658,723
				1,027,339,933
Air Freight & Logistics — 1.0%
CH Robinson Worldwide, Inc.		194,972		14,845,168
Expeditors International of Washington, Inc.		154,530		18,786,212
FedEx Corp.		386,122		111,874,988
United Parcel Service, Inc., Class B		1,214,709		180,542,199
				326,048,567
Automobile Components — 0.1%
Aptiv PLC(a)		468,039		37,279,306
BorgWarner, Inc.		385,923		13,406,965
				50,686,271
Automobiles — 0.5%
Ford Motor Co.		6,554,705		87,046,482
General Motors Co.		1,938,864		87,927,483
				174,973,965
Banks — 7.4%
Bank of America Corp.		11,563,240		438,478,061
Citigroup, Inc.		3,196,249		202,130,787
Citizens Financial Group, Inc.		780,259		28,315,599
Comerica, Inc.		220,392		12,119,356
Fifth Third Bancorp		1,143,950		42,566,379
Huntington Bancshares, Inc.		2,435,089		33,969,492
JPMorgan Chase & Co.		4,855,433		972,543,230
KeyCorp		1,578,692		24,959,121
M&T Bank Corp.		278,826		40,552,453
PNC Financial Services Group, Inc. (The)		668,489		108,027,822
Regions Financial Corp.		1,551,861		32,651,155
Truist Financial Corp.		2,240,016		87,315,824
U.S. Bancorp		2,614,994		116,890,232
Wells Fargo & Co.		6,044,275		350,326,179
				2,490,845,690
Beverages — 2.1%
Brown-Forman Corp., Class B, NVS		302,152		15,597,086
Coca-Cola Co. (The)		3,986,376		243,886,484
Constellation Brands, Inc., Class A		270,163		73,419,497
Keurig Dr. Pepper, Inc.		1,749,185		53,647,504
Molson Coors Beverage Co., Class B		309,706		20,827,729
Monster Beverage Corp.(a)		497,653		29,500,870
PepsiCo, Inc.		1,477,343		258,549,798
				695,428,968
Biotechnology — 3.0%
AbbVie, Inc.		1,868,086		340,178,461
Amgen, Inc.		898,530		255,470,050
Biogen, Inc.(a)(b)		243,823		52,575,553
Gilead Sciences, Inc.		2,092,651		153,286,686
Incyte Corp.(a)		310,820		17,707,415
Moderna, Inc.(a)(b)		556,346		59,284,230

Security	Shares		Value
Biotechnology (continued)
Regeneron Pharmaceuticals, Inc.(a)		70,972	$	68,309,840
Vertex Pharmaceuticals, Inc.(a)		156,051		65,230,878
				1,012,043,113
Broadline Retail — 0.2%
eBay, Inc.		871,662		46,006,321
Etsy, Inc.(a)		113,317		7,787,144
				53,793,465
Building Products — 0.5%
A. O. Smith Corp.		75,942		6,793,771
Allegion PLC		90,881		12,242,580
Carrier Global Corp.		729,419		42,401,127
Johnson Controls International PLC		1,144,570		74,763,312
Masco Corp.		169,787		13,392,799
Trane Technologies PLC		118,476		35,566,495
				185,160,084
Capital Markets — 4.9%
Ameriprise Financial, Inc.		79,094		34,677,973
Bank of New York Mellon Corp. (The)		1,275,317		73,483,765
BlackRock, Inc.(c)		234,853		195,796,946
Blackstone, Inc., Class A, NVS		338,090		44,414,883
Cboe Global Markets, Inc.		63,704		11,704,346
Charles Schwab Corp. (The)		2,499,447		180,809,996
CME Group, Inc., Class A		386,947		83,305,820
FactSet Research Systems, Inc.		33,950		15,426,540
Franklin Resources, Inc.		506,196		14,229,170
Goldman Sachs Group, Inc. (The)		547,701		228,769,231
Intercontinental Exchange, Inc.		961,704		132,166,981
Invesco Ltd.		751,339		12,464,714
MarketAxess Holdings, Inc.		63,565		13,936,626
Moody’s Corp.		140,089		55,059,180
Morgan Stanley		2,104,054		198,117,725
MSCI, Inc., Class A		57,003		31,947,331
Nasdaq, Inc.		638,122		40,265,498
Northern Trust Corp.		344,515		30,634,274
Raymond James Financial, Inc.		315,823		40,557,990
S&P Global, Inc.		302,187		128,565,459
State Street Corp.		506,489		39,161,729
T Rowe Price Group, Inc.		375,878		45,827,046
				1,651,323,223
Chemicals — 2.4%
Air Products & Chemicals, Inc.		373,355		90,452,716
Albemarle Corp.		197,681		26,042,495
CF Industries Holdings, Inc.		147,041		12,235,282
Corteva, Inc.		1,178,643		67,972,342
Dow, Inc.		1,179,497		68,328,261
DuPont de Nemours, Inc.		722,368		55,383,954
Eastman Chemical Co.		196,075		19,650,636
Ecolab, Inc.		208,844		48,222,080
FMC Corp.		208,638		13,290,241
International Flavors & Fragrances, Inc.		429,282		36,913,959
Linde PLC		390,900		181,502,688
LyondellBasell Industries NV, Class A		429,687		43,948,386
Mosaic Co. (The)		546,320		17,733,547
PPG Industries, Inc.		396,024		57,383,878
Sherwin-Williams Co. (The)		197,751		68,684,855
				807,745,320
Commercial Services & Supplies — 0.6%
Cintas Corp.		65,115		44,735,958
Republic Services, Inc.		148,211		28,373,514
Rollins, Inc.		267,428		12,373,893

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Schedule of Investments  (continued) March 31, 2024 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Veralto Corp.		369,230	$	32,735,932
Waste Management, Inc.		326,258		69,541,893
				187,761,190
Communications Equipment — 1.2%
Cisco Systems, Inc.		6,824,590		340,615,287
F5, Inc.(a)		98,768		18,725,425
Juniper Networks, Inc.		542,910		20,120,244
Motorola Solutions, Inc.		117,014		41,537,630
				420,998,586
Construction & Engineering — 0.1%
Quanta Services, Inc.		75,364		19,579,567
Construction Materials — 0.1%
Martin Marietta Materials, Inc.		35,249		21,640,771
Vulcan Materials Co.		80,643		22,009,088
				43,649,859
Consumer Finance — 0.6%
American Express Co.		288,128		65,603,864
Capital One Financial Corp.		638,882		95,123,141
Discover Financial Services		193,805		25,405,897
Synchrony Financial		681,413		29,382,529
				215,515,431
Consumer Staples Distribution & Retail — 3.4%
Costco Wholesale Corp.		432,237		316,669,793
Dollar General Corp.		368,647		57,531,051
Dollar Tree, Inc.(a)		347,621		46,285,736
Kroger Co. (The)		1,111,605		63,505,994
Sysco Corp.		836,105		67,875,004
Target Corp.		775,361		137,401,723
Walgreens Boots Alliance, Inc.		1,207,442		26,189,417
Walmart, Inc.		7,189,333		432,582,166
				1,148,040,884
Containers & Packaging — 0.5%
Amcor PLC		2,438,174		23,187,035
Avery Dennison Corp.		135,541		30,259,528
Ball Corp.		530,080		35,706,189
International Paper Co.		578,654		22,579,079
Packaging Corp. of America		149,399		28,352,942
Westrock Co.		433,386		21,430,938
				161,515,711
Distributors — 0.2%
Genuine Parts Co.		235,672		36,512,663
LKQ Corp.		451,119		24,094,266
Pool Corp.		27,939		11,273,386
				71,880,315
Diversified Telecommunication Services — 1.5%
AT&T Inc.		12,008,390		211,347,664
Verizon Communications, Inc.		7,061,059		296,282,036
				507,629,700
Electric Utilities — 3.1%
Alliant Energy Corp.		430,561		21,700,274
American Electric Power Co., Inc.		883,207		76,044,123
Constellation Energy Corp.		295,020		54,534,447
Duke Energy Corp.		1,294,890		125,228,812
Edison International		644,030		45,552,242
Entergy Corp.		355,506		37,569,874
Evergy, Inc.		387,815		20,701,565
Eversource Energy		587,366		35,106,866
Exelon Corp.		1,671,832		62,810,728

Security	Shares		Value
Electric Utilities (continued)
FirstEnergy Corp.		868,430	$	33,538,766
NextEra Energy, Inc.		3,445,834		220,223,251
NRG Energy, Inc.		377,843		25,576,193
PG&E Corp.		3,578,773		59,980,235
Pinnacle West Capital Corp.		189,349		14,150,051
PPL Corp.		1,239,532		34,124,316
Southern Co. (The)		1,831,688		131,405,297
Xcel Energy, Inc.		926,773		49,814,049
				1,048,061,089
Electrical Equipment — 0.8%
AMETEK, Inc.		201,311		36,819,782
Eaton Corp. PLC		254,836		79,682,120
Emerson Electric Co.		960,167		108,902,141
Generac Holdings, Inc.(a)		40,002		5,045,852
Hubbell, Inc.		48,881		20,288,059
Rockwell Automation, Inc.		99,835		29,084,931
				279,822,885
Electronic Equipment, Instruments & Components — 0.9%
Amphenol Corp., Class A(b)		443,278		51,132,117
CDW Corp.		130,813		33,459,349
Corning, Inc.		1,289,615		42,505,710
Jabil, Inc.(b)		98,256		13,161,391
Keysight Technologies, Inc.(a)		293,252		45,858,748
TE Connectivity Ltd.		316,362		45,948,417
Teledyne Technologies, Inc.(a)		79,104		33,960,929
Trimble, Inc.(a)(b)		418,974		26,965,167
Zebra Technologies Corp., Class A(a)		85,938		25,905,151
				318,896,979
Energy Equipment & Services — 0.7%
Baker Hughes Co., Class A		1,680,977		56,312,730
Halliburton Co.		1,494,929		58,930,101
Schlumberger NV		2,397,305		131,396,287
				246,639,118
Entertainment — 1.4%
Electronic Arts, Inc.		228,820		30,357,549
Take-Two Interactive Software, Inc.(a)(b)		133,728		19,857,271
Walt Disney Co. (The)(b)		3,080,704		376,954,941
Warner Bros Discovery, Inc., Class A(a)(b)		3,727,535		32,541,381
				459,711,142
Financial Services — 6.2%
Berkshire Hathaway, Inc., Class B(a)		3,055,747		1,285,002,728
Fidelity National Information Services, Inc.		995,075		73,814,663
Fiserv, Inc.(a)		483,847		77,328,428
Global Payments, Inc.		436,970		58,405,410
Jack Henry & Associates, Inc.		123,020		21,372,265
Mastercard, Inc., Class A		387,979		186,839,047
PayPal Holdings, Inc.(a)(b)		1,799,989		120,581,263
Visa, Inc., Class A		903,132		252,046,079
				2,075,389,883
Food Products — 1.5%
Archer-Daniels-Midland Co.		895,811		56,265,889
Bunge Global SA		244,862		25,103,252
Campbell Soup Co.		328,433		14,598,847
Conagra Brands, Inc.		805,812		23,884,268
General Mills, Inc.		953,768		66,735,147
Hershey Co. (The)		156,334		30,406,963
Hormel Foods Corp.		484,071		16,889,237
J M Smucker Co. (The)		177,377		22,326,443
Kellanova		444,389		25,459,046
Kraft Heinz Co. (The)		1,338,928		49,406,443

24 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments  (continued) March 31, 2024 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Lamb Weston Holdings, Inc.		82,447	$	8,783,079
McCormick & Co., Inc., NVS		423,326		32,515,670
Mondelez International, Inc., Class A		1,311,615		91,813,050
Tyson Foods, Inc., Class A		480,896		28,243,022
				492,430,356
Gas Utilities — 0.1%
Atmos Energy Corp.		252,669		30,034,764
Ground Transportation — 1.0%
CSX Corp.		1,662,383		61,624,538
JB Hunt Transport Services, Inc.		137,312		27,359,416
Norfolk Southern Corp.		379,370		96,690,032
Union Pacific Corp.		563,267		138,524,253
				324,198,239
Health Care Equipment & Supplies — 3.9%
Abbott Laboratories		2,915,705		331,399,030
Align Technology, Inc.(a)		53,641		17,589,957
Baxter International, Inc.		852,735		36,445,894
Becton Dickinson & Co.		485,211		120,065,462
Boston Scientific Corp.(a)		1,107,194		75,831,717
Cooper Cos., Inc. (The)		193,610		19,643,671
DENTSPLY SIRONA, Inc.		354,070		11,751,583
Dexcom, Inc.(a)		251,959		34,946,713
Edwards Lifesciences Corp.(a)		641,724		61,323,146
GE HealthCare Technologies, Inc.		711,231		64,658,010
Hologic, Inc.(a)		393,268		30,659,173
IDEXX Laboratories, Inc.(a)		61,511		33,211,634
Insulet Corp.(a)		72,309		12,393,763
Intuitive Surgical, Inc.(a)(b)		201,188		80,292,119
Medtronic PLC		2,233,149		194,618,935
ResMed, Inc.		247,038		48,920,935
STERIS PLC		73,458		16,514,828
Stryker Corp.		204,449		73,166,164
Teleflex, Inc.		78,642		17,786,461
Zimmer Biomet Holdings, Inc.		350,985		46,323,000
				1,327,542,195
Health Care Providers & Services — 4.7%
Cardinal Health, Inc.		408,453		45,705,891
Cencora, Inc.		278,078		67,570,173
Centene Corp.(a)		898,534		70,516,948
Cigna Group (The)		491,261		178,421,083
CVS Health Corp.		2,113,563		168,577,785
DaVita, Inc.(a)		40,412		5,578,877
Elevance Health, Inc.		394,615		204,623,662
HCA Healthcare, Inc.		172,981		57,694,353
Henry Schein, Inc.(a)(b)		218,052		16,467,287
Humana, Inc.		205,274		71,172,601
Laboratory Corp. of America Holdings		142,706		31,175,553
McKesson Corp.		220,698		118,481,721
Molina Healthcare, Inc.(a)		39,921		16,400,744
Quest Diagnostics, Inc.		186,424		24,814,899
UnitedHealth Group, Inc.		963,113		476,452,001
Universal Health Services, Inc., Class B		101,971		18,605,629
				1,572,259,207
Health Care REITs — 0.4%
Healthpeak Properties, Inc.		1,187,682		22,269,038
Ventas, Inc.		677,143		29,482,806
Welltower, Inc.		929,552		86,857,339
				138,609,183
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		471,805		9,756,927

Security	Shares		Value
Hotels, Restaurants & Leisure — 1.3%
Airbnb, Inc., Class A(a)(b)		365,759	$	60,335,605
Caesars Entertainment, Inc.(a)		151,455		6,624,642
Carnival Corp.(a)		488,227		7,977,629
Darden Restaurants, Inc.		96,650		16,155,047
Domino’s Pizza, Inc.		35,125		17,452,910
Las Vegas Sands Corp.		240,610		12,439,537
McDonald’s Corp.		682,198		192,345,726
MGM Resorts International(a)(b)		145,934		6,889,544
Starbucks Corp.		779,626		71,250,020
Yum! Brands, Inc.		254,461		35,281,018
				426,751,678
Household Durables — 0.2%
Garmin Ltd.		117,872		17,547,605
Lennar Corp., Class A		182,648		31,411,803
Mohawk Industries, Inc.(a)(b)		88,126		11,534,812
				60,494,220
Household Products — 1.8%
Church & Dwight Co., Inc.		224,480		23,415,509
Clorox Co. (The)		208,378		31,904,756
Colgate-Palmolive Co.		843,540		75,960,777
Kimberly-Clark Corp.		565,250		73,115,087
Procter & Gamble Co. (The)		2,410,649		391,127,800
				595,523,929
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		1,119,072		20,064,961
Industrial Conglomerates — 1.0%
3M Co.		928,257		98,460,220
Honeywell International, Inc.		1,107,209		227,254,647
				325,714,867
Industrial REITs — 0.6%
Prologis, Inc.		1,551,807		202,076,308
Insurance — 3.6%
Aflac, Inc.		884,113		75,909,942
Allstate Corp. (The)		440,870		76,274,919
American International Group, Inc.		1,179,073		92,168,136
Aon PLC, Class A		164,529		54,906,618
Arthur J. Gallagher & Co.		178,380		44,602,135
Assurant, Inc.		86,710		16,322,290
Brown & Brown, Inc.		86,833		7,601,361
Chubb Ltd.		680,649		176,376,575
Cincinnati Financial Corp.		264,294		32,817,386
Everest Group Ltd.		73,039		29,033,003
Globe Life, Inc.		143,301		16,675,937
Hartford Financial Services Group, Inc. (The)		501,332		51,662,263
Loews Corp.		306,016		23,957,993
Marsh & McLennan Cos., Inc.		396,628		81,697,436
MetLife, Inc.		1,030,996		76,407,114
Principal Financial Group, Inc.		369,327		31,876,613
Progressive Corp. (The)		491,506		101,653,271
Prudential Financial, Inc.		606,300		71,179,620
Travelers Cos., Inc. (The)		383,263		88,204,147
W R Berkley Corp.		340,387		30,103,826
Willis Towers Watson PLC		171,709		47,219,975
				1,226,650,560
Interactive Media & Services — 0.0%
Match Group, Inc.(a)		454,801		16,500,180
IT Services — 1.7%
Accenture PLC, Class A		484,396		167,896,498
Akamai Technologies, Inc.(a)		133,611		14,531,532

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

Schedule of Investments  (continued) March 31, 2024 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
IT Services (continued)
Cognizant Technology Solutions Corp., Class A		836,395	$	61,299,389
EPAM Systems, Inc.(a)		58,513		16,158,950
International Business Machines Corp.		1,536,759		293,459,499
VeriSign, Inc.(a)		76,972		14,586,964
				567,932,832
Leisure Products — 0.0%
Hasbro, Inc.		217,806		12,310,395
Life Sciences Tools & Services — 2.4%
Agilent Technologies, Inc.		492,161		71,614,347
Bio-Rad Laboratories, Inc., Class A(a)(b)		35,129		12,150,067
Bio-Techne Corp.		264,006		18,583,382
Charles River Laboratories International, Inc.(a)(b)		85,871		23,266,747
Danaher Corp.		1,104,511		275,818,487
Illumina, Inc.(a)		266,321		36,571,200
IQVIA Holdings, Inc.(a)		190,035		48,057,951
Mettler-Toledo International, Inc.(a)		22,365		29,774,301
Revvity, Inc.		208,120		21,852,600
Thermo Fisher Scientific, Inc.		402,326		233,835,895
Waters Corp.(a)		62,764		21,605,252
				793,130,229
Machinery — 2.1%
Caterpillar, Inc.		359,104		131,586,479
Cummins, Inc.		228,904		67,446,564
Deere & Co.		188,048		77,238,836
Dover Corp.		234,955		41,631,676
IDEX Corp.		126,515		30,872,190
Illinois Tool Works, Inc.		246,604		66,171,251
Ingersoll Rand, Inc.		155,568		14,771,182
Nordson Corp.		91,242		25,049,579
Otis Worldwide Corp.		415,388		41,235,567
PACCAR, Inc.		237,914		29,475,165
Parker-Hannifin Corp.		47,251		26,261,633
Pentair PLC		82,905		7,083,403
Snap-on, Inc.		49,065		14,534,034
Stanley Black & Decker, Inc.		258,431		25,308,148
Westinghouse Air Brake Technologies Corp.		300,899		43,834,966
Xylem, Inc.		404,892		52,328,242
				694,828,915
Media — 1.2%
Charter Communications, Inc., Class A(a)		89,268		25,943,959
Comcast Corp., Class A		6,654,856		288,488,008
Fox Corp., Class A, NVS		401,907		12,567,632
Fox Corp., Class B		220,468		6,309,794
Interpublic Group of Cos., Inc. (The)		646,224		21,086,289
News Corp., Class A, NVS		636,021		16,651,030
News Corp., Class B		191,820		5,190,649
Omnicom Group, Inc.		333,331		32,253,107
Paramount Global, Class B, NVS		806,225		9,489,268
				417,979,736
Metals & Mining — 0.5%
Freeport-McMoRan, Inc.		1,204,181		56,620,591
Newmont Corp.		1,935,604		69,372,047
Nucor Corp.		153,165		30,311,353
Steel Dynamics, Inc.		94,042		13,939,846
				170,243,837
Multi-Utilities — 1.3%
Ameren Corp.		442,394		32,719,460
CenterPoint Energy, Inc.		1,062,068		30,258,317
CMS Energy Corp.		493,171		29,757,938
Consolidated Edison, Inc.		579,793		52,651,003

Security	Shares		Value
Multi-Utilities (continued)
Dominion Energy, Inc.		1,403,861	$	69,055,923
DTE Energy Co.		346,655		38,873,892
NiSource, Inc.		698,086		19,309,059
Public Service Enterprise Group, Inc.		836,917		55,889,317
Sempra		1,056,953		75,920,934
WEC Energy Group, Inc.		529,769		43,504,630
				447,940,473
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		263,965		34,027,728
Boston Properties, Inc.		241,344		15,762,177
				49,789,905
Oil, Gas & Consumable Fuels — 5.9%
Chevron Corp.		2,913,000		459,496,620
ConocoPhillips		613,373		78,070,115
Coterra Energy, Inc.		427,274		11,912,399
Devon Energy Corp.		1,076,052		53,996,289
EOG Resources, Inc.		332,998		42,570,464
EQT Corp.		692,887		25,685,321
Exxon Mobil Corp.		6,669,278		775,236,875
Kinder Morgan, Inc.		3,247,831		59,565,221
Marathon Oil Corp.		459,593		13,024,866
Marathon Petroleum Corp.		278,123		56,041,784
Occidental Petroleum Corp.		1,105,423		71,841,441
ONEOK, Inc.		372,713		29,880,401
Phillips 66		722,184		117,961,535
Pioneer Natural Resources Co.		196,187		51,499,088
Valero Energy Corp.		571,790		97,598,835
Williams Cos., Inc. (The)		1,246,296		48,568,155
				1,992,949,409
Passenger Airlines — 0.3%
American Airlines Group, Inc.(a)		1,106,379		16,982,918
Delta Air Lines, Inc.		473,211		22,652,611
Southwest Airlines Co.		1,002,202		29,254,276
United Airlines Holdings, Inc.(a)		548,771		26,275,155
				95,164,960
Personal Care Products — 0.4%
Estee Lauder Cos., Inc. (The), Class A		391,208		60,304,713
Kenvue, Inc.		2,891,732		62,056,569
				122,361,282
Pharmaceuticals — 4.5%
Bristol-Myers Squibb Co.		3,417,366		185,323,758
Catalent, Inc.(a)		304,822		17,207,202
Johnson & Johnson		4,043,012		639,564,068
Merck & Co., Inc.		2,553,528		336,938,020
Pfizer, Inc.		9,483,125		263,156,719
Viatris, Inc.		2,022,130		24,144,232
Zoetis, Inc., Class A		346,984		58,713,163
				1,525,047,162
Professional Services — 0.9%
Automatic Data Processing, Inc.		420,851		105,103,329
Broadridge Financial Solutions, Inc.		85,383		17,491,561
Dayforce, Inc.(a)(b)		117,088		7,752,396
Equifax, Inc.		126,080		33,728,922
Jacobs Solutions, Inc.		211,024		32,440,720
Leidos Holdings, Inc.		231,568		30,356,249
Paychex, Inc.		322,665		39,623,262
Paycom Software, Inc.		45,698		9,094,359
Robert Half, Inc.(b)		174,440		13,829,603
Verisk Analytics, Inc.		109,809		25,885,276
				315,305,677

26 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments  (continued) March 31, 2024 iShares^® S&P 500 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Real Estate Management & Development — 0.3%
CBRE Group, Inc., Class A(a)		499,407	$	48,562,337
CoStar Group, Inc.(a)(b)		391,460		37,815,036
				86,377,373
Residential REITs — 0.6%
AvalonBay Communities, Inc.		238,591		44,272,946
Camden Property Trust		180,307		17,742,209
Equity Residential		580,970		36,665,017
Essex Property Trust, Inc.		107,434		26,300,918
Invitation Homes, Inc.		967,030		34,435,938
Mid-America Apartment Communities, Inc.		196,564		25,863,891
UDR, Inc.		505,662		18,916,815
				204,197,734
Retail REITs — 0.5%
Federal Realty Investment Trust		122,780		12,538,294
Kimco Realty Corp.		1,122,558		22,013,362
Realty Income Corp.		1,396,740		75,563,634
Regency Centers Corp.		274,479		16,622,448
Simon Property Group, Inc.		344,844		53,964,638
				180,702,376
Semiconductors & Semiconductor Equipment — 3.4%
Analog Devices, Inc.		341,431		67,531,637
Enphase Energy, Inc.(a)(b)		143,869		17,405,272
First Solar, Inc.(a)(b)		179,769		30,345,007
Intel Corp.		7,100,909		313,647,151
Microchip Technology, Inc.		370,773		33,262,046
Micron Technology, Inc.		1,854,013		218,569,593
NXP Semiconductors NV		108,645		26,918,972
ON Semiconductor Corp.(a)(b)		401,912		29,560,628
Qorvo, Inc.(a)		162,676		18,680,085
QUALCOMM, Inc.		899,671		152,314,300
Skyworks Solutions, Inc.		268,382		29,071,138
Teradyne, Inc.(b)		257,627		29,068,054
Texas Instruments, Inc.		962,105		167,608,312
				1,133,982,195
Software — 0.5%
ANSYS, Inc.(a)		62,850		21,819,006
Autodesk, Inc.(a)		172,449		44,909,169
Gen Digital, Inc.		941,330		21,085,792
PTC, Inc.(a)		80,651		15,238,200
Roper Technologies, Inc.		102,417		57,439,550
				160,491,717
Specialized REITs — 1.5%
American Tower Corp.		461,922		91,271,168
Crown Castle, Inc.		728,380		77,084,455
Digital Realty Trust, Inc.		300,100		43,226,404
Equinix, Inc.		83,567		68,970,352
Extra Space Storage, Inc.		354,843		52,161,921
Iron Mountain, Inc.		239,784		19,233,075
Public Storage		154,340		44,767,860
SBA Communications Corp., Class A		109,015		23,623,551
VICI Properties, Inc.		1,737,491		51,759,857
Weyerhaeuser Co.		1,225,619		44,011,978
				516,110,621
Specialty Retail — 2.6%
AutoZone, Inc.(a)		8,980		28,301,817
Bath & Body Works, Inc.		379,926		19,003,899
Best Buy Co., Inc.		321,966		26,410,871

Security	Shares		Value
Specialty Retail (continued)
CarMax, Inc.(a)(b)		264,967	$	23,081,275
Home Depot, Inc. (The)		1,053,069		403,957,269
Lowe’s Cos., Inc.		965,903		246,044,471
O’Reilly Automotive, Inc.(a)		26,747		30,194,153
TJX Cos., Inc. (The)		669,784		67,929,493
Tractor Supply Co.		105,586		27,633,968
Ulta Beauty, Inc.(a)		27,714		14,491,096
				887,048,312
Technology Hardware, Storage & Peripherals — 0.5%
Hewlett Packard Enterprise Co.		2,180,594		38,661,932
HP, Inc.		1,463,952		44,240,629
NetApp, Inc.		218,000		22,883,460
Seagate Technology Holdings PLC		194,039		18,055,329
Western Digital Corp.(a)		542,996		37,054,047
				160,895,397
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		1,165,264		109,511,511
Ralph Lauren Corp., Class A		29,768		5,589,240
Tapestry, Inc.		387,265		18,387,342
VF Corp.		552,477		8,474,997
				141,963,090
Tobacco — 0.8%
Altria Group, Inc.		2,961,729		129,190,619
Philip Morris International, Inc.		1,642,628		150,497,577
				279,688,196
Trading Companies & Distributors — 0.2%
Fastenal Co.		480,209		37,043,322
WW Grainger, Inc.		18,630		18,952,299
				55,995,621
Water Utilities — 0.1%
American Water Works Co., Inc.		327,354		40,005,932
Wireless Telecommunication Services — 0.4%
T-Mobile U.S., Inc.		877,070		143,155,365
Total Long-Term Investments — 99.7% (Cost: $29,828,591,731)				33,644,687,253
Short-Term Securities
Money Market Funds — 0.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(d)(e)		108,085,827		108,139,870
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(d)		44,835,528		44,835,528
Total Short-Term Securities — 0.5% (Cost: $152,918,458)				152,975,398
Total Investments — 100.2% (Cost: $29,981,510,189)				33,797,662,651
Liabilities in Excess of Other Assets — (0.2)%				(60,411,527	)
Net Assets — 100.0%			$ 33,737,251,124

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

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

Schedule of Investments  (continued) March 31, 2024   iShares^® S&P 500 Value ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	210,104,994	$	—		$	(102,004,563	)(a)	$	40,495		$	(1,056	)	$	108,139,870		108,085,827	$	979,949	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		39,913,921		4,921,607	(a)		—			—			—			44,835,528		44,835,528		2,326,518			—
BlackRock, Inc		152,128,447		83,336,407			(76,744,355	)		(1,679,002	)		38,755,449			195,796,946		234,853		4,451,361			—
									$	(1,638,507	)	$	38,754,393		$	348,772,344			$	7,757,828		$	—

^(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 1000 Value E-Mini Index		976		06/21/24	$	87,010	$	2,404,022

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	2,404,022	$	—	$	—	$	—	$	2,404,022

^(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 March 31, 2024, 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	$	—	$	—	$	18,333,210	$	—	$	—	$	—	$	18,333,210
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(766,907)	$	—	$	—	$	—	$	(766,907)

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Schedule of Investments  (continued) March 31, 2024 iShares^® S&P 500 Value ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	70,369,006

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	33,644,687,253	$	—	$	—	$	33,644,687,253
Short-Term Securities
Money Market Funds		152,975,398		—		—		152,975,398
	$	33,797,662,651	$	—	$	—	$	33,797,662,651
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	2,404,022	$	—	$	—	$	2,404,022

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

See notes to financial statements.

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

Schedule of Investments March 31, 2024 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.8%
AAR Corp.(a)		114,281	$	6,842,004
Kaman Corp.		348,712		15,995,419
Mercury Systems, Inc.(a)(b)		643,580		18,985,610
National Presto Industries, Inc.		36,163		3,030,459
Triumph Group, Inc.(a)		946,880		14,241,075
				59,094,567
Air Freight & Logistics — 0.6%
Forward Air Corp.		379,366		11,802,076
Hub Group, Inc., Class A		768,566		33,217,423
				45,019,499
Automobile Components — 1.4%
American Axle & Manufacturing Holdings, Inc.(a)		1,444,754		10,633,390
Dana, Inc.		1,582,549		20,098,372
Dorman Products, Inc.(a)		108,218		10,431,133
Gentherm, Inc.(a)(b)		218,157		12,561,480
LCI Industries		115,429		14,204,693
Phinia, Inc.		575,133		22,102,361
Standard Motor Products, Inc.		230,107		7,720,090
				97,751,519
Automobiles — 0.2%
Winnebago Industries, Inc.		158,471		11,726,854
Banks — 12.9%
Ameris Bancorp		778,926		37,684,440
Atlantic Union Bankshares Corp.		925,006		32,661,962
Axos Financial, Inc.(a)		231,018		12,484,213
Banc of California, Inc.		1,707,505		25,971,151
BancFirst Corp.		67,612		5,951,884
Bank of Hawaii Corp.		294,069		18,346,965
BankUnited, Inc.		916,992		25,675,776
Banner Corp.		409,718		19,666,464
Berkshire Hills Bancorp, Inc.		268,586		6,155,991
Brookline Bancorp, Inc.		1,094,617		10,902,385
Capitol Federal Financial, Inc.		1,534,910		9,148,064
Cathay General Bancorp		434,901		16,452,305
Central Pacific Financial Corp.		306,136		6,046,186
City Holding Co.		72,723		7,579,191
Community Bank System, Inc.		649,496		31,195,293
CVB Financial Corp.		1,632,170		29,117,913
Dime Community Bancshares, Inc.		432,373		8,327,504
Eagle Bancorp, Inc.		359,785		8,451,350
FB Financial Corp.		432,793		16,298,984
First Bancorp/Southern Pines NC		491,928		17,768,439
First Commonwealth Financial Corp.		677,805		9,435,046
First Financial Bancorp		1,152,520		25,839,498
First Hawaiian, Inc.		1,572,261		34,526,851
Fulton Financial Corp.		2,019,607		32,091,555
Hanmi Financial Corp.		347,372		5,530,162
Heritage Financial Corp.		404,525		7,843,740
Hilltop Holdings, Inc.		569,865		17,848,172
Hope Bancorp, Inc.		1,481,122		17,047,714
Independent Bank Corp.		504,703		26,254,650
Independent Bank Group, Inc.		442,453		20,197,979
Lakeland Financial Corp.		167,249		11,091,954
National Bank Holdings Corp., Class A		440,622		15,893,235
NBT Bancorp, Inc.		576,602		21,149,761
Northfield Bancorp, Inc.		479,478		4,660,526
Northwest Bancshares, Inc.		1,567,235		18,258,288
Pacific Premier Bancorp, Inc.		1,153,585		27,686,040
Park National Corp.		104,639		14,215,208

Security	Shares		Value
Banks (continued)
Provident Financial Services, Inc.		936,028	$	13,637,928
Renasant Corp.		692,211		21,680,048
S&T Bancorp, Inc.		221,558		7,107,581
Seacoast Banking Corp. of Florida		1,028,625		26,116,789
ServisFirst Bancshares, Inc.		325,916		21,627,786
Simmons First National Corp., Class A		1,543,473		30,035,985
Southside Bancshares, Inc.		215,346		6,294,564
Stellar Bancorp, Inc.		579,913		14,126,681
Tompkins Financial Corp.		154,308		7,760,149
TrustCo Bank Corp.		234,200		6,595,072
Trustmark Corp.		729,697		20,511,783
United Community Banks, Inc.		1,466,980		38,610,914
Veritex Holdings, Inc.		669,968		13,727,644
WaFd, Inc.		843,172		24,477,283
Westamerica BanCorp.		129,235		6,317,007
WSFS Financial Corp.		410,526		18,531,144
				932,615,197
Beverages — 0.2%
MGP Ingredients, Inc.(b)		81,352		7,006,848
National Beverage Corp.(a)		129,041		6,124,286
				13,131,134
Biotechnology — 1.0%
Alkermes PLC(a)		740,112		20,034,832
Arcus Biosciences, Inc.(a)(b)		392,409		7,408,682
Ironwood Pharmaceuticals, Inc., Class A(a)		732,076		6,376,382
Myriad Genetics, Inc.(a)		556,205		11,858,290
REGENXBIO, Inc.(a)(b)		285,867		6,023,218
Vir Biotechnology, Inc.(a)		1,063,007		10,768,261
Xencor, Inc.(a)		359,930		7,965,251
				70,434,916
Broadline Retail — 0.5%
Kohl’s Corp.		1,363,981		39,760,046
Building Products — 1.8%
American Woodmark Corp.(a)		86,862		8,830,391
Apogee Enterprises, Inc.		149,628		8,857,978
Griffon Corp.		150,616		11,046,177
Hayward Holdings, Inc.(a)(b)		1,553,281		23,780,732
Insteel Industries, Inc.(b)		88,704		3,390,267
Masterbrand, Inc.(a)		1,561,684		29,265,958
Quanex Building Products Corp.		126,892		4,876,460
Resideo Technologies, Inc.(a)		1,799,819		40,351,942
				130,399,905
Capital Markets — 1.5%
Artisan Partners Asset Management, Inc., Class A		372,158		17,033,672
B Riley Financial, Inc.(b)		207,927		4,401,815
BGC Group, Inc., Class A		1,399,197		10,871,761
Brightsphere Investment Group, Inc.		159,956		3,653,395
Moelis & Co., Class A		271,282		15,400,679
Piper Sandler Cos.		95,499		18,955,596
PJT Partners, Inc., Class A		92,782		8,745,631
StoneX Group, Inc.(a)		334,266		23,485,529
Virtus Investment Partners, Inc.		30,968		7,679,445
				110,227,523
Chemicals — 2.7%
AdvanSix, Inc.		332,027		9,495,972
Balchem Corp.(b)		174,769		27,080,456
HB Fuller Co.		340,594		27,158,966
Ingevity Corp.(a)		415,098		19,800,175
Innospec, Inc.		113,803		14,673,759
Koppers Holdings, Inc.		120,310		6,637,503

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Schedule of Investments  (continued) March 31, 2024 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Chemicals (continued)
Mativ Holdings, Inc.		667,666	$	12,518,737
Minerals Technologies, Inc.		200,452		15,090,027
Quaker Chemical Corp.		81,888		16,807,512
Sensient Technologies Corp.		296,681		20,527,358
Stepan Co.		261,774		23,570,131
				193,360,596
Commercial Services & Supplies — 3.2%
ABM Industries, Inc.		774,446		34,555,781
Brady Corp., Class A, NVS		193,121		11,448,213
CoreCivic, Inc.(a)		1,399,550		21,846,975
Deluxe Corp.		538,308		11,083,762
Enviri Corp.(a)		992,125		9,077,944
GEO Group, Inc. (The)(a)		1,503,719		21,232,512
Healthcare Services Group, Inc.(a)		909,692		11,352,956
HNI Corp.		229,975		10,378,772
Interface, Inc., Class A		715,782		12,039,453
Matthews International Corp., Class A		135,748		4,219,048
MillerKnoll, Inc.		897,099		22,212,171
OPENLANE, Inc.(a)		1,330,729		23,021,612
Pitney Bowes, Inc.		1,839,580		7,965,381
UniFirst Corp.		109,833		19,048,337
Vestis Corp.		761,028		14,665,010
				234,147,927
Communications Equipment — 1.5%
ADTRAN Holdings, Inc.		877,667		4,774,508
Calix, Inc.(a)		368,282		12,212,231
Digi International, Inc.(a)(b)		448,294		14,314,027
Extreme Networks, Inc.(a)		633,707		7,312,979
Harmonic, Inc.(a)(b)		640,729		8,611,398
NetScout Systems, Inc.(a)		875,097		19,112,119
Viasat, Inc.(a)(b)		926,290		16,756,586
Viavi Solutions, Inc.(a)(b)		2,741,944		24,924,271
				108,018,119
Construction & Engineering — 1.2%
Arcosa, Inc.		246,285		21,146,030
Dycom Industries, Inc.(a)		361,453		51,879,349
Granite Construction, Inc.		265,189		15,150,248
				88,175,627
Consumer Finance — 1.3%
Bread Financial Holdings, Inc.		497,094		18,511,781
Encore Capital Group, Inc.(a)(b)		290,923		13,268,998
Enova International, Inc.(a)		359,770		22,604,349
EZCORP, Inc., Class A, NVS(a)(b)		646,638		7,326,408
Green Dot Corp., Class A(a)		672		6,270
Navient Corp.		1,011,151		17,594,027
PRA Group, Inc.(a)(b)		483,422		12,607,646
				91,919,479
Consumer Staples Distribution & Retail — 1.0%
Andersons, Inc. (The)		182,671		10,479,835
Chefs’ Warehouse, Inc. (The)(a)(b)		434,883		16,377,694
PriceSmart, Inc.		308,529		25,916,436
SpartanNash Co.		430,286		8,696,080
United Natural Foods, Inc.(a)		731,802		8,408,405
				69,878,450
Containers & Packaging — 0.9%
Myers Industries, Inc.		232,802		5,394,022
O-I Glass, Inc.(a)		1,906,216		31,624,123
Sealed Air Corp.		786,868		29,271,490
				66,289,635

Security	Shares		Value
Diversified Consumer Services — 0.4%
Mister Car Wash, Inc.(a)(b)		607,641	$	4,709,218
Perdoceo Education Corp.		359,147		6,306,621
Strategic Education, Inc.		158,112		16,462,621
				27,478,460
Diversified REITs — 1.1%
Alexander & Baldwin, Inc.		893,551		14,716,785
American Assets Trust, Inc.		600,117		13,148,563
Armada Hoffler Properties, Inc.		475,257		4,942,673
Essential Properties Realty Trust, Inc.		922,633		24,597,396
Global Net Lease, Inc.		2,405,988		18,694,527
				76,099,944
Diversified Telecommunication Services — 0.4%
ATN International, Inc.		128,121		4,036,452
Consolidated Communications Holdings, Inc.(a)(b)		921,450		3,980,664
Lumen Technologies, Inc.(a)		12,428,901		19,389,086
				27,406,202
Electric Utilities — 0.2%
MGE Energy, Inc.		200,470		15,780,998
Electrical Equipment — 0.6%
SunPower Corp.(a)(b)		1,055,830		3,167,490
Sunrun, Inc.(a)		2,684,021		35,375,397
Vicor Corp.(a)		131,434		5,026,036
				43,568,923
Electronic Equipment, Instruments & Components — 3.1%
Advanced Energy Industries, Inc.		174,522		17,797,754
Benchmark Electronics, Inc.		439,549		13,190,865
CTS Corp.(b)		168,844		7,900,211
ePlus, Inc.(a)(b)		128,001		10,053,199
Insight Enterprises, Inc.(a)(b)		119,397		22,150,531
Itron, Inc.(a)		285,835		26,445,454
Knowles Corp.(a)(b)		647,507		10,424,863
Methode Electronics, Inc.		442,399		5,388,420
PC Connection, Inc.		139,159		9,174,753
Plexus Corp.(a)(b)		190,487		18,061,977
Rogers Corp.(a)		68,112		8,084,213
Sanmina Corp.(a)		687,168		42,728,106
ScanSource, Inc.(a)		310,058		13,654,954
TTM Technologies, Inc.(a)		1,259,584		19,712,490
				224,767,790
Energy Equipment & Services — 1.3%
Bristow Group, Inc.(a)		295,692		8,042,823
Core Laboratories, Inc.(b)		324,227		5,537,797
Dril-Quip, Inc.(a)(b)		421,074		9,486,797
Helmerich & Payne, Inc.		560,053		23,555,829
Nabors Industries Ltd.(a)(b)		109,597		9,439,590
Patterson-UTI Energy, Inc.		1,781,248		21,268,101
ProPetro Holding Corp.(a)(b)		1,054,865		8,523,309
U.S. Silica Holdings, Inc.(a)(b)		950,405		11,794,526
				97,648,772
Entertainment — 0.0%
Marcus Corp. (The)(b)		145,661		2,077,126
Financial Services — 2.4%
Jackson Financial, Inc., Class A		305,137		20,181,761
Mr. Cooper Group, Inc.(a)(b)		795,897		62,040,171
NCR Atleos Corp.(a)		824,208		16,278,108
NMI Holdings, Inc., Class A(a)		349,572		11,305,159
Payoneer Global, Inc.(a)		1,942,209		9,439,136

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Schedule of Investments  (continued) March 31, 2024 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Financial Services (continued)
Radian Group, Inc.		849,889	$	28,445,785
Walker & Dunlop, Inc.		234,891		23,738,084
				171,428,204
Food Products — 1.4%
B&G Foods, Inc.		970,604		11,103,710
Calavo Growers, Inc.		218,609		6,079,516
Fresh Del Monte Produce, Inc.		414,998		10,752,598
Hain Celestial Group, Inc. (The)(a)(b)		1,106,574		8,697,672
John B Sanfilippo & Son, Inc.		52,434		5,553,809
Simply Good Foods Co. (The)(a)		413,993		14,088,182
Tootsie Roll Industries, Inc.		87,362		2,798,205
TreeHouse Foods, Inc.(a)(b)		619,959		24,147,403
WK Kellogg Co.		812,252		15,270,337
				98,491,432
Gas Utilities — 0.5%
Chesapeake Utilities Corp.		150,651		16,164,852
Northwest Natural Holding Co.		453,069		16,863,228
				33,028,080
Ground Transportation — 0.4%
Heartland Express, Inc.		253,729		3,029,524
Marten Transport Ltd.		379,153		7,006,747
RXO, Inc.(a)(b)		778,486		17,025,489
				27,061,760
Health Care Equipment & Supplies — 1.9%
Artivion, Inc.(a)(b)		222,281		4,703,466
Avanos Medical, Inc.(a)		571,887		11,386,270
Embecta Corp.		709,272		9,412,040
ICU Medical, Inc.(a)		249,813		26,809,931
Inari Medical, Inc.(a)		271,472		13,025,227
Merit Medical Systems, Inc.(a)(b)		291,695		22,095,896
Omnicell, Inc.(a)		560,131		16,372,629
STAAR Surgical Co.(a)(b)		234,465		8,975,320
Tandem Diabetes Care, Inc.(a)(b)		433,787		15,360,398
Varex Imaging Corp.(a)(b)		503,094		9,106,001
				137,247,178
Health Care Providers & Services — 3.0%
AdaptHealth Corp.(a)(b)		1,008,052		11,602,679
Addus HomeCare Corp.(a)		114,350		11,816,929
Agiliti, Inc.(a)		434,434		4,396,472
AMN Healthcare Services, Inc.(a)		214,999		13,439,588
Cross Country Healthcare, Inc.(a)(b)		409,438		7,664,679
Enhabit, Inc.(a)(b)		616,774		7,185,417
Fulgent Genetics, Inc.(a)		249,569		5,415,647
ModivCare, Inc.(a)		152,942		3,586,490
National HealthCare Corp.		88,831		8,395,418
Owens & Minor, Inc.(a)(b)		942,469		26,115,816
Patterson Cos., Inc.		1,015,989		28,092,096
Pediatrix Medical Group, Inc.(a)(b)		1,020,311		10,233,719
Premier, Inc., Class A		1,476,146		32,622,827
Select Medical Holdings Corp.		1,295,275		39,052,541
U.S. Physical Therapy, Inc.		83,077		9,376,901
				218,997,219
Health Care REITs — 0.9%
CareTrust REIT, Inc.		594,822		14,495,812
Community Healthcare Trust, Inc.		180,718		4,798,063
LTC Properties, Inc.		290,770		9,452,933
Medical Properties Trust, Inc.		7,379,665		34,684,425
Universal Health Realty Income Trust		81,317		2,985,147
				66,416,380

Security	Shares		Value
Health Care Technology — 0.3%
Certara, Inc.(a)(b)		554,081	$	9,906,968
HealthStream, Inc.		138,980		3,705,207
Schrodinger, Inc.(a)(b)		296,386		8,002,422
Simulations Plus, Inc.(b)		80,828		3,326,072
				24,940,669
Hotel & Resort REITs — 0.8%
Chatham Lodging Trust		605,361		6,120,200
Pebblebrook Hotel Trust(b)		1,484,526		22,876,546
Service Properties Trust		2,049,897		13,898,302
Summit Hotel Properties, Inc.		655,096		4,264,675
Xenia Hotels & Resorts, Inc.		531,263		7,974,257
				55,133,980
Hotels, Restaurants & Leisure — 1.4%
BJ’s Restaurants, Inc.(a)(b)		286,857		10,378,486
Bloomin’ Brands, Inc.		545,420		15,642,646
Brinker International, Inc.(a)		315,999		15,698,830
Cheesecake Factory, Inc. (The)		310,716		11,232,383
Chuy’s Holdings, Inc.(a)(b)		92,016		3,103,700
Cracker Barrel Old Country Store, Inc.		273,304		19,877,400
Dine Brands Global, Inc.		109,392		5,084,540
Golden Entertainment, Inc.		103,356		3,806,601
Papa John’s International, Inc.		213,861		14,243,143
Sabre Corp.(a)(b)		2,203,173		5,331,679
				104,399,408
Household Durables — 2.5%
Century Communities, Inc.		170,705		16,473,032
Ethan Allen Interiors, Inc.		165,504		5,721,473
La-Z-Boy, Inc.		242,409		9,119,427
LGI Homes, Inc.(a)		101,013		11,754,883
MDC Holdings, Inc.		735,871		46,293,645
Newell Brands, Inc.		4,694,720		37,698,602
Sonos, Inc.(a)(b)		1,525,722		29,080,261
Tri Pointe Homes, Inc.(a)		466,281		18,026,423
Worthington Enterprises, Inc.		116,326		7,238,967
				181,406,713
Household Products — 0.6%
Central Garden & Pet Co.(a)(b)		118,832		5,089,575
Central Garden & Pet Co., Class A, NVS(a)		665,242		24,560,735
Energizer Holdings, Inc.		446,724		13,151,554
				42,801,864
Independent Power and Renewable Electricity Producers — 0.5%
Clearway Energy, Inc., Class A		430,161		9,252,763
Clearway Energy, Inc., Class C		1,015,839		23,415,089
				32,667,852
Industrial REITs — 0.7%
Innovative Industrial Properties, Inc.		155,440		16,094,257
LXP Industrial Trust		3,605,233		32,519,202
				48,613,459
Insurance — 3.4%
American Equity Investment Life Holding Co.(a)		261,479		14,700,349
AMERISAFE, Inc.		134,345		6,740,089
Assured Guaranty Ltd.		267,861		23,370,872
Employers Holdings, Inc.		283,061		12,848,139
Genworth Financial, Inc., Class A(a)		5,560,584		35,754,555
Horace Mann Educators Corp.		503,504		18,624,613
Lincoln National Corp.		1,896,759		60,563,515
Mercury General Corp.		327,416		16,894,666
ProAssurance Corp.		625,507		8,044,020
Safety Insurance Group, Inc.		170,799		14,037,970

32 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments  (continued) March 31, 2024 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Stewart Information Services Corp.		337,462	$	21,955,278
Trupanion, Inc.(a)(b)		230,220		6,356,374
United Fire Group, Inc.		262,981		5,725,096
				245,615,536
Interactive Media & Services — 0.2%
QuinStreet, Inc.(a)(b)		646,176		11,411,468
Shutterstock, Inc.		145,286		6,655,552
				18,067,020
IT Services — 0.8%
DXC Technology Co.(a)(b)		2,253,010		47,786,342
Perficient, Inc.(a)		167,049		9,403,188
				57,189,530
Leisure Products — 0.9%
Sturm Ruger & Co., Inc.		218,317		10,075,329
Topgolf Callaway Brands Corp.(a)(b)		1,750,368		28,303,451
Vista Outdoor, Inc.(a)(b)		716,345		23,481,789
				61,860,569
Life Sciences Tools & Services — 0.9%
BioLife Solutions, Inc.(a)(b)		175,174		3,249,478
Cytek Biosciences, Inc.(a)(b)		1,218,865		8,178,584
Fortrea Holdings, Inc.(a)		1,094,872		43,948,162
Mesa Laboratories, Inc.(b)		63,499		6,967,745
				62,343,969
Machinery — 3.4%
3D Systems Corp.(a)(b)		1,642,098		7,290,915
Albany International Corp., Class A		199,868		18,689,657
Astec Industries, Inc.		280,107		12,243,477
Barnes Group, Inc.		624,292		23,192,448
Enerpac Tool Group Corp., Class A		219,963		7,843,881
Enpro, Inc.		141,661		23,908,127
Greenbrier Cos., Inc. (The)		383,020		19,955,342
Hillenbrand, Inc.		864,283		43,464,792
John Bean Technologies Corp.		156,889		16,456,087
Kennametal, Inc.		976,573		24,355,731
Lindsay Corp.		69,105		8,130,894
Proto Labs, Inc.(a)		111,603		3,989,807
Titan International, Inc.(a)		628,866		7,835,671
Trinity Industries, Inc.		506,138		14,095,943
Wabash National Corp.		559,195		16,742,298
				248,195,070
Media — 1.0%
AMC Networks, Inc., Class A(a)(b)		377,607		4,580,373
EchoStar Corp., Class A(a)(b)		1,483,929		21,145,988
EW Scripps Co. (The), Class A, NVS(a)		720,414		2,831,227
John Wiley & Sons, Inc., Class A		519,618		19,813,035
Scholastic Corp., NVS		323,313		12,192,133
TechTarget, Inc.(a)(b)		134,376		4,445,158
Thryv Holdings, Inc.(a)(b)		384,562		8,548,813
				73,556,727
Metals & Mining — 1.0%
Arch Resources, Inc., Class A		70,145		11,278,615
Century Aluminum Co.(a)(b)		637,431		9,810,063
Compass Minerals International, Inc.		419,330		6,600,254
Haynes International, Inc.		69,213		4,161,086
Kaiser Aluminum Corp.		195,813		17,497,850
Metallus, Inc.(a)		204,649		4,553,440
Olympic Steel, Inc.		61,887		4,386,551

Security	Shares		Value
Metals & Mining (continued)
SunCoke Energy, Inc.		1,031,727	$	11,627,563
Worthington Steel, Inc.		116,597		4,180,002
				74,095,424
Mortgage Real Estate Investment Trusts (REITs) — 2.4%
Apollo Commercial Real Estate Finance, Inc.		615,573		6,857,483
Arbor Realty Trust, Inc.(b)		2,051,543		27,182,945
ARMOUR Residential REIT, Inc.(b)		187,573		3,708,318
Blackstone Mortgage Trust, Inc., Class A		2,122,733		42,263,614
Franklin BSP Realty Trust, Inc.		1,014,784		13,557,514
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,369,609		38,896,896
KKR Real Estate Finance Trust, Inc.		721,476		7,258,049
PennyMac Mortgage Investment Trust		1,067,108		15,665,145
Ready Capital Corp.		1,950,786		17,810,676
				173,200,640
Multi-Utilities — 0.5%
Avista Corp.		953,919		33,406,243
Unitil Corp.		109,706		5,743,109
				39,149,352
Office REITs — 2.2%
Brandywine Realty Trust		2,132,899		10,237,915
Douglas Emmett, Inc.		2,055,819		28,514,210
Easterly Government Properties, Inc.		1,172,736		13,498,191
Highwoods Properties, Inc.		1,302,342		34,095,314
Hudson Pacific Properties, Inc.		1,560,392		10,064,528
JBG SMITH Properties		1,077,808		17,298,819
SL Green Realty Corp.		798,048		43,996,386
				157,705,363
Oil, Gas & Consumable Fuels — 1.3%
Comstock Resources, Inc.		557,884		5,177,164
CVR Energy, Inc.		160,982		5,740,618
Green Plains, Inc.(a)(b)		744,360		17,209,603
Peabody Energy Corp.		746,148		18,101,551
Talos Energy, Inc.(a)(b)		1,660,581		23,131,893
Vital Energy, Inc.(a)(b)		158,847		8,345,821
World Kinect Corp.		741,645		19,616,510
				97,323,160
Paper & Forest Products — 0.6%
Clearwater Paper Corp.(a)		204,028		8,922,144
Mercer International, Inc.		545,196		5,424,700
Sylvamo Corp.		435,143		26,865,729
				41,212,573
Passenger Airlines — 1.8%
Alaska Air Group, Inc.(a)		1,553,479		66,784,062
Allegiant Travel Co.		176,478		13,272,910
JetBlue Airways Corp.(a)		4,106,069		30,467,032
SkyWest, Inc.(a)		232,018		16,027,804
Sun Country Airlines Holdings, Inc.(a)		264,769		3,995,364
				130,547,172
Personal Care Products — 0.6%
Edgewell Personal Care Co.		615,154		23,769,551
Medifast, Inc.		133,933		5,132,313
Nu Skin Enterprises, Inc., Class A		608,633		8,417,394
USANA Health Sciences, Inc.(a)(b)		137,489		6,668,216
				43,987,474
Pharmaceuticals — 2.1%
Corcept Therapeutics, Inc.(a)(b)		393,327		9,907,907
Harmony Biosciences Holdings, Inc.(a)(b)		231,672		7,779,546
Innoviva, Inc.(a)(b)		349,415		5,325,085

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

Schedule of Investments  (continued) March 31, 2024 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Ligand Pharmaceuticals, Inc.(a)(b)		201,902	$	14,759,036
Organon & Co.		3,149,151		59,204,039
Pacira BioSciences, Inc.(a)		572,069		16,715,856
Phibro Animal Health Corp., Class A		250,511		3,239,107
Prestige Consumer Healthcare, Inc.(a)(b)		318,059		23,078,361
Supernus Pharmaceuticals, Inc.(a)(b)		405,475		13,830,752
				153,839,689
Professional Services — 0.9%
CSG Systems International, Inc.		177,615		9,154,277
Heidrick & Struggles International, Inc.		250,068		8,417,289
Kelly Services, Inc., Class A, NVS		393,617		9,856,170
Korn Ferry		271,850		17,876,856
NV5 Global, Inc.(a)(b)		156,657		15,353,952
Resources Connection, Inc.		395,592		5,205,991
TTEC Holdings, Inc.		231,937		2,405,187
				68,269,722
Real Estate Management & Development — 0.7%
Anywhere Real Estate, Inc.(a)		1,360,561		8,408,267
Cushman & Wakefield PLC(a)		2,073,441		21,688,193
Kennedy-Wilson Holdings, Inc.		1,459,499		12,522,501
Marcus & Millichap, Inc.		172,300		5,887,491
				48,506,452
Residential REITs — 0.6%
Centerspace		185,427		10,595,299
Elme Communities		1,086,440		15,123,245
NexPoint Residential Trust, Inc.		279,714		9,003,994
Veris Residential, Inc.		592,645		9,014,130
				43,736,668
Retail REITs — 2.2%
Acadia Realty Trust		1,259,966		21,432,022
Getty Realty Corp.		344,733		9,428,448
Macerich Co. (The)		2,660,876		45,846,893
Phillips Edison & Co., Inc.		736,616		26,422,416
Retail Opportunity Investments Corp.		1,552,255		19,899,909
Saul Centers, Inc.		81,162		3,123,925
SITE Centers Corp.		1,175,324		17,218,497
Urban Edge Properties		594,149		10,260,953
Whitestone REIT		296,771		3,724,476
				157,357,539
Semiconductors & Semiconductor Equipment — 2.3%
Alpha & Omega Semiconductor Ltd.(a)(b)		282,293		6,221,738
CEVA, Inc.(a)		166,000		3,769,860
Cohu, Inc.(a)		345,256		11,507,382
Diodes, Inc.(a)		221,637		15,625,409
Ichor Holdings Ltd.(a)		363,961		14,056,174
Kulicke & Soffa Industries, Inc.		256,792		12,919,206
MaxLinear, Inc.(a)(b)		349,895		6,532,540
Photronics, Inc.(a)(b)		232,729		6,590,885
Semtech Corp.(a)(b)		435,535		11,972,857
SiTime Corp.(a)(b)		90,930		8,477,404
SMART Global Holdings, Inc.(a)(b)		376,689		9,914,454
SolarEdge Technologies, Inc.(a)(b)		426,940		30,304,201
Ultra Clean Holdings, Inc.(a)		552,302		25,372,754
				163,264,864
Software — 1.8%
A10 Networks, Inc.		459,044		6,284,312
ACI Worldwide, Inc.(a)(b)		495,560		16,457,548
Adeia, Inc.		792,112		8,649,863
BlackLine, Inc.(a)		207,512		13,401,125
Box, Inc., Class A(a)(b)		689,885		19,537,543

Security	Shares		Value
Software (continued)
Cerence, Inc.(a)(b)		513,278	$	8,084,129
Envestnet, Inc.(a)(b)		245,459		14,214,531
N-able, Inc.(a)		309,843		4,049,648
NCR Voyix Corp.(a)(b)		1,652,523		20,871,366
Sprinklr, Inc., Class A(a)(b)		963,387		11,820,758
Xperi, Inc.(a)		267,356		3,224,313
				126,595,136
Specialized REITs — 0.7%
Four Corners Property Trust, Inc.		624,766		15,288,024
Outfront Media, Inc.		1,037,777		17,424,276
Safehold, Inc.		551,508		11,361,065
Uniti Group, Inc.		1,423,710		8,399,889
				52,473,254
Specialty Retail — 5.1%
Academy Sports & Outdoors, Inc.(b)		913,568		61,702,383
Advance Auto Parts, Inc.		728,233		61,965,346
Asbury Automotive Group, Inc.(a)(b)		129,289		30,483,760
Buckle, Inc. (The)		137,956		5,555,488
Caleres, Inc.		411,109		16,867,802
Designer Brands, Inc., Class A		524,360		5,731,255
Foot Locker, Inc.		1,009,250		28,763,625
Haverty Furniture Cos., Inc.		165,762		5,655,800
Hibbett, Inc.		145,011		11,138,295
Leslie’s, Inc.(a)(b)		2,272,994		14,774,461
MarineMax, Inc.(a)(b)		250,095		8,318,160
Monro, Inc.		368,341		11,617,475
National Vision Holdings, Inc.(a)		963,943		21,360,977
ODP Corp. (The)(a)		409,823		21,741,110
Sally Beauty Holdings, Inc.(a)(b)		1,292,053		16,047,298
Shoe Carnival, Inc.		220,530		8,080,219
Sonic Automotive, Inc., Class A		183,083		10,424,746
Upbound Group, Inc.		243,451		8,571,910
Victoria’s Secret & Co.(a)(b)		953,932		18,487,202
				367,287,312
Technology Hardware, Storage & Peripherals — 0.4%
Corsair Gaming, Inc.(a)		535,947		6,613,586
Xerox Holdings Corp.		1,393,021		24,935,076
				31,548,662
Textiles, Apparel & Luxury Goods — 0.8%
G-III Apparel Group Ltd.(a)(b)		503,321		14,601,342
Hanesbrands, Inc.(a)		4,312,356		25,011,665
Movado Group, Inc.		193,829		5,413,644
Wolverine World Wide, Inc.		979,695		10,982,381
				56,009,032
Tobacco — 0.4%
Universal Corp.		302,712		15,656,264
Vector Group Ltd.		897,984		9,841,905
				25,498,169
Trading Companies & Distributors — 1.4%
Air Lease Corp., Class A		1,004,983		51,696,325
DNOW, Inc.(a)		1,309,924		19,910,845
DXP Enterprises, Inc.(a)		163,394		8,779,160
Rush Enterprises, Inc., Class A		417,376		22,337,963
				102,724,293
Water Utilities — 0.7%
American States Water Co.		214,115		15,467,668
California Water Service Group		426,576		19,827,252

34 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Schedule of Investments  (continued) March 31, 2024 iShares^® S&P Small-Cap 600 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Water Utilities (continued)
Middlesex Water Co.		119,154	$	6,255,585
SJW Group		204,036		11,546,397
				53,096,902
Wireless Telecommunication Services — 0.2%
Gogo, Inc.(a)(b)		404,151		3,548,446
Telephone & Data Systems, Inc.		607,167		9,726,815
				13,275,261
Total Long-Term Investments — 98.4%  (Cost: $7,249,551,192)			7,106,945,940
Short-Term Securities
Money Market Funds — 6.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(d)(e)		348,068,933		348,242,967
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(d)		120,932,534		120,932,534
Total Short-Term Securities — 6.5% (Cost: $468,953,655)				469,175,501
Total Investments — 104.9% (Cost: $7,718,504,847)				7,576,121,441
Liabilities in Excess of Other Assets — (4.9)%				(351,317,535	)
Net Assets — 100.0%			$ 7,224,803,906

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	417,296,861	$	—	$	(69,148,266)	(a)	$	2,480	$	91,892	$	348,242,967		348,068,933	$	2,454,205	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		198,053,688		—		(77,121,154)	(a)		—		—		120,932,534		120,932,534		7,644,491			—
								$	2,480	$	91,892	$	469,175,501			$	10,098,696		$	—

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

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

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

Schedule of Investments  (continued) March 31, 2024 iShares^® S&P Small-Cap 600 Value ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		137		06/21/24	$	14,699	$	238,872

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA(b)		08/19/26	$	30,804,243	$	1,957,979	(c)	$	32,813,047		0.4	%
	Monthly	HSBC Bank PLC(d)		02/10/28		58,758,651		2,272,819	(e)		61,268,197		0.8
	Monthly	JPMorgan Chase Bank NA(f)		02/10/25		8,115,631		476,411	(g)		8,612,976		0.1
							$	4,707,209		$	102,694,220

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

^(c)  Amount includes $(50,825) of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $(236,727) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $(20,934) of net dividends, payable for referenced securities purchased and financing fees.

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

	(b)	(d)	(f)
Range:	0-450 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate (FEDL01)	USD - 1D Overnight Bank Funding Rate (OBFR01)	USD - 1D Overnight Bank Funding Rate (OBFR01)

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

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Berkshire Hills Bancorp, Inc.		26	$	596		0.0	%
City Holding Co.		379		39,499		0.1
Lakeland Financial Corp.		1,065		70,631		0.2
Northwest Bancshares, Inc.		15		175		0.0
				110,901
Capital Markets
Moelis & Co., Class A		106,817		6,064,001		18.5
Commercial Services & Supplies
Pitney Bowes, Inc.		2,851		12,345		0.0

	Shares		Value		% of Basket Value
Consumer Finance
Bread Financial Holdings, Inc.		23,798	$	886,237		2.7	%
Green Dot Corp., Class A		5,120		47,770		0.2
				934,007
Financial Services
Jackson Financial, Inc., Class A		287,942		19,044,484		58.0
Mortgage Real Estate Investment Trusts  (REITs)
Arbor Realty Trust, Inc.		272,618		3,612,188		11.0
Software
Envestnet, Inc.		52,411		3,035,121		9.3
Net Value of Reference Entity — Goldman Sachs Bank USA			$	32,813,047

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period

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Schedule of Investments  (continued) March 31, 2024 iShares^® S&P Small-Cap 600 Value ETF

end, termination date February 10, 2028.

	Shares		Value		% of   Basket Value
Reference Entity — Long
Common Stocks
Banks
Ameris Bancorp		18,816	$	910,318		1.5	%
Berkshire Hills Bancorp, Inc.		26		596		0.0
Cathay General Bancorp		17,948		678,973		1.1
Central Pacific Financial Corp.		27,294		539,056		0.9
City Holding Co.		808		84,210		0.1
Eagle Bancorp, Inc.		10,629		249,675		0.4
First Bancorp/Southern Pines NC		673		24,309		0.0
First Financial Bancorp		20,534		460,372		0.8
Hanmi Financial Corp.		25,131		400,085		0.7
Heritage Financial Corp.		27,427		531,810		0.9
Independent Bank Corp.		23,906		1,243,590		2.0
National Bank Holdings Corp., Class A		25,253		910,876		1.5
NBT Bancorp, Inc.		3,976		145,840		0.2
Pacific Premier Bancorp, Inc.		28,827		691,848		1.1
Provident Financial Services, Inc.		4,635		67,532		0.1
TrustCo Bank Corp.		359		10,109		0.0
Trustmark Corp.		23,286		654,569		1.1
Westamerica BanCorp		986		48,196		0.1
				7,651,964
Capital Markets
PJT Partners, Inc., Class A		25,451		2,399,011		3.9
Commercial Services & Supplies
Pitney Bowes, Inc.		54,736		237,007		0.4
Consumer Finance
Bread Financial Holdings, Inc.		87,341		3,252,579		5.3
Enova International, Inc.		1,113		69,930		0.1
Green Dot Corp., Class A		281,045		2,622,150		4.3
				5,944,659
Containers & Packaging
Sealed Air Corp.		281,638		10,476,934		17.1
Financial Services
Jackson Financial, Inc., Class A		230,000		15,212,200		24.8
Insurance
Employers Holdings, Inc.		34,070		1,546,437		2.5
Horace Mann Educators Corp.		1		37		0.0
Lincoln National Corp.		195,112		6,229,926		10.2
ProAssurance Corp.		2,922		37,577		0.1
Safety Insurance Group, Inc.		11,581		951,843		1.5
				8,765,820

	Shares		Value		% of   Basket Value
Office REITs
JBG SMITH Properties		4,057	$	65,115		0.1	%
Oil, Gas & Consumable Fuels
Green Plains, Inc.		47,992		1,109,575		1.8
Software
Envestnet, Inc.		57,808		3,347,661		5.5
Sprinklr, Inc., Class A		493,745		6,058,251		9.9
				9,405,912
Net Value of Reference Entity — HSBC Bank PLC			$	61,268,197

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 10, 2025.

	Shares		Value		% of   Basket Value
Reference Entity — Long
Common Stocks
Banks
Banner Corp.		13,780	$	661,440		7.7	%
Cathay General Bancorp		21,891		828,137		9.6
Community Bank System, Inc.		8,007		384,576		4.4
First Bancorp/Southern Pines NC		14,270		515,432		6.0
Seacoast Banking Corp. of Florida		11,109		282,057		3.3
WaFd, Inc.		928		26,940		0.3
				2,698,582
Consumer Finance
Green Dot Corp., Class A		284,291		2,652,435		30.8
Financial Services
Jackson Financial, Inc., Class A		49,305		3,261,033		37.9
Insurance
Genworth Financial, Inc., Class A		144		926		0.0
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	8,612,976

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	4,707,209	$	—

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

Schedule of Investments  (continued) March 31, 2024 iShares^® S&P Small-Cap 600 Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	238,872	$	—	$	—	$	—	$	238,872
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		4,707,209		—		—		—		4,707,209
	$	—	$	—	$	4,946,081	$	—	$	—	$	—	$	4,946,081

^(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 March 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	3,677,790		$	—	$	—	$	—	$	3,677,790
Swaps		—		—		(12,237,804	)		—		—		—		(12,237,804	)
	$	—	$	—	$	(8,560,014	)	$	—	$	—	$	—	$	(8,560,014	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,116,476	)	$	—	$	—	$	—	$	(1,116,476	)
Swaps		—		—		11,183,265			—		—		—		11,183,265
	$	—	$	—	$	10,066,789		$	—	$	—	$	—	$	10,066,789

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	15,824,114
Total return swaps
Average notional amount	$	207,587,018

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

Derivative Financial Instruments – Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments
Swaps — OTC(a)	$	4,707,209	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	4,707,209	$	—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	4,707,209	$	—

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

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Schedule of Investments  (continued) March 31, 2024 iShares^® S&P Small-Cap 600 Value ETF

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Received(b)		Cash Collateral Received(b)			Net Amount of Derivative Assets(c)
Goldman Sachs Bank USA	$	1,957,979	$	—	$	—	$	(1,957,979	)	$	—
HSBC Bank PLC		2,272,819		—		—		(2,272,819	)		—
JPMorgan Chase Bank N.A.		476,411		—		—		(476,411	)		—
	$	4,707,209	$	—	$	—	$	(4,707,209	)	$	—

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

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

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

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	$	7,106,945,940	$	—	$	—	$	7,106,945,940
Short-Term Securities
Money Market Funds		469,175,501		—		—		469,175,501
	$	7,576,121,441	$	—	$	—	$	7,576,121,441
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	238,872	$	4,707,209	$	—	$	4,946,081

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

See notes to financial statements.

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

Statements of Assets and Liabilities

March 31, 2024

	iShares S&P 100 ETF		iShares S&P 500 Growth ETF		iShares S&P 500 Value ETF		iShares S&P Small-Cap 600 Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	11,622,876,232	$	44,165,482,316	$	33,448,890,307	$	7,106,945,940
Investments, at value — affiliated(c)		61,714,785		236,719,958		348,772,344		469,175,501
Cash		2,514,282		6,533,375		11,408,950		1,306,123
Cash pledged:
Futures contracts		1,180,640		1,733,340		4,771,360		990,000
Receivables:
Investments sold		—		15,061		—		40,727,683
Securities lending income — affiliated		1,198		24,301		142,300		342,146
Swaps		—		—		—		581,198
Capital shares sold		—		3,953		135,946		—
Dividends — unaffiliated		5,609,010		9,850,199		36,109,644		12,054,954
Dividends — affiliated		95,369		213,502		239,648		599,885
Due from broker		—		—		—		3,172,042
Unrealized appreciation on OTC swaps		—		—		—		4,707,209
Total assets		11,693,991,516		44,420,576,005		33,850,470,499		7,640,602,681
LIABILITIES
Cash received:
Collateral — OTC derivatives		—		—		—		6,030,000
Collateral on securities loaned		85,060		212,417,558		107,972,021		348,127,709
Payables:
Investments purchased		—		3,685,049		—		59,889,773
Swaps		—		—		—		397,170
Capital shares redeemed		78,374		7,810		226,792		279,116
Investment advisory fees		1,961,714		6,294,278		5,020,562		1,075,007
Total liabilities		2,125,148		222,404,695		113,219,375		415,798,775
Commitments and contingent liabilities
NET ASSETS	$	11,691,866,368	$	44,198,171,310	$	33,737,251,124	$	7,224,803,906
NET ASSETS CONSIST OF:
Paid-in capital	$	9,456,536,195	$	33,525,778,052	$	32,489,254,647	$	8,312,915,866
Accumulated earnings (loss)		2,235,330,173		10,672,393,258		1,247,996,477		(1,088,111,960	)
NET ASSETS	$	11,691,866,368	$	44,198,171,310	$	33,737,251,124	$	7,224,803,906
NET ASSET VALUE
Shares outstanding		47,250,000		522,850,000		180,550,000		70,300,000
Net asset value	$	247.45	$	84.53	$	186.86	$	102.77
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Investments, at cost — unaffiliated	$	8,974,873,194	$	29,808,000,381	$	29,659,069,279	$	7,249,551,192
(b) Securities loaned, at value	$	84,104	$	207,047,409	$	105,258,508	$	339,876,216
(c) Investments, at cost — affiliated	$	51,873,539	$	236,671,714	$	322,440,910	$	468,953,655

See notes to financial statements.

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Statements of Operations

Year Ended March 31, 2024

	iShares S&P 100 ETF			iShares S&P 500 Growth ETF			iShares S&P 500 Value ETF			iShares S&P Small-Cap 600 Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	146,593,262		$	389,078,738		$	550,996,687		$	132,931,064
Dividends — affiliated		2,300,036			2,580,237			6,777,879			7,644,491
Interest — unaffiliated		18,654			51,513			48,113			85,638
Securities lending income — affiliated — net		29,248			1,351,877			979,949			2,454,205
Foreign taxes withheld		—			(171,619	)		(88,403	)		—
Total investment income		148,941,200			392,890,746			558,714,225			143,115,398
EXPENSES
Investment advisory		19,583,313			62,700,359			47,661,689			12,218,005
Interest expense		10,645			26,033			14,743			20,891
Total expenses		19,593,958			62,726,392			47,676,432			12,238,896
Net investment income		129,347,242			330,164,354			511,037,793			130,876,502
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(39,414,249	)		(510,617,622	)		(963,838,157	)		(48,549,199	)
Investments — affiliated		(686,429	)		34,238			(4,411,870	)		2,480
Futures contracts		6,605,051			16,026,567			18,333,210			3,677,790
In-kind redemptions — unaffiliated(a)		1,269,947,276			3,367,514,487			3,430,994,286			110,166,142
In-kind redemptions — affiliated(a)		4,232,013			—			2,773,363			—
Swaps		—			—			—			(12,237,804	)
		1,240,683,662			2,872,957,670			2,483,850,832			53,059,409
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		1,763,986,969			6,953,939,995			3,273,281,279			527,849,511
Investments — affiliated		7,366,661			23,522			38,754,393			91,892
Futures contracts		(572,239	)		(2,353,438	)		(766,907	)		(1,116,476	)
Swaps		—			—			—			11,183,265
		1,770,781,391			6,951,610,079			3,311,268,765			538,008,192
Net realized and unrealized gain		3,011,465,053			9,824,567,749			5,795,119,597			591,067,601
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,140,812,295		$	10,154,732,103		$	6,306,157,390		$	721,944,103

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

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S 41

Statements of Changes in Net Assets

	iShares S&P 100 ETF						iShares S&P 500 Growth ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/24			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	129,347,242		$	113,224,910		$	330,164,354		$	280,085,567
Net realized gain		1,240,683,662			407,479,441			2,872,957,670			191,710,832
Net change in unrealized appreciation (depreciation)		1,770,781,391			(1,345,332,448	)		6,951,610,079			(5,994,083,405	)
Net increase (decrease) in net assets resulting from operations		3,140,812,295			(824,628,097	)		10,154,732,103			(5,522,287,006	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(128,201,209	)		(113,384,492	)		(327,303,427	)		(273,353,269	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,131,227,742			(291,408,168	)		4,206,651,149			(798,680,236	)
NET ASSETS
Total increase (decrease) in net assets		4,143,838,828			(1,229,420,757	)		14,034,079,825			(6,594,320,511	)
Beginning of year		7,548,027,540			8,777,448,297			30,164,091,485			36,758,411,996
End of year	$	11,691,866,368		$	7,548,027,540		$	44,198,171,310		$	30,164,091,485

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

See notes to financial statements.

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Statements of Changes in Net Assets (continued)

	iShares S&P 500 Value ETF						iShares S&P Small-Cap 600 Value ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/24			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	511,037,793		$	503,287,391		$	130,876,502		$	126,569,524
Net realized gain		2,483,850,832			2,360,039,333			53,059,409			41,006,441
Net change in unrealized appreciation (depreciation)		3,311,268,765			(3,132,333,186	)		538,008,192			(885,835,581	)
Net increase (decrease) in net assets resulting from operations		6,306,157,390			(269,006,462	)		721,944,103			(718,259,616	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(493,782,581	)		(505,414,298	)		(107,152,234	)		(106,591,690	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		3,448,601,067			(635,658,997	)		(373,336,015	)		(741,070,327	)
NET ASSETS
Total increase (decrease) in net assets		9,260,975,876			(1,410,079,757	)		241,455,854			(1,565,921,633	)
Beginning of year		24,476,275,248			25,886,355,005			6,983,348,052			8,549,269,685
End of year	$	33,737,251,124		$	24,476,275,248		$	7,224,803,906		$	6,983,348,052

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

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S 43

Financial Highlights

(For a share outstanding throughout each period)

	iShares S&P 100 ETF
		Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	187.06		$	208.24		$	179.83		$	118.50		$	125.31
Net investment income(a)		2.82			2.66			2.41			2.37			2.48
Net realized and unrealized gain (loss)(b)		60.31			(21.16	)		28.36			61.39			(6.58	)
Net increase (decrease) from investment operations		63.13			(18.50	)		30.77			63.76			(4.10	)
Distributions from net investment income(c)		(2.74	)		(2.68	)		(2.36	)		(2.43	)		(2.71	)
Net asset value, end of year	$	247.45		$	187.06		$	208.24		$	179.83		$	118.50
Total Return(d)
Based on net asset value		33.98	%		(8.80	)%		17.14	%		54.11	%		(3.42	)%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.32	%		1.48	%		1.19	%		1.52	%		1.86	%
Supplemental Data
Net assets, end of year (000)	$	11,691,866		$	7,548,028		$	8,777,448		$	6,977,233		$	4,852,686
Portfolio turnover rate(f)		3	%		3	%		2	%		8	%		4	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares S&P 500 Growth ETF
		Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)
Net asset value, beginning of year	$	63.92		$	76.34		$	65.08		$	41.25		$	43.10
Net investment income(b)		0.68			0.60			0.41			0.47			0.60
Net realized and unrealized gain (loss)(c)		20.60			(12.44	)		11.27			23.85			(1.68	)
Net increase (decrease) from investment operations		21.28			(11.84	)		11.68			24.32			(1.08	)
Distributions from net investment income(d)		(0.67	)		(0.58	)		(0.42	)		(0.49	)		(0.77	)
Net asset value, end of year	$	84.53		$	63.92		$	76.34		$	65.08		$	41.25
Total Return(e)
Based on net asset value		33.49	%		(15.48	)%		17.94	%		59.13	%		(2.65	)%
Ratios to Average Net Assets(f)
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		0.95	%		0.94	%		0.55	%		0.82	%		1.30	%
Supplemental Data
Net assets, end of year (000)	$	44,198,171		$	30,164,091		$	36,758,412		$	31,174,756		$	22,307,379
Portfolio turnover rate(g)		31	%		34	%		14	%		13	%		27	%

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

^(b)  Based on average shares outstanding.

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

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

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

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

^(g)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 45

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares S&P 500 Value ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	151.79		$	155.61		$	141.09		$	96.29		$	112.76
Net investment income(a)		3.16			3.00			2.89			2.83			2.86
Net realized and unrealized gain (loss)(b)		34.93			(3.78	)		14.48			44.86			(16.41	)
Net increase (decrease) from investment operations		38.09			(0.78	)		17.37			47.69			(13.55	)
Distributions from net investment income(c)		(3.02	)		(3.04	)		(2.85	)		(2.89	)		(2.92	)
Net asset value, end of year	$	186.86		$	151.79		$	155.61		$	141.09		$	96.29
Total Return(d)
Based on net asset value		25.36	%		(0.35	)%		12.39	%		50.10	%		(12.34	)%
Ratios to Average Net Assets(e)
Total expenses		0.18	%		0.18	%		0.18	%		0.18	%		0.18	%
Net investment income		1.93	%		2.06	%		1.92	%		2.39	%		2.40	%
Supplemental Data
Net assets, end of year (000)	$	33,737,251		$	24,476,275		$	25,886,355		$	21,424,451		$	14,187,829
Portfolio turnover rate(f)		32	%		29	%		18	%		26	%		32	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

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Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares S&P Small-Cap 600 Value ETF
		Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)
Net asset value, beginning of year	$	93.67		$	102.39		$	100.53		$	50.14		$	73.81
Net investment income(b)		1.82			1.62			1.07			1.12			1.10
Net realized and unrealized gain (loss)(c)		8.78			(8.96	)		2.32			50.16			(23.45	)
Net increase (decrease) from investment operations		10.60			(7.34	)		3.39			51.28			(22.35	)
Distributions from net investment income(d)		(1.50	)		(1.38	)		(1.53	)		(0.89	)		(1.32	)
Net asset value, end of year	$	102.77		$	93.67		$	102.39		$	100.53		$	50.14
Total Return(e)
Based on net asset value		11.46	%		(7.08	)%		3.38	%		103.08	%(f)		(30.75	)%
Ratios to Average Net Assets(g)
Total expenses		0.18	%		0.18	%		0.18	%		0.21	%		0.25	%
Net investment income		1.93	%		1.71	%		1.04	%		1.56	%		1.48	%
Supplemental Data
Net assets, end of year (000)	$	7,224,804		$	6,983,348		$	8,549,270		$	8,806,141		$	4,120,917
Portfolio turnover rate(h)		66	%		54	%		42	%		52	%		53	%

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

^(b)  Based on average shares outstanding.

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

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

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

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

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

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

See notes to financial statements.

F I N A N C I A L H I G H L I G H T S 47

Notes to Financial Statements

1. ORGANIZATION

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

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

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

48 2 0 2 4 I S H A R E S  A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

Notes to Financial Statements (continued)

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.

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)
S&P 100
Citigroup Global Markets, Inc.	$	84,104	$	(84,104	)		$	—		$	—
S&P 500 Growth
Barclays Bank PLC	$	2,898,936	$	(2,898,936	)		$	—		$	—
BNP Paribas SA		5,254		(5,254	)			—			—
BofA Securities, Inc.		23,825,266		(23,825,266	)			—			—
Citadel Clearing LLC		4,020,498		(4,020,498	)			—			—
Citigroup Global Markets, Inc.		67,172,310		(67,172,310	)			—			—
Goldman Sachs & Co. LLC		6,182,008		(6,182,008	)			—			—
J.P. Morgan Securities LLC		14,556,737		(14,556,737	)			—			—
Jefferies LLC		290,677		(290,677	)			—			—
Morgan Stanley		22,088		(22,088	)			—			—
National Financial Services LLC		32,660,525		(32,660,525	)			—			—
Natixis SA		5,045,268		(5,045,268	)			—			—
RBC Capital Market LLC		125,035		(125,035	)			—			—
Scotia Capital, Inc.		3,838,127		(3,838,127	)			—			—
Toronto-Dominion Bank		4,364,584		(4,364,584	)			—			—
UBS AG		42,040,096		(42,040,096	)			—			—
	$	207,047,409	$	(207,047,409	)		$	—		$	—
S&P 500 Value
Barclays Bank PLC	$	5,837,623	$	(5,837,623	)		$	—		$	—
Barclays Capital, Inc.		23,771		(23,771	)			—			—
BofA Securities, Inc.		117,216		(117,216	)			—			—
Citadel Clearing LLC		5,912,208		(5,912,208	)			—			—
Citigroup Global Markets, Inc.		3,985,344		(3,985,344	)			—			—
Goldman Sachs & Co. LLC		1,159,907		(1,159,907	)			—			—
J.P. Morgan Securities LLC		2,406,175		(2,406,175	)			—			—
Morgan Stanley		16,420,754		(16,420,754	)			—			—
Natixis SA		1,629,958		(1,629,958	)			—			—
RBC Capital Market LLC		22,617,524		(22,617,524	)			—			—
Scotia Capital (USA), Inc.		3,894,471		(3,894,471	)			—			—
Scotia Capital, Inc.		4,559,684		(4,559,684	)			—			—
SG Americas Securities LLC		1,728,425		(1,728,425	)			—			—
State Street Bank & Trust Co.		1,483,104		(1,483,104	)			—			—
Toronto-Dominion Bank		18,788,233		(18,788,233	)			—			—
UBS AG		8,357,330		(8,357,330	)			—			—
Virtu Americas LLC		2,173,824		(2,173,824	)			—			—
Wells Fargo Bank N.A.		3,885,597		(3,885,597	)			—			—
Wells Fargo Securities LLC		277,360		(277,360	)			—			—
	$	105,258,508	$	(105,258,508	)		$	—		$	—

50 2 0 2 4 I S H A R E S  A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received(a)		Non-Cash Collateral Received, at Fair Value(a)			Net Amount(b)
S&P Small-Cap 600 Value
Barclays Bank PLC	$	16,622,713	$	(16,622,713	)		$	—		$	—
Barclays Capital, Inc.		9,300		(9,300	)			—			—
BMO Capital Markets Corp.		137,025		(137,025	)			—			—
BNP Paribas SA		65,327,653		(65,327,653	)			—			—
BofA Securities, Inc.		24,063,183		(24,063,183	)			—			—
Citadel Clearing LLC		687,723		(687,723	)			—			—
Citigroup Global Markets, Inc.		9,969,505		(9,969,505	)			—			—
Goldman Sachs & Co. LLC		59,613,641		(59,613,641	)			—			—
J.P. Morgan Securities LLC		27,430,107		(27,430,107	)			—			—
Jefferies LLC		2,158,113		(2,158,113	)			—			—
Morgan Stanley		43,603,022		(43,603,022	)			—			—
National Financial Services LLC		4,503,863		(4,503,863	)			—			—
Natixis SA		13,642,790		(13,642,790	)			—			—
Nomura Securities International, Inc.		267,300		(267,300	)			—			—
RBC Capital Market LLC		42,932,090		(42,932,090	)			—			—
Scotia Capital (USA), Inc.		3,584,196		(3,584,196	)			—			—
SG Americas Securities LLC		1,832,206		(1,832,206	)			—			—
State Street Bank & Trust Co.		244,934		(244,934	)			—			—
Toronto-Dominion Bank		1,236,920		(1,230,500	)			—			6,420
UBS AG		10,600,656		(10,600,656	)			—			—
Virtu Americas LLC		228,399		(228,399	)			—			—
Wells Fargo Bank N.A.		4,788,804		(4,788,804	)			—			—
Wells Fargo Securities LLC		6,392,073		(6,392,073	)			—			—
	$	339,876,216	$	(339,869,796	)		$	—		$	6,420

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

^(b)  The market value of the loaned securities is determined as of March 31, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be

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

Notes to Financial Statements (continued)

entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid.

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

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

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

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

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

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

52 2 0 2 4 I S H A R E S  A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

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

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

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities 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, redemption fee, 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 generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
S&P 100	$	11,944
S&P 500 Growth		397,115
S&P 500 Value		288,525
S&P Small-Cap 600 Value		750,643

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 year ended March 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
S&P 100	$	91,023,540	$	46,897,660	$	(8,185,333	)
S&P 500 Growth		5,297,567,538		8,091,949,060		(583,738,212	)
S&P 500 Value		7,291,881,703		4,078,712,510		(263,133,208	)
S&P Small-Cap 600 Value		2,172,868,585		1,782,815,152		307,238,004

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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 53

Notes to Financial Statements (continued)

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

7. PURCHASES AND SALES

For the year ended March 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
S&P 100	$	299,734,348	$	293,053,982
S&P 500 Growth		10,906,688,118		10,854,659,728
S&P 500 Value		8,462,708,446		8,417,601,442
S&P Small-Cap 600 Value		4,470,883,168		4,376,500,470

For the year ended March 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
S&P 100	$	4,025,737,187	$	2,898,451,584
S&P 500 Growth		10,857,914,493		6,659,946,777
S&P 500 Value		13,219,738,058		9,811,760,178
S&P Small-Cap 600 Value		1,110,433,479		1,477,651,901

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 March 31, 2024, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions and distributions paid in excess of taxable income were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
S&P 100	$	1,273,205,930	$	(1,273,205,930	)
S&P 500 Growth		3,366,447,377		(3,366,447,377	)
S&P 500 Value		3,429,347,161		(3,429,347,161	)
S&P Small-Cap 600 Value		105,603,260		(105,603,260	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2024		Year Ended March 31, 2023
S&P 100
Ordinary income	$	128,201,209	$	113,384,492
S&P 500 Growth
Ordinary income	$	327,303,427	$	273,353,269
S&P 500 Value
Ordinary income	$	493,782,581	$	505,414,298
S&P Small-Cap 600 Value
Ordinary income	$	107,152,234	$	106,591,690

54 2 0 2 4 I S H A R E S  A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

As of March 31, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Total
S&P 100	$	2,989,848	$	(395,802,684	)	$	2,628,143,009		$	2,235,330,173
S&P 500 Growth		9,593,225		(3,670,091,387	)		14,332,891,420			10,672,393,258
S&P 500 Value		18,239,194		(2,538,458,762	)		3,768,216,045			1,247,996,477
S&P Small-Cap 600 Value		—		(916,055,748	)		(172,056,212	)		(1,088,111,960	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the timing and recognition of realized gains / losses for tax purposes, the realization for tax purposes of unrealized gains (losses) on certain futures contracts, the accounting for swap agreements, the classification of investments and the characterization of corporate actions.

As of March 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
S&P 100	$	9,056,448,008	$	2,979,066,342	$	(350,923,333	)	$	2,628,143,009
S&P 500 Growth		30,069,310,854		14,803,831,544		(470,940,124	)		14,332,891,420
S&P 500 Value		30,029,446,606		4,611,156,257		(842,940,212	)		3,768,216,045
S&P Small-Cap 600 Value		7,748,177,653		700,779,416		(872,835,628	)		(172,056,212	)

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 discretionary liquidity fees under certain circumstances.

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 the Manager believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Fund’s exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 55

Notes to Financial Statements (continued)

time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 03/31/24						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
S&P 100
Shares sold		19,700,000		$	4,039,635,606			6,650,000		$	1,223,360,035
Shares redeemed		(12,800,000	)		(2,908,407,864	)		(8,450,000	)		(1,514,768,203	)
		6,900,000		$	1,131,227,742			(1,800,000	)	$	(291,408,168	)
S&P 500 Growth
Shares sold		140,700,000		$	10,873,698,665			65,500,000		$	4,123,265,045
Shares redeemed		(89,750,000	)		(6,667,047,516	)		(75,100,000	)		(4,921,945,281	)
		50,950,000		$	4,206,651,149			(9,600,000	)	$	(798,680,236	)
S&P 500 Value
Shares sold		77,400,000		$	13,285,072,289			67,300,000		$	9,872,676,861
Shares redeemed		(58,100,000	)		(9,836,471,222	)		(72,400,000	)		(10,508,335,858	)
		19,300,000		$	3,448,601,067			(5,100,000	)	$	(635,658,997	)
S&P Small-Cap 600 Value
Shares sold		11,850,000		$	1,155,662,611			39,800,000		$	3,828,377,839
Shares redeemed		(16,100,000	)		(1,528,998,626	)		(48,750,000	)		(4,569,448,166	)
		(4,250,000	)	$	(373,336,015	)		(8,950,000	)	$	(741,070,327	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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. Authorized Participants 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.

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Notes to Financial Statements (continued)

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 57

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations for the year ended March 31, 2024, the statements of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2024 and each of the financial highlights for each of the five years in the period ended March 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

iShares S&P 100 ETF

iShares S&P 500 Growth ETF

iShares S&P 500 Value ETF

iShares S&P Small-Cap 600 Value ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 23, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.

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Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Dividend Income
S&P 100	$	145,401,503
S&P 500 Growth		378,754,102
S&P 500 Value		514,337,379
S&P Small-Cap 600 Value		90,549,599

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Business Income
S&P 100	$	1,737,240
S&P 500 Growth		6,651,068
S&P 500 Value		32,223,892
S&P Small-Cap 600 Value		29,502,259

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2024 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
S&P 100		100.00	%
S&P 500 Growth		100.00
S&P 500 Value		96.02
S&P Small-Cap 600 Value		83.29

I M P O R T A N T T A X I N F O R M A T I O N 59

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares S&P 100 ETF, iShares S&P 500 Growth ETF, iShares S&P 500 Value ETF and iShares S&P Small-Cap 600 Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Section 19(a) Notices

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

March 31, 2024

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
S&P 100	$	2.741591	$	—	$	—	$	2.741591		100	%		—	%		—	%		100	%
S&P Small-Cap 600 Value		1.500111		—		—		1.500111		100			—			—			100

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

S U P P L E M E N T A L I N F O R M A T I O N 61

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of March 31, 2024. With the exception of Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Stephen Cohen(b) (1975)	Trustee (since 2024).	Senior Managing Director, Head of Global Product Solutions of BlackRock, Inc. (since 2024); Senior Managing Director, Head of Europe, Middle East and Africa Regions of BlackRock, Inc. (2021-2024); Head of iShares Index and Wealth in EMEA of BlackRock, Inc. (2017-2021); Global Head of Fixed Income Indexing of BlackRock, Inc. (2016-2017); Chief Investment Strategist for International Fixed Income and iShares of BlackRock, Inc. (2011-2015).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Stephen Cohen is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Trustee of Forward Funds (14 portfolios) (2009- 2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director of the Jackson Hole Center for the Arts (since 2021).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Director of WellBe Senior Medical (since 2023); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jessica Tan (1980)	President (since 2024).	Managing Director of BlackRock, Inc. (since 2015); Head of Global Product Solutions, Americas of BlackRock, Inc. (since 2024) and Head of Sustainable and Transition Solutions of BlackRock, Inc. (2022-2024); Global Head of Corporate Strategy of BlackRock, Inc. (2019-2022); Chief of Staff to the CEO of BlackRock, Inc. (2017-2019).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director of BlackRock, Inc. (since 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021).
Aaron Wasserman (1974)	Chief Compliance Officer (since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director of BlackRock, Inc. (since 2023); Director of BlackRock, Inc. (2018-2022).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 63

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviation

NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y O F T E R M S U S E D I N T H I S  R E P O R T 65

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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-301-0324

MARCH 31, 2024

    2024 Annual Report  

iShares Trust

· iShares Preferred and Income Securities ETF | PFF | NASDAQ

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended March 31, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still robust. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the ongoing rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	23.48%	29.88%
U.S. small cap equities (Russell 2000® Index)	19.94	19.71
International equities (MSCI Europe, Australasia, Far East Index)	16.81	15.32
Emerging market equities (MSCI Emerging Markets Index)	10.42	8.15
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.68	5.24
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.88	(2.44)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	5.99	1.70
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.48	3.13
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	8.73	11.15
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		7
Disclosure of Expenses		7
Schedule of Investments		8
Financial Statements:
Statement of Assets and Liabilities		15
Statement of Operations		16
Statements of Changes in Net Assets		17
Financial Highlights		18
Notes to Financial Statements		19
Report of Independent Registered Public Accounting Firm		25
Important Tax Information		26
Statement Regarding Liquidity Risk Management Program		27
Supplemental Information		28
Trustee and Officer Information		30
General Information		32
Glossary of Terms Used in this Report		33

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2024 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 29.29%. The economy showed notable resilience even as interest rates rose, and analysts’ optimism about the economy’s trajectory improved. Meanwhile, inflation decelerated notably, enabling a pause in monetary policy tightening and providing a supportive backdrop for equities.

The U.S. economy grew at a robust pace in 2023 despite concerns about the impact of higher interest rates on growth. The U.S. consumer helped to power the expansion, as consumer spending continued to grow in both nominal and real (inflation-adjusted) terms. A strong labor market bolstered consumer spending, as employers continued to add jobs, and average hourly wages increased notably. Consumer spending was also supported by higher asset values, as both home prices and strong equity performance increased household net worth. Government spending also stimulated the economy, as the federal deficit increased amid rising expenditures, while state and local governments also boosted spending to fill personnel vacancies.

Despite high spending and healthy household balance sheets, consumer sentiment remained below pre-pandemic levels, as elevated inflation and high interest rates weighed on consumers’ outlook. While inflation declined early in the reporting period — decreasing from 4.9% in April 2023 to 3% in June 2023 — it remained stubbornly persistent thereafter, fluctuating between 3% and 4%, above the pre-pandemic average. While improved supply chains eased goods inflation, the tight labor market kept labor costs near record highs, and growing services inflation was a significant driver of inflation’s overall persistence.

To counteract inflation, the U.S. Federal Reserve (“Fed”) raised interest rates twice early in the reporting period, reaching the highest level since 2001. However, the Fed paused its interest rate increases thereafter as inflation edged down, keeping interest rates steady after its July 2023 meeting. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. Projections released by the Fed late in the reporting period included several interest rate decreases later in 2024, as it forecast inflation would continue to moderate despite the robust economy.

The strong economy supported corporate profits, which grew substantially in the last three quarters of 2023. Despite higher input costs, companies were able to raise prices sufficiently to widen profit margins, as the U.S. consumer continued to spend. Firms increasingly kept assets in short-term investments that earned higher yields due to elevated interest rates. This helped to mitigate the negative impact of higher borrowing costs, which drove a rise in interest expense. Innovations in computing also drove enthusiasm for equities, as new technologies drove hopes for economy-wide improvements in productivity.

Despite the strong economic conditions during the reporting period, analysts noted several areas of caution about potential disruptions to markets. Geopolitical tensions were high amid Russia’s ongoing invasion of Ukraine and fighting in Gaza following Hamas’ terrorist attack on Israel. Missile attacks on a major shipping lane in the Middle East raised concerns about a wider conflict while disrupting some supply chains. While inflation declined during the reporting period, it remained more persistent than some analysts expected, raising concerns about the effect of continued inflation on the Fed’s interest rate policy.

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Fund Summary as of March 31, 2024 iShares^® Preferred and Income Securities ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		10.14	%		3.01	%		3.77	%		10.14	%		15.99	%		44.74	%
Fund Market		10.28			3.02			3.79			10.28			16.04			45.03
Index		10.69			3.60			4.42			10.69			19.36			54.17

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$    1,000.00	$   1,102.70	$   2.41			$   1,000.00	$   1,022.71	$   2.33		0.46	%

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

F U N D S U M M A R Y 5

Fund Summary as of March 31, 2024 (continued) iShares^® Preferred and Income Securities ETF

Portfolio Management Commentary

U.S. dollar-denominated preferred stocks posted a solid advance for the reporting period. Preferred stock typically pays a steady stream of dividends; therefore, its value is sensitive to prevailing interest rates. When interest rates rise, the dividends paid on preferred stock become relatively less attractive to investors, which weighs on the value of preferred stock. The Fed raised short-term interest rates twice early in the reporting period; however, it shifted to a more accommodative stance as the reporting period continued. The value of preferred and hybrid securities is also influenced by the financial conditions of the issuing company, and the strong performance of some companies represented in the Index during the reporting period also positively impacted the Index’s return.

The financials sector, representing approximately 66% of the Index on average for the reporting period, contributed the most to the Index’s return. The capital markets industry gained notably as the wider market advanced, boosting the value of the industry’s investments. Mortgage real estate investment trusts (“REITs”) also contributed, as high yields and stabilizing interest rates benefited preferred stock in the industry.

Preferred stock issued by banks also advanced. Because preferred stock is classified as equity rather than debt on balance sheets, banks tend to issue high levels of preferred stock to meet regulatory capital requirements. When the reporting period began, markets were adjusting to the impact of the failure of several large regional banks, and another prominent regional bank failed in May 2023. The uncertainty surrounding the health of regional banks initially drove declines in the industry’s preferred stock. However, the shift in the Fed’s monetary policy bolstered the industry, as investors anticipated that looser financial conditions would benefit regional banks. The real estate sector, particularly REITs, also contributed to performance.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	66.2	%
Utilities	9.7
Real Estate	7.9
Communication Services	4.7
Industrials	3.2
Consumer Discretionary	2.6
Energy	1.9
Materials	1.9
Consumer Staples	1.6
Other (each representing less than 1%)	0.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Wells Fargo & Co., Series L, NVS	2.3	%
Albemarle Corp., NVS	1.8
Citigroup Capital XIII, (3-mo. CME Term SOFR + 6.632%), NVS	1.7
Bank of America Corp., Series L, NVS	1.3
Apollo Global Management, Inc.	1.2
NextEra Energy, Inc.	1.0
JPMorgan Chase & Co., Series EE, NVS	1.0
AT&T Inc., Series C, NVS	0.9
JPMorgan Chase & Co., Series DD, NVS	0.9
JPMorgan Chase & Co., Series MM, NVS	0.9

^(a) Excludes money market funds.

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About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

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Schedule of Investments March 31, 2024 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Preferred Securities
Preferred Stocks — 98.8%
Automobiles — 1.3%
Ford Motor Co. 6.00%		3,089,711	$	72,144,752
6.50%, NVS		2,304,259		57,237,794
6.20%		2,785,510		67,270,066
				196,652,612
Banks — 25.2%
Associated Banc-Corp 6.63%		1,162,511		26,458,750
Series E, 5.88%, NVS(a)		391,652		8,256,024
Series F, 5.63%, NVS(a)		388,855		7,815,986
Atlantic Union Bankshares Corp., Series A, 6.88%, NVS(a)		650,572		15,288,442
Banc of California, Inc., Series F, 7.75%, NVS(a)		2,013,624		46,353,625
Bank of America Corp.
Series 02, (3-mo. CME Term SOFR + 0.912%), 6.25%, NVS(a)(b)		609,296		12,917,075
Series 4, (3-mo. CME Term SOFR + 1.012%), 6.35%, NVS(a)(b)		428,233		9,682,348
Series 5, (3-mo. CME Term SOFR + 0.762%), 6.08%, NVS(a)(b)		851,072		18,757,627
Series E, (3-mo. CME Term SOFR + 0.612%), 5.92%, NVS(a)(b)(c)		627,519		14,771,797
Series GG, 6.00%(a)		2,710,307		68,082,912
Series HH, 5.88%, NVS(a)		1,704,462		42,424,059
Series K*, 6.45%		2,102,269		53,250,474
Series KK, 5.38%, NVS(a)		2,773,433		66,423,720
Series L, 7.25%, NVS(a)(d)		156,246		186,517,100
Series LL, 5.00%, NVS(a)(c)		2,608,214		58,476,158
Series NN, 4.38%, NVS(a)		2,152,657		44,409,314
Series PP, 4.13%, NVS(a)		1,819,868		35,378,234
Series QQ, 4.25%, NVS(a)(c)		2,603,581		51,550,904
Series SS, 4.75%, NVS(a)(c)		1,364,483		30,155,074
Bank of Hawaii Corp., Series A, 4.38%, NVS(a)		679,352		10,937,567
Bank OZK, Series A, 4.63%, NVS(a)		1,378,553		24,083,321
Cadence Bank, Series A, 5.50%, NVS(a)		650,572		13,453,829
Citizens Financial Group, Inc.
Series D, 6.35%, NVS(a)		1,188,998		30,141,099
Series E, 5.00%, NVS(a)		1,783,331		38,769,616
ConnectOne Bancorp, Inc., Series A, 5.25%, NVS(a)		453,142		9,062,840
Cullen/Frost Bankers, Inc., Series B, 4.45%, NVS(a)		579,961		11,210,646
Dime Community Bancshares, Inc., 5.50%, NVS(a)		513,779		8,898,652
Fifth Third Bancorp
Series A, 6.00%, NVS(a)		769,352		19,295,348
Series I, (3-mo. CME Term SOFR + 3.972%), 9.30%, NVS(a)(b)(c)		1,749,855		44,201,337
Series K, 4.95%, NVS(a)		988,999		23,261,257
First Citizens BancShares, Inc.
Series A, 5.38%, NVS(a)		1,367,194		31,240,383
Series C, 5.63%, NVS(a)		777,713		18,112,936
First Horizon Corp. 6.50%, NVS(a)		583,284		13,555,520
Series D, 6.10%(a)(c)		385,292		9,736,329
Series F, 4.70%(a)		572,104		9,565,579
Fulton Financial Corp., Series A, 5.13%, NVS(a)(c)		754,504		14,033,774
Hancock Whitney Corp., 6.25%		666,339		16,405,266

Security	Shares		Value
Banks (continued)
Heartland Financial U.S.A., Inc., Series E, 7.00%, NVS(a)		455,677	$	11,337,244
Huntington Bancshares, Inc.
Series C, 5.70%, NVS(a)		680,621		15,490,934
Series H, 4.50%, NVS(a)		2,016,382		39,137,975
Series J, 6.88%, NVS(a)		1,246,346		30,485,623
JPMorgan Chase & Co.
Series DD, 5.75%, NVS(a)		5,298,077		132,557,887
Series EE, 6.00%, NVS(a)		5,789,857		145,788,599
Series GG, 4.75%, NVS(a)		2,777,992		62,393,700
Series JJ, 4.55%, NVS(a)		4,669,701		99,978,298
Series LL, 4.63%, NVS(a)		5,776,245		125,806,616
Series MM, 4.20%, NVS(a)(c)		6,243,636		125,871,702
KeyCorp 6.20%, NVS(a)		2,347,771		53,787,434
Series E, 6.13%, NVS(a)		1,944,529		46,552,024
Series F, 5.65%, NVS(a)		1,652,763		35,137,741
Series G, 5.63%, NVS(a)		1,752,567		38,188,435
M&T Bank Corp., Series H, 5.63%, NVS(a)		972,142		22,368,987
Midland States Bancorp, Inc., 7.75%, NVS(a)		444,188		11,189,096
New York Community Bancorp, Inc., Series A., 6.38%, NVS(a)(c)		2,032,573		35,407,422
New York Community Capital Trust V, 6.00%, NVS(d)		300,846		9,876,774
Old National Bancorp
Series A, 7.00%, NVS(a)		419,910		10,627,922
Series C, 7.00%, NVS(a)		471,737		11,920,794
Pinnacle Financial Partners, Inc., Series B, 6.75%, NVS(a)		870,569		20,562,840
Popular Capital Trust II, 6.13%(c)		388,957		9,883,397
Regions Financial Corp.
Series B, 6.38%, NVS(a)		1,920,198		47,121,659
Series C, 5.70%, NVS(a)		2,008,383		47,397,839
Series E, 4.45%, NVS(a)		1,539,079		29,180,938
Synovus Financial Corp.
Series D, (3-mo. CME Term SOFR + 3.614%), 8.91%, NVS(a)(b)		769,362		19,164,807
Series E, 5.88%, NVS(a)		1,382,545		34,065,909
Texas Capital Bancshares, Inc., Series B, 5.75%, NVS(a)		1,235,917		25,175,629
Truist Financial Corp.
Series I, (3-mo. CME Term SOFR + 0.792%), 6.12%, NVS(a)(b)		664,459		14,558,297
Series O, 5.25%, NVS(a)		2,208,228		52,401,250
Series R, 4.75%, NVS(a)(c)		3,565,222		75,939,229
U.S. Bancorp
Series A, (3-mo. CME Term SOFR + 1.282%), 6.60%, NVS(a)(b)		55,528		46,890,620
Series B*, (3-mo. CME Term SOFR + 0.862%), 6.18%, NVS(a)(b)		3,888,725		81,779,887
Series K, 5.50%, NVS(a)		2,235,962		55,138,823
Series L, 3.75%, NVS(a)		1,981,633		34,956,006
Series M, 4.00%, NVS(a)(c)		2,949,034		55,589,291
Series O, 4.50%, NVS(a)		1,777,579		37,169,177
Valley National Bancorp
Series A, 6.25%, NVS(a)(c)		458,263		10,191,769
Series B, (3-mo. LIBOR US + 3.578%), 9.14%, NVS(a)(b)(c)		391,049		8,896,365
WaFd, Inc., Series A, 4.88%, NVS(a)		1,104,696		17,432,103
Webster Financial Corp.
Series F, 5.25%, NVS(a)		577,931		12,067,199
Series G, 6.50%(a)(c)		519,697		12,207,683

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Schedule of Investments (continued) March 31, 2024 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Wells Fargo & Co.
Series AA, 4.70%, NVS(a)		3,244,430	$	69,755,245
Series CC, 4.38%, NVS(a)		2,903,074		58,932,402
Series DD, 4.25%, NVS(a)		3,464,382		67,520,805
Series L, 7.50%, NVS(a)(d)		278,627		339,743,833
Series Y, 5.63%, NVS(a)		1,899,204		47,214,211
Series Z, 4.75%, NVS(a)		5,618,484		121,921,103
WesBanco, Inc., Series A, 6.75%, NVS(a)		579,961		13,843,669
Western Alliance Bancorp, Series A, 4.25%, NVS(a)		1,173,979		21,131,622
Wintrust Financial Corp.
Series D, 6.50%, NVS(a)		480,014		11,208,327
Series E, 6.88%, NVS(a)(c)		1,139,233		28,196,017
Zions Bancorp N.A., Series G, (3-mo. LIBOR US + 4.240%), 9.83%, NVS(a)(b)		533,136		13,493,672
				3,747,571,752
Broadline Retail — 0.8%
Dillard’s Capital Trust I, 7.50%		782,272		20,127,859
Qurate Retail, Inc., 8.00%		1,239,845		61,645,093
QVC, Inc. 6.25%		1,937,508		27,105,737
6.38%		894,708		12,830,113
				121,708,802
Capital Markets — 11.1%
Affiliated Managers Group, Inc. 4.20%		799,178		14,057,541
4.75%		1,092,869		20,983,085
5.88%		1,195,720		28,338,564
B Riley Financial, Inc. 6.50%		695,066		12,657,152
6.00%		1,039,216		15,993,534
5.50%(c)		837,662		15,965,838
5.25%(c)		1,595,108		22,060,344
5.00%		1,259,865		20,762,575
6.75%		5,804		143,707
6.38%		563,910		12,969,930
Brookfield Finance I UK PLC, 4.50%(a)		908,798		14,731,616
Brookfield Finance, Inc., Series 50, 4.63%, NVS		1,591,000		28,638,000
Brookfield Oaktree Holdings LLC
Series A, 6.63%, NVS(a)		700,040		16,730,956
Series B, 6.55%, NVS(a)		913,887		21,183,901
Carlyle Finance LLC, 4.63%, NVS		1,859,260		36,274,163
Charles Schwab Corp. (The)
Series D, 5.95%, NVS(a)(c)		2,916,584		73,672,912
Series J, 4.45%, NVS(a)(c)		2,304,265		49,311,271
Crescent Capital BDC, Inc., 5.00%		429,149		10,278,119
Gladstone Investment Corp. 5.00%, NVS		492,074		11,918,032
4.88%		524,198		12,051,312
Goldman Sachs Group, Inc. (The)
Series A, (3-mo. CME Term SOFR + 1.012%), 6.31%, NVS(a)(b)		2,916,584		66,702,276
Series C, (3-mo. CME Term SOFR + 1.012%), 6.31%, NVS(a)(b)		777,713		18,144,044
Series D, (3-mo. CME Term SOFR + 0.932%), 6.23%, NVS(a)(b)		5,184,258		118,875,036
Series K, 6.38%(a)		2,723,375		69,364,361
KKR Group Finance Co. IX LLC, 4.63%, NVS		1,856,554		37,038,252
Morgan Stanley
Series A, (3-mo. CME Term SOFR + 0.962%), 6.28%(a)(b)		4,168,416		94,623,043
Series E, 7.13%, NVS(a)(b)		3,265,298		82,448,775

Security	Shares		Value
Capital Markets (continued)
Morgan Stanley
Series F, 6.88%, NVS(a)(b)		3,188,116	$	80,212,999
Series I, 6.38%, NVS(a)(b)		3,747,066		93,301,943
Series K, 5.85%, NVS(a)(b)		3,748,367		93,671,691
Series L, 4.88%, NVS(a)		1,806,454		42,126,507
Series O, 4.25%, NVS(a)		4,927,946		99,248,832
Series P, 6.50%, NVS(a)		3,788,666		99,679,802
New Mountain Finance Corp., 8.25%		455,682		11,765,709
Northern Trust Corp., Series E, 4.70%, NVS(a)		1,549,941		34,982,168
Prospect Capital Corp., Series A, 5.35%(a)		528,953		10,097,713
Saratoga Investment Corp., Series 2027, 6.00%		412,405		9,980,201
State Street Corp., Series G, 5.35%, NVS(a)(b)		1,944,529		47,621,515
Stifel Financial Corp. 5.20%		875,050		20,773,687
Series B, 6.25%, NVS(a)		622,123		15,447,314
Series C, 6.13%, NVS(a)		891,741		22,338,112
Series D, 4.50%, NVS(a)		1,183,362		22,862,554
Trinity Capital, Inc., 7.00%		707,355		17,768,758
				1,647,797,844
Chemicals — 1.8%
Albemarle Corp., 7.25%, NVS(d)		4,411,050		260,251,950
EIDP, Inc., Series B, 4.50%, NVS(a)		169,361		12,419,242
				272,671,192
Commercial Services & Supplies — 0.2%
Pitney Bowes, Inc., 6.70%		1,603,244		29,900,501
Consumer Finance — 3.1%
Atlanticus Holdings Corp., 6.13%		569,167		13,033,924
Capital One Financial Corp.
Series I, 5.00%, NVS(a)		5,776,930		118,195,988
Series J, 4.80%, NVS(a)		4,666,996		90,819,742
Series K, 4.63%, NVS(a)		423,433		8,091,805
Series L, 4.38%, NVS(a)		2,623,336		47,954,582
Series N, 4.25%, NVS(a)(c)		1,636,625		29,442,884
Navient Corp., 6.00%		1,182,800		25,193,640
SLM Corp., Series B, (3-mo. CME Term SOFR + 1.962%), 7.29%(a)(b)		243,939		18,575,955
Synchrony Financial
Series A, 5.63%, NVS(a)		2,893,285		54,538,422
Series B, 8.25%, NVS(a)		1,917,800		47,964,178
				453,811,120
Diversified REITs — 0.5%
Armada Hoffler Properties, Inc., Series A, 6.75%, NVS(a)		627,545		13,824,816
EPR Properties
Series C, 5.75%, NVS(a)(d)		517,137		9,804,918
Series E, 9.00%, NVS(a)(d)		334,902		9,062,448
Global Net Lease, Inc.
Series A, 7.25%, NVS(a)		622,413		12,616,311
Series B, 6.88%(a)		419,620		7,930,818
Series D, 7.50%, NVS(a)		726,317		15,368,868
LXP Industrial Trust, Series C, 6.50%, NVS(a)(d)		178,057		8,256,503
				76,864,682
Diversified Telecommunication Services — 3.3%
AT&T Inc.
5.35%		4,959,025		116,537,087
5.63%		3,189,154		77,911,032
Series A, 5.00%, NVS(a)		4,616,060		98,599,042
Series C, 4.75%, NVS(a)		6,646,268		133,656,449

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

Schedule of Investments (continued) March 31, 2024 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services (continued)
Qwest Corp. 6.75%		2,623,868	$	25,608,952
6.50%, NVS		3,764,917		36,707,941
				489,020,503
Electric Utilities — 6.4%
BIP Bermuda Holdings I Ltd., 5.13%(a)		1,180,872		23,121,474
Brookfield BRP Holdings Canada, Inc. 4.63%, NVS(a)		1,360,044		23,120,748
4.88%(a)		1,009,469		17,423,435
Brookfield Infrastructure Finance ULC, 5.00%		972,339		17,900,761
Duke Energy Corp. 5.63%		1,925,997		47,302,486
Series A, 5.75%, NVS(a)		3,840,264		95,430,560
Entergy Arkansas LLC, 4.88%		1,595,278		36,101,141
Entergy Louisiana LLC, 4.88%		1,050,466		23,761,541
Entergy Mississippi LLC, 4.90%		1,010,810		23,440,684
Georgia Power Co., Series 2017, 5.00%		1,046,070		25,775,165
NextEra Energy Capital Holdings, Inc., Series N, 5.65%		2,663,008		65,616,517
NextEra Energy, Inc., 6.93%(c)(d)		3,844,014		149,647,465
Pacific Gas & Electric Co., Series A, 6.00%(a)		433,966		10,610,469
SCE Trust II, 5.10%, NVS(a)		864,210		18,485,452
SCE Trust III, Series H, (3-mo. CME Term SOFR + 3.252%), 8.58%, NVS(a)(b)		1,059,325		26,928,042
SCE Trust IV, Series J, 5.38%, NVS(a)(c)		1,280,020		30,093,270
SCE Trust V, Series K, 5.45%, NVS(a)		1,155,369		27,786,625
SCE Trust VI, 5.00%, NVS(a)		1,865,887		39,183,627
SCE Trust VII, Series M, 7.50%(a)(c)		2,106,022		56,083,366
Southern Co. (The) 5.25%		1,733,260		42,274,211
Series 2020, 4.95%		3,877,963		89,154,369
Series C, 4.20%		2,925,931		58,928,250
				948,169,658
Electrical Equipment — 0.2%
Babcock & Wilcox Enterprises, Inc. 6.50%		584,640		8,149,882
8.13%		743,092		12,149,554
Series A, 7.75%, NVS(a)		776,006		8,155,823
				28,455,259
Entertainment — 0.0%
Chicken Soup For The Soul Entertainment, Inc., Series A, NVS, 9.75%(a)		575,534		282,012
Financial Services — 5.7%
Apollo Global Management, Inc. 6.75%(d)		2,760,225		175,964,344
7.63%(c)		2,304,258		60,947,624
Citigroup Capital XIII, (3-mo. CME Term SOFR + 6.632%), 11.95%, NVS(b)		8,641,075		254,652,480
Compass Diversified Holdings
Series A, 7.25%, NVS(a)		390,621		9,863,180
Series B, 7.88%, NVS(a)		400,236		10,085,947
Series C, 7.88%, NVS(a)		446,200		11,208,544
Equitable Holdings, Inc.
Series A, 5.25%, NVS(a)		3,017,795		68,896,260
Series C, 4.30%(a)		1,109,362		20,534,291
Federal Agricultural Mortgage Corp.
Series D, 5.70%, NVS(a)		394,356		9,464,544
Series F, 5.25%, NVS(a)		463,393		10,143,673
Series G, 4.88%, NVS(a)		483,501		9,848,915
Jackson Financial, Inc., 8.00%(a)		2,074,732		55,125,629

Security	Shares		Value
Financial Services (continued)
Merchants Bancorp 8.25%, NVS(a)		552,513	$	14,083,556
Series B, 6.00%, NVS(a)		416,287		9,965,911
Series C, 6.00%, NVS(a)		767,348		16,421,247
National Rural Utilities Cooperative Finance Corp., Series US, 5.50%		960,182		23,812,514
NewtekOne, Inc., 5.50%		454,112		11,044,004
TPG Operating Group II LP, 6.95%, NVS		1,534,285		40,321,010
Voya Financial, Inc., Series B, 5.35%, NVS(a)		1,164,141		27,531,935
				839,915,608
Food Products — 1.6%
CHS, Inc. 8.00%, NVS(a)		1,181,589		36,735,602
Series 1, 7.88%, NVS(a)		2,066,296		55,397,396
Series 2, 9.86%, NVS(a)		1,617,425		42,376,535
Series 3, 6.75%, NVS(a)		1,896,523		47,640,658
Series 4, 7.50%(a)		1,993,158		51,224,160
				233,374,351
Gas Utilities — 0.3%
Entergy New Orleans LLC, 5.50%		430,591		10,360,019
Spire, Inc., Series A, 5.90%, NVS(a)		978,221		24,152,277
UGI Corp., 7.25%(d)		216,412		12,582,194
				47,094,490
Health Care Providers & Services — 0.2%
BrightSpring Health Services, Inc., 6.75%, NVS(d)		723,019		32,593,696
Health Care REITs — 0.2%
Diversified Healthcare Trust 6.25%, NVS		988,895		15,189,427
5.63%		1,388,082		19,877,334
				35,066,761
Health Care Technology — 0.0%
CareCloud, Inc., Series A, 11.00%, NVS(a)		453,119		2,723,245
Hotel & Resort REITs — 0.9%
Braemar Hotels & Resorts, Inc., Series B, 5.50%, NVS(a)(c)(d)		291,053		3,990,686
Chatham Lodging Trust, Series A, 6.63%, NVS(a)		427,053		9,305,485
DiamondRock Hospitality Co., 8.25%, NVS(a)		427,555		10,770,110
Pebblebrook Hotel Trust
Series E, 6.38%, NVS(a)(c)		391,025		8,094,217
Series F, 6.30%, NVS(a)		551,705		11,254,782
Series G, 6.38%, NVS(a)		850,985		17,538,801
Series H, 5.70%, NVS(a)		775,280		14,575,264
RLJ Lodging Trust, Series A, 1.95%(a)(d)		1,220,030		29,878,535
Summit Hotel Properties, Inc.
Series E, 6.25%, NVS(a)		583,537		12,003,356
Series F, 5.88%, NVS(a)(c)		347,731		6,805,096
Sunstone Hotel Investors, Inc.
Series H, 6.13%(a)		411,222		8,722,019
Series I, 5.70%, NVS(a)		324,989		6,454,281
				139,392,632
Hotels, Restaurants & Leisure — 0.1%
FAT Brands, Inc., Series B, NVS, 8.25%		719,669		11,241,230
Independent Power and Renewable Electricity Producers — 0.4%
Brookfield Renewable Partners LP, Series 17, 5.25%, NVS(a)		764,900		13,944,127
Tennessee Valley Authority
Series A, (30-yr. CMT + 0.840%), 2.22%(b)(c)		809,872		17,800,987
Series D, (30-yr. CMT + 0.940%), 2.13%(b)		991,662		21,935,563
				53,680,677

10 2 0 2 4 I S H A R E S A N N U A L  R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Industrial Conglomerates — 0.1%
Steel Partners Holdings LP, Series A, 6.00%, NVS		612,335	$	14,732,780
Insurance — 14.1%
AEGON Funding Co. LLC, 5.10%, NVS		3,557,969		77,101,188
Allstate Corp. (The)
(3-mo. CME Term SOFR + 3.427%), 8.74%, NVS(b)		1,925,997		49,267,003
Series H, 5.10%, NVS(a)		4,416,381		99,103,590
Series I, 4.75%, NVS(a)		1,182,738		26,812,670
Series J, 7.38%(a)		2,310,658		62,041,167
American Equity Investment Life Holding Co.
Series A, 5.95%, NVS(a)		1,571,015		38,065,693
Series B, 6.63%, NVS(a)		1,177,831		28,538,845
American Financial Group, Inc. 5.88%		499,507		12,292,867
4.50%		789,401		17,090,532
5.63%		599,704		14,884,653
5.13%		776,250		17,752,838
Arch Capital Group Ltd.
Series F, 5.45%, NVS(a)		1,294,700		30,593,761
Series G, 4.55%(a)		1,951,517		40,376,887
Argo Group International Holdings, Inc., 7.00%, NVS(a)		602,715		14,428,997
Argo Group U.S., Inc., 6.50%(c)		564,754		12,819,916
Aspen Insurance Holdings Ltd. 5.63%, NVS(a)		1,060,339		21,641,519
5.63%, NVS(a)		862,463		17,637,368
(3-mo. LIBOR US + 4.060%), 9.65%, NVS(a)(b)		1,081,201		27,376,009
Assurant, Inc., 5.25%		956,489		21,807,949
Athene Holding Ltd. 7.25%, NVS		2,205,478		56,195,579
Series A, 6.35%, NVS(a)		3,312,393		78,934,325
Series B, 5.63%, NVS(a)		1,355,112		29,419,482
Series C, 6.38%, NVS(a)		2,338,691		58,139,858
Series D, 4.88%(a)		2,243,780		41,711,870
Series E, 7.75%, NVS(a)		1,951,024		50,941,237
Axis Capital Holdings Ltd., Series E, 5.50%, NVS(a)		2,153,612		48,822,384
Brighthouse Financial, Inc. 6.25%		1,469,989		33,692,148
Series A, 6.60%, NVS(a)		1,662,093		40,538,448
Series B, 6.75%, NVS(a)		1,581,174		39,608,409
Series C, 5.38%(a)		2,251,981		46,210,650
Series D, 4.63%, NVS(a)		1,385,465		23,525,196
CNO Financial Group, Inc., 5.13%		578,211		12,610,782
Enstar Group Ltd.
Series D, 7.00%, NVS(a)		1,561,185		39,107,684
Series E, 7.00%, NVS(a)		423,416		10,581,166
F&G Annuities & Life, Inc., 7.95%, NVS		1,327,179		34,719,003
Globe Life, Inc., 4.25%, NVS		1,296,400		26,926,228
Hartford Financial Services Group, Inc. (The), Series G, 6.00%, NVS(a)		1,355,561		34,349,916
Kemper Corp., 5.88%		597,767		13,993,726
Lincoln National Corp., Series D, 9.00%(a)		1,886,039		51,998,095
Maiden Holdings Ltd., 6.63%		464,052		7,740,387
Maiden Holdings North America Ltd., 7.75%		600,953		11,021,478
MetLife, Inc.
Series A, (3-mo. CME Term SOFR + 1.262%), 6.59%, NVS(a)(b)		2,325,655		55,513,385
Series E, 5.63%, NVS(a)(c)		3,091,357		74,254,395
Series F, 4.75%, NVS(a)		3,776,553		80,440,579
PartnerRe Ltd., Series J, 4.88%, NVS(a)		803,652		17,342,810

Security	Shares		Value
Insurance (continued)
Prudential Financial, Inc.
5.95%		1,164,328	$	29,865,013
5.63%		2,148,721		53,803,974
4.13%, NVS		1,944,529		39,435,048
Reinsurance Group of America, Inc.
7.13%		2,688,258		69,599,000
5.75%, NVS		1,560,852		39,021,300
RenaissanceRe Holdings Ltd.
Series F, 5.75%, NVS(a)		987,096		24,381,271
Series G, 4.20%, NVS(a)		1,957,019		37,046,370
Selective Insurance Group, Inc., Series B, 4.60%(a)		805,223		15,186,506
SiriusPoint Ltd., Series B, 8.00%, NVS(a)		794,186		20,108,790
Unum Group, 6.25%		1,175,106		29,483,410
W R Berkley Corp. 5.70%		642,985		16,183,932
5.10%		1,179,472		26,726,836
4.13%		1,182,957		23,055,832
4.25%		990,134		19,931,397
				2,091,801,351
IT Services — 0.0%
Exela Technologies, Inc., Series B, 6.00%(a)(d)		292,013		589,866
Leisure Products — 0.3%
Brunswick Corp. 6.50%		661,064		16,447,272
6.63%		493,377		12,275,220
6.38%		900,735		22,851,647
				51,574,139
Machinery — 0.7%
Chart Industries, Inc., Series B, 6.75%, NVS(c)(d)		774,683		49,742,396
RBC Bearings, Inc., Series A, 5.00%, NVS(c)(d)		441,635		53,919,217
				103,661,613
Marine Transportation — 0.1%
Global Ship Lease, Inc., 8.75%, NVS(a)		424,935		11,048,310
Media — 0.1%
Liberty Broadband Corp., Series A, 7.00%(a)		705,093		16,428,667
Mortgage Real Estate Investment Trusts (REITs) — 6.2%
ACRES Commercial Realty Corp.
Series C, 8.63%(a)		432,635		10,435,156
Series D, 7.88%, NVS(a)		406,984		8,754,226
AGNC Investment Corp.
Series C, (3-mo. CME Term SOFR + 5.373%), 10.69%, NVS(a)(b)		1,220,747		30,677,372
Series D, 6.88%, NVS(a)		871,788		21,402,395
Series E, 6.50%, NVS(a)		1,511,899		36,376,290
Series F, 6.13%, NVS(a)		2,140,815		49,153,112
Series G, 7.75%, NVS(a)		544,811		12,966,502
Annaly Capital Management, Inc.
Series F, (3-mo. CME Term SOFR + 5.255%), 10.55%, NVS(a)(b)		2,696,818		67,717,100
Series G, (3-mo. CME Term SOFR + 4.434%), 9.74%, NVS(a)(b)		1,570,077		38,796,603
Series I, 6.75%, NVS(a)		1,606,361		39,885,944
Arbor Realty Trust, Inc.
Series D, 6.38%, NVS(a)		828,924		16,213,753
Series E, 6.25%, NVS(a)		488,564		9,526,998
Series F, 6.25%, NVS(a)		998,281		20,225,173
ARMOUR Residential REIT, Inc., Series C, 7.00%(a)		621,193		12,951,874

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

Schedule of Investments (continued) March 31, 2024 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Chimera Investment Corp.
Series A, 8.00%, NVS(a)		524,812	$	11,036,796
Series B, (3-mo. LIBOR US + 5.791%), 11.35%, NVS(a)(b)		1,214,756		29,943,735
Series C, 7.75%, NVS(a)		961,651		19,713,846
Series D, (3-mo. LIBOR US + 5.338%), 10.90%, NVS(a)(b)		736,479		18,220,490
Dynex Capital, Inc., Series C, 6.90%, NVS(a)		441,950		10,871,970
Ellington Financial, Inc. 6.75%, NVS(a)		412,740		9,699,390
Series B, 6.25%, NVS(a)(c)		428,537		8,729,299
Series C, 8.63%(a)(c)		359,276		8,579,511
Franklin BSP Realty Trust, Inc., Series E, 7.50%, NVS(a)		956,975		19,522,290
Granite Point Mortgage Trust, Inc., Series A, 7.00%, NVS(a)		738,576		13,405,154
Great Ajax Corp., 7.25%, NVS(d)		461,279		11,490,460
Invesco Mortgage Capital, Inc.
Series B, 7.75%, NVS(a)		389,811		8,770,748
Series C, 7.50%, NVS(a)		684,763		15,140,110
KKR Real Estate Finance Trust, Inc., Series A, 6.50%, NVS(a)		1,217,841		21,470,537
MFA Financial, Inc. 8.88%, NVS		456,925		11,706,419
Series B, 7.50%, NVS(a)		732,417		15,161,032
Series C, 6.50%, NVS(a)		1,021,427		22,655,251
New York Mortgage Trust, Inc.
Series D, 8.00%, NVS(a)		552,887		11,992,119
Series E, 7.88%, NVS(a)		645,115		14,818,292
Series F, 6.88%, NVS(a)		491,239		9,878,816
PennyMac Mortgage Investment Trust
Series A, 8.13%, NVS(a)(b)		412,739		9,559,035
Series B, 8.00%, NVS(a)(b)		716,478		16,658,114
Series C, 6.75%, NVS(a)		923,250		17,578,680
Ready Capital Corp. 6.20%(c)		427,777		10,394,981
5.75%		840,559		20,417,178
Series E, 6.50%, NVS(a)		409,247		7,534,237
Rithm Capital Corp.
Series A, 7.50%, NVS(a)		566,957		13,845,090
Series B, 7.13%(a)		1,049,947		25,639,706
Series C, 6.38%, NVS(a)		1,495,703		33,832,802
Series D, 7.00%, NVS(a)		1,721,113		38,690,620
TPG RE Finance Trust, Inc., Series C, 6.25%, NVS(a)(c)		732,124		11,853,088
Two Harbors Investment Corp.
Series A, 8.13%, NVS(a)		453,861		10,402,494
Series B, 7.63%, NVS(a)		950,878		21,603,948
Series C, 7.25%, NVS(a)		905,490		20,690,446
				926,589,182
Multi-Utilities — 2.6%
Algonquin Power & Utilities Corp. 7.75%(c)(d)		2,237,161		47,964,732
Series 19-A, 6.20%, NVS		1,341,966		33,549,150
Brookfield Infrastructure Partners LP
Series 13, 5.13%, NVS(a)		769,989		13,967,600
Series 14, 5.00%, NVS(a)		774,856		13,761,443
CMS Energy Corp. 5.88%		2,417,801		59,888,931
5.88%, NVS		1,075,352		26,034,272
5.63%		777,541		19,096,407
Series C, 4.20%, NVS(a)		888,481		18,071,703

Security	Shares		Value
Multi-Utilities (continued)
DTE Energy Co. 4.38%(c)		1,088,237	$	22,156,505
Series E, 5.25%(c)		1,546,420		38,273,895
Series G, 4.38%		894,621		18,429,193
Sempra, 5.75%		2,931,504		70,180,206
				381,374,037
Office REITs — 0.9%
City Office REIT, Inc., Series A, 6.63%, NVS(a)		391,769		6,875,546
Equity Commonwealth, Series D, 6.50%, NVS(a)(d)		442,039		11,050,975
Hudson Pacific Properties, Inc., Series C, 4.75%, NVS(a)		1,577,183		21,796,669
Office Properties Income Trust, 6.38%		480,334		5,226,034
SL Green Realty Corp., Series I, 6.50%, NVS(a)		705,277		16,045,052
Vornado Realty Trust
Series L, 5.40%, NVS(a)		1,117,316		16,793,259
Series M, 5.25%, NVS(a)		1,178,464		18,030,499
Series N, 5.25%, NVS(a)		1,103,966		16,647,807
Series O, 4.45%, NVS(a)(c)		1,101,172		14,006,908
				126,472,749
Oil, Gas & Consumable Fuels — 1.9%
El Paso Energy Capital Trust I, 4.75%(d)		446,638		21,420,758
Energy Transfer LP, Series E, 7.60%, NVS(a)		3,072,321		77,729,721
NGL Energy Partners LP, Series B, (3-mo. CME Term SOFR + 7.475%), 12.79%, NVS(a)(b)		1,216,513		35,753,317
NuStar Energy LP
Series A, (3-mo. CME Term SOFR + 7.028%), 12.36%, NVS(a)(b)		887,001		22,937,846
Series B, (3-mo. CME Term SOFR + 5.905%), 11.23%, NVS(a)(b)		1,518,299		38,352,233
Series C, (3-mo. LIBOR US + 6.880%), 12.47%, NVS(a)(b)		688,778		17,481,186
NuStar Logistics LP, (3-mo. CME Term SOFR + 6.996%), 12.31%(b)		1,545,814		38,830,848
Seapeak LLC 9.00%, NVS(a)		480,875		12,214,225
Series B, 8.50%, NVS(a)		654,129		16,451,344
				281,171,478
Professional Services — 0.3%
Clarivate PLC, Series A, 5.25%(d)		1,419,854		42,198,061
Real Estate Management & Development — 1.0%
Brookfield Property Partners LP 6.25%		2,628,020		40,891,991
Series A, 5.75%, NVS(a)		1,107,461		14,131,202
Series A-1, 6.50%, NVS(a)		708,091		11,152,433
Series A2, 6.38%, NVS(a)		966,401		13,925,838
DigitalBridge Group, Inc.
Series H, 7.13%, NVS(a)		775,645		18,157,850
Series I, 7.15%, NVS(a)		1,208,865		28,142,377
Series J, 7.13%, NVS(a)(c)		1,085,625		25,468,763
				151,870,454
Residential REITs — 0.3%
American Homes 4 Rent
Series G, 5.88%, NVS(a)		410,940		9,447,510
Series H, 6.25%, NVS(a)		445,678		10,834,432
UMH Properties, Inc., Series D, 6.38%, NVS(a)		1,030,727		23,315,045
				43,596,987
Retail REITs — 0.9%
Agree Realty Corp., Series A, 4.25%, NVS(a)		633,541		11,239,017
Cedar Realty Trust, Inc., Series C, 6.50%, NVS(a)		446,751		5,637,998

12 2 0 2 4 I S H A R E S A N N U A L  R E P O R T T O S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Preferred and Income Securities ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Federal Realty Investment Trust, Series C, 5.00%, NVS(a)(c)		542,618	$	11,910,465
Kimco Realty Corp.
Series L, 5.13%, NVS(a)(c)		821,936		18,805,896
Series M, 5.25%, NVS(a)		972,720		22,275,288
Realty Income Corp., Series A, 6.00%, NVS(a)		634,788		15,698,307
Regency Centers Corp.
Series A, 6.25%, NVS(a)		444,871		10,756,981
Series B, 5.88%, NVS(a)(c)		456,179		10,701,959
Saul Centers, Inc., Series E, 6.00%, NVS(a)(c)		389,661		8,323,159
SITE Centers Corp., Series A, 6.38%, NVS(a)		639,620		14,423,431
				129,772,501
Software — 0.1%
Synchronoss Technologies, Inc., 8.38%		570,226		12,117,302
Specialized REITs — 3.1%
Digital Realty Trust, Inc.
Series J, 5.25%, NVS(a)		733,910		16,182,716
Series K, 5.85%, NVS(a)(c)		774,432		18,261,107
Series L, 5.20%, NVS(a)		1,290,171		28,280,548
EPR Properties, Series G, 5.75%, NVS(a)		540,618		10,293,367
Gladstone Land Corp., Series B, 6.00%(a)		551,865		11,059,375
National Storage Affiliates Trust, Series A, 6.00%, NVS(a)		825,322		18,916,380
Public Storage
Series F, 5.15%, NVS(a)		1,093,720		26,314,903
Series G, 5.05%, NVS(a)(c)		1,172,435		28,630,863
Series H, 5.60%(a)		1,113,435		27,323,695
Series I, 4.88%, NVS(a)(c)		1,232,635		28,079,425
Series J, 4.70%, NVS(a)		1,010,816		21,722,436
Series K, 4.75%, NVS(a)		898,941		19,453,083
Series L, 4.63%, NVS(a)(c)		2,207,770		47,224,200
Series M, 4.13%, NVS(a)(c)		898,639		17,424,610
Series N, 3.88%, NVS(a)(c)		1,105,670		19,691,983
Series O, 3.90%, NVS(a)		666,213		11,925,213
Series P, 4.00%, NVS(a)(c)		2,352,768		43,526,208
Series Q, 3.95%, NVS(a)		575,662		10,430,995
Series R, 4.00%, NVS(a)(c)		1,694,965		31,322,953
Series S, 4.10%, NVS(a)		975,555		18,428,234
				454,492,294
Textiles, Apparel & Luxury Goods — 0.0%
Fossil Group, Inc., 7.00%		585,017		6,581,441
Trading Companies & Distributors — 1.4%
Air Lease Corp., Series A, (3-mo. CME Term SOFR + 3.912%), 6.15%, NVS(a)(b)		969,810		25,156,871
FTAI Aviation Ltd.
Series A, NVS, 8.25%(a)		408,559		10,246,660
Series B, NVS, 8.00%(a)(c)		483,473		12,135,172
Series C, NVS, 8.25%(a)		446,928		11,316,217
Textainer Group Holdings Ltd. 7.00%, NVS(a)		580,605		14,567,380

Security	Shares		Value
Trading Companies & Distributors (continued)
Textainer Group Holdings Ltd. Series B, 6.25%, NVS(a)		580,692	$	14,575,369
Triton International Ltd. 8.00%, NVS(a)		553,684		13,952,837
7.38%, NVS(a)		674,033		16,635,134
6.88%, NVS(a)		577,945		13,876,459
Series E, 5.75%, NVS(a)		674,033		13,372,815
WESCO International, Inc., Series A, 10.63%, NVS(a)		2,067,751		54,402,529
				200,237,443
Transportation Infrastructure — 0.2%
Atlas Corp.
Series D, 7.95%(a)(c)		496,031		12,202,363
Series H, 7.88%, NVS(a)		875,344		21,314,626
				33,516,989
Wireless Telecommunication Services — 1.2%
Telephone & Data Systems, Inc.
Series UU, 6.63%, NVS(a)		1,644,919		30,299,408
Series VV, 6.00%, NVS(a)		2,700,236		43,176,774
United States Cellular Corp. 6.25%(c)		1,948,388		37,642,856
5.50%(c)		1,946,013		35,067,154
5.50%		1,947,237		35,244,990
				181,431,182
Total Long-Term Investments — 98.8% (Cost: $16,453,955,554)				14,669,247,453
Short-Term Securities
Money Market Funds — 3.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(e)(f)(g)		142,154,464		142,225,542
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(e)(f)		406,927,713		406,927,713
Total Short-Term Securities — 3.7% (Cost: $549,140,431)				549,153,255
Total Investments — 102.5% (Cost: $17,003,095,985)				15,218,400,708
Liabilities in Excess of Other Assets — (2.5)%				(374,352,254	)
Net Assets — 100.0%			$	14,844,048,454

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

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

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

^(d) Convertible security.

^(e) Affiliate of the Fund.

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

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

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

Schedule of Investments (continued) March 31, 2024 iShares^® Preferred and Income Securities ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	175,105,163	$	—			$(32,872,002)	(a)	$	64,799	$	(72,418	)	$	142,225,542		142,154,464	$	2,436,889	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		231,214,441		175,713,272	(a)		—			—		—			406,927,713		406,927,713		8,041,315			—
										$	64,799	$	(72,418	)	$	549,153,255			$	10,478,204		$	—

^(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.

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Preferred Securities
Preferred Stocks	$	14,669,247,453	$	—	$	—	$	14,669,247,453
Short-Term Securities
Money Market Funds		549,153,255		—		—		549,153,255
	$	15,218,400,708	$	—	$	—	$	15,218,400,708

See notes to financial statements.

14 2 0 2 4 I S H A R E S A N N U A L  R E P O R T T O S H A R E H O L D E R S

Statement of Assets and Liabilities

March 31, 2024

	iShares  Preferred and  Income Securities  ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	14,669,247,453
Investments, at value — affiliated(c)		549,153,255
Cash		7,795,912
Receivables:
Investments sold		197,163,148
Securities lending income — affiliated		289,509
Capital shares sold		2,321,390
Dividends — unaffiliated		72,469,136
Dividends — affiliated		1,242,345
Total assets		15,499,682,148
LIABILITIES
Collateral on securities loaned		142,105,130
Payables:
Investments purchased		507,891,919
Investment advisory fees		5,636,645
Total liabilities		655,633,694
Commitments and contingent liabilities
NET ASSETS	$	14,844,048,454
NET ASSETS CONSIST OF:
Paid-in capital	$	18,989,740,007
Accumulated loss		(4,145,691,553	)
NET ASSETS	$	14,844,048,454
NET ASSET VALUE
Shares outstanding		461,750,000
Net asset value	$	32.15
Shares authorized		Unlimited
Par value		None
(a) Investments, at cost — unaffiliated	$	16,453,955,554
(b) Securities loaned, at value	$	122,704,071
(c) Investments, at cost — affiliated	$	549,140,431

See notes to financial statements.

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

Statement of Operations

Year Ended March 31, 2024

	iShares  Preferred and  Income Securities  ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	919,327,053
Dividends — affiliated		8,041,315
Interest — unaffiliated		257,978
Securities lending income — affiliated — net		2,436,889
Foreign taxes withheld		(1,559,188	)
Total investment income		928,504,047
EXPENSES
Investment advisory		60,487,603
Interest expense		92,361
Total expenses		60,579,964
Net investment income		867,924,083
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(439,762,770	)
Investments — affiliated		64,799
In-kind redemptions — unaffiliated(a)		24,045,050
		(415,652,921	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		846,542,765
Investments — affiliated		(72,418	)
		846,470,347
Net realized and unrealized gain		430,817,426
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,298,741,509

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

See notes to financial statements.

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Statements of Changes in Net Assets

	iShares Preferred and Income Securities ETF
	Year Ended 03/31/24			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	867,924,083		$	851,776,239
Net realized loss		(415,652,921	)		(249,407,839	)
Net change in unrealized appreciation (depreciation)		846,470,347			(2,167,214,408	)
Net increase (decrease) in net assets resulting from operations		1,298,741,509			(1,564,846,008	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(870,372,798	)		(887,370,473	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		1,433,710,878			(2,277,562,637	)
NET ASSETS
Total increase (decrease) in net assets		1,862,079,589			(4,729,779,118	)
Beginning of year		12,981,968,865			17,711,747,983
End of year	$	14,844,048,454		$	12,981,968,865

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

See notes to financial statements.

F I N A N C I A L S T A T E M E N T S 17

Financial Highlights

(For a share outstanding throughout each period)

	iShares Preferred and Income Securities ETF
		Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	31.18		$	36.39		$	38.27		$	31.50		$	36.47
Net investment income(a)		2.02			1.90			1.75			1.81			1.93
Net realized and unrealized gain (loss)(b)		0.99			(5.13	)		(1.94	)		6.78			(4.93	)
Net increase (decrease) from investment operations		3.01			(3.23	)		(0.19	)		8.59			(3.00	)
Distributions from net investment income(c)		(2.04	)		(1.98	)		(1.69	)		(1.82	)		(1.97	)
Net asset value, end of year	$	32.15		$	31.18		$	36.39		$	38.27		$	31.50
Total Return(d)
Based on net asset value		10.14	%		(8.99	)%		(0.67	)%		27.88	%		(8.90	)%
Ratios to Average Net Assets(e)
Total expenses		0.46	%		0.46	%		0.45	%		0.46	%		0.46	%
Net investment income		6.58	%		5.80	%		4.56	%		4.97	%		5.25	%
Supplemental Data
Net assets, end of year (000)	$	14,844,048		$	12,981,969		$	17,711,748		$	18,364,340		$	13,816,631
Portfolio turnover rate(f)		21	%		16	%		21	%		28	%		46	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

18 2 0 2 4 I S H A R E S A N N U A L  R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements 

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Preferred and Income Securities	Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Foreign Taxes: The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividend are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2024, if any, are disclosed in the Statement of Assets and Liabilities.

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

Bank Overdraft: The Fund had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Fund is obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statement of Operations.

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: The Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of the Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for the Fund. The Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

N O T E S T O F I N A N C I A L S T A T E M E N T S 19

Notes to Financial Statements (continued)

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.

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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Notes to Financial Statements (continued)

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

iShares ETF and Counterparty		Securities Loaned at Value		Cash Collateral Received	(a)		Non-Cash Collateral Received, at Fair Value	(a)		Net Amount	(b)
Barclays Capital, Inc.	$	693,861	$	(693,861	)	$	—		$	—
BMO Capital Markets Corp.		1,129		(1,129	)		—			—
BNP Paribas SA		12,216		(12,216	)		—			—
BofA Securities, Inc.		6,561,607		(6,561,607	)		—			—
Goldman Sachs & Co. LLC		26,874,067		(26,874,067	)		—			—
J.P. Morgan Securities LLC		78,495,163		(78,495,163	)		—			—
Morgan Stanley		4,453,749		(4,453,749	)		—			—
National Financial Services LLC		4,234,270		(4,234,270	)		—			—
RBC Capital Market LLC		557,541		(551,100	)		—			6,441
Toronto-Dominion Bank		40,719		(40,719	)		—			—
UBS AG		396,448		(396,448	)		—			—
UBS Securities LLC		347,126		(347,126	)		—			—
Virtu Americas LLC		31,680		(31,680	)		—			—
Wells Fargo Securities LLC		4,495		(4,495	)		—			—
	$	122,704,071	$	(122,697,630	)	$	—		$	6,441

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

^(b)  The market value of the loaned securities is determined as of March 31, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

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

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

ETF Servicing Fees: The Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Fund does not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee,

N O T E S T O F I N A N C I A L S T A T E M E N T S 21

Notes to Financial Statements (continued)

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 generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

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

The share of securities lending income earned by the Fund is shown as securities lending income - affiliated - net in its Statement of Operations. For the year ended March 31, 2024, the Fund paid BTC $595,466 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: The Fund may invest its positive cash balances in certain money market funds managed by BFA or an affiliate. The income earned on these temporary cash investments is shown as dividends - affiliated in the Statement of Operations.

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

6. PURCHASES AND SALES

For the year ended March 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Preferred and Income Securities	$	2,898,742,015	$	2,830,224,405

For the year ended March 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Preferred and Income Securities	$	2,226,392,078	$	876,508,675

7.  INCOME TAX INFORMATION

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

Management has analyzed tax laws and regulations and their application to the Fund as of March 31, 2024, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Preferred and Income Securities	$	24,279,864	$	(24,279,864	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2024		Year Ended March 31, 2023
Preferred and Income Securities
Ordinary income	$	870,372,798	$	887,370,473

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Notes to Financial Statements (continued)

As of March 31, 2024, the tax components of accumulated earnings (loss) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)			Total
Preferred and Income Securities	$	63,651,201	$	(2,365,117,422	)	$	(1,844,225,332	)	$	(4,145,691,553	)

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, timing and recognition of partnership income, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the timing and recognition of realized gains / losses for tax purposes, dividends deemed recognized for tax purposes and the classification of investments.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Preferred and Income Securities	$	17,062,626,040	$	99,655,637	$	(1,943,880,969	)		$ (1,844,225,332	)

8. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, 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 an indexing approach to try to achieve the Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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.

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

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

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

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 23

Notes to Financial Statements (continued)

could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the the Fund invest..

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

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

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

9.  CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

iShares ETF	Year Ended 03/31/24						Year Ended 03/31/23
	Shares			Amount			Shares			Amount
Preferred and Income Securities
Shares sold		75,050,000		$	2,326,504,374			19,150,000		$	629,044,759
Shares redeemed		(29,600,000	)		(892,793,496	)		(89,600,000	)		(2,906,607,396	)
		45,450,000		$	1,433,710,878			(70,450,000	)	$	(2,277,562,637	)

The consideration of the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Investors purchasing and redeeming Creation Units may pay a purchase transaction fee and a redemption transaction fee directly to BRIL, to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units, including Creation Units for cash. Investors transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shared sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statement of Assets and Liabilities.

10. SUBSEQUENT EVENTS

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of iShares Preferred and Income Securities ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Preferred and Income Securities ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of March 31, 2024, the related statement of operations for the year ended March 31, 2024, the statements of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2024 and the financial highlights for each of the five years in the period ended March 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 23, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T O F I N D E P E N D E N T  R E G I S T E R E D P U B L I C A C C O U N T I N G  F I R M 25

Important Tax Information (unaudited)

The following amount, or maximum amount allowable by law, is hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Dividend Income
Preferred and Income Securities	$	526,306,319

The following amount, or maximum amount allowable by law, is hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Business Income
Preferred and Income Securities	$	76,716,892

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2024 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Preferred and Income Securities		58.22	%

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended March 31, 2024:

Fund Name	Interest Dividends
Preferred and Income Securities	$	214,168,351

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended March 31, 2024:

Fund Name	Interest-Related Dividends
Preferred and Income Securities	$	200,030,542

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Preferred and Income Securities ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 9, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether [each/the] Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T R E G A R D I N G L I Q U I D I T Y  R I S K M A N A G E M E N T P R O G R A M 27

Supplemental Information (unaudited)

Section 19(a) Notices

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

March 31, 2024

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Preferred and Income Securities(a)	$	1.944422	$	—	$	0.094400	$	2.038822		95	%		—	%		5	%		100	%

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

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, ( “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is only required to comply with certain disclosure, reporting and transparency obligations of AIFMD because it has registered the Fund to be marketed to investors in the EU and/or UK.

Report on Remuneration

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable

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Supplemental Information (unaudited)(continued)

to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.

Remuneration information at an individual AIF level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m. This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The Fund is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

The Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

S U P P L E M E N T A L I N F O R M A T I O N 29

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of March 31, 2024. With the exception of Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Stephen Cohen(b) (1975)	Trustee (since 2024).	Senior Managing Director, Head of Global Product Solutions of BlackRock, Inc. (since 2024); Senior Managing Director, Head of Europe, Middle East and Africa Regions of BlackRock, Inc. (2021-2024); Head of iShares Index and Wealth in EMEA of BlackRock, Inc. (2017-2021); Global Head of Fixed Income Indexing of BlackRock, Inc. (2016-2017); Chief Investment Strategist for International Fixed Income and iShares of BlackRock, Inc. (2011-2015).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Stephen Cohen is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Trustee of Forward Funds (14 portfolios) (2009- 2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director of the Jackson Hole Center for the Arts (since 2021).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Director of WellBe Senior Medical (since 2023); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jessica Tan (1980)	President (since 2024).	Managing Director of BlackRock, Inc. (since 2015); Head of Global Product Solutions, Americas of BlackRock, Inc. (since 2024) and Head of Sustainable and Transition Solutions of BlackRock, Inc. (2022-2024); Global Head of Corporate Strategy of BlackRock, Inc. (2019-2022); Chief of Staff to the CEO of BlackRock, Inc. (2017-2019).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director of BlackRock, Inc. (since 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021).
Aaron Wasserman (1974)	Chief Compliance Officer (since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director of BlackRock, Inc. (since 2023); Director of BlackRock, Inc. (2018-2022).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

 Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

 Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

 Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

 Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

 Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

 Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

 Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

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General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

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

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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by ICE Data Indices, LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-309-0324

MARCH 31, 2024

2024 Annual Report

iShares Trust

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

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

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

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

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended March 31, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still robust. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the ongoing rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	23.48%	29.88%
U.S. small cap equities (Russell 2000® Index)	19.94	19.71
International equities (MSCI Europe, Australasia, Far East Index)	16.81	15.32
Emerging market equities (MSCI Emerging Markets Index)	10.42	8.15
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.68	5.24
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.88	(2.44)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	5.99	1.70
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.48	3.13
U.S. high yield bonds  (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	8.73	11.15
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		13
Disclosure of Expenses		13
Schedules of Investments		14
Financial Statements:
Statements of Assets and Liabilities		66
Statements of Operations		67
Statements of Changes in Net Assets		68
Financial Highlights		70
Notes to Financial Statements		74
Report of Independent Registered Public Accounting Firm		85
Important Tax Information		86
Statement Regarding Liquidity Risk Management Program		87
Supplemental Information		88
Trustee and Officer Information		90
General Information		92
Glossary of Terms Used in this Report		93

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2024 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 29.29%. The economy showed notable resilience even as interest rates rose, and analysts’ optimism about the economy’s trajectory improved. Meanwhile, inflation decelerated notably, enabling a pause in monetary policy tightening and providing a supportive backdrop for equities.

The U.S. economy grew at a robust pace in 2023 despite concerns about the impact of higher interest rates on growth. The U.S. consumer helped to power the expansion, as consumer spending continued to grow in both nominal and real (inflation-adjusted) terms. A strong labor market bolstered consumer spending, as employers continued to add jobs, and average hourly wages increased notably. Consumer spending was also supported by higher asset values, as both home prices and strong equity performance increased household net worth. Government spending also stimulated the economy, as the federal deficit increased amid rising expenditures, while state and local governments also boosted spending to fill personnel vacancies.

Despite high spending and healthy household balance sheets, consumer sentiment remained below pre-pandemic levels, as elevated inflation and high interest rates weighed on consumers’ outlook. While inflation declined early in the reporting period — decreasing from 4.9% in April 2023 to 3% in June 2023 — it remained stubbornly persistent thereafter, fluctuating between 3% and 4%, above the pre-pandemic average. While improved supply chains eased goods inflation, the tight labor market kept labor costs near record highs, and growing services inflation was a significant driver of inflation’s overall persistence.

To counteract inflation, the U.S. Federal Reserve (“Fed”) raised interest rates twice early in the reporting period, reaching the highest level since 2001. However, the Fed paused its interest rate increases thereafter as inflation edged down, keeping interest rates steady after its July 2023 meeting. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. Projections released by the Fed late in the reporting period included several interest rate decreases later in 2024, as it forecast inflation would continue to moderate despite the robust economy.

The strong economy supported corporate profits, which grew substantially in the last three quarters of 2023. Despite higher input costs, companies were able to raise prices sufficiently to widen profit margins, as the U.S. consumer continued to spend. Firms increasingly kept assets in short-term investments that earned higher yields due to elevated interest rates. This helped to mitigate the negative impact of higher borrowing costs, which drove a rise in interest expense. Innovations in computing also drove enthusiasm for equities, as new technologies drove hopes for economy-wide improvements in productivity.

Despite the strong economic conditions during the reporting period, analysts noted several areas of caution about potential disruptions to markets. Geopolitical tensions were high amid Russia’s ongoing invasion of Ukraine and fighting in Gaza following Hamas’ terrorist attack on Israel. Missile attacks on a major shipping lane in the Middle East raised concerns about a wider conflict while disrupting some supply chains. While inflation declined during the reporting period, it remained more persistent than some analysts expected, raising concerns about the effect of continued inflation on the Fed’s interest rate policy.

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Fund Summary as of March 31, 2024 iShares^® Core S&P Mid-Cap ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		23.30	%		11.67	%		9.93	%		23.30	%		73.67	%		157.62	%
Fund Market		23.19			11.64			9.92			23.19			73.43			157.38
Index		23.33			11.71			9.99			23.33			73.98			159.05

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$  1,227.70	$   0.28			$  1,000.00	$  1,024.75	$  0.25		0.05	%

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

F U N D  S U M M A R Y 5

Fund Summary as of March 31, 2024 (continued) iShares^® Core S&P Mid-Cap ETF

Portfolio Management Commentary

Mid-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The industrials sector was the largest contributor to the Index’s performance. Strong economic growth bolstered stocks in the sector, which is sensitive to overall conditions in the broader economy, improving investor confidence and boosting earnings. A key measure of confidence among purchasing managers in manufacturing rose to its highest level in nearly two years, as output improved and suppliers’ delivery times shortened. Moderating inflation also helped reduce cost pressures, allowing companies to maintain profitability. The capital goods industry was the leading source of strength, as spending on factory construction increased following passage of federal legislation granting subsidies for certain types of production facilities. The surge in manufacturing construction benefited makers of machinery, manufacturing equipment, building products, and tools.

The consumer discretionary sector also contributed to the Index’s performance. Despite rising interest rates and higher borrowing costs, consumer spending remained resilient, as strong household balance sheets, higher wages, and elevated asset prices supported consumers. Meanwhile, inflation cooled and supply chains improved, easing cost pressures on companies in the sector. The household durables industry gained, as homebuilders benefited from tight inventories, strong demand, and loosening monetary policy. The specialty retail industry also advanced amid signs of improving retail sales.

The financials sector was another strong contributor to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. The capital markets industry advanced, as higher short-term interest rates drove increased interest income, bolstering the industry’s revenue. Additionally, higher premiums, greater income from investments amid higher bond yields, and slowing inflation in claim costs benefited the property and casualty insurance industry.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	22.1	%
Financials	15.8
Consumer Discretionary	15.6
Information Technology	9.3
Health Care	8.0
Real Estate	7.2
Materials	7.1
Energy	5.4
Consumer Staples	4.7
Utilities	3.4
Communication Services	1.4

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Vistra Corp.	0.9	%
Williams-Sonoma, Inc.	0.8
Reliance, Inc.	0.7
Carlisle Cos., Inc.	0.7
GoDaddy, Inc., Class A	0.6
EMCOR Group, Inc.	0.6
Graco, Inc.	0.6
Lennox International, Inc.	0.6
Saia, Inc.	0.6
Pure Storage, Inc., Class A	0.6

^(a) Excludes money market funds.

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Fund Summary as of March 31, 2024  iShares^® Core S&P Small-Cap ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		15.91	%		9.09	%		8.76	%		15.91	%		54.48	%		131.52	%
Fund Market		15.91			9.07			8.75			15.91			54.37			131.43
Index		15.93			9.15			8.80			15.93			54.90			132.43

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$  1,179.30	$   0.33			$  1,000.00	$  1,024.70	$   0.30		0.06	%

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

F U N D  S U M M A R Y 7

Fund Summary as of March 31, 2024 (continued) iShares^® Core S&P Small-Cap ETF

Portfolio Management Commentary

Small-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The industrials sector was the largest contributor to the Index’s performance. Strong economic growth bolstered stocks in the sector, which is sensitive to overall conditions in the broader economy. This supportive backdrop led to investor confidence that demand would continue to expand, boosting earnings in the sector. Manufacturing output improved and suppliers’ delivery times shortened while moderating inflation also helped the sector by reducing cost pressures and allowing companies to maintain profitability. The capital goods industry advanced, as spending on factory construction increased following passage of federal legislation granting subsidies for certain types of production facilities. The surge in manufacturing construction benefited makers of machinery, manufacturing equipment, building products, and tools.

The consumer discretionary sector contributed significantly to the Index’s performance. As the U.S. economy continued to expand, consumers increased their spending at a robust pace. Meanwhile, inflation cooled and supply chains improved, easing cost pressures on companies in the sector. The specialty retail industry advanced amid new product lines and a focus on e-commerce sales. The household durables industry also gained, as homebuilders benefited from stabilizing interest rates, solid demand for starter homes, and faster build times.

The financials sector was another strong contributor to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. The financials services industry advanced, as mortgage servicing revenues rose, offsetting weaker revenues from mortgage originations amid higher mortgage rates. Regional bank stocks also gained amid a shift in the Fed’s monetary policy. Investors anticipated that looser financial conditions would benefit regional banks, bolstering the industry.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Industrials	18.6	%
Financials	17.0
Consumer Discretionary	15.2
Information Technology	12.4
Health Care	10.4
Real Estate	7.5
Materials	5.8
Energy	4.9
Consumer Staples	3.5
Communication Services	2.6
Utilities	2.1

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Ensign Group, Inc. (The)	0.6	%
Fabrinet	0.6
SPS Commerce, Inc.	0.6
ATI, Inc.	0.6
Meritage Homes Corp.	0.5
Abercrombie & Fitch Co., Class A	0.5
Mueller Industries, Inc.	0.5
Boise Cascade Co.	0.5
Installed Building Products, Inc.	0.5
AAON, Inc.	0.5

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2024  iShares^® Core S&P U.S. Growth ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		33.45	%		15.51	%		14.08	%		33.45	%		105.65	%		273.41	%
Fund Market		33.45			15.50			14.08			33.45			105.54			273.42
Index		33.50			15.58			14.14			33.50			106.22			275.29

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$  1,242.70	$   0.22			$  1,000.00	$  1,024.80	$   0.20		0.04	%

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

F U N D  S U M M A R Y 9

Fund Summary as of March 31, 2024 (continued) iShares^® Core S&P U.S. Growth ETF

Portfolio Management Commentary

Growth-oriented large- and mid-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. Growth stocks benefited from strong corporate earnings and the resilience of the U.S. economy in the face of higher interest rates.

The information technology sector was the largest contributor to the Index’s return for the reporting period amid notable innovations in artificial intelligence (“AI”) technology. Rapid advances in generative AI, which allows users to generate outputs using simple natural language queries, drove a surge in investor enthusiasm for products and technologies associated with AI. The semiconductors industry gained the most, as companies purchased specialized chips used to provide computing capacity for AI applications, which require significant processing power. Corporations seeking to use AI technologies invested significantly in this hardware, in some cases setting up separate budgetary allocations to expedite the increased investment. Consequently, industry revenues and earnings grew rapidly, driving strong equity performance. Additionally, the semiconductors industry continued to invest in building the next generation of processors for AI applications, further supporting stock prices.

The communication services sector also contributed significantly to the Index’s performance, led by the interactive media and services industry. Growth in online advertising drove large increases in both revenue and income, and led a prominent company in the industry to initiate a dividend payment while continuing stock buybacks. Cost cutting efforts and reduced headcount also boosted profitability. Implementation of AI tools into advertising services fueled analysts’ optimism about continued growth. Strong sales of cloud computing products further bolstered earnings, and a proposed deal between a large company in the industry and a smartphone manufacturer to license an AI product generated investor enthusiasm.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	45.4	%
Consumer Discretionary	14.5
Communication Services	11.9
Industrials	7.8
Health Care	7.4
Financials	5.3
Consumer Staples	2.8
Energy	2.0
Materials	1.7
Real Estate	1.0
Other (each representing less than 1%)	0.2

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	12.3	%
Apple Inc.	9.8
NVIDIA Corp.	8.8
Amazon.com, Inc.	6.5
Meta Platforms, Inc., Class A	4.2
Alphabet, Inc., Class A	3.5
Alphabet, Inc., Class C, NVS	3.0
Eli Lilly & Co.	2.4
Broadcom, Inc.	2.3
Tesla, Inc.	1.9

^(a)  Excludes money market funds.

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Fund Summary as of March 31, 2024  iShares^® Core S&P U.S. Value ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		25.02	%		13.07	%		10.42	%		25.02	%		84.85	%		169.53	%
Fund Market		24.99			13.07			10.42			24.99			84.80			169.43
Index		25.06			13.11			10.45			25.06			85.17			170.27

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$  1,224.80	$   0.22			$  1,000.00	$  1,024.80	$   0.20		0.04	%

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

F U N D  S U M M A R Y 11

Fund Summary as of March 31, 2024 (continued) iShares^® Core S&P U.S. Value ETF

Portfolio Management Commentary

Value-oriented large- and mid-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The financials sector was the strongest contributor to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. The financial services industry gained, as a large multi-sector holding company with investments in a broad array of companies benefited from rising equity prices and strength among insurance companies, where rising premiums and higher investment income bolstered profitability. Banks also advanced, as robust net interest income (the difference between the interest received from a bank’s assets and the interest paid on deposits) supported earnings. The Fed’s shift in monetary policy also benefited banks, raising investor hopes for increased loan activity and dealmaking as borrowing costs subside.

The information technology sector was another strong contributor to the Index’s return amid notable innovations in artificial intelligence (“AI”) technology. The software and services industry gained, driven by strength among systems software companies. Enthusiasm for generative AI products benefited a large company in the industry with a significant investment in a prominent consumer-facing AI platform, a chatbot which grew its user base more rapidly than any other consumer application in history.

The industrials sector further contributed to the Index’s performance, supported by strong economic growth. The capital goods industry advanced notably, as a surge in manufacturing construction benefited makers of machinery, manufacturing equipment, building products, and tools.

As the U.S. economy continued to expand, consumer spending increased at a robust pace, driving substantial gains in the consumer discretionary sector. Higher online sales and new AI cloud services propelled gains in the broadline retail industry amid strong revenue and earnings growth.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Financials	22.8	%
Health Care	17.8
Industrials	11.6
Consumer Staples	9.7
Information Technology	8.1
Energy	6.5
Consumer Discretionary	6.1
Utilities	4.7
Real Estate	4.5
Communication Services	4.4
Materials	3.8

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Berkshire Hathaway, Inc., Class B	3.6	%
JPMorgan Chase & Co.	2.7
Exxon Mobil Corp.	2.2
Johnson & Johnson	1.8
UnitedHealth Group, Inc.	1.3
Chevron Corp.	1.3
Bank of America Corp.	1.2
Walmart, Inc.	1.2
Home Depot, Inc. (The)	1.1
Procter & Gamble Co. (The)	1.1

^(a) Excludes money market funds.

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About Fund Performance

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

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

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

Disclosure of Expenses

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

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

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

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

A B O U T  F U N D  P E R F O R M A N C E  /  D I S C L O S U R E  O F  E X P E N S E S 13

Schedule of Investments March 31, 2024 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.3%
BWX Technologies, Inc.		2,847,070	$	292,166,323
Curtiss-Wright Corp.		1,189,742		304,502,568
Hexcel Corp.		2,627,246		191,394,871
Woodward, Inc.		1,875,939		289,119,719
				1,077,183,481
Air Freight & Logistics — 0.2%
GXO Logistics, Inc.(a)(b)		3,703,408		199,095,214
Automobile Components — 1.4%
Adient PLC(a)(b)		2,840,741		93,517,194
Autoliv, Inc.		2,288,242		275,572,984
Fox Factory Holding Corp.(a)(b)		1,319,201		68,690,796
Gentex Corp.		7,256,273		262,096,581
Goodyear Tire & Rubber Co. (The)(a)(b)		8,812,380		120,993,977
Lear Corp.		1,775,626		257,252,695
Visteon Corp.(a)		865,837		101,831,090
				1,179,955,317
Automobiles — 0.4%
Harley-Davidson, Inc.		3,945,661		172,583,212
Thor Industries, Inc.(b)		1,658,291		194,583,866
				367,167,078
Banks — 5.3%
Associated Banc-Corp.		4,630,678		99,605,884
Bank OZK		3,271,138		148,705,933
Cadence Bank		4,706,890		136,499,810
Columbia Banking System, Inc.		6,493,846		125,655,920
Commerce Bancshares, Inc.		3,688,010		196,202,132
Cullen/Frost Bankers, Inc.		1,996,946		224,796,211
East West Bancorp, Inc.		4,384,942		346,892,762
First Financial Bankshares, Inc.		3,998,657		131,195,936
First Horizon Corp.		17,382,581		267,691,747
FNB Corp.		11,156,646		157,308,709
Glacier Bancorp, Inc.		3,452,072		139,049,460
Hancock Whitney Corp.		2,677,531		123,273,527
Home BancShares, Inc.		5,834,899		143,363,468
International Bancshares Corp.		1,661,548		93,279,305
New York Community Bancorp, Inc., Class A(b)		21,993,290		70,818,394
Old National Bancorp		9,111,178		158,625,609
Pinnacle Financial Partners, Inc.		2,365,454		203,145,190
Prosperity Bancshares, Inc.		2,914,640		191,725,019
SouthState Corp.		2,366,245		201,201,812
Synovus Financial Corp.		4,547,743		182,182,585
Texas Capital Bancshares, Inc.(a)(b)		1,470,643		90,518,077
UMB Financial Corp.		1,359,808		118,289,698
United Bankshares, Inc.		4,185,019		149,781,830
Valley National Bancorp		13,277,442		105,688,438
Webster Financial Corp.		5,351,505		271,695,909
Wintrust Financial Corp.		1,904,482		198,808,876
Zions Bancorp N.A.		4,607,458		199,963,677
				4,475,965,918
Beverages — 0.7%
Boston Beer Co., Inc. (The), Class A, NVS(a)(b)		292,990		89,192,016
Celsius Holdings, Inc.(a)(b)		4,613,787		382,575,218
Coca-Cola Consolidated, Inc.(b)		145,917		123,505,608
				595,272,842
Biotechnology — 1.9%
Arrowhead Pharmaceuticals, Inc.(a)(b)		3,857,277		110,318,122
Cytokinetics, Inc.(a)		3,052,717		214,025,989
Exelixis, Inc.(a)(b)		9,430,845		223,793,952

Security	Shares		Value
Biotechnology (continued)
Halozyme Therapeutics, Inc.(a)(b)		4,107,613	$	167,097,697
Neurocrine Biosciences, Inc.(a)(b)		3,096,364		427,050,523
Roivant Sciences Ltd.(a)		10,506,573		110,739,279
United Therapeutics Corp.(a)(b)		1,462,268		335,912,205
				1,588,937,767
Broadline Retail — 0.5%
Macy’s, Inc.		8,532,677		170,568,213
Nordstrom, Inc.		3,032,331		61,465,350
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		1,914,895		152,368,195
				384,401,758
Building Products — 3.6%
Advanced Drainage Systems, Inc.(b)		2,125,283		366,058,744
Carlisle Cos., Inc.		1,510,982		592,078,297
Fortune Brands Innovations, Inc.		3,923,249		332,181,493
Lennox International, Inc.		996,486		487,042,497
Owens Corning		2,765,528		461,290,070
Simpson Manufacturing Co., Inc.		1,327,525		272,381,580
Trex Co., Inc.(a)(b)		3,378,840		337,039,290
UFP Industries, Inc.		1,924,414		236,722,166
				3,084,794,137
Capital Markets — 2.9%
Affiliated Managers Group, Inc.		1,052,560		176,272,223
Carlyle Group, Inc. (The)		6,735,251		315,950,624
Evercore, Inc., Class A		1,079,026		207,809,617
Federated Hermes, Inc., Class B		2,543,841		91,883,537
Houlihan Lokey, Inc., Class A		1,622,619		208,003,530
Interactive Brokers Group, Inc., Class A(b)		3,329,884		371,981,342
Janus Henderson Group PLC		4,125,930		135,701,838
Jefferies Financial Group, Inc.		5,274,148		232,589,927
Morningstar, Inc.		810,920		250,063,400
SEI Investments Co.		3,100,970		222,959,743
Stifel Financial Corp.		3,172,790		248,016,994
				2,461,232,775
Chemicals — 2.4%
Arcadium Lithium PLC(a)(b)		32,099,235		138,347,703
Ashland, Inc.		1,557,496		151,653,385
Avient Corp.		2,833,314		122,965,828
Axalta Coating Systems Ltd.(a)		6,845,827		235,427,991
Cabot Corp.		1,725,720		159,111,384
Chemours Co. (The)		4,621,294		121,355,180
NewMarket Corp.		214,955		136,414,742
Olin Corp.		3,742,174		220,039,831
RPM International, Inc.		4,010,116		477,003,298
Scotts Miracle-Gro Co. (The)		1,306,081		97,420,582
Westlake Corp.(b)		996,006		152,189,717
				2,011,929,641
Commercial Services & Supplies — 1.3%
Brink’s Co. (The)		1,402,577		129,570,063
Clean Harbors, Inc.(a)(b)		1,564,979		315,045,923
MSA Safety, Inc.		1,149,409		222,514,088
Stericycle, Inc.(a)(b)		2,876,723		151,747,138
Tetra Tech, Inc.		1,663,448		307,255,480
				1,126,132,692
Communications Equipment — 0.4%
Ciena Corp.(a)		4,514,546		223,244,300
Lumentum Holdings, Inc.(a)(b)		2,098,363		99,357,488
				322,601,788
Construction & Engineering — 2.3%
AECOM		4,232,666		415,139,881

14 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
Comfort Systems U.S.A., Inc.(b)		1,108,033	$	352,033,164
EMCOR Group, Inc.		1,463,870		512,647,274
Fluor Corp.(a)(b)		5,304,265		224,264,324
MasTec, Inc.(a)(b)		1,879,668		175,279,041
MDU Resources Group, Inc.		6,331,373		159,550,600
Valmont Industries, Inc.		650,409		148,475,367
				1,987,389,651
Construction Materials — 0.5%
Eagle Materials, Inc.(b)		1,071,803		291,262,465
Knife River Corp.(a)(b)		1,761,066		142,787,232
				434,049,697
Consumer Finance — 0.8%
Ally Financial, Inc.		8,446,444		342,841,162
FirstCash Holdings, Inc.		1,149,955		146,665,261
SLM Corp.		6,858,570		149,448,240
				638,954,663
Consumer Staples Distribution & Retail — 2.0%
BJ’s Wholesale Club Holdings, Inc.(a)(b)		4,149,857		313,936,682
Casey’s General Stores, Inc.		1,154,693		367,711,986
Grocery Outlet Holding Corp.(a)(b)		3,090,527		88,945,367
Performance Food Group Co.(a)		4,841,171		361,345,004
Sprouts Farmers Market, Inc.(a)(b)		3,158,767		203,677,296
U.S. Foods Holding Corp.(a)(b)		7,038,065		379,844,368
				1,715,460,703
Containers & Packaging — 1.7%
AptarGroup, Inc.		2,053,865		295,530,635
Berry Global Group, Inc.		3,608,311		218,230,649
Crown Holdings, Inc.		3,724,043		295,167,648
Graphic Packaging Holding Co.		9,521,373		277,833,664
Greif, Inc., Class A, NVS		793,095		54,763,210
Silgan Holdings, Inc.		2,515,484		122,151,903
Sonoco Products Co.		3,049,662		176,392,450
				1,440,070,159
Diversified Consumer Services — 0.9%
Graham Holdings Co., Class B		111,455		85,561,774
Grand Canyon Education, Inc.(a)(b)		920,193		125,339,489
H&R Block, Inc.		4,339,466		213,111,175
Service Corp. International		4,596,996		341,143,073
				765,155,511
Diversified REITs — 0.5%
WP Carey, Inc.		6,804,239		384,031,249
Diversified Telecommunication Services — 0.3%
Frontier Communications Parent, Inc.(a)(b)		6,886,905		168,729,172
Iridium Communications, Inc.		3,855,843		100,868,853
				269,598,025
Electric Utilities — 0.8%
ALLETE, Inc.		1,789,428		106,721,486
IDACORP, Inc.		1,573,597		146,171,426
OGE Energy Corp.		6,229,501		213,671,884
PNM Resources, Inc.		2,672,280		100,584,619
Portland General Electric Co.		3,148,273		132,227,466
				699,376,881
Electrical Equipment — 1.5%
Acuity Brands, Inc.(b)		949,336		255,115,063
EnerSys		1,256,115		118,652,623
nVent Electric PLC		5,162,649		389,263,735

Security	Shares		Value
Electrical Equipment (continued)
Regal Rexnord Corp.		2,062,991	$	371,544,679
Sensata Technologies Holding PLC		4,712,118		173,123,215
				1,307,699,315
Electronic Equipment, Instruments & Components — 2.4%
Arrow Electronics, Inc.(a)(b)		1,673,705		216,677,849
Avnet, Inc.		2,813,283		139,482,571
Belden, Inc.(b)		1,297,700		120,179,997
Cognex Corp.		5,359,275		227,340,445
Coherent Corp.(a)(b)		4,108,607		249,063,756
Crane NXT Co.		1,502,861		93,027,096
IPG Photonics Corp.(a)(b)		920,313		83,463,186
Littelfuse, Inc.		774,430		187,683,111
Novanta, Inc.(a)(b)		1,114,866		194,845,131
TD SYNNEX Corp.		1,775,898		200,854,064
Vishay Intertechnology, Inc.		3,930,184		89,136,573
Vontier Corp.(b)		4,800,155		217,735,031
				2,019,488,810
Energy Equipment & Services — 1.0%
ChampionX Corp.		5,949,498		213,527,483
NOV, Inc.		12,253,574		239,189,765
Valaris Ltd.(a)		1,951,708		146,885,544
Weatherford International PLC(a)(b)		2,249,698		259,660,143
				859,262,935
Entertainment — 0.2%
TKO Group Holdings, Inc., Class A		1,865,061		161,159,921
Financial Services — 1.6%
Equitable Holdings, Inc.		3,604,512		137,007,501
Essent Group Ltd.		3,318,667		197,493,873
Euronet Worldwide, Inc.(a)(b)		1,362,247		149,751,813
MGIC Investment Corp.		8,474,328		189,485,974
Voya Financial, Inc.		3,203,892		236,831,697
Western Union Co. (The)		9,480,549		132,538,075
WEX, Inc.(a)(b)		1,329,667		315,835,802
				1,358,944,735
Food Products — 1.1%
Darling Ingredients, Inc.(a)(b)		4,966,696		231,001,031
Flowers Foods, Inc.		5,972,642		141,850,248
Ingredion, Inc.		2,028,151		236,989,444
Lancaster Colony Corp.		633,934		131,623,716
Pilgrim’s Pride Corp.(a)(b)		1,251,129		42,938,747
Post Holdings, Inc.(a)(b)		1,568,021		166,649,272
				951,052,458
Gas Utilities — 1.0%
National Fuel Gas Co.		2,864,330		153,871,807
New Jersey Resources Corp.		3,060,481		131,325,240
ONE Gas, Inc.		1,726,437		111,406,980
Southwest Gas Holdings, Inc.		1,867,636		142,183,129
Spire, Inc.		1,711,792		105,052,675
UGI Corp.		6,523,923		160,097,070
				803,936,901
Ground Transportation — 2.1%
Avis Budget Group, Inc.		575,093		70,425,889
Hertz Global Holdings, Inc.(a)(b)		4,077,564		31,927,326
Knight-Swift Transportation Holdings, Inc.		5,020,087		276,205,187
Landstar System, Inc.		1,118,023		215,510,113
Ryder System, Inc.		1,379,888		165,848,739
Saia, Inc.(a)(b)		826,095		483,265,575

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ground Transportation (continued)
Werner Enterprises, Inc.		1,975,216	$	77,270,450
XPO, Inc.(a)(b)		3,613,094		440,905,861
				1,761,359,140
Health Care Equipment & Supplies — 2.2%
Enovis Corp.(a)(b)		1,546,625		96,586,731
Envista Holdings Corp.(a)(b)		5,329,665		113,948,238
Globus Medical, Inc., Class A(a)(b)		3,587,703		192,444,389
Haemonetics Corp.(a)(b)		1,581,100		134,946,885
Integra LifeSciences Holdings Corp.(a)(b)		2,117,438		75,063,177
Lantheus Holdings, Inc.(a)(b)		2,132,275		132,712,796
LivaNova PLC(a)		1,676,429		93,779,438
Masimo Corp.(a)(b)		1,381,867		202,927,169
Neogen Corp.(a)(b)		6,134,119		96,796,398
Penumbra, Inc.(a)(b)		1,200,700		267,972,226
QuidelOrtho Corp.(a)(b)		1,539,404		73,799,028
Shockwave Medical, Inc.(a)(b)		1,148,083		373,850,267
				1,854,826,742
Health Care Providers & Services — 2.1%
Acadia Healthcare Co., Inc.(a)(b)		2,870,943		227,436,104
Amedisys, Inc.(a)(b)		1,015,975		93,632,256
Chemed Corp.(b)		468,602		300,809,682
Encompass Health Corp.		3,118,176		257,498,974
HealthEquity, Inc.(a)(b)		2,668,712		217,846,961
Option Care Health, Inc.(a)(b)		5,508,500		184,755,090
Progyny, Inc.(a)(b)		2,595,713		99,026,451
R1 RCM, Inc.(a)(b)		6,135,505		79,025,304
Tenet Healthcare Corp.(a)(b)		3,159,661		332,111,968
				1,792,142,790
Health Care REITs — 0.6%
Healthcare Realty Trust, Inc.		11,857,704		167,786,511
Omega Healthcare Investors, Inc.		7,629,834		241,636,843
Sabra Health Care REIT, Inc.		7,198,548		106,322,554
				515,745,908
Health Care Technology — 0.1%
Doximity, Inc., Class A(a)(b)		3,803,264		102,345,834
Hotel & Resort REITs — 0.1%
Park Hotels & Resorts, Inc.		6,525,833		114,136,819
Hotels, Restaurants & Leisure — 3.6%
Aramark		8,164,510		265,509,865
Boyd Gaming Corp.		2,163,164		145,624,200
Choice Hotels International, Inc.(b)		769,457		97,220,892
Churchill Downs, Inc.(b)		2,111,676		261,319,905
Hilton Grand Vacations, Inc.(a)(b)		2,214,622		104,552,305
Hyatt Hotels Corp., Class A(b)		1,375,483		219,554,596
Light & Wonder, Inc., Class A(a)(b)		2,801,525		286,007,687
Marriott Vacations Worldwide Corp.		1,028,338		110,782,853
Penn Entertainment, Inc.(a)(b)		4,638,494		84,466,976
Planet Fitness, Inc., Class A(a)(b)		2,659,973		166,594,109
Texas Roadhouse, Inc.		2,077,822		320,961,164
Travel + Leisure Co.		2,254,634		110,386,881
Vail Resorts, Inc.		1,181,111		263,186,964
Wendy’s Co. (The)		5,201,376		97,993,924
Wingstop, Inc.(b)		915,222		335,337,341
Wyndham Hotels & Resorts, Inc.		2,582,836		198,232,663
				3,067,732,325
Household Durables — 2.2%
Helen of Troy Ltd.(a)(b)		739,270		85,193,475
KB Home		2,287,925		162,168,124
Leggett & Platt, Inc.		4,153,126		79,532,363

Security	Shares		Value
Household Durables (continued)
Taylor Morrison Home Corp., Class A(a)(b)		3,341,866	$	207,763,809
Tempur Sealy International, Inc.		5,359,824		304,545,200
Toll Brothers, Inc.		3,245,166		419,827,125
TopBuild Corp.(a)(b)		983,423		433,424,019
Whirlpool Corp.		1,712,322		204,845,081
				1,897,299,196
Independent Power and Renewable Electricity Producers — 1.0%
Ormat Technologies, Inc.(b)		1,672,301		110,689,603
Vistra Corp.		10,458,405		728,427,909
				839,117,512
Industrial REITs — 1.2%
EastGroup Properties, Inc.		1,483,900		266,760,703
First Industrial Realty Trust, Inc.		4,114,168		216,158,387
Rexford Industrial Realty, Inc.		6,557,081		329,821,174
STAG Industrial, Inc.		5,647,476		217,088,978
				1,029,829,242
Insurance — 4.5%
American Financial Group, Inc.		2,029,484		276,983,976
Brighthouse Financial, Inc.(a)		1,994,838		102,813,950
CNO Financial Group, Inc.		3,405,514		93,583,525
Erie Indemnity Co., Class A, NVS		776,018		311,625,548
Fidelity National Financial, Inc., Class A		5,432,166		288,448,015
First American Financial Corp.		3,208,875		195,901,819
Hanover Insurance Group, Inc. (The)		1,113,035		151,561,976
Kemper Corp.		1,879,240		116,362,541
Kinsale Capital Group, Inc.(b)		684,984		359,438,504
Old Republic International Corp.		8,111,273		249,178,307
Primerica, Inc.		1,089,919		275,705,910
Reinsurance Group of America, Inc.		2,050,794		395,557,147
RenaissanceRe Holdings Ltd.		1,639,649		385,366,704
RLI Corp.		1,249,014		185,441,109
Selective Insurance Group, Inc.		1,886,056		205,900,733
Unum Group		4,977,954		267,117,012
				3,860,986,776
Interactive Media & Services — 0.3%
Ziff Davis, Inc.(a)(b)		1,431,657		90,251,657
ZoomInfo Technologies, Inc., Class A(a)(b)		9,222,612		147,838,471
				238,090,128
IT Services — 0.8%
GoDaddy, Inc., Class A(a)		4,382,058		520,062,643
Kyndryl Holdings, Inc.(a)		7,163,763		155,883,483
				675,946,126
Leisure Products — 0.8%
Brunswick Corp.		2,142,337		206,778,367
Mattel, Inc.(a)(b)		10,986,857		217,649,637
Polaris, Inc.		1,652,685		165,466,822
YETI Holdings, Inc.(a)(b)		2,703,979		104,238,391
				694,133,217
Life Sciences Tools & Services — 1.2%
Azenta, Inc.(a)(b)		1,736,132		104,654,037
Bruker Corp.(b)		2,884,971		271,014,176
Medpace Holdings, Inc.(a)		725,493		293,207,996
Repligen Corp.(a)(b)		1,615,445		297,112,644
Sotera Health Co.(a)(b)		3,871,499		46,496,703
				1,012,485,556
Machinery — 4.9%
AGCO Corp.		1,933,232		237,826,201
Chart Industries, Inc.(a)(b)		1,306,005		215,125,144
Crane Co.(b)		1,521,170		205,555,702

16 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Donaldson Co., Inc.		3,737,479	$	279,114,932
Esab Corp.		1,763,832		195,026,904
Flowserve Corp.		4,080,521		186,398,199
Graco, Inc.		5,252,185		490,869,210
ITT, Inc.		2,554,541		347,494,212
Lincoln Electric Holdings, Inc.		1,779,895		454,656,379
Middleby Corp. (The)(a)(b)		1,667,522		268,120,862
Oshkosh Corp.		2,036,524		253,974,908
RBC Bearings, Inc.(a)(b)		901,802		243,802,171
Terex Corp.		2,085,892		134,331,445
Timken Co. (The)		2,020,754		176,674,522
Toro Co. (The)		3,247,984		297,612,774
Watts Water Technologies, Inc., Class A		852,035		181,100,039
				4,167,683,604
Marine Transportation — 0.2%
Kirby Corp.(a)(b)		1,837,847		175,183,576
Media — 0.6%
Cable One, Inc.		141,650		59,936,365
New York Times Co. (The), Class A		5,094,137		220,168,601
Nexstar Media Group, Inc., Class A		1,003,549		172,901,457
TEGNA, Inc.		6,131,000		91,597,140
				544,603,563
Metals & Mining — 2.3%
Alcoa Corp.		5,550,015		187,535,007
Cleveland-Cliffs, Inc.(a)(b)		15,503,905		352,558,800
Commercial Metals Co.		3,620,004		212,747,635
MP Materials Corp., Class A(a)(b)		4,482,135		64,094,530
Reliance, Inc.		1,788,328		597,623,451
Royal Gold, Inc.		2,043,373		248,903,265
United States Steel Corp.		6,960,433		283,846,458
				1,947,309,146
Mortgage Real Estate Investment Trusts (REITs) — 0.6%
Annaly Capital Management, Inc.		15,558,454		306,345,959
Starwood Property Trust, Inc.		9,253,927		188,132,336
				494,478,295
Multi-Utilities — 0.3%
Black Hills Corp.		2,116,780		115,576,188
Northwestern Energy Group, Inc.		1,906,651		97,105,736
				212,681,924
Office REITs — 0.5%
COPT Defense Properties		3,493,270		84,432,336
Cousins Properties, Inc.		4,725,141		113,592,389
Kilroy Realty Corp.		3,318,267		120,884,467
Vornado Realty Trust		4,977,240		143,195,195
				462,104,387
Oil, Gas & Consumable Fuels — 4.4%
Antero Midstream Corp.		10,589,240		148,884,714
Antero Resources Corp.(a)(b)		8,788,083		254,854,407
Chesapeake Energy Corp.(b)		3,458,888		307,253,021
Chord Energy Corp.		1,285,104		229,056,937
Civitas Resources, Inc.		2,671,591		202,800,473
CNX Resources Corp.(a)(b)		4,725,702		112,093,651
DT Midstream, Inc.		3,015,607		184,253,588
Equitrans Midstream Corp.		13,488,679		168,473,601
HF Sinclair Corp.		4,853,304		292,993,963
Matador Resources Co.		3,446,304		230,109,718
Murphy Oil Corp.		4,516,292		206,394,544
Ovintiv, Inc.		7,862,629		408,070,445
PBF Energy, Inc., Class A		3,385,989		194,931,387

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Permian Resources Corp., Class A		14,328,352	$	253,038,696
Range Resources Corp.		7,506,490		258,448,451
Southwestern Energy Co.(a)(b)		34,259,235		259,685,001
				3,711,342,597
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		1,998,174		167,666,780
Personal Care Products — 0.9%
BellRing Brands, Inc.(a)(b)		4,074,388		240,511,124
Coty, Inc., Class A(a)(b)		11,705,050		139,992,398
elf Beauty, Inc.(a)(b)		1,727,077		338,558,904
				719,062,426
Pharmaceuticals — 0.4%
Jazz Pharmaceuticals PLC(a)		1,958,345		235,823,905
Perrigo Co. PLC		4,218,697		135,799,856
				371,623,761
Professional Services — 2.7%
ASGN, Inc.(a)(b)		1,467,470		153,732,157
CACI International, Inc., Class A(a)(b)		693,256		262,626,170
Concentrix Corp.(b)		1,463,825		96,934,492
ExlService Holdings, Inc.(a)(b)		5,134,534		163,278,181
Exponent, Inc.		1,576,026		130,321,590
FTI Consulting, Inc.(a)(b)		1,084,227		228,002,096
Genpact Ltd.		5,134,927		169,195,845
Insperity, Inc.		1,102,858		120,884,265
KBR, Inc.		4,199,799		267,359,204
ManpowerGroup, Inc.		1,519,582		117,980,346
Maximus, Inc.		1,900,073		159,416,125
Paylocity Holding Corp.(a)(b)		1,349,232		231,879,012
Science Applications International Corp.		1,620,874		211,345,761
				2,312,955,244
Real Estate Management & Development — 0.3%
Jones Lang LaSalle, Inc.(a)(b)		1,480,037		288,740,418
Residential REITs — 1.2%
American Homes 4 Rent, Class A		9,896,210		363,982,604
Apartment Income REIT Corp.		4,498,177		146,055,807
Equity LifeStyle Properties, Inc.		5,800,806		373,571,906
Independence Realty Trust, Inc.		6,974,344		112,496,169
				996,106,486
Retail REITs — 0.9%
Agree Realty Corp.		3,123,339		178,405,124
Brixmor Property Group, Inc.		9,349,492		219,245,587
Kite Realty Group Trust		6,830,145		148,077,544
NNN REIT, Inc.		5,676,195		242,600,574
				788,328,829
Semiconductors & Semiconductor Equipment — 2.7%
Allegro MicroSystems, Inc.(a)(b)		2,224,638		59,976,240
Amkor Technology, Inc.		3,213,620		103,607,109
Cirrus Logic, Inc.(a)(b)		1,676,919		155,215,623
Lattice Semiconductor Corp.(a)(b)		4,294,631		335,968,983
MACOM Technology Solutions Holdings, Inc.(a)(b)		1,705,180		163,083,415
MKS Instruments, Inc.(b)		1,957,183		260,305,339
Onto Innovation, Inc.(a)(b)		1,526,914		276,493,587
Power Integrations, Inc.(b)		1,770,169		126,655,592
Rambus, Inc.(a)(b)		3,343,839		206,682,689
Silicon Laboratories, Inc.(a)(b)		993,038		142,719,421
Synaptics, Inc.(a)(b)		1,221,558		119,175,198

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Universal Display Corp.(b)		1,355,219	$	228,286,641
Wolfspeed, Inc.(a)(b)		3,916,559		115,538,491
				2,293,708,328
Software — 2.4%
Appfolio, Inc., Class A(a)		636,217		156,980,183
Aspen Technology, Inc.(a)(b)		869,540		185,455,491
Blackbaud, Inc.(a)(b)		1,307,728		96,954,954
CommVault Systems, Inc.(a)		1,359,312		137,875,016
Dolby Laboratories, Inc., Class A		1,849,778		154,955,903
Dropbox, Inc., Class A(a)(b)		7,975,681		193,809,048
Dynatrace, Inc.(a)		7,460,032		346,443,886
Manhattan Associates, Inc.(a)(b)		1,915,752		479,378,623
Qualys, Inc.(a)(b)		1,145,224		191,103,529
Teradata Corp.(a)(b)		3,039,631		117,542,531
				2,060,499,164
Specialized REITs — 1.7%
CubeSmart		6,995,954		316,357,040
EPR Properties		2,345,209		99,554,122
Gaming & Leisure Properties, Inc.		8,308,553		382,775,037
Lamar Advertising Co., Class A		2,724,829		325,371,831
National Storage Affiliates Trust		2,404,774		94,170,950
PotlatchDeltic Corp.		2,466,531		115,976,287
Rayonier, Inc.		4,247,078		141,172,873
				1,475,378,140
Specialty Retail — 4.3%
AutoNation, Inc.(a)(b)		807,497		133,705,353
Burlington Stores, Inc.(a)(b)		1,989,624		461,970,797
Dick’s Sporting Goods, Inc.		1,810,199		407,041,347
Five Below, Inc.(a)(b)		1,717,185		311,463,015
Floor & Decor Holdings, Inc., Class A(a)(b)		3,316,144		429,838,585
GameStop Corp., Class A(a)(b)		8,362,468		104,698,099
Gap, Inc. (The)		6,688,945		184,280,435
Lithia Motors, Inc., Class A		856,095		257,564,742
Murphy U.S.A., Inc.(b)		589,854		247,266,797
Penske Automotive Group, Inc.		606,832		98,300,716
RH(a)(b)		476,459		165,931,611
Valvoline, Inc.(a)		4,031,740		179,694,652
Williams-Sonoma, Inc.(b)		1,996,003		633,790,833
				3,615,546,982
Technology Hardware, Storage & Peripherals — 0.6%
Pure Storage, Inc., Class A(a)(b)		9,242,219		480,502,966
Textiles, Apparel & Luxury Goods — 1.4%
Capri Holdings Ltd.(a)		3,629,066		164,396,690

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Carter’s, Inc.		1,146,471	$	97,083,164
Columbia Sportswear Co.		1,073,747		87,166,781
Crocs, Inc.(a)(b)		1,884,187		270,946,091
PVH Corp.(b)		1,855,233		260,864,312
Skechers U.S.A., Inc., Class A(a)(b)		4,159,228		254,794,307
Under Armour, Inc., Class A(a)(b)		5,867,269		43,300,445
Under Armour, Inc., Class C, NVS(a)(b)		5,937,682		42,395,050
				1,220,946,840
Trading Companies & Distributors — 1.7%
Applied Industrial Technologies, Inc.		1,202,859		237,624,795
Core & Main, Inc., Class A(a)(b)		5,307,166		303,835,253
GATX Corp.		1,105,210		148,131,296
MSC Industrial Direct Co., Inc., Class A		1,422,272		138,017,275
Watsco, Inc.		973,248		420,413,939
WESCO International, Inc.		1,366,334		234,025,688
				1,482,048,246
Water Utilities — 0.3%
Essential Utilities, Inc.		7,822,293		289,815,956
Total Long-Term Investments — 99.2% (Cost: $66,068,250,655)				84,404,796,991
Short-Term Securities
Money Market Funds — 5.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(d)(e)		3,952,001,091		3,953,977,091
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(d)		620,525,039		620,525,039
Total Short-Term Securities — 5.4% (Cost: $4,572,117,395)				4,574,502,130
Total Investments — 104.6% (Cost: $70,640,368,050)				88,979,299,121
Liabilities in Excess of Other Assets — (4.6)%				(3,917,590,372	)
Net Assets — 100.0%			$	85,061,708,749

^(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.

18 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Mid-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,068,703,325	$	—		$	(115,539,839	)(a)	$	450,299	$	363,306	$	3,953,977,091		3,952,001,091	$	13,739,979	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		225,712,057		394,812,982	(a)		—			—		—		620,525,039		620,525,039		18,984,846			—
										$	450,299	$	363,306	$	4,574,502,130			$	32,724,825		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P Mid 400 E-Mini Index		563		06/21/24	$	173,258	$	5,653,490

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA(b)		08/19/26	$	132,736,372	$	10,079,253	(c)	$	142,985,020		0.2	%
	Monthly	HSBC Bank PLC(d)		02/10/28		217,348,699		25,833,595	(e)		243,925,507		0.3
	Monthly	JPMorgan Chase Bank NA(f)		02/10/25		71,880,708		2,932,702	(g)		75,037,325		0.1
							$	38,845,550		$	461,947,852

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

^(c)  Amount includes $(169,395) of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $(743,213) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $(223,915) of net dividends, payable for referenced securities purchased and financing fees.

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

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

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Mid-Cap ETF

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

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Cadence Bank		276,378	$	8,014,962			5.6	%
Insurance
Fidelity National Financial, Inc., Class A		2,541,809		134,970,058			94.4
Net Value of Reference Entity — Goldman Sachs Bank USA			$	142,985,020

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

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Cadence Bank		433,484	$	12,571,036			5.1	%
Financial Services
Equitable Holdings, Inc		5,896,007		224,107,226			91.9
Western Union Co. (The)		334,545		4,676,939			1.9
				228,784,165

	Shares		Value		% of Basket Value
Insurance
Fidelity National Financial, Inc., Class A		48,405	$	2,570,306			1.1	%
Net Value of Reference Entity — HSBC Bank PLC			$	243,925,507

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 10, 2025.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Cadence Bank		278,080	$	8,064,320			10.8	%
New York Community Bancorp, Inc., Class A		518,109		1,668,311			2.2
				9,732,631
Financial Services
Equitable Holdings, Inc		281,754		10,709,470			14.3
Western Union Co. (The)		1,112,225		15,548,905			20.7
				26,258,375
Insurance
Fidelity National Financial, Inc., Class A		38,275		2,032,402			2.7
Unum Group		689,786		37,013,917			49.3
				39,046,319
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	75,037,325

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	38,845,550	$	—

20 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Mid-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	5,653,490	$	—	$	—	$	—	$	5,653,490
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		38,845,550		—		—		—		38,845,550
	$	—	$	—	$	44,499,040	$	—	$	—	$	—	$	44,499,040

^(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 March 31, 2024, 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	$	—	$	—	$	32,499,748		$	—	$	—	$	—	$	32,499,748
Swaps		—		—		29,903,976			—		—		—		29,903,976
	$	—	$	—	$	62,403,724		$	—	$	—	$	—	$	62,403,724
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,857,834	)	$	—	$	—	$	—	$	(1,857,834	)
Swaps		—		—		41,246,291			—		—		—		41,246,291
	$	—	$	—	$	39,388,457		$	—	$	—	$	—	$	39,388,457

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	177,335,515
Total return swaps
Average notional amount	$	324,511,593

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

Derivative Financial Instruments – Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments
Swaps — OTC(a)	$	38,845,550	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	38,845,550	$	—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	38,845,550	$	—

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

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Mid-Cap ETF

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Received(b)		Cash Collateral Received(b)		Net Amount of Derivative Assets(c)
Goldman Sachs Bank USA	$	10,079,253	$	—	$	—	$	(6,380,000)	$	3,699,253
HSBC Bank PLC		25,833,595		—		—		(25,280,000)		553,595
JPMorgan Chase Bank N.A.		2,932,702		—		—		(2,932,702)		—
	$	38,845,550	$	—	$	—	$	(34,592,702)	$	4,252,848

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

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

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

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	$	84,404,796,991	$	—	$	—	$	84,404,796,991
Short-Term Securities
Money Market Funds		4,574,502,130		—		—		4,574,502,130
	$	88,979,299,121	$	—	$	—	$	88,979,299,121
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	5,653,490	$	38,845,550	$	—	$	44,499,040

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

See notes to financial statements.

22 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments March 31, 2024 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.3%
AAR Corp.(a)(b)(c)		2,241,309	$	134,187,170
AeroVironment, Inc.(a)(b)(c)		1,890,233		289,734,914
Kaman Corp.(a)		1,921,925		88,158,700
Mercury Systems, Inc.(a)(b)(c)		3,546,760		104,629,420
Moog, Inc., Class A(a)		1,941,814		310,010,605
National Presto Industries, Inc.		355,028		29,751,346
Triumph Group, Inc.(a)(b)(c)		4,076,599		61,312,049
				1,017,784,204
Air Freight & Logistics — 0.3%
Forward Air Corp.(a)		2,080,257		64,716,795
Hub Group, Inc., Class A(a)		4,213,224		182,095,541
				246,812,336
Automobile Components — 1.4%
American Axle & Manufacturing Holdings, Inc.(a)(b)(c)		7,931,058		58,372,587
Dana, Inc.(a)		8,720,714		110,753,068
Dorman Products, Inc.(a)(b)(c)		1,913,931		184,483,809
Gentherm, Inc.(a)(b)(c)		2,215,108		127,545,919
LCI Industries(a)		1,714,826		211,026,488
Patrick Industries, Inc.(a)		1,408,997		168,332,872
Phinia, Inc.(a)		3,153,235		121,178,821
Standard Motor Products, Inc.(a)		1,266,067		42,476,548
XPEL, Inc.(a)(b)(c)		1,437,029		77,628,307
				1,101,798,419
Automobiles — 0.2%
Winnebago Industries, Inc.(a)		1,974,732		146,130,168
Banks — 8.3%
Ameris Bancorp(a)		4,303,100		208,183,978
Atlantic Union Bankshares Corp.(a)		4,872,012		172,030,744
Axos Financial, Inc.(a)(b)(c)		3,415,322		184,564,001
Banc of California, Inc.(a)		9,386,981		142,775,981
BancFirst Corp.		978,796		86,163,412
Bancorp, Inc. (The)(a)(b)(c)		3,557,097		119,020,466
Bank of Hawaii Corp.(a)		2,635,272		164,414,620
BankUnited, Inc.(a)		4,933,171		138,128,788
Banner Corp.(a)		2,277,083		109,299,984
Berkshire Hills Bancorp, Inc.(a)		2,842,310		65,145,745
Brookline Bancorp, Inc.(a)		5,916,346		58,926,806
Capitol Federal Financial, Inc.(a)		8,395,493		50,037,138
Cathay General Bancorp(a)		4,397,573		166,360,187
Central Pacific Financial Corp.(a)		1,597,517		31,550,961
City Holding Co.(a)		983,280		102,477,442
Community Bank System, Inc.(a)		3,539,197		169,987,632
Customers Bancorp, Inc.(a)(b)(c)		1,910,432		101,367,522
CVB Financial Corp.(a)		8,775,473		156,554,438
Dime Community Bancshares, Inc.(a)		2,346,117		45,186,213
Eagle Bancorp, Inc.(a)		1,990,479		46,756,352
FB Financial Corp.(a)		2,373,091		89,370,607
First BanCorp/Puerto Rico(a)		11,196,845		196,392,661
First Bancorp/Southern Pines NC(a)		2,724,106		98,394,709
First Commonwealth Financial Corp.(a)		6,769,396		94,229,992
First Financial Bancorp(a)		6,306,064		141,381,955
First Hawaiian, Inc.(a)		8,641,768		189,773,225
Fulton Financial Corp.(a)		9,992,228		158,776,503
Hanmi Financial Corp.(a)		2,014,954		32,078,068
Heritage Financial Corp.(a)		2,313,744		44,863,496
Hilltop Holdings, Inc.		3,082,013		96,528,647
Hope Bancorp, Inc.(a)		7,962,497		91,648,340
Independent Bank Corp.(a)		2,844,212		147,955,908

Security	Shares		Value
Banks (continued)
Independent Bank Group, Inc.(a)		2,425,863	$	110,740,646
Lakeland Financial Corp.(a)		1,686,001		111,815,586
National Bank Holdings Corp., Class A(a)		2,503,346		90,295,690
NBT Bancorp, Inc.(a)		3,121,674		114,503,002
Northfield Bancorp, Inc.(a)		2,660,311		25,858,223
Northwest Bancshares, Inc.(a)		8,426,294		98,166,325
OFG Bancorp(a)		3,119,686		114,835,642
Pacific Premier Bancorp, Inc.(a)		6,357,641		152,583,384
Park National Corp.(a)		968,750		131,604,688
Pathward Financial, Inc.(a)(c)		1,723,034		86,978,756
Preferred Bank		590,912		45,364,314
Provident Financial Services, Inc.(a)		5,007,951		72,965,846
Renasant Corp.(a)		3,721,905		116,570,065
S&T Bancorp, Inc.(a)		2,534,769		81,315,390
Seacoast Banking Corp. of Florida(a)		5,644,975		143,325,915
ServisFirst Bancshares, Inc.(a)		3,308,635		219,561,019
Simmons First National Corp., Class A(a)		8,298,014		161,479,352
Southside Bancshares, Inc.(a)		1,944,414		56,835,221
Stellar Bancorp, Inc.(a)		3,167,712		77,165,464
Tompkins Financial Corp.(a)		846,582		42,574,609
Triumph Financial, Inc.(a)(b)(c)		1,455,995		115,489,523
TrustCo Bank Corp.(a)		1,261,186		35,514,998
Trustmark Corp.(a)		4,048,604		113,806,258
United Community Banks, Inc.(a)		7,887,717		207,604,711
Veritex Holdings, Inc.(a)		3,601,249		73,789,592
WaFd, Inc.(a)		4,584,363		133,084,058
Westamerica BanCorp(a)		1,766,682		86,355,416
WSFS Financial Corp.(a)		4,026,196		181,742,487
				6,702,252,701
Beverages — 0.2%
MGP Ingredients, Inc.(c)		1,055,859		90,941,136
National Beverage Corp.(b)		1,585,248		75,235,870
				166,177,006
Biotechnology — 1.5%
Alkermes PLC(a)(b)(c)		11,269,856		305,075,002
Arcus Biosciences, Inc.(b)(c)		3,662,404		69,146,188
Catalyst Pharmaceuticals, Inc.(a)(b)(c)		7,564,637		120,580,314
Dynavax Technologies Corp.(a)(b)(c)		8,775,003		108,897,787
Ironwood Pharmaceuticals, Inc., Class A(a)(b)(c)		9,280,632		80,834,305
Myriad Genetics, Inc.(a)(b)(c)		5,979,815		127,489,656
REGENXBIO, Inc.(a)(b)(c)		2,733,835		57,601,903
Vericel Corp.(a)(b)(c)		3,223,240		167,672,945
Vir Biotechnology, Inc.(b)		5,832,973		59,088,016
Xencor, Inc.(a)(b)(c)		4,111,968		90,997,852
				1,187,383,968
Broadline Retail — 0.3%
Kohl’s Corp.(a)		7,476,978		217,953,909
Building Products — 2.6%
AAON, Inc.(a)(c)		4,553,825		401,191,982
American Woodmark Corp.(a)(b)(c)		1,087,912		110,597,134
Apogee Enterprises, Inc.(a)		1,491,789		88,313,909
Armstrong World Industries, Inc.(a)		2,983,517		370,612,482
AZZ, Inc.(a)		1,693,732		130,942,421
Gibraltar Industries, Inc.(a)(b)		2,061,125		165,982,396
Griffon Corp.(a)		2,587,333		189,755,002
Hayward Holdings, Inc.(b)(c)		8,515,763		130,376,332
Insteel Industries, Inc.(a)(c)		1,317,650		50,360,583
Masterbrand, Inc.(a)(b)(c)		8,584,459		160,872,762

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Building Products (continued)
Quanex Building Products Corp.(a)		2,242,834	$	86,192,111
Resideo Technologies, Inc.(a)(b)(c)		9,866,030		221,196,393
				2,106,393,507
Capital Markets — 1.6%
Artisan Partners Asset Management, Inc., Class A(a)		4,605,053		210,773,276
B Riley Financial, Inc.(c)		1,138,877		24,110,026
BGC Group, Inc., Class A(c)		18,003,208		139,884,926
Brightsphere Investment Group, Inc.(a)		2,193,547		50,100,613
Donnelley Financial Solutions, Inc.(a)(b)(c)		1,679,689		104,157,515
Moelis & Co., Class A		2,824,315		160,336,363
Piper Sandler Cos.(a)		1,026,539		203,757,726
PJT Partners, Inc., Class A(c)		1,105,689		104,222,245
StoneX Group, Inc.(a)(b)(c)		1,841,688		129,396,999
Virtus Investment Partners, Inc.(a)		458,472		113,691,887
WisdomTree, Inc.		7,481,003		68,750,418
				1,309,181,994
Chemicals — 2.4%
AdvanSix, Inc.(a)		1,826,172		52,228,519
Balchem Corp.(a)(c)		2,177,289		337,370,931
Hawkins, Inc.(a)		1,291,302		99,171,994
HB Fuller Co.(a)		3,660,799		291,912,112
Ingevity Corp.(a)(b)(c)		2,287,461		109,111,890
Innospec, Inc.(a)		1,679,323		216,531,908
Koppers Holdings, Inc.(a)		1,413,806		77,999,677
Mativ Holdings, Inc.(a)		3,672,171		68,853,206
Minerals Technologies, Inc.(a)(c)		2,203,842		165,905,226
Quaker Chemical Corp.(a)		937,704		192,463,746
Sensient Technologies Corp.(a)		2,853,400		197,426,746
Stepan Co.(a)		1,435,169		129,222,617
				1,938,198,572
Commercial Services & Supplies — 2.2%
ABM Industries, Inc.(a)		4,245,415		189,430,417
Brady Corp., Class A, NVS		3,025,185		179,332,967
CoreCivic, Inc.(a)(b)		7,711,462		120,375,922
Deluxe Corp.(a)		2,960,724		60,961,307
Enviri Corp.(a)(b)(c)		5,408,879		49,491,243
GEO Group, Inc. (The)(a)(b)(c)		8,285,684		116,993,858
Healthcare Services Group, Inc.(a)(b)		5,003,346		62,441,758
HNI Corp.(a)		3,154,605		142,367,324
Interface, Inc., Class A(a)		3,936,813		66,217,195
Liquidity Services, Inc.(b)(c)		1,519,289		28,258,775
Matthews International Corp., Class A(a)		2,078,722		64,606,680
MillerKnoll, Inc.(a)		4,918,067		121,771,339
OPENLANE, Inc.(a)(b)(c)		7,295,760		126,216,648
Pitney Bowes, Inc.		7,894,604		34,183,635
UniFirst Corp.(a)		1,020,552		176,994,333
Vestis Corp.(a)(c)		8,877,358		171,066,689
Viad Corp.(a)(b)(c)		1,417,267		55,967,874
				1,766,677,964
Communications Equipment — 0.9%
ADTRAN Holdings, Inc.(a)		4,798,807		26,105,510
Calix, Inc.(a)(b)(c)		3,970,355		131,656,972
Digi International, Inc.(a)(b)(c)		2,456,451		78,434,480
Extreme Networks, Inc.(b)(c)		5,838,562		67,377,005
Harmonic, Inc.(a)(b)(c)		7,631,385		102,565,814
NetScout Systems, Inc.(a)(b)(c)		4,822,387		105,320,932
Viasat, Inc.(b)(c)		5,094,381		92,157,352
Viavi Solutions, Inc.(a)(b)(c)		15,032,104		136,641,825
				740,259,890

Security	Shares		Value
Construction & Engineering — 1.2%
Arcosa, Inc.(a)(c)		3,292,892	$	282,727,707
Dycom Industries, Inc.(a)(b)(c)		1,981,269		284,371,540
Granite Construction, Inc.(a)		2,967,129		169,512,080
MYR Group, Inc.(a)(b)(c)		1,128,519		199,465,733
				936,077,060
Consumer Finance — 0.8%
Bread Financial Holdings, Inc.		1,781,705		66,350,694
Encore Capital Group, Inc.(a)(b)(c)		1,597,565		72,864,940
Enova International, Inc.(a)(b)		1,966,237		123,538,671
EZCORP, Inc., Class A, NVS(b)(c)		3,535,512		40,057,351
Green Dot Corp., Class A(a)(b)(c)		2,992,313		27,918,280
Navient Corp.		5,544,273		96,470,350
PRA Group, Inc.(a)(b)(c)		2,664,502		69,490,212
PROG Holdings, Inc.(a)		3,036,225		104,567,589
World Acceptance Corp.(b)(c)		227,513		32,984,835
				634,242,922
Consumer Staples Distribution & Retail — 0.6%
Andersons, Inc. (The)(a)		2,137,521		122,629,580
Chefs’ Warehouse, Inc. (The)(a)(b)(c)		2,384,563		89,802,643
PriceSmart, Inc.(a)		1,691,446		142,081,464
SpartanNash Co.(a)		2,345,806		47,408,739
United Natural Foods, Inc.(a)(b)(c)		4,025,015		46,247,422
				448,169,848
Containers & Packaging — 0.6%
Myers Industries, Inc.(a)		2,495,839		57,828,590
O-I Glass, Inc.(a)(b)(c)		10,449,909		173,363,990
Sealed Air Corp.		5,991,747		222,892,988
				454,085,568
Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc.(a)(b)(c)		2,646,785		136,044,749
Frontdoor, Inc.(a)(b)		5,377,453		175,197,419
Mister Car Wash, Inc.(b)(c)		6,170,763		47,823,413
Perdoceo Education Corp.(a)		4,430,197		77,794,259
Strategic Education, Inc.(a)		1,469,232		152,976,436
Stride, Inc.(a)(b)(c)		2,687,847		169,468,753
				759,305,029
Diversified REITs — 0.7%
Alexander & Baldwin, Inc.(a)		4,924,986		81,114,519
American Assets Trust, Inc.(a)		3,300,653		72,317,307
Armada Hoffler Properties, Inc.(a)		4,566,535		47,491,964
Essential Properties Realty Trust, Inc.(a)		10,536,770		280,910,288
Global Net Lease, Inc.		8,704,032		67,630,329
				549,464,407
Diversified Telecommunication Services — 0.5%
ATN International, Inc.		699,957		22,052,145
Cogent Communications Holdings, Inc.(a)		2,838,834		185,461,025
Consolidated Communications Holdings, Inc.(b)(c)		5,038,114		21,764,652
Lumen Technologies, Inc.(b)		47,061,267		73,415,577
Shenandoah Telecommunications Co.(a)(c)		3,395,235		58,975,232
				361,668,631
Electric Utilities — 0.5%
MGE Energy, Inc.(a)		2,442,312		192,258,801
Otter Tail Corp.(a)		2,816,916		243,381,542
				435,640,343
Electrical Equipment — 0.8%
Encore Wire Corp.(a)(c)		1,065,391		279,963,447
Powell Industries, Inc.(a)		624,317		88,840,309
SunPower Corp.(b)(c)		5,804,166		17,412,498

24 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
Sunrun, Inc.(a)(b)		14,714,712	$	193,939,904
Vicor Corp.(b)(c)		1,528,979		58,468,157
				638,624,315
Electronic Equipment, Instruments & Components — 3.9%
Advanced Energy Industries, Inc.(a)(c)		2,517,723		256,757,392
Arlo Technologies, Inc.(a)(b)(c)		6,425,036		81,276,705
Badger Meter, Inc.(a)(c)		1,981,861		320,684,928
Benchmark Electronics, Inc.(a)		2,422,733		72,706,217
CTS Corp.(a)(c)		2,104,607		98,474,562
ePlus, Inc.(a)(b)(c)		1,799,540		141,335,872
Fabrinet(a)(b)(c)		2,451,869		463,452,278
Insight Enterprises, Inc.(a)(b)(c)		1,869,964		346,915,721
Itron, Inc.(a)(b)(c)		3,072,273		284,246,698
Knowles Corp.(a)(b)(c)		6,017,980		96,889,478
Methode Electronics, Inc.(a)		2,417,023		29,439,340
OSI Systems, Inc.(a)(b)(c)		1,062,049		151,681,838
PC Connection, Inc.		765,369		50,460,778
Plexus Corp.(a)(b)(c)		1,864,833		176,823,465
Rogers Corp.(a)(b)(c)		1,131,654		134,316,013
Sanmina Corp.(a)(b)		3,766,802		234,219,748
ScanSource, Inc.(a)(b)(c)		1,705,293		75,101,104
TTM Technologies, Inc.(a)(b)(c)		6,941,351		108,632,143
				3,123,414,280
Energy Equipment & Services — 1.9%
Archrock, Inc.(a)		9,299,607		182,923,270
Bristow Group, Inc.(a)(b)(c)		1,626,641		44,244,635
Core Laboratories, Inc.(a)(c)		3,156,089		53,906,000
Dril-Quip, Inc.(a)(b)(c)		2,308,983		52,021,387
Helix Energy Solutions Group, Inc.(a)(b)(c)		9,617,898		104,258,014
Helmerich & Payne, Inc.(a)		6,674,055		280,710,753
Liberty Energy, Inc., Class A(a)		10,243,819		212,251,930
Nabors Industries Ltd.(a)(b)(c)		602,750		51,914,858
Oceaneering International, Inc.(a)(b)(c)		6,802,830		159,186,222
Patterson-UTI Energy, Inc.(a)		21,699,012		259,086,203
ProPetro Holding Corp.(a)(b)(c)		5,750,898		46,467,256
RPC, Inc.		5,764,002		44,613,375
U.S. Silica Holdings, Inc.(a)(b)(c)		5,227,271		64,870,433
				1,556,454,336
Entertainment — 0.5%
Cinemark Holdings, Inc.(a)(b)(c)		7,164,919		128,753,594
Madison Square Garden Sports Corp., Class A(a)(b)		1,127,693		208,081,912
Marcus Corp. (The)(a)(c)		1,667,844		23,783,455
				360,618,961
Financial Services — 1.6%
EVERTEC, Inc.(a)		4,365,011		174,163,939
Jackson Financial, Inc., Class A		1,652,947		109,325,915
Mr. Cooper Group, Inc.(a)(b)(c)		4,356,819		339,614,041
NCR Atleos Corp.(a)(b)		4,519,319		89,256,550
NMI Holdings, Inc., Class A(a)(b)(c)		5,490,621		177,566,683
Payoneer Global, Inc.(b)		15,464,961		75,159,710
Radian Group, Inc.		3,139,430		105,076,722
Walker & Dunlop, Inc.(a)		2,259,029		228,297,471
				1,298,461,031
Food Products — 1.3%
B&G Foods, Inc.(a)		5,326,814		60,938,752
Calavo Growers, Inc.(a)		1,205,875		33,535,384
Cal-Maine Foods, Inc.(a)(c)		2,752,678		161,995,100
Fresh Del Monte Produce, Inc.		2,282,532		59,140,404
Hain Celestial Group, Inc. (The)(a)(b)(c)		6,086,249		47,837,917

Security	Shares		Value
Food Products (continued)
J & J Snack Foods Corp.(a)		1,047,125	$	151,372,390
John B Sanfilippo & Son, Inc.(a)		609,944		64,605,268
Simply Good Foods Co. (The)(a)(b)(c)		6,134,236		208,748,051
Tootsie Roll Industries, Inc.(c)		1,219,796		39,070,080
TreeHouse Foods, Inc.(a)(b)(c)		3,398,862		132,385,675
WK Kellogg Co.(a)		4,453,810		83,731,628
				1,043,360,649
Gas Utilities — 0.3%
Chesapeake Utilities Corp.(a)		1,501,715		161,134,020
Northwest Natural Holding Co.(a)		2,484,275		92,464,716
				253,598,736
Ground Transportation — 0.6%
ArcBest Corp.(a)(c)		1,598,000		227,715,000
Heartland Express, Inc.(c)		3,105,871		37,084,100
Marten Transport Ltd.		3,919,759		72,437,146
RXO, Inc.(a)(b)(c)		7,903,697		172,853,853
				510,090,099
Health Care Equipment & Supplies — 2.7%
Artivion, Inc.(a)(b)(c)		2,642,081		55,906,434
Avanos Medical, Inc.(a)(b)(c)		3,135,973		62,437,222
CONMED Corp.(a)(c)		2,076,918		166,319,593
Embecta Corp.(a)		3,901,050		51,766,934
Glaukos Corp.(a)(b)(c)		3,295,574		310,739,672
ICU Medical, Inc.(a)(b)(c)		1,369,542		146,979,247
Inari Medical, Inc.(a)(b)		3,461,670		166,090,927
Integer Holdings Corp.(a)(b)(c)		2,250,685		262,609,926
LeMaitre Vascular, Inc.(a)		1,338,388		88,815,428
Merit Medical Systems, Inc.(a)(b)(c)		3,899,999		295,424,924
Omnicell, Inc.(a)(b)(c)		3,071,326		89,774,859
OraSure Technologies, Inc.(a)(b)(c)		4,978,627		30,618,556
STAAR Surgical Co.(a)(b)(c)		3,296,391		126,185,847
Tandem Diabetes Care, Inc.(a)(b)(c)		4,404,210		155,953,076
UFP Technologies, Inc.(a)(b)(c)		477,075		120,318,315
Varex Imaging Corp.(a)(b)(c)		2,750,682		49,787,344
				2,179,728,304
Health Care Providers & Services — 3.3%
AdaptHealth Corp.(b)(c)		5,544,377		63,815,779
Addus HomeCare Corp.(a)(b)(c)		1,081,030		111,713,640
Agiliti, Inc.(b)(c)		2,375,276		24,037,793
AMN Healthcare Services, Inc.(a)(b)(c)		2,559,053		159,966,403
Astrana Health, Inc.(a)(b)(c)		2,844,329		119,433,375
CorVel Corp.(b)(c)		613,521		161,331,482
Cross Country Healthcare, Inc.(a)(b)(c)		2,238,648		41,907,491
Enhabit, Inc.(a)(b)(c)		3,396,315		39,567,070
Ensign Group, Inc. (The)(a)(c)		3,795,717		472,263,109
Fulgent Genetics, Inc.(b)(c)		1,365,229		29,625,469
ModivCare, Inc.(a)(b)(c)		833,714		19,550,593
National HealthCare Corp.(a)		910,944		86,093,317
NeoGenomics, Inc.(a)(b)(c)		8,609,232		135,337,127
Owens & Minor, Inc.(a)(b)(c)		5,166,858		143,173,635
Patterson Cos., Inc.(a)		5,569,807		154,005,164
Pediatrix Medical Group, Inc.(a)(b)(c)		5,594,906		56,116,907
Premier, Inc., Class A(a)		8,113,798		179,314,936
Privia Health Group, Inc.(a)(b)(c)		6,937,472		135,905,076
RadNet, Inc.(b)(c)		3,513,849		170,983,892
Select Medical Holdings Corp.(a)		7,100,354		214,075,673
U.S. Physical Therapy, Inc.(a)		1,017,387		114,832,471
				2,633,050,402
Health Care REITs — 0.7%
CareTrust REIT, Inc.(a)		8,813,538		214,785,921

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care REITs (continued)
Community Healthcare Trust, Inc.(a)		1,645,553	$	43,689,432
LTC Properties, Inc.(a)		2,797,260		90,938,923
Medical Properties Trust, Inc.(a)(c)		40,454,242		190,134,937
Universal Health Realty Income Trust(a)		861,560		31,627,868
				571,177,081
Health Care Technology — 0.4%
Certara, Inc.(b)(c)		7,233,468		129,334,408
HealthStream, Inc.(a)		1,620,914		43,213,567
Schrodinger, Inc.(a)(b)(c)		3,694,533		99,752,391
Simulations Plus, Inc.(a)(c)		1,082,204		44,532,695
				316,833,061
Hotel & Resort REITs — 1.1%
Apple Hospitality REIT, Inc.(a)		14,407,524		235,995,243
Chatham Lodging Trust(a)		3,309,890		33,462,988
DiamondRock Hospitality Co.(a)		14,158,392		136,062,147
Pebblebrook Hotel Trust(a)(c)		8,138,941		125,421,081
Service Properties Trust(a)		11,255,229		76,310,453
Summit Hotel Properties, Inc.(a)		7,288,654		47,449,138
Sunstone Hotel Investors, Inc.(a)		13,875,492		154,572,981
Xenia Hotels & Resorts, Inc.(a)		7,141,689		107,196,752
				916,470,783
Hotels, Restaurants & Leisure — 2.0%
BJ’s Restaurants, Inc.(a)(b)(c)		1,569,605		56,788,309
Bloomin’ Brands, Inc.(a)		5,863,219		168,157,121
Brinker International, Inc.(a)(b)(c)		2,995,298		148,806,405
Cheesecake Factory, Inc. (The)(a)		3,155,031		114,054,371
Chuy’s Holdings, Inc.(a)(b)(c)		1,175,694		39,656,159
Cracker Barrel Old Country Store, Inc.(a)		1,506,060		109,535,744
Dave & Buster’s Entertainment, Inc.(a)(b)(c)		2,171,519		135,937,089
Dine Brands Global, Inc.(a)		1,048,501		48,734,326
Golden Entertainment, Inc.(a)		1,457,249		53,670,481
Jack in the Box, Inc.(a)		1,321,033		90,464,340
Monarch Casino & Resort, Inc.		901,593		67,610,459
Papa John’s International, Inc.(a)		2,218,289		147,738,047
Sabre Corp.(a)(b)(c)		25,710,407		62,219,185
Shake Shack, Inc., Class A(a)(b)(c)		2,532,131		263,417,588
Six Flags Entertainment Corp.(a)(b)(c)		4,900,127		128,971,343
				1,635,760,967
Household Durables — 3.6%
Cavco Industries, Inc.(a)(b)(c)		524,245		209,205,210
Century Communities, Inc.(a)		1,909,921		184,307,376
Ethan Allen Interiors, Inc.(a)		1,548,764		53,540,771
Green Brick Partners, Inc.(b)(c)		1,725,175		103,907,290
Installed Building Products, Inc.(a)(c)		1,583,140		409,605,812
La-Z-Boy, Inc.(a)		2,904,172		109,254,951
LGI Homes, Inc.(a)(b)(c)		1,388,321		161,558,915
M/I Homes, Inc.(a)(b)(c)		1,885,565		256,983,654
MDC Holdings, Inc.(a)		4,033,712		253,760,822
Meritage Homes Corp.(a)		2,461,479		431,891,105
Newell Brands, Inc.(a)		25,735,429		206,655,495
Sonos, Inc.(a)(b)(c)		8,364,152		159,420,737
Tri Pointe Homes, Inc.(a)(b)(c)		6,554,297		253,389,122
Worthington Enterprises, Inc.		2,059,769		128,179,425
				2,921,660,685
Household Products — 0.7%
Central Garden & Pet Co.(a)(b)(c)		645,442		27,644,281
Central Garden & Pet Co., Class A, NVS(b)(c)		3,657,226		135,024,784
Energizer Holdings, Inc.(a)		4,508,878		132,741,368
WD-40 Co.(a)(c)		915,894		232,005,109
				527,415,542

Security	Shares		Value
Independent Power and Renewable Electricity Producers — 0.2%
Clearway Energy, Inc., Class A(a)		2,345,132	$	50,443,789
Clearway Energy, Inc., Class C(a)		4,959,617		114,319,172
				164,762,961
Industrial REITs — 0.5%
Innovative Industrial Properties, Inc.(a)		1,898,705		196,591,916
LXP Industrial Trust(a)		19,763,804		178,269,512
				374,861,428
Insurance — 2.6%
Ambac Financial Group, Inc.(b)		2,217,455		34,658,822
American Equity Investment Life Holding Co.(a)(b)(c)		4,216,150		237,031,953
AMERISAFE, Inc.(a)		1,294,881		64,964,180
Assured Guaranty Ltd.(a)		3,670,840		320,280,790
Employers Holdings, Inc.(a)		1,707,559		77,506,103
Genworth Financial, Inc., Class A(a)(b)(c)		29,327,808		188,577,805
Goosehead Insurance, Inc., Class A(b)(c)		1,659,650		110,565,883
HCI Group, Inc.		460,444		53,448,340
Horace Mann Educators Corp.(a)		2,707,135		100,136,924
Lincoln National Corp.		8,036,595		256,608,478
Mercury General Corp.		1,795,269		92,635,880
Palomar Holdings, Inc.(a)(b)(c)		1,674,939		140,410,136
ProAssurance Corp.(a)		3,378,963		43,453,464
Safety Insurance Group, Inc.(a)		980,628		80,597,815
SiriusPoint Ltd.(b)(c)		6,144,197		78,092,744
Stewart Information Services Corp.(a)		1,813,950		118,015,587
Trupanion, Inc.(a)(b)(c)		2,413,386		66,633,587
United Fire Group, Inc.(a)		1,437,844		31,301,864
				2,094,920,355
Interactive Media & Services — 0.9%
Cargurus, Inc., Class A(a)(b)(c)		5,786,925		133,562,229
Cars.com, Inc.(a)(b)(c)		4,181,970		71,846,245
QuinStreet, Inc.(a)(b)(c)		3,532,979		62,392,409
Shutterstock, Inc.		1,624,615		74,423,613
TripAdvisor, Inc.(a)(b)(c)		7,301,608		202,911,686
Yelp, Inc.(a)(b)(c)		4,636,777		182,689,014
				727,825,196
IT Services — 0.5%
DXC Technology Co.(a)(b)(c)		12,349,922		261,941,846
Perficient, Inc.(a)(b)(c)		2,360,058		132,847,665
				394,789,511
Leisure Products — 0.4%
Sturm Ruger & Co., Inc.(a)		1,200,750		55,414,613
Topgolf Callaway Brands Corp.(a)(b)(c)		9,595,780		155,163,763
Vista Outdoor, Inc.(a)(b)(c)		3,927,337		128,738,107
				339,316,483
Life Sciences Tools & Services — 0.5%
BioLife Solutions, Inc.(a)(b)(c)		2,396,872		44,461,976
Cytek Biosciences, Inc.(a)(b)(c)		6,704,088		44,984,430
Fortrea Holdings, Inc.(a)(b)(c)		5,906,178		237,073,985
Mesa Laboratories, Inc.(a)(c)		347,179		38,095,952
OmniAb, Inc., 12.50 Earnout Shares(b)(d)		450,637		—
OmniAb, Inc., 15.00 Earnout Shares(b)(d)		450,637		—
				364,616,343
Machinery — 5.0%
3D Systems Corp.(a)(b)(c)		9,040,262		40,138,763
Alamo Group, Inc.(a)		697,689		159,303,329
Albany International Corp., Class A(a)		2,107,104		197,035,295
Astec Industries, Inc.(a)		1,535,967		67,137,118
Barnes Group, Inc.(a)		3,432,261		127,508,496

26 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Enerpac Tool Group Corp., Class A(a)(c)		3,666,165	$	130,735,444
Enpro, Inc.(a)(c)		1,411,932		238,291,764
ESCO Technologies, Inc.(a)		1,746,933		187,009,178
Federal Signal Corp.(a)(c)		4,114,619		349,207,715
Franklin Electric Co., Inc.(a)		2,679,029		286,147,087
Greenbrier Cos., Inc. (The)(a)		2,110,698		109,967,366
Hillenbrand, Inc.(a)		4,737,666		238,257,223
John Bean Technologies Corp.(a)(c)		2,150,237		225,538,359
Kennametal, Inc.(a)		5,368,903		133,900,441
Lindsay Corp.(a)		745,111		87,669,760
Mueller Industries, Inc.(a)		7,666,684		413,464,268
Proto Labs, Inc.(a)(b)(c)		1,741,795		62,269,171
SPX Technologies, Inc.(a)(b)(c)		3,082,648		379,566,448
Standex International Corp.(a)		804,052		146,514,355
Tennant Co.(a)		1,265,074		153,845,649
Titan International, Inc.(b)(c)		3,438,332		42,841,617
Trinity Industries, Inc.(a)		5,529,471		153,995,767
Wabash National Corp.(a)		3,066,200		91,802,028
				4,022,146,641
Marine Transportation — 0.3%
Matson, Inc.(a)		2,359,274		265,182,398
Media — 0.5%
AMC Networks, Inc., Class A(a)(b)(c)		2,058,397		24,968,356
EchoStar Corp., Class A(a)(b)(c)		8,176,750		116,518,688
EW Scripps Co. (The), Class A, NVS(a)(b)(c)		3,977,044		15,629,783
John Wiley & Sons, Inc., Class A(a)		2,863,402		109,181,518
Scholastic Corp., NVS(a)		1,772,885		66,855,493
TechTarget, Inc.(a)(b)(c)		1,751,877		57,952,091
Thryv Holdings, Inc.(a)(b)(c)		2,096,575		46,606,862
				437,712,791
Metals & Mining — 2.4%
Alpha Metallurgical Resources, Inc.(a)		798,420		264,412,751
Arch Resources, Inc., Class A(a)		1,240,564		199,470,286
ATI, Inc.(a)(b)(c)		8,615,311		440,845,464
Carpenter Technology Corp.(a)		3,337,014		238,329,540
Century Aluminum Co.(b)(c)		3,505,923		53,956,155
Compass Minerals International, Inc.(a)		2,295,089		36,124,701
Haynes International, Inc.(a)		859,335		51,663,220
Kaiser Aluminum Corp.(a)		1,073,658		95,942,079
Materion Corp.(a)(c)		1,394,073		183,669,118
Metallus, Inc.(a)(b)(c)		2,594,345		57,724,176
Olympic Steel, Inc.(a)		663,751		47,046,671
SunCoke Energy, Inc.(a)		5,657,529		63,760,352
Warrior Met Coal, Inc.		2,470,246		149,943,932
Worthington Steel, Inc.(c)		2,068,420		74,152,857
				1,957,041,302
Mortgage Real Estate Investment Trusts (REITs) — 1.6%
Apollo Commercial Real Estate Finance, Inc.(a)		8,856,322		98,659,427
Arbor Realty Trust, Inc.(a)(c)		9,861,728		130,667,896
ARMOUR Residential REIT, Inc.(a)(c)		3,319,467		65,625,863
Blackstone Mortgage Trust, Inc., Class A(a)		11,636,072		231,674,194
Ellington Financial, Inc.(a)		5,370,974		63,431,203
Franklin BSP Realty Trust, Inc.(a)		5,572,478		74,448,306
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(a)		7,497,573		212,931,073
KKR Real Estate Finance Trust, Inc.(a)		3,944,687		39,683,551
New York Mortgage Trust, Inc.(a)(c)		6,143,898		44,236,066
PennyMac Mortgage Investment Trust(a)		5,851,251		85,896,365
Ready Capital Corp.(a)		10,696,463		97,658,707

Security	Shares		Value
Mortgage Real Estate Investment Trusts (REITs) (continued)
Redwood Trust, Inc.(a)		8,882,547	$	56,581,824
Two Harbors Investment Corp.(a)		6,971,360		92,300,806
				1,293,795,281
Multi-Utilities — 0.3%
Avista Corp.(a)		5,190,615		181,775,337
Unitil Corp.(a)		1,087,383		56,924,500
				238,699,837
Office REITs — 1.0%
Brandywine Realty Trust(a)		11,578,470		55,576,656
Douglas Emmett, Inc.		8,150,864		113,052,484
Easterly Government Properties, Inc.(a)		6,420,643		73,901,601
Highwoods Properties, Inc.(a)		7,158,262		187,403,299
Hudson Pacific Properties, Inc.(a)		8,556,509		55,189,483
JBG SMITH Properties(a)		5,773,387		92,662,861
SL Green Realty Corp.(a)		4,376,441		241,273,192
				819,059,576
Oil, Gas & Consumable Fuels — 2.9%
California Resources Corp.(a)		4,367,274		240,636,797
Comstock Resources, Inc.		6,206,409		57,595,476
CONSOL Energy, Inc.(a)		1,799,420		150,719,419
CVR Energy, Inc.		1,969,274		70,224,311
Dorian LPG Ltd.(a)		2,315,122		89,039,592
Green Plains, Inc.(a)(b)(c)		3,751,114		86,725,756
Magnolia Oil & Gas Corp., Class A(a)		12,508,487		324,595,238
Northern Oil & Gas, Inc.(a)		6,179,904		245,218,591
Par Pacific Holdings, Inc.(b)(c)		2,888,579		107,050,738
Peabody Energy Corp.(a)		7,437,444		180,432,391
REX American Resources Corp.(a)(b)(c)		1,031,747		60,573,866
SM Energy Co.(a)		7,813,328		389,494,401
Talos Energy, Inc.(b)(c)		9,104,216		126,821,729
Vital Energy, Inc.(b)(c)		1,675,148		88,012,276
World Kinect Corp.(a)		4,086,958		108,100,039
				2,325,240,620
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)(b)(c)		1,122,159		49,072,013
Mercer International, Inc.		2,972,235		29,573,738
Sylvamo Corp.(a)		2,385,560		147,284,474
				225,930,225
Passenger Airlines — 1.0%
Alaska Air Group, Inc.(a)(b)(c)		8,515,011		366,060,323
Allegiant Travel Co.(a)		972,714		73,157,820
JetBlue Airways Corp.(a)(b)(c)		22,509,680		167,021,826
SkyWest, Inc.(a)(b)		2,765,197		191,019,809
Sun Country Airlines Holdings, Inc.(b)(c)		2,640,728		39,848,586
				837,108,364
Personal Care Products — 0.5%
Edgewell Personal Care Co.(a)		3,372,524		130,314,327
Inter Parfums, Inc.		1,209,561		169,955,416
Medifast, Inc.(a)		730,148		27,979,271
Nu Skin Enterprises, Inc., Class A(a)		3,347,490		46,295,787
USANA Health Sciences, Inc.(b)(c)		751,724		36,458,614
				411,003,415
Pharmaceuticals — 1.8%
Amphastar Pharmaceuticals, Inc.(a)(b)(c)		2,536,638		111,383,775
ANI Pharmaceuticals, Inc.(b)(c)		1,023,565		70,759,048
Collegium Pharmaceutical, Inc.(a)(b)(c)		2,202,806		85,512,929
Corcept Therapeutics, Inc.(a)(b)(c)		6,126,543		154,327,618
Harmony Biosciences Holdings, Inc.(b)(c)		2,226,999		74,782,626
Innoviva, Inc.(a)(b)(c)		3,820,945		58,231,202

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Pharmaceuticals (continued)
Ligand Pharmaceuticals, Inc.(a)(b)(c)		1,107,084	$	80,927,840
Organon & Co.(a)		17,261,591		324,517,911
Pacira BioSciences, Inc.(a)(b)(c)		3,136,782		91,656,770
Phibro Animal Health Corp., Class A(a)		1,373,776		17,762,924
Prestige Consumer Healthcare, Inc.(a)(b)(c)		3,361,563		243,915,011
Supernus Pharmaceuticals, Inc.(a)(b)(c)		3,700,424		126,221,463
				1,439,999,117
Professional Services — 1.0%
CSG Systems International, Inc.(a)		1,909,686		98,425,216
Heidrick & Struggles International, Inc.(a)		1,363,310		45,889,015
Kelly Services, Inc., Class A, NVS		2,164,917		54,209,522
Korn Ferry(a)		3,548,325		233,337,852
NV5 Global, Inc.(a)(b)(c)		863,377		84,619,580
Resources Connection, Inc.(a)		2,156,679		28,381,896
TTEC Holdings, Inc.		1,281,348		13,287,579
Verra Mobility Corp., Class A(a)(b)(c)		11,231,675		280,454,925
				838,605,585
Real Estate Management & Development — 0.6%
Anywhere Real Estate, Inc.(a)(b)(c)		7,501,707		46,360,549
Cushman & Wakefield PLC(b)(c)		9,581,275		100,220,137
eXp World Holdings, Inc.(c)		5,221,231		53,935,316
Kennedy-Wilson Holdings, Inc.(a)		8,003,226		68,667,679
Marcus & Millichap, Inc.		1,615,258		55,193,366
St. Joe Co. (The)		2,404,900		139,412,053
				463,789,100
Residential REITs — 0.3%
Centerspace(a)		1,019,861		58,274,858
Elme Communities(a)		5,963,619		83,013,576
NexPoint Residential Trust, Inc.(a)		1,519,767		48,921,300
Veris Residential, Inc.(a)		5,444,267		82,807,301
				273,017,035
Retail REITs — 1.8%
Acadia Realty Trust(a)		6,942,661		118,094,664
Getty Realty Corp.(a)		3,316,407		90,703,731
Macerich Co. (The)(a)		14,585,764		251,312,714
Phillips Edison & Co., Inc.(a)		8,240,610		295,590,681
Retail Opportunity Investments Corp.(a)		8,553,621		109,657,421
Saul Centers, Inc.		876,000		33,717,240
SITE Centers Corp.		10,042,064		147,116,238
Tanger, Inc.(a)		7,272,380		214,753,381
Urban Edge Properties(a)		7,945,631		137,221,047
Whitestone REIT(a)		3,191,460		40,052,823
				1,438,219,940
Semiconductors & Semiconductor Equipment — 2.9%
Alpha & Omega Semiconductor Ltd.(a)(b)(c)		1,551,851		34,202,796
Axcelis Technologies, Inc.(a)(b)(c)		2,212,972		246,790,637
CEVA, Inc.(a)(b)(c)		1,596,318		36,252,382
Cohu, Inc.(a)(b)(c)		3,225,099		107,492,550
Diodes, Inc.(a)(b)(c)		3,102,552		218,729,916
FormFactor, Inc.(a)(b)(c)		5,257,006		239,877,184
Ichor Holdings Ltd.(a)(b)		1,988,276		76,787,219
Kulicke & Soffa Industries, Inc.(a)		3,815,123		191,938,838
MaxLinear, Inc.(a)(b)(c)		5,050,990		94,301,983
PDF Solutions, Inc.(a)(b)(c)		2,067,547		69,614,307
Photronics, Inc.(a)(b)(c)		4,228,499		119,751,092
Semtech Corp.(a)(b)(c)		4,341,977		119,360,948
SiTime Corp.(a)(b)(c)		1,180,197		110,029,766
SMART Global Holdings, Inc.(a)(b)(c)		3,501,008		92,146,531
SolarEdge Technologies, Inc.(a)(b)(c)		3,836,630		272,323,997

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Ultra Clean Holdings, Inc.(a)(b)(c)		3,036,328	$	139,488,908
Veeco Instruments, Inc.(a)(b)(c)		3,805,396		133,835,777
				2,302,924,831
Software — 3.7%
A10 Networks, Inc.(a)		4,735,618		64,830,610
ACI Worldwide, Inc.(a)(b)(c)		7,361,371		244,471,131
Adeia, Inc.(a)		7,007,031		76,516,779
Agilysys, Inc.(a)(b)(c)		1,369,672		115,408,563
Alarm.com Holdings, Inc.(a)(b)(c)		3,375,882		244,650,169
BlackLine, Inc.(a)(b)(c)		3,434,430		221,795,489
Box, Inc., Class A(a)(b)(c)		9,697,124		274,622,552
Cerence, Inc.(a)(b)(c)		2,829,587		44,565,995
DoubleVerify Holdings, Inc.(a)(b)(c)		9,413,229		330,969,132
Envestnet, Inc.(b)(c)		1,836,051		106,325,713
InterDigital, Inc.(a)		1,740,475		185,290,969
LiveRamp Holdings, Inc.(a)(b)(c)		4,482,145		154,634,003
N-able, Inc.(b)(c)		4,695,395		61,368,813
NCR Voyix Corp.(a)(b)(c)		9,060,314		114,431,766
Progress Software Corp.(a)		2,971,624		158,417,275
Sprinklr, Inc., Class A(b)(c)		5,260,219		64,542,887
SPS Commerce, Inc.(a)(b)(c)		2,478,207		458,220,474
Xperi, Inc.(a)(b)(c)		2,944,855		35,514,951
				2,956,577,271
Specialized REITs — 0.6%
Four Corners Property Trust, Inc.(a)		6,116,709		149,675,869
Outfront Media, Inc.(a)		9,809,517		164,701,790
Safehold, Inc.(c)		3,024,220		62,298,932
Uniti Group, Inc.(a)		16,121,627		95,117,599
				471,794,190
Specialty Retail — 5.0%
Abercrombie & Fitch Co., Class A(a)(b)(c)		3,403,949		426,616,928
Academy Sports & Outdoors, Inc.(a)(c)		5,007,531		338,208,644
Advance Auto Parts, Inc.(a)		3,991,662		339,650,520
American Eagle Outfitters, Inc.(a)		12,539,763		323,400,488
Asbury Automotive Group, Inc.(a)(b)(c)		1,389,593		327,638,238
Boot Barn Holdings, Inc.(a)(b)(c)		2,046,417		194,716,578
Buckle, Inc. (The)		1,983,396		79,871,357
Caleres, Inc.(a)		2,254,192		92,489,498
Designer Brands, Inc., Class A(a)(c)		2,901,747		31,716,095
Foot Locker, Inc.(a)		5,532,824		157,685,484
Group 1 Automotive, Inc.(a)(c)		896,841		262,083,845
Guess?, Inc.		1,855,528		58,393,466
Haverty Furniture Cos., Inc.(a)		903,664		30,833,016
Hibbett, Inc.(a)		795,172		61,077,161
Leslie’s, Inc.(a)(b)(c)		12,463,461		81,012,497
MarineMax, Inc.(a)(b)(c)		1,367,038		45,467,684
Monro, Inc.(a)(c)		2,019,808		63,704,744
National Vision Holdings, Inc.(a)(b)(c)		5,311,347		117,699,450
ODP Corp. (The)(a)(b)(c)		2,258,185		119,796,714
Sally Beauty Holdings, Inc.(a)(b)(c)		7,084,687		87,991,813
Shoe Carnival, Inc.(c)		1,215,861		44,549,147
Signet Jewelers Ltd.(a)(c)		2,992,838		299,493,299
Sonic Automotive, Inc., Class A		1,003,936		57,164,116
Upbound Group, Inc.(a)		3,022,508		106,422,507
Urban Outfitters, Inc.(b)(c)		3,832,792		166,419,829
Victoria’s Secret & Co.(a)(b)(c)		5,230,433		101,365,792
				4,015,468,910

28 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Technology Hardware, Storage & Peripherals — 0.2%
Corsair Gaming, Inc.(b)(c)		2,930,316	$	36,160,099
Xerox Holdings Corp.(a)		7,637,081		136,703,750
				172,863,849
Textiles, Apparel & Luxury Goods — 1.0%
G-III Apparel Group Ltd.(a)(b)(c)		2,763,228		80,161,244
Hanesbrands, Inc.(a)(b)		23,642,232		137,124,946
Kontoor Brands, Inc.(a)		3,376,801		203,452,260
Movado Group, Inc.(a)		1,056,703		29,513,715
Oxford Industries, Inc.(a)		997,034		112,066,622
Steven Madden Ltd.(a)		4,736,380		200,254,146
Wolverine World Wide, Inc.(a)		5,388,424		60,404,233
				822,977,166
Tobacco — 0.2%
Universal Corp.(a)		1,668,433		86,291,355
Vector Group Ltd.(a)		8,952,870		98,123,455
				184,414,810
Trading Companies & Distributors — 1.8%
Air Lease Corp., Class A(a)		6,972,961		358,689,114
Boise Cascade Co.(a)		2,673,532		410,039,603
DNOW, Inc.(a)(b)		7,218,368		109,719,194
DXP Enterprises, Inc.(a)(b)		900,586		48,388,486
GMS, Inc.(a)(b)		2,689,039		261,751,056
Rush Enterprises, Inc., Class A(a)		4,160,083		222,647,642
				1,411,235,095
Water Utilities — 0.7%
American States Water Co.(a)		2,497,584		180,425,468
California Water Service Group(a)		3,897,625		181,161,610
Middlesex Water Co.(a)		1,202,817		63,147,893
SJW Group(a)		1,972,638		111,631,584
				536,366,555

Security	Shares		Value
Wireless Telecommunication Services — 0.2%
Gogo, Inc.(b)(c)		4,189,999	$	36,788,191
Telephone & Data Systems, Inc.(a)		6,692,156		107,208,339
				143,996,530
Total Long-Term Investments — 97.7% (Cost: $66,647,645,499)				78,478,640,389
Short-Term Securities
Money Market Funds — 7.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(a)(e)(f)		4,166,759,455		4,168,842,834
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(a)(e)		1,650,477,675		1,650,477,675
Total Short-Term Securities — 7.2% (Cost: $5,816,812,131)				5,819,320,509
Total Investments — 104.9% (Cost: $72,464,457,630)				84,297,960,898
Liabilities in Excess of Other Assets — (4.9)%				(3,938,698,282	)
Net Assets — 100.0%			$	80,359,262,616

^(a) Affiliate of the Fund.

^(b) Non-income producing security.

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

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital  Gain  Distributions  from Underlying  Funds
	3D Systems Corp.	$	102,182,418	$	12,535,672	$	(15,925,134	)	$	(18,192,885	)	$	(40,461,308	)	$	40,138,763		9,040,262	$	—	$	—
	8x8, Inc.(a)		34,349,003		2,690,047		(24,464,675	)		(106,508,755	)		93,934,380			—		—		—		—
	A10 Networks, Inc.		72,406,332		16,151,187		(15,421,656	)		255,275			(8,560,528	)		64,830,610		4,735,618		1,114,266		—
	AAON, Inc.		296,224,899		52,699,613		(55,128,107	)		19,744,027			87,651,550			401,191,982		4,553,825		1,461,245		—
	AAR Corp.		130,130,171		27,466,734		(35,570,614	)		7,356,601			4,804,278			134,187,170		2,241,309		—		—
	Aaron’s Co., Inc.(a)		22,311,151		2,358,610		(25,150,477	)		(19,683,119	)		20,163,835			—		—		553,564		—
	Abercrombie & Fitch Co., Class A		98,817,944		41,754,452		(47,903,252	)		19,226,147			314,721,637			426,616,928		3,403,949		—		—
	ABM Industries, Inc.		216,184,140		37,927,279		(61,464,964	)		2,038,348			(5,254,386	)		189,430,417		4,245,415		4,037,440		—
	Academy Sports & Outdoors, Inc.		371,182,519		56,830,146		(91,132,017	)		13,582,535			(12,254,539	)		338,208,644		5,007,531		2,009,900		—
	Acadia Realty Trust		95,963,864		19,720,282		(18,009,354	)		(9,325,161	)		29,745,033			118,094,664		6,942,661		4,739,971		—
	ACI Worldwide, Inc.		—		208,374,425		(15,822,981	)		927,228			50,992,459			244,471,131		7,361,371		—		—
	Addus HomeCare Corp.		125,019,590		20,296,776		(28,024,534	)		119,613			(5,697,805	)		111,713,640		1,081,030		—		—
	Adeia, Inc.		62,082,295		—		—			—			14,434,484			76,516,779		7,007,031		1,401,406		—
	Adtalem Global Education, Inc.		127,926,317		27,790,650		(57,065,516	)		4,699,007			32,694,291			136,044,749		2,646,785		—		—
	ADTRAN Holdings, Inc.		81,436,976		8,334,821		(11,366,496	)		(9,090,010	)		(43,209,781	)		26,105,510		4,798,807		922,309		—
	Advance Auto Parts, Inc.		—		314,287,457		(42,593,866	)		(1,103,745	)		69,060,674			339,650,520		3,991,662		1,995,495		—

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain  Distributions  from Underlying  Funds
	Advanced Energy Industries, Inc.	$	266,681,030	$	48,745,071	$	(69,642,189	)	$	13,855,286		$	(2,881,806	)	$	256,757,392		2,517,723	$	1,042,618	$	—
	AdvanSix, Inc.		76,656,303		12,628,479		(18,296,453	)		872,176			(19,631,986	)		52,228,519		1,826,172		1,188,538		—
	Aerojet Rocketdyne Holdings, Inc.(a)		309,930,501		17,956,693		(337,322,963	)		113,289,725			(103,853,956	)		—		—		—		—
	AeroVironment, Inc.		167,676,570		53,773,956		(41,679,813	)		12,179,683			97,784,518			289,734,914		1,890,233		—		—
	Agilysys, Inc.		119,751,301		22,219,338		(27,667,199	)		9,223,842			(8,118,719	)		115,408,563		1,369,672		—		—
	Air Lease Corp., Class A		—		331,037,137		(2,377,521	)		31,965			29,997,533			358,689,114		6,972,961		—		—
	Alamo Group, Inc.		138,123,499		25,989,432		(34,989,468	)		8,365,199			21,814,667			159,303,329		697,689		656,965		—
	Alarm.com Holdings, Inc.		182,914,919		37,566,899		(52,111,317	)		(6,178,890	)		82,458,558			244,650,169		3,375,882		—		—
	Alaska Air Group, Inc.		—		352,464,751		(20,999,661	)		(42,842	)		34,638,075			366,060,323		8,515,011		—		—
	Albany International Corp., Class A		202,299,869		35,618,488		(49,041,613	)		8,469,380			(310,829	)		197,035,295		2,107,104		2,207,633		—
	Alexander & Baldwin, Inc.		99,630,606		17,838,628		(23,695,680	)		(3,478,816	)		(9,180,219	)		81,114,519		4,924,986		4,478,387		—
	Alkermes PLC		—		324,662,642		(15,203,457	)		(158,782	)		(4,225,401	)		305,075,002		11,269,856		—		—
	Allegiant Travel Co.		104,538,121		19,130,529		(32,778,352	)		(24,065,074	)		6,332,596			73,157,820		972,714		1,890,415		—
	Alpha & Omega Semiconductor Ltd.		43,950,060		8,982,018		(11,361,752	)		(2,058,133	)		(5,309,397	)		34,202,796		1,551,851		—		—
	Alpha Metallurgical Resources, Inc.		—		202,673,954		(27,894,535	)		4,340,258			85,293,074			264,412,751		798,420		405,803		—
	AMC Networks, Inc., Class A		35,658,903		6,695,360		(6,206,835	)		(2,630,731	)		(8,548,341	)		24,968,356		2,058,397		—		—
	American Assets Trust, Inc.		70,755,064		13,248,344		(21,387,249	)		(18,557,232	)		28,258,380			72,317,307		3,300,653		4,183,601		—
	American Axle & Manufacturing Holdings, Inc.		65,189,406		12,453,467		(15,431,216	)		(7,324,447	)		3,485,377			58,372,587		7,931,058		—		—
	American Eagle Outfitters, Inc.		170,730,968		44,079,077		(47,146,065	)		7,761,605			147,974,903			323,400,488		12,539,763		5,341,492		—
	American Equity Investment Life Holding Co.		184,632,248		41,084,859		(78,114,398	)		17,633,998			71,795,246			237,031,953		4,216,150		—		—
	American States Water Co.		239,487,349		38,288,209		(54,892,192	)		7,577,550			(50,035,448	)		180,425,468		2,497,584		4,334,250		—
	American Vanguard Corp.(a)		44,332,031		3,392,514		(25,952,536	)		(13,972,592	)		(7,799,417	)		—		—		113,526		—
	American Woodmark Corp.		63,064,789		18,117,918		(27,180,138	)		783,132			55,811,433			110,597,134		1,087,912		—		—
	America’s Car-Mart, Inc.(a)		33,227,486		6,428,044		(33,231,072	)		(21,996,273	)		15,571,815			—		—		—		—
	Ameris Bancorp		173,814,150		5,628,006		(22,696,563	)		(2,757,721	)		54,196,106			208,183,978		4,303,100		2,626,926		—
	AMERISAFE, Inc.		68,324,067		14,189,248		(19,459,858	)		(1,660,710	)		3,571,433			64,964,180		1,294,881		6,315,443		—
	AMN Healthcare Services, Inc.		261,702,877		42,272,807		(101,097,642	)		9,462,115			(52,373,754	)		159,966,403		2,559,053		—		—
	Amphastar Pharmaceuticals, Inc.		102,744,038		25,344,936		(34,763,222	)		8,831,273			9,226,750			111,383,775		2,536,638		—		—
	Andersons, Inc. (The)		93,462,493		21,847,664		(27,525,578	)		5,859,730			28,985,271			122,629,580		2,137,521		1,611,295		—
	AngioDynamics, Inc.(a)		29,484,283		2,522,880		(23,591,858	)		(31,724,349	)		23,309,044			—		—		—		—
	ANI Pharmaceuticals, Inc.(b)		35,360,373		21,576,536		(13,503,979	)		1,904,292			5,744,594			N/A		N/A		—		—
	Anika Therapeutics, Inc.(a)		30,577,724		2,113,877		(20,932,066	)		(23,274,993	)		11,515,458			—		—		—		—
	Anywhere Real Estate, Inc.		43,897,144		10,426,494		(15,035,893	)		(11,283,518	)		18,356,322			46,360,549		7,501,707		—		—
	Apogee Enterprises, Inc.		69,807,317		15,867,484		(21,490,677	)		1,883,671			22,246,114			88,313,909		1,491,789		1,493,977		—
	Apollo Commercial Real Estate Finance, Inc.		88,167,627		18,643,458		(19,511,825	)		(14,320,479	)		25,680,646			98,659,427		8,856,322		10,529,773		—

30 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital  Gain  Distributions  from Underlying  Funds
	Apple Hospitality REIT, Inc.	$	—	$	258,770,536	$	(25,166,587	)	$	(113,085	)	$	2,504,379		$	235,995,243		14,407,524	$	8,584,355	$	—
	Applied Industrial Technologies, Inc.(a)		399,375,919		74,919,983		(598,953,556	)		315,406,994			(190,749,340	)		—		—		3,814,688		—
	Arbor Realty Trust, Inc.		—		140,226,702		—			—			(9,558,806	)		130,667,896		9,861,728		11,890,192		—
	ArcBest Corp.		162,821,305		34,747,441		(50,232,553	)		13,484,314			66,894,493			227,715,000		1,598,000		800,508		—
	Arch Resources, Inc., Class A		—		201,188,547		(1,441,664	)		(9,860	)		(266,737	)		199,470,286		1,240,564		—		—
	Archrock, Inc.		95,015,517		24,785,823		(25,737,313	)		88,781			88,770,462			182,923,270		9,299,607		3,555,401		—
	Arconic Corp.(a)		194,186,802		11,920,917		(233,498,142	)		99,041,991			(71,651,568	)		—		—		—		—
	Arcosa, Inc.		222,096,270		45,908,816		(62,191,990	)		16,803,683			60,110,928			282,727,707		3,292,892		672,652		—
	Arcus Biosciences, Inc.(b)		69,313,550		13,651,691		(16,400,309	)		(6,163,910	)		56,650,434			N/A		N/A		—		—
	Arlo Technologies, Inc.		39,065,554		13,331,312		(13,484,621	)		3,280,227			39,084,233			81,276,705		6,425,036		—		—
	Armada Hoffler Properties, Inc.		58,248,207		10,589,974		(12,608,507	)		(4,119,541	)		(4,618,169	)		47,491,964		4,566,535		3,635,239		—
	ARMOUR Residential REIT, Inc.		62,319,873		44,356,159		(17,348,651	)		(6,045,333	)		(17,656,185	)		65,625,863		3,319,467		6,211,695		—
	Armstrong World Industries, Inc.		—		310,483,512		(15,733,974	)		580,813			75,282,131			370,612,482		2,983,517		840,898		—
	Artisan Partners Asset Management, Inc., Class A		—		181,429,595		(5,126,671	)		(190,132	)		34,660,484			210,773,276		4,605,053		6,105,566		—
	Artivion, Inc.		38,495,097		9,175,874		(13,479,854	)		(4,757,594	)		26,472,911			55,906,434		2,642,081		—		—
	Asbury Automotive Group, Inc.		338,291,310		57,406,677		(106,708,897	)		28,773,962			9,875,186			327,638,238		1,389,593		—		—
	Assured Guaranty Ltd.		219,398,891		48,844,195		(90,029,243	)		17,420,984			124,645,963			320,280,790		3,670,840		4,584,663		—
	Astec Industries, Inc.		68,264,543		12,892,866		(18,703,066	)		(2,674,292	)		7,357,067			67,137,118		1,535,967		825,354		—
	Astrana Health, Inc.(c)(d)		N/A		20,180,869		(20,236,400	)		(14,344,089	)		(76,644,784	)		119,433,375		2,844,329		—		—
	ATI, Inc.		371,755,383		67,622,949		(101,184,445	)		32,352,057			70,299,520			440,845,464		8,615,311		—		—
	Atlantic Union Bankshares Corp.		160,737,723		7,405,178		—			—			3,887,843			172,030,744		4,872,012		5,987,101		—
	Avanos Medical, Inc.		100,495,981		15,383,225		(20,654,282	)		(8,549,653	)		(24,238,049	)		62,437,222		3,135,973		—		—
	Avantax, Inc.(a)		76,349,477		8,372,111		(82,983,133	)		18,765,580			(20,504,035	)		—		—		—		—
	Avid Bioservices, Inc.(a)		84,935,412		7,516,766		(37,318,233	)		(101,056,363	)		45,922,418			—		—		—		—
	Avid Technology, Inc.(a)		77,158,914		8,031,199		(73,180,877	)		(896,022	)		(11,113,214	)		—		—		—		—
	Avista Corp.		225,297,559		8,236,744		(12,219,467	)		(3,055,063	)		(36,484,436	)		181,775,337		5,190,615		9,700,820		—
	Axcelis Technologies, Inc.		317,914,779		60,226,783		(88,765,705	)		32,509,367			(75,094,587	)		246,790,637		2,212,972		—		—
	Axos Financial, Inc.		143,594,987		14,697,510		(34,398,094	)		1,138,388			59,531,210			184,564,001		3,415,322		—		—
	AZZ, Inc.		74,597,593		18,464,471		(23,333,066	)		(178,621	)		61,392,044			130,942,421		1,693,732		1,180,633		—
	B&G Foods, Inc.		80,873,267		15,746,385		(4,535,251	)		(19,661,742	)		(11,483,907	)		60,938,752		5,326,814		3,905,751		—
	Badger Meter, Inc.		259,557,610		56,988,769		(79,398,547	)		25,440,119			58,096,977			320,684,928		1,981,861		2,107,443		—
	Balchem Corp.		295,818,759		54,244,496		(75,911,755	)		10,747,073			52,472,358			337,370,931		2,177,289		1,704,543		—
	Banc of California, Inc.		50,130,563		90,166,357		(11,564,301	)		(3,546,721	)		17,590,083			142,775,981		9,386,981		2,388,265		—
	Bancorp, Inc. (The)		110,908,893		1,962,703		(17,310,654	)		3,825,773			19,633,751			119,020,466		3,557,097		—		—
	Bank of Hawaii Corp.		—		117,392,079		(14,295,442	)		2,327,182			58,990,801			164,414,620		2,635,272		5,648,069		—
	BankUnited, Inc.		118,713,424		—		(7,973,598	)		389,150			26,999,812			138,128,788		4,933,171		5,500,405		—
	Banner Corp.		131,055,405		1,544,299		(7,661,617	)		(3,018,905	)		(12,619,198	)		109,299,984		2,277,083		4,520,978		—
	Barnes Group, Inc.		148,456,693		24,311,415		(34,202,327	)		(8,348,208	)		(2,709,077	)		127,508,496		3,432,261		2,256,628		—
	Benchmark Electronics, Inc.		60,719,294		13,216,029		(16,468,824	)		(178,687	)		15,418,405			72,706,217		2,422,733		1,608,385		—
	Berkshire Hills Bancorp, Inc.		77,475,120		—		(5,457,946	)		(3,082,683	)		(3,788,746	)		65,145,745		2,842,310		2,155,418		—
	Big Lots, Inc.(a)		22,968,269		841,912		(16,724,496	)		(54,047,106	)		46,961,421			—		—		—		—
	BioLife Solutions, Inc.		54,067,629		8,744,444		(9,785,999	)		(10,938,789	)		2,374,691			44,461,976		2,396,872		—		—
	BJ’s Restaurants, Inc.		49,529,579		10,930,082		(14,478,204	)		(2,800,573	)		13,607,425			56,788,309		1,569,605		—		—
	BlackLine, Inc.		—		226,996,636		(1,578,493	)		(18,587	)		(3,604,067	)		221,795,489		3,434,430		—		—

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income			Capital  Gain  Distributions  from Underlying  Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	4,009,427,142	$	158,638,909	(e)	$	—		$	(40,253	)	$	817,036		$	4,168,842,834		4,166,759,455	$	17,422,714	(f)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		1,360,595,186		289,882,489	(e)		—			—			—			1,650,477,675		1,650,477,675		71,001,063			—
	Blackstone Mortgage Trust, Inc., Class A		—		300,510,773			(27,770,802	)		(1,129,703	)		(39,936,074	)		231,674,194		11,636,072		21,547,037			—
	Bloomin’ Brands, Inc.		164,133,452		29,869,748			(43,895,355	)		4,612,079			13,437,197			168,157,121		5,863,219		5,834,896			—
	Boise Cascade Co.		181,861,713		51,507,584			(68,616,359	)		21,363,042			223,923,623			410,039,603		2,673,532		23,811,753			—
	Boot Barn Holdings, Inc.		166,546,614		33,224,315			(43,638,261	)		8,844,665			29,739,245			194,716,578		2,046,417		—			—
	Box, Inc., Class A		—		287,117,152			(1,931,947	)		(52,595	)		(10,510,058	)		274,622,552		9,697,124		—			—
	Brandywine Realty Trust		59,150,320		4,049,742			(10,991,598	)		(12,925,672	)		16,293,864			55,576,656		11,578,470		4,464,369			—
	Brightsphere Investment Group, Inc.		55,527,481		9,602,636			(12,969,587	)		2,668,631			(4,728,548	)		50,100,613		2,193,547		90,231			—
	Brinker International, Inc.		122,025,676		23,874,264			(30,650,629	)		1,855,468			31,701,626			148,806,405		2,995,298		—			—
	Bristow Group, Inc.		38,410,826		9,233,791			(11,497,213	)		(459,288	)		8,556,519			44,244,635		1,626,641		—			—
	Brookline Bancorp, Inc.		61,759,068		3,575,678			(2,978,679	)		(2,795,950	)		(633,311	)		58,926,806		5,916,346		3,256,631			—
	Calavo Growers, Inc.		36,920,281		7,699,977			(9,835,127	)		(9,701,597	)		8,451,850			33,535,384		1,205,875		486,076			—
	Caleres, Inc.		56,132,878		13,965,445			(23,371,221	)		980,163			44,782,233			92,489,498		2,254,192		673,804			—
	California Resources Corp.		—		254,219,698			(68,445,204	)		9,603,870			45,258,433			240,636,797		4,367,274		4,109,257			—
	California Water Service Group		232,582,390		36,917,378			(41,924,271	)		2,152,668			(48,566,555	)		181,161,610		3,897,625		4,166,587			—
	Calix, Inc.		—		135,669,442			(628,481	)		(4,301	)		(3,379,688	)		131,656,972		3,970,355		—			—
	Callon Petroleum Co.(a)		124,618,741		31,143,921			(163,477,206	)		(32,514,187	)		40,228,731			—		—		—			—
	Cal-Maine Foods, Inc.		168,023,093		31,521,633			(31,794,623	)		2,315,614			(8,070,617	)		161,995,100		2,752,678		8,455,304			—
	Capitol Federal Financial, Inc.		62,108,969		4,548,587			(9,234,407	)		(5,942,467	)		(1,443,544	)		50,037,138		8,395,493		2,993,180			—
	Cara Therapeutics, Inc.(a)		16,036,723		440,017			(10,905,794	)		(63,470,393	)		57,899,447			—		—		—			—
	Cardiovascular Systems, Inc.(a)		60,718,195		924,107			(62,068,809	)		(46,213,982	)		46,640,489			—		—		—			—
	CareTrust REIT, Inc.		142,006,280		76,072,394			(39,380,809	)		2,667,088			33,420,968			214,785,921		8,813,538		6,554,318			—
	Cargurus, Inc., Class A		—		157,869,219			(28,450,486	)		(2,030,920	)		6,174,416			133,562,229		5,786,925		—			—
	Carpenter Technology Corp.		157,860,239		40,185,294			(51,266,571	)		16,348,122			75,202,456			238,329,540		3,337,014		2,720,364			—
	Cars.com, Inc.		86,875,148		16,407,531			(21,908,954	)		2,147,976			(11,675,456	)		71,846,245		4,181,970		—			—
	Catalyst Pharmaceuticals, Inc.		115,688,475		30,190,387			(20,760,507	)		(959,739	)		(3,578,302	)		120,580,314		7,564,637		—			—
	Cathay General Bancorp		—		161,089,161			—			—			5,271,026			166,360,187		4,397,573		2,982,056			—
	Cavco Industries, Inc.		187,257,209		31,204,835			(50,047,605	)		12,005,941			28,784,830			209,205,210		524,245		—			—
	Centerspace		59,983,030		12,247,464			(15,773,017	)		(6,817,840	)		8,635,221			58,274,858		1,019,861		2,293,648			—
	Central Garden & Pet Co.		28,991,932		5,998,091			(13,119,348	)		865,123			4,908,483			27,644,281		645,442		—			—
	Central Pacific Financial Corp.		28,595,554		—			—			—			2,955,407			31,550,961		1,597,517		1,661,418			—
	Century Communities, Inc.		131,731,066		29,186,015			(39,316,531	)		10,457,625			52,249,201			184,307,376		1,909,921		1,875,821			—
	Cerence, Inc.		82,103,671		13,905,211			(17,666,717	)		(2,038,389	)		(31,737,781	)		44,565,995		2,829,587		—			—
	CEVA, Inc.		51,414,406		7,859,153			(9,939,822	)		(4,295,650	)		(8,785,705	)		36,252,382		1,596,318		—			—
	Chatham Lodging Trust		37,098,924		6,680,358			(7,617,132	)		(5,977,339	)		3,278,177			33,462,988		3,309,890		933,304			—
	Cheesecake Factory, Inc. (The)		122,152,475		23,481,282			(33,627,808	)		(2,230,027	)		4,278,449			114,054,371		3,155,031		3,573,135			—
	Chefs’ Warehouse, Inc. (The)		84,273,137		15,416,971			(17,851,493	)		(684,683	)		8,648,711			89,802,643		2,384,563		—			—
	Chesapeake Utilities Corp.		148,469,039		65,767,735			(31,812,634	)		453,641			(21,743,761	)		161,134,020		1,501,715		3,228,501			—
	Chico’s FAS, Inc.(a)		49,993,317		7,948,803			(74,890,841	)		8,789,924			8,158,797			—		—		—			—
	Children’s Place, Inc.(a)		35,862,187		1,048,416			(19,068,333	)		(41,674,052	)		23,831,782			—		—		—			—

32 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
	Chuy’s Holdings, Inc.	$	47,009,424	$	9,181,536	$	(14,182,619	)	$	2,092,601		$	(4,444,783	)	$	39,656,159		1,175,694	$	—	$	—
	Cinemark Holdings, Inc.		115,204,324		23,811,289		(34,679,421	)		1,247,768			23,169,634			128,753,594		7,164,919		—		—
	CIRCOR International, Inc.(a)		46,173,646		7,032,299		(89,524,761	)		25,574,363			10,744,453			—		—		—		—
	City Holding Co.		92,915,621		4,403,903		(8,359,335	)		574,034			12,943,219			102,477,442		983,280		2,796,171		—
	Clearfield, Inc.(a)		42,875,446		4,592,945		(32,278,602	)		(72,343,760	)		57,153,971			—		—		—		—
	Clearwater Paper Corp.		40,817,651		8,664,683		(12,109,725	)		(1,187,036	)		12,886,440			49,072,013		1,122,159		—		—
	Clearway Energy, Inc., Class A		—		59,770,728		(4,496,178	)		(209,478	)		(4,621,283	)		50,443,789		2,345,132		949,483		—
	Clearway Energy, Inc., Class C		—		124,744,104		(1,587,972	)		—			(8,836,960	)		114,319,172		4,959,617		1,977,459		—
	Cogent Communications Holdings, Inc.		198,455,621		38,551,035		(56,568,895	)		(431,387	)		5,454,651			185,461,025		2,838,834		—		—
	Coherus Biosciences, Inc.(a)		32,171,147		6,249,728		(29,431,002	)		(56,521,692	)		47,531,819			—		—		—		—
	Cohu, Inc.		133,262,362		23,878,003		(32,832,002	)		5,249,292			(22,065,105	)		107,492,550		3,225,099		—		—
	Collegium Pharmaceutical, Inc.		58,685,154		11,160,903		(17,538,451	)		1,820,710			31,384,613			85,512,929		2,202,806		—		—
	Comfort Systems U.S.A., Inc.(a)		379,972,122		50,657,168		(574,259,088	)		376,828,714			(233,198,916	)		—		—		1,687,811		—
	Community Bank System, Inc.		194,295,409		—		(7,334,789	)		(5,258,218	)		(11,714,770	)		169,987,632		3,539,197		6,495,638		—
	Community Health Systems, Inc.(a)		44,616,254		4,643,741		(31,324,427	)		(27,463,462	)		9,527,894			—		—		—		—
	Community Healthcare Trust, Inc.		62,746,198		11,521,240		(13,092,907	)		(3,592,419	)		(13,892,680	)		43,689,432		1,645,553		2,690,299		—
	Compass Minerals International, Inc.		85,232,184		14,205,201		(20,128,848	)		(8,815,354	)		(34,368,482	)		36,124,701		2,295,089		1,417,242		—
	Computer Programs & Systems, Inc.(a)		31,093,648		2,177,403		(18,457,135	)		(15,712,646	)		898,730			—		—		—		—
	Comtech Telecommunications Corp.(a)		25,084,350		777,331		(17,701,565	)		(30,196,746	)		22,036,630			—		—		—		—
	CONMED Corp.		230,448,099		44,367,372		(60,590,255	)		7,433,346			(55,338,969	)		166,319,593		2,076,918		1,706,607		—
	Consensus Cloud Solutions, Inc.(a)		43,749,197		6,801,032		(25,513,541	)		(61,077,636	)		36,040,948			—		—		—		—
	CONSOL Energy, Inc.		138,708,588		33,709,772		(84,499,740	)		27,588,355			35,212,444			150,719,419		1,799,420		2,590,501		—
	Corcept Therapeutics, Inc.		150,882,325		31,761,835		(53,576,158	)		8,410,240			16,849,376			154,327,618		6,126,543		—		—
	Core Laboratories, Inc.		74,716,271		13,262,078		(18,906,328	)		(1,796,221	)		(13,369,800	)		53,906,000		3,156,089		129,834		—
	CoreCivic, Inc.		76,866,984		18,608,191		(24,638,832	)		1,681,081			47,858,498			120,375,922		7,711,462		—		—
	Cracker Barrel Old Country Store, Inc.		183,548,518		25,479,429		(34,167,793	)		(7,022,828	)		(58,301,582	)		109,535,744		1,506,060		7,997,462		—
	Cross Country Healthcare, Inc.		57,621,468		10,832,192		(19,536,315	)		3,221,219			(10,231,073	)		41,907,491		2,238,648		—		—
	CSG Systems International, Inc.		117,406,619		17,252,393		(31,642,409	)		915,254			(5,506,641	)		98,425,216		1,909,686		2,354,366		—
	CTS Corp.		114,604,063		20,076,748		(29,099,854	)		5,063,011			(12,169,406	)		98,474,562		2,104,607		340,550		—
	Customers Bancorp, Inc.		39,774,237		9,484,385		(16,231,128	)		(951,270	)		69,291,298			101,367,522		1,910,432		—		—
	Cutera, Inc.(a)		30,720,361		900,594		(22,352,140	)		(29,418,470	)		20,149,655			—		—		—		—
	CVB Financial Corp.		159,788,194		2,882,121		(15,778,630	)		(6,724,535	)		16,387,288			156,554,438		8,775,473		7,273,234		—
	Cytek Biosciences, Inc.		—		82,868,585		(10,147,090	)		(1,464,310	)		(26,272,755	)		44,984,430		6,704,088		—		—
	Cytokinetics, Inc.(a)		242,363,841		58,162,910		(494,292,628	)		248,775,928			(55,010,051	)		—		—		—		—
	Dana, Inc.		—		171,601,196		(24,201,998	)		(2,152,601	)		(34,493,529	)		110,753,068		8,720,714		2,654,164		—
	Dave & Buster’s Entertainment, Inc.		112,342,054		22,608,344		(59,309,245	)		6,822,334			53,473,602			135,937,089		2,171,519		—		—
	Deluxe Corp.		50,289,328		11,613,181		(14,870,905	)		(4,907,041	)		18,836,744			60,961,307		2,960,724		3,635,782		—

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
	Designer Brands, Inc., Class A	$	32,039,144	$	6,799,380	$	(14,873,406	)	$	(9,849,970	)	$	17,600,947		$	31,716,095		2,901,747	$	659,059	$	—
	DiamondRock Hospitality Co.		123,890,737		23,054,664		(31,360,304	)		(5,337,248	)		25,814,298			136,062,147		14,158,392		1,711,803		—
	Digi International, Inc.		87,721,076		16,185,048		(21,165,332	)		4,255,352			(8,561,664	)		78,434,480		2,456,451		—		—
	Digital Turbine, Inc.(a)		81,070,266		9,738,419		(30,651,013	)		(90,371,212	)		30,213,540			—		—		—		—
	Dime Community Bancshares, Inc.		53,270,743		7,173,022		(6,873,384	)		(1,533,048	)		(6,851,120	)		45,186,213		2,346,117		2,327,892		—
	Dine Brands Global, Inc.		77,056,638		13,352,473		(18,334,860	)		(4,965,060	)		(18,374,865	)		48,734,326		1,048,501		2,176,177		—
	Diodes, Inc.		307,146,726		46,179,273		(63,067,103	)		11,717,490			(83,246,470	)		218,729,916		3,102,552		—		—
	DISH Network Corp.(b)		—		125,028,074		(16,609,746	)		(797,520	)		—			N/A		N/A		—		—
	DMC Global, Inc.(a)		29,701,199		883,675		(22,351,413	)		(48,650,426	)		40,416,965			—		—		—		—
	DNOW, Inc.(g)		89,728,989		16,457,081		(25,227,907	)		1,210,517			27,550,514			109,719,194		7,218,368		—		—
	Donnelley Financial Solutions, Inc.		74,519,324		19,602,672		(26,599,970	)		8,150,371			28,485,118			104,157,515		1,679,689		—		—
	Dorian LPG Ltd.		46,315,296		15,843,628		(14,974,712	)		4,866,382			36,988,998			89,039,592		2,315,122		9,161,454		—
	Dorman Products, Inc.		177,785,224		29,209,869		(40,870,163	)		(2,066,112	)		20,424,991			184,483,809		1,913,931		—		—
	DoubleVerify Holdings, Inc.(d)		N/A		147,387,188		(51,915,324	)		4,765,918			57,103,993			330,969,132		9,413,229		—		—
	Douglas Elliman, Inc.(a)		15,688,697		536,047		(13,055,818	)		(19,140,743	)		15,971,817			—		—		—		—
	Dril-Quip, Inc.		70,712,501		12,084,873		(16,445,602	)		(3,638,768	)		(10,691,617	)		52,021,387		2,308,983		—		—
	DXC Technology Co.		—		320,629,763		(61,145,440	)		1,772,098			685,425			261,941,846		12,349,922		—		—
	DXP Enterprises, Inc.		30,708,102		6,542,094		(15,213,872	)		369,066			25,983,096			48,388,486		900,586		—		—
	Dycom Industries, Inc.		201,762,838		39,195,714		(56,628,197	)		2,433,966			97,607,219			284,371,540		1,981,269		—		—
	Dynavax Technologies Corp.		84,578,740		27,408,220		(24,924,185	)		2,694,201			19,140,811			108,897,787		8,775,003		—		—
	Eagle Bancorp, Inc.		74,581,737		460,279		(6,125,835	)		(7,708,761	)		(14,451,068	)		46,756,352		1,990,479		3,761,696		—
	Eagle Pharmaceuticals, Inc.(a)		21,589,598		1,001,986		(15,420,271	)		(24,836,854	)		17,665,541			—		—		—		—
	Easterly Government Properties, Inc.		86,345,087		8,404,273		(5,123,543	)		(5,833,834	)		(9,890,382	)		73,901,601		6,420,643		2,772,794		—
	Ebix, Inc.(a)		22,609,137		3,214,824		(18,608,285	)		(48,538,247	)		41,322,571			—		—		—		—
	EchoStar Corp., Class A(d)		N/A		41,290,178		(3,426,206	)		(468,978	)		(28,497,113	)		116,518,688		8,176,750		—		—
	Edgewell Personal Care Co.		158,589,503		28,167,998		(42,815,483	)		146,657			(13,774,348	)		130,314,327		3,372,524		2,130,305		—
	elf Beauty, Inc.(a)		303,507,266		78,853,900		(641,456,144	)		457,906,806			(198,811,828	)		—		—		—		—
	Ellington Financial, Inc.		56,245,609		23,971,582		(16,706,351	)		(892,316	)		812,679			63,431,203		5,370,974		5,679,012		—
	Elme Communities		113,838,747		16,265,687		(17,409,403	)		(16,601,634	)		(13,079,821	)		83,013,576		5,963,619		1,345,411		—
	Embecta Corp.		117,239,760		14,984,158		(20,422,951	)		(5,961,840	)		(54,072,193	)		51,766,934		3,901,050		2,393,361		—
	Emergent BioSolutions, Inc.(a)		33,542,448		2,202,347		(17,129,626	)		(113,500,689	)		94,885,520			—		—		—		—
	Employers Holdings, Inc.		72,259,484		1,345,459		(2,401,041	)		(284,773	)		6,586,974			77,506,103		1,707,559		1,930,476		—
	Enanta Pharmaceuticals, Inc.(a)		57,691,502		3,017,650		(21,610,615	)		(63,245,790	)		24,147,253			—		—		—		—
	Encore Capital Group, Inc.		85,730,089		16,479,122		(21,025,890	)		874,246			(9,192,627	)		72,864,940		1,597,565		—		—
	Encore Wire Corp.		247,802,148		41,848,808		(91,218,628	)		31,222,233			50,308,886			279,963,447		1,065,391		95,389		—
	Energizer Holdings, Inc.		—		170,878,760		(16,392,155	)		(659,399	)		(21,085,838	)		132,741,368		4,508,878		2,693,185		—
	Enerpac Tool Group Corp., Class A		105,874,139		22,427,416		(35,779,025	)		3,475,852			34,737,062			130,735,444		3,666,165		149,983		—
	Enhabit, Inc.		50,148,624		8,310,944		(11,037,692	)		(5,380,601	)		(2,474,205	)		39,567,070		3,396,315		—		—
	Enova International, Inc.		100,809,360		13,709,689		(29,140,266	)		7,986,280			30,173,608			123,538,671		1,966,237		—		—
	Enpro, Inc.(h)		157,140,897		33,964,489		(46,265,369	)		11,055,339			82,396,408			238,291,764		1,411,932		1,699,482		—
	Ensign Group, Inc. (The)		387,611,799		76,083,986		(99,847,906	)		31,149,042			77,266,188			472,263,109		3,795,717		896,727		—
	Enviri Corp.(i)		39,551,676		7,658,977		(10,627,483	)		(7,374,654	)		20,282,727			49,491,243		5,408,879		—		—
	ePlus, Inc.		96,011,051		23,923,687		(33,186,250	)		6,074,376			48,513,008			141,335,872		1,799,540		—		—
	ESCO Technologies, Inc.		179,527,801		32,751,324		(46,323,068	)		8,868,449			12,184,672			187,009,178		1,746,933		561,331		—

34 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
	Essential Properties Realty Trust, Inc.	$	257,903,414	$	51,261,193	$	(45,317,693	)	$	(1,972,093	)	$	19,035,467		$	280,910,288		10,536,770	$	10,192,826	$	—
	Ethan Allen Interiors, Inc.		45,645,769		10,311,870		(13,542,150	)		1,363,393			9,761,889			53,540,771		1,548,764		3,085,691		—
	EVERTEC, Inc.		160,007,704		34,199,814		(47,466,426	)		7,990,894			19,431,953			174,163,939		4,365,011		907,127		—
	EW Scripps Co. (The), Class A, NVS		39,742,495		6,301,254		(7,439,870	)		(6,787,670	)		(16,186,426	)		15,629,783		3,977,044		—		—
	Fabrinet		316,931,724		71,451,951		(101,334,134	)		33,320,990			143,081,747			463,452,278		2,451,869		—		—
	FARO Technologies, Inc.(a)		33,444,916		1,280,169		(22,381,771	)		(46,157,047	)		33,813,733			—		—		—		—
	FB Financial Corp.		79,384,070		16,689,341		(21,338,665	)		(3,093,943	)		17,729,804			89,370,607		2,373,091		1,514,690		—
	Federal Signal Corp.		239,607,658		53,266,175		(71,187,019	)		22,229,736			105,291,165			349,207,715		4,114,619		1,779,099		—
	First BanCorp/Puerto Rico		146,853,183		—		(23,845,699	)		9,306,526			64,078,651			196,392,661		11,196,845		7,029,600		—
	First Bancorp/Southern Pines NC		101,721,572		1,710,485		(6,160,158	)		(2,923,080	)		4,045,890			98,394,709		2,724,106		2,434,871		—
	First Commonwealth Financial Corp.		88,629,082		495,327		(5,226,025	)		(1,440,237	)		11,771,845			94,229,992		6,769,396		3,487,667		—
	First Financial Bancorp		142,830,379		952,884		(6,428,228	)		(1,929,382	)		5,956,302			141,381,955		6,306,064		5,942,645		—
	First Hawaiian, Inc.		191,255,634		35,151,486		(45,826,401	)		(7,862,176	)		17,054,682			189,773,225		8,641,768		9,232,234		—
	Foot Locker, Inc.		—		117,827,838		(15,403,739	)		1,566,101			53,695,284			157,685,484		5,532,824		2,180,912		—
	FormFactor, Inc.		178,809,435		35,666,050		(45,998,339	)		5,469,634			65,930,404			239,877,184		5,257,006		—		—
	Fortrea Holdings, Inc.		—		239,962,003		(21,403,688	)		(3,229,244	)		21,744,914			237,073,985		5,906,178		—		—
	Forward Air Corp.		208,856,122		34,738,776		(41,861,188	)		(578,116	)		(136,438,799	)		64,716,795		2,080,257		1,321,333		—
	Four Corners Property Trust, Inc.		163,838,640		30,471,127		(28,159,789	)		(1,598,459	)		(14,875,650	)		149,675,869		6,116,709		7,415,777		—
	Franklin BSP Realty Trust, Inc.		71,662,078		15,433,735		(21,451,301	)		(2,489,669	)		11,293,463			74,448,306		5,572,478		7,940,437		—
	Franklin Electric Co., Inc.		266,513,408		46,937,514		(61,735,536	)		15,102,230			19,329,471			286,147,087		2,679,029		2,526,853		—
	Frontdoor, Inc.		165,202,271		35,407,668		(51,964,750	)		5,174,321			21,377,909			175,197,419		5,377,453		—		—
	Fulton Financial Corp.		—		127,661,096		—			—			31,115,407			158,776,503		9,992,228		5,576,459		—
	Gannett Co., Inc.(a)		20,024,676		743,819		(18,518,247	)		(57,896,468	)		55,646,220			—		—		—		—
	Genesco, Inc.(a)		32,192,810		1,125,072		(21,442,707	)		(21,239,096	)		9,363,921			—		—		—		—
	Gentherm, Inc.		145,834,183		23,968,047		(35,519,049	)		(2,419,090	)		(4,318,172	)		127,545,919		2,215,108		—		—
	Genworth Financial, Inc., Class A		155,800,113		2,300,656		(11,550,538	)		1,782,235			40,245,339			188,577,805		29,327,808		—		—
	GEO Group, Inc. (The)		71,373,690		16,587,829		(22,894,779	)		2,207,516			49,719,602			116,993,858		8,285,684		—		—
	Getty Realty Corp.		106,746,477		29,428,496		(18,476,125	)		(404,809	)		(26,590,308	)		90,703,731		3,316,407		4,313,631		—
	Gibraltar Industries, Inc.		109,464,112		28,026,046		(39,947,153	)		6,075,617			62,363,774			165,982,396		2,061,125		—		—
	G-III Apparel Group Ltd.		48,426,354		15,470,876		(22,400,253	)		(5,673,667	)		44,337,934			80,161,244		2,763,228		—		—
	Glaukos Corp.		174,195,095		46,095,500		(58,014,131	)		10,331,394			138,131,814			310,739,672		3,295,574		—		—
	Global Net Lease, Inc.(b)		97,000,858		42,968,058		(13,537,064	)		(18,787,266	)		5,513,976			N/A		N/A		11,892,575		—
	GMS, Inc.		175,619,967		38,972,840		(62,232,310	)		16,985,830			92,404,729			261,751,056		2,689,039		—		—
	Golden Entertainment, Inc.		69,585,761		12,150,769		(17,306,106	)		(4,072,231	)		(6,687,712	)		53,670,481		1,457,249		3,521,128		—
	Goosehead Insurance, Inc.(b)		—		131,608,995		(15,615,469	)		418,189			—			N/A		N/A		—		—
	Granite Construction, Inc.		130,924,178		26,606,209		(34,969,865	)		4,769,249			42,182,309			169,512,080		2,967,129		1,552,421		—
	Green Dot Corp., Class A		59,054,343		—		(7,319,693	)		(11,856,373	)		(11,959,997	)		27,918,280		2,992,313		—		—
	Green Plains, Inc.		113,286,982		2,209,095		—			—			(28,770,321	)		86,725,756		3,751,114		—		—
	Greenbrier Cos., Inc. (The)		76,631,095		18,584,450		(27,665,355	)		(1,797,760	)		44,214,936			109,967,366		2,110,698		2,582,429		—
	Griffon Corp.		110,428,290		28,187,386		(66,585,233	)		17,724,195			100,000,364			189,755,002		2,587,333		8,549,145		—
	Group 1 Automotive, Inc.		240,279,848		47,492,537		(89,196,505	)		24,353,091			39,154,874			262,083,845		896,841		1,788,095		—
	Hain Celestial Group, Inc. (The)		111,462,378		14,426,253		(18,997,809	)		(5,535,117	)		(53,517,788	)		47,837,917		6,086,249		—		—
	Hanesbrands, Inc.		133,951,881		21,190,963		(30,035,011	)		(1,325,514	)		13,342,627			137,124,946		23,642,232		—		—
	Hanmi Financial Corp.		38,719,323		337,466		(1,542,517	)		(1,002,002	)		(4,434,202	)		32,078,068		2,014,954		2,060,144		—

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
	Hannon Armstrong Sustainable Infrastructure Capital, Inc.	$	—	$	195,625,557	$	(7,864,231	)	$	(602,284	)	$	25,772,031		$	212,931,073		7,497,573	$	5,591,041	$	—
	Harmonic, Inc.		116,507,540		19,203,410		(23,054,372	)		3,992,252			(14,083,016	)		102,565,814		7,631,385		—		—
	Haverty Furniture Cos., Inc.		30,548,049		6,376,844		(7,856,647	)		1,077,053			687,717			30,833,016		903,664		2,017,776		—
	Hawaiian Holdings, Inc.(a)		34,077,847		3,495,190		(25,547,091	)		(74,989,367	)		62,963,421			—		—		—		—
	Hawkins, Inc.		60,440,742		16,456,475		(21,282,963	)		6,492,292			37,065,448			99,171,994		1,291,302		833,722		—
	Haynes International, Inc.		46,049,240		8,991,472		(11,919,780	)		1,996,613			6,545,675			51,663,220		859,335		777,741		—
	HB Fuller Co.		267,610,614		52,383,742		(68,400,275	)		8,020,506			32,297,525			291,912,112		3,660,799		3,066,858		—
	HCI Group, Inc.(b)		26,351,154		11,768,545		(10,160,362	)		(881,980	)		(375,685	)		N/A		N/A		712,457		—
	Healthcare Services Group, Inc.		74,665,761		12,702,093		(17,230,573	)		(10,143,177	)		2,447,654			62,441,758		5,003,346		—		—
	HealthStream, Inc.		47,692,179		9,042,224		(12,109,044	)		(743,605	)		(668,187	)		43,213,567		1,620,914		217,232		—
	Heidrick & Struggles International, Inc.		43,935,990		8,102,395		(10,177,651	)		(1,543,199	)		5,571,480			45,889,015		1,363,310		837,191		—
	Helix Energy Solutions Group, Inc.		80,486,224		18,465,396		(25,397,853	)		5,759,061			24,945,186			104,258,014		9,617,898		—		—
	Helmerich & Payne, Inc.		271,925,833		49,433,014		(87,465,940	)		11,782,049			35,035,797			280,710,753		6,674,055		12,820,018		—
	Heritage Financial Corp.		53,901,678		756,986		(4,402,434	)		(4,118,305	)		(1,274,429	)		44,863,496		2,313,744		2,143,029		—
	Heska Corp.(a)		72,186,964		2,798,179		(91,540,180	)		3,453,147			13,101,890			—		—		—		—
	Hibbett, Inc.		54,699,291		10,212,944		(17,267,878	)		2,386,711			11,046,093			61,077,161		795,172		868,393		—
	Highwoods Properties, Inc.		—		180,344,624		(16,355,052	)		(143,130	)		23,556,857			187,403,299		7,158,262		7,126,535		—
	Hillenbrand, Inc.		240,061,435		39,450,856		(53,847,371	)		6,357,828			6,234,475			238,257,223		4,737,666		4,290,151		—
	Hilltop Holdings, Inc.(b)		98,632,693		—		(7,269,630	)		(781,880	)		11,663,003			N/A		N/A		2,065,156		—
	HNI Corp.		83,911,068		31,370,216		(28,467,787	)		1,183,899			54,369,928			142,367,324		3,154,605		4,139,931		—
	HomeStreet, Inc.(a)		23,604,463		—		(6,914,010	)		(30,379,701	)		13,689,248			—		—		131,209		—
	Hope Bancorp, Inc.		79,956,414		3,108,608		(4,983,869	)		(2,723,814	)		16,291,001			91,648,340		7,962,497		4,545,823		—
	Horace Mann Educators Corp.		91,473,889		—		(815,811	)		(317,287	)		9,796,133			100,136,924		2,707,135		3,624,361		—
	Hostess Brands, Inc.(a)		242,479,510		21,822,578		(343,575,617	)		120,238,413			(40,964,884	)		—		—		—		—
	Hub Group, Inc., Class A		199,789,287		35,202,586		(56,586,920	)		8,998,270			(5,307,682	)		182,095,541		4,213,224		531,709		—
	Hudson Pacific Properties, Inc.		62,200,117		9,372,556		(13,773,595	)		(8,553,583	)		5,943,988			55,189,483		8,556,509		1,597,009		—
	Ichor Holdings Ltd.		68,853,399		13,701,036		(17,244,149	)		(1,505,896	)		12,982,829			76,787,219		1,988,276		—		—
	ICU Medical, Inc.		—		125,432,110		(9,236,339	)		487,097			30,296,379			146,979,247		1,369,542		—		—
	Inari Medical, Inc.		—		166,118,305		—			—			(27,378	)		166,090,927		3,461,670		—		—
	Independent Bank Corp.		206,148,445		—		(16,418,063	)		(7,580,605	)		(34,193,869	)		147,955,908		2,844,212		6,542,431		—
	Independent Bank Group, Inc.		119,660,451		20,398,305		(25,843,553	)		(8,460,639	)		4,986,082			110,740,646		2,425,863		3,771,088		—
	Ingevity Corp.		—		147,325,660		(22,322,266	)		(1,516,947	)		(14,374,557	)		109,111,890		2,287,461		—		—
	Innospec, Inc.		185,047,583		34,298,500		(46,818,347	)		8,038,392			35,965,780			216,531,908		1,679,323		2,432,873		—
	Innovative Industrial Properties, Inc.		154,533,036		31,385,420		(41,909,321	)		(29,652,792	)		82,235,573			196,591,916		1,898,705		13,794,898		—
	Innoviva, Inc.		51,337,564		12,206,996		(21,604,805	)		(567,795	)		16,859,242			58,231,202		3,820,945		—		—
	Inogen, Inc.(a)		20,699,378		1,102,569		(18,705,628	)		(54,410,781	)		51,314,462			—		—		—		—
	Insight Enterprises, Inc.		315,302,283		57,892,744		(111,670,568	)		39,707,645			45,683,617			346,915,721		1,869,964		—		—
	Installed Building Products, Inc.		194,942,723		46,630,916		(62,983,110	)		17,759,911			213,255,372			409,605,812		1,583,140		4,764,523		—
	Insteel Industries, Inc.		39,429,230		9,103,989		(12,273,125	)		(129,945	)		14,230,434			50,360,583		1,317,650		3,405,826		—
	Integer Holdings Corp.		186,869,395		41,052,758		(53,921,843	)		9,628,814			78,980,802			262,609,926		2,250,685		—		—
	InterDigital, Inc.		142,699,271		31,701,738		(50,637,433	)		7,905,196			53,622,197			185,290,969		1,740,475		2,732,338		—
	Interface, Inc., Class A		34,179,987		8,838,181		(11,265,021	)		(4,299,410	)		38,763,458			66,217,195		3,936,813		161,340		—
	Invesco Mortgage Capital, Inc.(a)		28,489,334		9,331,797		(17,906,395	)		(123,333,373	)		103,418,637			—		—		3,382,814		—
	iRobot Corp.(a)		86,350,032		14,160,968		(36,779,977	)		(106,875,297	)		43,144,274			—		—		—		—

36 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
	Ironwood Pharmaceuticals, Inc., Class A	$	102,035,794	$	20,396,498	$	(23,671,286	)	$	(1,796,367	)	$	(16,130,334	)	$	80,834,305		9,280,632	$	—	$	—
	iTeos Therapeutics, Inc.(a)		24,370,080		3,177,236		(20,780,706	)		(46,908,730	)		40,142,120			—		—		—		—
	Itron, Inc.		182,591,693		41,027,242		(55,060,983	)		(1,608,583	)		117,297,329			284,246,698		3,072,273		—		—
	J & J Snack Foods Corp.		161,645,916		31,790,803		(38,588,133	)		3,052,705			(6,528,901	)		151,372,390		1,047,125		3,065,123		—
	Jack in the Box, Inc.		131,488,619		22,831,986		(36,536,107	)		(2,265,766	)		(25,054,392	)		90,464,340		1,321,033		2,497,070		—
	James River Group Holdings Ltd.(a)		54,415,765		116,915		(19,576,552	)		(73,242,727	)		38,286,599			—		—		389,044		—
	JBG SMITH Properties		108,645,430		9,625,043		(31,982,924	)		1,686,769			4,688,543			92,662,861		5,773,387		5,480,902		—
	JetBlue Airways Corp.		—		124,313,387		(12,452,849	)		406,728			54,754,560			167,021,826		22,509,680		—		—
	John B Sanfilippo & Son, Inc.		63,262,398		13,418,220		(18,249,758	)		2,926,205			3,248,203			64,605,268		609,944		2,242,015		—
	John Bean Technologies Corp.		253,447,554		43,430,949		(62,585,186	)		(1,534,232	)		(7,220,726	)		225,538,359		2,150,237		889,431		—
	John Wiley & Sons, Inc., Class A		—		116,999,910		(21,966,165	)		813,040			13,334,733			109,181,518		2,863,402		3,043,566		—
	Kaiser Aluminum Corp.		86,687,297		15,442,145		(22,123,851	)		(5,706,402	)		21,642,890			95,942,079		1,073,658		3,433,063		—
	Kaman Corp.		46,934,940		10,411,265		(12,720,976	)		(8,491,848	)		52,025,319			88,158,700		1,921,925		1,551,466		—
	Kennametal, Inc.		161,872,343		29,699,250		(42,785,987	)		632,760			(15,517,925	)		133,900,441		5,368,903		4,453,524		—
	Kennedy-Wilson Holdings, Inc.		141,614,695		22,117,281		(36,679,263	)		(1,654,549	)		(56,730,485	)		68,667,679		8,003,226		1,787,279		—
	KKR Real Estate Finance Trust, Inc.		48,168,447		9,814,757		(13,740,548	)		(4,958,444	)		399,339			39,683,551		3,944,687		5,581,738		—
	Knowles Corp.		112,730,077		21,097,060		(30,483,975	)		(1,348,596	)		(5,105,088	)		96,889,478		6,017,980		—		—
	Kohl’s Corp.		—		172,763,244		(17,863,203	)		1,363,442			61,690,426			217,953,909		7,476,978		7,439,353		—
	Kontoor Brands, Inc.		174,110,704		33,222,785		(42,399,552	)		2,233,164			36,285,159			203,452,260		3,376,801		6,771,278		—
	Koppers Holdings, Inc.		53,100,966		12,417,510		(16,099,016	)		2,039,241			26,540,976			77,999,677		1,413,806		363,144		—
	Korn Ferry		198,786,374		37,041,839		(51,846,913	)		2,736,344			46,620,208			233,337,852		3,548,325		3,649,929		—
	Kulicke & Soffa Industries, Inc.		217,384,819		39,478,004		(55,009,936	)		12,540,875			(22,454,924	)		191,938,838		3,815,123		2,999,916		—
	Lakeland Financial Corp.		115,762,353		1,099,306		(9,587,106	)		(3,823,592	)		8,364,625			111,815,586		1,686,001		3,258,440		—
	La-Z-Boy, Inc.		91,153,674		20,306,083		(26,961,522	)		159,229			24,597,487			109,254,951		2,904,172		2,286,299		—
	LCI Industries		203,655,472		39,819,852		(55,766,612	)		1,522,224			21,795,552			211,026,488		1,714,826		7,394,577		—
	LeMaitre Vascular, Inc.		72,406,555		16,461,097		(20,756,564	)		4,138,936			16,565,404			88,815,428		1,338,388		791,404		—
	LendingTree, Inc.(a)		20,967,477		806,572		(17,818,178	)		(88,900,873	)		84,945,002			—		—		—		—
	Leslie’s, Inc.		119,142,546		27,956,695		(20,166,516	)		(5,591,052	)		(40,329,176	)		81,012,497		12,463,461		—		—
	LGI Homes, Inc.		169,937,199		32,523,654		(43,572,798	)		9,746,694			(7,075,834	)		161,558,915		1,388,321		—		—
	Liberty Energy, Inc., Class A		—		214,082,143		(27,944,425	)		238,601			25,875,611			212,251,930		10,243,819		1,456,670		—
	Ligand Pharmaceuticals, Inc.		86,025,257		16,267,892		(20,193,996	)		(4,156,818	)		2,985,505			80,927,840		1,107,084		—		—
	Lindsay Corp.		120,919,113		19,927,917		(26,240,129	)		(226,426	)		(26,710,715	)		87,669,760		745,111		1,065,611		—
	Liquidity Services, Inc.(b)		22,867,914		6,072,971		(9,819,249	)		1,740,373			(4,811,282	)		N/A		N/A		—		—
	Livent Corp.(a)		283,604,447		35,828,167		(274,280,447	)		3,442,624			(48,594,791	)		—		—		—		—
	LivePerson, Inc.(a)		22,355,644		998,152		(19,474,188	)		(118,802,576	)		114,922,968			—		—		—		—
	LiveRamp Holdings, Inc.		103,421,134		27,922,124		(33,856,083	)		2,922,988			54,223,840			154,634,003		4,482,145		—		—
	LTC Properties, Inc.		103,413,657		19,489,797		(21,663,393	)		(6,872,156	)		(3,428,982	)		90,938,923		2,797,260		6,501,059		—
	LXP Industrial Trust		207,205,029		40,177,044		(40,115,046	)		(9,399,501	)		(19,598,014	)		178,269,512		19,763,804		7,290,077		—
	M/I Homes, Inc.		125,795,845		36,464,288		(44,205,615	)		15,011,269			123,917,867			256,983,654		1,885,565		—		—
	Macerich Co. (The)		—		209,656,399		(32,040,705	)		1,216,880			72,480,140			251,312,714		14,585,764		7,554,221		—
	Madison Square Garden Sports Corp., Class A		—		294,332,616		(49,388,054	)		(6,584,174	)		(30,278,476	)		208,081,912		1,127,693		—		—
	Magnolia Oil & Gas Corp., Class A		—		300,725,560		(2,208,159	)		45,473			26,032,364			324,595,238		12,508,487		—		—
	Marcus Corp. (The)		28,247,952		6,082,875		(7,558,033	)		(3,773,202	)		783,863			23,783,455		1,667,844		444,992		—
	MarineMax, Inc.		45,781,328		10,045,348		(17,009,608	)		(1,511,641	)		8,162,257			45,467,684		1,367,038		—		—

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
	Marten Transport Ltd.(b)	$	87,916,759	$	16,111,601	$	(21,728,763	)	$	4,273,506		$	(25,319,312	)	$	N/A		N/A	$	963,870	$	—
	Masterbrand, Inc.		75,128,518		22,031,161		(30,563,616	)		4,330,515			89,946,184			160,872,762		8,584,459		—		—
	Materion Corp.		173,151,692		31,213,771		(41,449,818	)		11,384,748			9,368,725			183,669,118		1,394,073		745,559		—
	Mativ Holdings, Inc.		85,713,221		12,225,277		(17,116,635	)		(20,156,084	)		8,187,427			68,853,206		3,672,171		2,717,856		—
	Matson, Inc.		164,314,890		42,152,087		(72,068,776	)		15,384,293			115,399,904			265,182,398		2,359,274		3,177,733		—
	Matthews International Corp., Class A		79,704,067		15,911,245		(21,139,936	)		(1,492,746	)		(8,375,950	)		64,606,680		2,078,722		1,993,297		—
	MaxLinear, Inc.		185,644,514		23,739,994		(28,812,763	)		(13,151,287	)		(73,118,475	)		94,301,983		5,050,990		—		—
	MDC Holdings, Inc.		164,121,617		38,132,044		(45,592,806	)		7,308,498			89,791,469			253,760,822		4,033,712		8,827,739		—
	Medical Properties Trust, Inc.		—		179,414,960		(1,328,989	)		25,622			12,023,344			190,134,937		40,454,242		—		—
	Medifast, Inc.		82,543,091		11,871,106		(16,911,731	)		(10,198,517	)		(39,324,678	)		27,979,271		730,148		2,470,027		—
	Mercury Systems, Inc.		—		172,607,255		(39,674,672	)		(516,133	)		(27,787,030	)		104,629,420		3,546,760		—		—
	Merit Medical Systems, Inc.		306,831,713		57,076,138		(74,795,572	)		17,409,186			(11,096,541	)		295,424,924		3,899,999		—		—
	Meritage Homes Corp.		310,965,624		65,408,122		(90,152,676	)		24,479,624			121,190,411			431,891,105		2,461,479		3,962,174		—
	Mesa Laboratories, Inc.		63,979,486		8,754,750		(11,292,646	)		(6,958,530	)		(16,387,108	)		38,095,952		347,179		226,370		—
	Metallus, Inc.(j)		52,888,690		11,706,074		(17,552,306	)		3,430,553			7,251,165			57,724,176		2,594,345		—		—
	Methode Electronics, Inc.		115,112,247		14,515,562		(20,250,278	)		(5,830,726	)		(74,107,465	)		29,439,340		2,417,023		1,397,273		—
	MGE Energy, Inc.		—		184,767,902		(1,377,697	)		25,750			8,842,846			192,258,801		2,442,312		—		—
	MGP Ingredients, Inc.(b)		108,229,100		21,666,382		(28,063,227	)		2,246,840			(9,621,954	)		N/A		N/A		518,339		—
	Middlesex Water Co.		90,171,104		24,105,543		(20,136,853	)		(3,034,825	)		(27,957,076	)		63,147,893		1,202,817		1,531,942		—
	MillerKnoll, Inc.		112,359,805		23,593,687		(35,236,024	)		2,305,695			18,748,176			121,771,339		4,918,067		3,915,304		—
	Minerals Technologies, Inc.		142,894,327		27,315,687		(36,073,299	)		1,113,328			30,655,183			165,905,226		2,203,842		672,196		—
	ModivCare, Inc.		77,735,239		7,697,464		(11,012,035	)		(14,867,728	)		(40,002,347	)		19,550,593		833,714		—		—
	Monarch Casino & Resort, Inc.(b)		71,511,446		13,910,396		(18,112,060	)		3,279,607			(21,864,476	)		N/A		N/A		1,111,799		—
	Monro, Inc.		112,801,237		15,922,865		(24,432,797	)		(12,572,954	)		(28,013,607	)		63,704,744		2,019,808		2,452,500		—
	Moog, Inc., Class A		210,593,393		45,900,615		(61,318,650	)		13,244,207			101,591,040			310,010,605		1,941,814		2,174,390		—
	Movado Group, Inc.		32,925,280		6,310,055		(8,540,860	)		(931,606	)		(249,154	)		29,513,715		1,056,703		2,689,576		—
	Mr. Cooper Group, Inc.		192,972,305		—		(20,576,469	)		6,615,984			160,602,221			339,614,041		4,356,819		—		—
	Mueller Industries, Inc.		304,166,566		61,119,902		(83,867,494	)		22,187,113			109,858,181			413,464,268		7,666,684		5,131,287		—
	Myers Industries, Inc.		56,831,331		10,109,973		(12,890,088	)		(447,734	)		4,225,108			57,828,590		2,495,839		1,378,591		—
	MYR Group, Inc.		152,100,623		30,941,598		(41,597,009	)		13,785,782			44,234,739			199,465,733		1,128,519		—		—
	Myriad Genetics, Inc.		137,194,406		30,703,968		(28,491,218	)		(5,954,501	)		(5,962,999	)		127,489,656		5,979,815		—		—
	Nabors Industries Ltd.		79,576,874		13,426,406		(19,752,653	)		(3,469,664	)		(17,866,105	)		51,914,858		602,750		—		—
	National Bank Holdings Corp., Class A		90,851,696		—		(6,713,905	)		(2,279,008	)		8,436,907			90,295,690		2,503,346		2,749,994		—
	National HealthCare Corp.		—		90,520,573		(4,620,625	)		(70,467	)		263,836			86,093,317		910,944		1,072,042		—
	National Presto Industries, Inc.(b)		26,513,693		5,219,654		(6,150,474	)		(792,837	)		7,242,302			N/A		N/A		1,613,551		—
	National Vision Holdings, Inc.		108,050,132		22,855,856		(31,453,144	)		(7,343,623	)		25,590,229			117,699,450		5,311,347		—		—
	Navient Corp.(b)		—		145,308,957		(42,306,236	)		(1,189,828	)		—			N/A		N/A		2,967,498		—
	NBT Bancorp, Inc.		100,235,168		6,728,037		(2,641,774	)		293,465			9,888,106			114,503,002		3,121,674		3,858,668		—
	NCR Atleos Corp.		—		105,737,187		(9,069,173	)		(82,596	)		(7,328,868	)		89,256,550		4,519,319		—		—
	NCR Voyix Corp.		—		158,086,041		(4,619,050	)		(715,565	)		(38,319,660	)		114,431,766		9,060,314		—		—
	Nektar Therapeutics(a)		9,905,892		973		(9,649,944	)		(165,202,115	)		164,945,194			—		—		—		—
	NeoGenomics, Inc.		160,271,933		27,434,719		(35,559,666	)		(29,907,014	)		13,097,155			135,337,127		8,609,232		—		—
	NETGEAR, Inc.(a)		38,708,889		2,878,833		(29,811,820	)		(33,024,682	)		21,248,780			—		—		—		—
	NetScout Systems, Inc.		140,765,615		27,398,884		(30,119,172	)		(3,618,260	)		(29,106,135	)		105,320,932		4,822,387		—		—
	New York Mortgage Trust, Inc.		69,395,712		11,817,291		(25,635,541	)		(18,865,918	)		7,524,522			44,236,066		6,143,898		429,440		—
	Newell Brands, Inc.		—		266,893,738		(22,602,540	)		(1,127,488	)		(36,508,215	)		206,655,495		25,735,429		3,603,531		—
	NexPoint Residential Trust, Inc.		59,857,290		10,252,966		(437,447	)		(3,390,431	)		(17,361,078	)		48,921,300		1,519,767		2,698,030		—

38 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
	NextGen Healthcare, Inc.(a)	$	67,649,550	$	9,016,050	$	(101,124,217	)	$	25,349,270		$	(890,653	)	$	—		—	$	—	$	—
	NMI Holdings, Inc., Class A		136,021,945		30,989,221		(46,886,195	)		7,642,814			49,798,898			177,566,683		5,490,621		—		—
	Northern Oil & Gas, Inc.		163,667,170		75,102,656		(47,666,658	)		3,731,116			50,384,307			245,218,591		6,179,904		9,139,167		—
	Northfield Bancorp, Inc.		36,132,664		3,552,793		(7,727,793	)		(3,384,209	)		(2,715,232	)		25,858,223		2,660,311		1,473,564		—
	Northwest Bancshares, Inc.		104,793,739		1,339,463		(4,532,188	)		(2,162,444	)		(1,272,245	)		98,166,325		8,426,294		6,915,654		—
	Northwest Natural Holding Co.		121,713,935		20,711,119		(23,764,180	)		(6,312,492	)		(19,883,666	)		92,464,716		2,484,275		4,887,134		—
	Nu Skin Enterprises, Inc., Class A		141,589,824		16,938,215		(23,876,225	)		(9,696,865	)		(78,659,162	)		46,295,787		3,347,490		4,294,178		—
	NuVasive, Inc.(b)		156,966,020		11,789,124		(130,731,239	)		(1,908,881	)		(3,566,134	)		N/A		N/A		—		—
	NV5 Global, Inc.		94,053,237		18,498,382		(22,440,854	)		(3,140,342	)		(2,350,843	)		84,619,580		863,377		—		—
	Oceaneering International, Inc.		128,820,488		28,085,501		(39,207,846	)		8,635,295			32,852,784			159,186,222		6,802,830		—		—
	ODP Corp. (The)		132,156,368		22,966,491		(51,965,242	)		9,662,825			6,976,272			119,796,714		2,258,185		—		—
	Office Properties Income Trust(a)		43,526,404		2,326,941		(27,680,417	)		(75,095,144	)		56,922,216			—		—		—		—
	OFG Bancorp		83,033,016		940,403		(7,423,481	)		1,354,528			36,931,176			114,835,642		3,119,686		2,890,636		—
	O-I Glass, Inc.		255,527,856		35,892,117		(51,302,960	)		4,107,414			(70,860,437	)		173,363,990		10,449,909		—		—
	Oil States International, Inc.(a)		38,785,896		6,805,166		(35,197,057	)		(51,263,243	)		40,869,238			—		—		—		—
	Olympic Steel, Inc.		36,165,345		7,551,899		(8,824,181	)		2,942,912			9,210,696			47,046,671		663,751		352,663		—
	Omnicell, Inc.		—		182,643,551		(12,753,881	)		(2,745,735	)		(77,369,076	)		89,774,859		3,071,326		—		—
	OneSpan, Inc.(a)		44,893,310		4,658,221		(33,240,763	)		(15,118,551	)		(1,192,217	)		—		—		—		—
	Onto Innovation, Inc.(a)		316,769,875		32,596,537		(488,789,134	)		290,288,822			(150,866,100	)		—		—		—		—
	OPENLANE, Inc.(k)		108,570,937		21,328,604		(31,262,636	)		770,108			26,809,635			126,216,648		7,295,760		—		—
	OraSure Technologies, Inc.		31,793,506		6,956,077		(8,338,845	)		(3,536,083	)		3,743,901			30,618,556		4,978,627		—		—
	Organon & Co.		—		305,798,746		(22,033,703	)		(121,873	)		40,874,741			324,517,911		17,261,591		9,680,548		—
	Orion Office REIT, Inc.(a)		27,459,287		2,290,218		(25,924,240	)		(55,611,679	)		51,786,414			—		—		—		—
	Orthofix Medical, Inc.(a)		41,630,802		5,923,318		(36,144,369	)		(61,670,839	)		50,261,088			—		—		—		—
	OSI Systems, Inc.		116,917,844		25,478,451		(34,974,746	)		7,994,616			36,265,673			151,681,838		1,062,049		—		—
	Otter Tail Corp.		218,970,729		42,623,050		(58,021,737	)		1,631,460			38,178,040			243,381,542		2,816,916		5,154,145		—
	Outfront Media, Inc.		160,477,176		39,590,642		(38,644,492	)		(8,561,397	)		11,839,861			164,701,790		9,809,517		11,085,788		—
	Owens & Minor, Inc.		80,595,549		20,349,802		(26,703,702	)		(8,194,240	)		77,126,226			143,173,635		5,166,858		—		—
	Oxford Industries, Inc.		114,064,865		19,893,823		(28,111,121	)		4,042,289			2,176,766			112,066,622		997,034		2,666,660		—
	Pacific Premier Bancorp, Inc.		159,729,950		870,540		(7,616,928	)		(5,452,864	)		5,052,686			152,583,384		6,357,641		8,612,038		—
	Pacira BioSciences, Inc.		136,465,947		22,125,372		(29,672,413	)		(11,333,889	)		(25,928,247	)		91,656,770		3,136,782		—		—
	Palomar Holdings, Inc.		101,500,711		20,027,417		(28,562,129	)		(10,841,470	)		58,285,607			140,410,136		1,674,939		—		—
	Papa John’s International, Inc.		—		189,391,573		(18,627,710	)		(636,945	)		(22,388,871	)		147,738,047		2,218,289		2,033,396		—
	Park National Corp.		124,774,768		21,064,135		(29,339,850	)		(411,037	)		15,516,672			131,604,688		968,750		4,220,461		—
	Pathward Financial, Inc.		81,920,594		569,166		(12,900,069	)		3,742,779			13,646,286			86,978,756		1,723,034		365,335		—
	Patrick Industries, Inc.		107,684,347		25,253,279		(36,825,535	)		6,447,166			65,773,615			168,332,872		1,408,997		2,923,608		—
	Patterson Cos., Inc.		—		171,389,244		(10,349,181	)		(528,036	)		(6,506,863	)		154,005,164		5,569,807		1,492,531		—
	Patterson-UTI Energy, Inc.		184,904,881		122,742,760		(69,617,766	)		10,623,705			10,432,623			259,086,203		21,699,012		6,518,002		—
	PDF Solutions, Inc.		91,243,358		15,998,484		(19,070,267	)		3,862,871			(22,420,139	)		69,614,307		2,067,547		—		—
	Peabody Energy Corp.		—		197,161,969		(6,320,769	)		(307,531	)		(10,101,278	)		180,432,391		7,437,444		560,639		—
	Pebblebrook Hotel Trust		110,799,552		29,119,231		(25,525,220	)		776,600			10,250,918			125,421,081		8,138,941		321,340		—
	Pediatrix Medical Group, Inc.		88,757,888		13,638,982		(18,493,524	)		(9,198,879	)		(18,587,560	)		56,116,907		5,594,906		—		—
	PennyMac Mortgage Investment Trust		79,670,825		17,202,562		(29,969,855	)		(8,580,779	)		27,573,612			85,896,365		5,851,251		1,557,183		—

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
	Perdoceo Education Corp.	$	65,730,718	$	14,197,743	$	(21,449,293	)	$	3,146,892		$	16,168,199		$	77,794,259		4,430,197	$	1,498,963	$	—
	Perficient, Inc.		182,203,662		31,415,966		(41,726,830	)		1,976,106			(41,021,239	)		132,847,665		2,360,058		—		—
	PetMed Express, Inc.(a)		24,777,043		818,005		(22,297,338	)		(17,191,176	)		13,893,466			—		—		454,117		—
	PGT Innovations, Inc.(a)		109,483,894		24,809,394		(200,585,178	)		97,126,888			(30,834,998	)		—		—		—		—
	Phibro Animal Health Corp., Class A		22,546,153		3,478,562		(4,652,959	)		(4,144,404	)		535,572			17,762,924		1,373,776		687,275		—
	Phillips Edison & Co., Inc.		—		327,492,025		(47,193,626	)		816,653			14,475,629			295,590,681		8,240,610		6,092,845		—
	Phinia, Inc.		—		133,971,162		(17,899,742	)		(2,343,367	)		7,450,768			121,178,821		3,153,235		2,403,150		—
	Photronics, Inc.		74,377,150		21,490,391		(26,034,688	)		6,101,457			43,816,782			119,751,092		4,228,499		—		—
	Piper Sandler Cos.		138,401,808		35,675,922		(31,169,658	)		10,077,103			50,772,551			203,757,726		1,026,539		3,471,149		—
	Plexus Corp.		197,013,149		35,390,474		(49,195,324	)		8,027,098			(14,411,932	)		176,823,465		1,864,833		—		—
	Powell Industries, Inc.		28,087,125		10,987,495		(13,011,461	)		4,517,330			58,259,820			88,840,309		624,317		667,720		—
	PRA Group, Inc.		110,378,706		12,441,884		(16,136,279	)		(6,062,604	)		(31,131,495	)		69,490,212		2,664,502		—		—
	Premier, Inc., Class A		—		195,970,614		(17,710,672	)		(263,345	)		1,318,339			179,314,936		8,113,798		3,370,149		—
	Prestige Consumer Healthcare, Inc.		226,837,405		37,858,853		(52,590,035	)		6,208,793			25,599,995			243,915,011		3,361,563		—		—
	PriceSmart, Inc.		131,024,556		26,451,683		(36,967,614	)		(47,897	)		21,620,736			142,081,464		1,691,446		1,803,379		—
	Privia Health Group, Inc.		—		224,258,501		(24,705,665	)		(2,383,551	)		(61,264,209	)		135,905,076		6,937,472		—		—
	ProAssurance Corp.		65,153,421		—		(2,414,600	)		(5,657,381	)		(13,627,976	)		43,453,464		3,378,963		—		—
	PROG Holdings, Inc.		86,731,227		19,889,575		(39,751,305	)		6,580,296			31,117,796			104,567,589		3,036,225		367,004		—
	Progress Software Corp.		181,504,715		33,891,104		(44,723,631	)		8,749,031			(21,003,944	)		158,417,275		2,971,624		2,108,255		—
	ProPetro Holding Corp.		50,270,388		11,071,330		(24,534,041	)		(15,114,578	)		24,774,157			46,467,256		5,750,898		—		—
	Proto Labs, Inc.		65,500,720		12,556,366		(19,835,958	)		(29,611,315	)		33,659,358			62,269,171		1,741,795		—		—
	Provident Financial Services, Inc.		100,062,405		485,346		(3,901,812	)		(1,181,718	)		(22,498,375	)		72,965,846		5,007,951		4,930,224		—
	Quaker Chemical Corp.		196,336,906		34,165,299		(43,434,538	)		(1,037,058	)		6,433,137			192,463,746		937,704		1,692,961		—
	Quanex Building Products Corp.		51,998,546		13,457,887		(17,889,049	)		2,834,770			35,789,957			86,192,111		2,242,834		736,064		—
	QuinStreet, Inc.		58,321,774		8,279,372		(9,201,796	)		(2,447,332	)		7,440,391			62,392,409		3,532,979		—		—
	Rambus, Inc.(a)		401,070,030		53,998,268		(590,745,016	)		403,818,657			(268,141,939	)		—		—		—		—
	Ranger Oil Corp., Class A(a)		56,740,686		2,579,172		(53,900,288	)		(3,320,048	)		(2,099,522	)		—		—		103,721		—
	Rayonier Advanced Materials, Inc.(a)		29,023,980		780,915		(20,167,466	)		(23,724,998	)		14,087,569			—		—		—		—
	Ready Capital Corp.		72,885,125		66,374,312		(35,309,805	)		(6,521,875	)		230,950			97,658,707		10,696,463		9,991,269		—
	Redwood Trust, Inc.		55,577,150		17,450,216		(11,150,369	)		(11,115,854	)		5,820,681			56,581,824		8,882,547		3,055,307		—
	REGENXBIO, Inc.		51,752,926		11,536,505		(11,806,574	)		(8,097,757	)		14,216,803			57,601,903		2,733,835		—		—
	Renasant Corp.		119,652,965		444,101		(5,734,142	)		(2,102,551	)		4,309,692			116,570,065		3,721,905		3,367,891		—
	Resideo Technologies, Inc.		194,322,816		33,116,249		(45,864,043	)		(4,022,979	)		43,644,350			221,196,393		9,866,030		—		—
	Resources Connection, Inc.		39,718,836		7,026,948		(9,631,367	)		(926,066	)		(7,806,455	)		28,381,896		2,156,679		1,245,680		—
	Retail Opportunity Investments Corp.		127,259,709		21,218,482		(26,923,477	)		(7,796,978	)		(4,100,315	)		109,657,421		8,553,621		5,245,302		—
	REX American Resources Corp.		31,659,279		8,473,606		(11,038,095	)		1,977,509			29,501,567			60,573,866		1,031,747		—		—
	REX Holdings, Inc.(a)(l)		25,663,511		1,984,950		(22,339,770	)		(26,595,547	)		21,286,856			—		—		—		—
	Rogers Corp.		223,929,171		32,227,778		(66,675,029	)		(24,162,255	)		(31,003,652	)		134,316,013		1,131,654		—		—
	RPT Realty(a)		59,512,895		9,338,462		(87,934,250	)		315,979			18,766,914			—		—		829,539		—
	Rush Enterprises, Inc., Class A		—		215,998,625		(7,125,047	)		121,803			13,652,261			222,647,642		4,160,083		712,013		—
	Ruth’s Hospitality Group, Inc.(a)		36,264,292		1,594,123		(49,039,469	)		6,170,918			5,010,136			—		—		—		—
	RXO, Inc.		166,623,973		31,461,194		(42,459,548	)		2,629,875			14,598,359			172,853,853		7,903,697		—		—
	S&T Bancorp, Inc.		86,792,408		346,326		(6,933,574	)		(2,337,926	)		3,448,156			81,315,390		2,534,769		3,425,058		—
	Sabre Corp.		102,368,422		31,135,541		(22,610,096	)		(6,020,460	)		(42,654,222	)		62,219,185		25,710,407		—		—

40 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
	Safety Insurance Group, Inc.	$	74,943,572	$	3,873,686	$	(5,526,739	)	$	(840,097	)	$	8,147,393		$	80,597,815		980,628	$	3,637,155	$	—
	Sally Beauty Holdings, Inc.		121,550,237		17,168,629		(24,644,101	)		(3,615,551	)		(22,467,401	)		87,991,813		7,084,687		—		—
	Sanmina Corp.		259,046,060		41,729,001		(68,302,237	)		11,038,694			(9,291,770	)		234,219,748		3,766,802		—		—
	ScanSource, Inc.		56,386,478		12,597,634		(16,584,050	)		(1,500,279	)		24,201,321			75,101,104		1,705,293		—		—
	Scholastic Corp.		73,790,913		15,770,885		(30,341,359	)		(666,656	)		8,301,710			66,855,493		1,772,885		1,590,631		—
	Schrodinger, Inc.		—		192,456,567		(20,990,065	)		(4,975,296	)		(66,738,815	)		99,752,391		3,694,533		—		—
	Seacoast Banking Corp.of Florida		134,871,391		10,329,124		(11,224,517	)		(6,417,933	)		15,767,850			143,325,915		5,644,975		4,178,902		—
	Select Medical Holdings Corp.		196,195,141		34,872,300		(48,210,114	)		7,484,490			23,733,856			214,075,673		7,100,354		3,630,673		—
	Semtech Corp.		112,170,155		19,466,526		(26,720,188	)		(5,188,752	)		19,633,207			119,360,948		4,341,977		—		—
	Seneca Foods Corp.(a)		20,048,629		864,059		(13,891,365	)		(396,680	)		(6,624,643	)		—		—		—		—
	Sensient Technologies Corp.		—		203,430,486		(21,387,848	)		8,762			15,375,346			197,426,746		2,853,400		2,338,854		—
	Service Properties Trust		120,094,831		18,481,471		(25,205,014	)		(5,577,171	)		(31,483,664	)		76,310,453		11,255,229		8,785,132		—
	ServisFirst Bancshares, Inc.		194,429,700		34,162,168		(45,645,151	)		(6,653,611	)		43,267,913			219,561,019		3,308,635		3,868,232		—
	Shake Shack, Inc., Class A		150,917,929		33,725,180		(45,620,554	)		(452,661	)		124,847,694			263,417,588		2,532,131		—		—
	Shenandoah Telecommunications Co.		69,197,290		14,032,843		(18,973,559	)		(11,114,328	)		5,832,986			58,975,232		3,395,235		303,438		—
	Signet Jewelers Ltd.		257,612,338		46,834,964		(69,771,642	)		20,223,027			44,594,612			299,493,299		2,992,838		2,898,013		—
	Simmons First National Corp., Class A		153,694,354		—		(8,722,770	)		(5,808,261	)		22,316,029			161,479,352		8,298,014		6,944,204		—
	Simply Good Foods Co. (The)		244,818,035		46,711,906		(47,257,504	)		3,138,298			(38,662,684	)		208,748,051		6,134,236		—		—
	Simulations Plus, Inc.		51,277,409		10,120,217		(13,934,066	)		(3,360,374	)		429,509			44,532,695		1,082,204		266,719		—
	SiTime Corp.		—		156,555,495		(17,314,697	)		(348,125	)		(28,862,907	)		110,029,766		1,180,197		—		—
	Six Flags Entertainment Corp.		144,071,924		24,714,056		(37,449,558	)		1,393,408			(3,758,487	)		128,971,343		4,900,127		—		—
	SJW Group		147,687,023		26,695,013		(24,314,753	)		(1,677,760	)		(36,757,939	)		111,631,584		1,972,638		3,001,326		—
	SkyWest, Inc.		81,507,562		25,145,398		(62,140,795	)		(3,708,059	)		150,215,703			191,019,809		2,765,197		—		—
	SL Green Realty Corp.		82,935,377		35,816,095		(15,257,733	)		3,326,171			134,453,282			241,273,192		4,376,441		13,548,766		—
	Sleep Number Corp.(a)		48,750,697		4,523,582		(25,212,089	)		(28,071,019	)		8,829			—		—		—		—
	SM Energy Co.		252,060,526		55,005,084		(95,421,772	)		17,370,015			160,480,548			389,494,401		7,813,328		5,220,048		—
	SMART Global Holdings, Inc.		61,637,620		17,244,754		(20,019,759	)		1,379,352			31,904,564			92,146,531		3,501,008		—		—
	SolarEdge Technologies, Inc.		—		386,453,681		(14,051,318	)		(2,225,901	)		(97,852,465	)		272,323,997		3,836,630		—		—
	Sonic Automotive, Inc., Class A(b)		66,094,068		11,625,688		(22,051,269	)		4,587,512			(32,296,288	)		N/A		N/A		1,301,425		—
	Sonos, Inc.		182,115,528		26,910,767		(41,681,573	)		(20,776,075	)		12,852,090			159,420,737		8,364,152		—		—
	Southside Bancshares, Inc.		72,522,777		2,125,823		(8,847,080	)		(2,196,498	)		(6,769,801	)		56,835,221		1,944,414		2,904,747		—
	SpartanNash Co.		63,565,103		11,953,241		(16,471,288	)		(2,310,228	)		(9,328,089	)		47,408,739		2,345,806		2,097,516		—
	SPS Commerce, Inc.		399,593,013		78,594,580		(103,382,666	)		35,735,742			47,679,805			458,220,474		2,478,207		—		—
	SPX Technologies, Inc.		232,117,646		50,212,426		(66,052,513	)		20,419,005			142,869,884			379,566,448		3,082,648		—		—
	STAAR Surgical Co.		—		159,530,132		(21,175,734	)		(543,479	)		(11,625,072	)		126,185,847		3,296,391		—		—
	Standard Motor Products, Inc.		50,334,610		10,728,737		(13,958,652	)		(2,521,861	)		(2,106,286	)		42,476,548		1,266,067		1,512,681		—
	Standex International Corp.		106,286,124		23,348,643		(32,340,909	)		7,231,431			41,989,066			146,514,355		804,052		957,862		—
	Stellar Bancorp, Inc.		80,716,493		15,299,104		(17,509,067	)		(1,496,844	)		155,778			77,165,464		3,167,712		1,668,958		—
	Stepan Co.		158,190,511		25,663,722		(33,959,105	)		(4,490,153	)		(16,182,358	)		129,222,617		1,435,169		2,181,763		—
	Steven Madden Ltd.		192,104,172		35,277,458		(54,941,832	)		3,287,738			24,526,610			200,254,146		4,736,380		4,173,035		—

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
	Stewart Information Services Corp.	$	76,127,135	$	195,534	$	(3,649,996	)	$	(2,391,841	)	$	47,734,755		$	118,015,587		1,813,950	$	3,479,387	$	—
	StoneX Group, Inc.		132,431,538		22,188,448		(26,448,763	)		7,277,952			(6,052,176	)		129,396,999		1,841,688		—		—
	Strategic Education, Inc.		145,694,199		25,658,273		(37,718,524	)		1,912,809			17,429,679			152,976,436		1,469,232		3,704,713		—
	Stride, Inc.		116,847,368		27,245,879		(40,123,185	)		2,979,581			62,519,110			169,468,753		2,687,847		—		—
	Sturm Ruger & Co., Inc.		73,737,279		13,544,416		(17,828,904	)		(2,721,016	)		(11,317,162	)		55,414,613		1,200,750		1,338,960		—
	Summit Hotel Properties, Inc.		54,522,356		6,570,159		(9,203,483	)		(7,074,109	)		2,634,215			47,449,138		7,288,654		1,655,941		—
	SunCoke Energy, Inc.		54,577,450		11,210,199		(14,849,061	)		676,132			12,145,632			63,760,352		5,657,529		2,212,682		—
	Sunrun, Inc.		—		194,055,953		—			—			(116,049	)		193,939,904		14,714,712		—		—
	Sunstone Hotel Investors, Inc.		151,302,794		27,591,305		(41,429,624	)		(1,588,872	)		18,697,378			154,572,981		13,875,492		4,466,256		—
	Supernus Pharmaceuticals, Inc.		142,742,976		22,123,513		(30,051,530	)		(825,085	)		(7,768,411	)		126,221,463		3,700,424		—		—
	Sylvamo Corp.		107,425,527		28,082,949		(25,244,064	)		3,071,585			33,948,477			147,284,474		2,385,560		3,291,897		—
	Talos Energy, Inc.(b)		—		88,639,565		(32,167,967	)		(4,453,541	)		—			N/A		N/A		—		—
	Tandem Diabetes Care, Inc.		190,328,065		23,898,727		(30,668,921	)		(10,005,233	)		(17,599,562	)		155,953,076		4,404,210		—		—
	Tanger, Inc.(m)		149,288,290		35,933,813		(39,199,186	)		4,954,559			63,775,905			214,753,381		7,272,380		6,466,370		—
	TechTarget, Inc.		70,076,304		12,625,466		(18,532,859	)		(13,150,092	)		6,933,272			57,952,091		1,751,877		—		—
	Telephone & Data Systems, Inc.		76,222,146		20,280,528		(27,328,193	)		(2,669,044	)		40,702,902			107,208,339		6,692,156		5,123,942		—
	Tennant Co.		92,604,246		22,669,106		(29,305,590	)		3,053,901			64,823,986			153,845,649		1,265,074		1,408,273		—
	Thryv Holdings, Inc.		51,410,241		9,300,964		(11,997,989	)		(4,134,049	)		2,027,695			46,606,862		2,096,575		—		—
	Titan International, Inc.(b)		38,870,980		9,362,435		(12,642,171	)		1,394,223			(3,706,656	)		N/A		N/A		—		—
	Tompkins Financial Corp.		60,143,045		8,635,246		(11,630,508	)		(3,503,351	)		(11,069,823	)		42,574,609		846,582		2,088,872		—
	Topgolf Callaway Brands Corp.		—		141,507,368		(7,201,318	)		(23,950	)		20,881,663			155,163,763		9,595,780		—		—
	Tredegar Corp.(a)		16,623,950		524,579		(11,477,417	)		(20,166,677	)		14,495,565			—		—		235,104		—
	TreeHouse Foods, Inc.		185,248,352		30,112,168		(43,224,181	)		1,722,590			(41,473,254	)		132,385,675		3,398,862		—		—
	Tri Pointe Homes, Inc.		185,957,853		40,101,921		(63,520,193	)		11,518,253			79,331,288			253,389,122		6,554,297		—		—
	Trinity Industries, Inc.		144,524,275		26,606,831		(35,973,840	)		165,705			18,672,796			153,995,767		5,529,471		5,990,807		—
	Trinseo PLC(a)		52,985,063		3,316,518		(25,344,346	)		(71,026,237	)		40,069,002			—		—		374,243		—
	TripAdvisor, Inc.		—		133,954,323		(17,119,044	)		1,558,160			84,518,247			202,911,686		7,301,608		—		—
	Triumph Financial, Inc.		95,710,400		16,690,118		(28,591,862	)		(1,802,859	)		33,483,726			115,489,523		1,455,995		—		—
	Triumph Group, Inc.		47,247,782		—		—			—			14,064,267			61,312,049		4,076,599		—		—
	TrueBlue, Inc.(a)		42,436,215		6,960,753		(36,178,086	)		(25,741,814	)		12,522,932			—		—		—		—
	Trupanion, Inc.		109,637,605		14,357,426		(18,522,667	)		(21,478,164	)		(17,360,613	)		66,633,587		2,413,386		—		—
	TrustCo Bank Corp.		40,955,608		282,643		(935,539	)		(471,795	)		(4,315,919	)		35,514,998		1,261,186		1,844,724		—
	Trustmark Corp.		99,208,760		3,552,677		(2,723,882	)		(1,309,407	)		15,078,110			113,806,258		4,048,604		3,746,968		—
	TTM Technologies, Inc.		100,193,427		19,413,746		(25,656,546	)		(89,536	)		14,771,052			108,632,143		6,941,351		—		—
	Two Harbors Investment Corp.		103,215,451		24,327,145		(25,378,307	)		(17,296,377	)		7,432,894			92,300,806		6,971,360		13,119,770		—
	U.S. Physical Therapy, Inc.		92,764,634		33,248,439		(26,013,197	)		2,221,811			12,610,784			114,832,471		1,017,387		1,738,747		—
	U.S. Silica Holdings, Inc.		65,681,594		13,359,985		(17,331,157	)		(1,250,929	)		4,410,940			64,870,433		5,227,271		—		—
	UFP Technologies, Inc.		—		103,509,903		(14,333,309	)		(403,564	)		31,545,285			120,318,315		477,075		—		—
	Ultra Clean Holdings, Inc.		109,650,769		20,616,142		(29,723,768	)		(2,772,916	)		41,718,681			139,488,908		3,036,328		—		—
	UniFirst Corp.		193,944,463		33,119,532		(46,909,533	)		(1,244,324	)		(1,915,805	)		176,994,333		1,020,552		1,342,285		—
	uniQure NV(a)		60,288,023		3,969,038		(28,208,473	)		(74,210,898	)		38,162,310			—		—		—		—
	United Community Banks, Inc.		223,750,587		5,909,840		(7,552,950	)		(3,219,887	)		(11,282,879	)		207,604,711		7,887,717		7,354,426		—
	United Fire Group, Inc.		42,728,827		4,653,541		(8,186,456	)		(7,626,904	)		(267,144	)		31,301,864		1,437,844		966,666		—
	United Natural Foods, Inc.		114,892,166		15,119,575		(22,013,608	)		(13,314,220	)		(48,436,491	)		46,247,422		4,025,015		—		—
	Uniti Group, Inc.		61,356,045		16,287,296		(21,764,169	)		(15,159,711	)		54,398,138			95,117,599		16,121,627		9,930,650		—
	Unitil Corp.		66,644,509		11,409,792		(15,305,012	)		(1,018,807	)		(4,805,982	)		56,924,500		1,087,383		1,833,405		—
	Universal Corp.		94,377,815		19,287,875		(24,776,540	)		(1,200,782	)		(1,397,013	)		86,291,355		1,668,433		5,408,797		—

42 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Affiliates (continued)

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
	Universal Health Realty Income Trust	$	44,402,307	$	7,747,439	$	(11,174,330	)	$	(3,875,326	)	$	(5,472,222	)	$	31,627,868		861,560	$	1,498,651	$	—
	Universal Insurance Holdings, Inc.(a)		36,438,725		2,388,188		(28,474,238	)		(19,029,225	)		8,676,550			—		—		627,957		—
	Upbound Group, Inc.		89,481,843		20,429,088		(39,079,408	)		(1,640,219	)		37,231,203			106,422,507		3,022,508		4,621,077		—
	Urban Edge Properties		128,562,943		27,224,056		(36,245,250	)		(1,542,035	)		19,221,333			137,221,047		7,945,631		5,315,654		—
	Urstadt Biddle Properties, Inc.(b)		34,221,124		3,466,739		(1,386,833	)		772,227			3,293,438			N/A		N/A		—		—
	Vanda Pharmaceuticals, Inc.(a)		28,107,205		2,239,212		(21,717,753	)		(58,839,842	)		50,211,178			—		—		—		—
	Varex Imaging Corp.		52,999,203		11,852,280		(15,005,139	)		(3,370,544	)		3,311,544			49,787,344		2,750,682		—		—
	Vector Group Ltd.		114,861,598		20,774,826		(27,451,816	)		2,785,569			(12,846,722	)		98,123,455		8,952,870		7,349,684		—
	Veeco Instruments, Inc.		78,954,802		25,622,252		(23,392,073	)		6,155,124			46,495,672			133,835,777		3,805,396		—		—
	Veradigm, Inc.(a)		103,631,851		16,514,348		(67,846,174	)		(8,604,691	)		(43,695,334	)		—		—		—		—
	Vericel Corp.		100,897,978		23,600,315		(30,796,024	)		(7,505,041	)		81,475,717			167,672,945		3,223,240		—		—
	Veris Residential, Inc.		84,533,556		17,818,131		(23,776,533	)		1,253,886			2,978,261			82,807,301		5,444,267		281,968		—
	Veritex Holdings, Inc.		68,439,831		—		(2,871,737	)		(3,361,431	)		11,582,929			73,789,592		3,601,249		2,948,164		—
	Veritiv Corp.(a)		132,456,525		16,752,340		(182,144,887	)		108,209,049			(75,273,027	)		—		—		1,220,654		—
	Verra Mobility Corp., Class A		171,896,557		69,611,094		(49,862,577	)		3,718,550			85,091,301			280,454,925		11,231,675		—		—
	Vestis Corp.		—		180,331,003		(8,039,767	)		(89,669	)		(1,134,878	)		171,066,689		8,877,358		312,745		—
	Viad Corp.		31,387,728		8,472,457		(10,646,464	)		(4,354,130	)		31,108,283			55,967,874		1,417,267		—		—
	Viasat, Inc.(b)		188,377,568		28,871,375		(42,675,203	)		(7,251,212	)		4,530,475			N/A		N/A		—		—
	Viavi Solutions, Inc.		177,432,688		28,897,837		(42,076,921	)		(12,072,670	)		(15,539,109	)		136,641,825		15,032,104		—		—
	Victoria’s Secret & Co.		—		126,204,989		(22,409,515	)		(83,033	)		(2,346,649	)		101,365,792		5,230,433		—		—
	Virtus Investment Partners, Inc.		94,337,674		17,324,796		(24,716,528	)		1,852,539			24,893,406			113,691,887		458,472		3,362,291		—
	Vista Outdoor, Inc.		113,962,723		22,859,535		(28,226,969	)		2,844,640			17,298,178			128,738,107		3,927,337		—		—
	Vital Energy, Inc.(b)		55,637,675		40,809,522		(22,520,742	)		(10,204,692	)		33,816,940			N/A		N/A		—		—
	Wabash National Corp.		85,424,750		16,177,393		(26,332,321	)		4,806,528			11,725,678			91,802,028		3,066,200		1,044,064		—
	WaFd, Inc.(n)		118,876,050		19,857,390		(1,940,454	)		(107,996	)		(3,600,932	)		133,084,058		4,584,363		4,346,036		—
	Walker & Dunlop, Inc.		170,050,668		41,764,210		(37,924,970	)		4,472,052			49,935,511			228,297,471		2,259,029		5,675,520		—
	WD-40 Co.		176,341,432		38,894,718		(53,118,039	)		6,369,857			63,517,141			232,005,109		915,894		3,165,921		—
	Westamerica BanCorp		85,488,457		1,415,344		(8,611,171	)		(2,874,023	)		10,936,809			86,355,416		1,766,682		3,189,394		—
	Whitestone REIT		30,906,498		7,421,338		(7,572,686	)		(2,117,633	)		11,415,306			40,052,823		3,191,460		1,524,196		—
	Winnebago Industries, Inc.		128,434,026		28,406,350		(43,686,299	)		5,810,850			27,165,241			146,130,168		1,974,732		2,485,681		—
	WisdomTree, Inc.(b)		47,941,123		6,918,769		(11,531,757	)		(669,826	)		11,561,307			N/A		N/A		937,579		—
	WK Kellogg Co.		—		65,110,572		(5,703,660	)		183,687			24,141,029			83,731,628		4,453,810		1,425,056		—
	Wolverine World Wide, Inc.		97,581,873		12,260,692		(15,672,869	)		(14,648,894	)		(19,116,569	)		60,404,233		5,388,424		2,166,656		—
	World Kinect Corp.(o)		114,988,874		17,766,974		(27,223,815	)		(7,030,104	)		9,598,110			108,100,039		4,086,958		3,069,837		—
	WSFS Financial Corp.		159,891,957		—		(9,057,648	)		(3,089,181	)		33,997,359			181,742,487		4,026,196		2,495,771		—
	Xencor, Inc.		121,801,515		19,263,819		(25,033,711	)		(12,285,048	)		(12,748,723	)		90,997,852		4,111,968		—		—
	Xenia Hotels & Resorts, Inc.		109,489,891		12,925,129		(25,121,053	)		(16,874,274	)		26,777,059			107,196,752		7,141,689		3,051,007		—
	Xerox Holdings Corp.		—		137,485,767		(14,776,441	)		217,522			13,776,902			136,703,750		7,637,081		5,704,568		—
	XPEL, Inc.		96,821,615		22,215,666		(21,439,618	)		(130,023	)		(19,839,333	)		77,628,307		1,437,029		—		—
	Xperi, Inc.		33,237,769		6,593,787		(7,475,167	)		(12,302,066	)		15,460,628			35,514,951		2,944,855		—		—
	Yelp, Inc.		155,587,661		36,618,965		(52,932,378	)		6,847,343			36,567,423			182,689,014		4,636,777		—		—
	Zumiez, Inc.(a)		20,807,438		853,468		(17,265,476	)		(12,559,816	)		8,164,386			—		—		—		—
									$	(53,058,730	)	$	8,799,443,202		$	76,966,772,561			$	1,197,662,325	$	—

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

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

^(c)  Formerly the Apollo Medical Holdings, Inc.

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

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

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

^(f)  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.

^(g)  Formerly the NOW, Inc.

^(h)  Formerly the EnPro Industries, Inc.

⁽ⁱ⁾  Formerly the Harsco Corp.

^(j)  Formerly the TimkenSteel Corp.

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

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

^(m)  Formerly the Tanger Factory Outlet Centers, Inc.

⁽ⁿ⁾  Formerly the Washington Federal, Inc.

^(o)  Formerly the World Fuel Services Corp.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		2,403		06/21/24	$	257,830	$	3,532,464

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional Amount Net Asset Percentage
Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA(b)		08/19/26	$	305,280,784	$	15,781,117	(c)	$	321,445,234		0.4	%
	Monthly	HSBC Bank PLC(d)		02/10/28		948,436,073		33,928,742	(e)		984,947,695		1.2
	Monthly	JPMorgan Chase Bank NA(f)		02/10/25		266,014,627		26,419,966	(g)		293,279,928		0.3
							$	76,129,825		$	1,599,672,857

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

^(c)  Amount includes $(383,333) of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $(2,582,880) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $(845,335) of net dividends, payable for referenced securities purchased and financing fees.

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

	(b)	(d)	(f)
Range:	0-450 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

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

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Triumph Group, Inc.		308,085	$	4,633,598			1.4	%

	Shares		Value		% of Basket Value
Banks
Bank of Hawaii Corp.		45,655	$	2,848,416			0.9	%
BankUnited, Inc.		82,769		2,317,532			0.7
Cathay General Bancorp		419,088		15,854,099			4.9
Central Pacific Financial Corp.		123,068		2,430,593			0.8
City Holding Co.		6,292		655,752			0.2
CVB Financial Corp.		36,367		648,787			0.2
Eagle Bancorp, Inc.		37,905		890,389			0.3
Northwest Bancshares, Inc.		59,236		690,099			0.2
				26,335,667

44 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

	Shares		Value		% of Basket Value
Capital Markets
Moelis & Co., Class A		1,514,264	$	85,964,767			26.7	%
Commercial Services & Supplies
Pitney Bowes, Inc.		1,786,887		7,737,221			2.4
Communications Equipment
Extreme Networks, Inc.		2,491,619		28,753,283			9.0
Consumer Finance
Bread Financial Holdings, Inc.		2,633		98,053			0.0
Green Dot Corp., Class A		65,156		607,905			0.2
				705,958
Financial Services
Jackson Financial, Inc., Class A		788,396		52,144,512			16.2
Payoneer Global, Inc.		1,803,612		8,765,554			2.8
				60,910,066
Health Care Providers & Services
RadNet, Inc.		424,615		20,661,766			6.4
Independent Power and Renewable Electricity Producers
Clearway Energy, Inc.		520,226		11,991,209			3.7
Insurance
Ambac Financial Group, Inc.		123,619		1,932,165			0.6
Employers Holdings, Inc.		2,399		108,891			0.0
				2,041,056
Metals & Mining
Warrior Met Coal, Inc.		35,970		2,183,379			0.7
Mortgage Real Estate Investment Trusts (REITs)
Arbor Realty Trust, Inc.		2,851,416		37,781,262			11.8
Office REITs
Douglas Emmett, Inc.		12,737		176,662			0.1
Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		452,494		16,769,428			5.2
Retail REITs
SITE Centers Corp.		739,807		10,838,173			3.4
Software
Envestnet, Inc.		68,412		3,961,739			1.2
Net Value of Reference Entity — Goldman Sachs Bank USA			$	321,445,234

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

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Aerospace & Defense
Triumph Group, Inc.		740,169	$	11,132,142			1.1	%

	Shares		Value		% of Basket Value
Banks
Ameris Bancorp		70,298	$	3,401,017			0.3	%
Atlantic Union Bankshares Corp.		187,766		6,630,017			0.7
Bancorp, Inc. (The)		61,626		2,062,006			0.2
Banner Corp.		39,450		1,893,600			0.2
Berkshire Hills Bancorp, Inc.		37,844		867,384			0.1
Brookline Bancorp, Inc.		86,382		860,365			0.1
Cathay General Bancorp		83,007		3,140,155			0.3
Central Pacific Financial Corp.		54,025		1,066,994			0.1
City Holding Co.		8,585		894,729			0.1
Community Bank System, Inc.		57,337		2,753,896			0.3
CVB Financial Corp.		116,115		2,071,492			0.2
Dime Community Bancshares, Inc.		22,041		424,510			0.0
First BanCorp/Puerto Rico		160,964		2,823,309			0.3
First Bancorp/Southern Pines NC		48,477		1,750,989			0.2
First Commonwealth Financial Corp.		96,506		1,343,363			0.1
First Financial Bancorp		110,532		2,478,127			0.3
Fulton Financial Corp.		1,055,006		16,764,045			1.7
Hanmi Financial Corp.		22,635		360,349			0.0
Heritage Financial Corp.		51,845		1,005,275			0.1
Hilltop Holdings, Inc.		37,809		1,184,178			0.1
Hope Bancorp, Inc.		159,356		1,834,188			0.2
Independent Bank Corp.		47,273		2,459,141			0.2
Lakeland Financial Corp.		29,142		1,932,697			0.2
National Bank Holdings Corp., Class A		50,113		1,807,576			0.2
NBT Bancorp, Inc.		54,083		1,983,764			0.2
Northwest Bancshares, Inc.		87,152		1,015,321			0.1
OFG Bancorp		64,333		2,368,098			0.2
Pacific Premier Bancorp, Inc.		110,145		2,643,480			0.3
Preferred Bank		256,091		19,660,106			2.0
Provident Financial Services, Inc.		86,762		1,264,122			0.1
Renasant Corp.		76,752		2,403,873			0.2
S&T Bancorp, Inc.		50,349		1,615,196			0.2
Seacoast Banking Corp. of Florida		42,360		1,075,520			0.1
Simmons First National Corp., Class A		144,773		2,817,283			0.3
TrustCo Bank Corp.		28,261		795,830			0.1
Trustmark Corp.		70,209		1,973,575			0.2
United Community Banks, Inc.		136,653		3,596,707			0.4
Veritex Holdings, Inc.		63,470		1,300,500			0.1
Westamerica BanCorp		35,099		1,715,639			0.2
WSFS Financial Corp.		56,670		2,558,084			0.3
				110,596,500
Capital Markets
Artisan Partners Asset Management, Inc., Class A		32,920		1,506,748			0.1
Moelis & Co., Class A		157,510		8,941,843			0.9
PJT Partners, Inc., Class A		403,219		38,007,423			3.9
				48,456,014
Commercial Services & Supplies
Pitney Bowes, Inc.		716,500		3,102,445			0.3
Communications Equipment
Extreme Networks, Inc.		190,738		2,201,117			0.2
Consumer Finance
Bread Financial Holdings, Inc.		1,542,694		57,449,925			5.8
Containers & Packaging
Sealed Air Corp.		3,749,453		139,479,652			14.2
Diversified REITs
Global Net Lease, Inc.		4,536,211		35,246,359			3.6

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

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

	Shares		Value		% of Basket Value
Diversified Telecommunication Services
Lumen Technologies, Inc.		20,981,928	$	32,731,808			3.3	%
Financial Services
Jackson Financial, Inc., Class A		2,330,588		154,145,090			15.7
Payoneer Global, Inc.		300,452		1,460,197			0.1
Radian Group, Inc.		376,607		12,605,036			1.3
				168,210,323
Health Care Providers & Services
RadNet, Inc.		318,975		15,521,323			1.6
Independent Power and Renewable Electricity Producers
Clearway Energy, Inc., Class C		76,787		1,769,940			0.2
Insurance
Ambac Financial Group, Inc.		333,864		5,218,294			0.5
Employers Holdings, Inc.		24,744		1,123,130			0.1
Genworth Financial, Inc., Class A		1,089,331		7,004,398			0.7
Horace Mann Educators Corp.		60,661		2,243,850			0.2
Lincoln National Corp.		3,405,923		108,751,122			11.0
ProAssurance Corp.		75,715		973,695			0.1
Safety Insurance Group, Inc.		16,989		1,396,326			0.2
Stewart Information Services Corp.		40,646		2,644,429			0.3
				129,355,244
Life Sciences Tools & Services
Fortrea Holdings, Inc.		82,762		3,322,067			0.4
Metals & Mining
Warrior Met Coal, Inc.		248,260		15,069,382			1.5
Multi-Utilities
Avista Corp.		27,317		956,641			0.1
Office REITs
Brandywine Realty Trust		86,331		414,389			0.1
Douglas Emmett, Inc.		3,081,713		42,743,359			4.3
JBG SMITH Properties		129,369		2,076,373			0.2
				45,234,121
Oil, Gas & Consumable Fuels
Green Plains, Inc.		583,044		13,479,978			1.4
Par Pacific Holdings, Inc.		338,321		12,538,176			1.3
				26,018,154
Residential REITs
NexPoint Residential Trust, Inc.		1,621		52,180			0.0
Retail REITs
SITE Centers Corp.		1,358,782		19,906,156			2.0

	Shares		Value		% of Basket Value
Software
Adeia, Inc.		123,470	$	1,348,292			0.2	%
Envestnet, Inc.		1,449,948		83,966,489			8.5
Sprinklr, Inc., Class A		2,756,432		33,821,421			3.4
				119,136,202
Net Value of Reference Entity — HSBC Bank PLC			$	984,947,695

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 10, 2025.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Central Pacific Financial Corp.		58,364	$	1,152,689			0.4	%
Communications Equipment
Extreme Networks, Inc.		180,434		2,082,208			0.7
Financial Services
Radian Group, Inc.		6,814,817		228,091,925			77.8
Health Care Providers & Services
RadNet, Inc.		151,339		7,364,156			2.5
Insurance
Ambac Financial Group, Inc.		388,379		6,070,364			2.1
Metals & Mining
Warrior Met Coal, Inc.		753,842		45,758,209			15.6
Oil, Gas & Consumable Fuels
Par Pacific Holdings, Inc.		74,484		2,760,377			0.9
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	293,279,928

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

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	76,129,825	$	—

46 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	3,532,464	$	—	$	—	$	—	$	3,532,464
Swaps — OTC
Unrealized appreciation on OTC swaps; Swap premiums paid		—		—		76,129,825		—		—		—		76,129,825
	$	—	$	—	$	79,662,289	$	—	$	—	$	—	$	79,662,289

^(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 March 31, 2024, 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	$	—	$	—	$	37,939,074		$	—	$	—	$	—	$	37,939,074
Swaps		—		—		123,088,002			—		—		—		123,088,002
	$	—	$	—	$	161,027,076		$	—	$	—	$	—	$	161,027,076
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(3,564,578	)	$	—	$	—	$	—	$	(3,564,578	)
Swaps		—		—		99,976,688			—		—		—		99,976,688
	$	—	$	—	$	96,412,110		$	—	$	—	$	—	$	96,412,110

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$159,958,246
Total return swaps
Average notional amount	$1,384,823,865

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

Derivative Financial Instruments – Offsetting as of Period End

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

	Assets		Liabilities
Derivative Financial Instruments
Swaps — OTC(a)	$	76,129,825	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	76,129,825	$	—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	76,129,825	$	—

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

S C H E D U L E S  O F  I N V E S T M E N T S 47

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P Small-Cap ETF

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

Counterparty	Derivative Assets Subject to an MNA by Counterparty		Derivatives Available for Offset(a)		Non- Cash Collateral Received(b)		Cash Collateral Received(b)			Net Amount of Derivative Assets(c)
Goldman Sachs Bank USA	$	15,781,117	$	—	$	—	$	(15,781,117	)	$	—
HSBC Bank PLC		33,928,742		—		—		(33,928,742	)		—
JPMorgan Chase Bank N.A		26,419,966		—		—		(26,419,966	)		—
	$	76,129,825	$	—	$	—	$	(76,129,825	)	$	—

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

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

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

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	$	78,478,640,389	$	—	$	—	$	78,478,640,389
Short-Term Securities
Money Market Funds		5,819,320,509		—		—		5,819,320,509
	$	84,297,960,898	$	—	$	—	$	84,297,960,898
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	3,532,464	$	76,129,825	$	—	$	79,662,289

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

See notes to financial statements.

48 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments March 31, 2024 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
Axon Enterprise, Inc.(a)		46,889	$	14,670,630
Boeing Co. (The)(a)		167,642		32,353,230
BWX Technologies, Inc.		60,267		6,184,599
Curtiss-Wright Corp.		16,541		4,233,504
General Electric Co.		310,093		54,430,624
Hexcel Corp.		27,397		1,995,871
Howmet Aerospace, Inc.		150,890		10,325,403
TransDigm Group, Inc.		36,943		45,498,999
Woodward, Inc.		40,188		6,193,775
				175,886,635
Air Freight & Logistics — 0.0%
Expeditors International of Washington, Inc.		35,768		4,348,316
GXO Logistics, Inc.(a)		49,837		2,679,237
				7,027,553
Automobile Components — 0.1%
Autoliv, Inc.		29,877		3,598,087
Fox Factory Holding Corp.(a)		10,721		558,242
Gentex Corp.		99,279		3,585,958
Visteon Corp.(a)		8,328		979,456
				8,721,743
Automobiles — 1.9%
Tesla, Inc.(a)		1,838,292		323,153,351
Banks — 0.1%
Bank OZK		36,403		1,654,880
Commerce Bancshares, Inc.		32,379		1,722,563
Cullen/Frost Bankers, Inc.		17,886		2,013,427
East West Bancorp, Inc.		50,632		4,005,497
First Financial Bankshares, Inc.		34,176		1,121,315
Hancock Whitney Corp.		28,923		1,331,615
International Bancshares Corp.		15,255		856,416
Pinnacle Financial Partners, Inc.		20,929		1,797,382
				14,503,095
Beverages — 0.9%
Boston Beer Co., Inc. (The), Class A, NVS(a)		2,880		876,730
Celsius Holdings, Inc.(a)(b)		98,499		8,167,537
Coca-Cola Co. (The)		1,005,979		61,545,795
Coca-Cola Consolidated, Inc.		3,115		2,636,567
Monster Beverage Corp.(a)		294,799		17,475,685
PepsiCo, Inc.		328,121		57,424,456
				148,126,770
Biotechnology — 1.1%
AbbVie, Inc.		433,978		79,027,394
Arrowhead Pharmaceuticals, Inc.(a)		82,314		2,354,180
Cytokinetics, Inc.(a)		29,311		2,054,994
Exelixis, Inc.(a)		199,320		4,729,864
Halozyme Therapeutics, Inc.(a)(b)		85,539		3,479,727
Neurocrine Biosciences, Inc.(a)		66,534		9,176,369
Regeneron Pharmaceuticals, Inc.(a)		42,114		40,534,304
Roivant Sciences Ltd.(a)		138,840		1,463,374
United Therapeutics Corp.(a)		14,052		3,228,025
Vertex Pharmaceuticals, Inc.(a)		109,324		45,698,525
				191,746,756
Broadline Retail — 6.5%
Amazon.com, Inc.(a)		6,064,615		1,093,935,254
Etsy, Inc.(a)		35,040		2,407,949
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		41,034		3,265,075
				1,099,608,278

Security	Shares		Value
Building Products — 0.8%
A. O. Smith Corp.		51,474	$	4,604,864
Advanced Drainage Systems, Inc.(b)		45,607		7,855,350
Allegion PLC		22,198		2,990,293
Builders FirstSource, Inc.(a)		82,019		17,105,063
Carlisle Cos., Inc.		32,258		12,640,297
Carrier Global Corp.		265,017		15,405,438
Fortune Brands Innovations, Inc.		33,559		2,841,441
Lennox International, Inc.		21,263		10,392,504
Masco Corp.		78,413		6,185,217
Owens Corning		59,098		9,857,546
Simpson Manufacturing Co., Inc.		28,169		5,779,715
Trane Technologies PLC		104,193		31,278,739
Trex Co., Inc.(a)(b)		72,229		7,204,843
UFP Industries, Inc.		40,733		5,010,566
				139,151,876
Capital Markets — 1.1%
Ameriprise Financial, Inc.		35,234		15,447,995
Blackstone, Inc., Class A, NVS		344,076		45,201,264
Carlyle Group, Inc. (The)		69,115		3,242,185
Cboe Global Markets, Inc.		44,947		8,258,139
CME Group, Inc., Class A		86,203		18,558,644
Evercore, Inc., Class A		15,922		3,066,418
FactSet Research Systems, Inc.		11,872		5,394,518
Houlihan Lokey, Inc., Class A		34,333		4,401,147
Interactive Brokers Group, Inc., Class A		42,009		4,692,825
Moody’s Corp.		48,817		19,186,546
Morningstar, Inc.		17,073		5,264,801
MSCI, Inc., Class A		29,973		16,798,368
S&P Global, Inc.		93,923		39,959,540
SEI Investments Co.		33,274		2,392,401
				191,864,791
Chemicals — 1.0%
Arcadium Lithium PLC(a)		415,325		1,790,051
Axalta Coating Systems Ltd.(a)		146,392		5,034,421
Cabot Corp.		24,633		2,271,163
Celanese Corp., Class A		66,608		11,447,251
CF Industries Holdings, Inc.		68,629		5,710,619
Ecolab, Inc.		86,090		19,878,181
Linde PLC		167,144		77,608,302
NewMarket Corp.		4,605		2,922,425
Olin Corp.		33,433		1,965,860
RPM International, Inc.		46,270		5,503,816
Scotts Miracle-Gro Co. (The)		10,514		784,239
Sherwin-Williams Co. (The)		77,826		27,031,305
Westlake Corp.(b)		20,990		3,207,272
				165,154,905
Commercial Services & Supplies — 0.7%
Brink’s Co. (The)		29,953		2,767,058
Cintas Corp.		31,405		21,576,177
Clean Harbors, Inc.(a)		33,279		6,699,395
Copart, Inc.(a)		578,093		33,483,147
MSA Safety, Inc.		24,593		4,760,959
Republic Services, Inc.		77,540		14,844,258
Rollins, Inc.		80,299		3,715,435
Tetra Tech, Inc.		35,407		6,540,027
Waste Management, Inc.		114,589		24,424,645
				118,811,101
Communications Equipment — 0.4%
Arista Networks, Inc.(a)		166,991		48,424,050

S C H E D U L E S  O F  I N V E S T M E N T S 49

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Communications Equipment (continued)
Ciena Corp.(a)		40,318	$	1,993,725
Motorola Solutions, Inc.		64,021		22,726,175
				73,143,950
Construction & Engineering — 0.2%
AECOM		40,665		3,988,423
Comfort Systems U.S.A., Inc.		23,748		7,544,977
EMCOR Group, Inc.		31,450		11,013,790
Quanta Services, Inc.		66,674		17,321,905
				39,869,095
Construction Materials — 0.2%
Eagle Materials, Inc.		22,765		6,186,389
Knife River Corp.(a)		26,705		2,165,241
Martin Marietta Materials, Inc.		27,119		16,649,439
Vulcan Materials Co.		56,574		15,440,176
				40,441,245
Consumer Finance — 0.5%
American Express Co.		265,927		60,548,919
Discover Financial Services		89,810		11,773,193
FirstCash Holdings, Inc.		24,777		3,160,058
SLM Corp.		60,205		1,311,867
				76,794,037
Consumer Staples Distribution & Retail — 0.6%
Casey’s General Stores, Inc.		24,601		7,834,189
Costco Wholesale Corp.		123,580		90,538,415
Sprouts Farmers Market, Inc.(a)(b)		27,709		1,786,676
				100,159,280
Containers & Packaging — 0.0%
AptarGroup, Inc.		25,816		3,714,664
Crown Holdings, Inc.		37,713		2,989,133
				6,703,797
Distributors — 0.0%
Pool Corp.		14,662		5,916,117
Diversified Consumer Services — 0.1%
Grand Canyon Education, Inc.(a)		19,007		2,588,944
H&R Block, Inc.		92,189		4,527,402
Service Corp. International		50,106		3,718,366
				10,834,712
Diversified Telecommunication Services — 0.0%
Iridium Communications, Inc.		41,180		1,077,269
Electric Utilities — 0.1%
Constellation Energy Corp.		95,590		17,669,812
IDACORP, Inc.		13,144		1,220,946
				18,890,758
Electrical Equipment — 0.6%
Acuity Brands, Inc.		10,686		2,871,649
AMETEK, Inc.		73,700		13,479,730
Eaton Corp. PLC		164,036		51,290,776
EnerSys		11,554		1,091,391
Generac Holdings, Inc.(a)		24,936		3,145,427
Hubbell, Inc.		16,419		6,814,706
nVent Electric PLC		110,346		8,320,088
Rockwell Automation, Inc.		36,621		10,668,796
				97,682,563
Electronic Equipment, Instruments & Components — 0.4%
Amphenol Corp., Class A		223,155		25,740,929
CDW Corp.		37,423		9,572,055
Cognex Corp.		50,364		2,136,441
IPG Photonics Corp.(a)		8,846		802,244

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Jabil, Inc.		45,956	$	6,155,806
Littelfuse, Inc.		11,589		2,808,594
Novanta, Inc.(a)		13,821		2,415,496
TE Connectivity Ltd.		80,618		11,708,959
Vontier Corp.		102,662		4,656,748
				65,997,272
Energy Equipment & Services — 0.1%
ChampionX Corp.		86,808		3,115,539
Valaris Ltd.(a)		41,718		3,139,697
Weatherford International PLC(a)		47,347		5,464,791
				11,720,027
Entertainment — 1.2%
Electronic Arts, Inc.		71,636		9,503,948
Live Nation Entertainment, Inc.(a)		94,382		9,982,784
Netflix, Inc.(a)		287,119		174,375,982
Take-Two Interactive Software, Inc.(a)(b)		52,593		7,809,535
TKO Group Holdings, Inc., Class A		17,162		1,482,969
				203,155,218
Financial Services — 2.6%
Corpay, Inc.(a)		48,036		14,821,028
Equitable Holdings, Inc.		36,198		1,375,886
Euronet Worldwide, Inc.(a)		16,792		1,845,945
Fiserv, Inc.(a)		207,587		33,176,554
Mastercard, Inc., Class A		394,109		189,791,071
MGIC Investment Corp.		70,081		1,567,011
Visa, Inc., Class A		692,552		193,277,412
Voya Financial, Inc.		27,805		2,055,346
WEX, Inc.(a)(b)		28,080		6,669,842
				444,580,095
Food Products — 0.3%
Hershey Co. (The)		37,879		7,367,466
Ingredion, Inc.		15,597		1,822,509
Lamb Weston Holdings, Inc.		63,619		6,777,332
Lancaster Colony Corp.		6,493		1,348,142
Mondelez International, Inc., Class A		375,200		26,264,000
				43,579,449
Ground Transportation — 1.3%
Avis Budget Group, Inc.		12,138		1,486,419
CSX Corp.		657,266		24,364,851
Landstar System, Inc.		16,269		3,136,012
Old Dominion Freight Line, Inc.		118,247		25,932,750
Saia, Inc.(a)(b)		17,654		10,327,590
Uber Technologies, Inc.(a)		1,364,917		105,084,960
Union Pacific Corp.		181,811		44,712,779
XPO, Inc.(a)(b)		36,268		4,425,784
				219,471,145
Health Care Equipment & Supplies — 1.5%
Align Technology, Inc.(a)		26,056		8,544,283
Boston Scientific Corp.(a)		535,494		36,675,984
Cooper Cos., Inc. (The)		55,334		5,614,188
Dexcom, Inc.(a)		155,550		21,574,785
Edwards Lifesciences Corp.(a)(b)		149,267		14,263,954
Haemonetics Corp.(a)		20,249		1,728,252
IDEXX Laboratories, Inc.(a)		30,960		16,716,233
Insulet Corp.(a)		17,645		3,024,353
Intuitive Surgical, Inc.(a)		154,056		61,482,209
Lantheus Holdings, Inc.(a)		45,454		2,829,057
LivaNova PLC(a)		13,273		742,492
Masimo Corp.(a)		18,314		2,689,411
Penumbra, Inc.(a)		25,675		5,730,146

50 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Shockwave Medical, Inc.(a)		24,337	$	7,924,857
STERIS PLC		36,808		8,275,175
Stryker Corp.		143,417		51,324,642
				249,140,021
Health Care Providers & Services — 1.0%
Acadia Healthcare Co., Inc.(a)		61,328		4,858,404
Amedisys, Inc.(a)		9,111		839,670
Chemed Corp.		6,008		3,856,715
DaVita, Inc.(a)		19,711		2,721,104
Encompass Health Corp.		30,177		2,492,017
HCA Healthcare, Inc.		63,239		21,092,104
HealthEquity, Inc.(a)(b)		29,044		2,370,862
Molina Healthcare, Inc.(a)		22,881		9,400,201
Option Care Health, Inc.(a)		64,784		2,172,855
Progyny, Inc.(a)		55,450		2,115,417
UnitedHealth Group, Inc.		233,152		115,340,294
				167,259,643
Health Care REITs — 0.0%
Omega Healthcare Investors, Inc.		66,806		2,115,746
Health Care Technology — 0.0%
Doximity, Inc., Class A(a)(b)		39,308		1,057,778
Hotel & Resort REITs — 0.1%
Host Hotels & Resorts, Inc.		281,538		5,822,206
Park Hotels & Resorts, Inc.		139,654		2,442,548
				8,264,754
Hotels, Restaurants & Leisure — 2.8%
Airbnb, Inc., Class A(a)(b)		144,674		23,865,423
Booking Holdings, Inc.		23,130		83,912,864
Boyd Gaming Corp.		46,214		3,111,126
Caesars Entertainment, Inc.(a)		83,221		3,640,087
Carnival Corp.(a)		475,788		7,774,376
Chipotle Mexican Grill, Inc.(a)		18,179		52,842,172
Choice Hotels International, Inc.(b)		8,121		1,026,088
Churchill Downs, Inc.		45,161		5,588,674
Darden Restaurants, Inc.		41,600		6,953,440
Domino’s Pizza, Inc.		9,273		4,607,568
Expedia Group, Inc.(a)(b)		86,869		11,966,205
Hilton Grand Vacations, Inc.(a)		29,384		1,387,219
Hilton Worldwide Holdings, Inc.		167,516		35,732,838
Hyatt Hotels Corp., Class A(b)		29,407		4,693,945
Las Vegas Sands Corp.		149,778		7,743,523
Light & Wonder, Inc., Class A(a)		59,901		6,115,293
Marriott International, Inc., Class A		163,415		41,231,239
McDonald’s Corp.		211,575		59,653,571
MGM Resorts International(a)		123,601		5,835,203
Norwegian Cruise Line Holdings Ltd.(a)(b)		282,961		5,922,374
Planet Fitness, Inc., Class A(a)		56,838		3,559,764
Royal Caribbean Cruises Ltd.(a)		156,785		21,794,683
Starbucks Corp.		443,771		40,556,232
Texas Roadhouse, Inc.		44,109		6,813,517
Travel + Leisure Co.		33,728		1,651,323
Vail Resorts, Inc.		16,727		3,727,277
Wendy’s Co. (The)		60,013		1,130,645
Wingstop, Inc.		19,673		7,208,187
Wyndham Hotels & Resorts, Inc.		36,431		2,796,079
Wynn Resorts Ltd.		63,851		6,527,488
Yum! Brands, Inc.		85,772		11,892,288
				481,260,711
Household Durables — 0.7%
DR Horton, Inc.		198,132		32,602,621

Security	Shares		Value
Household Durables (continued)
Garmin Ltd.		54,975	$	8,184,128
KB Home		25,467		1,805,101
Lennar Corp., Class A		91,952		15,813,905
NVR, Inc.(a)		2,126		17,220,515
PulteGroup, Inc.		140,913		16,996,926
Tempur Sealy International, Inc.		112,969		6,418,899
Toll Brothers, Inc.		69,282		8,963,012
TopBuild Corp.(a)		21,124		9,309,980
				117,315,087
Household Products — 0.7%
Church & Dwight Co., Inc.		75,379		7,862,783
Colgate-Palmolive Co.		213,583		19,233,149
Procter & Gamble Co. (The)		609,346		98,866,389
				125,962,321
Independent Power and Renewable Electricity Producers — 0.1%
Vistra Corp.		223,535		15,569,213
Industrial REITs — 0.1%
EastGroup Properties, Inc.		19,117		3,436,663
First Industrial Realty Trust, Inc.		41,651		2,188,344
Rexford Industrial Realty, Inc.		54,759		2,754,378
STAG Industrial, Inc.		60,387		2,321,276
				10,700,661
Insurance — 1.0%
Aon PLC, Class A		67,438		22,505,409
Arch Capital Group Ltd.(a)		246,148		22,753,921
Arthur J. Gallagher & Co.		73,225		18,309,179
Brown & Brown, Inc.		122,535		10,726,714
Erie Indemnity Co., Class A, NVS		9,612		3,859,891
Kinsale Capital Group, Inc.		14,654		7,689,540
Marsh & McLennan Cos., Inc.		169,753		34,965,723
Primerica, Inc.		23,300		5,893,968
Progressive Corp. (The)		194,433		40,212,633
RenaissanceRe Holdings Ltd.		19,215		4,516,101
RLI Corp.		17,358		2,577,142
Selective Insurance Group, Inc.		22,174		2,420,736
				176,430,957
Interactive Media & Services — 10.6%
Alphabet, Inc., Class A(a)		3,909,767		590,101,133
Alphabet, Inc., Class C, NVS(a)		3,273,357		498,401,337
Meta Platforms, Inc., Class A		1,459,643		708,773,448
ZoomInfo Technologies, Inc., Class A(a)		65,036		1,042,527
				1,798,318,445
IT Services — 0.8%
Accenture PLC, Class A		224,675		77,874,602
Akamai Technologies, Inc.(a)		47,141		5,127,055
EPAM Systems, Inc.(a)		15,341		4,236,570
Gartner, Inc.(a)		51,734		24,660,046
GoDaddy, Inc., Class A(a)		93,653		11,114,738
VeriSign, Inc.(a)		28,517		5,404,257
				128,417,268
Leisure Products — 0.0%
Brunswick Corp.		28,259		2,727,559
Mattel, Inc.(a)(b)		103,382		2,047,997
YETI Holdings, Inc.(a)(b)		36,978		1,425,502
				6,201,058
Life Sciences Tools & Services — 0.7%
Azenta, Inc.(a)		22,756		1,371,732
Bruker Corp.(b)		36,890		3,465,447
IQVIA Holdings, Inc.(a)		46,283		11,704,508

S C H E D U L E S  O F  I N V E S T M E N T S 51

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
Medpace Holdings, Inc.(a)		15,222	$	6,151,971
Mettler-Toledo International, Inc.(a)		5,484		7,300,794
Repligen Corp.(a)(b)		34,129		6,277,006
Sotera Health Co.(a)		82,433		990,020
Thermo Fisher Scientific, Inc.		97,330		56,569,169
Waters Corp.(a)		14,550		5,008,546
West Pharmaceutical Services, Inc.		49,211		19,473,285
				118,312,478
Machinery — 1.9%
Caterpillar, Inc.		195,674		71,700,824
Chart Industries, Inc.(a)(b)		27,938		4,601,947
Crane Co.		32,482		4,389,293
Deere & Co.		98,599		40,498,553
Donaldson Co., Inc.		45,759		3,417,282
Esab Corp.		37,681		4,166,388
Flowserve Corp.		39,284		1,794,493
Fortive Corp.		231,786		19,938,232
Graco, Inc.		112,269		10,492,661
Illinois Tool Works, Inc.		83,197		22,324,251
Ingersoll Rand, Inc.		207,322		19,685,224
ITT, Inc.		54,610		7,428,598
Lincoln Electric Holdings, Inc.		38,040		9,716,938
Middleby Corp. (The)(a)		18,158		2,919,625
Otis Worldwide Corp.		104,474		10,371,134
PACCAR, Inc.		252,408		31,270,827
Parker-Hannifin Corp.		66,324		36,862,216
Pentair PLC		76,972		6,576,488
RBC Bearings, Inc.(a)(b)		19,107		5,165,577
Snap-on, Inc.		15,783		4,675,240
Terex Corp.		25,077		1,614,959
Timken Co. (The)		16,842		1,472,496
Toro Co. (The)		33,138		3,036,435
Watts Water Technologies, Inc., Class A		18,194		3,867,135
				327,986,816
Marine Transportation — 0.0%
Kirby Corp.(a)		16,519		1,574,591
Media — 0.1%
Charter Communications, Inc., Class A(a)(b)		30,172		8,768,888
New York Times Co. (The), Class A		108,841		4,704,108
				13,472,996
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		476,883		22,423,039
MP Materials Corp., Class A(a)(b)		38,311		547,847
Nucor Corp.		103,024		20,388,450
Reliance, Inc.		38,182		12,759,661
Royal Gold, Inc.		22,725		2,768,132
Steel Dynamics, Inc.		63,735		9,447,439
				68,334,568
Office REITs — 0.0%
COPT Defense Properties		29,191		705,546
Oil, Gas & Consumable Fuels — 1.9%
Antero Midstream Corp.		131,408		1,847,596
APA Corp.		239,545		8,235,557
Chord Energy Corp.		27,470		4,896,253
Civitas Resources, Inc.		55,862		4,240,484
CNX Resources Corp.(a)(b)		97,085		2,302,856
ConocoPhillips		540,022		68,734,000
Coterra Energy, Inc.		330,189		9,205,669
Diamondback Energy, Inc.		119,040		23,590,157
DT Midstream, Inc.		40,603		2,480,843

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
EOG Resources, Inc.		254,764	$	32,569,030
Equitrans Midstream Corp.		116,377		1,453,549
Hess Corp.		182,841		27,908,850
Marathon Oil Corp.		206,295		5,846,400
Marathon Petroleum Corp.		134,465		27,094,697
Matador Resources Co.		74,519		4,975,634
Murphy Oil Corp.		41,985		1,918,715
ONEOK, Inc.		240,225		19,258,838
Ovintiv, Inc.		168,794		8,760,409
Permian Resources Corp., Class A		306,891		5,419,695
Pioneer Natural Resources Co.		77,594		20,368,425
Range Resources Corp.		159,442		5,489,588
Southwestern Energy Co.(a)		728,196		5,519,726
Targa Resources Corp.		146,825		16,442,932
Williams Cos., Inc. (The)		315,550		12,296,984
				320,856,887
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		27,757		2,329,090
Passenger Airlines — 0.1%
Delta Air Lines, Inc.		239,671		11,473,051
Personal Care Products — 0.1%
BellRing Brands, Inc.(a)		46,335		2,735,155
Coty, Inc., Class A(a)		249,083		2,979,033
elf Beauty, Inc.(a)		36,584		7,171,561
				12,885,749
Pharmaceuticals — 3.1%
Eli Lilly & Co.		529,055		411,583,628
Jazz Pharmaceuticals PLC(a)		17,584		2,117,465
Merck & Co., Inc.		673,361		88,849,984
Zoetis, Inc., Class A		167,194		28,290,897
				530,841,974
Professional Services — 0.6%
Automatic Data Processing, Inc.		106,062		26,487,924
Broadridge Financial Solutions, Inc.		44,589		9,134,503
CACI International, Inc., Class A(a)		5,486		2,078,261
Dayforce, Inc.(a)(b)		57,068		3,778,472
Equifax, Inc.		31,960		8,549,939
ExlService Holdings, Inc.(a)		62,537		1,988,677
Exponent, Inc.		17,173		1,420,035
FTI Consulting, Inc.(a)		22,816		4,797,977
Insperity, Inc.		11,776		1,290,767
KBR, Inc.		41,296		2,628,903
Maximus, Inc.		29,506		2,475,554
Paychex, Inc.		85,546		10,505,049
Paycom Software, Inc.		14,032		2,792,508
Paylocity Holding Corp.(a)(b)		28,278		4,859,857
Science Applications International Corp.		12,315		1,605,753
Verisk Analytics, Inc.		53,042		12,503,591
				96,897,770
Real Estate Management & Development — 0.1%
CoStar Group, Inc.(a)		116,780		11,280,948
Residential REITs — 0.1%
American Homes 4 Rent, Class A		126,374		4,648,036
Equity LifeStyle Properties, Inc.		79,329		5,108,787
				9,756,823
Retail REITs — 0.1%
Brixmor Property Group, Inc.		87,957		2,062,592

52 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
NNN REIT, Inc.		44,912	$	1,919,539
Simon Property Group, Inc.		80,292		12,564,895
				16,547,026
Semiconductors & Semiconductor Equipment — 15.3%
Advanced Micro Devices, Inc.(a)		1,072,010		193,487,085
Allegro MicroSystems, Inc.(a)(b)		16,742		451,364
Analog Devices, Inc.		193,904		38,352,272
Applied Materials, Inc.		551,933		113,825,143
Broadcom, Inc.		291,957		386,962,727
Cirrus Logic, Inc.(a)		20,432		1,891,186
Enphase Energy, Inc.(a)		33,616		4,066,864
KLA Corp.		89,838		62,758,132
Lam Research Corp.		86,913		84,442,063
Lattice Semiconductor Corp.(a)(b)		90,571		7,085,369
MACOM Technology Solutions Holdings, Inc.(a)(b)		22,682		2,169,306
Microchip Technology, Inc.		212,334		19,048,483
MKS Instruments, Inc.		20,486		2,724,638
Monolithic Power Systems, Inc.		31,866		21,586,666
NVIDIA Corp.		1,638,745		1,480,704,432
NXP Semiconductors NV		127,931		31,697,464
ON Semiconductor Corp.(a)		123,794		9,105,049
Onto Innovation, Inc.(a)(b)		32,999		5,975,459
Power Integrations, Inc.		18,923		1,353,941
QUALCOMM, Inc.		385,526		65,269,552
Rambus, Inc.(a)		71,514		4,420,280
Silicon Laboratories, Inc.(a)		21,127		3,036,372
Synaptics, Inc.(a)(b)		10,699		1,043,794
Texas Instruments, Inc.		223,570		38,948,130
Universal Display Corp.		28,978		4,881,344
Wolfspeed, Inc.(a)(b)		37,191		1,097,135
				2,586,384,250
Software — 18.4%
Adobe, Inc.(a)		299,884		151,321,466
ANSYS, Inc.(a)		32,892		11,418,787
Appfolio, Inc., Class A(a)		13,559		3,345,548
Aspen Technology, Inc.(a)		9,314		1,986,490
Autodesk, Inc.(a)(b)		73,946		19,257,017
Blackbaud, Inc.(a)		17,761		1,316,800
Cadence Design Systems, Inc.(a)		180,365		56,144,017
CommVault Systems, Inc.(a)		17,475		1,772,489
Dolby Laboratories, Inc., Class A		22,584		1,891,862
Dropbox, Inc., Class A(a)		169,257		4,112,945
Dynatrace, Inc.(a)		158,617		7,366,173
Fair Isaac Corp.(a)(b)		16,513		20,634,810
Fortinet, Inc.(a)		422,516		28,862,068
Intuit, Inc.		185,727		120,722,550
Manhattan Associates, Inc.(a)		40,943		10,245,167
Microsoft Corp.		4,929,794		2,074,062,932
Oracle Corp.		1,057,803		132,870,635
Palo Alto Networks, Inc.(a)		209,467		59,515,859
PTC, Inc.(a)(b)		47,410		8,957,645
Qualys, Inc.(a)		24,100		4,021,567
Roper Technologies, Inc.		30,565		17,142,075
Salesforce, Inc.		642,228		193,426,229
ServiceNow, Inc.(a)(b)		135,962		103,657,429
Synopsys, Inc.(a)		101,322		57,905,523
Teradata Corp.(a)		65,064		2,516,025
Tyler Technologies, Inc.(a)(b)		27,997		11,899,005
				3,106,373,113
Specialized REITs — 0.6%
American Tower Corp.		126,419		24,979,130

Security	Shares		Value
Specialized REITs (continued)
CubeSmart		79,983	$	3,616,831
Digital Realty Trust, Inc.		82,601		11,897,848
EPR Properties		31,072		1,319,006
Equinix, Inc.		29,351		24,224,261
Gaming & Leisure Properties, Inc.		76,354		3,517,629
Iron Mountain, Inc.		99,038		7,943,838
Lamar Advertising Co., Class A		33,795		4,035,461
National Storage Affiliates Trust		26,290		1,029,516
Public Storage		44,199		12,820,362
Rayonier, Inc.		34,484		1,146,248
SBA Communications Corp., Class A		28,705		6,220,374
				102,750,504
Specialty Retail — 1.8%
AutoZone, Inc.(a)		7,930		24,992,585
Burlington Stores, Inc.(a)		25,148		5,839,114
Dick’s Sporting Goods, Inc.		20,481		4,605,358
Five Below, Inc.(a)(b)		37,044		6,719,041
Floor & Decor Holdings, Inc., Class A(a)(b)		70,104		9,086,880
Home Depot, Inc. (The)		244,197		93,673,969
Murphy U.S.A., Inc.		12,742		5,341,446
O’Reilly Automotive, Inc.(a)		28,572		32,254,359
RH(a)		4,638		1,615,230
Ross Stores, Inc.		222,990		32,726,012
TJX Cos., Inc. (The)		491,260		49,823,589
Tractor Supply Co.		30,188		7,900,803
Ulta Beauty, Inc.(a)		21,287		11,130,547
Valvoline, Inc.(a)		86,131		3,838,859
Williams-Sonoma, Inc.		42,671		13,549,323
				303,097,115
Technology Hardware, Storage & Peripherals — 10.1%
Apple Inc.		9,630,361		1,651,414,304
NetApp, Inc.		51,389		5,394,303
Pure Storage, Inc., Class A(a)		197,662		10,276,448
Seagate Technology Holdings PLC		53,040		4,935,372
Super Micro Computer, Inc.(a)		33,405		33,740,052
				1,705,760,479
Textiles, Apparel & Luxury Goods — 0.6%
Capri Holdings Ltd.(a)		37,109		1,681,038
Columbia Sportswear Co.		11,017		894,360
Crocs, Inc.(a)(b)		39,332		5,655,941
Deckers Outdoor Corp.(a)(b)		16,945		15,949,651
Lululemon Athletica, Inc.(a)		76,188		29,762,842
NIKE, Inc., Class B		347,164		32,626,473
Ralph Lauren Corp., Class A		14,541		2,730,218
Skechers U.S.A., Inc., Class A(a)		88,865		5,443,870
				94,744,393
Tobacco — 0.2%
Philip Morris International, Inc.		380,469		34,858,570
Trading Companies & Distributors — 0.5%
Applied Industrial Technologies, Inc.		25,690		5,075,060
Core & Main, Inc., Class A(a)		63,472		3,633,772
Fastenal Co.		190,037		14,659,454
GATX Corp.		8,736		1,170,886
MSC Industrial Direct Co., Inc., Class A		17,010		1,650,650
United Rentals, Inc.		44,580		32,147,084
Watsco, Inc.		20,775		8,974,177
WW Grainger, Inc.		21,880		22,258,524
				89,569,607

S C H E D U L E S  O F  I N V E S T M E N T S 53

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Water Utilities — 0.0%
Essential Utilities, Inc.		80,241	$	2,972,929
Total Long-Term Investments — 99.9% (Cost: $10,797,906,671)				16,901,553,819
Short-Term Securities
Money Market Funds — 0.7%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(d)(e)		97,922,386		97,971,347
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(d)		18,101,428		18,101,428
Total Short-Term Securities — 0.7% (Cost: $116,019,571)				116,072,775
Total Investments — 100.6% (Cost: $10,913,926,242)				17,017,626,594
Liabilities in Excess of Other Assets — (0.6)%				(95,424,968	)
Net Assets — 100.0%			$	16,922,201,626

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	113,505,398	$	—		$	(15,568,532	)(a)	$	6,973	$	27,508	$	97,971,347		97,922,386	$	349,119	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		17,496,613		604,815	(a)		—			—		—		18,101,428		18,101,428		993,275			—
									$	6,973	$	27,508	$	116,072,775			$	1,342,394		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Technology Select Sector Index		9		06/21/24	$	1,914	$	8,624
NASDAQ 100 E-Mini Index		36		06/21/24		13,302		133,443
S&P 500 E-Mini Index		13		06/21/24		3,451		75,978
							$	218,045

54 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Growth ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	218,045	$	—	$	—	$	—	$	218,045

^(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 March 31, 2024, 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	$	—	$	—	$	5,359,023		$	—	$	—	$	—	$	5,359,023
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(1,172,138	)	$	—	$	—	$	—	$	(1,172,138	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	23,311,589

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	16,901,553,819	$	—	$	—	$	16,901,553,819
Short-Term Securities
Money Market Funds		116,072,775		—		—		116,072,775
	$	17,017,626,594	$	—	$	—	$	17,017,626,594
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	218,045	$	—	$	—	$	218,045

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

See notes to financial statements.

S C H E D U L E S  O F  I N V E S T M E N T S 55

Schedule of Investments March 31, 2024 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.9%
Boeing Co. (The)(a)		255,058	$	49,223,643
Curtiss-Wright Corp.		10,626		2,719,618
General Dynamics Corp.		181,116		51,163,459
General Electric Co.		492,090		86,376,558
Hexcel Corp.		34,003		2,477,119
Howmet Aerospace, Inc.		130,271		8,914,444
Huntington Ingalls Industries, Inc.		32,038		9,338,116
L3Harris Technologies, Inc.		150,140		31,994,834
Lockheed Martin Corp.		170,733		77,661,320
Northrop Grumman Corp.		111,904		53,563,969
RTX Corp.		1,053,778		102,774,968
Textron, Inc.		155,185		14,886,897
				491,094,945
Air Freight & Logistics — 0.9%
CH Robinson Worldwide, Inc.		92,468		7,040,513
Expeditors International of Washington, Inc.		72,559		8,820,997
FedEx Corp.		182,636		52,916,955
GXO Logistics, Inc.(a)		34,867		1,874,450
United Parcel Service, Inc., Class B		574,009		85,314,958
				155,967,873
Automobile Components — 0.3%
Adient PLC(a)		74,270		2,444,968
Aptiv PLC(a)		221,356		17,631,006
Autoliv, Inc.		23,721		2,856,720
BorgWarner, Inc.		181,174		6,293,985
Fox Factory Holding Corp.(a)(b)		20,871		1,086,753
Gentex Corp.		66,595		2,405,411
Goodyear Tire & Rubber Co. (The)(a)		224,804		3,086,559
Lear Corp.		45,758		6,629,419
Visteon Corp.(a)		12,106		1,423,787
				43,858,608
Automobiles — 0.5%
Ford Motor Co.		3,108,757		41,284,293
General Motors Co.		918,737		41,664,723
Harley-Davidson, Inc.		100,495		4,395,651
Thor Industries, Inc.		42,216		4,953,626
				92,298,293
Banks — 7.5%
Associated Banc-Corp		110,663		2,380,361
Bank of America Corp.		5,475,635		207,636,079
Bank OZK		43,044		1,956,780
Cadence Bank		42,877		1,243,433
Citigroup, Inc.		1,515,874		95,863,872
Citizens Financial Group, Inc.		375,843		13,639,342
Columbia Banking System, Inc.		161,752		3,129,901
Comerica, Inc.		107,354		5,903,396
Commerce Bancshares, Inc.		53,083		2,824,016
Cullen/Frost Bankers, Inc.		29,622		3,334,549
East West Bancorp, Inc.		54,294		4,295,198
Fifth Third Bancorp		543,497		20,223,523
First Financial Bankshares, Inc.		61,085		2,004,199
First Horizon Corp.		442,922		6,820,999
FNB Corp.		299,702		4,225,798
Glacier Bancorp, Inc.		86,880		3,499,526
Hancock Whitney Corp.		31,453		1,448,096
Home BancShares, Inc.		153,537		3,772,404
Huntington Bancshares, Inc.		1,163,928		16,236,796
International Bancshares Corp.		21,712		1,218,912
JPMorgan Chase & Co.		2,297,646		460,218,494

Security	Shares		Value
Banks (continued)
KeyCorp		752,859	$	11,902,701
M&T Bank Corp.		132,729		19,304,106
New York Community Bancorp, Inc., Class A		583,350		1,878,387
Old National Bancorp		241,028		4,196,297
Pinnacle Financial Partners, Inc.		38,241		3,284,137
PNC Financial Services Group, Inc. (The)		317,506		51,308,970
Prosperity Bancshares, Inc.		73,631		4,843,447
Regions Financial Corp.		735,145		15,467,451
SouthState Corp.		62,153		5,284,870
Synovus Financial Corp.		121,109		4,851,627
Texas Capital Bancshares, Inc.(a)(b)		34,885		2,147,172
Truist Financial Corp.		1,061,725		41,386,040
U.S. Bancorp		1,239,150		55,390,005
UMB Financial Corp.		34,596		3,009,506
United Bankshares, Inc.		106,369		3,806,947
Valley National Bancorp		352,366		2,804,833
Webster Financial Corp.		140,298		7,122,929
Wells Fargo & Co.		2,859,279		165,723,811
Wintrust Financial Corp.		50,797		5,302,699
Zions Bancorp N.A.		120,882		5,246,279
				1,276,137,888
Beverages — 1.9%
Boston Beer Co., Inc. (The), Class A, NVS(a)		4,023		1,224,682
Brown-Forman Corp., Class B, NVS		145,096		7,489,855
Coca-Cola Co. (The)		1,886,980		115,445,436
Constellation Brands, Inc., Class A		127,636		34,686,359
Keurig Dr. Pepper, Inc.		827,167		25,369,212
Molson Coors Beverage Co., Class B		149,415		10,048,159
Monster Beverage Corp.(a)		234,222		13,884,680
PepsiCo, Inc.		700,269		122,554,078
				330,702,461
Biotechnology — 2.9%
AbbVie, Inc.		884,208		161,014,277
Amgen, Inc.		425,472		120,970,199
Biogen, Inc.(a)		115,679		24,943,863
Cytokinetics, Inc.(a)		43,263		3,033,169
Gilead Sciences, Inc.		989,598		72,488,053
Incyte Corp.(a)		147,383		8,396,409
Moderna, Inc.(a)(b)		263,075		28,033,272
Regeneron Pharmaceuticals, Inc.(a)		33,583		32,323,302
Roivant Sciences Ltd.(a)		101,957		1,074,627
United Therapeutics Corp.(a)		20,425		4,692,031
Vertex Pharmaceuticals, Inc.(a)		73,862		30,875,055
				487,844,257
Broadline Retail — 0.2%
eBay, Inc.		414,659		21,885,702
Etsy, Inc.(a)		54,327		3,733,351
Macy’s, Inc.		216,952		4,336,871
Nordstrom, Inc.		76,863		1,558,013
				31,513,937
Building Products — 0.5%
A. O. Smith Corp.		36,065		3,226,375
Allegion PLC		43,107		5,806,944
Carrier Global Corp.		345,233		20,068,394
Fortune Brands Innovations, Inc.		59,982		5,078,676
Johnson Controls International PLC		539,212		35,221,328
Masco Corp.		81,888		6,459,325
Trane Technologies PLC		56,054		16,827,411
				92,688,453

56 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets — 4.8%
Affiliated Managers Group, Inc.		27,793	$	4,654,494
Ameriprise Financial, Inc.		37,724		16,539,711
Bank of New York Mellon Corp. (The)		605,734		34,902,393
BlackRock, Inc.(c)		111,112		92,634,074
Blackstone, Inc., Class A, NVS		160,711		21,112,604
Carlyle Group, Inc. (The)		93,011		4,363,146
Cboe Global Markets, Inc.		30,415		5,588,139
Charles Schwab Corp. (The)		1,182,224		85,522,084
CME Group, Inc., Class A		183,419		39,488,277
Evercore, Inc., Class A		9,826		1,892,389
FactSet Research Systems, Inc.		15,876		7,213,896
Federated Hermes, Inc., Class B		60,551		2,187,102
Franklin Resources, Inc.		247,077		6,945,334
Goldman Sachs Group, Inc. (The)		259,717		108,481,194
Interactive Brokers Group, Inc., Class A		35,401		3,954,646
Intercontinental Exchange, Inc.		454,898		62,516,632
Invesco Ltd.		365,324		6,060,725
Janus Henderson Group PLC		106,899		3,515,908
Jefferies Financial Group, Inc.		138,859		6,123,682
MarketAxess Holdings, Inc.		30,478		6,682,301
Moody’s Corp.		66,581		26,168,330
Morgan Stanley		997,061		93,883,264
MSCI, Inc., Class A		27,209		15,249,284
Nasdaq, Inc.		299,102		18,873,336
Northern Trust Corp.		164,518		14,628,941
Raymond James Financial, Inc.		150,128		19,279,438
S&P Global, Inc.		143,098		60,881,044
SEI Investments Co.		39,666		2,851,985
State Street Corp.		242,911		18,781,879
Stifel Financial Corp.		83,182		6,502,337
T Rowe Price Group, Inc.		178,641		21,779,911
				819,258,480
Chemicals — 2.4%
Air Products & Chemicals, Inc.		176,337		42,721,165
Albemarle Corp.		94,375		12,432,963
Arcadium Lithium PLC(a)		317,409		1,368,033
Ashland, Inc.		38,887		3,786,427
Avient Corp.		72,249		3,135,607
Cabot Corp.		14,466		1,333,765
CF Industries Holdings, Inc.		69,714		5,800,902
Chemours Co. (The)		117,649		3,089,463
Corteva, Inc.		558,477		32,207,369
Dow, Inc.		556,540		32,240,362
DuPont de Nemours, Inc.		340,301		26,090,878
Eastman Chemical Co.		93,993		9,419,978
Ecolab, Inc.		99,295		22,927,216
FMC Corp.		98,877		6,298,465
International Flavors & Fragrances, Inc.		202,426		17,406,612
Linde PLC		184,551		85,690,720
LyondellBasell Industries NV, Class A		204,072		20,872,484
Mosaic Co. (The)		258,048		8,376,238
Olin Corp.		57,298		3,369,122
PPG Industries, Inc.		188,347		27,291,480
RPM International, Inc.		46,936		5,583,037
Scotts Miracle-Gro Co. (The)		20,387		1,520,666
Sherwin-Williams Co. (The)		93,850		32,596,920
				405,559,872
Commercial Services & Supplies — 0.5%
Cintas Corp.		30,721		21,106,249
Republic Services, Inc.		69,756		13,354,089
Rollins, Inc.		126,882		5,870,830
Stericycle, Inc.(a)(b)		73,392		3,871,428

Security	Shares		Value
Commercial Services & Supplies (continued)
Veralto Corp.		173,734	$	15,403,256
Waste Management, Inc.		153,784		32,779,059
				92,384,911
Communications Equipment — 1.2%
Ciena Corp.(a)		69,115		3,417,737
Cisco Systems, Inc.		3,225,795		160,999,429
F5, Inc.(a)		45,851		8,692,891
Juniper Networks, Inc.		257,306		9,535,760
Lumentum Holdings, Inc.(a)		53,104		2,514,474
Motorola Solutions, Inc.		55,771		19,797,590
				204,957,881
Construction & Engineering — 0.2%
AECOM		57,579		5,647,348
Fluor Corp.(a)(b)		135,184		5,715,580
MasTec, Inc.(a)(b)		47,941		4,470,498
MDU Resources Group, Inc.		161,441		4,068,313
Quanta Services, Inc.		35,723		9,280,836
Valmont Industries, Inc.		16,526		3,772,555
				32,955,130
Construction Materials — 0.1%
Knife River Corp.(a)		12,964		1,051,121
Martin Marietta Materials, Inc.		16,674		10,236,836
Vulcan Materials Co.		37,838		10,326,747
				21,614,704
Consumer Finance — 0.7%
Ally Financial, Inc.		217,757		8,838,757
American Express Co.		136,783		31,144,121
Capital One Financial Corp.		303,326		45,162,208
Discover Financial Services		92,556		12,133,166
SLM Corp.		99,657		2,171,526
Synchrony Financial		325,641		14,041,640
				113,491,418
Consumer Staples Distribution & Retail — 3.4%
BJ’s Wholesale Club Holdings, Inc.(a)		103,884		7,858,825
Costco Wholesale Corp.		204,536		149,849,210
Dollar General Corp.		175,038		27,316,430
Dollar Tree, Inc.(a)		164,187		21,861,499
Grocery Outlet Holding Corp.(a)(b)		72,963		2,099,875
Kroger Co. (The)		524,091		29,941,319
Performance Food Group Co.(a)		125,556		9,371,500
Sprouts Farmers Market, Inc.(a)(b)		46,252		2,982,329
Sysco Corp.		395,616		32,116,107
Target Corp.		366,345		64,919,997
U.S. Foods Holding Corp.(a)		182,447		9,846,664
Walgreens Boots Alliance, Inc.		567,746		12,314,411
Walmart, Inc.		3,398,781		204,504,653
				574,982,819
Containers & Packaging — 0.6%
Amcor PLC		1,145,829		10,896,834
AptarGroup, Inc.		21,408		3,080,397
Avery Dennison Corp.		63,843		14,252,950
Ball Corp.		249,225		16,787,796
Berry Global Group, Inc.		93,633		5,662,924
Crown Holdings, Inc.		50,648		4,014,360
Graphic Packaging Holding Co.		242,667		7,081,023
Greif, Inc., Class A, NVS		20,162		1,392,186
International Paper Co.		274,311		10,703,615
Packaging Corp. of America		71,059		13,485,577
Silgan Holdings, Inc.		64,159		3,115,561

S C H E D U L E S  O F  I N V E S T M E N T S 57

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Containers & Packaging (continued)
Sonoco Products Co.		77,686	$	4,493,358
Westrock Co.		206,806		10,226,557
				105,193,138
Distributors — 0.2%
Genuine Parts Co.		111,181		17,225,272
LKQ Corp.		212,103		11,328,421
Pool Corp.		13,229		5,337,902
				33,891,595
Diversified Consumer Services — 0.0%
Graham Holdings Co., Class B		2,860		2,195,565
Service Corp. International		57,368		4,257,279
				6,452,844
Diversified REITs — 0.1%
WP Carey, Inc.		172,858		9,756,105
Diversified Telecommunication Services — 1.4%
AT&T Inc.		5,681,040		99,986,304
Frontier Communications Parent, Inc.(a)(b)		175,377		4,296,736
Iridium Communications, Inc.		49,087		1,284,116
Verizon Communications, Inc.		3,341,581		140,212,739
				245,779,895
Electric Utilities — 3.0%
ALLETE, Inc.		45,555		2,716,900
Alliant Energy Corp.		202,312		10,196,525
American Electric Power Co., Inc.		417,200		35,920,920
Constellation Energy Corp.		139,573		25,800,069
Duke Energy Corp.		613,360		59,318,046
Edison International		306,264		21,662,053
Entergy Corp.		168,844		17,843,434
Evergy, Inc.		185,309		9,891,794
Eversource Energy		279,720		16,718,864
Exelon Corp.		787,918		29,602,079
FirstEnergy Corp.		414,619		16,012,586
IDACORP, Inc.		22,704		2,108,975
NextEra Energy, Inc.		1,629,728		104,155,916
NRG Energy, Inc.		181,956		12,316,602
OGE Energy Corp.		158,759		5,445,434
PG&E Corp.		1,700,662		28,503,095
Pinnacle West Capital Corp.		92,237		6,892,871
PNM Resources, Inc.		63,982		2,408,282
Portland General Electric Co.		80,138		3,365,796
PPL Corp.		579,497		15,953,552
Southern Co. (The)		869,358		62,367,743
Xcel Energy, Inc.		437,832		23,533,470
				512,735,006
Electrical Equipment — 0.9%
Acuity Brands, Inc.		12,004		3,225,835
AMETEK, Inc.		94,860		17,349,894
Eaton Corp. PLC		120,648		37,724,217
Emerson Electric Co.		453,937		51,485,535
EnerSys		18,268		1,725,595
Generac Holdings, Inc.(a)		18,989		2,395,273
Hubbell, Inc.		23,363		9,696,813
Regal Rexnord Corp.		52,600		9,473,260
Rockwell Automation, Inc.		47,310		13,782,822
Sensata Technologies Holding PLC		119,995		4,408,616
				151,267,860
Electronic Equipment, Instruments & Components — 1.1%
Amphenol Corp., Class A		208,191		24,014,832
Arrow Electronics, Inc.(a)		42,898		5,553,575

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Avnet, Inc.		71,726	$	3,556,175
Belden, Inc.(b)		33,062		3,061,872
CDW Corp.		61,531		15,738,399
Cognex Corp.		76,443		3,242,712
Coherent Corp.(a)		104,341		6,325,151
Corning, Inc.		608,479		20,055,468
Crane NXT Co.		38,257		2,368,108
IPG Photonics Corp.(a)		12,851		1,165,457
Jabil, Inc.		47,711		6,390,888
Keysight Technologies, Inc.(a)		139,355		21,792,335
Littelfuse, Inc.		5,229		1,267,248
Novanta, Inc.(a)		11,908		2,081,161
TD SYNNEX Corp.		45,686		5,167,087
TE Connectivity Ltd.		150,290		21,828,120
Teledyne Technologies, Inc.(a)(b)		37,783		16,220,998
Trimble, Inc.(a)		197,173		12,690,054
Vishay Intertechnology, Inc.		100,111		2,270,518
Zebra Technologies Corp., Class A(a)		40,731		12,277,953
				187,068,111
Energy Equipment & Services — 0.7%
Baker Hughes Co., Class A		791,104		26,501,984
ChampionX Corp.		51,001		1,830,426
Halliburton Co.		709,584		27,971,801
NOV, Inc.		312,283		6,095,764
Schlumberger NV		1,130,966		61,988,247
				124,388,222
Entertainment — 1.3%
Electronic Arts, Inc.		108,668		14,416,984
Take-Two Interactive Software, Inc.(a)		64,103		9,518,654
TKO Group Holdings, Inc., Class A		27,093		2,341,106
Walt Disney Co. (The)		1,456,952		178,272,647
Warner Bros Discovery, Inc., Class A(a)		1,776,216		15,506,366
				220,055,757
Financial Services — 5.9%
Berkshire Hathaway, Inc., Class B(a)		1,446,069		608,100,936
Equitable Holdings, Inc.		37,846		1,438,527
Essent Group Ltd.		84,649		5,037,462
Euronet Worldwide, Inc.(a)		15,998		1,758,660
Fidelity National Information Services, Inc.		472,251		35,031,579
Fiserv, Inc.(a)		228,409		36,504,326
Global Payments, Inc.		207,167		27,689,941
Jack Henry & Associates, Inc.		57,530		9,994,687
Mastercard, Inc., Class A		184,033		88,624,772
MGIC Investment Corp.		136,056		3,042,212
PayPal Holdings, Inc.(a)		850,524		56,976,603
Visa, Inc., Class A		427,806		119,392,099
Voya Financial, Inc.		49,020		3,623,558
Western Union Co. (The)		215,347		3,010,551
				1,000,225,913
Food Products — 1.5%
Archer-Daniels-Midland Co.		425,841		26,747,073
Bunge Global SA		115,277		11,818,198
Campbell Soup Co.		155,685		6,920,198
Conagra Brands, Inc.		378,932		11,231,544
Darling Ingredients, Inc.(a)		126,502		5,883,608
Flowers Foods, Inc.		152,347		3,618,241
General Mills, Inc.		452,984		31,695,290
Hershey Co. (The)		73,389		14,274,160
Hormel Foods Corp.		229,511		8,007,639
Ingredion, Inc.		33,094		3,867,034
J M Smucker Co. (The)		84,126		10,588,940

58 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Kellanova		209,117	$	11,980,313
Kraft Heinz Co. (The)		639,424		23,594,746
Lamb Weston Holdings, Inc.		39,054		4,160,423
Lancaster Colony Corp.		8,374		1,738,694
McCormick & Co., Inc., NVS		199,214		15,301,627
Mondelez International, Inc., Class A		619,605		43,372,350
Pilgrim’s Pride Corp.(a)		31,869		1,093,744
Post Holdings, Inc.(a)(b)		40,307		4,283,828
Tyson Foods, Inc., Class A		229,190		13,460,329
				253,637,979
Gas Utilities — 0.2%
Atmos Energy Corp.		118,429		14,077,655
National Fuel Gas Co.		72,818		3,911,783
New Jersey Resources Corp.		77,381		3,320,419
ONE Gas, Inc.		43,989		2,838,610
Southwest Gas Holdings, Inc.		47,993		3,653,707
Spire, Inc.		41,693		2,558,699
UGI Corp.		166,051		4,074,892
				34,435,765
Ground Transportation — 1.0%
CSX Corp.		780,511		28,933,543
Hertz Global Holdings, Inc.(a)(b)		104,937		821,657
JB Hunt Transport Services, Inc.		64,580		12,867,565
Knight-Swift Transportation Holdings, Inc.		127,866		7,035,187
Landstar System, Inc.		9,081		1,750,453
Norfolk Southern Corp.		179,848		45,837,860
Ryder System, Inc.		36,918		4,437,174
Union Pacific Corp.		266,077		65,436,317
Werner Enterprises, Inc.		50,208		1,964,137
XPO, Inc.(a)		48,731		5,946,644
				175,030,537
Health Care Equipment & Supplies — 3.8%
Abbott Laboratories		1,378,578		156,689,175
Align Technology, Inc.(a)		25,431		8,339,333
Baxter International, Inc.		406,051		17,354,620
Becton Dickinson & Co.		229,240		56,725,438
Boston Scientific Corp.(a)		524,818		35,944,785
Cooper Cos., Inc. (The)		91,064		9,239,353
DENTSPLY SIRONA, Inc.		167,983		5,575,356
Dexcom, Inc.(a)		120,734		16,745,806
Edwards Lifesciences Corp.(a)(b)		303,110		28,965,192
Enovis Corp.(a)		39,333		2,456,346
Envista Holdings Corp.(a)		135,868		2,904,858
GE HealthCare Technologies, Inc.		335,935		30,539,851
Globus Medical, Inc., Class A(a)		91,426		4,904,091
Haemonetics Corp.(a)(b)		16,066		1,371,233
Hologic, Inc.(a)		186,758		14,559,654
IDEXX Laboratories, Inc.(a)		29,317		15,829,128
Insulet Corp.(a)		34,310		5,880,734
Integra LifeSciences Holdings Corp.(a)		53,888		1,910,330
Intuitive Surgical, Inc.(a)		95,709		38,196,505
LivaNova PLC(a)		26,935		1,506,744
Masimo Corp.(a)		13,410		1,969,258
Medtronic PLC		1,056,082		92,037,546
Neogen Corp.(a)(b)		156,092		2,463,132
QuidelOrtho Corp.(a)		39,161		1,877,378
ResMed, Inc.		116,614		23,093,070
STERIS PLC		34,448		7,744,599
Stryker Corp.		96,831		34,652,910

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Teleflex, Inc.		37,262	$	8,427,546
Zimmer Biomet Holdings, Inc.		165,116		21,792,010
				649,695,981
Health Care Providers & Services — 4.5%
Amedisys, Inc.(a)		15,032		1,385,349
Cardinal Health, Inc.		194,896		21,808,862
Cencora, Inc.		132,297		32,146,848
Centene Corp.(a)		425,906		33,425,103
Chemed Corp.		4,532		2,909,227
Cigna Group (The)		232,320		84,376,301
CVS Health Corp.		1,000,025		79,761,994
DaVita, Inc.(a)		19,207		2,651,526
Elevance Health, Inc.		186,359		96,634,596
Encompass Health Corp.		43,736		3,611,719
HCA Healthcare, Inc.		82,470		27,506,219
HealthEquity, Inc.(a)		33,276		2,716,320
Henry Schein, Inc.(a)		103,563		7,821,078
Humana, Inc.		96,811		33,566,310
Laboratory Corp. of America Holdings		67,314		14,705,416
McKesson Corp.		104,655		56,184,037
Molina Healthcare, Inc.(a)(b)		18,946		7,783,585
Option Care Health, Inc.(a)		63,207		2,119,963
Quest Diagnostics, Inc.		89,160		11,868,087
R1 RCM, Inc.(a)		156,145		2,011,148
Tenet Healthcare Corp.(a)		82,172		8,637,099
UnitedHealth Group, Inc.		455,436		225,304,189
Universal Health Services, Inc., Class B		48,309		8,814,460
				767,749,436
Health Care REITs — 0.5%
Healthcare Realty Trust, Inc.		314,342		4,447,939
Healthpeak Properties, Inc.		560,871		10,516,331
Omega Healthcare Investors, Inc.		114,548		3,627,735
Sabra Health Care REIT, Inc.		183,323		2,707,681
Ventas, Inc.		323,150		14,069,951
Welltower, Inc.		439,551		41,071,646
				76,441,283
Health Care Technology — 0.0%
Doximity, Inc., Class A(a)(b)		49,539		1,333,094
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		223,741		4,626,964
Hotels, Restaurants & Leisure — 1.3%
Airbnb, Inc., Class A(a)		173,096		28,553,916
Aramark		212,033		6,895,313
Caesars Entertainment, Inc.(a)(b)		71,814		3,141,144
Carnival Corp.(a)		231,356		3,780,357
Choice Hotels International, Inc.(b)		9,743		1,231,028
Darden Restaurants, Inc.		45,309		7,573,399
Domino’s Pizza, Inc.		16,555		8,225,848
Hilton Grand Vacations, Inc.(a)		21,495		1,014,779
Las Vegas Sands Corp.		114,058		5,896,799
Marriott Vacations Worldwide Corp.		26,189		2,821,341
McDonald’s Corp.		323,088		91,094,662
MGM Resorts International(a)(b)		69,284		3,270,898
Penn Entertainment, Inc.(a)		110,862		2,018,797
Starbucks Corp.		368,623		33,688,456
Travel + Leisure Co.		17,260		845,050
Vail Resorts, Inc.		10,290		2,292,921
Wendy’s Co. (The)		60,907		1,147,488

S C H E D U L E S  O F  I N V E S T M E N T S 59

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Wyndham Hotels & Resorts, Inc.		22,366	$	1,716,590
Yum! Brands, Inc.		120,004		16,638,555
				221,847,341
Household Durables — 0.3%
Garmin Ltd.		55,831		8,311,561
Helen of Troy Ltd.(a)(b)		18,822		2,169,047
KB Home		31,282		2,217,268
Leggett & Platt, Inc.		105,680		2,023,772
Lennar Corp., Class A		86,340		14,848,753
Mohawk Industries, Inc.(a)		43,267		5,663,218
Taylor Morrison Home Corp., Class A(a)		88,010		5,471,582
Whirlpool Corp.		43,507		5,204,742
				45,909,943
Household Products — 1.7%
Church & Dwight Co., Inc.		105,469		11,001,471
Clorox Co. (The)		99,341		15,210,101
Colgate-Palmolive Co.		399,148		35,943,277
Kimberly-Clark Corp.		267,890		34,651,572
Procter & Gamble Co. (The)		1,139,864		184,942,934
				281,749,355
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		541,397		9,707,248
Ormat Technologies, Inc.		42,554		2,816,649
				12,523,897
Industrial Conglomerates — 0.9%
3M Co.		438,613		46,523,681
Honeywell International, Inc.		522,913		107,327,893
				153,851,574
Industrial REITs — 0.6%
EastGroup Properties, Inc.		13,934		2,504,915
First Industrial Realty Trust, Inc.		54,572		2,867,213
Prologis, Inc.		733,874		95,565,072
Rexford Industrial Realty, Inc.		102,069		5,134,071
STAG Industrial, Inc.		71,958		2,766,066
				108,837,337
Insurance — 3.8%
Aflac, Inc.		420,432		36,098,291
Allstate Corp. (The)		209,061		36,169,644
American Financial Group, Inc.		50,566		6,901,248
American International Group, Inc.		560,487		43,813,269
Aon PLC, Class A		77,578		25,889,330
Arthur J. Gallagher & Co.		84,611		21,156,134
Assurant, Inc.		41,161		7,748,147
Brighthouse Financial, Inc.(a)		51,619		2,660,443
Brown & Brown, Inc.		43,425		3,801,424
Chubb Ltd.		322,834		83,655,974
Cincinnati Financial Corp.		124,007		15,397,949
CNO Financial Group, Inc.		85,605		2,352,425
Erie Indemnity Co., Class A, NVS		8,340		3,349,094
Everest Group Ltd.		34,960		13,896,600
Fidelity National Financial, Inc., Class A		50,037		2,656,965
First American Financial Corp.		84,196		5,140,166
Globe Life, Inc.		68,996		8,029,064
Hanover Insurance Group, Inc. (The)		29,071		3,958,598
Hartford Financial Services Group, Inc. (The)		238,491		24,576,497
Kemper Corp.		46,825		2,899,404
Loews Corp.		147,400		11,539,946
Marsh & McLennan Cos., Inc.		187,622		38,646,380
MetLife, Inc.		491,060		36,392,457
Old Republic International Corp.		212,083		6,515,190

Security	Shares		Value
Insurance (continued)
Principal Financial Group, Inc.		176,138	$	15,202,471
Progressive Corp. (The)		232,744		48,136,114
Prudential Financial, Inc.		288,252		33,840,785
Reinsurance Group of America, Inc.		53,537		10,326,217
RenaissanceRe Holdings Ltd.		19,495		4,581,910
RLI Corp.		10,500		1,558,935
Selective Insurance Group, Inc.		22,048		2,406,980
Travelers Cos., Inc. (The)		181,573		41,787,210
Unum Group		122,800		6,589,448
W R Berkley Corp.		161,207		14,257,147
Willis Towers Watson PLC		81,552		22,426,800
				644,358,656
Interactive Media & Services — 0.1%
Match Group, Inc.(a)		220,459		7,998,253
Ziff Davis, Inc.(a)		36,482		2,299,825
ZoomInfo Technologies, Inc., Class A(a)		160,159		2,567,349
				12,865,427
IT Services — 1.6%
Accenture PLC, Class A		229,545		79,562,592
Akamai Technologies, Inc.(a)		64,899		7,058,415
Cognizant Technology Solutions Corp., Class A		395,736		29,003,491
EPAM Systems, Inc.(a)		27,419		7,572,031
International Business Machines Corp.		727,986		139,016,207
Kyndryl Holdings, Inc.(a)		181,876		3,957,622
VeriSign, Inc.(a)		35,784		6,781,426
				272,951,784
Leisure Products — 0.1%
Brunswick Corp.		21,305		2,056,358
Hasbro, Inc.		103,433		5,846,033
Mattel, Inc.(a)		156,841		3,107,020
Polaris, Inc.		42,066		4,211,648
YETI Holdings, Inc.(a)(b)		24,823		956,927
				16,177,986
Life Sciences Tools & Services — 2.2%
Agilent Technologies, Inc.		232,162		33,781,892
Azenta, Inc.(a)		17,206		1,037,178
Bio-Rad Laboratories, Inc., Class A(a)		16,557		5,726,569
Bio-Techne Corp.		125,344		8,822,964
Bruker Corp.		29,422		2,763,903
Charles River Laboratories International, Inc.(a)		40,682		11,022,788
Danaher Corp.		522,312		130,431,753
Illumina, Inc.(a)		127,077		17,450,214
IQVIA Holdings, Inc.(a)		89,364		22,599,262
Mettler-Toledo International, Inc.(a)		10,506		13,986,533
Revvity, Inc.		97,790		10,267,950
Thermo Fisher Scientific, Inc.		190,202		110,547,304
Waters Corp.(a)		29,543		10,169,587
				378,607,897
Machinery — 2.1%
AGCO Corp.		49,261		6,060,088
Caterpillar, Inc.		169,978		62,285,039
Cummins, Inc.		108,684		32,023,741
Deere & Co.		88,966		36,541,895
Donaldson Co., Inc.		38,783		2,896,314
Dover Corp.		110,943		19,657,990
Flowserve Corp.		57,190		2,612,439
IDEX Corp.		59,666		14,559,697
Illinois Tool Works, Inc.		116,058		31,141,843
Ingersoll Rand, Inc.(b)		75,688		7,186,576
Middleby Corp. (The)(a)		21,278		3,421,290

60 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Machinery (continued)
Nordson Corp.		42,889	$	11,774,746
Oshkosh Corp.		53,304		6,647,542
Otis Worldwide Corp.		195,689		19,426,047
PACCAR, Inc.		114,089		14,134,486
Parker-Hannifin Corp.		22,831		12,689,241
Pentair PLC		39,272		3,355,400
Snap-on, Inc.		22,729		6,732,784
Stanley Black & Decker, Inc.		123,323		12,077,021
Terex Corp.		23,454		1,510,438
Timken Co. (The)		31,357		2,741,543
Toro Co. (The)		42,761		3,918,190
Westinghouse Air Brake Technologies Corp.		143,212		20,863,124
Xylem, Inc.		192,761		24,912,432
				359,169,906
Marine Transportation — 0.0%
Kirby Corp.(a)		27,154		2,588,319
Media — 1.2%
Cable One, Inc.		3,236		1,369,249
Charter Communications, Inc., Class A(a)(b)		42,465		12,341,603
Comcast Corp., Class A		3,146,857		136,416,251
Fox Corp., Class A, NVS		187,488		5,862,750
Fox Corp., Class B		104,601		2,993,680
Interpublic Group of Cos., Inc. (The)		303,651		9,908,132
News Corp., Class A, NVS		308,000		8,063,440
News Corp., Class B		90,995		2,462,325
Nexstar Media Group, Inc., Class A		25,572		4,405,800
Omnicom Group, Inc.		156,937		15,185,224
Paramount Global, Class B, NVS		382,495		4,501,966
TEGNA, Inc.		156,189		2,333,464
				205,843,884
Metals & Mining — 0.7%
Alcoa Corp.		141,518		4,781,893
Cleveland-Cliffs, Inc.(a)		392,313		8,921,198
Commercial Metals Co.		92,708		5,448,449
Freeport-McMoRan, Inc.		574,595		27,017,457
MP Materials Corp., Class A(a)(b)		68,489		979,393
Newmont Corp.		916,110		32,833,382
Nucor Corp.		73,002		14,447,096
Royal Gold, Inc.		25,028		3,048,661
Steel Dynamics, Inc.		44,870		6,651,080
United States Steel Corp.		180,881		7,376,327
				111,504,936
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
Annaly Capital Management, Inc.		404,310		7,960,864
Starwood Property Trust, Inc.		245,527		4,991,564
				12,952,428
Multi-Utilities — 1.3%
Ameren Corp.		207,396		15,339,008
Black Hills Corp.		53,872		2,941,411
CenterPoint Energy, Inc.		500,399		14,256,368
CMS Energy Corp.		234,157		14,129,033
Consolidated Edison, Inc.		274,001		24,882,031
Dominion Energy, Inc.		664,031		32,663,685
DTE Energy Co.		164,951		18,497,605
NiSource, Inc.		327,599		9,061,388
Northwestern Energy Group, Inc.		48,558		2,473,059
Public Service Enterprise Group, Inc.		395,036		26,380,504
Sempra		500,133		35,924,554
WEC Energy Group, Inc.		250,107		20,538,787
				217,087,433

Security	Shares		Value
Office REITs — 0.2%
Alexandria Real Estate Equities, Inc.		125,737	$	16,208,757
Boston Properties, Inc.		117,015		7,642,250
COPT Defense Properties		54,367		1,314,050
Cousins Properties, Inc.		120,320		2,892,493
Kilroy Realty Corp.		84,528		3,079,355
Vornado Realty Trust		126,764		3,647,000
				34,783,905
Oil, Gas & Consumable Fuels — 5.8%
Antero Midstream Corp.		113,390		1,594,263
Antero Resources Corp.(a)		224,001		6,496,029
Chesapeake Energy Corp.		88,279		7,841,824
Chevron Corp.		1,378,846		217,499,168
ConocoPhillips		290,001		36,911,327
Coterra Energy, Inc.		202,751		5,652,698
Devon Energy Corp.		511,761		25,680,167
DT Midstream, Inc.		28,462		1,739,028
EOG Resources, Inc.		157,198		20,096,192
EQT Corp.		326,075		12,087,600
Equitrans Midstream Corp.		202,657		2,531,186
Exxon Mobil Corp.		3,156,039		366,857,973
HF Sinclair Corp.		126,920		7,662,160
Kinder Morgan, Inc.		1,542,365		28,286,974
Marathon Oil Corp.		218,061		6,179,849
Marathon Petroleum Corp.		132,625		26,723,938
Murphy Oil Corp.		62,261		2,845,328
Occidental Petroleum Corp.		520,312		33,815,077
ONEOK, Inc.		176,994		14,189,609
PBF Energy, Inc., Class A		86,714		4,992,125
PetroCorp Escrow(a)(d)		190		—
Phillips 66		343,050		56,033,787
Pioneer Natural Resources Co.		93,631		24,578,138
Valero Energy Corp.		271,801		46,393,713
Williams Cos., Inc. (The)		591,433		23,048,144
				979,736,297
Paper & Forest Products — 0.0%
Louisiana-Pacific Corp.		17,830		1,496,115
Passenger Airlines — 0.3%
American Airlines Group, Inc.(a)		530,065		8,136,498
Delta Air Lines, Inc.		226,764		10,855,193
Southwest Airlines Co.		471,461		13,761,946
United Airlines Holdings, Inc.(a)		264,126		12,646,353
				45,399,990
Personal Care Products — 0.4%
BellRing Brands, Inc.(a)		51,858		3,061,178
Estee Lauder Cos., Inc. (The), Class A		185,345		28,570,932
Kenvue, Inc.		1,361,518		29,218,176
				60,850,286
Pharmaceuticals — 4.3%
Bristol-Myers Squibb Co.		1,613,647		87,508,077
Catalent, Inc.(a)		142,911		8,067,326
Jazz Pharmaceuticals PLC(a)		28,974		3,489,049
Johnson & Johnson		1,911,429		302,368,953
Merck & Co., Inc.		1,207,945		159,388,343
Perrigo Co. PLC		107,461		3,459,169
Pfizer, Inc.		4,484,441		124,443,238
Viatris, Inc.		964,856		11,520,381
Zoetis, Inc., Class A		164,057		27,760,085
				728,004,621
Professional Services — 1.1%
ASGN, Inc.(a)(b)		37,422		3,920,329

S C H E D U L E S  O F  I N V E S T M E N T S 61

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Automatic Data Processing, Inc.		199,193	$	49,746,460
Broadridge Financial Solutions, Inc.		40,134		8,221,851
CACI International, Inc., Class A(a)		11,130		4,216,378
Concentrix Corp.		37,490		2,482,588
Dayforce, Inc.(a)(b)		55,662		3,685,381
Equifax, Inc.		60,231		16,112,997
ExlService Holdings, Inc.(a)		56,224		1,787,923
Exponent, Inc.		19,639		1,623,949
Genpact Ltd.		132,392		4,362,316
Insperity, Inc.		14,062		1,541,336
Jacobs Solutions, Inc.		99,862		15,351,785
KBR, Inc.		57,761		3,677,065
Leidos Holdings, Inc.		109,020		14,291,432
ManpowerGroup, Inc.		38,668		3,002,184
Maximus, Inc.		12,970		1,088,183
Paychex, Inc.		152,946		18,781,769
Paycom Software, Inc.		22,172		4,412,450
Robert Half, Inc.		83,920		6,653,178
Science Applications International Corp.		27,255		3,553,779
Verisk Analytics, Inc.		51,758		12,200,913
				180,714,246
Real Estate Management & Development — 0.3%
CBRE Group, Inc., Class A(a)		235,468		22,896,908
CoStar Group, Inc.(a)		186,434		18,009,525
Jones Lang LaSalle, Inc.(a)		37,711		7,357,039
				48,263,472
Residential REITs — 0.6%
American Homes 4 Rent, Class A		101,035		3,716,067
Apartment Income REIT Corp.		109,456		3,554,036
AvalonBay Communities, Inc.		112,588		20,891,829
Camden Property Trust		84,686		8,333,102
Equity LifeStyle Properties, Inc.		53,182		3,424,921
Equity Residential		274,019		17,293,339
Essex Property Trust, Inc.		50,924		12,466,705
Independence Realty Trust, Inc.		178,108		2,872,882
Invitation Homes, Inc.		456,001		16,238,196
Mid-America Apartment Communities, Inc.		92,540		12,176,413
UDR, Inc.		239,916		8,975,258
				109,942,748
Retail REITs — 0.6%
Agree Realty Corp.		83,019		4,742,045
Brixmor Property Group, Inc.		133,395		3,128,113
Federal Realty Investment Trust		58,193		5,942,669
Kimco Realty Corp.		539,615		10,581,850
Kite Realty Group Trust		181,706		3,939,386
NNN REIT, Inc.		93,122		3,980,034
Realty Income Corp.		662,726		35,853,477
Regency Centers Corp.		130,264		7,888,788
Simon Property Group, Inc.		164,694		25,772,964
				101,829,326
Semiconductors & Semiconductor Equipment — 3.2%
Allegro MicroSystems, Inc.(a)		36,718		989,917
Amkor Technology, Inc.		81,850		2,638,844
Analog Devices, Inc.		161,960		32,034,068
Cirrus Logic, Inc.(a)		18,383		1,701,531
Enphase Energy, Inc.(a)(b)		68,186		8,249,142
First Solar, Inc.(a)(b)		84,743		14,304,618
Intel Corp.		3,359,473		148,387,922
MACOM Technology Solutions Holdings, Inc.(a)(b)		15,854		1,516,277
Microchip Technology, Inc.		175,876		15,777,836
Micron Technology, Inc.		876,707		103,354,988

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
MKS Instruments, Inc.		25,438	$	3,383,254
NXP Semiconductors NV		51,772		12,827,549
ON Semiconductor Corp.(a)(b)		191,219		14,064,158
Power Integrations, Inc.		22,538		1,612,594
Qorvo, Inc.(a)		77,214		8,866,484
QUALCOMM, Inc.		425,698		72,070,671
Skyworks Solutions, Inc.		128,310		13,898,539
Synaptics, Inc.(a)(b)		18,346		1,789,836
Teradyne, Inc.		121,154		13,669,806
Texas Instruments, Inc.		454,449		79,169,560
Wolfspeed, Inc.(a)(b)		52,656		1,553,352
				551,860,946
Software — 0.5%
ANSYS, Inc.(a)		29,597		10,274,895
Aspen Technology, Inc.(a)(b)		11,114		2,370,394
Autodesk, Inc.(a)		81,769		21,294,283
Blackbaud, Inc.(a)		12,939		959,297
CommVault Systems, Inc.(a)		14,512		1,471,952
Dolby Laboratories, Inc., Class A		20,266		1,697,683
Gen Digital, Inc.		446,990		10,012,576
PTC, Inc.(a)		38,996		7,367,904
Roper Technologies, Inc.		48,287		27,081,281
				82,530,265
Specialized REITs — 1.6%
American Tower Corp.		218,358		43,145,357
Crown Castle, Inc.		344,280		36,435,152
CubeSmart		80,188		3,626,101
Digital Realty Trust, Inc.		142,981		20,594,983
EPR Properties		22,690		963,191
Equinix, Inc.		39,424		32,537,810
Extra Space Storage, Inc.		168,581		24,781,407
Gaming & Leisure Properties, Inc.		120,387		5,546,229
Iron Mountain, Inc.		113,978		9,142,175
Lamar Advertising Co., Class A		29,181		3,484,503
National Storage Affiliates Trust		31,211		1,222,223
PotlatchDeltic Corp.		62,940		2,959,439
Public Storage		72,875		21,138,123
Rayonier, Inc.		66,481		2,209,828
SBA Communications Corp., Class A		51,348		11,127,112
VICI Properties, Inc.		825,443		24,589,947
Weyerhaeuser Co.		577,460		20,736,589
				264,240,169
Specialty Retail — 2.7%
AutoNation, Inc.(a)(b)		20,521		3,397,867
AutoZone, Inc.(a)		4,256		13,413,422
Bath & Body Works, Inc.		180,263		9,016,755
Best Buy Co., Inc.		150,840		12,373,405
Burlington Stores, Inc.(a)		20,533		4,767,557
CarMax, Inc.(a)(b)		125,745		10,953,647
Dick’s Sporting Goods, Inc.		21,980		4,942,423
GameStop Corp., Class A(a)(b)		212,976		2,666,460
Gap, Inc. (The)		170,051		4,684,905
Home Depot, Inc. (The)		498,238		191,124,097
Lithia Motors, Inc., Class A		22,390		6,736,255
Lowe’s Cos., Inc.		456,582		116,305,133
O’Reilly Automotive, Inc.(a)		12,633		14,261,141
Penske Automotive Group, Inc.		15,443		2,501,612
RH(a)		6,757		2,353,193
TJX Cos., Inc. (The)		317,405		32,191,215

62 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
Tractor Supply Co.		49,691	$	13,005,129
Ulta Beauty, Inc.(a)		12,964		6,778,616
				451,472,832
Technology Hardware, Storage & Peripherals — 0.4%
Hewlett Packard Enterprise Co.		1,024,692		18,167,789
HP, Inc.		689,279		20,830,011
NetApp, Inc.		104,301		10,948,476
Seagate Technology Holdings PLC		90,974		8,465,131
Western Digital Corp.(a)		256,901		17,530,924
				75,942,331
Textiles, Apparel & Luxury Goods — 0.5%
Capri Holdings Ltd.(a)		47,933		2,171,365
Carter’s, Inc.		29,199		2,472,571
Columbia Sportswear Co.		14,237		1,155,760
NIKE, Inc., Class B		550,401		51,726,686
PVH Corp.		49,131		6,908,310
Ralph Lauren Corp., Class A		14,201		2,666,380
Tapestry, Inc.		185,140		8,790,447
Under Armour, Inc., Class A(a)		149,679		1,104,631
Under Armour, Inc., Class C, NVS(a)(b)		153,358		1,094,976
VF Corp.		262,073		4,020,200
				82,111,326
Tobacco — 0.8%
Altria Group, Inc.		1,401,831		61,147,868
Philip Morris International, Inc.		778,263		71,304,456
				132,452,324
Trading Companies & Distributors — 0.2%
Core & Main, Inc., Class A(a)		60,552		3,466,602
Fastenal Co.		226,521		17,473,830
GATX Corp.		17,447		2,338,421
MSC Industrial Direct Co., Inc., Class A		16,864		1,636,483
WESCO International, Inc.		35,797		6,131,310
WW Grainger, Inc.		8,896		9,049,901
				40,096,547

Security	Shares		Value
Water Utilities — 0.1%
American Water Works Co., Inc.		154,286	$	18,855,292
Essential Utilities, Inc.		103,639		3,839,825
				22,695,117
Wireless Telecommunication Services — 0.4%
T-Mobile U.S., Inc.		414,194		67,604,745
Total Long-Term Investments — 99.7% (Cost: $14,633,613,326)				16,947,933,126
Short-Term Securities
Money Market Funds — 0.6%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(e)(f)		85,058,260		85,100,789
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(e)		26,469,410		26,469,410
Total Short-Term Securities — 0.6% (Cost: $111,530,997)				111,570,199
Total Investments — 100.3% (Cost: $14,745,144,323)				17,059,503,325
Liabilities in Excess of Other Assets — (0.3)%				(57,494,678	)
Net Assets — 100.0%			$	17,002,008,647

^(a) Non-income producing security.

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

^(c) Affiliate of the Fund.

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

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income			Capital  Gain  Distributions  from Underlying  Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	96,361,854	$	—		$	(11,318,028	)(a)	$	65,640		$	(8,677	)	$	85,100,789		85,058,260	$	488,055	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		23,677,943		2,791,467	(a)		—			—			—			26,469,410		26,469,410		1,467,330			—
	BlackRock, Inc.		77,499,486		34,585,574			(38,652,891	)		(225,699	)		19,427,604			92,634,074		111,112		2,269,194			—
										$	(160,059	)	$	19,418,927		$	204,204,273			$	4,224,579		$	—

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

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

S C H E D U L E S  O F  I N V E S T M E N T S 63

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Value ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
E-Mini Consumer Staples Select Sector Index		61		06/21/24	$	4,748	$	71,699
Russell 1000 Value E-Mini Index		481		06/21/24		42,881		1,161,604
							$	1,233,303

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,233,303	$	—	$	—	$	—	$	1,233,303

^(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 March 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	9,169,146		$	—	$	—	$	—	$	9,169,146
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(474,432	)	$	—	$	—	$	—	$	(474,432	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	43,866,442

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

64 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Core S&P U.S. Value ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	16,947,933,126	$	—	$	—	$	16,947,933,126
Short-Term Securities
Money Market Funds		111,570,199		—		—		111,570,199
	$	17,059,503,325	$	—	$	—	$	17,059,503,325
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,233,303	$	—	$	—	$	1,233,303

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

See notes to financial statements.

S C H E D U L E S  O F  I N V E S T M E N T S 65

Statements of Assets and Liabilities

March 31, 2024

	iShares Core S&P Mid-Cap ETF		iShares Core S&P Small-Cap ETF		iShares Core S&P U.S. Growth ETF		iShares Core S&P U.S. Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	84,404,796,991	$	7,331,188,337	$	16,901,553,819	$	16,855,299,052
Investments, at value — affiliated(c)		4,574,502,130		76,966,772,561		116,072,775		204,204,273
Cash		30,137,106		163,094,709		2,932,873		5,905,529
Cash pledged:
Collateral — OTC derivatives		—		8,380,000		—		—
Futures contracts		8,587,000		17,354,000		983,620		2,521,190
Receivables:
Investments sold		210,794,407		374,568,305		932,289		3,104,980
Securities lending income — affiliated		768,032		2,060,534		18,883		58,371
Swaps		—		48,131,735		—		—
Capital shares sold		—		871,239		4,765		55,605
Dividends — unaffiliated		90,807,925		96,430,211		4,318,433		18,710,493
Dividends — affiliated		2,640,429		7,677,123		93,554		146,779
Unrealized appreciation on OTC swaps		38,845,550		76,129,825		—		—
Total assets		89,361,879,570		85,092,658,579		17,026,911,011		17,090,006,272
LIABILITIES
Cash received:
Collateral — OTC derivatives		39,310,000		97,647,000		—		—
Collateral on securities loaned		3,952,238,050		4,167,734,542		97,899,013		85,001,537
Payables:
Investments purchased		299,133,727		464,052,218		6,198,582		2,435,861
Swaps		5,975,739		—		—		—
Capital shares redeemed		—		—		46,625		—
Investment advisory fees		3,513,305		3,962,203		565,165		560,227
Total liabilities		4,300,170,821		4,733,395,963		104,709,385		87,997,625
Commitments and contingent liabilities
NET ASSETS	$	85,061,708,749	$	80,359,262,616	$	16,922,201,626	$	17,002,008,647
NET ASSETS CONSIST OF:
Paid-in capital	$	71,081,785,830	$	73,524,931,558	$	12,487,074,003	$	15,944,598,082
Accumulated earnings		13,979,922,919		6,834,331,058		4,435,127,623		1,057,410,565
NET ASSETS	$	85,061,708,749	$	80,359,262,616	$	16,922,201,626	$	17,002,008,647
NET ASSET VALUE
Shares outstanding		1,399,100,000(d)		726,650,000		144,300,000		187,950,000
Net asset value	$	60.80(d)	$	110.59	$	117.27	$	90.46
Shares authorized		Unlimited		Unlimited		Unlimited		Unlimited
Par value		None		None		None		None
(a) Investments, at cost — unaffiliated	$	66,068,250,655	$	7,004,158,214	$	10,797,906,671	$	14,556,069,233
(b) Securities loaned, at value	$	3,847,032,844	$	4,093,261,761	$	95,735,439	$	82,333,558
(c)  Investments, at cost — affiliated	$	4,572,117,395	$	65,460,299,416	$	116,019,571	$	189,075,090
(d) Shares outstanding and net asset value per share reflect a five-for-one stock split effective after the close of trading on February 21, 2024.

See notes to financial statements.

66 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations

Year Ended March 31, 2024

	iShares Core S&P Mid-Cap ETF			iShares Core S&P Small-Cap ETF			iShares Core S&P U.S. Growth ETF			iShares Core S&P U.S. Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	1,153,070,548		$	41,053,353		$	158,606,453		$	297,729,235
Dividends — affiliated		18,984,846			1,180,239,611			993,275			3,736,524
Interest — unaffiliated		448,087			745,415			20,930			30,634
Securities lending income — affiliated — net		13,739,979			17,422,714			349,119			488,055
Foreign taxes withheld		—			(1,002,391	)		(64,210	)		(45,389	)
Total investment income		1,186,243,460			1,238,458,702			159,905,567			301,939,059
EXPENSES
Investment advisory		36,072,198			41,988,437			5,636,637			5,765,757
Interest expense		101,549			157,006			4,751			9,602
Total expenses		36,173,747			42,145,443			5,641,388			5,775,359
Net investment income		1,150,069,713			1,196,313,259			154,264,179			296,163,700
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(2,443,697,846	)		153,062,434			(208,439,650	)		(497,697,768	)
Investments — affiliated		450,299			(2,019,911,199	)		6,973			(2,051,842	)
Futures contracts		32,499,748			37,939,074			5,359,023			9,169,146
In-kind redemptions — unaffiliated(a)		5,277,821,882			99,163,885			501,729,528			1,895,685,409
In-kind redemptions — affiliated(a)		—			1,966,852,469			—			1,891,783
Swaps		29,903,976			123,088,002			—			—
		2,896,978,059			360,194,665			298,655,874			1,406,996,728
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		11,652,874,110			267,577,208			3,734,797,657			1,652,191,612
Investments — affiliated		363,306			8,799,443,202			27,508			19,418,927
Futures contracts		(1,857,834	)		(3,564,578	)		(1,172,138	)		(474,432	)
Swaps		41,246,291			99,976,688			—			—
		11,692,625,873			9,163,432,520			3,733,653,027			1,671,136,107
Net realized and unrealized gain		14,589,603,932			9,523,627,185			4,032,308,901			3,078,132,835
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,739,673,645		$	10,719,940,444		$	4,186,573,080		$	3,374,296,535

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 67

Statements of Changes in Net Assets

	iShares Core S&P Mid-Cap ETF						iShares Core S&P Small-Cap ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/24			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	1,150,069,713		$	1,015,512,367		$	1,196,313,259		$	1,058,965,518
Net realized gain		2,896,978,059			1,609,302,685			360,194,665			972,769,988
Net change in unrealized appreciation (depreciation)		11,692,625,873			(5,947,641,200	)		9,163,432,520			(8,677,638,044	)
Net increase (decrease) in net assets resulting from operations		15,739,673,645			(3,322,826,148	)		10,719,940,444			(6,645,902,538	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(1,078,873,318	)		(1,068,069,845	)		(1,000,635,614	)		(1,012,107,695	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		3,892,631,820			4,875,353,742			3,883,131,718			2,344,556,736
NET ASSETS
Total increase (decrease) in net assets		18,553,432,147			484,457,749			13,602,436,548			(5,313,453,497	)
Beginning of year		66,508,276,602			66,023,818,853			66,756,826,068			72,070,279,565
End of year	$	85,061,708,749		$	66,508,276,602		$	80,359,262,616		$	66,756,826,068

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

See notes to financial statements.

68 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets (continued)

	iShares Core S&P U.S. Growth ETF						iShares Core S&P U.S. Value ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/24			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	154,264,179		$	125,491,843		$	296,163,700		$	265,989,995
Net realized gain (loss)		298,655,874			(542,861,646	)		1,406,996,728			826,914,609
Net change in unrealized appreciation (depreciation)		3,733,653,027			(1,437,182,389	)		1,671,136,107			(1,119,955,183	)
Net increase (decrease) in net assets resulting from operations		4,186,573,080			(1,854,552,192	)		3,374,296,535			(27,050,579	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(151,138,533	)		(124,923,098	)		(286,055,103	)		(267,844,515	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		563,304,631			1,445,604,490			629,781,643			1,455,025,976
NET ASSETS
Total increase (decrease) in net assets		4,598,739,178			(533,870,800	)		3,718,023,075			1,160,130,882
Beginning of year		12,323,462,448			12,857,333,248			13,283,985,572			12,123,854,690
End of year	$	16,922,201,626		$	12,323,462,448		$	17,002,008,647		$	13,283,985,572

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 69

Financial Highlights

(For a share outstanding throughout each period)

	iShares Core S&P Mid-Cap ETF
		Year Ended 03/31/24	(a)		Year Ended 03/31/23	(a)		Year Ended 03/31/22	(a)		Year Ended 03/31/21	(a)		Year Ended 03/31/20	(a)
Net asset value, beginning of year	$	50.03		$	53.68		$	52.03		$	28.77		$	37.87
Net investment income(b)		0.83			0.80			0.68			0.55			0.62
Net realized and unrealized gain (loss)(c)		10.72			(3.62	)		1.68			23.27			(9.03	)
Net increase (decrease) from investment operations		11.55			(2.82	)		2.36			23.82			(8.41	)
Distributions from net investment income(d)		(0.78	)		(0.83	)		(0.71	)		(0.56	)		(0.69	)
Net asset value, end of year	$	60.80		$	50.03		$	53.68		$	52.03		$	28.77
Total Return(e)
Based on net asset value		23.30	%		(5.13	)%		4.51	%		83.36	%		(22.53	)%
Ratios to Average Net Assets(f)
Total expenses		0.05	%		0.05	%		0.05	%		0.05	%		0.07	%
Net investment income		1.59	%		1.62	%		1.26	%		1.36	%		1.62	%
Supplemental Data
Net assets, end of year (000)	$	85,061,709		$	66,508,277		$	66,023,819		$	61,137,875		$	35,722,456
Portfolio turnover rate(g)(h)		19	%		18	%		16	%		20	%		15	%

^(a)  Per share amounts reflect a five-for-one stock split effective after the close of trading on February 21, 2024.

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

^(g)  Portfolio turnover rate excludes in-kind transactions, if any.

^(h)  Excludes underlying investments in total return swaps.

See notes to financial statements.

70 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P Small-Cap ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	96.76		$	107.93		$	108.34		$	56.22		$	77.13
Net investment income(a)		1.70			1.57			1.13			1.03			1.06
Net realized and unrealized gain (loss)(b)		13.55			(11.24	)		0.12			52.13			(20.77	)
Net increase (decrease) from investment operations		15.25			(9.67	)		1.25			53.16			(19.71	)
Distributions from net investment income(c)		(1.42	)		(1.50	)		(1.66	)		(1.04	)		(1.20	)
Net asset value, end of year	$	110.59		$	96.76		$	107.93		$	108.34		$	56.22
Total Return(d)
Based on net asset value		15.91	%		(8.90	)%		1.12	%		95.23	%(e)		(25.89	)%
Ratios to Average Net Assets(f)
Total expenses		0.06	%		0.06	%		0.06	%		0.06	%		0.07	%
Net investment income		1.71	%		1.60	%		1.02	%		1.28	%		1.36	%
Supplemental Data
Net assets, end of year (000)	$	80,359,263		$	66,756,826		$	72,070,280		$	68,273,012		$	31,863,332
Portfolio turnover rate(g)(h)		25	%		19	%		16	%		20	%		16	%

^(a) Based on average shares outstanding.

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

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

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

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

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

^(g) Portfolio turnover rate excludes in-kind transactions, if any.

^(h) Excludes underlying investments in total return swaps.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 71

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P U.S. Growth ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	88.82		$	105.47		$	90.74		$	57.16		$	60.31
Net investment income(a)		1.09			0.96			0.72			0.76			0.92
Net realized and unrealized gain (loss)(b)		28.42			(16.67	)		14.73			33.62			(2.97	)
Net increase (decrease) from investment operations		29.51			(15.71	)		15.45			34.38			(2.05	)
Distributions from net investment income(c)		(1.06	)		(0.94	)		(0.72	)		(0.80	)		(1.10	)
Net asset value, end of year	$	117.27		$	88.82		$	105.47		$	90.74		$	57.16
Total Return(d)
Based on net asset value		33.45	%		(14.86	)%		17.03	%		60.34	%		(3.54	)%
Ratios to Average Net Assets(e)
Total expenses		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%
Net investment income		1.09	%		1.10	%		0.69	%		0.96	%		1.44	%
Supplemental Data
Net assets, end of year (000)	$	16,922,202		$	12,323,462		$	12,857,333		$	10,461,747		$	6,893,329
Portfolio turnover rate(f)		31	%		36	%		15	%		14	%		35	%

^(a) Based on average shares outstanding.

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

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

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

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

^(f) Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

72 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Core S&P U.S. Value ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	73.78		$	75.80		$	68.82		$	46.23		$	54.82
Net investment income(a)		1.63			1.55			1.50			1.43			1.45
Net realized and unrealized gain (loss)(b)		16.62			(2.02	)		6.93			22.60			(8.57	)
Net increase (decrease) from investment operations		18.25			(0.47	)		8.43			24.03			(7.12	)
Distributions from net investment income(c)		(1.57	)		(1.55	)		(1.45	)		(1.44	)		(1.47	)
Net asset value, end of year	$	90.46		$	73.78		$	75.80		$	68.82		$	46.23
Total Return(d)
Based on net asset value		25.02	%		(0.46	)%		12.33	%		52.59	%		(13.34	)%
Ratios to Average Net Assets(e)
Total expenses		0.04	%		0.04	%		0.04	%		0.04	%		0.04	%
Net investment income		2.05	%		2.18	%		2.04	%		2.48	%		2.52	%
Supplemental Data
Net assets, end of year (000)	$	17,002,009		$	13,283,986		$	12,123,855		$	9,084,867		$	5,270,383
Portfolio turnover rate(f)		33	%		31	%		20	%		25	%		34	%

^(a) Based on average shares outstanding.

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

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

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

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

^(f) Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 73

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”):

iShares ETF	Diversification Classification
Core S&P Mid-Cap	Diversified
Core S&P Small-Cap	Diversified
Core S&P U.S. Growth(a)	Diversified
Core S&P U.S. Value	Diversified

^(a)  The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

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

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to

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

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

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

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

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

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

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 75

Notes to Financial Statements (continued)

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.

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

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount(b)
Core S&P Mid-Cap
Barclays Bank PLC	$	281,364,743	$	(281,364,743	)	$	—	$	—
Barclays Capital, Inc.		7,181,775		(7,181,775	)		—		—
BMO Capital Markets Corp.		513,052		(513,052	)		—		—
BNP Paribas SA		144,516,266		(144,516,266	)		—		—
BofA Securities, Inc.		246,909,769		(246,909,769	)		—		—
Citadel Clearing LLC		46,738,991		(46,738,991	)		—		—
Citigroup Global Markets, Inc.		313,310,759		(313,310,759	)		—		—
Deutsche Bank Securities, Inc.		236,768		(236,768	)		—		—
Goldman Sachs & Co. LLC		360,225,544		(360,225,544	)		—		—
HSBC Bank PLC		40,587,669		(40,587,669	)		—		—
J.P. Morgan Securities LLC		457,477,832		(457,477,832	)		—		—
Jefferies LLC		8,231,258		(8,231,258	)		—		—
Morgan Stanley		368,556,855		(368,556,855	)		—		—
National Financial Services LLC		52,477,686		(52,477,686	)		—		—
Natixis SA		46,123,289		(46,123,289	)		—		—
Nomura Securities International, Inc.		36,613		(36,613	)		—		—
RBC Capital Market LLC		387,053,236		(387,053,236	)		—		—
Scotia Capital (USA), Inc.		141,070,200		(141,070,200	)		—		—
Scotia Capital, Inc.		375,983,872		(375,983,872	)		—		—
SG Americas Securities LLC		4,637,339		(4,637,339	)		—		—
State Street Bank & Trust Co.		31,112,945		(31,112,945	)		—		—
Toronto-Dominion Bank		409,128,762		(409,128,762	)		—		—
UBS AG		62,960,380		(62,960,380	)		—		—
UBS Securities LLC		2,036,182		(2,036,182	)		—		—
Virtu Americas LLC		8,755,888		(8,755,888	)		—		—
Wells Fargo Bank N.A.		42,007,359		(42,007,359	)		—		—
Wells Fargo Securities LLC		7,797,812		(7,797,812	)		—		—
	$	3,847,032,844	$	(3,847,032,844	)	$	—	$	—

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Notes to Financial Statements (continued)

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount(b)
Core S&P Small-Cap
Barclays Bank PLC	$	237,015,046	$	(237,015,046	)	$	—	$	—
Barclays Capital, Inc.		25,215,050		(25,215,050	)		—		—
BMO Capital Markets Corp.		142,443		(142,443	)		—		—
BNP Paribas SA		357,090,692		(357,090,692	)		—		—
BofA Securities, Inc.		165,905,757		(165,905,757	)		—		—
Citadel Clearing LLC		36,746,405		(36,746,405	)		—		—
Citigroup Global Markets, Inc.		123,153,818		(123,153,818	)		—		—
Credit Suisse Securities (USA) LLC		9,042,744		(9,042,744	)		—		—
Goldman Sachs & Co. LLC		700,232,980		(700,232,980	)		—		—
HSBC Bank PLC		25,990,434		(25,990,434	)		—		—
J.P. Morgan Securities LLC		767,114,209		(767,114,209	)		—		—
Jefferies LLC		33,504,119		(33,504,119	)		—		—
Morgan Stanley		422,844,812		(422,844,812	)		—		—
National Financial Services LLC		87,789,338		(87,789,338	)		—		—
Natixis SA		25,049,141		(25,049,141	)		—		—
Nomura Securities International, Inc.		863,219		(863,219	)		—		—
RBC Capital Market LLC		314,516,615		(314,516,615	)		—		—
Scotia Capital (USA), Inc.		149,617,692		(149,271,034	)		—		346,658
Scotia Capital, Inc.		77,891,500		(77,891,500	)		—		—
SG Americas Securities LLC		8,943,604		(8,943,604	)		—		—
State Street Bank & Trust Co.		248,508,069		(248,508,069	)		—		—
Toronto-Dominion Bank		49,221,920		(49,221,920	)		—		—
UBS AG		106,078,641		(106,078,641	)		—		—
UBS Securities LLC		761,078		(761,078	)		—		—
Virtu Americas LLC		16,392,507		(16,392,507	)		—		—
Wells Fargo Bank N.A.		66,776,057		(66,776,057	)		—		—
Wells Fargo Securities LLC		36,853,871		(36,853,871	)		—		—
	$	4,093,261,761	$	(4,092,915,103	)	$	—	$	346,658
Core S&P U.S. Growth
Barclays Bank PLC	$	12,998,956	$	(12,998,956	)	$	—	$	—
Barclays Capital, Inc.		11,445		(11,445	)		—		—
BNP Paribas SA		6,148,773		(6,148,773	)		—		—
BofA Securities, Inc.		8,139,892		(8,139,892	)		—		—
Citigroup Global Markets, Inc.		3,646,210		(3,646,210	)		—		—
Goldman Sachs & Co. LLC		3,248,311		(3,248,311	)		—		—
J.P. Morgan Securities LLC		10,770,149		(10,770,149	)		—		—
Jefferies LLC		3,400,628		(3,400,628	)		—		—
Morgan Stanley		10,215,008		(10,215,008	)		—		—
National Financial Services LLC		3,688,979		(3,688,979	)		—		—
Natixis SA		1,983,387		(1,983,387	)		—		—
RBC Capital Market LLC		5,157,122		(5,157,122	)		—		—
Scotia Capital (USA), Inc.		4,555,987		(4,555,987	)		—		—
Scotia Capital, Inc.		12,973,363		(12,973,363	)		—		—
SG Americas Securities LLC		414,892		(414,892	)		—		—
Toronto-Dominion Bank		6,211,898		(6,211,898	)		—		—
Virtu Americas LLC		1,932,909		(1,932,909	)		—		—
Wells Fargo Bank N.A.		237,530		(237,530	)		—		—
	$	95,735,439	$	(95,735,439	)	$	—	$	—

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 77

Notes to Financial Statements (continued)

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received(a)			Non-Cash Collateral Received, at Fair Value(a)		Net Amount(b)
Core S&P U.S. Value
Barclays Bank PLC	$	2,266,569	$	(2,266,569	)	$	—	$	—
Barclays Capital, Inc.		772		(772	)		—		—
BMO Capital Markets Corp.		279,750		(279,750	)		—		—
BNP Paribas SA		871,380		(871,380	)		—		—
BofA Securities, Inc.		16,733,800		(16,733,800	)		—		—
Citadel Clearing LLC		960,400		(960,400	)		—		—
Citigroup Global Markets, Inc.		11,060,928		(11,060,928	)		—		—
Goldman Sachs & Co. LLC		8,959,999		(8,959,999	)		—		—
J.P. Morgan Securities LLC		6,367,747		(6,367,747	)		—		—
Jefferies LLC		732,549		(732,549	)		—		—
Morgan Stanley		14,088,350		(14,088,350	)		—		—
National Financial Services LLC		1,403,031		(1,403,031	)		—		—
Natixis SA		1,525,478		(1,525,478	)		—		—
RBC Capital Market LLC		6,288,534		(6,288,534	)		—		—
Scotia Capital (USA), Inc.		3,798,296		(3,798,296	)		—		—
Scotia Capital, Inc.		2,660		(2,660	)		—		—
SG Americas Securities LLC		463,970		(463,970	)		—		—
Toronto-Dominion Bank		75,437		(75,437	)		—		—
UBS AG		5,530,496		(5,530,496	)		—		—
Virtu Americas LLC		391,880		(391,880	)		—		—
Wells Fargo Bank N.A.		531,532		(531,532	)		—		—
	$	82,333,558	$	(82,333,558	)	$	—	$	—

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

^(b)  The market value of the loaned securities is determined as of March 31, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Funds and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statements of Assets and Liabilities and amortized over the term of the contract. The daily

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fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statements of Assets and Liabilities. Payments received or paid are recorded in the Statements of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Funds’ basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

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

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

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

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

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

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and 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).

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 79

Notes to Financial Statements (continued)

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

iShares ETF	Investment Advisory Fees
Core S&P Mid-Cap		0.05%
Core S&P Small-Cap		0.06
Core S&P U.S. Growth		0.04
Core S&P U.S. Value		0.04

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

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, 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 generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Core S&P Mid-Cap		$ 4,855,905
Core S&P Small-Cap		5,750,132
Core S&P U.S. Growth		142,022
Core S&P U.S. Value		168,124

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 year ended March 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Core S&P Mid-Cap		$ 2,058,416,129		$ 4,242,433,036		$ (1,670,569,459	)
Core S&P Small-Cap		3,526,967,077		2,961,612,407		822,074,954
Core S&P U.S. Growth		2,083,072,631		3,256,922,865		(233,845,858	)
Core S&P U.S. Value		4,094,682,261		2,332,170,341		(144,361,486	)

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

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Notes to Financial Statements (continued)

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

7. PURCHASES AND SALES

For the year ended March 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Core S&P Mid-Cap	$	13,541,122,035	$	13,418,667,007
Core S&P Small-Cap		17,402,852,753		17,269,658,957
Core S&P U.S. Growth		4,415,766,578		4,398,963,944
Core S&P U.S. Value		4,758,699,401		4,751,113,283

For the year ended March 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Core S&P Mid-Cap	$	15,175,957,175	$	11,558,444,015
Core S&P Small-Cap		10,287,073,303		6,612,865,732
Core S&P U.S. Growth		1,633,768,931		1,073,850,219
Core S&P U.S. Value		5,849,318,422		5,223,397,874

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 March 31, 2024, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Core S&P Mid-Cap		$ 5,272,238,778	$	(5,272,238,778	)
Core S&P Small-Cap		2,062,497,618		(2,062,497,618	)
Core S&P U.S. Growth		501,463,898		(501,463,898	)
Core S&P U.S. Value		1,894,963,495		(1,894,963,495	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2024		Year Ended March 31, 2023
Core S&P Mid-Cap
Ordinary income	$	1,078,873,318	$	1,068,069,845
Core S&P Small-Cap
Ordinary income	$	1,000,635,614	$	1,012,107,695
Core S&P U.S. Growth
Ordinary income	$	151,138,533	$	124,923,098
Core S&P U.S. Value
Ordinary income	$	286,055,103	$	267,844,515

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 81

Notes to Financial Statements (continued)

As of March 31, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)		Total
Core S&P Mid-Cap	$	142,035,844	$	(4,285,448,767	)	$	18,123,335,842	$	13,979,922,919
Core S&P Small-Cap		307,087,719		(4,964,616,684	)		11,491,860,023		6,834,331,058
Core S&P U.S. Growth		4,397,490		(1,662,318,209	)		6,093,048,342		4,435,127,623
Core S&P U.S. Value		10,573,340		(1,244,294,878	)		2,291,132,103		1,057,410,565

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis net accumulated losses was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, the accounting for swap agreements and the characterization of corporate actions.

As of March 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Core S&P Mid-Cap	$	70,855,963,279	$	22,250,318,392	$	(4,126,982,550	)	$	18,123,335,842
Core S&P Small-Cap		72,806,100,875		19,198,494,306		(7,706,634,283	)		11,491,860,023
Core S&P U.S. Growth		10,924,578,252		6,292,484,604		(199,436,262	)		6,093,048,342
Core S&P U.S. Value		14,768,293,153		2,679,365,712		(388,155,540	)		2,291,210,172

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 discretionary liquidity fees under certain circumstances.

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

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

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

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

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Notes to Financial Statements (continued)

time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 03/31/24						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Core S&P Mid-Cap
Shares sold		284,400,000	(a)	$	15,431,419,032			220,250,000	(a)	$	10,833,257,889
Shares redeemed		(214,550,000	)(a)		(11,538,787,212	)		(121,000,000	)(a)		(5,957,904,147	)
		69,850,000		$	3,892,631,820			99,250,000		$	4,875,353,742
Core S&P Small-Cap
Shares sold		103,100,000		$	10,394,445,497			109,400,000		$	10,712,472,940
Shares redeemed		(66,350,000	)		(6,511,313,779	)		(87,250,000	)		(8,367,916,204	)
		36,750,000		$	3,883,131,718			22,150,000		$	2,344,556,736
Core S&P U.S. Growth
Shares sold		16,100,000		$	1,637,491,864			32,150,000		$	2,766,534,333
Shares redeemed		(10,550,000	)		(1,074,187,233	)		(15,300,000	)		(1,320,929,843	)
		5,550,000		$	563,304,631			16,850,000		$	1,445,604,490
Core S&P U.S. Value
Shares sold		71,500,000		$	5,878,816,219			67,600,000		$	4,795,462,207
Shares redeemed		(63,600,000	)		(5,249,034,576	)		(47,500,000	)		(3,340,436,231	)
		7,900,000		$	629,781,643			20,100,000		$	1,455,025,976

^(a) Share transactions reflect five-for-one stock split effective after the close of trading on February 21, 2024.

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. Authorized Participants 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. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 83

Notes to Financial Statements (continued)

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.

The Board authorized a five-for-one stock split for the iShares Core S&P Mid-Cap ETF, effective after the close of trading on February 21, 2024, for the shareholders of record on February 16, 2024. The impact of the stock split was an increase in the number of shares outstanding by a factor of five, while decreasing the NAV per share by a factor of five, resulting in no effect on the net assets of the Fund. The financial statements for the Fund have been adjusted to reflect the stock split.

11. SUBSEQUENT EVENTS

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the four funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (four of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations for the year ended March 31, 2024, the statements of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2024 and each of the financial highlights for each of the five years in the period ended March 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

iShares Core S&P Mid-Cap ETF

iShares Core S&P Small-Cap ETF

iShares Core S&P U.S. Growth ETF

iShares Core S&P U.S. Value ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 23, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T  O F  I N D E P E N D E N T  R E G I S T E R E D  P U B L I C  A C C O U N T I N G  F I R M 85

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Dividend Income
Core S&P Mid-Cap	$	872,640,285
Core S&P Small-Cap		854,750,863
Core S&P U.S. Growth		152,896,175
Core S&P U.S. Value		274,304,132

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Business Income
Core S&P Mid-Cap	$	238,612,589
Core S&P Small-Cap		226,323,631
Core S&P U.S. Growth		4,678,372
Core S&P U.S. Value		21,614,921

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2024 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received  Deduction
Core S&P Mid-Cap		70.67%
Core S&P Small-Cap		64.10
Core S&P U.S. Growth		96.59
Core S&P U.S. Value		88.50

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Core S&P Mid-Cap ETF, iShares Core S&P Small-Cap ETF, iShares Core S&P U.S. Growth ETF and iShares Core S&P U.S. Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 87

Supplemental Information (unaudited)

 

Section 19(a) Notices

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

March 31, 2024

	Total Cumulative Distributions for the Fiscal  Year-to-Date									% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share			Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Core S&P Mid-Cap	$	0.780064	$	—	$	—	$	0.780064			100	%		—	%		—	%		100	%
Core S&P Small-Cap		1.419353		—		—		1.419353			100			—			—			100

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF (the “Funds”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.

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Supplemental Information (unaudited) (continued)

 

Remuneration information at an individual AIF level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m. This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

The iShares Core S&P Mid-Cap ETF and iShares Core S&P Small-Cap ETF (the “Funds”) are registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

Each Fund has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, each Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

S U P P L E M E N T A L  I N F O R M A T I O N 89

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of March 31, 2024. With the exception of Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Stephen Cohen(b) (1975)	Trustee (since 2024).	Senior Managing Director, Head of Global Product Solutions of BlackRock, Inc. (since 2024); Senior Managing Director, Head of Europe, Middle East and Africa Regions of BlackRock, Inc. (2021-2024); Head of iShares Index and Wealth in EMEA of BlackRock, Inc. (2017-2021); Global Head of Fixed Income Indexing of BlackRock, Inc. (2016-2017); Chief Investment Strategist for International Fixed Income and iShares of BlackRock, Inc. (2011-2015).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Stephen Cohen is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Trustee of Forward Funds (14 portfolios) (2009- 2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director of the Jackson Hole Center for the Arts (since 2021).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Director of WellBe Senior Medical (since 2023); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jessica Tan (1980)	President (since 2024).	Managing Director of BlackRock, Inc. (since 2015); Head of Global Product Solutions, Americas of BlackRock, Inc. (since 2024) and Head of Sustainable and Transition Solutions of BlackRock, Inc. (2022-2024); Global Head of Corporate Strategy of BlackRock, Inc. (2019-2022); Chief of Staff to the CEO of BlackRock, Inc. (2017-2019).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director of BlackRock, Inc. (since 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021).
Aaron Wasserman (1974)	Chief Compliance Officer (since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director of BlackRock, Inc. (since 2023); Director of BlackRock, Inc. (2018-2022).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

T R U S T E E  A N D  O F F I C E R   I N F O R M A T I O N 91

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviation
CVR	Contingent Value Rights
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 93

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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

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

^©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-302-0324

 

  MARCH 31, 2024

     2024 Annual Report  

iShares Trust

· iShares Russell Top 200 ETF | IWL | NYSE Arca

· iShares Russell Top 200 Growth ETF | IWY | NYSE Arca

· iShares Russell Top 200 Value ETF | IWX | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended March 31, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still robust. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the ongoing rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	23.48%	29.88%
U.S. small cap equities (Russell 2000® Index)	19.94	19.71
International equities (MSCI Europe, Australasia, Far East Index)	16.81	15.32
Emerging market equities (MSCI Emerging Markets Index)	10.42	8.15
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.68	5.24
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.88	(2.44)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	5.99	1.70
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.48	3.13
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	8.73	11.15
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review	2
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	11
Disclosure of Expenses	11
Schedules of Investments	12
Financial Statements:
Statements of Assets and Liabilities	25
Statements of Operations	26
Statements of Changes in Net Assets	27
Financial Highlights	29
Notes to Financial Statements	32
Report of Independent Registered Public Accounting Firm	39
Important Tax Information	40
Statement Regarding Liquidity Risk Management Program	41
Supplemental Information	42
Trustee and Officer Information	43
General Information	45
Glossary of Terms Used in this Report	46

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2024 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 29.29%. The economy showed notable resilience even as interest rates rose, and analysts’ optimism about the economy’s trajectory improved. Meanwhile, inflation decelerated notably, enabling a pause in monetary policy tightening and providing a supportive backdrop for equities.

The U.S. economy grew at a robust pace in 2023 despite concerns about the impact of higher interest rates on growth. The U.S. consumer helped to power the expansion, as consumer spending continued to grow in both nominal and real (inflation-adjusted) terms. A strong labor market bolstered consumer spending, as employers continued to add jobs, and average hourly wages increased notably. Consumer spending was also supported by higher asset values, as both home prices and strong equity performance increased household net worth. Government spending also stimulated the economy, as the federal deficit increased amid rising expenditures, while state and local governments also boosted spending to fill personnel vacancies.

Despite high spending and healthy household balance sheets, consumer sentiment remained below pre-pandemic levels, as elevated inflation and high interest rates weighed on consumers’ outlook. While inflation declined early in the reporting period — decreasing from 4.9% in April 2023 to 3% in June 2023 — it remained stubbornly persistent thereafter, fluctuating between 3% and 4%, above the pre-pandemic average. While improved supply chains eased goods inflation, the tight labor market kept labor costs near record highs, and growing services inflation was a significant driver of inflation’s overall persistence.

To counteract inflation, the U.S. Federal Reserve (“Fed”) raised interest rates twice early in the reporting period, reaching the highest level since 2001. However, the Fed paused its interest rate increases thereafter as inflation edged down, keeping interest rates steady after its July 2023 meeting. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. Projections released by the Fed late in the reporting period included several interest rate decreases later in 2024, as it forecast inflation would continue to moderate despite the robust economy.

The strong economy supported corporate profits, which grew substantially in the last three quarters of 2023. Despite higher input costs, companies were able to raise prices sufficiently to widen profit margins, as the U.S. consumer continued to spend. Firms increasingly kept assets in short-term investments that earned higher yields due to elevated interest rates. This helped to mitigate the negative impact of higher borrowing costs, which drove a rise in interest expense. Innovations in computing also drove enthusiasm for equities, as new technologies drove hopes for economy-wide improvements in productivity.

Despite the strong economic conditions during the reporting period, analysts noted several areas of caution about potential disruptions to markets. Geopolitical tensions were high amid Russia’s ongoing invasion of Ukraine and fighting in Gaza following Hamas’ terrorist attack on Israel. Missile attacks on a major shipping lane in the Middle East raised concerns about a wider conflict while disrupting some supply chains. While inflation declined during the reporting period, it remained more persistent than some analysts expected, raising concerns about the effect of continued inflation on the Fed’s interest rate policy.

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Fund Summary as of March 31, 2024 iShares^® Russell Top 200 ETF

Investment Objective

The iShares Russell Top 200 ETF (the “Fund) seeks to track the investment results of an index composed of large-capitalization U.S. equities, as represented by the Russell Top 200^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		32.29	%		15.90	%		13.54	%		32.29	%		109.10	%		255.90	%
Fund Market		32.38			15.90			13.53			32.38			109.10			255.79
Index		32.44			16.07			13.70			32.44			110.63			261.19

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$    1,237.50	$   0.84			$    1,000.00	$   1,024.25	$   0.76		0.15	%

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

F U N D  S U M M A R Y 5

Fund Summary as of March 31, 2024 (continued) iShares^® Russell Top 200 ETF

Portfolio Management Commentary

Large-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The information technology sector contributed the most to the Index’s return for the reporting period amid notable innovations in artificial intelligence (“AI”) technology. Rapid advances in generative AI drove a surge in investor enthusiasm for products and technologies associated with AI. The semiconductors industry gained the most, as companies purchased specialized chips used to provide computing capacity for AI applications, which require significant processing power. The semiconductors industry’s investment in building the next generation of processors for AI applications further supported stock prices.

The software and services industry also advanced, driven by systems software companies. Enthusiasm for generative AI products benefited a large company in the industry with a significant investment in a prominent consumer-facing AI platform, a chatbot that grew its user base more rapidly than any other consumer application in history. Integration of AI into already existing productivity software also propelled gains, and cloud services revenue accelerated.

The communication services sector also contributed significantly to the Index’s performance, led by the interactive media and services industry. Growth in online advertising drove large increases in both revenue and income. Cost cutting efforts and reduced headcount also boosted profitability. Implementation of AI tools that allow clients to partially automate and optimize advertising campaigns also benefited the industry. Strong sales of cloud computing products further bolstered industry earnings.

The financials sector was another strong contributor to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. The financial services industry advanced, as growth in consumer spending and cross-border transactions increased earnings at transaction and payment processing services firms.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	33.0	%
Financials	13.1
Health Care	13.0
Communication Services	10.4
Consumer Discretionary	10.3
Consumer Staples	6.4
Industrials	6.4
Energy	3.6
Materials	1.6
Utilities	1.2
Real Estate	1.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	8.5	%
Apple Inc.	6.8
NVIDIA Corp.	5.9
Amazon.com, Inc.	4.4
Meta Platforms, Inc., Class A	2.9
Alphabet, Inc., Class A	2.4
Berkshire Hathaway, Inc., Class B	2.1
Alphabet, Inc., Class C, NVS	2.1
Eli Lilly & Co.	1.8
JPMorgan Chase & Co.	1.6

^(a) Excludes money market funds.

6 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of March 31, 2024 iShares^® Russell Top 200 Growth ETF

Investment Objective

The iShares Russell Top 200 Growth ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit growth characteristics, as represented by the Russell Top 200^® Growth Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		41.48	%		19.85	%		17.05	%		41.48	%		147.31	%		382.89	%
Fund Market		41.42			19.83			17.05			41.42			147.12			382.60
Index		41.69			20.07			17.27			41.69			149.61			391.95

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$    1,274.10	$   1.14			$    1,000.00	$    1,024.00	$   1.01		0.20	%

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

F U N D  S U M M A R Y 7

Fund Summary as of March 31, 2024 (continued) iShares^® Russell Top 200 Growth ETF

Portfolio Management Commentary

Growth-oriented large-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. Growth stocks benefited from strong corporate earnings and the resilience of the U.S. economy in the face of higher interest rates.

The information technology sector was the largest contributor to the Index’s return amid notable innovations in artificial intelligence (“AI”) technology. Rapid advances in generative AI, which allows users to generate outputs using simple natural language queries, drove a surge in investor enthusiasm for products and technologies associated with AI. The semiconductors industry gained the most, as companies purchased specialized chips used to provide computing capacity for AI applications, which require significant processing power. Additionally, the semiconductors industry continued to invest in building the next generation of processors for AI applications, further supporting stock prices.

The software and services industry also advanced, driven by strength among systems software companies. Enthusiasm for generative AI products benefited a large company in the industry with a significant investment in a prominent consumer-facing AI platform, a chatbot which grew its user base more rapidly than any other consumer application in history. Integration of AI into already existing productivity software also propelled gains. In addition, cloud services revenue accelerated, due in part to new AI features, beating analysts’ expectations and driving further earnings growth.

The communication services sector also contributed significantly to the Index’s performance, led by the interactive media and services industry. Growth in online advertising drove large increases in both revenue and income. Cost cutting efforts and reduced headcount also boosted profitability. Implementation of AI tools into advertising services fueled analysts’ optimism about continued growth. Strong sales of cloud computing products further bolstered earnings.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	47.1	%
Consumer Discretionary	15.1
Communication Services	13.2
Health Care	9.5
Financials	5.7
Consumer Staples	4.3
Industrials	3.8
Other (each representing less than 1%)	1.3

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	13.7	%
Apple Inc.	10.9
NVIDIA Corp.	9.4
Amazon.com, Inc.	7.1
Meta Platforms, Inc., Class A	4.7
Alphabet, Inc., Class A	3.9
Alphabet, Inc., Class C, NVS	3.3
Eli Lilly & Co.	2.9
Broadcom, Inc.	2.5
Tesla, Inc.	2.1

^(a) Excludes money market funds.

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Fund Summary as of March 31, 2024 iShares^® Russell Top 200 Value ETF

Investment Objective

The iShares Russell Top 200 Value ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities that exhibit value characteristics, as represented by the Russell Top 200^® Value Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		19.82	%		10.24	%		8.99	%		19.82	%		62.81	%		136.57	%
Fund Market		19.87			10.21			8.98			19.87			62.58			136.40
Index		20.06			10.46			9.21			20.06			64.42			141.40

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$    1,180.90	$   1.09			$    1,000.00	$    1,024.00	$   1.01		0.20	%

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

F U N D  S U M M A R Y 9

Fund Summary as of March 31, 2024 (continued) iShares^® Russell Top 200 Value ETF

Portfolio Management Commentary

Value-oriented large-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The financials sector contributed the most to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. Banks advanced, as robust net interest income (the difference between the interest received from a bank’s assets and the interest paid on deposits) supported earnings. While higher interest rates typically bolster banking profitability, banks also experienced a reduction in the value of their existing bond investments and were forced to raise deposit rates to retain customers. Consequently, the Fed’s shift in monetary policy benefited banks, raising investor hopes for an increase in loan activity and dealmaking as borrowing costs subside.

The financial services industry also gained, as a large multi-sector holding company with investments in a broad array of companies benefited from rising equity prices and strength among insurance companies, where rising premiums and higher investment income boosted profitability. Despite a cool market for mergers and acquisition activity, strong revenues from asset and wealth management supported earnings growth in the investment banking and brokerage industry.

The information technology sector also contributed notably to the Index’s return, as advances in artificial intelligence (“AI”) technology led to substantial investments in the sector. Sales in the semiconductors industry increased sharply as companies ramped up investments in AI products, which require significant computing power, enabled by specialized microchips.

The communication services sector also contributed to the Index’s performance, led by the interactive media and services industry. Growth in online advertising drove large increases in both revenue and income, leading a prominent company in the industry to initiate a dividend payment while continuing stock buybacks.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Financials	25.3	%
Health Care	18.8
Industrials	10.7
Consumer Staples	10.0
Energy	9.6
Information Technology	9.5
Communication Services	5.6
Utilities	3.3
Materials	3.2
Consumer Discretionary	2.4
Real Estate	1.6

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Berkshire Hathaway, Inc., Class B	5.6	%
JPMorgan Chase & Co.	4.2
Exxon Mobil Corp.	3.4
Johnson & Johnson	2.8
Procter & Gamble Co. (The)	2.2
Merck & Co., Inc.	2.0
Chevron Corp.	2.0
Bank of America Corp.	1.9
Walmart, Inc.	1.9
Walt Disney Co. (The)	1.6

^(a) Excludes money market funds.

10 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

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

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

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

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

A B O U T  F U N D  P E R F O R M A N C E / D I S C L O S U R E  O F  E X P E N S E S 11

Schedule of Investments  March 31, 2024 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 2.0%
Boeing Co. (The)(a)		20,123	$	3,883,538
General Dynamics Corp.		8,718		2,462,748
General Electric Co.		38,616		6,778,266
L3Harris Technologies, Inc.		6,731		1,434,376
Lockheed Martin Corp.		7,702		3,503,409
Northrop Grumman Corp.		5,051		2,417,712
RTX Corp.		51,221		4,995,584
				25,475,633
Air Freight & Logistics — 0.5%
FedEx Corp.		8,278		2,398,467
United Parcel Service, Inc., Class B		25,771		3,830,344
				6,228,811
Automobiles — 1.6%
Ford Motor Co.		139,307		1,849,997
General Motors Co.		41,114		1,864,520
Tesla, Inc.(a)		98,285		17,277,520
				20,992,037
Banks — 3.7%
Bank of America Corp.		245,469		9,308,184
Citigroup, Inc.		68,121		4,307,972
JPMorgan Chase & Co.		102,826		20,596,048
PNC Financial Services Group, Inc. (The)		14,140		2,285,024
Truist Financial Corp.		47,123		1,836,855
U.S. Bancorp		55,545		2,482,861
Wells Fargo & Co.		128,281		7,435,167
				48,252,111
Beverages — 1.6%
Coca-Cola Co. (The)		138,733		8,487,685
Constellation Brands, Inc., Class A		5,718		1,553,924
Keurig Dr. Pepper, Inc.		33,956		1,041,430
Monster Beverage Corp.(a)		26,427		1,566,592
PepsiCo, Inc.		49,072		8,588,091
				21,237,722
Biotechnology — 2.2%
AbbVie, Inc.		62,859		11,446,624
Amgen, Inc.		19,024		5,408,904
Gilead Sciences, Inc.		44,451		3,256,036
Moderna, Inc.(a)		11,873		1,265,187
Regeneron Pharmaceuticals, Inc.(a)		3,655		3,517,901
Vertex Pharmaceuticals, Inc.(a)		9,164		3,830,643
				28,725,295
Broadline Retail — 4.4%
Amazon.com, Inc.(a)		320,935		57,890,255
Building Products — 0.1%
Johnson Controls International PLC		24,145		1,577,151
Capital Markets — 2.5%
BlackRock, Inc.(b)		5,308		4,425,280
Blackstone, Inc., Class A, NVS		25,444		3,342,578
Charles Schwab Corp. (The)		52,792		3,818,973
CME Group, Inc., Class A		12,774		2,750,115
Goldman Sachs Group, Inc. (The)		11,231		4,691,076
Intercontinental Exchange, Inc.		20,133		2,766,878
Moody’s Corp.		5,650		2,220,620
Morgan Stanley		41,615		3,918,468
S&P Global, Inc.		11,282		4,799,927
				32,733,915

Security	Shares		Value
Chemicals — 1.3%
Air Products & Chemicals, Inc.		7,910	$	1,916,356
Dow, Inc.		25,098		1,453,927
Ecolab, Inc.		8,852		2,043,927
Linde PLC		17,266		8,016,949
Sherwin-Williams Co. (The)		8,475		2,943,622
				16,374,781
Commercial Services & Supplies — 0.3%
Veralto Corp.		7,759		687,913
Waste Management, Inc.		14,488		3,088,117
				3,776,030
Communications Equipment — 0.9%
Arista Networks, Inc.(a)		8,935		2,590,971
Cisco Systems, Inc.		144,445		7,209,250
Motorola Solutions, Inc.		5,899		2,094,027
				11,894,248
Consumer Finance — 0.5%
American Express Co.		20,654		4,702,709
Capital One Financial Corp.		13,465		2,004,804
				6,707,513
Consumer Staples Distribution & Retail — 2.0%
Costco Wholesale Corp.		15,784		11,563,832
Dollar General Corp.		7,803		1,217,736
Sysco Corp.		17,773		1,442,812
Target Corp.		16,394		2,905,181
Walmart, Inc.		152,532		9,177,850
				26,307,411
Diversified Telecommunication Services — 0.8%
AT&T Inc.		254,998		4,487,965
Verizon Communications, Inc.		149,908		6,290,140
				10,778,105
Electric Utilities — 1.0%
American Electric Power Co., Inc.		18,795		1,618,250
Duke Energy Corp.		27,523		2,661,749
Exelon Corp.		35,444		1,331,631
NextEra Energy, Inc.		73,082		4,670,671
Southern Co. (The)		38,737		2,778,992
				13,061,293
Electrical Equipment — 0.5%
Eaton Corp. PLC		14,176		4,432,552
Emerson Electric Co.		20,351		2,308,210
				6,740,762
Energy Equipment & Services — 0.2%
Schlumberger NV		50,793		2,783,964
Entertainment — 1.3%
Netflix, Inc.(a)		15,207		9,235,667
Walt Disney Co. (The)		65,139		7,970,408
				17,206,075
Financial Services — 4.9%
Berkshire Hathaway, Inc., Class B(a)		65,232		27,431,361
Fiserv, Inc.(a)		21,292		3,402,887
Mastercard, Inc., Class A		29,578		14,243,878
PayPal Holdings, Inc.(a)		38,287		2,564,846
Visa, Inc., Class A		56,823		15,858,163
				63,501,135
Food Products — 0.6%
Archer-Daniels-Midland Co.		18,927		1,188,805
General Mills, Inc.		20,272		1,418,432
Hershey Co. (The)		5,340		1,038,630

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Schedule of Investments (continued) March 31, 2024 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Kraft Heinz Co. (The)		28,649	$	1,057,148
Mondelez International, Inc., Class A		48,375		3,386,250
				8,089,265
Ground Transportation — 1.2%
CSX Corp.		70,325		2,606,948
Norfolk Southern Corp.		8,092		2,062,408
Uber Technologies, Inc.(a)		70,096		5,396,691
Union Pacific Corp.		21,708		5,338,648
				15,404,695
Health Care Equipment & Supplies — 2.3%
Abbott Laboratories		61,661		7,008,389
Becton Dickinson & Co.		10,318		2,553,189
Boston Scientific Corp.(a)		52,098		3,568,192
Edwards Lifesciences Corp.(a)		21,392		2,044,220
GE HealthCare Technologies, Inc.		14,880		1,352,741
Intuitive Surgical, Inc.(a)		12,434		4,962,285
Medtronic PLC		47,425		4,133,089
Stryker Corp.		12,646		4,525,624
				30,147,729
Health Care Providers & Services — 2.8%
Centene Corp.(a)		19,012		1,492,062
Cigna Group (The)		10,234		3,716,886
CVS Health Corp.		45,552		3,633,227
Elevance Health, Inc.		8,444		4,378,552
HCA Healthcare, Inc.		7,081		2,361,726
Humana, Inc.		4,362		1,512,393
McKesson Corp.		4,752		2,551,111
UnitedHealth Group, Inc.		33,113		16,381,001
				36,026,958
Hotels, Restaurants & Leisure — 1.8%
Airbnb, Inc., Class A(a)		14,699		2,424,747
Booking Holdings, Inc.		1,245		4,516,711
Chipotle Mexican Grill, Inc.(a)		978		2,842,821
Las Vegas Sands Corp.		13,029		673,599
Marriott International, Inc., Class A		8,566		2,161,288
McDonald’s Corp.		25,979		7,324,779
Starbucks Corp.		39,542		3,613,743
				23,557,688
Household Products — 1.4%
Colgate-Palmolive Co.		29,244		2,633,422
Kimberly-Clark Corp.		12,003		1,552,588
Procter & Gamble Co. (The)		83,862		13,606,610
				17,792,620
Industrial Conglomerates — 0.5%
3M Co.		19,636		2,082,790
Honeywell International, Inc.		23,707		4,865,862
				6,948,652
Industrial REITs — 0.3%
Prologis, Inc.		32,853		4,278,118
Insurance — 1.5%
American International Group, Inc.		25,059		1,958,862
Aon PLC, Class A		7,063		2,357,064
Chubb Ltd.		14,462		3,747,538
Marsh & McLennan Cos., Inc.		17,606		3,626,484
MetLife, Inc.		22,253		1,649,170
Progressive Corp. (The)		20,803		4,302,477
Travelers Cos., Inc. (The)		8,117		1,868,046
				19,509,641

Security	Shares		Value
Interactive Media & Services — 7.4%
Alphabet, Inc., Class A(a)		211,686	$	31,949,768
Alphabet, Inc., Class C, NVS(a)		178,798		27,223,784
Meta Platforms, Inc., Class A		78,790		38,258,848
				97,432,400
IT Services — 1.2%
Accenture PLC, Class A		22,506		7,800,805
International Business Machines Corp.		32,366		6,180,611
Snowflake, Inc., Class A(a)		11,193		1,808,789
				15,790,205
Life Sciences Tools & Services — 1.1%
Danaher Corp.		23,446		5,854,935
Thermo Fisher Scientific, Inc.		13,744		7,988,150
				13,843,085
Machinery — 1.0%
Caterpillar, Inc.		18,174		6,659,499
Deere & Co.		9,164		3,764,021
Illinois Tool Works, Inc.		10,673		2,863,886
				13,287,406
Media — 0.5%
Charter Communications, Inc., Class A(a)		3,584		1,041,618
Comcast Corp., Class A		140,323		6,083,002
				7,124,620
Metals & Mining — 0.3%
Freeport-McMoRan, Inc.		50,998		2,397,926
Newmont Corp.		41,120		1,473,741
Southern Copper Corp.		3,009		320,518
				4,192,185
Multi-Utilities — 0.2%
Dominion Energy, Inc.		29,634		1,457,697
Sempra		22,410		1,609,710
				3,067,407
Oil, Gas & Consumable Fuels — 3.4%
Chevron Corp.		61,296		9,668,831
ConocoPhillips		42,672		5,431,292
EOG Resources, Inc.		20,983		2,682,467
Exxon Mobil Corp.		142,470		16,560,713
Kinder Morgan, Inc.		69,811		1,280,334
Marathon Petroleum Corp.		13,061		2,631,791
Occidental Petroleum Corp.		24,485		1,591,280
Pioneer Natural Resources Co.		8,307		2,180,588
Valero Energy Corp.		12,100		2,065,349
				44,092,645
Personal Care Products — 0.2%
Estee Lauder Cos., Inc. (The), Class A		8,200		1,264,030
Kenvue, Inc.		61,449		1,318,696
				2,582,726
Pharmaceuticals — 4.7%
Bristol-Myers Squibb Co.		72,526		3,933,085
Eli Lilly & Co.		30,144		23,450,826
Johnson & Johnson		85,850		13,580,612
Merck & Co., Inc.		90,480		11,938,836
Pfizer, Inc.		201,274		5,585,354
Zoetis, Inc., Class A		16,525		2,796,195
				61,284,908
Professional Services — 0.3%
Automatic Data Processing, Inc.		14,743		3,681,917
Semiconductors & Semiconductor Equipment — 11.3%
Advanced Micro Devices, Inc.(a)		57,096		10,305,257

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Top 200 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Analog Devices, Inc.		17,713	$	3,503,454
Applied Materials, Inc.		29,761		6,137,611
Broadcom, Inc.		15,359		20,356,972
Intel Corp.		150,316		6,639,458
KLA Corp.		4,826		3,371,299
Lam Research Corp.		4,689		4,555,692
Micron Technology, Inc.		38,928		4,589,222
NVIDIA Corp.		84,643		76,480,029
QUALCOMM, Inc.		39,741		6,728,151
Texas Instruments, Inc.		32,335		5,633,081
				148,300,226
Software — 12.7%
Adobe, Inc.(a)		16,083		8,115,482
Atlassian Corp., Class A(a)		5,522		1,077,397
Autodesk, Inc.(a)		7,626		1,985,963
Cadence Design Systems, Inc.(a)		9,615		2,992,957
Fortinet, Inc.(a)		22,957		1,568,193
Intuit, Inc.		9,730		6,324,500
Microsoft Corp.		265,110		111,537,079
Oracle Corp.		54,958		6,903,274
Palo Alto Networks, Inc.(a)		10,899		3,096,733
Roper Technologies, Inc.		3,763		2,110,441
Salesforce, Inc.		33,338		10,040,739
ServiceNow, Inc.(a)		7,251		5,528,162
Synopsys, Inc.(a)		5,422		3,098,673
Workday, Inc., Class A(a)		7,149		1,949,890
				166,329,483
Specialized REITs — 0.7%
American Tower Corp.		16,553		3,270,707
Crown Castle, Inc.		15,376		1,627,242
Equinix, Inc.		3,326		2,745,048
Public Storage		5,595		1,622,886
				9,265,883
Specialty Retail — 2.1%
AutoZone, Inc.(a)		616		1,941,416
Home Depot, Inc. (The)		35,627		13,666,517

Security	Shares		Value
Specialty Retail (continued)
Lowe’s Cos., Inc.		20,568	$	5,239,287
O’Reilly Automotive, Inc.(a)		2,104		2,375,163
TJX Cos., Inc. (The)		40,568		4,114,407
				27,336,790
Technology Hardware, Storage & Peripherals — 6.8%
Apple Inc.		519,512		89,085,918
Textiles, Apparel & Luxury Goods — 0.4%
Lululemon Athletica, Inc.(a)		3,974		1,552,443
NIKE, Inc., Class B		41,816		3,929,868
				5,482,311
Tobacco — 0.6%
Altria Group, Inc.		63,523		2,770,873
Philip Morris International, Inc.		55,271		5,063,929
				7,834,802
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		17,474		2,852,106
Total Long-Term Investments — 99.8% (Cost: $1,068,661,817)				1,306,866,636
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(b)(c)		1,552,462		1,552,462
Total Short-Term Securities — 0.1% (Cost: $1,552,462)				1,552,462
Total Investments — 99.9% (Cost: $1,070,214,279)				1,308,419,098
Other Assets Less Liabilities — 0.1%				935,876
Net Assets — 100.0%			$	1,309,354,974

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	1,637,124	$	—		$	(1,641,111	)(b)	$	4,011	$	(24	)	$	—		—	$	7,627(c	)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,169,890		382,572	(b)		—			—		—			1,552,462		1,552,462		83,503			—
BlackRock, Inc.		2,821,679		1,411,567			(633,467	)		107,255		718,246			4,425,280		5,308		94,220			—
									$	111,266	$	718,222		$	5,977,742			$	185,350		$	—

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

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

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

14 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Top 200 ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		8		06/21/24	$	2,123	$	46,756

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	46,756	$	—	$	—	$	—	$	46,756

^(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 March 31, 2024, 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	$	—		$	—		$	474,391		$	—		$	—		$	—		$	474,391
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—		$	—		$	(38,261	)	$	—		$	—		$	—		$	(38,261	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	1,788,200

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

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Top 200 ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	1,306,866,636	$	—	$	—	$	1,306,866,636
Short-Term Securities
Money Market Funds		1,552,462		—		—		1,552,462
	$	1,308,419,098	$	—	$	—	$	1,308,419,098
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	46,756	$	—	$	—	$	46,756

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

See notes to financial statements.

16 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  March 31, 2024 iShares^® Russell Top 200 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.5%
Boeing Co. (The)(a)		34,394	$	6,637,698
Lockheed Martin Corp.		96,213		43,764,407
Northrop Grumman Corp.		3,538		1,693,499
				52,095,604
Air Freight & Logistics — 0.1%
United Parcel Service, Inc., Class B		89,292		13,271,470
Automobiles — 2.1%
Tesla, Inc.(a)		1,229,082		216,060,325
Beverages — 1.5%
Coca-Cola Co. (The)		860,065		52,618,777
Constellation Brands, Inc., Class A		7,167		1,947,704
Monster Beverage Corp.(a)		331,654		19,660,449
PepsiCo, Inc.		423,901		74,186,914
				148,413,844
Biotechnology — 2.3%
AbbVie, Inc.		786,081		143,145,350
Amgen, Inc.		161,786		45,998,996
Regeneron Pharmaceuticals, Inc.(a)		3,116		2,999,119
Vertex Pharmaceuticals, Inc.(a)		105,105		43,934,941
				236,078,406
Broadline Retail — 7.1%
Amazon.com, Inc.(a)		4,013,361		723,930,057
Capital Markets — 0.7%
Blackstone, Inc., Class A, NVS		317,304		41,684,226
Moody’s Corp.		64,469		25,338,251
S&P Global, Inc.		11,728		4,989,678
				72,012,155
Chemicals — 0.6%
Ecolab, Inc.		86,117		19,884,415
Linde PLC		20,434		9,487,915
Sherwin-Williams Co. (The)		88,223		30,642,495
				60,014,825
Commercial Services & Supplies — 0.3%
Waste Management, Inc.		162,781		34,696,770
Communications Equipment — 0.6%
Arista Networks, Inc.(a)		111,533		32,342,339
Motorola Solutions, Inc.		67,643		24,011,912
				56,354,251
Consumer Finance — 0.2%
American Express Co.		84,730		19,292,174
Consumer Staples Distribution & Retail — 2.1%
Costco Wholesale Corp.		197,352		144,585,996
Dollar General Corp.		97,408		15,201,492
Sysco Corp.		221,967		18,019,281
Target Corp.		204,696		36,274,178
				214,080,947
Entertainment — 1.1%
Netflix, Inc.(a)		190,160		115,489,873
Financial Services — 4.1%
Fiserv, Inc.(a)		72,834		11,640,330
Mastercard, Inc., Class A		369,855		178,111,072
PayPal Holdings, Inc.(a)		435,525		29,175,820
Visa, Inc., Class A		710,570		198,305,876
				417,233,098

Security	Shares		Value
Food Products — 0.1%
Hershey Co. (The)		49,479	$	9,623,665
Ground Transportation — 1.0%
CSX Corp.		96,918		3,592,750
Uber Technologies, Inc.(a)		876,202		67,458,792
Union Pacific Corp.		116,332		28,609,529
				99,661,071
Health Care Equipment & Supplies — 1.1%
Abbott Laboratories		49,022		5,571,841
Edwards Lifesciences Corp.(a)		268,057		25,615,527
GE HealthCare Technologies, Inc.		14,022		1,274,740
Intuitive Surgical, Inc.(a)		155,471		62,046,921
Stryker Corp.		40,143		14,365,975
				108,875,004
Health Care Providers & Services — 2.0%
Cigna Group (The)		9,527		3,460,111
Elevance Health, Inc.		13,884		7,199,409
HCA Healthcare, Inc.		18,390		6,133,617
Humana, Inc.		23,649		8,199,581
McKesson Corp.		22,616		12,141,400
UnitedHealth Group, Inc.		348,236		172,272,349
				209,406,467
Hotels, Restaurants & Leisure — 2.4%
Airbnb, Inc., Class A(a)		184,609		30,453,101
Booking Holdings, Inc.		15,526		56,326,465
Chipotle Mexican Grill, Inc.(a)		12,229		35,546,890
Las Vegas Sands Corp.		152,076		7,862,329
Marriott International, Inc., Class A		106,956		26,986,068
McDonald’s Corp.		134,309		37,868,423
Starbucks Corp.		494,486		45,191,075
				240,234,351
Household Products — 0.5%
Kimberly-Clark Corp.		141,543		18,308,587
Procter & Gamble Co. (The)		197,368		32,022,958
				50,331,545
Industrial Conglomerates — 0.1%
Honeywell International, Inc.		38,407		7,883,037
Insurance — 0.8%
Marsh & McLennan Cos., Inc.		176,494		36,354,234
Progressive Corp. (The)		194,890		40,307,150
				76,661,384
Interactive Media & Services — 11.9%
Alphabet, Inc., Class A(a)		2,647,155		399,535,104
Alphabet, Inc., Class C, NVS(a)		2,235,903		340,438,591
Meta Platforms, Inc., Class A		985,305		478,444,402
				1,218,418,097
IT Services — 1.2%
Accenture PLC, Class A		281,465		97,558,584
Snowflake, Inc., Class A(a)		140,142		22,646,947
				120,205,531
Life Sciences Tools & Services — 0.6%
Thermo Fisher Scientific, Inc.		105,969		61,590,242
Machinery — 1.3%
Caterpillar, Inc.		170,353		62,422,450
Deere & Co.		107,434		44,127,441
Illinois Tool Works, Inc.		108,588		29,137,418
				135,687,309

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Top 200 Growth ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media — 0.1%
Charter Communications, Inc., Class A(a)		44,846	$	13,033,593
Metals & Mining — 0.0%
Southern Copper Corp.		37,651		4,010,585
Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		32,476		5,006,175
Kenvue, Inc.		260,347		5,587,047
				10,593,222
Pharmaceuticals — 3.5%
Eli Lilly & Co.		376,979		293,274,583
Merck & Co., Inc.		208,132		27,463,017
Zoetis, Inc., Class A		206,383		34,922,068
				355,659,668
Professional Services — 0.4%
Automatic Data Processing, Inc.		158,227		39,515,611
Semiconductors & Semiconductor Equipment — 15.1%
Advanced Micro Devices, Inc.(a)		406,139		73,304,028
Applied Materials, Inc.		314,838		64,929,041
Broadcom, Inc.		192,044		254,537,038
KLA Corp.		60,293		42,118,881
Lam Research Corp.		55,462		53,885,215
NVIDIA Corp.		1,058,472		956,392,960
QUALCOMM, Inc.		433,180		73,337,374
Texas Instruments, Inc.		164,890		28,725,487
				1,547,230,024
Software — 19.3%
Adobe, Inc.(a)		201,124		101,487,170
Atlassian Corp., Class A(a)(b)		68,993		13,461,224
Autodesk, Inc.(a)		95,630		24,903,965
Cadence Design Systems, Inc.(a)		120,519		37,515,154
Fortinet, Inc.(a)		286,724		19,586,116
Intuit, Inc.		121,654		79,075,100
Microsoft Corp.		3,315,248		1,394,791,139
Oracle Corp.		282,751		35,516,353
Palo Alto Networks, Inc.(a)(b)		136,107		38,672,082
Salesforce, Inc.		314,322		94,667,500
ServiceNow, Inc.(a)		90,655		69,115,372
Synopsys, Inc.(a)		67,559		38,609,969
Workday, Inc., Class A(a)		89,317		24,361,212
				1,971,762,356
Specialized REITs — 0.7%
American Tower Corp.		207,581		41,015,930

Security	Shares		Value
Specialized REITs (continued)
Crown Castle, Inc.		20,203	$	2,138,083
Equinix, Inc.		20,818		17,181,720
Public Storage		40,545		11,760,483
				72,096,216
Specialty Retail — 3.1%
AutoZone, Inc.(a)		6,423		20,243,048
Home Depot, Inc. (The)		445,522		170,902,239
Lowe’s Cos., Inc.		188,761		48,083,090
O’Reilly Automotive, Inc.(a)		22,291		25,163,864
TJX Cos., Inc. (The)		507,255		51,445,802
				315,838,043
Technology Hardware, Storage & Peripherals — 10.9%
Apple Inc.		6,496,602		1,114,037,311
Textiles, Apparel & Luxury Goods — 0.4%
Lululemon Athletica, Inc.(a)		49,497		19,336,003
NIKE, Inc., Class B		279,217		26,240,814
				45,576,817
Total Long-Term Investments — 99.9% (Cost: $7,996,380,949)				10,206,954,948
Short-Term Securities
Money Market Funds — 0.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(d)(e)		25,070,021		25,082,556
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(d)		11,458,189		11,458,189
Total Short-Term Securities — 0.3% (Cost: $36,538,160)				36,540,745
Total Investments — 100.2% (Cost: $8,032,919,109)				10,243,495,693
Liabilities in Excess of Other Assets — (0.2)%				(22,062,858	)
Net Assets — 100.0%			$	10,221,432,835

^(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.

18 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Top 200 Growth ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	40,094,246	$	—		$	(15,017,179	)(a)	$	9,088	$	(3,599	)	$	25,082,556		25,070,021	$	146,899	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		7,923,181		3,535,008	(a)		—			—		—			11,458,189		11,458,189		612,490			—
										$	9,088	$	(3,599	)	$	36,540,745			$	759,389		$	—

^(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 1000 Growth E-Mini Index		78		06/21/24	$	13,400	$	288,965

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	288,965	$	—	$	—	$	—	$	288,965

^(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 March 31, 2024, 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	$	—	$	—	$	4,180,280		$	—	$	—	$	—	$	4,180,280
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(575,167	)	$	—	$	—	$	—	$	(575,167	)

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Top 200 Growth ETF

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	11,200,358

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	10,206,954,948	$	—	$	—	$	10,206,954,948
Short-Term Securities
Money Market Funds		36,540,745		—		—		36,540,745
	$	10,243,495,693	$	—	$	—	$	10,243,495,693
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	288,965	$	—	$	—	$	288,965

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

See notes to financial statements.

20 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments March 31, 2024 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 4.3%
Boeing Co. (The)(a)		75,765	$	14,621,887
General Dynamics Corp.		37,948		10,719,931
General Electric Co.		168,108		29,507,997
L3Harris Technologies, Inc.		29,287		6,241,060
Northrop Grumman Corp.		20,678		9,897,731
RTX Corp.		222,986		21,747,825
				92,736,431
Air Freight & Logistics — 1.0%
FedEx Corp.		35,952		10,416,732
United Parcel Service, Inc., Class B		81,187		12,066,824
				22,483,556
Automobiles — 0.8%
Ford Motor Co.		608,312		8,078,383
General Motors Co.		178,536		8,096,608
				16,174,991
Banks — 9.8%
Bank of America Corp.		1,068,536		40,518,885
Citigroup, Inc.		296,532		18,752,684
JPMorgan Chase & Co.		447,611		89,656,483
PNC Financial Services Group, Inc. (The)		61,741		9,977,345
Truist Financial Corp.		205,609		8,014,639
U.S. Bancorp		241,489		10,794,558
Wells Fargo & Co.		558,408		32,365,328
				210,079,922
Beverages — 1.9%
Coca-Cola Co. (The)		304,380		18,621,969
Constellation Brands, Inc., Class A		22,467		6,105,632
Keurig Dr. Pepper, Inc.		147,733		4,530,971
PepsiCo, Inc.		66,010		11,552,410
				40,810,982
Biotechnology — 2.0%
Amgen, Inc.		26,506		7,536,186
Gilead Sciences, Inc.		193,803		14,196,070
Moderna, Inc.(a)		51,524		5,490,397
Regeneron Pharmaceuticals, Inc.(a)		14,811		14,255,439
Vertex Pharmaceuticals, Inc.(a)		3,386		1,415,382
				42,893,474
Building Products — 0.3%
Johnson Controls International PLC		105,423		6,886,230
Capital Markets — 5.5%
BlackRock, Inc.(b)		23,049		19,215,951
Charles Schwab Corp. (The)		229,813		16,624,672
CME Group, Inc., Class A		55,667		11,984,549
Goldman Sachs Group, Inc. (The)		48,910		20,429,218
Intercontinental Exchange, Inc.		87,763		12,061,269
Moody’s Corp.		2,185		858,771
Morgan Stanley		181,366		17,077,423
S&P Global, Inc.		45,045		19,164,395
				117,416,248
Chemicals — 2.3%
Air Products & Chemicals, Inc.		34,384		8,330,212
Dow, Inc.		109,695		6,354,631
Ecolab, Inc.		8,587		1,982,738
Linde PLC		68,092		31,616,478
Sherwin-Williams Co. (The)		6,130		2,129,133
				50,413,192

Security	Shares		Value
Commercial Services & Supplies — 0.2%
Veralto Corp.		34,105	$	3,023,749
Waste Management, Inc.		6,358		1,355,208
				4,378,957
Communications Equipment — 1.5%
Cisco Systems, Inc.		628,784		31,382,610
Motorola Solutions, Inc.		2,030		720,609
				32,103,219
Consumer Finance — 1.0%
American Express Co.		60,446		13,762,950
Capital One Financial Corp.		58,757		8,748,329
				22,511,279
Consumer Staples Distribution & Retail — 1.9%
Walmart, Inc.		663,994		39,952,519
Diversified Telecommunication Services — 2.2%
AT&T Inc.		1,110,137		19,538,411
Verizon Communications, Inc.		652,551		27,381,040
				46,919,451
Electric Utilities — 2.6%
American Electric Power Co., Inc.		81,623		7,027,740
Duke Energy Corp.		119,516		11,558,393
Exelon Corp.		154,091		5,789,199
NextEra Energy, Inc.		318,288		20,341,786
Southern Co. (The)		168,958		12,121,047
				56,838,165
Electrical Equipment — 1.4%
Eaton Corp. PLC		61,747		19,307,052
Emerson Electric Co.		88,484		10,035,855
				29,342,907
Energy Equipment & Services — 0.6%
Schlumberger NV		220,899		12,107,474
Entertainment — 1.6%
Walt Disney Co. (The)		283,559		34,696,279
Financial Services — 6.1%
Berkshire Hathaway, Inc., Class B(a)		283,950		119,406,655
Fiserv, Inc.(a)		67,298		10,755,566
PayPal Holdings, Inc.(a)		15,713		1,052,614
				131,214,835
Food Products — 1.5%
Archer-Daniels-Midland Co.		82,757		5,197,967
General Mills, Inc.		88,042		6,160,299
Hershey Co. (The)		6,020		1,170,890
Kraft Heinz Co. (The)		124,507		4,594,308
Mondelez International, Inc., Class A		210,860		14,760,200
				31,883,664
Ground Transportation — 1.5%
CSX Corp.		271,976		10,082,150
Norfolk Southern Corp.		35,224		8,977,541
Union Pacific Corp.		54,063		13,295,714
				32,355,405
Health Care Equipment & Supplies — 4.4%
Abbott Laboratories		251,512		28,586,854
Becton Dickinson & Co.		44,902		11,111,000
Boston Scientific Corp.(a)		226,786		15,532,573
GE HealthCare Technologies, Inc.		59,713		5,428,509
Medtronic PLC		205,957		17,949,153
Stryker Corp.		41,090		14,704,878
				93,312,967

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services — 3.9%
Centene Corp.(a)		82,721	$	6,491,944
Cigna Group (The)		41,298		14,999,021
CVS Health Corp.		198,550		15,836,348
Elevance Health, Inc.		31,870		16,525,870
HCA Healthcare, Inc.		24,452		8,155,475
Humana, Inc.		10,708		3,712,678
McKesson Corp.		12,776		6,858,796
UnitedHealth Group, Inc.		22,918		11,337,534
				83,917,666
Hotels, Restaurants & Leisure — 0.9%
Las Vegas Sands Corp.		3,878		200,493
McDonald’s Corp.		66,381		18,716,123
				18,916,616
Household Products — 2.8%
Colgate-Palmolive Co.		127,242		11,458,142
Kimberly-Clark Corp.		3,008		389,085
Procter & Gamble Co. (The)		296,427		48,095,281
				59,942,508
Industrial Conglomerates — 1.3%
3M Co.		85,248		9,042,255
Honeywell International, Inc.		89,919		18,455,875
				27,498,130
Industrial REITs — 0.9%
Prologis, Inc.		143,050		18,627,971
Insurance — 2.7%
American International Group, Inc.		108,815		8,506,069
Aon PLC, Class A		30,728		10,254,548
Chubb Ltd.		62,957		16,314,047
Marsh & McLennan Cos., Inc.		15,304		3,152,318
MetLife, Inc.		96,637		7,161,768
Progressive Corp. (The)		22,746		4,704,328
Travelers Cos., Inc. (The)		35,335		8,131,997
				58,225,075
IT Services — 1.3%
International Business Machines Corp.		140,893		26,904,927
Life Sciences Tools & Services — 1.8%
Danaher Corp.		102,056		25,485,424
Thermo Fisher Scientific, Inc.		22,971		13,350,975
				38,836,399
Machinery — 0.5%
Caterpillar, Inc.		19,778		7,247,253
Deere & Co.		2,611		1,072,442
Illinois Tool Works, Inc.		8,595		2,306,296
				10,625,991
Media — 1.2%
Comcast Corp., Class A		610,841		26,479,957
Metals & Mining — 0.8%
Freeport-McMoRan, Inc.		221,462		10,413,143
Newmont Corp.		178,821		6,408,945
				16,822,088
Multi-Utilities — 0.6%
Dominion Energy, Inc.		129,579		6,373,991
Sempra		97,668		7,015,492
				13,389,483
Oil, Gas & Consumable Fuels — 9.0%
Chevron Corp.		266,814		42,087,240
ConocoPhillips		185,780		23,646,078

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
EOG Resources, Inc.		91,118	$	11,648,525
Exxon Mobil Corp.		620,171		72,088,677
Kinder Morgan, Inc.		303,988		5,575,140
Marathon Petroleum Corp.		57,019		11,489,329
Occidental Petroleum Corp.		106,516		6,922,475
Pioneer Natural Resources Co.		36,080		9,471,000
Valero Energy Corp.		52,621		8,981,879
				191,910,343
Personal Care Products — 0.3%
Estee Lauder Cos., Inc. (The), Class A		24,414		3,763,418
Kenvue, Inc.		178,167		3,823,464
				7,586,882
Pharmaceuticals — 6.7%
Bristol-Myers Squibb Co.		315,712		17,121,062
Johnson & Johnson		373,706		59,116,552
Merck & Co., Inc.		321,399		42,408,598
Pfizer, Inc.		876,160		24,313,440
				142,959,652
Professional Services — 0.1%
Automatic Data Processing, Inc.		9,097		2,271,885
Semiconductors & Semiconductor Equipment — 5.0%
Advanced Micro Devices, Inc.(a)		107,125		19,334,991
Analog Devices, Inc.		77,219		15,273,146
Applied Materials, Inc.		20,121		4,149,554
Intel Corp.		654,327		28,901,624
Lam Research Corp.		1,081		1,050,267
Micron Technology, Inc.		169,458		19,977,404
QUALCOMM, Inc.		22,141		3,748,471
Texas Instruments, Inc.		83,330		14,516,919
				106,952,376
Software — 1.8%
Oracle Corp.		140,906		17,699,203
Roper Technologies, Inc.		16,385		9,189,363
Salesforce, Inc.		35,700		10,752,126
				37,640,692
Specialized REITs — 0.7%
Crown Castle, Inc.		59,959		6,345,461
Equinix, Inc.		7,208		5,948,979
Public Storage		10,206		2,960,352
				15,254,792
Specialty Retail — 0.4%
AutoZone, Inc.(a)		438		1,380,423
Lowe’s Cos., Inc.		23,911		6,090,849
O’Reilly Automotive, Inc.(a)		1,386		1,564,627
				9,035,899
Textiles, Apparel & Luxury Goods — 0.4%
NIKE, Inc., Class B		85,071		7,994,973
Tobacco — 1.6%
Altria Group, Inc.		276,954		12,080,734
Philip Morris International, Inc.		240,639		22,047,345
				34,128,079
Wireless Telecommunication Services — 0.6%
T-Mobile U.S., Inc.		75,883		12,385,623
Total Long-Term Investments — 99.7% (Cost: $1,864,752,944)				2,135,820,154

22 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Top 200 Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(b)(c)		2,978,323	$	2,978,323
Total Short-Term Securities — 0.2% (Cost: $2,978,323)				2,978,323
Total Investments — 99.9% (Cost: $1,867,731,267)				2,138,798,477
Other Assets Less Liabilities — 0.1%				2,817,834
Net Assets — 100.0%			$	2,141,616,311

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares(a)	$	4,046,890	$	—		$	(4,045,162	)(b)	$	(2,133	)	$	405	$	—		—	$	5,881	(c)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		2,378,970		599,353	(b)		—			—			—		2,978,323		2,978,323		153,875			—
BlackRock, Inc.		12,557,375		6,168,975			(3,038,902	)		80,605			3,447,898		19,215,951		23,049		425,579			—
									$	78,472		$	3,448,303	$	22,194,274			$	585,335		$	—

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

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 1000 Value E-Mini Index		58		06/21/24	$	5,171	$	144,172

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Top 200 Value ETF  

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	144,172	$	—	$	—	$	—	$	144,172

^(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 March 31, 2024, 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	$	—	$	—	$	859,733	$	—	$	—	$	—	$	859,733
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	65,907	$	—	$	—	$	—	$	65,907

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	4,527,125

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2			Level 3			Total
Assets
Investments
Long-Term Investments
Common Stocks	$	2,135,820,154		$	—		$	—		$	2,135,820,154
Short-Term Securities
Money Market Funds		2,978,323			—			—			2,978,323
	$	2,138,798,477		$	—		$	—		$	2,138,798,477
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	144,172		$	—		$	—		$	144,172

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

See notes to financial statements.

24 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities

March 31, 2024

	iShares Russell Top 200 ETF			iShares Russell Top 200 Growth ETF			iShares Russell Top 200 Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	1,302,441,356		$	10,206,954,948		$	2,116,604,203
Investments, at value — affiliated(c)		5,977,742			36,540,745			22,194,274
Cash		276,241			1,579,376			768,384
Cash pledged:
Futures contracts		96,000			631,000			258,000
Receivables:
Securities lending income — affiliated		4,344			6,336			—
Capital shares sold		49,036			12,694			20,756
Dividends — unaffiliated		661,657			2,436,015			2,106,920
Dividends — affiliated		8,600			72,560			14,974
Total assets		1,309,514,976			10,248,233,674			2,141,967,511
LIABILITIES
Collateral on securities loaned		—			25,035,095			—
Payables:
Capital shares redeemed		—			12,694			—
Investment advisory fees		160,002			1,753,050			351,200
Total liabilities		160,002			26,800,839			351,200
Commitments and contingent liabilities
NET ASSETS	$	1,309,354,974		$	10,221,432,835		$	2,141,616,311
NET ASSETS CONSIST OF:
Paid-in capital	$	1,104,603,904		$	8,335,889,656		$	1,961,108,792
Accumulated earnings		204,751,070			1,885,543,179			180,507,519
NET ASSETS	$	1,309,354,974		$	10,221,432,835		$	2,141,616,311
NET ASSET VALUE
Shares outstanding		10,300,000			52,350,000			28,050,000
Net asset value	$	127.12		$	195.25		$	76.35
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — unaffiliated	$	1,064,820,512		$	7,996,380,949		$	1,848,735,883
(b) Securities loaned, at value	$	—		$	24,703,213		$	—
(c)  Investments, at cost — affiliated	$	5,393,767		$	36,538,160		$	18,995,384

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 25

Statements of Operations

Year Ended March 31, 2024

	iShares Russell Top 200 ETF			iShares Russell Top 200 Growth ETF			iShares Russell Top 200 Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	14,539,221		$	65,501,731		$	43,313,842
Dividends — affiliated		177,723			612,490			579,454
Interest — unaffiliated		2,041			8,925			6,738
Securities lending income — affiliated — net		7,627			146,899			5,881
Total investment income		14,726,612			66,270,045			43,905,915
EXPENSES
Investment advisory		1,482,312			15,337,868			3,546,436
Interest expense		469			3,516			1,274
Total expenses		1,482,781			15,341,384			3,547,710
Net investment income		13,243,831			50,928,661			40,358,205
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(7,353,221	)		(30,316,897	)		(35,730,439	)
Investments — affiliated		(5,265	)		9,088			(297,400	)
Futures contracts		474,391			4,180,280			859,733
In-kind redemptions — unaffiliated(a)		47,534,437			1,143,823,980			95,383,539
In-kind redemptions — affiliated(a)		116,531			—			375,872
		40,766,873			1,117,696,451			60,591,305
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		238,031,226			1,579,415,897			233,555,396
Investments — affiliated		718,222			(3,599	)		3,448,303
Futures contracts		(38,261	)		(575,167	)		65,907
		238,711,187			1,578,837,131			237,069,606
Net realized and unrealized gain		279,478,060			2,696,533,582			297,660,911
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	292,721,891		$	2,747,462,243		$	338,019,116

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

See notes to financial statements.

26 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares Russell Top 200 ETF						iShares Russell Top 200 Growth ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/24			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	13,243,831		$	13,073,805		$	50,928,661		$	40,265,299
Net realized gain		40,766,873			110,322,010			1,117,696,451			164,547,020
Net change in unrealized appreciation (depreciation)		238,711,187			(214,427,844	)		1,578,837,131			(695,673,179	)
Net increase (decrease) in net assets resulting from operations		292,721,891			(91,032,029	)		2,747,462,243			(490,860,860	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(13,527,019	)		(12,861,101	)		(54,476,201	)		(40,613,805	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		226,752,885			(134,788,881	)		1,593,895,605			1,645,653,871
NET ASSETS
Total increase (decrease) in net assets		505,947,757			(238,682,011	)		4,286,881,647			1,114,179,206
Beginning of year		803,407,217			1,042,089,228			5,934,551,188			4,820,371,982
End of year	$	1,309,354,974		$	803,407,217		$	10,221,432,835		$	5,934,551,188

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 27

Statements of Changes in Net Assets (continued)

	iShares Russell Top 200 Value ETF
	Year Ended 03/31/24			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	40,358,205		$	30,750,705
Net realized gain		60,591,305			76,431,473
Net change in unrealized appreciation (depreciation)		237,069,606			(169,370,607	)
Net increase (decrease) in net assets resulting from operations		338,019,116			(62,188,429	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(40,150,011	)		(30,093,801	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		286,589,409			361,717,362
NET ASSETS
Total increase in net assets		584,458,514			269,435,132
Beginning of year		1,557,157,797			1,287,722,665
End of year	$	2,141,616,311		$	1,557,157,797

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

See notes to financial statements.

28 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell Top 200 ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	97.38		$	107.99		$	94.64		$	61.54		$	65.66
Net investment income(a)		1.47			1.42			1.26			1.23			1.28
Net realized and unrealized gain (loss)(b)		29.74			(10.59	)		13.37			33.09			(3.94	)
Net increase (decrease) from investment operations		31.21			(9.17	)		14.63			34.32			(2.66	)
Distributions from net investment income(c)		(1.47	)		(1.44	)		(1.28	)		(1.22	)		(1.46	)
Net asset value, end of year	$	127.12		$	97.38		$	107.99		$	94.64		$	61.54
Total Return(d)
Based on net asset value		32.29	%		(8.41	)%		15.48	%		56.06	%		(4.24	)%
Ratios to Average Net Assets(e)
Total expenses		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income		1.34	%		1.51	%		1.20	%		1.48	%		1.82	%
Supplemental Data
Net assets, end of year (000)	$	1,309,355		$	803,407		$	1,042,089		$	865,920		$	369,243
Portfolio turnover rate(f)		4	%		5	%		4	%		5	%		5	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 29

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Top 200 Growth ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	138.98		$	158.56		$	134.47		$	84.14		$	82.24
Net investment income(a)		1.10			1.14			0.89			0.93			1.04
Net realized and unrealized gain (loss)(b)		56.34			(19.62	)		24.09			50.31			1.90
Net increase (decrease) from investment operations		57.44			(18.48	)		24.98			51.24			2.94
Distributions from net investment income(c)		(1.17	)		(1.10	)		(0.89	)		(0.91	)		(1.04	)
Net asset value, end of year	$	195.25		$	138.98		$	158.56		$	134.47		$	84.14
Total Return(d)
Based on net asset value		41.48	%		(11.60	)%		18.58	%		61.04	%		3.55	%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		0.66	%		0.87	%		0.57	%		0.77	%		1.16	%
Supplemental Data
Net assets, end of year (000)	$	10,221,433		$	5,934,551		$	4,820,372		$	3,529,895		$	1,678,603
Portfolio turnover rate(f)		11	%		12	%		10	%		11	%		20	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

30 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Top 200 Value ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	65.15		$	69.61		$	63.58		$	44.04		$	52.57
Net investment income(a)		1.55			1.40			1.30			1.26			1.40
Net realized and unrealized gain (loss)(b)		11.18			(4.52	)		6.01			19.49			(8.38	)
Net increase (decrease) from investment operations		12.73			(3.12	)		7.31			20.75			(6.98	)
Distributions from net investment income(c)		(1.53	)		(1.34	)		(1.28	)		(1.21	)		(1.55	)
Net asset value, end of year	$	76.35		$	65.15		$	69.61		$	63.58		$	44.04
Total Return(d)
Based on net asset value		19.82	%		(4.37	)%		11.56	%		47.63	%		(13.72	)%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		2.28	%		2.17	%		1.91	%		2.31	%		2.56	%
Supplemental Data
Net assets, end of year (000)	$	2,141,616		$	1,557,158		$	1,287,723		$	1,153,937		$	389,726
Portfolio turnover rate(f)		14	%		18	%		15	%		17	%		17	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f) Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 31

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”):

iShares ETF	Diversification Classification
Russell Top 200		Diversified
Russell Top 200 Growth(a)		Diversified
Russell Top 200 Value		Diversified

^(a)  The Fund intends to be diversified in approximately the same proportion as its underlying index is diversified. The Fund may become non-diversified, as defined in the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its underlying index. Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a change in its relative market capitalization or index weighting of one or more constituents of its underlying index.

2. SIGNIFICANT ACCOUNTING POLICIES

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

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. 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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on a accrual basis.

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

32 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 33

Notes to Financial Statements (continued)

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

iShares ETF and Counterparty	Securities Loaned at Value			Cash Collateral Received(a)					Non-Cash Collateral Received, at Fair Value(a)			Net  Amount
Russell Top 200 Growth
Citigroup Global Markets, Inc.	$	24,605,658				$	(24,605,658	)		$ —			$ —
Wells Fargo Securities LLC		97,555					(97,555	)		—			—
	$	24,703,213				$	(24,703,213	)		$ —			$ —

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
Russell Top 200		0.15	%
Russell Top 200 Growth		0.20
Russell Top 200 Value		0.20

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

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

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

34 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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, redemption fee, 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 generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Russell Top 200	$	3,102
Russell Top 200 Growth		59,941
Russell Top 200 Value		2,438

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 year ended March 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases			Sales			Net Realized   Gain (Loss)
Russell Top 200	$	19,500,652		$	13,267,311		$	(5,586,503)
Russell Top 200 Growth		402,941,126			430,931,576			(27,072,365)
Russell Top 200 Value		191,823,580			111,218,856			(19,109,849)

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 year ended March 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Russell Top 200	$	40,527,453	$	40,473,765
Russell Top 200 Growth		839,124,872		840,031,660
Russell Top 200 Value		257,065,602		252,385,581

For the year ended March 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Russell Top 200	$	397,962,082	$	171,936,591
Russell Top 200 Growth		4,150,595,455		2,560,964,076
Russell Top 200 Value		656,264,629		375,239,810

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

Notes to Financial Statements (continued)

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 March 31, 2024, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2024, permanent differences attributable to nondeductible expenses and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Russell Top 200	$	47,623,388	$	(47,623,388	)
Russell Top 200 Growth		1,142,587,617		(1,142,587,617	)
Russell Top 200 Value		95,604,691		(95,604,691	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2024		Year Ended March 31, 2023
Russell Top 200 Ordinary income	$	13,527,019	$	12,861,101
Russell Top 200 Growth Ordinary income	$	54,476,201	$	40,613,805
Russell Top 200 Value Ordinary income	$	40,150,011	$	30,093,801

As of March 31, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)		Total
Russell Top 200	$	443,171	$	(31,259,949	)	$	235,567,848	$	204,751,070
Russell Top 200 Growth		1,256,605		(321,061,912	)		2,205,348,486		1,885,543,179
Russell Top 200 Value		1,202,219		(85,807,431	)		265,112,731		180,507,519

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales and the realization for tax purposes of unrealized gains(losses) on certain futures contracts.

As of March 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell Top 200	$	1,072,851,250	$	275,639,571	$	(40,071,723	)	$	235,567,848
Russell Top 200 Growth		8,038,147,207		2,340,443,074		(135,094,588	)		2,205,348,486
Russell Top 200 Value		1,873,685,746		327,743,455		(62,630,724	)		265,112,731

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.

36 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

BFA uses an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 discretionary liquidity fees under certain circumstances.

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

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

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

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

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

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

Notes to Financial Statements (continued)

Transactions in capital shares were as follows:

	Year Ended 03/31/24						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Russell Top 200
Shares sold		3,650,000		$	398,960,552			3,600,000		$	333,290,298
Shares redeemed		(1,600,000	)		(172,207,667	)		(5,000,000	)		(468,079,179	)
		2,050,000		$	226,752,885			(1,400,000	)	$	(134,788,881	)
Russell Top 200 Growth
Shares sold		24,600,000		$	4,159,076,206			18,450,000		$	2,459,950,957
Shares redeemed		(14,950,000	)		(2,565,180,601	)		(6,150,000	)		(814,297,086	)
		9,650,000		$	1,593,895,605			12,300,000		$	1,645,653,871
Russell Top 200 Value
Shares sold		9,700,000		$	658,415,263			11,250,000		$	736,022,834
Shares redeemed		(5,550,000	)		(371,825,854	)		(5,850,000	)		(374,305,472	)
		4,150,000		$	286,589,409			5,400,000		$	361,717,362

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

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

38 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the three funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations for the year ended March 31, 2024, the statements of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2024 and each of the financial highlights for each of the five years in the period ended March 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

iShares Russell Top 200 ETF

iShares Russell Top 200 Growth ETF

iShares Russell Top 200 Value ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 23, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T  O F  I N D E P E N D E N T  R E G I S T E R E D  P U B L I C  A C C O U N T I N G  F I R M 39

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Dividend Income
Russell Top 200	$	14,643,029
Russell Top 200 Growth		67,912,031
Russell Top 200 Value		42,758,194

The following maximum amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Business Income
Russell Top 200	$	305,486
Russell Top 200 Growth		1,548,997
Russell Top 200 Value		766,716

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2024 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Russell Top 200		100.00	%
Russell Top 200 Growth		100.00
Russell Top 200 Value		100.00

40 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Russell Top 200 ETF, iShares Russell Top 200 Growth ETF and iShares Russell Top 200 Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 41

Supplemental Information (unaudited)

Section 19(a) Notices

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

March 31, 2024

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Russell Top 200(a)	$	1.458716	$	—	$	0.013090	$	1.471806		99	%		—	%		1	%		100	%
Russell Top 200 Growth(a)		1.105204		—		0.063800		1.169004		95			—			5			100

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

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

42 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of March 31, 2024. With the exception of Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Stephen Cohen(b) (1975)	Trustee (since 2024).	Senior Managing Director, Head of Global Product Solutions of BlackRock, Inc. (since 2024); Senior Managing Director, Head of Europe, Middle East and Africa Regions of BlackRock, Inc. (2021-2024); Head of iShares Index and Wealth in EMEA of BlackRock, Inc. (2017-2021); Global Head of Fixed Income Indexing of BlackRock, Inc. (2016-2017); Chief Investment Strategist for International Fixed Income and iShares of BlackRock, Inc. (2011-2015).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

^(a) Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b) Stephen Cohen is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Trustee of Forward Funds (14 portfolios) (2009- 2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director of the Jackson Hole Center for the Arts (since 2021).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 43

Trustee and Officer Information (unaudited) (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Director of WellBe Senior Medical (since 2023); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jessica Tan (1980)	President (since 2024).	Managing Director of BlackRock, Inc. (since 2015); Head of Global Product Solutions, Americas of BlackRock, Inc. (since 2024) and Head of Sustainable and Transition Solutions of BlackRock, Inc. (2022-2024); Global Head of Corporate Strategy of BlackRock, Inc. (2019-2022); Chief of Staff to the CEO of BlackRock, Inc. (2017-2019).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director of BlackRock, Inc. (since 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021).
Aaron Wasserman (1974)	Chief Compliance Officer (since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director of BlackRock, Inc. (since 2023); Director of BlackRock, Inc. (2018-2022).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

44 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

G E N E R A L  I N F O R M A T I O N 45

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-305-0324

  MARCH 31, 2024

   2024 Annual Report  

iShares Trust

· iShares Russell 3000 ETF | IWV | NYSE Arca

· iShares Russell Mid-Cap Value ETF | IWS | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended March 31, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still robust. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the ongoing rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		23.48%		29.88%
U.S. small cap equities (Russell 2000® Index)		19.94		19.71
International equities (MSCI Europe, Australasia, Far East Index)		16.81		15.32
Emerging market equities (MSCI Emerging Markets Index)		10.42		8.15
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.68		5.24
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		4.88		(2.44)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		5.99		1.70
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.48		3.13
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		8.73		11.15
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review	2
Annual Report:
Market Overview	4
Fund Summary	5
About Fund Performance	9
Disclosure of Expenses	9
Schedules of Investments	10
Financial Statements:
Statements of Assets and Liabilities	45
Statements of Operations	46
Statements of Changes in Net Assets	47
Financial Highlights	48
Notes to Financial Statements	50
Report of Independent Registered Public Accounting Firm	59
Important Tax Information	60
Statement Regarding Liquidity Risk Management Program	61
Supplemental Information	62
Trustee and Officer Information	64
General Information	66
Glossary of Terms Used in this Report	67

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2024 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 29.29%. The economy showed notable resilience even as interest rates rose, and analysts’ optimism about the economy’s trajectory improved. Meanwhile, inflation decelerated notably, enabling a pause in monetary policy tightening and providing a supportive backdrop for equities.

The U.S. economy grew at a robust pace in 2023 despite concerns about the impact of higher interest rates on growth. The U.S. consumer helped to power the expansion, as consumer spending continued to grow in both nominal and real (inflation-adjusted) terms. A strong labor market bolstered consumer spending, as employers continued to add jobs, and average hourly wages increased notably. Consumer spending was also supported by higher asset values, as both home prices and strong equity performance increased household net worth. Government spending also stimulated the economy, as the federal deficit increased amid rising expenditures, while state and local governments also boosted spending to fill personnel vacancies.

Despite high spending and healthy household balance sheets, consumer sentiment remained below pre-pandemic levels, as elevated inflation and high interest rates weighed on consumers’ outlook. While inflation declined early in the reporting period — decreasing from 4.9% in April 2023 to 3% in June 2023 — it remained stubbornly persistent thereafter, fluctuating between 3% and 4%, above the pre-pandemic average. While improved supply chains eased goods inflation, the tight labor market kept labor costs near record highs, and growing services inflation was a significant driver of inflation’s overall persistence.

To counteract inflation, the U.S. Federal Reserve (“Fed”) raised interest rates twice early in the reporting period, reaching the highest level since 2001. However, the Fed paused its interest rate increases thereafter as inflation edged down, keeping interest rates steady after its July 2023 meeting. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. Projections released by the Fed late in the reporting period included several interest rate decreases later in 2024, as it forecast inflation would continue to moderate despite the robust economy.

The strong economy supported corporate profits, which grew substantially in the last three quarters of 2023. Despite higher input costs, companies were able to raise prices sufficiently to widen profit margins, as the U.S. consumer continued to spend. Firms increasingly kept assets in short-term investments that earned higher yields due to elevated interest rates. This helped to mitigate the negative impact of higher borrowing costs, which drove a rise in interest expense. Innovations in computing also drove enthusiasm for equities, as new technologies drove hopes for economy-wide improvements in productivity.

Despite the strong economic conditions during the reporting period, analysts noted several areas of caution about potential disruptions to markets. Geopolitical tensions were high amid Russia’s ongoing invasion of Ukraine and fighting in Gaza following Hamas’ terrorist attack on Israel. Missile attacks on a major shipping lane in the Middle East raised concerns about a wider conflict while disrupting some supply chains. While inflation declined during the reporting period, it remained more persistent than some analysts expected, raising concerns about the effect of continued inflation on the Fed’s interest rate policy.

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

Fund Summary as of March 31, 2024 iShares^® Russell 3000 ETF

Investment Objective

The iShares Russell 3000 ETF (the “Fund”) seeks to track the investment results of a broad-based index composed of U.S. equities, as represented by the Russell 3000^® Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		29.12	%		14.15	%		12.15	%		29.12	%		93.80	%		214.73	%
Fund Market		29.17			14.15			12.15			29.17			93.81			214.67
Index		29.29			14.34			12.33			29.29			95.39			219.80

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$   1,232.20	$   1.12			$   1,000.00	$   1,024.00	$   1.01		0.20	%

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

F U N D  S U M M A R Y 5

Fund Summary as of March 31, 2024 (continued) iShares^® Russell 3000 ETF

Portfolio Management Commentary

U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The information technology sector was the largest contributor to the Index’s return amid notable innovations in artificial intelligence (“AI”) technology. The semiconductors industry gained the most, as companies invested significantly in the specialized chips used to provide computing capacity for AI applications, which require significant processing power. Consequently, industry revenues and earnings grew rapidly, driving strong equity performance. Additionally, the semiconductors industry continued to invest in building the next generation of processors for AI applications, further supporting stock prices.

The software and services industry also advanced, driven by strength among systems software companies. Enthusiasm for generative AI products benefited a large company in the industry with a significant investment in a prominent consumer-facing AI platform, a chatbot which grew its user base more rapidly than any other consumer application in history. Integration of AI into already existing productivity software also propelled gains.

The financials sector was a solid contributor to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. The financial services industry gained, as a large multi-sector holding company with investments in a broad array of companies benefited from rising equity prices. The industry benefited from strength among insurance companies, where rising premiums and higher investment income increased profitability.

The communication services sector also contributed significantly to the Index’s performance, led by the interactive media and services industry. Growth in the online advertising market drove large increases in both revenue and income, and cost cutting efforts boosted profitability. Strong sales of cloud computing products further bolstered earnings.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Information Technology	27.6	%
Financials	13.9
Health Care	12.4
Consumer Discretionary	10.5
Industrials	10.1
Communication Services	8.3
Consumer Staples	5.6
Energy	4.1
Real Estate	2.7
Materials	2.7
Utilities	2.1

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Microsoft Corp.	6.2	%
Apple Inc.	4.9
NVIDIA Corp.	4.2
Amazon.com, Inc.	3.2
Meta Platforms, Inc., Class A	2.1
Alphabet, Inc., Class A	1.8
Berkshire Hathaway, Inc., Class B	1.5
Alphabet, Inc., Class C, NVS	1.5
Eli Lilly & Co.	1.3
JPMorgan Chase & Co.	1.2

^(a) Excludes money market funds.

6 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of March 31, 2024 iShares^® Russell Mid-Cap Value ETF

Investment Objective

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

Performance

	Average Annual Total Returns									Cumulative Total Returns
	1 Year			5 Years			10 Years			1 Year			5 Years			10 Years
Fund NAV		20.17	%		9.72	%		8.36	%		20.17	%		59.01	%		123.17	%
Fund Market		20.09			9.70			8.35			20.09			58.87			123.00
Index		20.40			9.94			8.57			20.40			60.59			127.53

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$   1,212.20	$   1.29			$   1,000.00	$   1,023.84	$   1.16		0.23	%

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

F U N D  S U M M A R Y 7

Fund Summary as of March 31, 2024 (continued) iShares^® Russell Mid-Cap Value ETF

Portfolio Management Commentary

Value-oriented mid-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. The industrials sector was the largest contributor to the Index’s performance. Strong economic growth bolstered stocks in the sector, which is sensitive to overall conditions in the broader economy. This supportive backdrop led to investor confidence that demand would continue to expand, boosting earnings in the sector. A key measure of confidence among purchasing managers in manufacturing rose to its highest level in nearly two years, as output improved and suppliers’ delivery times shortened. Moderating inflation also helped the sector by reducing cost pressures and allowing companies to maintain profitability. The capital goods industry was the leading source of strength, as spending on factory construction increased following passage of federal legislation granting subsidies for certain types of production facilities. The surge in manufacturing construction benefited makers of machinery, manufacturing equipment, building products, and tools.

The financials sector was another strong contributor to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. The capital markets industry was the largest source of strength, benefiting from growing institutional acceptance of cryptocurrencies, which promoted increased transactions and drove revenues at cryptocurrency trading platforms. Capital markets stocks also gained along with the wider market, which bolstered the value of the industry’s investments. The insurance industry also advanced, as higher premiums, greater income from investments amid higher bond yields, and slowing inflation in claim costs benefited the property and casualty insurance industry. While underwriting losses weighed on profitability amid severe storms, this was partially offset by premium growth.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of Total Investments	(a)
Industrials	20.4	%
Financials	18.1
Real Estate	9.8
Consumer Discretionary	9.4
Information Technology	9.2
Materials	7.6
Utilities	7.0
Health Care	6.5
Energy	5.5
Consumer Staples	3.7
Communication Services	2.8

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Phillips 66	0.9	%
Parker-Hannifin Corp.	0.9
PACCAR, Inc.	0.8
Marvell Technology, Inc.	0.8
Constellation Energy Corp.	0.7
TransDigm Group, Inc.	0.7
Welltower, Inc.	0.6
Arthur J. Gallagher & Co.	0.6
KKR & Co., Inc., Class A	0.6
Aflac, Inc.	0.6

^(a) Excludes money market funds.

8 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

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

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

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

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

A B O U T  F U N D  P E R F O R M A N C E / D I S C L O S U R E  O F  E X P E N S E S 9

Schedule of Investments March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.9%
AAR Corp.(a)		9,382	$	561,700
AeroVironment, Inc.(a)		6,859		1,051,348
AerSale Corp.(a)(b)		7,427		53,326
Archer Aviation, Inc., Class A(a)(b)		41,022		189,522
Astronics Corp.(a)		7,707		146,741
Axon Enterprise, Inc.(a)		18,955		5,930,640
Boeing Co. (The)(a)		152,014		29,337,182
BWX Technologies, Inc.		25,197		2,585,716
Cadre Holdings, Inc.		6,706		242,757
Curtiss-Wright Corp.		10,041		2,569,894
Ducommun, Inc.(a)		2,612		133,996
General Dynamics Corp.		65,874		18,608,746
General Electric Co.		290,893		51,060,448
HEICO Corp.(b)		11,893		2,271,563
HEICO Corp., Class A(b)		21,553		3,317,869
Hexcel Corp.		23,197		1,689,901
Howmet Aerospace, Inc.		100,709		6,891,517
Huntington Ingalls Industries, Inc.		10,288		2,998,643
Kaman Corp.		7,942		364,300
Kratos Defense & Security Solutions, Inc.(a)		40,802		749,941
L3Harris Technologies, Inc.		50,811		10,827,824
Leonardo DRS, Inc.(a)		13,285		293,466
Lockheed Martin Corp.		57,998		26,381,550
Mercury Systems, Inc.(a)		13,124		387,158
Moog, Inc., Class A		7,684		1,226,751
National Presto Industries, Inc.		2,243		187,963
Northrop Grumman Corp.		37,954		18,167,062
Park Aerospace Corp.		6,372		105,966
Rocket Lab U.S.A., Inc., Class A(a)(b)		80,988		332,861
RTX Corp.		385,823		37,629,317
Spirit AeroSystems Holdings, Inc., Class A(a)		32,478		1,171,482
Textron, Inc.		52,752		5,060,499
TransDigm Group, Inc.		14,213		17,504,731
Triumph Group, Inc.(a)		15,936		239,677
V2X, Inc.(a)		3,341		156,058
Virgin Galactic Holdings, Inc., Class A(a)(b)		66,519		98,448
Woodward, Inc.		16,253		2,504,912
				253,031,475
Air Freight & Logistics — 0.4%
Air Transport Services Group, Inc.(a)		15,846		218,041
CH Robinson Worldwide, Inc.		30,758		2,341,914
Expeditors International of Washington, Inc.		39,475		4,798,976
FedEx Corp.		62,057		17,980,395
Forward Air Corp.		7,333		228,130
GXO Logistics, Inc.(a)		31,041		1,668,764
Hub Group, Inc., Class A		17,355		750,083
United Parcel Service, Inc., Class B		194,558		28,917,155
				56,903,458
Automobile Components — 0.2%
Adient PLC(a)		24,858		818,325
American Axle & Manufacturing Holdings, Inc.(a)		30,150		221,904
Aptiv PLC(a)		72,395		5,766,262
BorgWarner, Inc.		62,404		2,167,915
Cooper-Standard Holdings, Inc.(a)		714		11,824
Dana, Inc.		34,110		433,197
Dorman Products, Inc.(a)		7,415		714,732
Fox Factory Holding Corp.(a)		11,231		584,798
Gentex Corp.		62,754		2,266,675
Gentherm, Inc.(a)		8,465		487,415
Goodyear Tire & Rubber Co. (The)(a)		75,265		1,033,388

Security	Shares		Value
Automobile Components (continued)
Holley, Inc.(a)		20,483	$	91,354
LCI Industries		6,957		856,128
Lear Corp.		15,936		2,308,808
Luminar Technologies, Inc., Class A(a)(b)		66,159		130,333
Modine Manufacturing Co.(a)(b)		14,263		1,357,695
Patrick Industries, Inc.		5,898		704,634
Phinia, Inc.		12,481		479,645
QuantumScape Corp., Class A(a)(b)		97,975		616,263
Solid Power, Inc., Class A(a)(b)		37,836		76,807
Standard Motor Products, Inc.		5,089		170,736
Stoneridge, Inc.(a)		6,836		126,056
Visteon Corp.(a)		6,986		821,623
XPEL, Inc.(a)		6,641		358,747
				22,605,264
Automobiles — 1.2%
Ford Motor Co.		1,053,242		13,987,054
General Motors Co.		309,497		14,035,689
Harley-Davidson, Inc.		35,646		1,559,156
Lucid Group, Inc.(a)(b)		197,642		563,280
Rivian Automotive, Inc., Class A(a)(b)		176,849		1,936,497
Tesla, Inc.(a)		740,523		130,176,538
Thor Industries, Inc.		13,328		1,563,907
Winnebago Industries, Inc.		7,826		579,124
Workhorse Group, Inc.(a)(b)		35,413		8,308
				164,409,553
Banks — 3.6%
1st Source Corp.		4,043		211,934
ACNB Corp.		3,177		119,455
Amalgamated Financial Corp.		5,069		121,656
Amerant Bancorp, Inc., Class A		7,755		180,614
American National Bankshares, Inc.		3,342		159,614
Ameris Bancorp		16,286		787,917
Arrow Financial Corp.		4,988		124,800
Associated Banc-Corp.		39,548		850,677
Atlantic Union Bankshares Corp.		19,288		681,059
Axos Financial, Inc.(a)		15,447		834,756
Banc of California, Inc.		33,867		515,117
BancFirst Corp.		5,969		525,451
Bancorp, Inc. (The)(a)		12,672		424,005
Bank First Corp.		2,944		255,156
Bank of America Corp.		1,850,978		70,189,086
Bank of Hawaii Corp.		10,335		644,801
Bank of Marin Bancorp		4,503		75,515
Bank of NT Butterfield & Son Ltd. (The)		14,049		449,428
Bank OZK		29,511		1,341,570
BankUnited, Inc.		20,095		562,660
Banner Corp.		9,732		467,136
Bar Harbor Bankshares		4,811		127,395
BayCom Corp.		6,219		128,174
BCB Bancorp, Inc.		5,757		60,161
Berkshire Hills Bancorp, Inc.		11,818		270,869
Blue Foundry Bancorp(a)		8,862		82,948
BOK Financial Corp.		7,794		717,048
Bridgewater Bancshares, Inc.(a)		8,172		95,122
Brookline Bancorp, Inc.		17,954		178,822
Burke & Herbert Financial Services Corp.		1,694		94,915
Business First Bancshares, Inc.		6,542		145,756
Byline Bancorp, Inc.		7,358		159,816
Cadence Bank		38,190		1,107,510
Cambridge Bancorp		1,676		114,236
Camden National Corp.		3,722		124,761
Capital City Bank Group, Inc.		4,565		126,451

10 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Capitol Federal Financial, Inc.		39,740	$	236,850
Capstar Financial Holdings, Inc.		5,906		118,711
Carter Bankshares, Inc.(a)		8,311		105,051
Cathay General Bancorp		17,703		669,704
Central Pacific Financial Corp.		8,258		163,096
Citigroup, Inc.		513,177		32,453,313
Citizens & Northern Corp.		5,811		109,131
Citizens Financial Group, Inc.		124,704		4,525,508
Citizens Financial Services, Inc.		1,344		66,125
City Holding Co.		3,834		399,579
Civista Bancshares, Inc.		6,031		92,757
CNB Financial Corp.		5,067		103,316
Coastal Financial Corp.(a)		2,797		108,719
Codorus Valley Bancorp, Inc.		5,007		113,959
Colony Bankcorp, Inc.		2,326		26,749
Columbia Banking System, Inc.		54,514		1,054,846
Columbia Financial, Inc.(a)		8,613		148,230
Comerica, Inc.		36,311		1,996,742
Commerce Bancshares, Inc.		31,859		1,694,899
Community Bank System, Inc.		14,122		678,280
Community Trust Bancorp, Inc.		3,848		164,117
ConnectOne Bancorp, Inc.		10,437		203,522
CrossFirst Bankshares, Inc.(a)(b)		12,858		177,955
Cullen/Frost Bankers, Inc.		16,192		1,822,733
Customers Bancorp, Inc.(a)		7,277		386,118
CVB Financial Corp.		34,502		615,516
Dime Community Bancshares, Inc.		9,511		183,182
Eagle Bancorp, Inc.		7,887		185,266
East West Bancorp, Inc.		37,300		2,950,803
Eastern Bankshares, Inc.		40,232		554,397
Enterprise Bancorp, Inc.		4,078		105,906
Enterprise Financial Services Corp.		9,360		379,642
Equity Bancshares, Inc., Class A		3,970		136,449
Esquire Financial Holdings, Inc.		2,267		107,614
Farmers & Merchants Bancorp, Inc.		4,351		96,984
Farmers National Banc Corp.		10,822		144,582
FB Financial Corp.		10,412		392,116
Fidelity D&D Bancorp, Inc.		2,324		112,551
Fifth Third Bancorp		180,857		6,729,689
Financial Institutions, Inc.		4,626		87,061
First Bancorp, Inc. (The)		3,789		93,361
First BanCorp/Puerto Rico		44,497		780,477
First Bancorp/Southern Pines NC		8,919		322,154
First Bancshares, Inc. (The)		9,185		238,351
First Bank		9,390		129,019
First Busey Corp.		13,988		336,411
First Business Financial Services, Inc.		3,312		124,200
First Citizens BancShares, Inc., Class A		2,920		4,774,200
First Commonwealth Financial Corp.		23,135		322,039
First Community Bankshares, Inc.		4,409		152,684
First Financial Bancorp		24,566		550,770
First Financial Bankshares, Inc.		34,478		1,131,223
First Financial Corp.		2,798		107,247
First Foundation, Inc.		11,610		87,656
First Hawaiian, Inc.		35,398		777,340
First Horizon Corp.		149,138		2,296,725
First Interstate BancSystem, Inc., Class A		23,688		644,550
First Merchants Corp.		14,325		499,942
First Mid Bancshares, Inc.		6,945		226,963
First of Long Island Corp. (The)		6,609		73,294
Five Star Bancorp		3,923		88,268
Flushing Financial Corp.		7,571		95,470

Security	Shares		Value
Banks (continued)
FNB Corp.		93,983	$	1,325,160
Fulton Financial Corp.		43,533		691,739
German American Bancorp, Inc.		6,496		225,021
Glacier Bancorp, Inc.		28,469		1,146,731
Great Southern Bancorp, Inc.		2,582		141,545
Guaranty Bancshares, Inc.		3,127		94,936
Hancock Whitney Corp.		23,624		1,087,649
Hanmi Financial Corp.		8,508		135,447
HarborOne Bancorp, Inc.		17,070		181,966
HBT Financial, Inc.		5,128		97,637
Heartland Financial U.S.A., Inc.		9,638		338,776
Heritage Commerce Corp.		16,532		141,845
Heritage Financial Corp.		9,212		178,621
Hilltop Holdings, Inc.		13,815		432,686
Hingham Institution For Savings (The)(b)		466		81,298
Home Bancorp, Inc.		2,901		111,137
Home BancShares, Inc.		52,480		1,289,434
HomeStreet, Inc.		4,892		73,625
HomeTrust Bancshares, Inc.		5,436		148,620
Hope Bancorp, Inc.		29,353		337,853
Horizon Bancorp, Inc.		10,558		135,459
Huntington Bancshares, Inc.		383,900		5,355,405
Independent Bank Corp.		11,527		599,635
Independent Bank Corp.		5,164		130,907
Independent Bank Group, Inc.		9,351		426,873
International Bancshares Corp.		14,658		822,900
John Marshall Bancorp, Inc.		5,905		105,818
JPMorgan Chase & Co.		774,733		155,179,020
Kearny Financial Corp.		15,665		100,883
KeyCorp		253,635		4,009,969
Lakeland Bancorp, Inc.		17,668		213,783
Lakeland Financial Corp.		5,935		393,609
Live Oak Bancshares, Inc.		8,473		351,714
M&T Bank Corp.		44,827		6,519,639
Macatawa Bank Corp.		10,059		98,478
Mercantile Bank Corp.		4,765		183,405
Metrocity Bankshares, Inc.		7,581		189,222
Metropolitan Bank Holding Corp.(a)		2,463		94,826
Mid Penn Bancorp, Inc.		5,603		112,116
Middlefield Banc Corp.		4,209		100,511
Midland States Bancorp, Inc.		6,245		156,937
MidWestOne Financial Group, Inc.		6,073		142,351
MVB Financial Corp.		5,596		124,847
National Bank Holdings Corp., Class A		8,169		294,656
NBT Bancorp, Inc.		11,816		433,411
New York Community Bancorp, Inc., Class A		188,689		607,579
Nicolet Bankshares, Inc.		3,267		280,929
Northeast Bank		2,854		157,940
Northeast Community Bancorp, Inc.		7,091		111,541
Northfield Bancorp, Inc.		12,266		119,226
Northrim BanCorp, Inc.		2,490		125,770
Northwest Bancshares, Inc.		26,773		311,905
NU Holdings Ltd., Class A(a)		626,840		7,478,201
OceanFirst Financial Corp.		15,179		249,087
OFG Bancorp		11,498		423,241
Old National Bancorp		76,936		1,339,456
Old Second Bancorp, Inc.		11,937		165,208
Orange County Bancorp, Inc.		2,520		115,920
Origin Bancorp, Inc.		7,021		219,336
Orrstown Financial Services, Inc.		2,111		56,511
Pacific Premier Bancorp, Inc.		22,786		546,864
Park National Corp.		3,564		484,169

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Banks (continued)
Pathward Financial, Inc.		7,053	$	356,035
Peapack-Gladstone Financial Corp.		4,853		118,073
Peoples Bancorp, Inc.		9,650		285,737
Peoples Financial Services Corp.		3,240		139,676
Pinnacle Financial Partners, Inc.		20,275		1,741,217
PNC Financial Services Group, Inc. (The)		106,670		17,237,872
Popular, Inc.		19,196		1,690,976
Preferred Bank		2,434		186,858
Premier Financial Corp.		8,942		181,523
Primis Financial Corp.		9,730		118,414
Prosperity Bancshares, Inc.		22,721		1,494,587
Provident Financial Services, Inc.		21,816		317,859
QCR Holdings, Inc.		5,059		307,284
RBB Bancorp		4,890		88,069
Red River Bancshares, Inc.		2,064		102,767
Regions Financial Corp.		247,521		5,207,842
Renasant Corp.		16,064		503,124
Republic Bancorp, Inc., Class A		3,139		160,089
S&T Bancorp, Inc.		8,869		284,518
Sandy Spring Bancorp, Inc.		10,989		254,725
Seacoast Banking Corp. of Florida		16,955		430,487
ServisFirst Bancshares, Inc.		13,441		891,945
Shore Bancshares, Inc.		6,807		78,281
Sierra Bancorp		7,011		141,622
Simmons First National Corp., Class A		34,010		661,835
SmartFinancial, Inc.		6,430		135,480
South Plains Financial, Inc.		3,549		94,971
Southern First Bancshares, Inc.(a)		2,915		92,580
Southern Missouri Bancorp, Inc.		2,559		111,854
Southside Bancshares, Inc.		9,126		266,753
SouthState Corp.		20,983		1,784,184
Stellar Bancorp, Inc.		13,625		331,905
Stock Yards Bancorp, Inc.		7,597		371,569
Summit Financial Group, Inc.		4,419		120,020
Synovus Financial Corp.		37,561		1,504,694
Texas Capital Bancshares, Inc.(a)		13,047		803,043
TFS Financial Corp.		15,208		191,012
Third Coast Bancshares, Inc.(a)		1,134		22,703
Timberland Bancorp, Inc.		3,804		102,404
Tompkins Financial Corp.		3,422		172,092
Towne Bank		16,998		476,964
TriCo Bancshares		7,287		268,016
Triumph Financial, Inc.(a)		5,820		461,642
Truist Financial Corp.		356,448		13,894,343
TrustCo Bank Corp.		5,288		148,910
Trustmark Corp.		16,710		469,718
U.S. Bancorp		417,884		18,679,415
UMB Financial Corp.		11,200		974,288
United Bankshares, Inc.		35,794		1,281,067
United Community Banks, Inc.		25,283		665,449
Univest Financial Corp.		7,193		149,758
Valley National Bancorp		112,572		896,073
Veritex Holdings, Inc.		12,013		246,146
WaFd, Inc.		16,850		489,156
Washington Trust Bancorp, Inc.		3,592		96,553
Webster Financial Corp.		46,693		2,370,604
Wells Fargo & Co.		965,658		55,969,538
WesBanco, Inc.		16,920		504,385
West BanCorp, Inc.		5,736		102,273
Westamerica BanCorp		7,723		377,500
Western Alliance Bancorp		29,981		1,924,480
Wintrust Financial Corp.		16,943		1,768,680

Security	Shares		Value
Banks (continued)
WSFS Financial Corp.		16,322	$	736,775
Zions Bancorp N.A.		39,593		1,718,336
				498,398,234
Beverages — 1.3%
Boston Beer Co., Inc. (The), Class A, NVS(a)		2,417		735,783
Brown-Forman Corp., Class A		14,155		749,507
Brown-Forman Corp., Class B, NVS		48,904		2,524,425
Celsius Holdings, Inc.(a)(b)		38,310		3,176,665
Coca-Cola Co. (The)		1,044,690		63,914,134
Coca-Cola Consolidated, Inc.		1,325		1,121,493
Constellation Brands, Inc., Class A		42,986		11,681,875
Duckhorn Portfolio, Inc. (The)(a)		15,669		145,878
Keurig Dr. Pepper, Inc.		256,836		7,877,160
MGP Ingredients, Inc.(b)		3,871		333,409
Molson Coors Beverage Co., Class B		46,418		3,121,611
Monster Beverage Corp.(a)		199,909		11,850,606
National Beverage Corp.(a)		6,731		319,453
PepsiCo, Inc.		370,069		64,765,776
Primo Water Corp.		44,851		816,737
Vita Coco Co., Inc. (The)(a)		11,856		289,642
				173,424,154
Biotechnology — 2.3%
2seventy bio, Inc.(a)		19,316		103,341
4D Molecular Therapeutics, Inc.(a)		12,463		397,071
89bio, Inc.(a)(b)		16,255		189,208
AbbVie, Inc.		473,602		86,242,924
ACADIA Pharmaceuticals, Inc.(a)		34,566		639,125
ACELYRIN, Inc.(a)(b)		10,851		73,244
Adicet Bio, Inc.(a)(b)		8,508		19,994
ADMA Biologics, Inc.(a)		66,288		437,501
Aerovate Therapeutics, Inc.(a)		4,627		136,820
Agenus, Inc.(a)(b)		61,774		35,829
Agios Pharmaceuticals, Inc.(a)		16,266		475,618
Akero Therapeutics, Inc.(a)(b)		14,125		356,797
Aldeyra Therapeutics, Inc.(a)		14,670		47,971
Alector, Inc.(a)(b)		16,166		97,319
Alkermes PLC(a)		42,493		1,150,286
Allakos, Inc.(a)		25,228		31,787
Allogene Therapeutics, Inc.(a)(b)		24,875		111,191
Alnylam Pharmaceuticals, Inc.(a)		34,033		5,086,232
Alpine Immune Sciences, Inc.(a)		9,565		379,157
Altimmune, Inc.(a)		22,912		233,244
ALX Oncology Holdings, Inc.(a)		9,164		102,179
Amgen, Inc.		143,370		40,762,958
Amicus Therapeutics, Inc.(a)		80,364		946,688
AnaptysBio, Inc.(a)		7,266		163,630
Anavex Life Sciences Corp.(a)(b)		19,282		98,145
Anika Therapeutics, Inc.(a)		6,005		152,527
Annexon, Inc.(a)		23,241		166,638
Apellis Pharmaceuticals, Inc.(a)		26,454		1,554,966
Apogee Therapeutics, Inc.(a)		11,011		731,681
Arbutus Biopharma Corp.(a)(b)		48,458		125,022
Arcellx, Inc.(a)		10,867		755,800
Arcturus Therapeutics Holdings, Inc.(a)(b)		8,778		296,433
Arcus Biosciences, Inc.(a)		12,077		228,014
Arcutis Biotherapeutics, Inc.(a)		24,706		244,836
Ardelyx, Inc.(a)		56,010		408,873
Arrowhead Pharmaceuticals, Inc.(a)(b)		30,780		880,308
Astria Therapeutics, Inc.(a)		11,311		159,202
Atara Biotherapeutics, Inc.(a)(b)		26,316		18,263
Aura Biosciences, Inc.(a)		8,700		68,295
Aurinia Pharmaceuticals, Inc.(a)		37,702		188,887

12 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Avid Bioservices, Inc.(a)(b)		16,734	$	112,118
Avidity Biosciences, Inc.(a)(b)		22,022		562,001
Avita Medical, Inc.(a)		7,139		114,438
Beam Therapeutics, Inc.(a)(b)		21,234		701,571
BioCryst Pharmaceuticals, Inc.(a)		46,097		234,173
Biogen, Inc.(a)		38,535		8,309,302
Biohaven Ltd.(a)(b)		19,347		1,058,087
BioMarin Pharmaceutical, Inc.(a)		49,865		4,355,209
Biomea Fusion, Inc.(a)(b)		5,226		78,129
Bioxcel Therapeutics, Inc.(a)(b)		3,844		10,840
Bluebird Bio, Inc.(a)(b)		17,305		22,150
Blueprint Medicines Corp.(a)		15,555		1,475,547
Bridgebio Pharma, Inc.(a)(b)		32,326		999,520
Cabaletta Bio, Inc.(a)(b)		9,412		160,569
CareDx, Inc.(a)(b)		12,883		136,431
Cargo Therapeutics, Inc.(a)(b)		5,722		127,715
Caribou Biosciences, Inc.(a)		17,921		92,114
Carisma Therapeutics, Inc.(a)		13,919		31,596
Catalyst Pharmaceuticals, Inc.(a)		32,471		517,588
Celcuity, Inc.(a)		7,900		170,640
Celldex Therapeutics, Inc.(a)		16,540		694,184
Century Therapeutics, Inc.(a)		10,218		42,711
Cerevel Therapeutics Holdings, Inc.(a)		18,628		787,406
CG oncology, Inc.(a)(b)		6,190		271,741
Chinook Therapeutics, Inc., CVR(a)(c)		16,679		7,339
Cogent Biosciences, Inc.(a)		24,737		166,233
Coherus Biosciences, Inc.(a)(b)		16,580		39,626
Compass Therapeutics, Inc.(a)(b)		33,317		65,968
Crinetics Pharmaceuticals, Inc.(a)		17,081		799,562
Cullinan Oncology, Inc.(a)		8,133		138,586
Cytokinetics, Inc.(a)(b)		24,491		1,717,064
Day One Biopharmaceuticals, Inc.(a)(b)		18,230		301,160
Deciphera Pharmaceuticals, Inc.(a)		16,136		253,819
Denali Therapeutics, Inc.(a)		32,313		663,063
Design Therapeutics, Inc.(a)(b)		8,904		35,883
Disc Medicine, Inc.(a)		2,121		132,053
Dynavax Technologies Corp.(a)		37,341		463,402
Dyne Therapeutics, Inc.(a)		15,735		446,717
Eagle Pharmaceuticals, Inc.(a)		3,848		20,164
Editas Medicine, Inc.(a)(b)		18,705		138,791
Emergent BioSolutions, Inc.(a)		11,972		30,289
Enanta Pharmaceuticals, Inc.(a)		4,834		84,402
Entrada Therapeutics, Inc.(a)		7,474		105,907
Erasca, Inc.(a)		17,298		35,634
Exact Sciences Corp.(a)		48,329		3,337,601
Exelixis, Inc.(a)		83,093		1,971,797
Fate Therapeutics, Inc.(a)(b)		20,287		148,907
FibroGen, Inc.(a)		22,366		52,560
Genelux Corp.(a)(b)		5,492		35,314
Generation Bio Co.(a)		21,004		85,486
Geron Corp.(a)(b)		133,687		441,167
Gilead Sciences, Inc.		334,919		24,532,817
Halozyme Therapeutics, Inc.(a)		35,834		1,457,727
Heron Therapeutics, Inc.(a)(b)		28,347		78,521
HilleVax, Inc.(a)		5,825		96,870
Humacyte, Inc.(a)(b)		24,465		76,086
Ideaya Biosciences, Inc.(a)		18,016		790,542
IGM Biosciences, Inc.(a)(b)		5,378		51,898
ImmunityBio, Inc.(a)(b)		21,799		117,061
Immunovant, Inc.(a)		16,150		521,806
Incyte Corp.(a)		49,347		2,811,299
Inhibrx, Inc.(a)		7,629		266,710

Security	Shares		Value
Biotechnology (continued)
Inozyme Pharma, Inc.(a)		23,730	$	181,772
Insmed, Inc.(a)(b)		36,380		986,989
Intellia Therapeutics, Inc.(a)		23,273		640,240
Ionis Pharmaceuticals, Inc.(a)(b)		38,384		1,663,946
Iovance Biotherapeutics, Inc.(a)(b)		63,507		941,174
Ironwood Pharmaceuticals, Inc., Class A(a)		40,367		351,597
iTeos Therapeutics, Inc.(a)		6,606		90,106
Janux Therapeutics, Inc.(a)(b)		5,834		219,650
KalVista Pharmaceuticals, Inc.(a)(b)		6,491		76,983
Karyopharm Therapeutics, Inc.(a)(b)		22,497		33,970
Keros Therapeutics, Inc.(a)(b)		6,959		460,686
Kezar Life Sciences, Inc.(a)(b)		14,150		12,758
Kiniksa Pharmaceuticals Ltd., Class A(a)		11,525		227,388
Kodiak Sciences, Inc.(a)(b)		14,120		74,271
Krystal Biotech, Inc.(a)(b)		5,868		1,044,093
Kura Oncology, Inc.(a)(b)		16,683		355,848
Kymera Therapeutics, Inc.(a)(b)		9,778		393,076
Lexicon Pharmaceuticals, Inc.(a)(b)		34,981		83,954
Lyell Immunopharma, Inc.(a)(b)		40,921		91,254
MacroGenics, Inc.(a)		16,336		240,466
Madrigal Pharmaceuticals, Inc.(a)(b)		3,846		1,027,036
MannKind Corp.(a)		60,046		272,008
MeiraGTx Holdings PLC(a)		17,150		104,101
Mersana Therapeutics, Inc.(a)(b)		22,276		99,796
MiMedx Group, Inc.(a)		33,421		257,342
Mineralys Therapeutics, Inc.(a)(b)		6,220		80,300
Mirum Pharmaceuticals, Inc.(a)(b)		6,006		150,871
Moderna, Inc.(a)		89,681		9,556,407
Monte Rosa Therapeutics, Inc.(a)(b)		14,180		99,969
Morphic Holding, Inc.(a)(b)		11,880		418,176
Mural Oncology PLC(a)		4,253		20,797
Myriad Genetics, Inc.(a)		22,751		485,051
Natera, Inc.(a)		29,720		2,718,191
Neurocrine Biosciences, Inc.(a)		26,287		3,625,503
Nkarta, Inc.(a)		8,723		94,296
Novavax, Inc.(a)(b)		19,576		93,573
Nurix Therapeutics, Inc.(a)(b)		10,588		155,644
Nuvalent, Inc., Class A(a)(b)		7,625		572,561
Olema Pharmaceuticals, Inc.(a)(b)		11,785		133,406
Organogenesis Holdings, Inc., Class A(a)(b)		31,030		88,125
ORIC Pharmaceuticals, Inc.(a)		17,214		236,692
Outlook Therapeutics, Inc.(a)(b)		3,216		38,399
PepGen, Inc.(a)(b)		7,407		108,883
PMV Pharmaceuticals, Inc.(a)		8,303		14,115
Precigen, Inc.(a)(b)		60,507		87,735
Prime Medicine, Inc.(a)(b)		10,397		72,779
ProKidney Corp., Class A(a)(b)		16,226		26,611
Protagonist Therapeutics, Inc.(a)		15,830		457,962
Prothena Corp. PLC(a)		10,764		266,624
PTC Therapeutics, Inc.(a)		19,832		576,913
RAPT Therapeutics, Inc.(a)		5,458		49,013
Recursion Pharmaceuticals, Inc., Class A(a)(b)		31,939		318,432
Regeneron Pharmaceuticals, Inc.(a)		27,497		26,465,588
REGENXBIO, Inc.(a)		9,274		195,403
Relay Therapeutics, Inc.(a)(b)		19,987		165,892
Replimune Group, Inc.(a)(b)		10,302		84,167
REVOLUTION Medicines, Inc.(a)		39,362		1,268,637
Rhythm Pharmaceuticals, Inc.(a)(b)		13,510		585,388
Rigel Pharmaceuticals, Inc.(a)		63,784		94,400
Rocket Pharmaceuticals, Inc.(a)		18,677		503,158
Roivant Sciences Ltd.(a)		92,683		976,879
Sage Therapeutics, Inc.(a)		13,544		253,815

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Biotechnology (continued)
Sana Biotechnology, Inc.(a)(b)		22,591	$	225,910
Sangamo Therapeutics, Inc.(a)(b)		33,743		22,615
Sarepta Therapeutics, Inc.(a)		23,730		3,072,086
Savara, Inc.(a)(b)		41,962		208,971
Scholar Rock Holding Corp.(a)		12,436		220,863
Seres Therapeutics, Inc.(a)(b)		18,218		14,103
SpringWorks Therapeutics, Inc.(a)(b)		18,872		928,880
Stoke Therapeutics, Inc.(a)		7,768		104,868
Summit Therapeutics, Inc.(a)(b)		40,304		166,859
Sutro Biopharma, Inc.(a)(b)		22,487		127,052
Syndax Pharmaceuticals, Inc.(a)		19,639		467,408
Tango Therapeutics, Inc.(a)		12,939		102,736
Tenaya Therapeutics, Inc.(a)		15,793		82,597
TG Therapeutics, Inc.(a)(b)		35,722		543,332
Travere Therapeutics, Inc.(a)		16,869		130,060
Twist Bioscience Corp.(a)		15,096		517,944
Tyra Biosciences, Inc.(a)(b)		6,501		106,616
Ultragenyx Pharmaceutical, Inc.(a)		21,899		1,022,464
United Therapeutics Corp.(a)		11,921		2,738,492
UroGen Pharma Ltd.(a)		9,451		141,765
Vanda Pharmaceuticals, Inc.(a)		14,919		61,317
Vaxcyte, Inc.(a)(b)		27,800		1,899,018
Vera Therapeutics, Inc., Class A(a)		10,673		460,220
Veracyte, Inc.(a)		17,415		385,916
Vericel Corp.(a)		11,612		604,056
Vertex Pharmaceuticals, Inc.(a)		69,132		28,897,867
Verve Therapeutics, Inc.(a)(b)		12,453		165,376
Viking Therapeutics, Inc.(a)(b)		27,381		2,245,242
Vir Biotechnology, Inc.(a)		20,108		203,694
Viridian Therapeutics, Inc.(a)		10,421		182,472
Voyager Therapeutics, Inc.(a)		8,963		83,446
X4 Pharmaceuticals, Inc.(a)		55,253		76,802
Xencor, Inc.(a)		14,946		330,755
Y-mAbs Therapeutics, Inc.(a)		9,127		148,405
Zentalis Pharmaceuticals, Inc.(a)(b)		14,046		221,365
Zymeworks, Inc.(a)(b)		14,031		147,606
				316,013,652
Broadline Retail — 3.3%
Amazon.com, Inc.(a)		2,418,052		436,168,220
Big Lots, Inc.		8,961		38,801
ContextLogic, Inc., Class A(a)(b)		5,646		32,126
Coupang, Inc., Class A(a)		290,785		5,173,065
Dillard’s, Inc., Class A(b)		1,050		495,222
eBay, Inc.		139,408		7,357,954
Etsy, Inc.(a)		33,329		2,290,369
Kohl’s Corp.		29,333		855,057
Macy’s, Inc.		73,811		1,475,482
Nordstrom, Inc.		29,064		589,127
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		17,001		1,352,770
Savers Value Village, Inc.(a)(b)		6,855		132,164
				455,960,357
Building Products — 0.7%
A. O. Smith Corp.		31,834		2,847,870
AAON, Inc.		17,564		1,547,388
Advanced Drainage Systems, Inc.		18,181		3,131,495
Allegion PLC		23,098		3,111,532
American Woodmark Corp.(a)		4,766		484,512
Apogee Enterprises, Inc.		6,973		412,802
Armstrong World Industries, Inc.		12,129		1,506,664
AZEK Co., Inc. (The), Class A(a)		36,819		1,849,050
AZZ, Inc.		6,738		520,915
Builders FirstSource, Inc.(a)		32,294		6,734,914

Security	Shares		Value
Building Products (continued)
Carlisle Cos., Inc.		13,072	$	5,122,263
Carrier Global Corp.		224,206		13,033,095
CSW Industrials, Inc.		4,336		1,017,226
Fortune Brands Innovations, Inc.		34,378		2,910,785
Gibraltar Industries, Inc.(a)		8,138		655,353
Griffon Corp.		11,111		814,881
Hayward Holdings, Inc.(a)		37,836		579,269
Insteel Industries, Inc.		4,291		164,002
Janus International Group, Inc.(a)(b)		22,257		336,748
JELD-WEN Holding, Inc.(a)		21,780		462,389
Johnson Controls International PLC		181,219		11,837,225
Lennox International, Inc.		8,450		4,130,022
Masco Corp.		61,076		4,817,675
Masonite International Corp.(a)(b)		6,201		815,122
Masterbrand, Inc.(a)		34,188		640,683
Owens Corning		23,821		3,973,343
Quanex Building Products Corp.		9,063		348,291
Resideo Technologies, Inc.(a)		37,867		848,978
Simpson Manufacturing Co., Inc.		11,617		2,383,576
Trane Technologies PLC		60,960		18,300,192
Trex Co., Inc.(a)(b)		28,522		2,845,070
UFP Industries, Inc.		16,337		2,009,614
Zurn Elkay Water Solutions Corp.		38,941		1,303,355
				101,496,299
Capital Markets — 3.0%
Affiliated Managers Group, Inc.		9,195		1,539,887
Ameriprise Financial, Inc.		26,917		11,801,489
Ares Management Corp., Class A		44,886		5,968,940
Artisan Partners Asset Management, Inc., Class A		14,871		680,646
AssetMark Financial Holdings, Inc.(a)(b)		7,035		249,109
B Riley Financial, Inc.(b)		5,776		122,278
Bank of New York Mellon Corp. (The)		203,967		11,752,579
BGC Group, Inc., Class A(b)		87,339		678,624
BlackRock, Inc.(d)		39,955		33,310,484
Blackstone, Inc., Class A, NVS		191,362		25,139,226
Blue Owl Capital, Inc., Class A		118,538		2,235,627
Brightsphere Investment Group, Inc.		8,537		194,985
Carlyle Group, Inc. (The)		57,275		2,686,770
Cboe Global Markets, Inc.		28,571		5,249,350
Charles Schwab Corp. (The)		397,791		28,776,201
CME Group, Inc., Class A		96,513		20,778,284
Cohen & Steers, Inc.		6,095		468,645
Coinbase Global, Inc., Class A(a)		46,011		12,198,436
Diamond Hill Investment Group, Inc., Class A		686		105,761
Donnelley Financial Solutions, Inc.(a)		6,452		400,089
Evercore, Inc., Class A		9,513		1,832,109
FactSet Research Systems, Inc.		10,307		4,683,398
Forge Global Holdings, Inc.(a)		46,605		89,948
Franklin Resources, Inc.		80,434		2,261,000
GCM Grosvenor, Inc., Class A		13,029		125,860
Goldman Sachs Group, Inc. (The)		84,786		35,414,264
Hamilton Lane, Inc., Class A		9,332		1,052,276
Houlihan Lokey, Inc., Class A		13,840		1,774,150
Interactive Brokers Group, Inc., Class A		27,985		3,126,204
Intercontinental Exchange, Inc.		151,957		20,883,451
Invesco Ltd.		100,166		1,661,754
Janus Henderson Group PLC		38,565		1,268,403
Jefferies Financial Group, Inc.		47,482		2,093,956
KKR & Co., Inc., Class A		177,943		17,897,507
Lazard, Inc.		29,031		1,215,528
LPL Financial Holdings, Inc.		20,203		5,337,633

14 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
MarketAxess Holdings, Inc.		9,998	$	2,192,061
Moelis & Co., Class A		16,225		921,093
Moody’s Corp.		42,489		16,699,452
Morgan Stanley		314,401		29,603,998
Morningstar, Inc.		6,787		2,092,907
MSCI, Inc., Class A		20,641		11,568,248
Nasdaq, Inc.		98,693		6,227,528
Northern Trust Corp.		53,709		4,775,804
Open Lending Corp.(a)(b)		26,900		168,394
P10, Inc., Class A		9,808		82,583
Patria Investments Ltd., Class A		14,307		212,316
Perella Weinberg Partners, Class A		8,322		117,590
Piper Sandler Cos		4,964		985,304
PJT Partners, Inc., Class A		6,282		592,141
Raymond James Financial, Inc.		50,475		6,481,999
Robinhood Markets, Inc., Class A(a)		169,875		3,419,584
S&P Global, Inc.		84,837		36,093,902
SEI Investments Co.		26,899		1,934,038
State Street Corp.		80,779		6,245,832
StepStone Group, Inc., Class A		15,092		539,388
Stifel Financial Corp.		25,957		2,029,059
StoneX Group, Inc.(a)		7,945		558,216
T Rowe Price Group, Inc.		59,319		7,232,172
TPG, Inc., Class A		20,040		895,788
Tradeweb Markets, Inc., Class A		30,443		3,171,247
Victory Capital Holdings, Inc., Class A		7,921		336,088
Virtu Financial, Inc., Class A		21,751		446,331
Virtus Investment Partners, Inc.		1,751		434,213
WisdomTree, Inc.		40,090		368,427
XP, Inc., Class A		88,125		2,261,287
				413,741,841
Chemicals — 1.6%
AdvanSix, Inc.		7,877		225,282
Air Products & Chemicals, Inc.		59,739		14,472,968
Albemarle Corp.		30,951		4,077,485
American Vanguard Corp.		8,822		114,245
Arcadium Lithium PLC(a)		268,184		1,155,873
Ashland, Inc.		13,705		1,334,456
Aspen Aerogels, Inc.(a)(b)		10,497		184,747
Avient Corp.		23,035		999,719
Axalta Coating Systems Ltd.(a)		60,728		2,088,436
Balchem Corp.		8,159		1,264,237
Cabot Corp.		14,120		1,301,864
Celanese Corp., Class A		26,225		4,507,028
CF Industries Holdings, Inc.		52,333		4,354,629
Chemours Co. (The)		38,276		1,005,128
Core Molding Technologies, Inc.(a)		4,120		77,992
Corteva, Inc.		189,546		10,931,118
Danimer Scientific, Inc., Class A(a)(b)		27,481		29,954
Dow, Inc.		188,905		10,943,267
DuPont de Nemours, Inc.		115,568		8,860,599
Eastman Chemical Co.		31,816		3,188,599
Ecolab, Inc.		66,325		15,314,442
Ecovyst, Inc.(a)		25,658		286,087
Element Solutions, Inc.		58,947		1,472,496
FMC Corp.		33,034		2,104,266
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		407,271		472,434
Hawkins, Inc.		4,481		344,141
HB Fuller Co.		15,083		1,202,718
Huntsman Corp.		45,102		1,174,005
Ingevity Corp.(a)		9,731		464,169
Innospec, Inc.		6,514		839,915

Security	Shares		Value
Chemicals (continued)
International Flavors & Fragrances, Inc.		68,415	$	5,883,006
Intrepid Potash, Inc.(a)(b)		2,894		60,369
Koppers Holdings, Inc.		5,206		287,215
Linde PLC		130,224		60,465,608
LSB Industries, Inc.(a)		19,491		171,131
LyondellBasell Industries NV, Class A		69,483		7,106,721
Mativ Holdings, Inc.		13,937		261,319
Minerals Technologies, Inc.		9,716		731,420
Mosaic Co. (The)		87,793		2,849,761
NewMarket Corp.		1,770		1,123,277
Olin Corp.		33,445		1,966,566
Origin Materials, Inc., Class A(a)(b)		32,071		16,356
Orion SA		15,994		376,179
Perimeter Solutions SA(a)		38,516		285,789
PPG Industries, Inc.		62,574		9,066,973
PureCycle Technologies, Inc.(a)(b)		27,747		172,586
Quaker Chemical Corp.		3,550		728,637
Rayonier Advanced Materials, Inc.(a)		16,232		77,589
RPM International, Inc.		34,672		4,124,234
Scotts Miracle-Gro Co. (The)		10,732		800,500
Sensient Technologies Corp.		11,421		790,219
Sherwin-Williams Co. (The)		63,975		22,220,437
Stepan Co.		6,107		549,874
Trinseo PLC		9,810		37,082
Tronox Holdings PLC		26,977		468,051
Westlake Corp.(b)		9,049		1,382,687
				216,795,885
Commercial Services & Supplies — 0.7%
ABM Industries, Inc.		17,542		782,724
ACCO Brands Corp.		27,796		155,935
ACV Auctions, Inc., Class A(a)(b)		33,576		630,221
Aris Water Solutions, Inc., Class A		6,497		91,933
BrightView Holdings, Inc.(a)		13,936		165,838
Brink’s Co. (The)		11,663		1,077,428
Casella Waste Systems, Inc., Class A(a)(b)		14,596		1,443,106
CECO Environmental Corp.(a)(b)		8,450		194,519
Cimpress PLC(a)(b)		4,454		394,223
Cintas Corp.		23,286		15,998,181
Clean Harbors, Inc.(a)		13,494		2,716,477
Copart, Inc.(a)(b)		231,139		13,387,571
CoreCivic, Inc.(a)		30,580		477,354
Deluxe Corp.		10,898		224,390
Driven Brands Holdings, Inc.(a)		16,982		268,146
Ennis, Inc.		6,516		133,643
Enviri Corp.(a)		22,498		205,857
GEO Group, Inc. (The)(a)		33,156		468,163
Healthcare Services Group, Inc.(a)		20,239		252,583
HNI Corp.		12,919		583,034
Interface, Inc., Class A		14,437		242,830
Li-Cycle Holdings Corp.(a)(b)		36,189		37,275
Liquidity Services, Inc.(a)		6,754		125,624
Matthews International Corp., Class A		7,924		246,278
MillerKnoll, Inc.		21,047		521,124
Montrose Environmental Group, Inc.(a)		6,015		235,608
MSA Safety, Inc.		9,638		1,865,820
OPENLANE, Inc.(a)		28,518		493,361
Performant Financial Corp.(a)		40,155		118,056
RB Global, Inc.		48,193		3,670,861
Republic Services, Inc.		55,131		10,554,279
Rollins, Inc.		68,086		3,150,339
SP Plus Corp.(a)		5,958		311,127
Steelcase, Inc., Class A		25,254		330,322

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Stericycle, Inc.(a)		24,059	$	1,269,112
Tetra Tech, Inc.		14,238		2,629,901
UniFirst Corp.		4,116		713,838
Veralto Corp.		58,348		5,173,134
Vestis Corp.		30,894		595,327
Viad Corp.(a)		5,038		198,951
VSE Corp.		2,970		237,600
Waste Management, Inc.		109,364		23,310,937
				95,683,030
Communications Equipment — 0.8%
ADTRAN Holdings, Inc.		18,518		100,738
Arista Networks, Inc.(a)(b)		67,134		19,467,517
Aviat Networks, Inc.(a)		3,540		135,724
Calix, Inc.(a)		14,534		481,947
Cambium Networks Corp.(a)		4,531		19,529
Ciena Corp.(a)		40,040		1,979,978
Cisco Systems, Inc.		1,090,006		54,402,199
Clearfield, Inc.(a)		3,407		105,072
CommScope Holding Co., Inc.(a)		51,962		68,070
Comtech Telecommunications Corp.(a)		8,050		27,612
Digi International, Inc.(a)		8,662		276,578
Extreme Networks, Inc.(a)		35,150		405,631
F5, Inc.(a)(b)		15,739		2,983,957
Harmonic, Inc.(a)		32,128		431,800
Infinera Corp.(a)(b)		53,051		319,898
Juniper Networks, Inc.		84,101		3,116,783
Lumentum Holdings, Inc.(a)(b)		19,027		900,928
Motorola Solutions, Inc.		44,238		15,703,605
NETGEAR, Inc.(a)		8,758		138,114
NetScout Systems, Inc.(a)		16,568		361,845
Ribbon Communications, Inc.(a)		23,455		75,056
Ubiquiti, Inc.		1,059		122,685
Viasat, Inc.(a)(b)		31,164		563,757
Viavi Solutions, Inc.(a)		63,918		581,015
				102,770,038
Construction & Engineering — 0.3%
AECOM		35,672		3,498,710
Ameresco, Inc., Class A(a)(b)		7,996		192,943
API Group Corp.(a)(b)		56,317		2,211,568
Arcosa, Inc.		12,801		1,099,094
Argan, Inc.		3,845		194,326
Bowman Consulting Group Ltd.(a)		3,335		116,025
Comfort Systems U.S.A., Inc.		9,526		3,026,505
Construction Partners, Inc., Class A(a)(b)		11,725		658,359
Dycom Industries, Inc.(a)		7,169		1,028,966
EMCOR Group, Inc.		12,527		4,386,955
Fluor Corp.(a)		39,032		1,650,273
Granite Construction, Inc.		13,383		764,571
Great Lakes Dredge & Dock Corp.(a)		14,724		128,835
IES Holdings, Inc.(a)		2,687		326,847
Limbach Holdings, Inc.(a)		3,640		150,769
MasTec, Inc.(a)		16,775		1,564,269
MDU Resources Group, Inc.		52,180		1,314,936
MYR Group, Inc.(a)		4,078		720,786
Northwest Pipe Co.(a)		4,004		138,859
Primoris Services Corp.		15,621		664,986
Quanta Services, Inc.		38,452		9,989,830
Sterling Infrastructure, Inc.(a)		8,255		910,609
Tutor Perini Corp.(a)		13,265		191,812

Security	Shares		Value
Construction & Engineering (continued)
Valmont Industries, Inc.		5,513	$	1,258,508
WillScot Mobile Mini Holdings Corp.(a)		49,292		2,292,078
				38,481,419
Construction Materials — 0.2%
Eagle Materials, Inc.		9,015		2,449,826
Knife River Corp.(a)		15,293		1,239,956
Martin Marietta Materials, Inc.		16,628		10,208,594
Summit Materials, Inc., Class A(a)		32,461		1,446,787
United States Lime & Minerals, Inc.		683		203,630
Vulcan Materials Co.		35,391		9,658,912
				25,207,705
Consumer Finance — 0.6%
Ally Financial, Inc.		71,750		2,912,333
American Express Co.		155,641		35,437,899
Bread Financial Holdings, Inc.		12,814		477,193
Capital One Financial Corp.		101,552		15,120,077
Credit Acceptance Corp.(a)		1,825		1,006,579
Discover Financial Services		67,190		8,807,937
Encore Capital Group, Inc.(a)		6,516		297,195
Enova International, Inc.(a)		7,558		474,869
FirstCash Holdings, Inc.		9,756		1,244,280
Green Dot Corp., Class A(a)		14,236		132,822
LendingClub Corp.(a)		25,737		226,228
LendingTree, Inc.(a)		3,872		163,941
Navient Corp.		25,349		441,073
Nelnet, Inc., Class A		3,240		306,666
NerdWallet, Inc., Class A(a)		5,907		86,833
OneMain Holdings, Inc.		29,522		1,508,279
PRA Group, Inc.(a)		9,564		249,429
PROG Holdings, Inc.		10,659		367,096
Regional Management Corp.		3,385		81,951
SLM Corp.		58,047		1,264,844
SoFi Technologies, Inc.(a)(b)		261,521		1,909,103
Synchrony Financial		107,878		4,651,700
Upstart Holdings, Inc.(a)(b)		20,190		542,909
World Acceptance Corp.(a)		985		142,805
				77,854,041
Consumer Staples Distribution & Retail — 1.8%
Albertsons Cos., Inc., Class A		110,509		2,369,313
Andersons, Inc. (The)		9,836		564,291
BJ’s Wholesale Club Holdings, Inc.(a)		35,060		2,652,289
Casey’s General Stores, Inc.		9,990		3,181,315
Chefs’ Warehouse, Inc. (The)(a)		7,586		285,689
Costco Wholesale Corp.		118,907		87,114,835
Dollar General Corp.		59,095		9,222,366
Dollar Tree, Inc.(a)		54,937		7,314,862
Grocery Outlet Holding Corp.(a)		26,207		754,237
Ingles Markets, Inc., Class A		4,232		324,510
Kroger Co. (The)		175,388		10,019,916
Maplebear, Inc.(a)(b)		5,613		209,309
Performance Food Group Co.(a)		41,773		3,117,937
PriceSmart, Inc.		7,362		618,408
SpartanNash Co.		9,015		182,193
Sprouts Farmers Market, Inc.(a)(b)		27,747		1,789,127
Sysco Corp.		133,803		10,862,128
Target Corp.		123,114		21,817,032
U.S. Foods Holding Corp.(a)		60,179		3,247,861
United Natural Foods, Inc.(a)		14,113		162,158
Walgreens Boots Alliance, Inc.		191,468		4,152,941

16 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Consumer Staples Distribution & Retail (continued)
Walmart, Inc.		1,148,837	$	69,125,522
Weis Markets, Inc.		4,741		305,320
				239,393,559
Containers & Packaging — 0.3%
Amcor PLC		388,629		3,695,862
AptarGroup, Inc.		17,372		2,499,657
Ardagh Group SA, Class A(a)		4,919		32,982
Ardagh Metal Packaging SA		41,863		143,590
Avery Dennison Corp.		21,650		4,833,363
Ball Corp.		82,694		5,570,268
Berry Global Group, Inc.		30,647		1,853,531
Crown Holdings, Inc.		28,146		2,230,852
Graphic Packaging Holding Co.		82,908		2,419,255
Greif, Inc., Class A, NVS		6,324		436,672
Greif, Inc., Class B		1,997		138,831
International Paper Co.		91,895		3,585,743
Myers Industries, Inc.		9,713		225,050
O-I Glass, Inc.(a)		43,649		724,137
Packaging Corp. of America		23,986		4,552,063
Pactiv Evergreen, Inc.		10,587		151,606
Sealed Air Corp.		37,991		1,413,265
Silgan Holdings, Inc.		22,054		1,070,942
Sonoco Products Co.		26,076		1,508,236
TriMas Corp.		9,862		263,611
Westrock Co.		67,541		3,339,903
				40,689,419
Distributors — 0.1%
Genuine Parts Co.		37,221		5,766,650
LKQ Corp.		70,690		3,775,553
Pool Corp.		10,243		4,133,050
				13,675,253
Diversified Consumer Services — 0.1%
2U, Inc.(a)(b)		18,543		7,226
ADT, Inc.		75,355		506,386
Adtalem Global Education, Inc.(a)		10,571		543,349
Bright Horizons Family Solutions, Inc.(a)(b)		14,985		1,698,700
Carriage Services, Inc.		3,910		105,726
Chegg, Inc.(a)		32,097		242,974
Coursera, Inc.(a)		34,844		488,513
Duolingo, Inc., Class A(a)		7,547		1,664,717
European Wax Center, Inc., Class A(a)		6,833		88,692
Frontdoor, Inc.(a)(b)		22,845		744,290
Graham Holdings Co., Class B		1,031		791,478
Grand Canyon Education, Inc.(a)		8,060		1,097,853
H&R Block, Inc.		38,914		1,911,067
Laureate Education, Inc., Class A		35,345		514,977
Mister Car Wash, Inc.(a)(b)		20,225		156,744
OneSpaWorld Holdings Ltd.(a)		14,010		185,352
Perdoceo Education Corp.		20,257		355,713
Service Corp. International		38,301		2,842,317
Strategic Education, Inc.		5,904		614,725
Stride, Inc.(a)		11,163		703,827
Udemy, Inc.(a)		22,356		245,469
Universal Technical Institute, Inc.(a)		13,812		220,163
WW International, Inc.(a)		16,387		30,316
				15,760,574
Diversified REITs — 0.1%
Alexander & Baldwin, Inc.		20,232		333,221
American Assets Trust, Inc.		12,465		273,108
Armada Hoffler Properties, Inc.		14,826		154,191
Broadstone Net Lease, Inc.		46,624		730,598

Security	Shares		Value
Diversified REITs (continued)
CTO Realty Growth, Inc.		6,704	$	113,633
Empire State Realty Trust, Inc., Class A		38,723		392,264
Essential Properties Realty Trust, Inc.		41,365		1,102,791
Gladstone Commercial Corp.		9,793		135,535
Global Net Lease, Inc.		55,042		427,676
NexPoint Diversified Real Estate Trust		10,315		68,079
One Liberty Properties, Inc.		4,617		104,298
WP Carey, Inc.		58,329		3,292,089
				7,127,483
Diversified Telecommunication Services — 0.6%
Anterix, Inc.(a)		3,196		107,418
AST SpaceMobile, Inc., Class A(a)(b)		18,009		52,226
AT&T Inc.		1,921,149		33,812,222
ATN International, Inc.		3,070		96,720
Bandwidth, Inc., Class A(a)(b)		8,519		155,557
Cogent Communications Holdings, Inc.		11,557		755,019
Consolidated Communications Holdings, Inc.(a)		20,785		89,791
Frontier Communications Parent, Inc.(a)(b)		63,145		1,547,053
GCI Liberty, Inc. Escrow, Class A(a)(c)		28,033		—
Globalstar, Inc.(a)(b)		172,230		253,178
IDT Corp., Class B		5,257		198,767
Iridium Communications, Inc.		33,700		881,592
Liberty Latin America Ltd., Class A(a)		11,904		82,971
Liberty Latin America Ltd., Class C, NVS(a)(b)		42,853		299,542
Lumen Technologies, Inc.(a)		268,652		419,097
Ooma, Inc.(a)		7,107		60,623
Shenandoah Telecommunications Co.		13,318		231,334
Verizon Communications, Inc.		1,129,146		47,378,966
				86,422,076
Electric Utilities — 1.3%
ALLETE, Inc.		15,023		895,972
Alliant Energy Corp.		67,635		3,408,804
American Electric Power Co., Inc.		141,497		12,182,892
Avangrid, Inc.		19,321		704,057
Constellation Energy Corp.		86,279		15,948,673
Duke Energy Corp.		206,284		19,949,726
Edison International		102,342		7,238,650
Entergy Corp.		56,181		5,937,208
Evergy, Inc.		59,646		3,183,903
Eversource Energy		94,501		5,648,325
Exelon Corp.		266,100		9,997,377
FirstEnergy Corp.		144,892		5,595,729
Genie Energy Ltd., Class B		3,944		59,475
Hawaiian Electric Industries, Inc.		29,237		329,501
IDACORP, Inc.		12,942		1,202,182
MGE Energy, Inc.		9,504		748,155
NextEra Energy, Inc.		551,759		35,262,918
NRG Energy, Inc.		61,229		4,144,591
OGE Energy Corp.		55,159		1,891,954
Otter Tail Corp.		10,579		914,026
PG&E Corp.		546,365		9,157,077
Pinnacle West Capital Corp.		30,682		2,292,866
PNM Resources, Inc.		22,405		843,324
Portland General Electric Co.		26,828		1,126,776
PPL Corp.		199,539		5,493,309
Southern Co. (The)		291,858		20,937,893
Xcel Energy, Inc.		147,603		7,933,661
				183,029,024
Electrical Equipment — 0.8%
Acuity Brands, Inc.		8,558		2,299,791
Allient, Inc.		3,510		125,237

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electrical Equipment (continued)
AMETEK, Inc.		61,341	$	11,219,269
Array Technologies, Inc.(a)		41,229		614,724
Atkore, Inc.(b)		9,973		1,898,460
Babcock & Wilcox Enterprises, Inc.(a)		17,290		19,538
Blink Charging Co.(a)(b)		9,934		29,901
Bloom Energy Corp., Class A(a)(b)		51,810		582,344
ChargePoint Holdings, Inc., Class A(a)(b)		87,772		166,767
Eaton Corp. PLC		106,804		33,395,475
Emerson Electric Co.		153,029		17,356,549
Encore Wire Corp.		3,829		1,006,185
Energy Vault Holdings, Inc.(a)(b)		35,874		64,214
EnerSys		11,504		1,086,668
Enovix Corp.(a)(b)		38,261		306,471
Eos Energy Enterprises, Inc., Class A(a)(b)		32,264		33,232
ESS Tech, Inc.(a)(b)		32,113		23,227
Fluence Energy, Inc., Class A(a)(b)		15,582		270,192
FuelCell Energy, Inc.(a)(b)		100,728		119,866
Generac Holdings, Inc.(a)(b)		16,555		2,088,248
GrafTech International Ltd.		57,139		78,852
Hubbell, Inc.		14,439		5,992,907
LSI Industries, Inc.		8,998		136,050
NEXTracker, Inc., Class A(a)(b)		32,649		1,837,159
NuScale Power Corp., Class A(a)(b)		10,286		54,619
nVent Electric PLC		44,227		3,334,716
Plug Power, Inc.(a)(b)		136,169		468,421
Powell Industries, Inc.		2,842		404,417
Preformed Line Products Co.		881		113,358
Regal Rexnord Corp.		17,371		3,128,517
Rockwell Automation, Inc.		31,017		9,036,183
Sensata Technologies Holding PLC		40,425		1,485,214
SES AI Corp., Class A(a)		45,128		75,815
Shoals Technologies Group, Inc., Class A(a)(b)		43,033		481,109
Stem, Inc.(a)(b)		42,407		92,871
SunPower Corp.(a)(b)		20,402		61,206
Sunrun, Inc.(a)(b)		53,706		707,845
Thermon Group Holdings, Inc.(a)(b)		8,760		286,627
TPI Composites, Inc.(a)(b)		10,605		30,861
Vertiv Holdings Co., Class A		91,262		7,453,368
Vicor Corp.(a)		5,547		212,117
				108,178,590
Electronic Equipment, Instruments & Components — 0.7%
908 Devices, Inc.(a)(b)		7,918		59,781
Advanced Energy Industries, Inc.		9,586		977,580
Akoustis Technologies, Inc.(a)(b)		33,726		19,935
Amphenol Corp., Class A		156,113		18,007,634
Arlo Technologies, Inc.(a)(b)		21,698		274,480
Arrow Electronics, Inc.(a)		14,353		1,858,139
Avnet, Inc.		24,382		1,208,860
Badger Meter, Inc.		8,079		1,307,263
Bel Fuse, Inc., Class B, NVS		2,752		165,973
Belden, Inc.		11,215		1,038,621
Benchmark Electronics, Inc.		10,654		319,726
CDW Corp.		36,370		9,302,719
Climb Global Solutions, Inc.		2,014		142,752
Cognex Corp.		45,383		1,925,147
Coherent Corp.(a)		34,803		2,109,758
Corning, Inc.		205,988		6,789,364
Crane NXT Co.		12,637		782,230
CTS Corp.		8,291		387,936
Daktronics, Inc.(a)(b)		13,696		136,412
ePlus, Inc.(a)		7,604		597,218
Evolv Technologies Holdings, Inc., Class A(a)		34,306		152,662

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Fabrinet(a)		9,449	$	1,786,050
FARO Technologies, Inc.(a)		4,211		90,579
Insight Enterprises, Inc.(a)(b)		7,363		1,365,984
IPG Photonics Corp.(a)		8,524		773,042
Itron, Inc.(a)		11,807		1,092,384
Jabil, Inc.		33,329		4,464,419
Keysight Technologies, Inc.(a)		46,541		7,278,082
Kimball Electronics, Inc.(a)		6,043		130,831
Knowles Corp.(a)		26,111		420,387
Lightwave Logic, Inc.(a)(b)		31,686		148,290
Littelfuse, Inc.		6,298		1,526,320
Luna Innovations, Inc.(a)(b)		11,561		37,053
Methode Electronics, Inc.		9,302		113,298
MicroVision, Inc.(a)(b)		41,776		76,868
Mirion Technologies, Inc., Class A(a)		56,348		640,677
Napco Security Technologies, Inc.		7,634		306,581
nLight, Inc.(a)(b)		10,913		141,869
Novanta, Inc.(a)		9,815		1,715,368
OSI Systems, Inc.(a)		4,566		652,116
PAR Technology Corp.(a)(b)		7,452		338,023
PC Connection, Inc.		2,993		197,328
Plexus Corp.(a)		7,468		708,116
Rogers Corp.(a)		5,021		595,942
Sanmina Corp.(a)		16,120		1,002,342
ScanSource, Inc.(a)		6,817		300,221
SmartRent, Inc., Class A(a)		38,506		103,196
TD SYNNEX Corp.		15,579		1,761,985
Teledyne Technologies, Inc.(a)		12,396		5,321,851
Trimble, Inc.(a)(b)		65,042		4,186,103
TTM Technologies, Inc.(a)		24,126		377,572
Vishay Intertechnology, Inc.		32,373		734,220
Vishay Precision Group, Inc.(a)		3,260		115,176
Vontier Corp.		42,794		1,941,136
Vuzix Corp.(a)(b)		20,056		24,268
Zebra Technologies Corp., Class A(a)(b)		13,943		4,202,978
				92,234,845
Energy Equipment & Services — 0.5%
Archrock, Inc.		35,156		691,519
Atlas Energy Solutions, Inc.		6,673		150,943
Baker Hughes Co., Class A		268,307		8,988,284
Borr Drilling Ltd.(b)		62,887		430,776
Bristow Group, Inc.(a)(b)		6,188		168,314
Cactus, Inc., Class A		17,419		872,518
ChampionX Corp.		51,523		1,849,160
Core Laboratories, Inc.		12,339		210,750
Diamond Offshore Drilling, Inc.(a)		26,542		362,033
DMC Global, Inc.(a)		6,419		125,106
Dril-Quip, Inc.(a)(b)		9,958		224,354
Expro Group Holdings NV(a)		25,530		509,834
Halliburton Co.		239,036		9,422,799
Helix Energy Solutions Group, Inc.(a)		35,770		387,747
Helmerich & Payne, Inc.		27,054		1,137,891
Kodiak Gas Services, Inc.		6,561		179,378
Liberty Energy, Inc., Class A		41,359		856,958
Nabors Industries Ltd.(a)		2,254		194,137
Newpark Resources, Inc.(a)		26,336		190,146
Noble Corp. PLC		31,103		1,508,184
NOV, Inc.		105,244		2,054,363
Oceaneering International, Inc.(a)		24,796		580,226
Oil States International, Inc.(a)		23,137		142,524
Patterson-UTI Energy, Inc.		91,065		1,087,316
ProFrac Holding Corp., Class A(a)(b)		8,210		68,636

18 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Energy Equipment & Services (continued)
ProPetro Holding Corp.(a)		20,043	$	161,947
RPC, Inc.		20,816		161,116
Schlumberger NV		383,013		20,992,943
SEACOR Marine Holdings, Inc.(a)		9,958		138,815
Seadrill Ltd.(a)		13,299		668,940
Select Water Solutions, Inc., Class A		22,610		208,690
Solaris Oilfield Infrastructure, Inc., Class A		12,609		109,320
TechnipFMC PLC		116,457		2,924,235
TETRA Technologies, Inc.(a)		42,513		188,333
Tidewater, Inc.(a)		13,076		1,202,992
U.S. Silica Holdings, Inc.(a)		21,396		265,524
Valaris Ltd.(a)		15,720		1,183,087
Weatherford International PLC(a)		18,349		2,117,842
				62,717,680
Entertainment — 1.3%
AMC Entertainment Holdings, Inc., Class A(a)(b)		53,130		197,644
Atlanta Braves Holdings, Inc., Class A(a)		3,141		131,608
Atlanta Braves Holdings, Inc., Class C, NVS(a)		13,458		525,670
Cinemark Holdings, Inc.(a)(b)		29,289		526,323
Electronic Arts, Inc.		72,217		9,581,029
Eventbrite, Inc., Class A(a)		18,665		102,284
IMAX Corp.(a)(b)		14,885		240,690
Liberty Media Corp. - Liberty Formula One, Class A(a)		6,579		386,451
Liberty Media Corp. - Liberty Formula One, Class C, NVS(a)		51,464		3,376,038
Liberty Media Corp. - Liberty Live, Class A(a)		5,015		212,385
Liberty Media Corp. - Liberty Live, Class C, NVS(a)		12,293		538,679
Lions Gate Entertainment Corp., Class A(a)(b)		14,259		141,877
Lions Gate Entertainment Corp., Class B, NVS(a)		33,747		314,185
Live Nation Entertainment, Inc.(a)		42,031		4,445,619
Madison Square Garden Entertainment Corp.(a)		11,383		446,327
Madison Square Garden Sports Corp., Class A(a)		5,282		974,635
Marcus Corp. (The)		7,282		103,841
Netflix, Inc.(a)		114,532		69,558,720
Playstudios, Inc., Class A(a)		27,673		76,931
Playtika Holding Corp.		6,253		44,084
ROBLOX Corp., Class A(a)		124,940		4,770,209
Roku, Inc., Class A(a)(b)		33,392		2,176,157
Sphere Entertainment Co., Class A(a)(b)		6,888		338,063
Spotify Technology SA(a)		37,589		9,919,737
Take-Two Interactive Software, Inc.(a)(b)		44,309		6,579,443
TKO Group Holdings, Inc., Class A		16,273		1,406,150
Vivid Seats, Inc., Class A(a)(b)		22,500		134,775
Walt Disney Co. (The)		491,557		60,146,915
Warner Bros Discovery, Inc., Class A(a)		584,830		5,105,566
				182,502,035
Financial Services — 4.2%
Acacia Research Corp.(a)(b)		30,929		164,852
Affirm Holdings, Inc., Class A(a)(b)		60,446		2,252,218
Alerus Financial Corp.		5,590		122,030
A-Mark Precious Metals, Inc.		5,150		158,054
Apollo Global Management, Inc.		139,819		15,722,647
AvidXchange Holdings, Inc.(a)		38,092		500,910
Banco Latinoamericano de Comercio Exterior SA, Class E		10,914		323,273
Berkshire Hathaway, Inc., Class B(a)		491,468		206,672,123
Block, Inc., Class A(a)		148,173		12,532,472
Cannae Holdings, Inc.(a)		16,787		373,343
Cantaloupe, Inc.(a)		24,612		158,255
Cass Information Systems, Inc.		3,407		164,115

Security	Shares		Value
Financial Services (continued)
Compass Diversified Holdings		20,278	$	488,091
Corpay, Inc.(a)(b)		18,880		5,825,235
Enact Holdings, Inc.		8,495		264,874
Equitable Holdings, Inc.		91,680		3,484,757
Essent Group Ltd.		29,269		1,741,798
Euronet Worldwide, Inc.(a)		12,401		1,363,242
EVERTEC, Inc.		19,154		764,245
Federal Agricultural Mortgage Corp., Class C, NVS		2,524		496,925
Fidelity National Information Services, Inc.		159,356		11,821,028
Fiserv, Inc.(a)		160,422		25,638,644
Flywire Corp.(a)		30,406		754,373
Global Payments, Inc.		69,647		9,309,018
I3 Verticals, Inc., Class A(a)		6,140		140,545
International Money Express, Inc.(a)		9,566		218,392
Jack Henry & Associates, Inc..		19,966		3,468,693
Jackson Financial, Inc., Class A		18,898		1,249,914
Marqeta, Inc., Class A(a)		141,362		842,518
Mastercard, Inc., Class A		222,839		107,312,577
Merchants Bancorp		5,203		224,666
MGIC Investment Corp.		75,893		1,696,967
Mr. Cooper Group, Inc.(a)		16,856		1,313,925
NCR Atleos Corp.(a)		16,859		332,965
NewtekOne, Inc.		6,648		73,128
NMI Holdings, Inc., Class A(a)		22,175		717,140
Ocwen Financial Corp.(a)		3,462		93,509
Pagseguro Digital Ltd., Class A(a)		52,650		751,842
Payoneer Global, Inc.(a)		72,535		352,520
PayPal Holdings, Inc.(a)(b)		289,776		19,412,094
Paysafe Ltd.(a)		7,770		122,688
PennyMac Financial Services, Inc., Class A		6,765		616,224
Radian Group, Inc.		39,825		1,332,943
Remitly Global, Inc.(a)(b)		34,572		717,023
Repay Holdings Corp., Class A(a)		20,887		229,757
Rocket Cos., Inc., Class A(a)(b)		31,039		451,617
Shift4 Payments, Inc., Class A(a)(b)		15,077		996,137
StoneCo Ltd., Class A(a)		76,442		1,269,702
Toast, Inc., Class A(a)(b)		99,329		2,475,279
UWM Holdings Corp., Class A		33,167		240,792
Velocity Financial, Inc.(a)(b)		7,808		140,544
Visa, Inc., Class A		428,116		119,478,613
Voya Financial, Inc.		26,321		1,945,648
Walker & Dunlop, Inc.		8,122		820,809
Waterstone Financial, Inc.		8,279		100,755
Western Union Co. (The)		72,596		1,014,892
WEX, Inc.(a)(b)		11,692		2,777,201
				574,028,541
Food Products — 0.8%
Archer-Daniels-Midland Co.		142,482		8,949,294
B&G Foods, Inc.		16,916		193,519
Benson Hill, Inc.(a)(b)		59,889		12,008
Beyond Meat, Inc.(a)(b)		15,092		124,962
BRC, Inc., Class A(a)(b)		14,133		60,489
Bunge Global SA		38,528		3,949,891
Calavo Growers, Inc.		4,139		115,106
Cal-Maine Foods, Inc.		11,688		687,839
Campbell Soup Co.		50,797		2,257,927
Conagra Brands, Inc.		126,411		3,746,822
Darling Ingredients, Inc.(a)		42,432		1,973,512
Dole PLC		18,820		224,523
Flowers Foods, Inc.		49,458		1,174,627
Fresh Del Monte Produce, Inc.		8,960		232,154

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Food Products (continued)
Freshpet, Inc.(a)		12,168	$	1,409,784
General Mills, Inc.		152,621		10,678,891
Hain Celestial Group, Inc. (The)(a)		23,438		184,223
Hershey Co. (The)		40,203		7,819,483
Hormel Foods Corp.		78,321		2,732,620
Ingredion, Inc.		17,918		2,093,718
J & J Snack Foods Corp.		4,118		595,298
J M Smucker Co. (The)		27,363		3,444,181
John B Sanfilippo & Son, Inc.		1,974		209,086
Kellanova		69,513		3,982,400
Kraft Heinz Co. (The)		216,700		7,996,230
Lamb Weston Holdings, Inc.		38,798		4,133,151
Lancaster Colony Corp.		5,059		1,050,400
Limoneira Co.		7,433		145,389
McCormick & Co., Inc., NVS		67,916		5,216,628
Mission Produce, Inc.(a)(b)		10,456		124,113
Mondelez International, Inc., Class A		364,846		25,539,220
Pilgrim’s Pride Corp.(a)		13,863		475,778
Post Holdings, Inc.(a)		13,372		1,421,176
Seaboard Corp.		75		241,794
Seneca Foods Corp., Class A(a)		2,102		119,604
Simply Good Foods Co. (The)(a)		22,851		777,620
SunOpta, Inc.(a)		28,018		192,484
TreeHouse Foods, Inc.(a)		13,278		517,178
Tyson Foods, Inc., Class A		75,232		4,418,375
Utz Brands, Inc., Class A(b)		15,613		287,904
Vital Farms, Inc.(a)		8,726		202,880
Westrock Coffee Co.(a)(b)		10,068		104,002
WK Kellogg Co.		17,378		326,706
				110,142,989
Gas Utilities — 0.1%
Atmos Energy Corp.		39,979		4,752,304
Brookfield Infrastructure Corp., Class A		31,637		1,140,198
Chesapeake Utilities Corp.		5,862		628,993
National Fuel Gas Co.		24,553		1,318,987
New Jersey Resources Corp.		26,407		1,133,124
Northwest Natural Holding Co.		8,688		323,367
ONE Gas, Inc.		14,451		932,523
Southwest Gas Holdings, Inc.		17,171		1,307,228
Spire, Inc.		13,528		830,213
UGI Corp.		56,410		1,384,302
				13,751,239
Ground Transportation — 1.1%
ArcBest Corp.		6,174		879,795
Avis Budget Group, Inc.		5,421		663,856
Covenant Logistics Group, Inc., Class A		3,733		173,062
CSX Corp.		529,399		19,624,821
Daseke, Inc.(a)		12,685		105,285
FTAI Infrastructure, Inc.		32,549		204,408
Heartland Express, Inc.		11,909		142,193
Hertz Global Holdings, Inc.(a)(b)		35,667		279,273
JB Hunt Transport Services, Inc.		21,998		4,383,101
Knight-Swift Transportation Holdings, Inc.		42,081		2,315,297
Landstar System, Inc.		9,232		1,779,560
Lyft, Inc., Class A(a)		93,162		1,802,685
Marten Transport Ltd.		14,116		260,864
Norfolk Southern Corp.		61,210		15,600,593
Old Dominion Freight Line, Inc.		52,734		11,565,094
RXO, Inc.(a)		33,434		731,202
Ryder System, Inc.		11,980		1,439,876
Saia, Inc.(a)		7,093		4,149,405
Schneider National, Inc., Class B		14,810		335,298

Security	Shares		Value
Ground Transportation (continued)
Uber Technologies, Inc.(a)		527,877	$	40,641,250
U-Haul Holding Co.(a)		2,314		156,288
U-Haul Holding Co., NVS(b)		26,748		1,783,557
Union Pacific Corp.		163,740		40,268,578
Universal Logistics Holdings, Inc.		3,522		129,856
Werner Enterprises, Inc.		16,378		640,707
XPO, Inc.(a)		30,216		3,687,258
				153,743,162
Health Care Equipment & Supplies — 2.5%
Abbott Laboratories		464,149		52,755,175
Accuray, Inc.(a)(b)		29,491		72,843
Align Technology, Inc.(a)		20,679		6,781,058
Alphatec Holdings, Inc.(a)		21,348		294,389
AngioDynamics, Inc.(a)(b)		10,226		60,027
Artivion, Inc.(a)		10,558		223,407
AtriCure, Inc.(a)		12,052		366,622
Atrion Corp.		382		177,076
Avanos Medical, Inc.(a)		12,076		240,433
Axogen, Inc.(a)		10,972		88,544
Axonics, Inc.(a)		12,811		883,575
Baxter International, Inc.		136,233		5,822,598
Becton Dickinson & Co.		77,697		19,226,123
Boston Scientific Corp.(a)		392,320		26,869,997
Butterfly Network, Inc., Class A(a)(b)		47,783		51,606
Cerus Corp.(a)		38,840		73,408
CONMED Corp.		7,842		627,987
Cooper Cos., Inc. (The)		52,097		5,285,762
Cutera, Inc.(a)(b)		4,110		6,042
CVRx, Inc.(a)		5,149		93,763
DENTSPLY SIRONA, Inc.		58,398		1,938,230
Dexcom, Inc.(a)		103,814		14,399,002
Edwards Lifesciences Corp.(a)		161,446		15,427,780
Embecta Corp.		16,109		213,766
Enovis Corp.(a)		13,995		873,988
Envista Holdings Corp.(a)		43,187		923,338
GE HealthCare Technologies, Inc.		112,029		10,184,556
Glaukos Corp.(a)		13,274		1,251,605
Globus Medical, Inc., Class A(a)(b)		32,663		1,752,043
Haemonetics Corp.(a)		13,706		1,169,807
Hologic, Inc.(a)		62,130		4,843,655
ICU Medical, Inc.(a)		5,110		548,405
IDEXX Laboratories, Inc.(a)		22,123		11,944,871
Inari Medical, Inc.(a)(b)		14,820		711,064
Inmode Ltd.(a)		20,370		440,196
Inogen, Inc.(a)		4,675		37,727
Inspire Medical Systems, Inc.(a)(b)		7,713		1,656,675
Insulet Corp.(a)		18,336		3,142,790
Integer Holdings Corp.(a)		9,104		1,062,255
Integra LifeSciences Holdings Corp.(a)		19,317		684,788
Intuitive Surgical, Inc.(a)		93,775		37,424,665
iRadimed Corp.		2,757		121,280
iRhythm Technologies, Inc.(a)(b)		7,972		924,752
Lantheus Holdings, Inc.(a)		17,503		1,089,387
LeMaitre Vascular, Inc.		4,770		316,537
LivaNova PLC(a)		13,805		772,252
Masimo Corp.(a)		11,512		1,690,537
Medtronic PLC		356,441		31,063,833
Merit Medical Systems, Inc.(a)		15,544		1,177,458
Neogen Corp.(a)		57,160		901,985
Nevro Corp.(a)		9,096		131,346
Novocure Ltd.(a)(b)		26,916		420,697
Omnicell, Inc.(a)		11,588		338,717

20 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Equipment & Supplies (continued)
OraSure Technologies, Inc.(a)		20,681	$	127,188
Orthofix Medical, Inc.(a)		9,092		132,016
OrthoPediatrics Corp.(a)		2,863		83,485
Outset Medical, Inc.(a)		12,604		27,981
Paragon 28, Inc.(a)		14,758		182,261
Penumbra, Inc.(a)(b)		9,656		2,155,026
PROCEPT BioRobotics Corp.(a)(b)		11,064		546,783
Pulmonx Corp.(a)(b)		8,033		74,466
QuidelOrtho Corp.(a)		14,475		693,932
ResMed, Inc.		39,250		7,772,677
RxSight, Inc.(a)		8,165		421,151
Shockwave Medical, Inc.(a)		9,946		3,238,716
SI-BONE, Inc.(a)(b)		13,819		226,217
Silk Road Medical, Inc.(a)		9,326		170,852
STAAR Surgical Co.(a)		12,652		484,319
STERIS PLC		26,905		6,048,782
Stryker Corp.		95,193		34,066,719
Surmodics, Inc.(a)		3,847		112,871
Tactile Systems Technology, Inc.(a)		7,240		117,650
Tandem Diabetes Care, Inc.(a)		16,391		580,405
Teleflex, Inc.		12,819		2,899,273
TransMedics Group, Inc.(a)(b)		8,763		647,936
Treace Medical Concepts, Inc.(a)		10,738		140,131
UFP Technologies, Inc.(a)		1,981		499,608
Utah Medical Products, Inc.		1,147		81,563
Varex Imaging Corp.(a)		9,820		177,742
Zimmer Biomet Holdings, Inc.		55,957		7,385,205
Zimvie, Inc.(a)		9,016		148,674
Zynex, Inc.(a)(b)		7,362		91,068
				338,915,119
Health Care Providers & Services — 2.5%
23andMe Holding Co., Class A(a)(b)		61,789		32,872
Acadia Healthcare Co., Inc.(a)		24,601		1,948,891
Accolade, Inc.(a)(b)		14,940		156,571
AdaptHealth Corp.(a)		20,157		232,007
Addus HomeCare Corp.(a)		4,432		458,003
Agiliti, Inc.(a)		7,271		73,583
agilon health, Inc.(a)(b)		75,822		462,514
Alignment Healthcare, Inc.(a)		20,752		102,930
Amedisys, Inc.(a)		8,779		809,073
AMN Healthcare Services, Inc.(a)		9,600		600,096
Astrana Health, Inc.(a)		12,402		520,760
BrightSpring Health Services, Inc.(a)(b)		15,326		166,594
Brookdale Senior Living, Inc.(a)(b)		49,501		327,202
Cardinal Health, Inc.		66,147		7,401,849
CareMax, Inc., Class A(a)(b)		748		3,605
Castle Biosciences, Inc.(a)		5,376		119,078
Cencora, Inc.		45,170		10,975,858
Centene Corp.(a)		142,709		11,199,802
Chemed Corp.		3,936		2,526,636
Cigna Group (The)		77,310		28,078,219
Community Health Systems, Inc.(a)		41,052		143,682
CorVel Corp.(a)		2,089		549,323
Cross Country Healthcare, Inc.(a)(b)		12,011		224,846
CVS Health Corp.		343,584		27,404,260
DaVita, Inc.(a)		14,478		1,998,688
DocGo, Inc.(a)(b)		24,611		99,428
Elevance Health, Inc.		63,720		33,041,369
Encompass Health Corp.		25,581		2,112,479
Enhabit, Inc.(a)(b)		14,397		167,725
Ensign Group, Inc. (The)		14,951		1,860,203
Fulgent Genetics, Inc.(a)		5,255		114,033

Security	Shares		Value
Health Care Providers & Services (continued)
Guardant Health, Inc.(a)		29,164	$	601,653
HCA Healthcare, Inc.		53,359		17,796,827
HealthEquity, Inc.(a)		23,017		1,878,878
Henry Schein, Inc.(a)		35,553		2,684,963
Hims & Hers Health, Inc., Class A(a)		31,845		492,642
Humana, Inc.		32,843		11,387,325
Laboratory Corp. of America Holdings		22,733		4,966,251
LifeStance Health Group, Inc.(a)(b)		23,433		144,582
McKesson Corp.		35,778		19,207,419
ModivCare, Inc.(a)		3,095		72,578
Molina Healthcare, Inc.(a)		15,568		6,395,801
Nano-X Imaging Ltd.(a)(b)		14,554		142,193
National HealthCare Corp.		3,507		331,447
National Research Corp., Class A		3,767		149,211
NeoGenomics, Inc.(a)		34,406		540,862
OPKO Health, Inc.(a)(b)		100,786		120,943
Option Care Health, Inc.(a)		44,185		1,481,965
Owens & Minor, Inc.(a)		19,512		540,677
Patterson Cos., Inc.		21,583		596,770
Pediatrix Medical Group, Inc.(a)		20,706		207,681
Pennant Group, Inc. (The)(a)		8,601		168,838
PetIQ, Inc., Class A(a)		9,370		171,284
Premier, Inc., Class A		32,790		724,659
Privia Health Group, Inc.(a)(b)		29,194		571,910
Progyny, Inc.(a)		21,052		803,134
Quest Diagnostics, Inc.		30,388		4,044,947
R1 RCM, Inc.(a)		38,581		496,923
RadNet, Inc.(a)		17,426		847,949
Select Medical Holdings Corp.		26,597		801,900
Surgery Partners, Inc.(a)(b)		19,909		593,885
Tenet Healthcare Corp.(a)		27,542		2,894,940
U.S. Physical Therapy, Inc.		3,534		398,883
UnitedHealth Group, Inc.		249,477		123,416,272
Universal Health Services, Inc., Class B		15,897		2,900,567
Viemed Healthcare, Inc.(a)		11,667		110,020
				342,598,958
Health Care REITs — 0.2%
CareTrust REIT, Inc.		31,972		779,158
Community Healthcare Trust, Inc.		5,780		153,459
Diversified Healthcare Trust		82,517		202,992
Global Medical REIT, Inc.		11,651		101,946
Healthcare Realty Trust, Inc.		99,442		1,407,104
Healthpeak Properties, Inc.		188,345		3,531,469
LTC Properties, Inc.		9,875		321,036
Medical Properties Trust, Inc.		157,715		741,261
National Health Investors, Inc.		11,385		715,320
Omega Healthcare Investors, Inc.		65,594		2,077,362
Sabra Health Care REIT, Inc.		63,181		933,183
Universal Health Realty Income Trust		3,245		119,124
Ventas, Inc.		105,993		4,614,935
Welltower, Inc.		148,892		13,912,468
				29,610,817
Health Care Technology — 0.1%
American Well Corp., Class A(a)		52,286		42,388
Certara, Inc.(a)(b)		28,573		510,885
Definitive Healthcare Corp., Class A(a)		10,434		84,202
Doximity, Inc., Class A(a)(b)		29,297		788,382
Evolent Health, Inc., Class A(a)(b)		28,971		949,959
Health Catalyst, Inc.(a)		12,092		91,053
HealthStream, Inc.		6,899		183,927
Multiplan Corp., Class A(a)		99,656		80,841
OptimizeRx Corp.(a)		5,226		63,496

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Technology (continued)
Phreesia, Inc.(a)		12,792	$	306,113
Schrodinger, Inc.(a)(b)		15,673		423,171
Sharecare, Inc., Class A(a)(b)		93,476		71,743
Simulations Plus, Inc.		4,166		171,431
Teladoc Health, Inc.(a)(b)		44,536		672,494
TruBridge, Inc.(a)(b)		4,005		36,926
Veeva Systems, Inc., Class A(a)		39,052		9,047,958
				13,524,969
Hotel & Resort REITs — 0.1%
Apple Hospitality REIT, Inc.		54,156		887,075
Braemar Hotels & Resorts, Inc.		22,737		45,474
Chatham Lodging Trust		12,892		130,338
DiamondRock Hospitality Co.		56,814		545,983
Host Hotels & Resorts, Inc.		187,260		3,872,537
Park Hotels & Resorts, Inc.		59,430		1,039,431
Pebblebrook Hotel Trust(b)		34,292		528,440
RLJ Lodging Trust		46,833		553,566
Ryman Hospitality Properties, Inc.		15,489		1,790,683
Service Properties Trust		43,316		293,682
Summit Hotel Properties, Inc.		28,778		187,345
Sunstone Hotel Investors, Inc.		55,005		612,756
Xenia Hotels & Resorts, Inc.		30,944		464,469
				10,951,779
Hotels, Restaurants & Leisure — 2.2%
Accel Entertainment, Inc., Class A(a)		13,013		153,423
Airbnb, Inc., Class A(a)(b)		111,285		18,357,574
Aramark		69,853		2,271,620
Bally’s Corp.(a)		8,193		114,210
BJ’s Restaurants, Inc.(a)		6,021		217,840
Bloomin’ Brands, Inc.		23,152		663,999
Booking Holdings, Inc.		9,375		34,011,375
Bowlero Corp., Class A(b)		1,198		16,413
Boyd Gaming Corp.		19,486		1,311,797
Brinker International, Inc.(a)		12,052		598,743
Caesars Entertainment, Inc.(a)		53,732		2,350,238
Carnival Corp.(a)		263,290		4,302,159
Carrols Restaurant Group, Inc.		15,647		148,803
Cava Group, Inc.(a)(b)		12,895		903,295
Cheesecake Factory, Inc. (The)		11,633		420,533
Chipotle Mexican Grill, Inc.(a)		7,368		21,417,081
Choice Hotels International, Inc.(b)		7,541		952,805
Churchill Downs, Inc.		19,297		2,388,004
Chuy’s Holdings, Inc.(a)		5,734		193,408
Cracker Barrel Old Country Store, Inc.		5,798		421,689
Darden Restaurants, Inc.		32,033		5,354,316
Dave & Buster’s Entertainment, Inc.(a)		9,520		595,952
Denny’s Corp.(a)		17,538		157,140
Dine Brands Global, Inc.		4,554		211,670
Domino’s Pizza, Inc.		9,420		4,680,610
DoorDash, Inc., Class A(a)		83,290		11,470,699
DraftKings, Inc., Class A(a)		110,932		5,037,422
El Pollo Loco Holdings, Inc.(a)		11,383		110,870
Empire Resorts, Inc. Escrow(a)(c)		881		—
Everi Holdings, Inc.(a)		24,126		242,466
Expedia Group, Inc.(a)		35,719		4,920,292
First Watch Restaurant Group, Inc.(a)(b)		6,383		157,149
Golden Entertainment, Inc.		5,231		192,658
Hilton Grand Vacations, Inc.(a)		20,366		961,479
Hilton Worldwide Holdings, Inc.		66,812		14,251,668
Hyatt Hotels Corp., Class A(b)		11,693		1,866,437
Inspired Entertainment, Inc.(a)		6,622		65,293
International Game Technology PLC		28,819		651,021

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Jack in the Box, Inc.		5,441	$	372,600
Krispy Kreme, Inc.		22,312		339,923
Kura Sushi U.S.A., Inc., Class A(a)		1,516		174,583
Las Vegas Sands Corp.		98,503		5,092,605
Life Time Group Holdings, Inc.(a)(b)		10,182		158,025
Light & Wonder, Inc., Class A(a)		23,646		2,414,020
Lindblad Expeditions Holdings, Inc.(a)(b)		12,494		116,569
Marriott International, Inc., Class A		64,475		16,267,687
Marriott Vacations Worldwide Corp.		9,768		1,052,307
McDonald’s Corp.		195,565		55,139,552
MGM Resorts International(a)(b)		72,646		3,429,618
Monarch Casino & Resort, Inc.		3,641		273,039
Mondee Holdings, Inc., Class A(a)(b)		12,450		28,759
Norwegian Cruise Line Holdings Ltd.(a)(b)		115,425		2,415,845
Papa John’s International, Inc.		8,739		582,017
Penn Entertainment, Inc.(a)		43,280		788,129
Planet Fitness, Inc., Class A(a)		22,582		1,414,311
PlayAGS, Inc.(a)		15,975		143,455
Portillo’s, Inc., Class A(a)		10,496		148,833
Potbelly Corp.(a)		10,168		123,134
RCI Hospitality Holdings, Inc.		2,943		170,694
Red Rock Resorts, Inc., Class A		12,872		770,003
Royal Caribbean Cruises Ltd.(a)		63,215		8,787,517
Rush Street Interactive, Inc., Class A(a)		23,055		150,088
Sabre Corp.(a)		85,650		207,273
Shake Shack, Inc., Class A(a)		9,473		985,476
Six Flags Entertainment Corp.(a)		21,439		564,274
Starbucks Corp.		298,749		27,302,671
Super Group SGHC Ltd.(a)		35,879		123,783
Sweetgreen, Inc., Class A(a)(b)		25,095		633,900
Target Hospitality Corp.(a)(b)		9,609		104,450
Texas Roadhouse, Inc.		18,238		2,817,224
Travel + Leisure Co.		18,941		927,351
United Parks & Resorts, Inc.(a)(b)		10,091		567,215
Vail Resorts, Inc.		10,157		2,263,284
Wendy’s Co. (The)		47,991		904,150
Wingstop, Inc.		7,799		2,857,554
Wyndham Hotels & Resorts, Inc.		21,485		1,648,974
Wynn Resorts Ltd.		28,033		2,865,814
Xponential Fitness, Inc., Class A(a)		4,854		80,285
Yum! Brands, Inc.		75,383		10,451,853
				297,800,995
Household Durables — 0.6%
Beazer Homes U.S.A., Inc.(a)		9,842		322,818
Cavco Industries, Inc.(a)		2,382		950,561
Century Communities, Inc.		7,169		691,808
Cricut, Inc., Class A		12,580		59,881
DR Horton, Inc.		81,332		13,383,181
Dream Finders Homes, Inc., Class A(a)		7,843		342,974
Ethan Allen Interiors, Inc.		6,032		208,526
Garmin Ltd.		41,434		6,168,280
GoPro, Inc., Class A(a)		31,718		70,731
Green Brick Partners, Inc.(a)		8,277		498,524
Helen of Troy Ltd.(a)(b)		6,401		737,651
Hooker Furnishings Corp.		5,252		126,100
Hovnanian Enterprises, Inc., Class A(a)		1,532		240,432
Installed Building Products, Inc.		6,023		1,558,331
iRobot Corp.(a)(b)		7,272		63,703
KB Home		18,154		1,286,755
Landsea Homes Corp.(a)		9,749		141,653
La-Z-Boy, Inc.		12,782		480,859
Leggett & Platt, Inc.		36,318		695,490

22 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Household Durables (continued)
Lennar Corp., Class A		64,906	$	11,162,534
Lennar Corp., Class B(b)		3,869		596,522
LGI Homes, Inc.(a)		5,958		693,332
Lovesac Co. (The)(a)		3,838		86,739
M/I Homes, Inc.(a)		7,295		994,236
MDC Holdings, Inc.		14,894		936,982
Meritage Homes Corp.		9,802		1,719,859
Mohawk Industries, Inc.(a)		13,875		1,816,099
Newell Brands, Inc.		98,491		790,883
NVR, Inc.(a)		788		6,382,768
PulteGroup, Inc.		56,965		6,871,118
Skyline Champion Corp.(a)		13,423		1,141,089
Sonos, Inc.(a)		32,294		615,524
Taylor Morrison Home Corp., Class A(a)		26,876		1,670,881
Tempur Sealy International, Inc.		44,032		2,501,898
Toll Brothers, Inc.		28,289		3,659,748
TopBuild Corp.(a)		8,637		3,806,585
Tri Pointe Homes, Inc.(a)		25,793		997,157
Vizio Holding Corp., Class A(a)(b)		19,378		211,995
Whirlpool Corp.		14,282		1,708,556
Worthington Enterprises, Inc.		7,803		485,581
				76,878,344
Household Products — 1.1%
Central Garden & Pet Co.(a)(b)		2,589		110,887
Central Garden & Pet Co., Class A, NVS(a)		15,146		559,190
Church & Dwight Co., Inc.		65,771		6,860,573
Clorox Co. (The)		33,041		5,058,908
Colgate-Palmolive Co.		219,579		19,773,089
Energizer Holdings, Inc.		19,319		568,751
Kimberly-Clark Corp.		90,887		11,756,233
Oil-Dri Corp. of America		1,948		145,243
Procter & Gamble Co. (The)		631,852		102,517,987
Reynolds Consumer Products, Inc.		14,325		409,122
Spectrum Brands Holdings, Inc.		8,107		721,604
WD-40 Co.		3,587		908,623
				149,390,210
Independent Power and Renewable Electricity Producers — 0.1%
AES Corp. (The)		179,334		3,215,459
Altus Power, Inc., Class A(a)(b)		14,029		67,059
Brookfield Renewable Corp., Class A		34,544		848,746
Clearway Energy, Inc., Class A		8,315		178,856
Clearway Energy, Inc., Class C		22,916		528,214
Montauk Renewables, Inc.(a)(b)		18,920		78,707
Ormat Technologies, Inc.		13,869		917,989
Sunnova Energy International, Inc.(a)(b)		27,479		168,446
Vistra Corp.		94,213		6,561,935
				12,565,411
Industrial Conglomerates — 0.4%
3M Co.		147,199		15,613,398
Brookfield Business Corp., Class A(b)		5,447		131,490
Honeywell International, Inc.		178,763		36,691,106
				52,435,994
Industrial REITs — 0.3%
Americold Realty Trust, Inc.		76,116		1,896,811
EastGroup Properties, Inc.		12,314		2,213,688
First Industrial Realty Trust, Inc.		34,450		1,810,003
Innovative Industrial Properties, Inc.		7,788		806,370
LXP Industrial Trust		74,521		672,179
Plymouth Industrial REIT, Inc.		11,796		265,410
Prologis, Inc.		247,131		32,181,399
Rexford Industrial Realty, Inc.		57,098		2,872,029

Security	Shares		Value
Industrial REITs (continued)
STAG Industrial, Inc.		49,987	$	1,921,500
Terreno Realty Corp.		22,907		1,521,025
				46,160,414
Insurance — 2.3%
Aflac, Inc.		155,954		13,390,210
Allstate Corp. (The)		70,735		12,237,862
Ambac Financial Group, Inc.(a)		13,026		203,596
American Equity Investment Life Holding Co.(a)		20,483		1,151,554
American Financial Group, Inc.		19,474		2,657,812
American International Group, Inc.		188,337		14,722,303
AMERISAFE, Inc.		4,906		246,134
Aon PLC, Class A		53,167		17,742,891
Arch Capital Group Ltd.(a)		96,609		8,930,536
Arthur J. Gallagher & Co.		57,584		14,398,303
Assurant, Inc.		13,774		2,592,818
Assured Guaranty Ltd.		14,671		1,280,045
Axis Capital Holdings Ltd.		21,189		1,377,709
Brighthouse Financial, Inc.(a)		17,424		898,033
Brown & Brown, Inc.		63,858		5,590,129
BRP Group, Inc., Class A(a)(b)		16,297		471,635
Chubb Ltd.		108,928		28,226,513
Cincinnati Financial Corp.		40,886		5,076,815
CNA Financial Corp.		8,055		365,858
CNO Financial Group, Inc.		32,011		879,662
Donegal Group, Inc., Class A		6,978		98,669
eHealth, Inc.(a)		14,193		85,584
Employers Holdings, Inc.		6,811		309,151
Enstar Group Ltd.(a)		3,148		978,272
Everest Group Ltd.		11,621		4,619,347
F&G Annuities & Life, Inc.		4,703		190,707
Fidelis Insurance Holdings Ltd.		16,126		314,134
Fidelity National Financial, Inc., Class A		69,686		3,700,327
First American Financial Corp.		27,559		1,682,477
Genworth Financial, Inc., Class A(a)		122,120		785,232
Globe Life, Inc.		23,593		2,745,517
Goosehead Insurance, Inc., Class A(a)		6,340		422,371
Greenlight Capital Re Ltd., Class A(a)		10,961		136,684
Hanover Insurance Group, Inc. (The)		9,428		1,283,811
Hartford Financial Services Group, Inc. (The)		79,171		8,158,572
HCI Group, Inc.		2,408		279,521
Hippo Holdings, Inc.(a)(b)		6,409		117,092
Horace Mann Educators Corp.		10,907		403,450
James River Group Holdings Ltd.		8,184		76,111
Kemper Corp.		16,381		1,014,312
Kinsale Capital Group, Inc.		5,789		3,037,720
Lemonade, Inc.(a)(b)		10,532		172,830
Lincoln National Corp.		45,044		1,438,255
Loews Corp.		49,315		3,860,871
Markel Group, Inc.(a)(b)		3,499		5,323,659
Marsh & McLennan Cos., Inc.		132,652		27,323,659
MBIA, Inc.		15,026		101,576
Mercury General Corp.		7,037		363,109
MetLife, Inc.		167,523		12,415,130
National Western Life Group, Inc., Class A		564		277,465
Old Republic International Corp.		71,039		2,182,318
Oscar Health, Inc., Class A(a)		38,803		577,001
Palomar Holdings, Inc.(a)		5,818		487,723
Primerica, Inc.		9,398		2,377,318
Principal Financial Group, Inc.		63,141		5,449,700
ProAssurance Corp.		12,861		165,392
Progressive Corp. (The)		156,939		32,458,124
Prudential Financial, Inc.		96,471		11,325,695

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Reinsurance Group of America, Inc.		18,267	$	3,523,339
RenaissanceRe Holdings Ltd.		13,677		3,214,505
RLI Corp.		10,600		1,573,782
Ryan Specialty Holdings, Inc., Class A		26,810		1,487,955
Safety Insurance Group, Inc.		3,821		314,048
Selective Insurance Group, Inc.		16,718		1,825,104
Selectquote, Inc.(a)		44,712		89,424
SiriusPoint Ltd.(a)		24,148		306,921
Skyward Specialty Insurance Group, Inc.(a)		8,527		318,995
Stewart Information Services Corp.		6,984		454,379
Tiptree, Inc.		6,817		117,798
Travelers Cos., Inc. (The)		61,143		14,071,450
Trupanion, Inc.(a)(b)		9,632		265,940
United Fire Group, Inc.		5,981		130,206
Universal Insurance Holdings, Inc.		9,219		187,330
Unum Group		44,094		2,366,084
W R Berkley Corp.		53,999		4,775,672
White Mountains Insurance Group Ltd.(b)		650		1,166,295
Willis Towers Watson PLC		27,485		7,558,375
				312,926,906
Interactive Media & Services — 5.5%
Alphabet, Inc., Class A(a)		1,594,914		240,720,370
Alphabet, Inc., Class C, NVS(a)		1,347,129		205,113,861
Bumble, Inc., Class A(a)(b)		23,240		263,774
Cargurus, Inc., Class A(a)		25,774		594,864
Cars.com, Inc.(a)		18,778		322,606
EverQuote, Inc., Class A(a)		7,769		144,193
fuboTV, Inc.(a)(b)		88,580		139,956
Grindr, Inc.(a)(b)		19,062		193,098
IAC, Inc.(a)		20,412		1,088,776
Match Group, Inc.(a)		74,456		2,701,264
MediaAlpha, Inc., Class A(a)		7,558		153,956
Meta Platforms, Inc., Class A		593,646		288,262,625
Nextdoor Holdings, Inc., Class A(a)		39,191		88,180
Outbrain, Inc.(a)		3,855		15,227
Pinterest, Inc., Class A(a)		156,451		5,424,156
QuinStreet, Inc.(a)		12,398		218,949
Shutterstock, Inc.		6,036		276,509
TripAdvisor, Inc.(a)		27,666		768,838
TrueCar, Inc.(a)		36,226		122,806
Vimeo, Inc.(a)		39,207		160,357
Yelp, Inc.(a)		18,778		739,853
Ziff Davis, Inc.(a)		13,071		823,996
ZipRecruiter, Inc., Class A(a)		21,479		246,794
ZoomInfo Technologies, Inc., Class A(a)		82,760		1,326,643
				749,911,651
IT Services — 1.4%
Accenture PLC, Class A		169,489		58,746,582
Akamai Technologies, Inc.(a)		39,700		4,317,772
Amdocs Ltd.		30,711		2,775,353
Applied Digital Corp.(a)(b)		17,870		76,484
BigCommerce Holdings, Inc., Series 1(a)		19,913		137,201
Cloudflare, Inc., Class A(a)(b)		78,988		7,648,408
Cognizant Technology Solutions Corp., Class A		134,643		9,867,985
Couchbase, Inc.(a)(b)		9,425		247,972
DigitalOcean Holdings, Inc.(a)(b)		17,670		674,641
DXC Technology Co.(a)		55,571		1,178,661
EPAM Systems, Inc.(a)		14,965		4,132,734
Fastly, Inc., Class A(a)(b)		32,985		427,815
Gartner, Inc.(a)		20,302		9,677,354
Globant SA(a)		10,895		2,199,700
GoDaddy, Inc., Class A(a)		37,820		4,488,478

Security	Shares		Value
IT Services (continued)
Grid Dynamics Holdings, Inc., Class A(a)		11,354	$	139,541
Hackett Group, Inc. (The)		7,897		191,897
International Business Machines Corp.		243,743		46,545,163
Kyndryl Holdings, Inc.(a)		59,060		1,285,146
MongoDB, Inc., Class A(a)		18,304		6,564,547
Okta, Inc., Class A(a)		41,611		4,353,343
Perficient, Inc.(a)		8,494		478,127
Snowflake, Inc., Class A(a)		84,332		13,628,051
Squarespace, Inc., Class A(a)		13,677		498,390
Thoughtworks Holding, Inc.(a)(b)		28,893		73,099
Tucows, Inc., Class A(a)(b)		2,733		50,724
Twilio, Inc., Class A(a)		44,624		2,728,758
Unisys Corp.(a)		18,080		88,773
VeriSign, Inc.(a)		24,017		4,551,462
				187,774,161
Leisure Products — 0.1%
Acushnet Holdings Corp.		9,450		623,227
AMMO, Inc.(a)(b)		36,732		101,013
Brunswick Corp.		18,900		1,824,228
Funko, Inc., Class A(a)		7,112		44,379
Hasbro, Inc.		34,416		1,945,192
JAKKS Pacific, Inc.(a)		3,465		85,585
Johnson Outdoors, Inc., Class A		1,490		68,704
Malibu Boats, Inc., Class A(a)		5,102		220,815
MasterCraft Boat Holdings, Inc.(a)		5,238		124,245
Mattel, Inc.(a)		96,330		1,908,297
Peloton Interactive, Inc., Class A(a)(b)		99,437		426,088
Polaris, Inc.		14,592		1,460,951
Smith & Wesson Brands, Inc.		15,028		260,886
Sturm Ruger & Co., Inc.		4,139		191,015
Topgolf Callaway Brands Corp.(a)		38,125		616,481
Vista Outdoor, Inc.(a)(b)		15,847		519,465
YETI Holdings, Inc.(a)(b)		22,661		873,582
				11,294,153
Life Sciences Tools & Services — 1.4%
10X Genomics, Inc., Class A(a)		23,725		890,399
Adaptive Biotechnologies Corp.(a)(b)		29,456		94,554
Agilent Technologies, Inc.		78,798		11,465,897
Avantor, Inc.(a)(b)		179,043		4,578,129
Azenta, Inc.(a)		14,438		870,323
BioLife Solutions, Inc.(a)		9,541		176,986
Bio-Rad Laboratories, Inc., Class A(a)(b)		5,766		1,994,286
Bio-Techne Corp.		41,936		2,951,875
Bruker Corp.		26,890		2,526,047
Charles River Laboratories International, Inc.(a)(b)		13,790		3,736,400
Codexis, Inc.(a)		16,656		58,129
CryoPort, Inc.(a)		10,106		178,876
Cytek Biosciences, Inc.(a)		27,891		187,149
Danaher Corp.		176,588		44,097,555
Fortrea Holdings, Inc.(a)(b)		23,406		939,517
ICON PLC(a)		21,630		7,266,598
Illumina, Inc.(a)		42,355		5,816,189
IQVIA Holdings, Inc.(a)		48,801		12,341,285
Maravai LifeSciences Holdings, Inc., Class A(a)		29,864		258,921
MaxCyte, Inc.(a)		25,100		105,169
Medpace Holdings, Inc.(a)		6,100		2,465,315
Mesa Laboratories, Inc.		1,383		151,757
Mettler-Toledo International, Inc.(a)		5,748		7,652,255
OmniAb, Inc.(a)(b)		19,124		103,652
OmniAb, Inc., 12.50 Earnout Shares(a)(c)		1,502		—
OmniAb, Inc., 15.00 Earnout Shares(a)(c)		1,502		—
Pacific Biosciences of California, Inc.(a)(b)		67,787		254,201

24 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Life Sciences Tools & Services (continued)
QIAGEN NV		59,192	$	2,544,664
Quanterix Corp.(a)		12,275		289,199
Quantum-Si, Inc., Class A(a)(b)		35,008		68,966
Repligen Corp.(a)(b)		14,649		2,694,244
Revvity, Inc.		33,226		3,488,730
Seer, Inc., Class A(a)		18,842		35,800
Sotera Health Co.(a)		35,674		428,445
Thermo Fisher Scientific, Inc.		103,471		60,138,380
Waters Corp.(a)		15,897		5,472,224
West Pharmaceutical Services, Inc.		19,972		7,903,120
				194,225,236
Machinery — 2.1%
3D Systems Corp.(a)		31,069		137,946
AGCO Corp.		16,360		2,012,607
Alamo Group, Inc.		2,394		546,622
Albany International Corp., Class A		7,981		746,303
Allison Transmission Holdings, Inc.		24,540		1,991,666
Astec Industries, Inc.		5,980		261,386
Atmus Filtration Technologies, Inc.(a)		16,237		523,643
Barnes Group, Inc.		12,398		460,586
Blue Bird Corp.(a)		9,472		363,157
Caterpillar, Inc.		136,897		50,163,168
Chart Industries, Inc.(a)(b)		11,261		1,854,912
CNH Industrial NV		259,346		3,361,124
Columbus McKinnon Corp.		6,616		295,272
Commercial Vehicle Group, Inc.(a)		11,124		71,527
Crane Co.(b)		12,637		1,707,638
Cummins, Inc.		36,536		10,765,332
Deere & Co.		69,262		28,448,674
Desktop Metal, Inc., Class A(a)(b)		62,619		55,105
Donaldson Co., Inc.		32,664		2,439,348
Douglas Dynamics, Inc.		5,472		131,985
Dover Corp.		37,270		6,603,871
Energy Recovery, Inc.(a)(b)		14,879		234,939
Enerpac Tool Group Corp., Class A		15,860		565,568
Enpro, Inc.		6,039		1,019,202
Esab Corp.		15,120		1,671,818
ESCO Technologies, Inc.		6,624		709,099
Federal Signal Corp.		15,280		1,296,814
Flowserve Corp.		35,553		1,624,061
Fortive Corp.		95,663		8,228,931
Franklin Electric Co., Inc.		11,784		1,258,649
Gates Industrial Corp. PLC(a)		44,257		783,792
Gorman-Rupp Co. (The)		4,748		187,783
Graco, Inc.		44,287		4,139,063
Greenbrier Cos., Inc. (The)		8,374		436,285
Helios Technologies, Inc.		8,146		364,045
Hillenbrand, Inc.		18,965		953,750
Hillman Solutions Corp.(a)(b)		46,430		494,015
Hyliion Holdings Corp., Class A(a)(b)		54,689		96,253
Hyster-Yale Materials Handling, Inc., Class A		2,687		172,425
IDEX Corp.		20,123		4,910,414
Illinois Tool Works, Inc.		80,313		21,550,387
Ingersoll Rand, Inc.(b)		108,847		10,335,023
ITT, Inc.		22,031		2,996,877
John Bean Technologies Corp.		8,628		904,991
Kadant, Inc.		3,323		1,090,276
Kennametal, Inc.		22,156		552,571
Lincoln Electric Holdings, Inc.		14,928		3,813,208
Lindsay Corp.		3,105		365,334
Luxfer Holdings PLC		7,272		75,411
Manitowoc Co., Inc. (The)(a)		9,204		130,145

Security	Shares		Value
Machinery (continued)
Microvast Holdings, Inc.(a)(b)		54,353	$	45,493
Middleby Corp. (The)(a)(b)		14,403		2,315,858
Miller Industries, Inc.(b)		3,048		152,705
Mueller Industries, Inc.		30,928		1,667,947
Mueller Water Products, Inc., Class A		45,539		732,723
Nikola Corp.(a)(b)		160,034		166,435
Nordson Corp.		15,458		4,243,839
Omega Flex, Inc.		1,088		77,172
Oshkosh Corp.		17,892		2,231,311
Otis Worldwide Corp.		111,129		11,031,776
PACCAR, Inc.		137,817		17,074,148
Parker-Hannifin Corp.		34,308		19,068,043
Pentair PLC		44,171		3,773,970
Proto Labs, Inc.(a)		7,134		255,041
RBC Bearings, Inc.(a)(b)		7,767		2,099,808
REV Group, Inc.		9,396		207,558
Shyft Group, Inc. (The)		8,907		110,625
Snap-on, Inc.		13,856		4,104,424
SPX Technologies, Inc.(a)		12,296		1,514,007
Standex International Corp.		3,100		564,882
Stanley Black & Decker, Inc.		40,774		3,992,998
Tennant Co.		4,626		562,568
Terex Corp.		17,967		1,157,075
Timken Co. (The)		16,683		1,458,595
Titan International, Inc.(a)		11,175		139,241
Toro Co. (The)		27,956		2,561,608
Trinity Industries, Inc.		20,160		561,456
Wabash National Corp.		12,560		376,046
Watts Water Technologies, Inc., Class A		7,018		1,491,676
Westinghouse Air Brake Technologies Corp.		48,247		7,028,623
Xylem, Inc.		63,258		8,175,464
				282,846,116
Marine Transportation — 0.0%
Costamare, Inc.		18,013		204,448
Eagle Bulk Shipping, Inc.		3,009		187,973
Genco Shipping & Trading Ltd.		9,052		184,027
Golden Ocean Group Ltd.		30,172		391,029
Kirby Corp.(a)		15,663		1,492,997
Matson, Inc.		9,373		1,053,525
Pangaea Logistics Solutions Ltd.		16,926		117,974
Safe Bulkers, Inc.		36,550		181,288
				3,813,261
Media — 0.7%
Advantage Solutions, Inc.(a)		38,447		166,476
AMC Networks, Inc., Class A(a)		7,633		92,588
Boston Omaha Corp., Class A(a)(b)		4,946		76,465
Cable One, Inc.		1,449		613,115
Cardlytics, Inc.(a)		12,265		177,720
Charter Communications, Inc., Class A(a)(b)		27,018		7,852,241
Clear Channel Outdoor Holdings, Inc.(a)		98,682		162,825
Comcast Corp., Class A		1,058,902		45,903,402
EchoStar Corp., Class A(a)		31,513		449,060
Entravision Communications Corp., Class A		23,436		38,435
EW Scripps Co. (The), Class A, NVS(a)		13,695		53,821
Fox Corp., Class A, NVS		66,098		2,066,885
Fox Corp., Class B		37,038		1,060,028
Gannett Co., Inc.(a)		60,538		147,713
Gray Television, Inc.		21,509		135,937
iHeartMedia, Inc., Class A(a)		28,332		59,214
Integral Ad Science Holding Corp.(a)		10,097		100,667
Interpublic Group of Cos., Inc. (The)		104,379		3,405,887
John Wiley & Sons, Inc., Class A		8,507		324,372

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Media (continued)
Liberty Broadband Corp., Class A(a)(b)		4,117	$	235,163
Liberty Broadband Corp., Class C, NVS(a)(b)		31,331		1,793,073
Liberty Media Corp. - Liberty SiriusXM, NVS(a)(b)		40,317		1,197,818
Liberty Media Corp. - Liberty SiriusXM, Class A(a)		18,922		561,983
Magnite, Inc.(a)		33,987		365,360
New York Times Co. (The), Class A		43,660		1,886,985
News Corp., Class A, NVS		103,738		2,715,861
News Corp., Class B		31,501		852,417
Nexstar Media Group, Inc., Class A		9,077		1,563,876
Omnicom Group, Inc.		52,984		5,126,732
Paramount Global, Class A(b)		4,184		91,337
Paramount Global, Class B, NVS		152,804		1,798,503
PubMatic, Inc., Class A(a)(b)		11,360		269,459
Scholastic Corp., NVS		6,941		261,745
Sinclair, Inc., Class A		11,904		160,347
Sirius XM Holdings, Inc.(b)		167,451		649,710
Stagwell, Inc., Class A(a)		33,930		211,045
TechTarget, Inc.(a)		7,377		244,031
TEGNA, Inc.		55,858		834,519
Thryv Holdings, Inc.(a)		6,656		147,963
Trade Desk, Inc. (The), Class A(a)		117,696		10,288,984
WideOpenWest, Inc.(a)		14,841		53,724
				94,197,486
Metals & Mining — 0.6%
5E Advanced Materials, Inc.(a)(b)		10,827		14,508
Alcoa Corp.		48,636		1,643,410
Alpha Metallurgical Resources, Inc.		3,026		1,002,120
Arch Resources, Inc., Class A		4,988		802,021
ATI, Inc.(a)(b)		32,855		1,681,190
Caledonia Mining Corp. PLC(b)		10,047		111,220
Carpenter Technology Corp.		13,381		955,671
Century Aluminum Co.(a)		15,294		235,375
Cleveland-Cliffs, Inc.(a)		130,625		2,970,413
Coeur Mining, Inc.(a)(b)		104,655		394,549
Commercial Metals Co.		31,718		1,864,067
Compass Minerals International, Inc.		9,008		141,786
Constellium SE(a)		30,496		674,267
Freeport-McMoRan, Inc.		384,265		18,068,140
Haynes International, Inc.		3,751		225,510
Hecla Mining Co.		167,430		805,338
i-80 Gold Corp.(a)(b)		51,247		68,671
Ivanhoe Electric, Inc.(a)(b)		12,277		120,315
Kaiser Aluminum Corp.		4,350		388,716
Materion Corp.		5,016		660,858
Metallus, Inc.(a)		10,052		223,657
MP Materials Corp., Class A(a)(b)		28,977		414,371
Newmont Corp.		307,677		11,027,144
Novagold Resources, Inc.(a)		65,522		196,566
Nucor Corp.		65,895		13,040,620
Olympic Steel, Inc.		2,531		179,397
Piedmont Lithium, Inc.(a)(b)		4,878		64,975
Radius Recycling, Inc., Class A		6,245		131,957
Ramaco Resources, Inc., Class A		11,337		190,915
Reliance, Inc.		15,426		5,155,061
Royal Gold, Inc.		17,918		2,182,592
Ryerson Holding Corp.		9,019		302,137
Southern Copper Corp.		22,153		2,359,738
SSR Mining, Inc.		53,140		237,004
Steel Dynamics, Inc.		40,671		6,028,662
SunCoke Energy, Inc.		26,327		296,705
Tredegar Corp.		11,417		74,439
United States Steel Corp.		59,294		2,418,009

Security	Shares		Value
Metals & Mining (continued)
Warrior Met Coal, Inc.		14,564	$	884,035
Worthington Steel, Inc.		7,803		279,738
				78,515,867
Mortgage Real Estate Investment Trusts (REITs) — 0.1%
AFC Gamma, Inc.		6,475		80,160
AGNC Investment Corp.		189,620		1,877,238
Annaly Capital Management, Inc.		130,985		2,579,095
Apollo Commercial Real Estate Finance, Inc.		41,164		458,567
Arbor Realty Trust, Inc.(b)		41,214		546,085
Ares Commercial Real Estate Corp.		11,107		82,747
ARMOUR Residential REIT, Inc.		16,036		317,032
Blackstone Mortgage Trust, Inc., Class A		47,652		948,751
BrightSpire Capital, Inc., Class A		40,685		280,320
Chicago Atlantic Real Estate Finance, Inc.		7,471		117,818
Chimera Investment Corp.		60,165		277,361
Claros Mortgage Trust, Inc.		23,503		229,389
Dynex Capital, Inc.		17,568		218,722
Ellington Financial, Inc.		19,105		225,630
Franklin BSP Realty Trust, Inc.		21,997		293,880
Granite Point Mortgage Trust, Inc.		16,024		76,434
Hannon Armstrong Sustainable Infrastructure Capital, Inc.(b)		26,474		751,862
Invesco Mortgage Capital, Inc.		8,704		84,255
KKR Real Estate Finance Trust, Inc.		15,974		160,698
Ladder Capital Corp., Class A		28,038		312,063
MFA Financial, Inc.		29,849		340,577
New York Mortgage Trust, Inc.		24,453		176,062
Orchid Island Capital, Inc.(b)		11,925		106,490
PennyMac Mortgage Investment Trust		23,775		349,017
Ready Capital Corp.		38,697		353,304
Redwood Trust, Inc.		31,674		201,763
Rithm Capital Corp.		127,796		1,426,203
Starwood Property Trust, Inc.		76,318		1,551,545
TPG RE Finance Trust, Inc.		14,915		115,144
Two Harbors Investment Corp.		24,062		318,581
				14,856,793
Multi-Utilities — 0.5%
Ameren Corp.		70,005		5,177,570
Avista Corp.		18,176		636,523
Black Hills Corp.		17,590		960,414
CenterPoint Energy, Inc.		171,088		4,874,297
CMS Energy Corp.		77,639		4,684,737
Consolidated Edison, Inc.		93,409		8,482,471
Dominion Energy, Inc.		224,753		11,055,600
DTE Energy Co.		55,871		6,265,374
NiSource, Inc.		111,033		3,071,173
Northwestern Energy Group, Inc.		15,538		791,350
Public Service Enterprise Group, Inc.		133,243		8,897,968
Sempra		168,169		12,079,579
Unitil Corp.		3,425		179,299
WEC Energy Group, Inc.		83,989		6,897,177
				74,053,532
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		46,917		6,048,070
Boston Properties, Inc.		41,717		2,724,537
Brandywine Realty Trust		50,202		240,970
City Office REIT, Inc.		12,931		67,371
COPT Defense Properties		29,797		720,193
Cousins Properties, Inc.		39,846		957,898
Douglas Emmett, Inc.		44,532		617,659
Easterly Government Properties, Inc.		26,084		300,227

26 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Office REITs (continued)
Equity Commonwealth(a)		27,959	$	527,866
Highwoods Properties, Inc.		27,118		709,949
Hudson Pacific Properties, Inc.		39,856		257,071
JBG SMITH Properties		26,821		430,477
Kilroy Realty Corp.		31,076		1,132,099
NET Lease Office Properties		3,746		89,155
Office Properties Income Trust		12,728		25,965
Orion Office REIT, Inc.		14,428		50,642
Paramount Group, Inc.		47,017		220,510
Peakstone Realty Trust, Class E		7,316		118,007
Piedmont Office Realty Trust, Inc., Class A		33,961		238,746
Postal Realty Trust, Inc., Class A		3,866		55,361
SL Green Realty Corp.		16,914		932,469
Vornado Realty Trust		47,386		1,363,295
				17,828,537
Oil, Gas & Consumable Fuels — 3.6%
Amplify Energy Corp.(a)		12,519		82,751
Antero Midstream Corp.		89,095		1,252,676
Antero Resources Corp.(a)		77,145		2,237,205
APA Corp.		82,322		2,830,230
Ardmore Shipping Corp.		13,323		218,764
Berry Corp.		23,016		185,279
California Resources Corp.		19,451		1,071,750
Callon Petroleum Co.(a)(b)		16,243		580,850
Centrus Energy Corp., Class A(a)(b)		3,244		134,723
Cheniere Energy, Inc.		64,270		10,365,466
Chesapeake Energy Corp.		33,660		2,990,018
Chevron Corp.		461,667		72,823,353
Chord Energy Corp.		11,211		1,998,249
Civitas Resources, Inc.		21,501		1,632,141
Clean Energy Fuels Corp.(a)(b)		41,871		112,214
CNX Resources Corp.(a)		44,593		1,057,746
Comstock Resources, Inc.		22,439		208,234
ConocoPhillips		321,564		40,928,666
CONSOL Energy, Inc.		8,124		680,466
Coterra Energy, Inc.		200,921		5,601,677
Crescent Energy Co., Class A		20,992		249,805
CVR Energy, Inc.		7,547		269,126
Delek U.S. Holdings, Inc.		19,194		590,024
Devon Energy Corp.		173,079		8,685,104
DHT Holdings, Inc.		31,335		360,353
Diamondback Energy, Inc.		47,687		9,450,133
Dorian LPG Ltd.		9,461		363,870
DT Midstream, Inc.		25,124		1,535,076
Encore Energy Corp.(a)		43,564		190,810
Energy Fuels, Inc.(a)(b)		39,700		249,713
EOG Resources, Inc.		158,157		20,218,791
EQT Corp.		95,659		3,546,079
Equitrans Midstream Corp.		111,878		1,397,356
Evolution Petroleum Corp.		14,073		86,408
Excelerate Energy, Inc., Class A		4,874		78,081
Exxon Mobil Corp.		1,073,411		124,773,295
FLEX LNG Ltd.		7,253		184,444
Gevo, Inc.(a)(b)		53,260		40,941
Golar LNG Ltd.		25,276		608,141
Green Plains, Inc.(a)(b)		9,494		219,501
Gulfport Energy Corp.(a)		2,950		472,354
Hallador Energy Co.(a)		10,123		53,956
Hess Corp.		74,464		11,366,185
HF Sinclair Corp.		42,932		2,591,805
International Seaways, Inc.		10,706		569,559
Kinder Morgan, Inc.		527,347		9,671,544

Security	Shares		Value
Oil, Gas & Consumable Fuels (continued)
Kinetik Holdings, Inc., Class A		4,908	$	195,682
Kosmos Energy Ltd.(a)(b)		124,335		741,037
Magnolia Oil & Gas Corp., Class A		48,375		1,255,331
Marathon Oil Corp.		156,851		4,445,157
Marathon Petroleum Corp.		98,842		19,916,663
Matador Resources Co.		30,050		2,006,438
Murphy Oil Corp.		38,043		1,738,565
New Fortress Energy, Inc., Class A(b)		18,570		568,056
NextDecade Corp.(a)(b)		14,052		79,815
Nordic American Tankers Ltd.		51,577		202,182
Northern Oil & Gas, Inc.		24,426		969,224
Occidental Petroleum Corp.		184,324		11,979,217
ONEOK, Inc.		156,023		12,508,364
Overseas Shipholding Group, Inc., Class A		26,964		172,570
Ovintiv, Inc.		68,460		3,553,074
Par Pacific Holdings, Inc.(a)		16,170		599,260
PBF Energy, Inc., Class A		29,005		1,669,818
Peabody Energy Corp.		30,563		741,458
Permian Resources Corp., Class A		123,843		2,187,067
PetroCorp Escrow(a)(c)		1,248		—
Phillips 66		118,191		19,305,318
Pioneer Natural Resources Co.		62,279		16,348,237
Range Resources Corp.		62,405		2,148,604
REX American Resources Corp.(a)		4,599		270,007
Riley Exploration Permian, Inc.		3,310		109,230
Ring Energy, Inc.(a)(b)		50,063		98,123
Scorpio Tankers, Inc.		12,806		916,269
SFL Corp. Ltd.		35,176		463,620
SilverBow Resources, Inc.(a)		7,448		254,275
Sitio Royalties Corp., Class A		19,160		473,635
SM Energy Co.		31,913		1,590,863
Southwestern Energy Co.(a)		295,950		2,243,301
Talos Energy, Inc.(a)		35,906		500,171
Targa Resources Corp.		59,195		6,629,248
Teekay Corp.(a)		21,998		160,145
Teekay Tankers Ltd., Class A		6,413		374,583
Tellurian, Inc.(a)(b)		139,582		92,320
Texas Pacific Land Corp.		4,965		2,872,302
Uranium Energy Corp.(a)		105,169		709,891
VAALCO Energy, Inc.		27,930		194,672
Valero Energy Corp.		91,055		15,542,178
Vertex Energy, Inc.(a)(b)		15,827		22,158
Vital Energy, Inc.(a)(b)		7,295		383,279
Vitesse Energy, Inc.		6,372		151,208
W&T Offshore, Inc.		33,185		87,940
Williams Cos., Inc. (The)		325,836		12,697,829
World Kinect Corp.		17,809		471,048
				495,454,344
Paper & Forest Products — 0.0%
Clearwater Paper Corp.(a)		4,523		197,791
Louisiana-Pacific Corp.		18,362		1,540,755
Sylvamo Corp.		9,389		579,677
				2,318,223
Passenger Airlines — 0.2%
Alaska Air Group, Inc.(a)		32,638		1,403,107
Allegiant Travel Co.		3,671		276,096
American Airlines Group, Inc.(a)		174,591		2,679,972
Blade Air Mobility, Inc., Class A(a)		23,441		66,807
Delta Air Lines, Inc.		173,672		8,313,679
Frontier Group Holdings, Inc.(a)(b)		9,822		79,656
Hawaiian Holdings, Inc.(a)		14,227		189,646
JetBlue Airways Corp.(a)		80,519		597,451

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Passenger Airlines (continued)
Joby Aviation, Inc.(a)(b)		69,855	$	374,423
SkyWest, Inc.(a)		11,357		784,541
Southwest Airlines Co.		161,164		4,704,377
Spirit Airlines, Inc.		26,623		128,855
Sun Country Airlines Holdings, Inc.(a)		12,108		182,710
United Airlines Holdings, Inc.(a)		86,411		4,137,359
				23,918,679
Personal Care Products — 0.2%
Beauty Health Co. (The), Class A(a)		24,160		107,271
BellRing Brands, Inc.(a)		35,534		2,097,572
Coty, Inc., Class A(a)		98,895		1,182,784
Edgewell Personal Care Co.		15,142		585,087
elf Beauty, Inc.(a)		14,330		2,809,110
Estee Lauder Cos., Inc. (The), Class A		61,317		9,452,016
Herbalife Ltd.(a)		28,367		285,088
Inter Parfums, Inc.		5,038		707,889
Kenvue, Inc.		462,994		9,935,851
Medifast, Inc.		3,196		122,471
Nu Skin Enterprises, Inc., Class A		11,876		164,245
Olaplex Holdings, Inc.(a)		34,585		66,403
USANA Health Sciences, Inc.(a)		3,620		175,570
Waldencast PLC, Class A(a)(b)		11,550		75,075
				27,766,432
Pharmaceuticals — 3.6%
Aclaris Therapeutics, Inc.(a)		17,882		22,174
Amneal Pharmaceuticals, Inc., Class A(a)		28,220		171,013
Amphastar Pharmaceuticals, Inc.(a)		10,476		460,001
Amylyx Pharmaceuticals, Inc.(a)		13,662		38,800
ANI Pharmaceuticals, Inc.(a)		3,196		220,939
Arvinas, Inc.(a)		14,533		599,922
Assertio Holdings, Inc.(a)(b)		17,925		17,195
Atea Pharmaceuticals, Inc.(a)(b)		18,237		73,677
Axsome Therapeutics, Inc.(a)(b)		9,975		796,005
Bristol-Myers Squibb Co.		546,396		29,631,055
Cara Therapeutics, Inc.(a)		12,337		11,227
Cassava Sciences, Inc.(a)(b)		9,979		202,474
Catalent, Inc.(a)		47,443		2,678,157
Collegium Pharmaceutical, Inc.(a)(b)		9,076		352,330
Corcept Therapeutics, Inc.(a)(b)		23,026		580,025
CorMedix, Inc.(a)(b)		22,431		95,107
Edgewise Therapeutics, Inc.(a)		12,519		228,346
Elanco Animal Health, Inc.(a)		130,001		2,116,416
Eli Lilly & Co.		227,132		176,699,611
Enliven Therapeutics, Inc.(a)(b)		6,140		108,003
Evolus, Inc.(a)(b)		11,569		161,966
EyePoint Pharmaceuticals, Inc.(a)(b)		11,250		232,537
Harmony Biosciences Holdings, Inc.(a)		7,393		248,257
Harrow, Inc.(a)(b)		6,842		90,520
Innoviva, Inc.(a)(b)		18,540		282,550
Intra-Cellular Therapies, Inc.(a)		24,419		1,689,795
Jazz Pharmaceuticals PLC(a)		16,464		1,982,595
Johnson & Johnson		646,820		102,320,456
Ligand Pharmaceuticals, Inc.(a)		3,907		285,602
Liquidia Corp.(a)(b)		8,794		129,711
Longboard Pharmaceuticals, Inc.(a)		5,486		118,498
Marinus Pharmaceuticals, Inc.(a)(b)		13,097		118,397
Merck & Co., Inc.		681,683		89,948,072
Neumora Therapeutics, Inc.(a)		7,961		109,464
NGM Biopharmaceuticals, Inc.(a)(b)		20,467		32,542
Nuvation Bio, Inc., Class A(a)		46,520		169,333
Ocular Therapeutix, Inc.(a)		27,229		247,784
Omeros Corp.(a)(b)		19,424		67,013

Security	Shares		Value
Pharmaceuticals (continued)
Organon & Co.		68,317	$	1,284,360
Pacira BioSciences, Inc.(a)		11,825		345,526
Perrigo Co. PLC		36,982		1,190,450
Pfizer, Inc.		1,516,140		42,072,885
Phathom Pharmaceuticals, Inc.(a)(b)		9,138		97,045
Phibro Animal Health Corp., Class A		3,819		49,380
Pliant Therapeutics, Inc.(a)		14,854		221,325
Prestige Consumer Healthcare, Inc.(a)		13,644		990,009
Revance Therapeutics, Inc.(a)		22,287		109,652
Royalty Pharma PLC, Class A		97,886		2,972,798
Scilex Holding Co. (Acquired 01/13/23, Cost $96,475)(a)(e)		19,104		28,806
scPharmaceuticals, Inc.(a)(b)		10,902		54,728
SIGA Technologies, Inc.		12,131		103,841
Supernus Pharmaceuticals, Inc.(a)		13,116		447,387
Taro Pharmaceutical Industries Ltd.(a)		2,796		118,383
Tarsus Pharmaceuticals, Inc.(a)(b)		9,716		353,177
Terns Pharmaceuticals, Inc.(a)		11,264		73,892
Theravance Biopharma, Inc.(a)(b)		15,407		138,201
Ventyx Biosciences, Inc.(a)(b)		12,310		67,705
Viatris, Inc.		320,112		3,822,137
WaVe Life Sciences Ltd.(a)		31,070		191,702
Xeris Biopharma Holdings, Inc.(a)(b)		25,068		55,400
Zoetis, Inc., Class A		124,261		21,026,204
				489,152,562
Professional Services — 0.9%
Alight, Inc., Class A(a)		116,216		1,144,728
ASGN, Inc.(a)		12,011		1,258,272
Asure Software, Inc.(a)(b)		3,424		26,639
Automatic Data Processing, Inc.		110,809		27,673,440
Barrett Business Services, Inc.		1,743		220,873
Booz Allen Hamilton Holding Corp., Class A		34,399		5,106,188
Broadridge Financial Solutions, Inc.		31,432		6,439,160
CACI International, Inc., Class A(a)		6,068		2,298,740
CBIZ, Inc.(a)		13,577		1,065,794
Clarivate PLC(a)(b)		123,203		915,398
Concentrix Corp.		11,188		740,869
Conduent, Inc.(a)		41,179		139,185
CRA International, Inc.		1,735		259,521
CSG Systems International, Inc.		7,865		405,362
Dayforce, Inc.(a)(b)		39,133		2,590,996
Dun & Bradstreet Holdings, Inc.		67,776		680,471
Equifax, Inc.		32,394		8,666,043
ExlService Holdings, Inc.(a)		43,649		1,388,038
Exponent, Inc.		13,409		1,108,790
First Advantage Corp.		15,066		244,371
Forrester Research, Inc.(a)		3,635		78,371
Franklin Covey Co.(a)		4,378		171,880
FTI Consulting, Inc.(a)		8,713		1,832,257
Genpact Ltd.		47,190		1,554,910
Heidrick & Struggles International, Inc.		4,460		150,124
HireRight Holdings Corp.(a)		8,449		120,567
Huron Consulting Group, Inc.(a)		4,696		453,728
ICF International, Inc.		4,860		732,062
Innodata, Inc.(a)(b)		8,532		56,311
Insperity, Inc.		9,416		1,032,088
Jacobs Solutions, Inc.		33,435		5,139,963
KBR, Inc.		36,452		2,320,534
Kelly Services, Inc., Class A, NVS		10,094		252,754
Kforce, Inc.		5,059		356,761
Korn Ferry		14,162		931,293
Legalzoom.com, Inc.(a)		36,039		480,760

28 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services (continued)
Leidos Holdings, Inc.		36,909	$	4,838,401
ManpowerGroup, Inc.		13,916		1,080,438
Maximus, Inc.		16,442		1,379,484
NV5 Global, Inc.(a)		3,686		361,265
Parsons Corp.(a)		10,859		900,754
Paychex, Inc.		85,960		10,555,888
Paycom Software, Inc.		13,947		2,775,592
Paycor HCM, Inc.(a)(b)		17,015		330,772
Paylocity Holding Corp.(a)(b)		11,140		1,914,520
Planet Labs PBC, Class A(a)(b)		44,855		114,380
Resources Connection, Inc.		10,715		141,009
Robert Half, Inc.		28,354		2,247,905
Science Applications International Corp.		14,605		1,904,346
SS&C Technologies Holdings, Inc.		58,989		3,797,122
Sterling Check Corp.(a)		5,926		95,290
TransUnion		51,967		4,146,967
TriNet Group, Inc.		8,508		1,127,225
TrueBlue, Inc.(a)		9,998		125,175
TTEC Holdings, Inc.		4,666		48,386
Upwork, Inc.(a)		30,449		373,305
Verisk Analytics, Inc.		38,400		9,052,032
Verra Mobility Corp., Class A(a)		37,238		929,833
Willdan Group, Inc.(a)(b)		5,699		165,214
				126,442,544
Real Estate Management & Development — 0.2%
Anywhere Real Estate, Inc.(a)		31,542		194,930
CBRE Group, Inc., Class A(a)		80,876		7,864,382
Compass, Inc., Class A(a)(b)		74,928		269,741
CoStar Group, Inc.(a)		108,360		10,467,576
Cushman & Wakefield PLC(a)		40,265		421,172
DigitalBridge Group, Inc., Class A		41,942		808,222
Douglas Elliman, Inc.		26,913		42,523
eXp World Holdings, Inc.(b)		16,237		167,728
Forestar Group, Inc.(a)		6,601		265,294
FRP Holdings, Inc.(a)		2,521		154,789
Howard Hughes Holdings, Inc.(a)		9,683		703,180
Jones Lang LaSalle, Inc.(a)		12,727		2,482,910
Kennedy-Wilson Holdings, Inc.		31,718		272,140
Marcus & Millichap, Inc.		5,893		201,364
Newmark Group, Inc., Class A		41,681		462,242
Opendoor Technologies, Inc.(a)		147,001		445,413
Redfin Corp.(a)		27,061		179,956
REX Holdings, Inc., Class A		5,444		47,744
RMR Group, Inc. (The), Class A		4,139		99,336
St. Joe Co. (The)		8,422		488,223
Star Holdings(a)		2,414		31,189
Tejon Ranch Co.(a)(b)		8,447		130,168
Zillow Group, Inc., Class A(a)		15,893		760,639
Zillow Group, Inc., Class C, NVS(a)(b)		42,238		2,060,370
				29,021,231
Residential REITs — 0.3%
American Homes 4 Rent, Class A		88,350		3,249,513
Apartment Income REIT Corp.		40,737		1,322,730
Apartment Investment & Management Co., Class A(a)		40,326		330,270
AvalonBay Communities, Inc.		38,073		7,064,826
Camden Property Trust		27,691		2,724,794
Centerspace		4,667		266,672
Elme Communities		23,628		328,902
Equity LifeStyle Properties, Inc.		46,854		3,017,398
Equity Residential		99,887		6,303,869
Essex Property Trust, Inc.		17,231		4,218,321

Security	Shares		Value
Residential REITs (continued)
Independence Realty Trust, Inc.		57,952	$	934,766
Invitation Homes, Inc.		163,451		5,820,490
Mid-America Apartment Communities, Inc.		31,085		4,090,164
NexPoint Residential Trust, Inc.		6,208		199,836
Sun Communities, Inc.		33,161		4,263,841
UDR, Inc.		88,286		3,302,779
UMH Properties, Inc.		15,563		252,743
Veris Residential, Inc.		24,180		367,778
				48,059,692
Retail REITs — 0.3%
Acadia Realty Trust		25,101		426,968
Agree Realty Corp.		27,012		1,542,925
Alexander’s, Inc.		556		120,730
Brixmor Property Group, Inc.		80,266		1,882,238
CBL & Associates Properties, Inc.		8,980		205,732
Federal Realty Investment Trust		21,184		2,163,310
Getty Realty Corp.		11,857		324,289
InvenTrust Properties Corp.		18,541		476,689
Kimco Realty Corp.		173,373		3,399,844
Kite Realty Group Trust		55,404		1,201,159
Macerich Co. (The)		58,217		1,003,079
NETSTREIT Corp.		15,966		293,295
NNN REIT, Inc.		48,780		2,084,857
Phillips Edison & Co., Inc.		33,623		1,206,057
Realty Income Corp.		223,337		12,082,532
Regency Centers Corp.		48,260		2,922,626
Retail Opportunity Investments Corp.		29,056		372,498
Saul Centers, Inc.		3,198		123,091
Simon Property Group, Inc.		87,101		13,630,435
SITE Centers Corp.		48,189		705,969
Tanger, Inc.		28,968		855,425
Urban Edge Properties		30,252		522,452
Whitestone REIT		15,762		197,813
				47,744,013
Semiconductors & Semiconductor Equipment — 8.9%
ACM Research, Inc., Class A(a)(b)		15,994		466,065
Advanced Micro Devices, Inc.(a)		430,195		77,645,896
Aehr Test Systems(a)(b)		6,798		84,295
Allegro MicroSystems, Inc.(a)(b)		19,271		519,546
Alpha & Omega Semiconductor Ltd.(a)		6,382		140,659
Ambarella, Inc.(a)		9,263		470,283
Amkor Technology, Inc.		29,028		935,863
Analog Devices, Inc.		133,623		26,429,293
Applied Materials, Inc.		224,147		46,225,836
Axcelis Technologies, Inc.(a)		8,836		985,391
Broadcom, Inc.		115,708		153,360,540
CEVA, Inc.(a)		5,663		128,607
Cirrus Logic, Inc.(a)		14,341		1,327,403
Cohu, Inc.(a)		11,102		370,030
Credo Technology Group Holding Ltd.(a)		28,989		614,277
Diodes, Inc.(a)		12,142		856,011
Enphase Energy, Inc.(a)		35,957		4,350,078
Entegris, Inc.(b)		39,892		5,606,422
First Solar, Inc.(a)		28,447		4,801,854
FormFactor, Inc.(a)		20,417		931,628
GLOBALFOUNDRIES, Inc.(a)(b)		20,810		1,084,409
Ichor Holdings Ltd.(a)		7,325		282,891
Impinj, Inc.(a)		5,698		731,680
indie Semiconductor, Inc., Class A(a)(b)		32,796		232,196
Intel Corp.		1,134,509		50,111,263
inTEST Corp.(a)		4,460		59,095
KLA Corp.		36,343		25,388,130

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Kulicke & Soffa Industries, Inc.		15,080	$	758,675
Lam Research Corp.		35,324		34,319,739
Lattice Semiconductor Corp.(a)		36,581		2,861,732
MACOM Technology Solutions Holdings, Inc.(a)		14,622		1,398,448
Marvell Technology, Inc.		229,709		16,281,774
Maxeon Solar Technologies Ltd.(a)(b)		6,633		22,088
MaxLinear, Inc.(a)		18,757		350,193
Microchip Technology, Inc.		142,726		12,803,949
Micron Technology, Inc.		293,233		34,569,238
MKS Instruments, Inc.		17,603		2,341,199
Monolithic Power Systems, Inc.		12,354		8,368,847
Navitas Semiconductor Corp.(a)		26,837		128,012
NVE Corp.		1,251		112,815
NVIDIA Corp.		637,730		576,227,319
ON Semiconductor Corp.(a)		115,206		8,473,401
Onto Innovation, Inc.(a)		13,404		2,427,196
PDF Solutions, Inc.(a)		7,550		254,209
Photronics, Inc.(a)(b)		16,245		460,058
Power Integrations, Inc.		15,640		1,119,042
Qorvo, Inc.(a)		26,121		2,999,474
QUALCOMM, Inc.		299,260		50,664,718
Rambus, Inc.(a)		29,262		1,808,684
Semtech Corp.(a)		17,031		468,182
Silicon Laboratories, Inc.(a)		8,370		1,202,936
SiTime Corp.(a)		4,302		401,075
Skyworks Solutions, Inc.		43,366		4,697,405
SMART Global Holdings, Inc.(a)		14,113		371,454
Synaptics, Inc.(a)		10,260		1,000,966
Teradyne, Inc.(b)		40,870		4,611,362
Texas Instruments, Inc.		243,615		42,440,169
Ultra Clean Holdings, Inc.(a)		11,502		528,402
Universal Display Corp.		12,624		2,126,513
Veeco Instruments, Inc.(a)		15,197		534,478
Wolfspeed, Inc.(a)(b)		32,636		962,762
				1,222,236,155
Software — 10.5%
8x8, Inc.(a)		28,114		75,908
A10 Networks, Inc.		14,924		204,310
ACI Worldwide, Inc.(a)		27,575		915,766
Adeia, Inc.		28,036		306,153
Adobe, Inc.(a)		121,109		61,111,601
Agilysys, Inc.(a)		4,997		421,047
Alarm.com Holdings, Inc.(a)		12,213		885,076
Alkami Technology, Inc.(a)		12,604		309,680
Altair Engineering, Inc., Class A(a)(b)		14,009		1,206,875
American Software, Inc., Class A		8,813		100,909
Amplitude, Inc., Class A(a)		17,219		187,343
ANSYS, Inc.(a)		23,222		8,061,749
Appfolio, Inc., Class A(a)		5,458		1,346,707
Appian Corp., Class A(a)		10,312		411,964
AppLovin Corp., Class A(a)(b)		53,851		3,727,566
Asana, Inc., Class A(a)(b)		19,696		305,091
Aspen Technology, Inc.(a)		7,661		1,633,938
Atlassian Corp., Class A(a)(b)		41,576		8,111,893
Aurora Innovation, Inc., Class A(a)		79,981		225,546
Autodesk, Inc.(a)		57,583		14,995,765
AvePoint, Inc., Class A(a)		39,255		310,900
Bentley Systems, Inc., Class B(b)		50,981		2,662,228
BILL Holdings, Inc.(a)(b)		26,951		1,852,073
Bit Digital, Inc.(a)(b)		25,441		73,016
Blackbaud, Inc.(a)(b)		11,297		837,560
BlackLine, Inc.(a)		14,888		961,467

Security	Shares		Value
Software (continued)
Box, Inc., Class A(a)		37,443	$	1,060,386
Braze, Inc., Class A(a)		13,856		613,821
C3.ai, Inc., Class A(a)(b)		21,631		585,551
Cadence Design Systems, Inc.(a)		72,661		22,617,916
CCC Intelligent Solutions Holdings, Inc.(a)		90,931		1,087,535
Cerence, Inc.(a)		9,933		156,445
Cleanspark, Inc.(a)		52,417		1,111,765
Clear Secure, Inc., Class A		21,930		466,451
CommVault Systems, Inc.(a)		11,153		1,131,249
Confluent, Inc., Class A(a)		53,336		1,627,815
Consensus Cloud Solutions, Inc.(a)		5,678		90,053
Crowdstrike Holdings, Inc., Class A(a)		57,245		18,352,174
CS Disco, Inc.(a)		9,712		78,959
Daily Journal Corp.(a)		396		143,198
Datadog, Inc., Class A(a)		74,823		9,248,123
Digimarc Corp.(a)(b)		5,302		144,108
Digital Turbine, Inc.(a)		22,624		59,275
DocuSign, Inc.(a)		55,398		3,298,951
Dolby Laboratories, Inc., Class A		15,508		1,299,105
Domo, Inc., Class B(a)		6,899		61,539
DoubleVerify Holdings, Inc.(a)(b)		36,969		1,299,830
Dropbox, Inc., Class A(a)		70,086		1,703,090
Dynatrace, Inc.(a)		69,341		3,220,196
E2open Parent Holdings, Inc., Class A(a)(b)		53,886		239,254
Elastic NV(a)		21,293		2,134,410
Enfusion, Inc., Class A(a)(b)		8,069		74,638
Envestnet, Inc.(a)		14,382		832,862
Everbridge, Inc.(a)		9,637		335,657
EverCommerce, Inc.(a)		11,351		106,926
Expensify, Inc., Class A(a)		14,524		26,724
Fair Isaac Corp.(a)		6,496		8,117,467
Five9, Inc.(a)		19,403		1,205,120
Fortinet, Inc.(a)		172,839		11,806,632
Freshworks, Inc., Class A(a)		42,630		776,292
Gen Digital, Inc.		146,446		3,280,390
Gitlab, Inc., Class A(a)		23,390		1,364,105
Guidewire Software, Inc.(a)(b)		21,829		2,547,663
HashiCorp, Inc., Class A(a)		24,630		663,778
HubSpot, Inc.(a)		12,519		7,843,905
Informatica, Inc., Class A(a)		13,352		467,320
Instructure Holdings, Inc.(a)(b)		5,212		111,433
Intapp, Inc.(a)(b)		11,105		380,901
InterDigital, Inc.		7,583		807,286
Intuit, Inc.		73,269		47,624,850
Jamf Holding Corp.(a)(b)		17,976		329,860
LivePerson, Inc.(a)		16,718		16,674
LiveRamp Holdings, Inc.(a)		16,679		575,425
Manhattan Associates, Inc.(a)		16,514		4,132,298
Marathon Digital Holdings, Inc.(a)(b)		56,596		1,277,938
Matterport, Inc., Class A(a)		65,359		147,711
MeridianLink, Inc.(a)		6,049		113,116
Microsoft Corp.		1,997,440		840,362,957
MicroStrategy, Inc., Class A(a)(b)		3,955		6,741,535
Mitek Systems, Inc.(a)(b)		10,963		154,578
Model N, Inc.(a)(b)		9,638		274,394
N-able, Inc.(a)		17,965		234,803
nCino, Inc.(a)(b)		20,384		761,954
NCR Voyix Corp.(a)		33,706		425,707
NextNav, Inc.(a)(b)		22,922		150,827
Nutanix, Inc., Class A(a)		65,136		4,020,194
Olo, Inc., Class A(a)		26,747		146,841
ON24, Inc.		15,145		108,135

30 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Software (continued)
OneSpan, Inc.(a)		10,993	$	127,849
Oracle Corp.		413,862		51,985,206
PagerDuty, Inc.(a)(b)		26,690		605,329
Palantir Technologies, Inc., Class A(a)		517,256		11,902,061
Palo Alto Networks, Inc.(a)		82,046		23,311,730
Pegasystems, Inc.		10,979		709,683
PowerSchool Holdings, Inc., Class A(a)(b)		16,349		348,070
Procore Technologies, Inc.(a)(b)		20,821		1,710,862
Progress Software Corp.		11,745		626,126
PROS Holdings, Inc.(a)(b)		11,790		428,331
PTC, Inc.(a)		30,462		5,755,490
Q2 Holdings, Inc.(a)(b)		14,798		777,783
Qualys, Inc.(a)		9,997		1,668,199
Rapid7, Inc.(a)		15,182		744,525
Rimini Street, Inc.(a)		25,248		82,308
RingCentral, Inc., Class A(a)(b)		24,424		848,490
Riot Platforms, Inc.(a)(b)		48,401		592,428
Roper Technologies, Inc.		28,498		15,982,818
Salesforce, Inc.		251,119		75,632,020
Sapiens International Corp. NV		6,878		221,196
SEMrush Holdings, Inc., Class A(a)		12,201		161,785
SentinelOne, Inc., Class A(a)		66,159		1,542,166
ServiceNow, Inc.(a)		54,617		41,640,001
Smartsheet, Inc., Class A(a)(b)		34,456		1,326,556
SolarWinds Corp.(a)		12,293		155,138
SoundHound AI, Inc., Class A(a)(b)		36,809		216,805
SoundThinking, Inc.(a)		2,880		45,734
Sprinklr, Inc., Class A(a)		30,765		377,487
Sprout Social, Inc., Class A(a)(b)		13,682		816,952
SPS Commerce, Inc.(a)		9,824		1,816,458
Synopsys, Inc.(a)(b)		40,724		23,273,766
Tenable Holdings, Inc.(a)		31,356		1,549,927
Teradata Corp.(a)		26,306		1,017,253
Terawulf, Inc.(a)(b)		67,170		176,657
Tyler Technologies, Inc.(a)		11,061		4,701,036
UiPath, Inc., Class A(a)		99,969		2,266,297
Unity Software, Inc.(a)(b)		76,589		2,044,926
Varonis Systems, Inc.(a)(b)		30,227		1,425,808
Verint Systems, Inc.(a)		17,774		589,208
Weave Communications, Inc.(a)		13,413		153,981
Workday, Inc., Class A(a)		53,837		14,684,042
Workiva, Inc., Class A(a)		13,070		1,108,336
Xperi, Inc.(a)		12,403		149,580
Yext, Inc.(a)		25,534		153,970
Zeta Global Holdings Corp., Class A(a)(b)		30,720		335,770
Zoom Video Communications, Inc., Class A(a)(b)		68,653		4,487,847
Zscaler, Inc.(a)(b)		23,729		4,570,917
Zuora, Inc., Class A(a)		29,461		268,684
				1,436,539,817
Specialized REITs — 1.0%
American Tower Corp.		125,135		24,725,425
Crown Castle, Inc.		115,987		12,274,904
CubeSmart		58,739		2,656,178
Digital Realty Trust, Inc.		81,008		11,668,392
EPR Properties		20,678		877,781
Equinix, Inc.		24,956		20,596,936
Extra Space Storage, Inc.		56,302		8,276,394
Farmland Partners, Inc.		10,253		113,808
Four Corners Property Trust, Inc.		22,229		543,944
Gaming & Leisure Properties, Inc.		68,210		3,142,435
Gladstone Land Corp.		9,264		123,582
Iron Mountain, Inc.		77,730		6,234,723

Security	Shares		Value
Specialized REITs (continued)
Lamar Advertising Co., Class A		23,312	$	2,783,686
National Storage Affiliates Trust		22,546		882,901
Outfront Media, Inc.		39,002		654,844
PotlatchDeltic Corp.		21,663		1,018,594
Public Storage		42,099		12,211,236
Rayonier, Inc.		37,775		1,255,641
Safehold, Inc.		14,494		298,576
SBA Communications Corp., Class A		29,092		6,304,236
Uniti Group, Inc.		61,659		363,788
VICI Properties, Inc.		277,346		8,262,137
Weyerhaeuser Co.		196,126		7,042,885
				132,313,026
Specialty Retail — 2.2%
1-800-Flowers.com, Inc., Class A(a)		10,728		116,184
Aaron’s Co., Inc. (The)		9,848		73,860
Abercrombie & Fitch Co., Class A(a)		12,793		1,603,347
Academy Sports & Outdoors, Inc.		20,152		1,361,066
Advance Auto Parts, Inc.		15,592		1,326,723
American Eagle Outfitters, Inc.		48,588		1,253,085
America’s Car-Mart, Inc.(a)(b)		1,956		124,930
Arko Corp., Class A		20,848		118,834
Asbury Automotive Group, Inc.(a)(b)		5,420		1,277,928
AutoNation, Inc.(a)		8,082		1,338,218
AutoZone, Inc.(a)		4,637		14,614,201
Bath & Body Works, Inc.		61,272		3,064,825
Best Buy Co., Inc.		51,948		4,261,294
Beyond, Inc.(a)		11,558		415,048
Boot Barn Holdings, Inc.(a)		8,182		778,517
Buckle, Inc. (The)		6,801		273,876
Build-A-Bear Workshop, Inc.		4,267		127,455
Burlington Stores, Inc.(a)		17,040		3,956,518
Caleres, Inc.		10,690		438,611
Camping World Holdings, Inc., Class A		10,915		303,983
CarMax, Inc.(a)(b)		42,861		3,733,622
CarParts.com, Inc.(a)		21,781		35,285
Carvana Co., Class A(a)		27,470		2,414,888
Children’s Place, Inc. (The)(a)(b)		3,245		37,447
Designer Brands, Inc., Class A		17,736		193,854
Destination XL Group, Inc.(a)		15,315		55,134
Dick’s Sporting Goods, Inc.		15,132		3,402,581
EVgo, Inc., Class A(a)(b)		20,718		52,002
Five Below, Inc.(a)(b)		14,633		2,654,134
Floor & Decor Holdings, Inc., Class A(a)(b)		27,859		3,611,084
Foot Locker, Inc.		20,823		593,455
GameStop Corp., Class A(a)(b)		71,260		892,175
Gap, Inc. (The)		53,270		1,467,588
Genesco, Inc.(a)		3,196		89,935
Group 1 Automotive, Inc.		3,746		1,094,694
GrowGeneration Corp.(a)		28,084		80,320
Guess?, Inc.		9,566		301,042
Haverty Furniture Cos., Inc.		4,592		156,679
Hibbett, Inc.		4,196		322,295
Home Depot, Inc. (The)		268,426		102,968,214
Leslie’s, Inc.(a)		41,852		272,038
Lithia Motors, Inc., Class A		7,057		2,123,169
Lowe’s Cos., Inc.		154,981		39,478,310
MarineMax, Inc.(a)		5,424		180,402
Monro, Inc.		8,422		265,630
Murphy U.S.A., Inc.		5,220		2,188,224
National Vision Holdings, Inc.(a)		20,678		458,224
ODP Corp. (The)(a)		9,017		478,352
OneWater Marine, Inc., Class A(a)		3,378		95,091

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Specialty Retail (continued)
O’Reilly Automotive, Inc.(a)		15,862	$	17,906,295
Penske Automotive Group, Inc.(b)		5,328		863,083
Petco Health & Wellness Co., Inc.(a)(b)		23,430		53,420
PetMed Express, Inc.		5,719		27,394
Revolve Group, Inc., Class A(a)(b)		9,735		206,090
RH(a)		4,171		1,452,592
Ross Stores, Inc.		88,808		13,033,462
Sally Beauty Holdings, Inc.(a)		27,766		344,854
Shoe Carnival, Inc.		5,537		202,876
Signet Jewelers Ltd.		11,753		1,176,123
Sleep Number Corp.(a)		5,788		92,782
Sonic Automotive, Inc., Class A		3,339		190,123
Sportsman’s Warehouse Holdings, Inc.(a)		13,339		41,484
Stitch Fix, Inc., Class A(a)(b)		26,302		69,437
ThredUp, Inc., Class A(a)		29,510		59,020
TJX Cos., Inc. (The)		305,038		30,936,954
Tractor Supply Co.		28,957		7,578,626
Ulta Beauty, Inc.(a)		13,075		6,836,656
Upbound Group, Inc.		16,382		576,810
Urban Outfitters, Inc.(a)		18,838		817,946
Valvoline, Inc.(a)		34,113		1,520,416
Victoria’s Secret & Co.(a)		21,224		411,321
Warby Parker, Inc., Class A(a)(b)		25,887		352,322
Wayfair, Inc., Class A(a)(b)		21,844		1,482,771
Williams-Sonoma, Inc.		16,886		5,361,812
Winmark Corp.		775		280,317
Zumiez, Inc.(a)		5,408		82,148
				298,481,505
Technology Hardware, Storage & Peripherals — 5.2%
Apple Inc.		3,914,205		671,207,873
Corsair Gaming, Inc.(a)		10,225		126,177
Eastman Kodak Co.(a)		20,053		99,262
Hewlett Packard Enterprise Co.		345,242		6,121,141
HP, Inc.		233,692		7,062,172
Immersion Corp.		5,021		37,557
IonQ, Inc.(a)(b)		45,555		455,095
NetApp, Inc.		55,328		5,807,780
Pure Storage, Inc., Class A(a)		77,927		4,051,425
Super Micro Computer, Inc.(a)		13,546		13,681,866
Western Digital Corp.(a)(b)		87,697		5,984,443
Xerox Holdings Corp.		33,602		601,476
				715,236,267
Textiles, Apparel & Luxury Goods — 0.5%
Allbirds, Inc., Class A(a)(b)		34,027		23,618
Birkenstock Holding PLC(a)(b)		7,976		376,866
Capri Holdings Ltd.(a)		30,459		1,379,793
Carter’s, Inc.		9,833		832,659
Columbia Sportswear Co.		10,019		813,342
Crocs, Inc.(a)(b)		16,336		2,349,117
Deckers Outdoor Corp.(a)		6,820		6,419,393
Figs, Inc., Class A(a)		37,971		189,096
G-III Apparel Group Ltd.(a)		11,252		326,421
Hanesbrands, Inc.(a)		95,213		552,235
Kontoor Brands, Inc.		14,153		852,718
Lululemon Athletica, Inc.(a)		29,743		11,619,103
Movado Group, Inc.		4,355		121,635
NIKE, Inc., Class B		315,783		29,677,286
Oxford Industries, Inc.		4,601		517,152
PVH Corp.		16,159		2,272,117
Ralph Lauren Corp., Class A		10,961		2,058,037
Skechers U.S.A., Inc., Class A(a)		34,919		2,139,138
Steven Madden Ltd.		19,299		815,962

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
Tapestry, Inc.		63,009	$	2,991,667
Under Armour, Inc., Class A(a)		50,288		371,126
Under Armour, Inc., Class C, NVS(a)(b)		51,177		365,404
VF Corp.		92,535		1,419,487
Wolverine World Wide, Inc.		22,602		253,368
				68,736,740
Tobacco — 0.4%
Altria Group, Inc.		480,111		20,942,442
Philip Morris International, Inc.		416,564		38,165,594
Turning Point Brands, Inc.		6,104		178,847
Universal Corp.		6,657		344,300
Vector Group Ltd.		41,212		451,683
				60,082,866
Trading Companies & Distributors — 0.6%
Air Lease Corp., Class A		28,388		1,460,279
Alta Equipment Group, Inc., Class A		8,952		115,928
Applied Industrial Technologies, Inc.		10,582		2,090,474
Beacon Roofing Supply, Inc.(a)(b)		17,235		1,689,375
BlueLinx Holdings, Inc.(a)		2,286		297,729
Boise Cascade Co.		10,960		1,680,935
Core & Main, Inc., Class A(a)		46,597		2,667,678
Custom Truck One Source, Inc.(a)		17,228		100,267
Distribution Solutions Group, Inc.(a)		3,991		141,601
DNOW, Inc.(a)		27,687		420,842
DXP Enterprises, Inc.(a)		2,838		152,486
Fastenal Co.		152,435		11,758,836
Ferguson PLC		54,863		11,983,725
FTAI Aviation Ltd.		26,196		1,762,991
GATX Corp.		9,033		1,210,693
Global Industrial Co.		3,963		177,463
GMS, Inc.(a)		11,171		1,087,385
H&E Equipment Services, Inc.		8,147		522,874
Herc Holdings, Inc.		7,437		1,251,647
Hudson Technologies, Inc.(a)		11,345		124,908
McGrath RentCorp.		6,154		759,219
MRC Global, Inc.(a)		23,352		293,535
MSC Industrial Direct Co., Inc., Class A		12,354		1,198,832
Rush Enterprises, Inc., Class A		15,490		829,025
Rush Enterprises, Inc., Class B		3,360		179,054
SiteOne Landscape Supply, Inc.(a)(b)		12,245		2,137,365
Titan Machinery, Inc.(a)		5,723		141,988
Transcat, Inc.(a)		2,615		291,389
United Rentals, Inc.		18,144		13,083,820
Watsco, Inc.		8,868		3,830,710
WESCO International, Inc.		11,652		1,995,755
WW Grainger, Inc.		11,807		12,011,261
Xometry, Inc., Class A(a)(b)		9,480		160,117
				77,610,186
Water Utilities — 0.1%
American States Water Co.		10,208		737,426
American Water Works Co., Inc.		52,177		6,376,551
Artesian Resources Corp., Class A, NVS		2,958		109,771
California Water Service Group		15,512		720,998
Consolidated Water Co. Ltd.		4,718		138,285
Essential Utilities, Inc.		68,092		2,522,809
Middlesex Water Co.		5,127		269,167
SJW Group		7,678		434,498
York Water Co. (The)		3,299		119,655
				11,429,160
Wireless Telecommunication Services — 0.2%
Gogo, Inc.(a)		17,440		153,123

32 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) March 31, 2024 iShares^® Russell 3000 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Wireless Telecommunication Services (continued)
Spok Holdings, Inc.		7,667	$	122,289
Telephone & Data Systems, Inc.		27,603		442,200
T-Mobile U.S., Inc.		131,545		21,470,775
				22,188,387
Total Common Stocks — 99.7% (Cost: $9,075,762,842)				13,623,981,412
Rights
Biotechnology — 0.0%
Aduro Biotech CVR(a)(c)		4,039		2,019
GTX, Inc., Contingent Rights(a)(b)(c)		684		701
			2,720
Total Rights — 0.0% (Cost: $1,402)				2,720
Warrants(a)
Oil, Gas & Consumable Fuels — 0.0%
Chord Energy Corp. (Issued/Exercisable, Expires 09/01/25, Strike Price USD 83.45)		204		5,247
Chord Energy Corp., Class A (Issued/Exercisable, Expires 09/01/24, Strike Price USD 73.44)		409		14,536
				19,783
Total Warrants — 0.0% (Cost: $68,578)				19,783
Total Long-Term Investments — 99.7% (Cost: $9,075,832,822)				13,624,003,915

Security	Shares		Value
Short-Term Securities
Money Market Funds — 1.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(f)(g)		223,803,435	$	223,915,337
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(d)(f)		18,894,297		18,894,297
Total Short-Term Securities — 1.8% (Cost: $242,623,536)				242,809,634
Total Investments — 101.5% (Cost: $9,318,456,358)				13,866,813,549
Liabilities in Excess of Other Assets — (1.5)%				(211,590,259	)
Net Assets — 100.0%			$	13,655,223,290

^(a)  Non-income producing security.

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

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

^(d)  Affiliate of the Fund.

^(e)  Restricted security as to resale, excluding 144A securities. The Fund held restricted securities with a current value of $28,806, representing 0.0% of its net assets as of period end, and an original cost of $96,475.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	245,670,879	$	—		$	(21,808,313	)(a)	$	32,820	$	19,951	$	223,915,337		223,803,435	$	1,970,744	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		17,462,038		1,432,259	(a)		—			—		—		18,894,297		18,894,297		1,021,190			—
	BlackRock, Inc.		26,432,247		3,800,962			(3,401,488	)		1,499,270		4,979,493		33,310,484		39,955		789,553			—
										$	1,532,090	$	4,999,444	$	276,120,118			$	3,781,487		$	—

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

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

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF  

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Russell 2000 E-Mini Index		30		06/21/24	$	3,219	$	86,961
S&P 500 E-Mini Index		99		06/21/24		26,277		506,191
							$	593,152

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	593,152	$	—	$	—	$	—	$	593,152

^(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 March 31, 2024, the effect of derivative financial instruments in the Statements of Operations was as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Net Realized Gain (Loss) from:
Futures contracts	$	—	$	—	$	6,358,776		$	—	$	—	$	—	$	6,358,776
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(539,811	)	$	—	$	—	$	—	$	(539,811	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	25,242,427

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

34 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell 3000 ETF  

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	13,623,912,285	$	61,788	$	7,339	$	13,623,981,412
Rights		—		—		2,720		2,720
Warrants		19,783		—		—		19,783
Short-Term Securities
Money Market Funds		242,809,634		—		—		242,809,634
	$	13,866,741,702	$	61,788	$	10,059	$	13,866,813,549
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	593,152	$	—	$	—	$	593,152

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

See notes to financial statements.

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

Schedule of Investments March 31, 2024 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.9%
BWX Technologies, Inc.		132,314	$	13,578,063
Curtiss-Wright Corp.		66,488		17,016,939
HEICO Corp.(a)		7,709		1,472,419
HEICO Corp., Class A		14,529		2,236,594
Hexcel Corp.		147,221		10,725,050
Howmet Aerospace, Inc.		661,353		45,256,386
Huntington Ingalls Industries, Inc.		68,726		20,031,567
Mercury Systems, Inc.(b)		93,688		2,763,796
Spirit AeroSystems Holdings, Inc., Class A(b)		180,491		6,510,310
Textron, Inc.		341,578		32,767,578
TransDigm Group, Inc.		76,790		94,574,564
Woodward, Inc.		104,470		16,100,916
				263,034,182
Air Freight & Logistics — 0.3%
CH Robinson Worldwide, Inc.		43,817		3,336,226
Expeditors International of Washington, Inc.(a)		218,889		26,610,336
GXO Logistics, Inc.(b)		203,948		10,964,245
				40,910,807
Automobile Components — 0.6%
Aptiv PLC(b)		472,032		37,597,349
BorgWarner, Inc.		407,905		14,170,620
Gentex Corp.		408,754		14,764,194
Lear Corp.		101,179		14,658,814
Phinia, Inc.		80,966		3,111,523
QuantumScape Corp., Class A(a)(b)		590,506		3,714,283
				88,016,783
Automobiles — 0.3%
Harley-Davidson, Inc.		220,976		9,665,490
Lucid Group, Inc.(a)(b)		1,305,200		3,719,820
Rivian Automotive, Inc., Class A(a)(b)		1,181,765		12,940,327
Thor Industries, Inc.		89,630		10,517,184
				36,842,821
Banks — 3.2%
Bank OZK		184,461		8,385,597
BOK Financial Corp.		48,294		4,443,048
Citizens Financial Group, Inc.		812,238		29,476,117
Columbia Banking System, Inc.		364,799		7,058,861
Comerica, Inc.		229,669		12,629,498
Commerce Bancshares, Inc.		209,706		11,156,359
Cullen/Frost Bankers, Inc.		103,485		11,649,307
East West Bancorp, Inc.		244,791		19,365,416
Fifth Third Bancorp		1,183,269		44,029,440
First Citizens BancShares, Inc., Class A		16,882		27,602,070
First Hawaiian, Inc.		219,292		4,815,652
First Horizon Corp.		969,594		14,931,748
FNB Corp.		627,273		8,844,549
Huntington Bancshares, Inc.		2,507,969		34,986,168
KeyCorp.		1,627,921		25,737,431
M&T Bank Corp.		288,430		41,949,259
New York Community Bancorp, Inc., Class A		1,265,108		4,073,648
NU Holdings Ltd., Class A(b)		1,286,057		15,342,660
Pinnacle Financial Partners, Inc.		131,709		11,311,169
Popular, Inc.		123,479		10,877,265
Prosperity Bancshares, Inc.		152,505		10,031,779
Regions Financial Corp.		1,608,524		33,843,345
Synovus Financial Corp.		253,882		10,170,513
TFS Financial Corp.		85,736		1,076,844
Webster Financial Corp.		298,442		15,151,900
Western Alliance Bancorp		188,997		12,131,717

Security	Shares		Value
Banks (continued)
Wintrust Financial Corp.		106,739	$	11,142,484
Zions Bancorp N.A.		255,403		11,084,490
				453,298,334
Beverages — 0.2%
Boston Beer Co., Inc. (The), Class A, NVS(b)		1,299		395,442
Brown-Forman Corp., Class A		16,973		898,720
Brown-Forman Corp., Class B, NVS		64,787		3,344,305
Molson Coors Beverage Co., Class B		305,384		20,537,074
				25,175,541
Biotechnology — 0.9%
Alnylam Pharmaceuticals, Inc.(b)		42,738		6,387,194
Biogen, Inc.(b)		251,278		54,183,075
BioMarin Pharmaceutical, Inc.(b)		287,732		25,130,513
Exact Sciences Corp.(b)		204,154		14,098,875
Exelixis, Inc.(b)		143,795		3,412,256
Incyte Corp.(b)		85,233		4,855,724
Ionis Pharmaceuticals, Inc.(a)(b)		34,249		1,484,694
Roivant Sciences Ltd.(b)		33,626		354,418
United Therapeutics Corp.(b)		78,990		18,145,583
				128,052,332
Broadline Retail — 0.5%
eBay, Inc.		851,152		44,923,802
Etsy, Inc.(a)(b)		91,430		6,283,070
Kohl’s Corp.		191,032		5,568,583
Macy’s, Inc.		475,368		9,502,606
Nordstrom, Inc.		197,692		4,007,217
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		73,835		5,875,051
				76,160,329
Building Products — 2.8%
A. O. Smith Corp.		188,693		16,880,476
Allegion PLC		11,417		1,537,984
Armstrong World Industries, Inc.		54,178		6,729,991
AZEK Co., Inc. (The), Class A(b)		250,902		12,600,298
Builders FirstSource, Inc.(b)		212,064		44,225,947
Carlisle Cos., Inc.		84,471		33,099,961
Carrier Global Corp.		1,453,112		84,469,401
Fortune Brands Innovations, Inc.		221,309		18,738,233
Hayward Holdings, Inc.(a)(b)		230,694		3,531,925
Lennox International, Inc.		55,756		27,251,303
Masco Corp.		392,014		30,922,064
Owens Corning		154,657		25,796,788
Trane Technologies PLC		279,991		84,053,298
				389,837,669
Capital Markets — 5.2%
Affiliated Managers Group, Inc.		58,347		9,771,372
Bank of New York Mellon Corp. (The)		1,326,163		76,413,512
Blue Owl Capital, Inc., Class A		677,092		12,769,955
Carlyle Group, Inc. (The)		368,380		17,280,706
Cboe Global Markets, Inc.		183,371		33,690,754
Coinbase Global, Inc., Class A(b)		298,690		79,188,693
Evercore, Inc., Class A		61,399		11,824,833
Franklin Resources, Inc.		523,461		14,714,489
Houlihan Lokey, Inc., Class A		81,818		10,488,250
Interactive Brokers Group, Inc., Class A(a)		180,918		20,210,350
Invesco Ltd.		633,471		10,509,284
Janus Henderson Group PLC		235,516		7,746,121
Jefferies Financial Group, Inc.		316,163		13,942,788
KKR & Co., Inc., Class A		872,493		87,755,346
Lazard, Inc.		189,231		7,923,102
MSCI, Inc., Class A		66,962		37,528,853

36 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Nasdaq, Inc.		642,159	$	40,520,233
Northern Trust Corp.		353,656		31,447,092
Raymond James Financial, Inc.		329,924		42,368,840
Robinhood Markets, Inc., Class A(b)		1,105,802		22,259,794
SEI Investments Co.		175,317		12,605,292
State Street Corp.		527,148		40,759,083
Stifel Financial Corp.		170,853		13,355,579
T Rowe Price Group, Inc.		384,562		46,885,799
TPG, Inc., Class A		88,674		3,963,728
Tradeweb Markets, Inc., Class A		130,756		13,620,853
Virtu Financial, Inc., Class A		146,643		3,009,114
XP, Inc., Class A		516,999		13,266,194
				735,820,009
Chemicals — 3.5%
Albemarle Corp.		204,568		26,949,788
Ashland, Inc.		87,215		8,492,125
Axalta Coating Systems Ltd.(b)		345,136		11,869,227
Celanese Corp., Class A		172,487		29,643,616
CF Industries Holdings, Inc.		336,118		27,968,379
Chemours Co. (The)		260,294		6,835,320
Corteva, Inc.		1,230,458		70,960,513
DuPont de Nemours, Inc.		750,227		57,519,904
Eastman Chemical Co.		207,546		20,800,260
Element Solutions, Inc.		391,689		9,784,391
FMC Corp.		186,665		11,890,561
Ginkgo Bioworks Holdings, Inc., Class A(a)(b)		2,454,803		2,847,571
Huntsman Corp.		289,570		7,537,507
International Flavors & Fragrances, Inc.		445,260		38,287,907
LyondellBasell Industries NV, Class A		450,973		46,125,518
Mosaic Co. (The)		569,322		18,480,192
NewMarket Corp.		10,756		6,825,973
Olin Corp.		209,831		12,338,063
PPG Industries, Inc.		306,485		44,409,677
RPM International, Inc.		178,760		21,263,502
Westlake Corp.		56,864		8,688,819
				489,518,813
Commercial Services & Supplies — 1.0%
Cintas Corp.		16,735		11,497,447
Clean Harbors, Inc.(b)		88,287		17,773,056
Driven Brands Holdings, Inc.(b)		106,344		1,679,172
MSA Safety, Inc.		53,670		10,389,975
RB Global, Inc.		75,490		5,750,073
Republic Services, Inc.		360,231		68,962,623
Stericycle, Inc.(b)		161,653		8,527,196
Tetra Tech, Inc.		75,658		13,974,789
Vestis Corp.		203,444		3,920,366
				142,474,697
Communications Equipment — 0.4%
Ciena Corp.(a)(b)		251,710		12,447,059
F5, Inc.(b)		103,207		19,567,015
Juniper Networks, Inc.		555,946		20,603,359
Lumentum Holdings, Inc.(a)(b)		116,648		5,523,283
Ubiquiti, Inc.		1,141		132,185
Viasat, Inc.(a)(b)		203,866		3,687,936
				61,960,837
Construction & Engineering — 0.9%
AECOM		237,250		23,269,480
EMCOR Group, Inc.		52,877		18,517,525
MasTec, Inc.(b)		108,345		10,103,171
MDU Resources Group, Inc.		354,682		8,937,986
Quanta Services, Inc.		184,743		47,996,232

Security	Shares		Value
Construction & Engineering (continued)
Valmont Industries, Inc.		33,941	$	7,748,052
WillScot Mobile Mini Holdings Corp.(b)		243,532		11,324,238
				127,896,684
Construction Materials — 0.9%
Eagle Materials, Inc.		20,384		5,539,352
Martin Marietta Materials, Inc.		107,656		66,094,325
Vulcan Materials Co.		180,169		49,171,723
				120,805,400
Consumer Finance — 1.0%
Ally Financial, Inc.		472,875		19,193,996
Credit Acceptance Corp.(a)(b)		10,937		6,032,302
Discover Financial Services		435,864		57,137,412
OneMain Holdings, Inc.		196,508		10,039,594
SLM Corp.		232,088		5,057,198
SoFi Technologies, Inc.(a)(b)		1,661,236		12,127,023
Synchrony Financial		708,194		30,537,325
				140,124,850
Consumer Staples Distribution & Retail — 1.6%
Albertsons Cos., Inc., Class A		662,974		14,214,163
BJ’s Wholesale Club Holdings, Inc.(b)		151,999		11,498,724
Casey’s General Stores, Inc.		55,545		17,688,305
Dollar Tree, Inc.(b)		358,070		47,677,020
Grocery Outlet Holding Corp.(b)		164,237		4,726,741
Kroger Co. (The)		1,138,030		65,015,654
Maplebear, Inc.(a)(b)		11,227		418,655
Performance Food Group Co.(b)		142,116		10,607,538
U.S. Foods Holding Corp.(b)		396,240		21,385,073
Walgreens Boots Alliance, Inc.		1,248,746		27,085,301
				220,317,174
Containers & Packaging — 1.6%
Amcor PLC		2,503,814		23,811,271
AptarGroup, Inc.		113,940		16,394,827
Ardagh Group SA, Class A(b)		34,751		233,005
Avery Dennison Corp.		94,761		21,155,393
Ball Corp.		537,180		36,184,445
Berry Global Group, Inc.		202,671		12,257,542
Crown Holdings, Inc.		186,054		14,746,640
Graphic Packaging Holding Co.		249,714		7,286,655
International Paper Co.		604,451		23,585,678
Packaging Corp. of America		154,244		29,272,426
Sealed Air Corp.		111,695		4,155,054
Silgan Holdings, Inc.		141,019		6,847,883
Sonoco Products Co.		170,912		9,885,550
Westrock Co.		442,916		21,902,196
				227,718,565
Distributors — 0.4%
Genuine Parts Co.		244,596		37,895,258
LKQ Corp.		464,440		24,805,741
				62,700,999
Diversified Consumer Services — 0.2%
ADT, Inc.		446,785		3,002,395
Bright Horizons Family Solutions, Inc.(b)		88,179		9,995,972
Grand Canyon Education, Inc.(b)		37,434		5,098,885
H&R Block, Inc.		89,572		4,398,881
Mister Car Wash, Inc.(a)(b)		129,331		1,002,315
Service Corp. International		159,542		11,839,612
				35,338,060
Diversified REITs — 0.1%
WP Carey, Inc.		378,830		21,381,165

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Diversified Telecommunication Services — 0.1%
Frontier Communications Parent, Inc.(a)(b)		429,925	$	10,533,162
GCI Liberty, Inc. Escrow, Class A(b)(c)		193,912		2
Iridium Communications, Inc.		13,786		360,642
				10,893,806
Electric Utilities — 3.7%
Alliant Energy Corp.		445,858		22,471,243
Avangrid, Inc.		122,994		4,481,901
Constellation Energy Corp.		561,070		103,713,790
Edison International		658,943		46,607,038
Entergy Corp.		369,118		39,008,390
Evergy, Inc.		388,820		20,755,212
Eversource Energy		607,914		36,335,020
FirstEnergy Corp.		949,703		36,677,530
Hawaiian Electric Industries, Inc.		192,594		2,170,534
IDACORP, Inc.		88,402		8,211,662
NRG Energy, Inc.		392,085		26,540,234
OGE Energy Corp.		348,567		11,955,848
PG&E Corp.		3,553,113		59,550,174
Pinnacle West Capital Corp.		198,923		14,865,516
PPL Corp.		1,287,125		35,434,551
Xcel Energy, Inc.		961,007		51,654,126
				520,432,769
Electrical Equipment — 1.6%
Acuity Brands, Inc.(a)		53,900		14,484,547
AMETEK, Inc.		401,119		73,364,665
Generac Holdings, Inc.(b)		104,631		13,198,154
Hubbell, Inc.		50,986		21,161,739
nVent Electric PLC		286,948		21,635,879
Plug Power, Inc.(a)(b)		924,120		3,178,973
Regal Rexnord Corp.		115,686		20,835,049
Sensata Technologies Holding PLC		263,158		9,668,425
Sunrun, Inc.(a)(b)		370,729		4,886,208
Vertiv Holdings Co., Class A		554,691		45,301,614
				227,715,253
Electronic Equipment, Instruments & Components — 2.3%
Amphenol Corp., Class A		505,444		58,302,965
Arrow Electronics, Inc.(b)		94,196		12,194,614
Avnet, Inc.		159,366		7,901,366
CDW Corp.		13,542		3,463,773
Cognex Corp.		303,918		12,892,202
Coherent Corp.(b)		226,687		13,741,766
Corning, Inc.		1,326,204		43,711,684
Crane NXT Co.		82,947		5,134,419
IPG Photonics Corp.(b)		52,699		4,779,272
Jabil, Inc.(a)		80,995		10,849,280
Keysight Technologies, Inc.(b)		226,829		35,471,519
Littelfuse, Inc.		42,175		10,221,111
TD SYNNEX Corp.		101,210		11,446,851
Teledyne Technologies, Inc.(b)		81,246		34,880,533
Trimble, Inc.(a)(b)		430,116		27,682,266
Vontier Corp.		181,291		8,223,360
Zebra Technologies Corp., Class A(b)		73,409		22,128,409
				323,025,390
Energy Equipment & Services — 1.0%
Baker Hughes Co., Class A		1,741,750		58,348,625
Halliburton Co.		1,251,690		49,341,620
NOV, Inc.		684,099		13,353,612
TechnipFMC PLC		755,868		18,979,846
				140,023,703

Security	Shares		Value
Entertainment — 1.5%
AMC Entertainment Holdings, Inc., Class A(a)(b)		430,108	$	1,600,002
Electronic Arts, Inc.		472,019		62,622,761
Liberty Media Corp. - Liberty Formula One, Class A(b)		40,620		2,386,019
Liberty Media Corp. - Liberty Formula One, Class C, NVS(b)		338,354		22,196,022
Liberty Media Corp. - Liberty Live, Class A(b)		33,387		1,413,939
Liberty Media Corp. - Liberty Live, Class C, NVS(b)		83,535		3,660,504
Live Nation Entertainment, Inc.(a)(b)		210,593		22,274,422
Madison Square Garden Sports Corp., Class A(b)		32,653		6,025,132
Playtika Holding Corp.		953		6,719
Roku, Inc., Class A(a)(b)		191,314		12,467,933
Take-Two Interactive Software, Inc.(a)(b)		288,350		42,817,091
Warner Bros Discovery, Inc., Class A(a)(b)		3,841,488		33,536,190
				211,006,734
Financial Services — 1.9%
Affirm Holdings, Inc., Class A(a)(b)		396,591		14,776,981
Block, Inc., Class A(b)		605,619		51,223,255
Corpay, Inc.(b)		8,603		2,654,370
Euronet Worldwide, Inc.(b)		38,285		4,208,670
Fidelity National Information Services, Inc.		1,032,494		76,590,405
Global Payments, Inc.		449,709		60,108,105
Jack Henry & Associates, Inc.		86,977		15,110,514
MGIC Investment Corp.		480,709		10,748,653
NCR Atleos Corp.(b)		117,851		2,327,557
Rocket Cos., Inc., Class A(a)(b)		132,093		1,921,953
UWM Holdings Corp., Class A		103,353		750,343
Voya Financial, Inc.		169,080		12,498,394
Western Union Co. (The)		377,551		5,278,163
WEX, Inc.(a)(b)		39,991		9,499,062
				267,696,425
Food Products — 1.8%
Bunge Global SA		252,843		25,921,464
Campbell Soup Co.		332,936		14,799,005
Conagra Brands, Inc.		831,396		24,642,577
Darling Ingredients, Inc.(b)		278,622		12,958,709
Flowers Foods, Inc.		329,373		7,822,609
Freshpet, Inc.(b)		54,795		6,348,549
Hormel Foods Corp.		506,298		17,664,737
Ingredion, Inc.		113,595		13,273,576
J M Smucker Co. (The)		179,068		22,539,289
Kellanova		453,902		26,004,046
Lamb Weston Holdings, Inc.		13,948		1,485,880
McCormick & Co., Inc., NVS		438,684		33,695,318
Pilgrim’s Pride Corp.(b)		70,830		2,430,886
Post Holdings, Inc.(b)		88,397		9,394,833
Seaboard Corp.		376		1,212,194
Tyson Foods, Inc., Class A		484,775		28,470,836
WK Kellogg Co.		113,147		2,127,164
				250,791,672
Gas Utilities — 0.3%
Atmos Energy Corp.		263,339		31,303,107
National Fuel Gas Co.		155,766		8,367,750
UGI Corp.		366,441		8,992,462
				48,663,319
Ground Transportation — 0.8%
Avis Budget Group, Inc.		21,342		2,613,541
Hertz Global Holdings, Inc.(a)(b)		232,137		1,817,633
JB Hunt Transport Services, Inc.		115,378		22,989,066
Knight-Swift Transportation Holdings, Inc.		274,264		15,090,005

38 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ground Transportation (continued)
Landstar System, Inc.		12,547	$	2,418,560
Old Dominion Freight Line, Inc.		23,538		5,162,119
Ryder System, Inc.		76,351		9,176,627
Saia, Inc.(b)		41,162		24,079,770
Schneider National, Inc., Class B		94,544		2,140,476
U-Haul Holding Co.(b)		9,559		645,615
U-Haul Holding Co., NVS(a)		107,770		7,186,103
XPO, Inc.(b)		198,688		24,245,897
				117,565,412
Health Care Equipment & Supplies — 1.8%
Baxter International, Inc.		881,554		37,677,618
Cooper Cos., Inc. (The)		338,829		34,377,590
DENTSPLY SIRONA, Inc.		371,688		12,336,325
Enovis Corp.(b)		92,696		5,788,865
Envista Holdings Corp.(b)		286,598		6,127,465
Globus Medical, Inc., Class A(a)(b)		147,249		7,898,436
Hologic, Inc.(b)		402,637		31,389,581
ICU Medical, Inc.(b)		35,609		3,821,558
Integra LifeSciences Holdings Corp.(a)(b)		119,012		4,218,976
QuidelOrtho Corp.(b)		93,613		4,487,807
STERIS PLC		172,995		38,892,736
Tandem Diabetes Care, Inc.(b)		96,807		3,427,936
Teleflex, Inc.		82,255		18,603,613
Zimmer Biomet Holdings, Inc.		366,086		48,316,030
				257,364,536
Health Care Providers & Services — 1.4%
Acadia Healthcare Co., Inc.(b)		156,440		12,393,177
agilon health, Inc.(a)(b)		58,207		355,063
Amedisys, Inc.(b)		56,574		5,213,860
Cardinal Health, Inc.		210,168		23,517,799
Chemed Corp.		7,235		4,644,364
Encompass Health Corp.		160,797		13,278,616
Henry Schein, Inc.(a)(b)		227,904		17,211,310
Laboratory Corp. of America Holdings		147,837		32,296,471
Molina Healthcare, Inc.(b)		45,924		18,866,957
Premier, Inc., Class A		209,275		4,624,978
Quest Diagnostics, Inc.		195,194		25,982,273
R1 RCM, Inc.(b)		262,388		3,379,557
Tenet Healthcare Corp.(b)		175,825		18,480,966
Universal Health Services, Inc., Class B		102,896		18,774,404
				199,019,795
Health Care REITs — 1.2%
Healthcare Realty Trust, Inc.		662,070		9,368,291
Healthpeak Properties, Inc.		1,231,315		23,087,156
Medical Properties Trust, Inc.(a)		1,040,830		4,891,901
Omega Healthcare Investors, Inc.		427,229		13,530,342
Ventas, Inc.		696,390		30,320,821
Welltower, Inc.		966,548		90,314,245
				171,512,756
Health Care Technology — 0.1%
Certara, Inc.(a)(b)		131,384		2,349,146
Doximity, Inc., Class A(a)(b)		111,166		2,991,477
Teladoc Health, Inc.(a)(b)		289,415		4,370,166
				9,710,789
Hotel & Resort REITs — 0.2%
Host Hotels & Resorts, Inc.		1,221,932		25,269,554
Park Hotels & Resorts, Inc.		363,232		6,352,927
				31,622,481
Hotels, Restaurants & Leisure — 2.2%
Aramark		454,545		14,781,803

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Boyd Gaming Corp.		123,333	$	8,302,778
Caesars Entertainment, Inc.(a)(b)		212,060		9,275,504
Carnival Corp.(b)		1,731,242		28,288,494
Cava Group, Inc.(b)		18,939		1,326,677
Darden Restaurants, Inc.		111,072		18,565,685
DoorDash, Inc., Class A(b)		117,628		16,199,728
Expedia Group, Inc.(b)		62,312		8,583,478
Hilton Worldwide Holdings, Inc.		235,469		50,227,892
Hyatt Hotels Corp., Class A(a)		75,731		12,088,182
Marriott Vacations Worldwide Corp.		60,996		6,571,099
MGM Resorts International(a)(b)		480,268		22,673,452
Norwegian Cruise Line Holdings Ltd.(a)(b)		563,076		11,785,181
Penn Entertainment, Inc.(b)		261,192		4,756,306
Planet Fitness, Inc., Class A(a)(b)		78,809		4,935,808
Royal Caribbean Cruises Ltd.(a)(b)		285,285		39,657,468
Travel + Leisure Co.		66,939		3,277,334
Vail Resorts, Inc.		59,435		13,243,901
Wyndham Hotels & Resorts, Inc.		131,732		10,110,431
Wynn Resorts Ltd.		170,564		17,436,758
Yum! Brands, Inc.		59,947		8,311,652
				310,399,611
Household Durables — 2.7%
DR Horton, Inc.		527,973		86,877,957
Garmin Ltd.		267,983		39,894,629
Leggett & Platt, Inc.		232,891		4,459,863
Lennar Corp., Class A		422,472		72,656,734
Lennar Corp., Class B		22,715		3,502,199
Mohawk Industries, Inc.(b)		92,438		12,099,210
Newell Brands, Inc.		670,252		5,382,124
NVR, Inc.(b)		4,638		37,567,614
PulteGroup, Inc.		373,489		45,050,243
Tempur Sealy International, Inc.		232,280		13,198,150
Toll Brothers, Inc.		181,439		23,472,763
TopBuild Corp.(b)		51,601		22,742,109
Whirlpool Corp.		93,228		11,152,866
				378,056,461
Household Products — 0.1%
Church & Dwight Co., Inc.		43,870		4,576,080
Reynolds Consumer Products, Inc.		93,447		2,668,846
Spectrum Brands Holdings, Inc.		52,783		4,698,215
				11,943,141
Independent Power and Renewable Electricity Producers — 0.3%
AES Corp. (The)		455,299		8,163,511
Brookfield Renewable Corp., Class A		232,377		5,709,503
Clearway Energy, Inc., Class A		59,883		1,288,083
Clearway Energy, Inc., Class C		141,954		3,272,040
Vistra Corp.		437,975		30,504,959
				48,938,096
Industrial REITs — 0.5%
Americold Realty Trust, Inc.		495,340		12,343,873
EastGroup Properties, Inc.		79,876		14,359,308
First Industrial Realty Trust, Inc.		230,253		12,097,493
Rexford Industrial Realty, Inc.		367,508		18,485,652
STAG Industrial, Inc.		317,289		12,196,589
				69,482,915
Insurance — 6.4%
Aflac, Inc.		1,012,394		86,924,149
Allstate Corp. (The)		457,444		79,142,386
American Financial Group, Inc.		125,076		17,070,372
Arch Capital Group Ltd.(b)		538,258		49,756,570

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Insurance (continued)
Arthur J. Gallagher & Co.		352,889	$	88,236,366
Assurant, Inc.		91,647		17,251,631
Assured Guaranty Ltd.		95,868		8,364,483
Axis Capital Holdings Ltd.		136,580		8,880,432
Brighthouse Financial, Inc.(b)		101,673		5,240,226
Brown & Brown, Inc.		253,182		22,163,552
Cincinnati Financial Corp.		267,694		33,239,564
CNA Financial Corp.		44,857		2,037,405
Everest Group Ltd.		64,603		25,679,692
Fidelity National Financial, Inc., Class A		451,872		23,994,403
First American Financial Corp.		172,984		10,560,673
Globe Life, Inc.		151,237		17,599,450
Hanover Insurance Group, Inc. (The)		62,376		8,493,740
Hartford Financial Services Group, Inc. (The)		514,797		53,049,831
Kemper Corp.		106,671		6,605,068
Lincoln National Corp.		268,383		8,569,469
Loews Corp.		319,120		24,983,905
Markel Group, Inc.(a)(b)		22,907		34,852,542
Old Republic International Corp.		449,552		13,810,237
Primerica, Inc.		21,212		5,365,788
Principal Financial Group, Inc.		414,723		35,794,742
Prudential Financial, Inc.		633,239		74,342,259
Reinsurance Group of America, Inc.		116,310		22,433,873
RenaissanceRe Holdings Ltd.		66,408		15,607,872
RLI Corp.		55,021		8,168,968
Unum Group		286,575		15,377,615
W R Berkley Corp.		348,562		30,826,823
White Mountains Insurance Group Ltd.(a)		4,355		7,814,177
Willis Towers Watson PLC		156,890		43,144,750
				905,383,013
Interactive Media & Services — 0.1%
IAC, Inc.(b)		129,241		6,893,715
Match Group, Inc.(a)(b)		47,703		1,730,665
TripAdvisor, Inc.(b)		186,745		5,189,643
ZoomInfo Technologies, Inc., Class A(b)		253,719		4,067,116
				17,881,139
IT Services — 1.5%
Akamai Technologies, Inc.(b)		260,611		28,344,052
Amdocs Ltd.		201,165		18,179,281
Cognizant Technology Solutions Corp., Class A		875,431		64,160,338
DXC Technology Co.(b)		337,655		7,161,663
GoDaddy, Inc., Class A(b)		96,994		11,511,248
Kyndryl Holdings, Inc.(b)		395,791		8,612,412
Okta, Inc., Class A(b)		249,914		26,146,003
Twilio, Inc., Class A(b)		247,797		15,152,786
VeriSign, Inc.(b)		146,792		27,818,552
				207,086,335
Leisure Products — 0.3%
Brunswick Corp.		109,791		10,597,027
Hasbro, Inc.		230,181		13,009,830
Mattel, Inc.(b)		615,734		12,197,691
Polaris, Inc.		85,834		8,593,700
				44,398,248
Life Sciences Tools & Services — 1.5%
Agilent Technologies, Inc.		95,460		13,890,385
Avantor, Inc.(a)(b)		1,176,366		30,079,679
Azenta, Inc.(b)		95,987		5,786,096
Bio-Rad Laboratories, Inc., Class A(b)		35,911		12,420,538
Bio-Techne Corp.(a)		15,334		1,079,360
Charles River Laboratories International, Inc.(a)(b)		88,715		24,037,329
Fortrea Holdings, Inc.(b)		154,686		6,209,096

Security	Shares		Value
Life Sciences Tools & Services (continued)
ICON PLC(b)		120,842	$	40,596,870
Illumina, Inc.(b)		193,562		26,579,934
IQVIA Holdings, Inc.(b)		23,206		5,868,565
Maravai LifeSciences Holdings, Inc., Class A(b)		80,864		701,091
QIAGEN NV		385,297		16,563,918
Repligen Corp.(a)(b)		54,432		10,011,133
Revvity, Inc.		216,448		22,727,040
Sotera Health Co.(b)		64,110		769,961
				217,320,995
Machinery — 6.7%
AGCO Corp.		108,995		13,408,565
Allison Transmission Holdings, Inc.		140,730		11,421,647
CNH Industrial NV		1,707,680		22,131,533
Crane Co.(a)		84,190		11,376,595
Cummins, Inc.		237,545		69,992,634
Donaldson Co., Inc.		124,266		9,280,185
Dover Corp.		243,240		43,099,696
Esab Corp.		99,095		10,956,934
Flowserve Corp.		229,359		10,477,119
Fortive Corp.		616,715		53,049,824
Gates Industrial Corp. PLC(b)		287,849		5,097,806
Graco, Inc.		171,949		16,070,354
IDEX Corp.		121,148		29,562,535
Ingersoll Rand, Inc.		705,812		67,016,849
ITT, Inc.		143,966		19,583,695
Lincoln Electric Holdings, Inc.		6,278		1,603,652
Middleby Corp. (The)(a)(b)		93,552		15,042,226
Nordson Corp.		99,765		27,389,483
Oshkosh Corp.		113,761		14,187,134
Otis Worldwide Corp.		678,455		67,350,228
PACCAR, Inc.		894,247		110,788,261
Parker-Hannifin Corp.		222,893		123,881,700
Pentair PLC		285,351		24,380,389
RBC Bearings, Inc.(b)		49,346		13,340,691
Snap-on, Inc.		90,733		26,876,929
Stanley Black & Decker, Inc.		267,061		26,153,284
Timken Co. (The)		106,730		9,331,404
Westinghouse Air Brake Technologies Corp.		310,867		45,287,105
Xylem, Inc.		364,274		47,078,772
				945,217,229
Marine Transportation — 0.1%
Kirby Corp.(b)		102,873		9,805,854
Media — 1.1%
Cable One, Inc.		8,969		3,795,053
Fox Corp., Class A, NVS		425,820		13,315,391
Fox Corp., Class B		236,755		6,775,928
Interpublic Group of Cos., Inc. (The)		672,702		21,950,266
Liberty Broadband Corp., Class A(a)(b)		22,575		1,289,484
Liberty Broadband Corp., Class C, NVS(a)(b)		160,945		9,210,882
Liberty Media Corp. - Liberty SiriusXM, NVS(b)		267,072		7,934,709
Liberty Media Corp. - Liberty SiriusXM, Class A(a)(b)		131,921		3,918,054
New York Times Co. (The), Class A		281,747		12,177,105
News Corp., Class A, NVS		663,125		17,360,613
News Corp., Class B		201,172		5,443,714
Nexstar Media Group, Inc., Class A		37,074		6,387,480
Omnicom Group, Inc.		343,991		33,284,569
Paramount Global, Class A(a)		19,314		421,625
Paramount Global, Class B, NVS		1,014,187		11,936,981
Sirius XM Holdings, Inc.(a)		1,137,461		4,413,349
				159,615,203

40 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining — 1.6%
Alcoa Corp.		310,489	$	10,491,423
Cleveland-Cliffs, Inc.(b)		870,589		19,797,194
MP Materials Corp., Class A(a)(b)		178,796		2,556,783
Nucor Corp.		428,436		84,787,484
Reliance, Inc.		99,828		33,360,521
Royal Gold, Inc.		114,261		13,918,133
SSR Mining, Inc.		352,578		1,572,498
Steel Dynamics, Inc.		266,405		39,489,213
United States Steel Corp.		386,306		15,753,559
				221,726,808
Mortgage Real Estate Investment Trusts (REITs) — 0.3%
AGNC Investment Corp.(a)		1,209,696		11,975,990
Annaly Capital Management, Inc.		873,700		17,203,153
Rithm Capital Corp.		845,010		9,430,312
Starwood Property Trust, Inc.		514,992		10,469,787
				49,079,242
Multi-Utilities — 2.2%
Ameren Corp.		456,682		33,776,201
CenterPoint Energy, Inc.		1,101,720		31,388,003
CMS Energy Corp.		507,751		30,637,695
Consolidated Edison, Inc.		605,188		54,957,122
DTE Energy Co.		359,278		40,289,435
NiSource, Inc.		721,909		19,968,003
Public Service Enterprise Group, Inc.		867,338		57,920,831
WEC Energy Group, Inc.		551,774		45,311,681
				314,248,971
Office REITs — 0.6%
Alexandria Real Estate Equities, Inc.		303,248		39,091,700
Boston Properties, Inc.		275,155		17,970,373
Cousins Properties, Inc.		266,510		6,406,900
Highwoods Properties, Inc.		180,525		4,726,145
Kilroy Realty Corp.		202,063		7,361,155
NET Lease Office Properties		24,959		594,024
Vornado Realty Trust		306,772		8,825,830
				84,976,127
Oil, Gas & Consumable Fuels — 4.5%
Antero Midstream Corp.		399,280		5,613,877
Antero Resources Corp.(b)		493,008		14,297,232
APA Corp.		167,476		5,757,825
Chesapeake Energy Corp.		216,305		19,214,373
Coterra Energy, Inc.		1,301,700		36,291,396
Devon Energy Corp.		1,117,833		56,092,860
Diamondback Energy, Inc.		311,079		61,646,526
DT Midstream, Inc.		170,134		10,395,187
EQT Corp.		627,906		23,276,475
Hess Corp.		214,447		32,733,190
HF Sinclair Corp.		279,370		16,865,567
Marathon Oil Corp.		1,020,964		28,934,120
ONEOK, Inc.		958,868		76,872,448
Ovintiv, Inc.		249,398		12,943,756
Phillips 66		767,256		125,323,595
Range Resources Corp.		408,270		14,056,736
Southwestern Energy Co.(b)		1,913,700		14,505,846
Williams Cos., Inc. (The)		2,124,200		82,780,074
				637,601,083
Paper & Forest Products — 0.1%
Louisiana-Pacific Corp.		112,692		9,455,986
Passenger Airlines — 0.9%
Alaska Air Group, Inc.(b)		215,831		9,278,575
American Airlines Group, Inc.(b)		712,813		10,941,680

Security	Shares		Value
Passenger Airlines (continued)
Delta Air Lines, Inc.		1,061,900	$	50,833,153
Southwest Airlines Co.		1,036,502		30,255,493
United Airlines Holdings, Inc.(b)		570,098		27,296,292
				128,605,193
Personal Care Products — 0.1%
Coty, Inc., Class A(a)(b)		657,249		7,860,698
Olaplex Holdings, Inc.(b)		202,418		388,643
				8,249,341
Pharmaceuticals — 0.7%
Catalent, Inc.(b)		315,601		17,815,676
Elanco Animal Health, Inc.(b)		860,046		14,001,549
Jazz Pharmaceuticals PLC(b)		51,722		6,228,363
Organon & Co.		446,754		8,398,975
Perrigo Co. PLC		236,460		7,611,647
Royalty Pharma PLC, Class A		648,472		19,694,095
Viatris, Inc.		2,088,091		24,931,807
				98,682,112
Professional Services — 1.7%
Broadridge Financial Solutions, Inc.		33,861		6,936,764
CACI International, Inc., Class A(b)		38,506		14,587,228
Clarivate PLC(a)(b)		806,185		5,989,955
Concentrix Corp.		77,285		5,117,813
Dayforce, Inc.(a)(b)		238,702		15,804,459
Dun & Bradstreet Holdings, Inc.		470,060		4,719,402
Equifax, Inc.(a)		65,880		17,624,218
FTI Consulting, Inc.(b)		47,407		9,969,218
Genpact Ltd.		232,041		7,645,751
Jacobs Solutions, Inc.		219,541		33,750,038
KBR, Inc.		147,846		9,411,876
Leidos Holdings, Inc.		237,994		31,198,634
ManpowerGroup, Inc.		83,966		6,519,120
Paycor HCM, Inc.(a)(b)		60,875		1,183,410
Robert Half, Inc.		180,425		14,304,094
Science Applications International Corp.		90,559		11,807,988
SS&C Technologies Holdings, Inc.		379,337		24,417,923
TransUnion		337,138		26,903,612
				247,891,503
Real Estate Management & Development — 0.9%
CBRE Group, Inc., Class A(b)		529,667		51,504,819
CoStar Group, Inc.(a)(b)		401,856		38,819,290
Howard Hughes Holdings, Inc.(b)		59,930		4,352,117
Jones Lang LaSalle, Inc.(b)		82,603		16,115,019
Zillow Group, Inc., Class A(b)		94,136		4,505,349
Zillow Group, Inc., Class C, NVS(a)(b)		269,054		13,124,454
				128,421,048
Residential REITs — 2.0%
American Homes 4 Rent, Class A		581,384		21,383,303
Apartment Income REIT Corp.		254,053		8,249,101
AvalonBay Communities, Inc.		247,799		45,981,582
Camden Property Trust		181,432		17,852,909
Equity LifeStyle Properties, Inc.		209,467		13,489,675
Equity Residential		650,381		41,045,545
Essex Property Trust, Inc.		111,368		27,264,000
Invitation Homes, Inc.		1,065,777		37,952,319
Mid-America Apartment Communities, Inc.		202,838		26,689,424
Sun Communities, Inc.		167,789		21,574,310
UDR, Inc.		540,886		20,234,545
				281,716,713
Retail REITs — 1.7%
Agree Realty Corp.		173,019		9,882,845

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

Schedule of Investments (continued) March 31, 2024 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Retail REITs (continued)
Brixmor Property Group, Inc.		522,462	$	12,251,734
Federal Realty Investment Trust		140,798		14,378,292
Kimco Realty Corp.		1,146,976		22,492,199
NNN REIT, Inc.		316,115		13,510,755
Realty Income Corp.		1,450,642		78,479,732
Regency Centers Corp.		315,594		19,112,373
Simon Property Group, Inc.		442,553		69,255,119
				239,363,049
Semiconductors & Semiconductor Equipment — 2.5%
Cirrus Logic, Inc.(b)		94,098		8,709,711
Entegris, Inc.		246,742		34,677,121
First Solar, Inc.(b)		185,863		31,373,674
GLOBALFOUNDRIES, Inc.(a)(b)		137,490		7,164,604
Marvell Technology, Inc.		1,490,586		105,652,736
Microchip Technology, Inc.		266,614		23,917,942
MKS Instruments, Inc.(a)		115,764		15,396,612
ON Semiconductor Corp.(a)(b)		752,000		55,309,600
Qorvo, Inc.(b)		170,816		19,614,801
Skyworks Solutions, Inc.		277,506		30,059,450
Teradyne, Inc.(a)		44,707		5,044,291
Universal Display Corp.		44,375		7,474,969
Wolfspeed, Inc.(a)(b)		214,865		6,338,517
				350,734,028
Software — 1.5%
ANSYS, Inc.(b)		26,595		9,232,720
AppLovin Corp., Class A(a)(b)		260,866		18,057,145
Aspen Technology, Inc.(b)		47,659		10,164,712
Bentley Systems, Inc., Class B		24,232		1,265,395
BILL Holdings, Inc.(b)		179,830		12,357,918
CCC Intelligent Solutions Holdings, Inc.(b)		591,465		7,073,921
Dolby Laboratories, Inc., Class A		101,803		8,528,037
Dropbox, Inc., Class A(b)		50,199		1,219,836
Gen Digital, Inc.		814,110		18,236,064
Guidewire Software, Inc.(b)		142,285		16,606,082
HashiCorp, Inc., Class A(b)		55,410		1,493,299
Informatica, Inc., Class A(b)		71,580		2,505,300
nCino, Inc.(a)(b)		112,620		4,209,736
NCR Voyix Corp.(b)		221,474		2,797,217
Nutanix, Inc., Class A(b)		321,125		19,819,835
PTC, Inc.(b)		95,697		18,080,991
SentinelOne, Inc., Class A(b)		363,181		8,465,749
Tyler Technologies, Inc.(b)		17,826		7,576,228
UiPath, Inc., Class A(b)		156,212		3,541,326
Unity Software, Inc.(a)(b)		307,975		8,222,932
Zoom Video Communications, Inc., Class A(b)		450,732		29,464,351
				208,918,794
Specialized REITs — 2.5%
CubeSmart		391,472		17,702,364
Digital Realty Trust, Inc.		526,810		75,881,712
EPR Properties		128,337		5,447,906
Extra Space Storage, Inc.		364,676		53,607,372
Gaming & Leisure Properties, Inc.		446,732		20,580,943
Iron Mountain, Inc.		254,789		20,436,626
Lamar Advertising Co., Class A		34,392		4,106,749
National Storage Affiliates Trust		131,262		5,140,220
Rayonier, Inc.		257,375		8,555,145
SBA Communications Corp., Class A		168,354		36,482,312
VICI Properties, Inc.		1,803,537		53,727,367
Weyerhaeuser Co.		1,276,844		45,851,468
				347,520,184

Security	Shares		Value
Specialty Retail — 1.4%
Advance Auto Parts, Inc.		104,275	$	8,872,760
AutoNation, Inc.(a)(b)		49,574		8,208,463
Bath & Body Works, Inc.		395,178		19,766,804
Best Buy Co., Inc.		290,362		23,818,395
CarMax, Inc.(a)(b)		259,070		22,567,588
Dick’s Sporting Goods, Inc.		91,207		20,508,806
GameStop Corp., Class A(a)(b)		469,177		5,874,096
Gap, Inc. (The)		341,668		9,412,953
Lithia Motors, Inc., Class A		47,118		14,175,921
Murphy U.S.A., Inc.		1,791		750,787
Penske Automotive Group, Inc.(a)		34,146		5,531,310
Petco Health & Wellness Co., Inc.(a)(b)		154,275		351,747
RH(a)(b)		22,694		7,903,412
Ross Stores, Inc.		38,729		5,683,868
Valvoline, Inc.(b)		167,358		7,459,146
Victoria’s Secret & Co.(a)(b)		74,807		1,449,760
Wayfair, Inc., Class A(b)		96,060		6,520,553
Williams-Sonoma, Inc.		96,771		30,727,696
				199,584,065
Technology Hardware, Storage & Peripherals — 1.0%
Hewlett Packard Enterprise Co.		2,268,476		40,220,080
HP, Inc.		1,199,472		36,248,044
NetApp, Inc.		216,791		22,756,551
Pure Storage, Inc., Class A(a)(b)		109,731		5,704,915
Western Digital Corp.(b)		565,435		38,585,284
				143,514,874
Textiles, Apparel & Luxury Goods — 0.7%
Birkenstock Holding PLC(a)(b)		31,520		1,489,320
Capri Holdings Ltd.(b)		195,947		8,876,399
Carter’s, Inc.		62,745		5,313,247
Columbia Sportswear Co.		61,636		5,003,610
PVH Corp.		103,635		14,572,117
Ralph Lauren Corp., Class A		68,692		12,897,610
Skechers U.S.A., Inc., Class A(b)		215,795		13,219,602
Tapestry, Inc.		374,272		17,770,435
Under Armour, Inc., Class A(a)(b)		324,419		2,394,212
Under Armour, Inc., Class C, NVS(a)(b)		352,579		2,517,414
VF Corp.		609,999		9,357,385
				93,411,351
Trading Companies & Distributors — 1.7%
Air Lease Corp., Class A		181,492		9,335,948
Core & Main, Inc., Class A(b)		303,242		17,360,605
Fastenal Co.		251,444		19,396,390
Ferguson PLC		336,925		73,594,528
MSC Industrial Direct Co., Inc., Class A		80,529		7,814,534
SiteOne Landscape Supply, Inc.(a)(b)		52,810		9,217,986
United Rentals, Inc.		93,808		67,645,887
Watsco, Inc.		44,158		19,074,931
WESCO International, Inc.		77,091		13,204,146
				236,644,955
Water Utilities — 0.4%
American Water Works Co., Inc.		339,695		41,514,126
Essential Utilities, Inc.		438,409		16,243,053
				57,757,179
Total Long-Term Investments — 99.7% (Cost: $11,604,221,411)				14,088,061,737

42 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments  (continued) March 31, 2024 iShares^® Russell Mid-Cap Value ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 2.5%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f)		324,233,569	$	324,395,686
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(d)(e)		20,880,703		20,880,703
Total Short-Term Securities — 2.5% (Cost: $345,023,944)				345,276,389
Total Investments — 102.2% (Cost: $11,949,245,355)				14,433,338,126
Liabilities in Excess of Other Assets — (2.2)%				(304,335,261	)
Net Assets — 100.0%			$	14,129,002,865

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

^(b)  Non-income producing security.

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

^(d)  Affiliate of the Fund.

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

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

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares	$	389,623,363	$	—		$	(65,326,692	)(a)	$	114,267	$	(15,252	)	$	324,395,686		324,233,569	$	5,907,332	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		12,494,031		8,386,672	(a)		—			—		—			20,880,703		20,880,703		997,058			—
										$	114,267	$	(15,252	)	$	345,276,389			$	6,904,390		$	—

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

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P 500 E-Mini Index		23		06/21/24	$	6,105	$	105,691
S&P Mid 400 E-Mini Index		108		06/21/24		33,236		984,093
							$	1,089,784

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

Schedule of Investments  (continued) March 31, 2024 iShares^® Russell Mid-Cap Value ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	1,089,784	$	—	$	—	$	—	$	1,089,784

^(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 March 31, 2024, 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	$	—	$	—	$	5,685,429	$	—	$	—	$	—	$	5,685,429
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	113,251	$	—	$	—	$	—	$	113,251

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	34,250,469

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

Fair Value Hierarchy as of Period End

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

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

	Level 1			Level 2			Level 3			Total
Assets
Investments
Long-Term Investments
Common Stocks	$	14,087,828,730		$	233,005		$	2		$	14,088,061,737
Short-Term Securities
Money Market Funds		345,276,389			—			—			345,276,389
	$	14,433,105,119		$	233,005		$	2		$	14,433,338,126
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	1,089,784		$	—		$	—		$	1,089,784

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

See notes to financial statements.

44 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities

March 31, 2024

	iShares Russell 3000 ETF			iShares Russell Mid-Cap Value ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	13,590,693,431		$	14,088,061,737
Investments, at value — affiliated(c)		276,120,118			345,276,389
Cash		3,884,337			5,306,304
Cash pledged:
Futures contracts		1,515,459			2,113,590
Receivables:
Investments sold		8,100			4,950
Securities lending income — affiliated		124,488			335,191
Dividends — unaffiliated		8,802,674			18,199,927
Dividends — affiliated		105,185			95,652
Total assets		13,881,253,792			14,459,393,740
LIABILITIES
Collateral on securities loaned		223,747,007			323,885,889
Payables:
Investments purchased		8,100			3,661,116
Capital shares redeemed		—			157,540
Investment advisory fees		2,275,395			2,686,330
Total liabilities		226,030,502			330,390,875
Commitments and contingent liabilities
NET ASSETS	$	13,655,223,290		$	14,129,002,865
NET ASSETS CONSIST OF:
Paid-in capital	$	9,452,797,812		$	12,644,553,874
Accumulated earnings		4,202,425,478			1,484,448,991
NET ASSETS	$	13,655,223,290		$	14,129,002,865
NET ASSET VALUE
Shares outstanding	$	45,500,000		$	112,650,000
Net asset value	$	300.11		$	125.42
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	9,052,684,445		$	11,604,221,411
(b) Securities loaned, at value	$	217,686,118		$	314,311,547
(c) Investments, at cost — affiliated	$	265,771,913		$	345,023,944

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 45

Statements of Operations

Year Ended March 31, 2024

	iShares Russell 3000 ETF			iShares Russell Mid-Cap Value ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	176,831,615		$	255,748,449
Dividends — affiliated		1,810,743			997,058
Interest — unaffiliated		7,833			26,278
Securities lending income — affiliated — net		1,970,744			5,907,332
Foreign taxes withheld		(36,059	)		(105,626	)
Total investment income		180,584,876			262,573,491
EXPENSES
Investment advisory		23,476,446			29,495,746
Interest expense		8,297			7,787
Total expenses		23,484,743			29,503,533
Net investment income		157,100,133			233,069,958
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(21,912,493	)		(205,621,904	)
Investments — affiliated		1,029			114,267
Futures contracts		6,358,776			5,685,429
In-kind redemptions — unaffiliated(a)		668,224,272			681,512,100
In-kind redemptions — affiliated(a)		1,531,061			—
		654,202,645			481,689,892
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		2,277,496,676			1,640,694,070
Investments — affiliated		4,999,444			(15,252	)
Futures contracts		(539,811	)		113,251
		2,281,956,309			1,640,792,069
Net realized and unrealized gain		2,936,158,954			2,122,481,961
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,093,259,087		$	2,355,551,919

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

See notes to financial statements.

46 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares Russell 3000 ETF						iShares Russell Mid-Cap Value ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/24			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	157,100,133		$	155,324,323		$	233,069,958		$	248,398,209
Net realized gain		654,202,645			634,014,810			481,689,892			778,558,349
Net change in unrealized appreciation (depreciation)		2,281,956,309			(1,800,920,907	)		1,640,792,069			(2,368,540,120	)
Net increase (decrease) in net assets resulting from operations		3,093,259,087			(1,011,581,774	)		2,355,551,919			(1,341,583,562	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(156,637,292	)		(161,314,568	)		(221,935,419	)		(252,968,676	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(9,302,037	)		(116,682,684	)		(680,739,278	)		(637,067,384	)
NET ASSETS
Total increase (decrease) in net assets		2,927,319,758			(1,289,579,026	)		1,452,877,222			(2,231,619,622	)
Beginning of year		10,727,903,532			12,017,482,558			12,676,125,643			14,907,745,265
End of year	$	13,655,223,290		$	10,727,903,532		$	14,129,002,865		$	12,676,125,643

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 47

Financial Highlights

(For a share outstanding throughout each period)

	iShares Russell 3000 ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	235.52		$	262.10		$	237.19		$	148.31		$	166.74
Net investment income(a)		3.47			3.37			2.87			2.73			2.91
Net realized and unrealized gain (loss)(b)		64.59			(26.44	)		25.00			89.03			(18.04	)
Net increase (decrease) from investment operations		68.06			(23.07	)		27.87			91.76			(15.13	)
Distributions from net investment income(c)		(3.47	)		(3.51	)		(2.96	)		(2.88	)		(3.30	)
Net asset value, end of year	$	300.11		$	235.52		$	262.10		$	237.19		$	148.31
Total Return(d)
Based on net asset value		29.12	%		(8.72	)%		11.75	%		62.21	%		(9.29	)%
Ratios to Average Net Assets(e)
Total expenses		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Net investment income		1.34	%		1.47	%		1.10	%		1.37	%		1.69	%
Supplemental Data
Net assets, end of year (000)	$	13,655,223		$	10,727,904		$	12,017,483		$	10,958,347		$	8,230,988
Portfolio turnover rate(f)		3	%		4	%		5	%		4	%		5	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

48 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Russell Mid-Cap Value ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	106.21		$	119.55		$	109.15		$	64.10		$	86.86
Net investment income(a)		2.03			2.04			1.62			1.43			1.93
Net realized and unrealized gain (loss)(b)		19.12			(13.31	)		10.55			45.22			(22.63	)
Net increase (decrease) from investment operations		21.15			(11.27	)		12.17			46.65			(20.70	)
Distributions from net investment income(c)		(1.94	)		(2.07	)		(1.77	)		(1.60	)		(2.06	)
Net asset value, end of year	$	125.42		$	106.21		$	119.55		$	109.15		$	64.10
Total Return(d)
Based on net asset value		20.17	%		(9.37	)%		11.19	%		73.40	%		(24.28	)%
Ratios to Average Net Assets(e)
Total expenses		0.23	%		0.23	%		0.23	%		0.23	%		0.24	%
Net investment income		1.84	%		1.88	%		1.39	%		1.65	%		2.18	%
Supplemental Data
Net assets, end of year (000)	$	14,129,003		$	12,676,126		$	14,907,745		$	13,120,026		$	8,201,945
Portfolio turnover rate(f)		19	%		19	%		21	%		25	%		20	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 49

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”):

iShares ETF	Diversification Classification
Russell 3000		Diversified
Russell Mid-Cap Value		Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

ForeignTaxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

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

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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

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

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise

50 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

Warrants: Warrants entitle a fund to purchase a specified number of shares of common stock and are non-income producing. The purchase price and number of shares are subject to adjustment under certain conditions until the expiration date of the warrants, if any. If the price of the underlying stock does not rise above the strike price before the warrant expires, the warrant generally expires without any value and a fund will lose any amount it paid for the warrant. Thus, investments in warrants may involve more risk than investments in common stock. Warrants may trade in the same markets as their underlying stock; however, the price of the warrant does not necessarily move with the price of the underlying stock.

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

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

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

Notes to Financial Statements (continued)

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.

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

iShares ETF and Counterparty	Securities Loaned at Value			Cash Collateral Received(a)					Non-Cash Collateral Received, at Fair Value(a)				Net Amount(b)
Russell 3000
Barclays Bank PLC		$	21,717,866			$	(21,717,866	)		$	—	$	—
Barclays Capital, Inc.			708,046				(708,046	)			—		—
BMO Capital Markets Corp.			11,283				(11,283	)			—		—
BNP Paribas SA			15,036,281				(15,036,281	)			—		—
BofA Securities, Inc.			10,860,763				(10,860,763	)			—		—
Citadel Clearing LLC			4,881,939				(4,881,939	)			—		—
Citigroup Global Markets, Inc.			6,785,591				(6,785,591	)			—		—
Credit Suisse Securities (USA) LLC			5,877				(5,877	)			—		—
Goldman Sachs & Co. LLC			23,164,420				(23,164,420	)			—		—
HSBC Bank PLC			1,660,918				(1,660,918	)			—		—
ING Financial Markets LLC			448,958				(448,958	)			—		—
J.P. Morgan Securities LLC			27,064,691				(27,064,691	)			—		—
Jefferies LLC			1,554,211				(1,554,211	)			—		—
Morgan Stanley			25,494,564				(25,494,564	)			—		—
National Financial Services LLC			3,309,266				(3,309,266	)			—		—
Natixis SA			923,269				(923,269	)			—		—
RBC Capital Market LLC			1,432,006				(1,432,006	)			—		—
Scotia Capital (USA), Inc.			7,284,920				(7,284,920	)			—		—
Scotia Capital, Inc.			10,564,692				(10,564,692	)			—		—
SG Americas Securities LLC			681,021				(681,021	)			—		—
State Street Bank & Trust Co.			2,591,769				(2,591,769	)			—		—
Toronto-Dominion Bank			8,605,631				(8,605,631	)			—		—
UBS AG			33,477,306				(33,477,306	)			—		—
UBS Securities LLC			5,354				(5,354	)			—		—
Virtu Americas LLC			3,434,163				(3,434,163	)			—		—
Wells Fargo Bank N.A.			3,743,243				(3,743,243	)			—		—
Wells Fargo Securities LLC			2,238,070				(2,238,070	)			—		—
		$	217,686,118			$	(217,686,118	)		$	—	$	—

52 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

iShares ETF and Counterparty	Securities Loaned at Value			Cash Collateral Received(a)					Non-Cash Collateral Received, at Fair Value(a)				Net Amount(b)
Russell Mid-Cap Value
Barclays Bank PLC		$	12,469,906			$	(12,469,906	)		$	—	$	—
Barclays Capital, Inc.			4,378,810				(4,378,810	)			—		—
BNP Paribas SA			13,048,119				(13,048,119	)			—		—
BofA Securities, Inc.			23,730,925				(23,730,925	)			—		—
Citadel Clearing LLC			11,448,519				(11,448,519	)			—		—
Citigroup Global Markets, Inc.			18,778,915				(18,778,915	)			—		—
Goldman Sachs & Co. LLC			56,996,917				(56,996,917	)			—		—
J.P. Morgan Securities LLC			19,902,391				(19,902,391	)			—		—
Jefferies LLC			602,197				(602,197	)			—		—
Morgan Stanley			30,660,248				(30,660,248	)			—		—
National Financial Services LLC			562,958				(562,958	)			—		—
Natixis SA			17,461,741				(17,461,741	)			—		—
RBC Capital Market LLC			77,836,319				(77,836,319	)			—		—
Scotia Capital (USA), Inc.			6,755,597				(6,755,597	)			—		—
SG Americas Securities LLC			140,462				(140,462	)			—		—
State Street Bank & Trust Co.			2,692				(2,692	)			—		—
Toronto-Dominion Bank			2,177,921				(2,177,921	)			—		—
UBS AG			12,756,436				(12,756,436	)			—		—
UBS Securities LLC			110,310				(110,310	)			—		—
Virtu Americas LLC			358,860				(358,860	)			—		—
Wells Fargo Bank N.A.			3,205,285				(3,014,200	)			—		191,085
Wells Fargo Securities LLC			926,019				(926,019	)			—		—
		$	314,311,547			$	(314,120,462	)		$	—	$	191,085

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

^(b)  The market value of the loaned securities is determined as of March 31, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 53

Notes to Financial Statements (continued)

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
Russell 3000	0.20%

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

Aggregate Average Daily Net Assets	Investment Advisory Fees
First $121 billion		0.2500	%
Over $121 billion, up to and including $181 billion		0.2375
Over $181 billion, up to and including $231 billion		0.2257
Over $231 billion, up to and including $281 billion		0.2144
Over $281 billion		0.2037

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

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, 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 generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Russell 3000	$	561,122
Russell Mid-Cap Value		1,552,554

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.

54 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

For the year ended March 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized  Gain (Loss)
Russell 3000	$	53,619,414	$	51,265,586	$	(5,385,798)
Russell Mid-Cap Value		1,420,955,038		1,029,869,145		(5,921,464)

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 year ended March 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Russell 3000	$	391,209,591	$	383,962,294
Russell Mid-Cap Value		2,393,451,516		2,368,900,880

For the year ended March 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Russell 3000	$	1,261,351,030	$	1,277,096,551
Russell Mid-Cap Value		1,898,524,598		2,598,773,274

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 March 31, 2024, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Russell 3000	$	668,931,293	$	(668,931,293	)
Russell Mid-Cap Value		680,678,357		(680,678,357	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2024			Year Ended March 31, 2023
Russell 3000
Ordinary income	$	156,637,292		$	161,314,568
Russell Mid-Cap Value
Ordinary income	$	221,935,419		$	252,968,676

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 55

Notes to Financial Statements (continued)

As of March 31, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)		Total
Russell 3000	$	5,349,807	$	(284,419,802	)	$	4,481,495,473	$	4,202,425,478
Russell Mid-Cap Value		11,111,403		(947,924,169	)		2,421,261,757		1,484,448,991

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains(losses) on certain futures contracts, timing of income recognition on partnership income, the characterization of corporate actions, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the timing and recognition of realized gains / losses for tax purposes.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

As of March 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Russell 3000	$	9,385,290,784	$	5,199,111,894	$	(717,589,129	)	$	4,481,522,765
Russell Mid-Cap Value		12,011,885,504		3,436,840,698		(1,015,388,076	)		2,421,452,622

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 discretionary liquidity fees under certain circumstances.

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

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

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

56 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

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

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

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

Transactions in capital shares were as follows:

	Year Ended 03/31/24							Year Ended 03/31/23
iShares ETF	Shares			Amount				Shares			Amount
Russell 3000
Shares sold		4,750,000		$	1,270,572,088				6,250,000		$	1,412,201,639
Shares redeemed		(4,800,000	)		(1,279,874,125	)			(6,550,000	)		(1,528,884,323	)
		(50,000	)	$	(9,302,037	)			(300,000	)	$	(116,682,684	)
Russell Mid-Cap Value
Shares sold		17,150,000		$	1,915,705,208				25,450,000		$	2,683,741,714
Shares redeemed		(23,850,000	)		(2,596,444,486	)			(30,800,000	)		(3,320,809,098	)
		(6,700,000	)	$	(680,739,278	)			(5,350,000	)	$	(637,067,384	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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. Authorized Participants 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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 57

Notes to Financial Statements (continued)

11. SUBSEQUENT EVENTS

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

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations for the year ended March 31, 2024, the statements of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2024 and each of the financial highlights for each of the five years in the period ended March 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

 iShares Russell 3000 ETF

 iShares Russell Mid-Cap Value ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 23, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T  O F  I N D E P E N D E N T  R E G I S T E R E D  P U B L I C  A C C O U N T I N G  F I R M 59

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Dividend Income
Russell 3000	$	167,573,593
Russell Mid-Cap Value		201,113,389

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Business Income
Russell 3000	$	10,047,744
Russell Mid-Cap Value		40,406,647

The following percentages or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2024 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received   Deduction
Russell 3000		99.95%
Russell Mid-Cap Value		82.96

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Russell 3000 ETF and iShares Russell Mid-Cap Value ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 61

Supplemental Information (unaudited)

Section 19(a) Notices

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

March 31, 2024

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net  Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Russell 3000(a)	$	3.411628	$	—	$	0.055160	$	3.466788		98	%		—	%		2	%		100	%
Russell Mid-Cap Value		1.938235		—		—		1.938235		100			—			—			100

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

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

Regulation under the Alternative Investment Fund Managers Directive

The Alternative Investment Fund Managers Directive, and its United Kingdom (“UK”) equivalent, (the “AIFMD”) impose detailed and prescriptive obligations on fund managers established in the European Union (the “EU”) and the UK. These do not currently apply to managers established outside of the EU or UK, such as BFA (the “Company”). However, the Company is required to comply with certain disclosure, reporting and transparency obligations of the AIFMD because it has registered the iShares Russell 3000 ETF (the “Fund”) to be marketed to investors in the EU and/or UK.

Report on Remuneration

BlackRock has a clear and well-defined pay-for-performance philosophy, and compensation programs which support that philosophy.

BlackRock operates a total compensation model for remuneration which includes a base salary, which is contractual, and a discretionary bonus scheme. Although all employees are eligible to receive a discretionary bonus, there is no contractual obligation to make a discretionary bonus award to any employees. For senior management and staff who have the ability to materially affect the risk profile of the Fund, a significant percentage of variable remuneration is deferred over time. All employees are subject to a clawback policy.

Remuneration decisions for employees are made once annually in January following the end of the performance year, based on BlackRock’s full-year financial results and other non-financial goals and objectives. Alongside financial performance, individual total compensation is also based on strategic and operating results and other considerations such as management and leadership capabilities. No set formulas are established and no fixed benchmarks are used in determining annual incentive awards.

Annual incentive awards are paid from a bonus pool which is reviewed throughout the year by BlackRock’s independent compensation committee, taking into account both actual and projected financial information together with information provided by the Enterprise Risk and Regulatory Compliance departments in relation to any activities, incidents or events that warrant consideration in making compensation decisions. Individuals are not involved in setting their own remuneration.

Each of the control functions (Enterprise Risk, Legal & Compliance, Finance, Human Resources and Internal Audit) each have their own organizational structures which are independent of the business units and therefore staff members in control functions are remunerated independently of the businesses they oversee. Functional bonus pools for those control functions are determined with reference to the performance of each individual function and the remuneration of the senior members of control functions is directly overseen by BlackRock’s independent remuneration committee.

The Company is required under the AIFMD to make quantitative disclosures of remuneration. These disclosures are made in line with BlackRock’s interpretation of currently available regulatory guidance on quantitative remuneration disclosures. As market or regulatory practice develops BlackRock may consider it appropriate to make changes to the way in which quantitative remuneration disclosures are calculated. Where such changes are made, this may result in disclosures in relation to a fund not being comparable

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Supplemental Information (unaudited)(continued)

to the disclosures made in the prior year, or in relation to other BlackRock fund disclosures in that same year. BlackRock bases its proportionality approach on a combination of factors that it is entitled to take into account based on relevant guidelines.

Remuneration information at an individual AIF level is not readily available. Disclosures are provided in relation to (a) the staff of the Company; (b) staff who are senior management; (c) staff who have the ability to materially affect the risk profile of the Fund; and (d) staff of companies to which portfolio management and risk management has been formally delegated.

All individuals included in the aggregated figures disclosed are rewarded in line with BlackRock’s remuneration policy for their responsibilities across the relevant BlackRock business area. As all individuals have a number of areas of responsibilities, only the portion of remuneration for those individuals’ services attributable to the Fund is included in the aggregate figures disclosed.

Members of staff and senior management of the Company typically provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the Company and across the broader BlackRock group. Conversely, members of staff and senior management of the broader BlackRock group may provide both AIFMD and non-AIFMD related services in respect of multiple funds, clients and functions of the broader BlackRock group and of the Company. Therefore, the figures disclosed are a sum of individuals’ portion of remuneration attributable to the Company according to an objective apportionment methodology which acknowledges the multiple-service nature of the Company and the broader BlackRock group. Accordingly, the figures are not representative of any individual’s actual remuneration or their remuneration structure.

The amount of the total remuneration awarded to the Company’s staff in respect of the Company’s financial year ending December 31, 2023 was USD 5.43m. This figure is comprised of fixed remuneration of USD 0.74m and variable remuneration of USD 4.68m. There was a total of 8 beneficiaries of the remuneration described above.

The amount of the aggregate remuneration awarded by the Company in respect of the Company’s financial year ending December 31, 2023, to its senior management was USD 3.66m, and to other members of its staff whose actions potentially have a material impact on the risk profile of the Company or its funds was USD 1.77m.

Disclosures Under the EU Sustainable Finance Disclosure Regulation

iShares Russell 3000 ETF is registered under the Alternative Investment Fund Managers Directive to be marketed to European Union (“EU”) investors, as noted above. As a result, certain disclosures are required under the EU Sustainable Finance Disclosure Regulation (“SFDR”).

iShares Russell 3000 ETF has not been categorized under the SFDR as an “Article 8” or “Article 9” product. In addition, the Fund’s investment strategy does not take into account the criteria for environmentally sustainable economic activities under the EU sustainable investment taxonomy regulation or principal adverse impacts (“PAIs”) on sustainability factors under the SFDR. PAIs are identified under the SFDR as the material impacts of investment decisions on sustainability factors relating to environmental, social and employee matters, respect for human rights, and anti-corruption and anti-bribery matters.

S U P P L E M E N T A L  I N F O R M A T I O N 63

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of March 31, 2024. With the exception of Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Stephen Cohen(b) (1975)	Trustee (since 2024).	Senior Managing Director, Head of Global Product Solutions of BlackRock, Inc. (since 2024); Senior Managing Director, Head of Europe, Middle East and Africa Regions of BlackRock, Inc. (2021-2024); Head of iShares Index and Wealth in EMEA of BlackRock, Inc. (2017-2021); Global Head of Fixed Income Indexing of BlackRock, Inc. (2016-2017); Chief Investment Strategist for International Fixed Income and iShares of BlackRock, Inc. (2011-2015).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Stephen Cohen is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

		Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Trustee of Forward Funds (14 portfolios) (2009- 2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director of the Jackson Hole Center for the Arts (since 2021).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

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Trustee and Officer Information (unaudited) (continued)

		Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Director of WellBe Senior Medical (since 2023); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).
Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jessica Tan (1980)	President (since 2024).	Managing Director of BlackRock, Inc. (since 2015); Head of Global Product Solutions, Americas of BlackRock, Inc. (since 2024) and Head of Sustainable and Transition Solutions of BlackRock, Inc. (2022-2024); Global Head of Corporate Strategy of BlackRock, Inc. (2019-2022); Chief of Staff to the CEO of BlackRock, Inc. (2017-2019).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director of BlackRock, Inc. (since 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021).
Aaron Wasserman (1974)	Chief Compliance Officer (since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director of BlackRock, Inc. (since 2023); Director of BlackRock, Inc. (2018-2022).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 65

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

66 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Glossary of Terms Used in this Report

Portfolio Abbreviation
CVR	Contingent Value Rights
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 67

Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-306-0324

     

MARCH 31, 2024

    2024 Annual Report  

iShares Trust

· iShares Mortgage Real Estate ETF | REM | Cboe BZX

· iShares Residential and Multisector Real Estate ETF | REZ | NYSE Arca

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended March 31, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still robust. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the ongoing rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		23.48%		29.88%
U.S. small cap equities (Russell 2000® Index)		19.94		19.71
International equities (MSCI Europe, Australasia, Far East Index)		16.81		15.32
Emerging market equities (MSCI Emerging Markets Index)		10.42		8.15
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.68		5.24
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		4.88		(2.44)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		5.99		1.70
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.48		3.13
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		8.73		11.15
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		9
Disclosure of Expenses		9
Schedules of Investments		10
Financial Statements:
Statements of Assets and Liabilities		14
Statements of Operations		15
Statements of Changes in Net Assets		16
Financial Highlights		17
Notes to Financial Statements		19
Report of Independent Registered Public Accounting Firm		26
Important Tax Information		27
Statement Regarding Liquidity Risk Management Program		28
Supplemental Information		29
Trustee and Officer Information		30
General Information		32
Glossary of Terms Used in this Report		33

3

Market Overview    

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2024 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 29.29%. The economy showed notable resilience even as interest rates rose, and analysts’ optimism about the economy’s trajectory improved. Meanwhile, inflation decelerated notably, enabling a pause in monetary policy tightening and providing a supportive backdrop for equities.

The U.S. economy grew at a robust pace in 2023 despite concerns about the impact of higher interest rates on growth. The U.S. consumer helped to power the expansion, as consumer spending continued to grow in both nominal and real (inflation-adjusted) terms. A strong labor market bolstered consumer spending, as employers continued to add jobs, and average hourly wages increased notably. Consumer spending was also supported by higher asset values, as both home prices and strong equity performance increased household net worth. Government spending also stimulated the economy, as the federal deficit increased amid rising expenditures, while state and local governments also boosted spending to fill personnel vacancies.

Despite high spending and healthy household balance sheets, consumer sentiment remained below pre-pandemic levels, as elevated inflation and high interest rates weighed on consumers’ outlook. While inflation declined early in the reporting period — decreasing from 4.9% in April 2023 to 3% in June 2023 — it remained stubbornly persistent thereafter, fluctuating between 3% and 4%, above the pre-pandemic average. While improved supply chains eased goods inflation, the tight labor market kept labor costs near record highs, and growing services inflation was a significant driver of inflation’s overall persistence.

To counteract inflation, the U.S. Federal Reserve (“Fed”) raised interest rates twice early in the reporting period, reaching the highest level since 2001. However, the Fed paused its interest rate increases thereafter as inflation edged down, keeping interest rates steady after its July 2023 meeting. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. Projections released by the Fed late in the reporting period included several interest rate decreases later in 2024, as it forecast inflation would continue to moderate despite the robust economy.

The strong economy supported corporate profits, which grew substantially in the last three quarters of 2023. Despite higher input costs, companies were able to raise prices sufficiently to widen profit margins, as the U.S. consumer continued to spend. Firms increasingly kept assets in short-term investments that earned higher yields due to elevated interest rates. This helped to mitigate the negative impact of higher borrowing costs, which drove a rise in interest expense. Innovations in computing also drove enthusiasm for equities, as new technologies drove hopes for economy-wide improvements in productivity.

Despite the strong economic conditions during the reporting period, analysts noted several areas of caution about potential disruptions to markets. Geopolitical tensions were high amid Russia’s ongoing invasion of Ukraine and fighting in Gaza following Hamas’ terrorist attack on Israel. Missile attacks on a major shipping lane in the Middle East raised concerns about a wider conflict while disrupting some supply chains. While inflation declined during the reporting period, it remained more persistent than some analysts expected, raising concerns about the effect of continued inflation on the Fed’s interest rate policy.

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

Fund Summary as of March 31, 2024 iShares^® Mortgage Real Estate ETF

Investment Objective

The iShares Mortgage Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. real estate investment trusts (REITs) that hold U.S. residential and commercial mortgages, as represented by the FTSE Nareit All Mortgage Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns							Cumulative Total Returns
		1 Year		5 Years		10 Years			1 Year		5 Years		10 Years
Fund NAV		16.91	%	(3.55	)%	2.13	%		16.91	%	(16.53	)%	23.47	%
Fund Market		16.98		(3.54	)	2.12			16.98		(16.48	)	23.35
Index		17.40		(2.89	)	2.70			17.40		(13.64	)	30.57

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual							Hypothetical 5% Return
Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)			Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)			Expenses Paid During the Period	(a)	Annualized  Expense  Ratio
$    1,000.00	$     1,087.70		$	2.51			$     1,000.00	$         1,022.60		$	2.43		0.48%

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

F U N D   S U M M A R Y 5

Fund Summary as of March 31, 2024 (continued) iShares^® Mortgage Real Estate ETF

Portfolio Management Commentary

Mortgage real estate investment trusts (“REITs”) advanced notably for the reporting period despite higher interest rates. Because mortgage REITs derive their income from the difference between the short-term interest rates at which they borrow funds to purchase securities and the long-term rates they earn on their mortgage investments, they are sensitive to changing interest rates. While rising interest rates typically have a negative impact on the value of mortgage REITs, shifting economic conditions benefited mortgage REITs, particularly in the second half of the reporting period. The Fed raised short-term interest rates to their highest levels in more than 20 years, which drove concerns among investors about the impact of elevated interest rates on the U.S. economy.

However, the combination of easing inflation and a resilient economy drove investor optimism surrounding mortgage REITs, particularly residential mortgage REITs. The positive economic environment eased concerns about residential mortgage defaults, in which a homeowner stops making mortgage payments. While some of the mortgage backed securities owned by mortgage REITs are guaranteed by federal agencies, non-agency securities are unprotected, and defaults can negatively impact the value of mortgage assets while reducing the number of new mortgages available for servicing. Average mortgage rates remained elevated during the reporting period, touching a 23-year high in October 2023 before moderating.

The changing monetary policy stance at the Fed also benefited mortgage REITs, as the Fed’s projections for interest rate decreases later in 2024 drove investor optimism. While commercial real estate overall was pressured by changing work patterns during the reporting period, some commercial areas performed well, such as energy infrastructure.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of    Total Investments(a)
Mortgage REITs		100.0%

TEN LARGEST HOLDINGS

Security	Percent of    Total Investments(a)
Annaly Capital Management, Inc.		15.8%
AGNC Investment Corp.		11.0
Starwood Property Trust, Inc.		9.6
Rithm Capital Corp.		8.7
Blackstone Mortgage Trust, Inc., Class A		4.3
Arbor Realty Trust, Inc.		3.8
Apollo Commercial Real Estate Finance, Inc.		3.7
Ready Capital Corp.		3.5
Two Harbors Investment Corp.		3.3
PennyMac Mortgage Investment Trust		3.0

^(a)  Excludes money market funds.

6 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of March 31, 2024 iShares^® Residential and Multisector Real Estate ETF

Investment Objective

The iShares Residential and Multisector Real Estate ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. residential, healthcare and self-storage real estate equities, as represented by the FTSE Nareit All Residential Capped Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns								Cumulative Total Returns
		1 Year		5 Years		10 Years				1 Year		5 Years		10 Years
Fund NAV		5.21	%	3.35	%	7.27	%			5.21	%	17.92	%	101.66	%
Fund Market		5.16		3.34		7.27				5.16		17.84		101.65
Index		5.71		3.79		7.67				5.71		20.42		109.41

GROWTH OF $10,000 INVESTMENT

(AT NET ASSET VALUE)

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

Expense Example

Actual					Hypothetical 5% Return
Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)		Expenses Paid During the Period	(a)	Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)		Expenses Paid During the Period	(a)	Annualized  Expense  Ratio
$  1,000.00	$  1,109.50		$   2.53		$  1,000.00	$  1,022.60		$   2.43		0.48%

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

F U N D   S U M M A R Y 7

Fund Summary as of March 31, 2024 (continued) iShares^® Residential and Multisector Real Estate ETF

Portfolio Management Commentary

Residential and multisector real estate investment trusts (“REITs”) advanced for the reporting period as the Fed ceased raising its benchmark interest rate early in the reporting period and mortgage rates declined during the last half of the reporting period. Investment grade bond yields also declined, easing competition for REITs from that asset class and reducing borrowing costs for property acquisitions. Because REITs must pay 90% of their annual earnings in dividends to shareholders to maintain their tax-free status, they traditionally compete with bonds for yield-seeking investors. U.S. home prices rose, reaching a peak midway through the reporting period. That helped offset challenges in the commercial property market, particularly record-high office vacancies.

Healthcare REITs contributed the most to the Index’s return. Resident fees and rental income from healthcare and senior living facilities increased, driving substantially higher operating income, even as property and interest expenses rose. Debt-to-enterprise values, a key measure of liquidity, also improved. Occupancy at skilled nursing facilities increased as staffing shortages eased. A leading healthcare REIT also benefited from a change in management for its skilled nursing facilities, as new operators made financial improvements that led to higher earnings in that business segment.

Residential REITs also contributed to the Index’s performance. Revenue for multi-family residential REITs, including apartments, increased along with lease renewal rates. More tenants opted for higher rent payments instead of buying homes, as mortgage rates reached their highest point in almost a quarter-century. Single-family residential REITs also advanced, as demand for single-family rental homes surged. That allowed REITs owning those properties to increase lease rates, boosting their revenue in the process.

Portfolio Information

INDUSTRY ALLOCATION

Industry	Percent of Total Investments	(a)
Residential REITs	47.6	%
Health Care REITs	29.4
Specialized REITs	23.0

TEN LARGEST HOLDINGS

Security	Percent of Total Investments	(a)
Welltower, Inc.	13.1	%
Public Storage	11.5
Extra Space Storage, Inc.	7.8
AvalonBay Communities, Inc.	6.7
Equity Residential	6.0
Invitation Homes, Inc.	4.5
Essex Property Trust, Inc.	4.5
Mid-America Apartment Communities, Inc.	4.4
Ventas, Inc.	4.3
Sun Communities, Inc.	4.3

^(a)  Excludes money market funds.

8 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

About Fund Performance

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

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. 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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

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

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

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

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

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 9

Schedule of Investments  March 31, 2024 iShares^® Mortgage Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Mortgage REITs — 97.9%
AFC Gamma, Inc.		246,465	$	3,051,237
AGNC Investment Corp.		6,744,016		66,765,758
Angel Oak Mortgage REIT, Inc.		172,381		1,851,372
Annaly Capital Management, Inc.		4,867,073		95,832,667
Apollo Commercial Real Estate Finance, Inc.		2,032,928		22,646,818
Arbor Realty Trust, Inc.(a)		1,741,785		23,078,651
Ares Commercial Real Estate Corp.		761,050		5,669,823
ARMOUR Residential REIT, Inc.		706,992		13,977,232
Blackstone Mortgage Trust, Inc., Class A		1,321,674		26,314,529
BrightSpire Capital, Inc., Class A		1,854,296		12,776,099
Chicago Atlantic Real Estate Finance, Inc.		234,418		3,696,772
Chimera Investment Corp.		3,262,407		15,039,696
Claros Mortgage Trust, Inc.		1,303,749		12,724,590
Dynex Capital, Inc.		815,193		10,149,153
Ellington Financial, Inc.		1,082,024		12,778,704
Franklin BSP Realty Trust, Inc.		1,191,811		15,922,595
Granite Point Mortgage Trust, Inc.		753,329		3,593,379
Invesco Mortgage Capital, Inc.		712,813		6,900,030
KKR Real Estate Finance Trust, Inc.		850,684		8,557,881
Ladder Capital Corp., Class A		1,623,404		18,068,487
MFA Financial, Inc.		1,467,342		16,742,372
New York Mortgage Trust, Inc.		1,312,431		9,449,503
Nexpoint Real Estate Finance, Inc.		116,827		1,677,636
Orchid Island Capital, Inc.(a)		752,403		6,718,959
PennyMac Mortgage Investment Trust		1,246,082		18,292,484
Ready Capital Corp.		2,295,037		20,953,688
Redwood Trust, Inc.		1,898,813		12,095,439

Security	Shares		Value
Mortgage REITs (continued)
Rithm Capital Corp.		4,698,658	$	52,437,023
Seven Hills Realty Trust		185,757		2,399,980
Starwood Property Trust, Inc.		2,871,018		58,367,796
TPG RE Finance Trust, Inc.		998,361		7,707,347
Two Harbors Investment Corp.		1,486,414		19,680,121
				605,917,821
Total Long-Term Investments — 97.9% (Cost: $821,515,037)				605,917,821
Short-Term Securities
Money Market Funds — 3.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(b)(c)(d)		23,610,974		23,622,779
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(b)(c)		28,433		28,433
Total Short-Term Securities — 3.8% (Cost: $23,649,020)				23,651,212
Total Investments — 101.7% (Cost: $845,164,057)				629,569,033
Liabilities in Excess of Other Assets — (1.7)%				(10,539,057	)
Net Assets — 100.0%			$	619,029,976

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

^(b)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

	Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
	BlackRock Cash Funds: Institutional, SL Agency Shares		$ 6,292,932		$ 17,330,244	(a)		$   —		$	(2,885	)	$	2,488	$	23,622,779		23,610,974	$	661,435	(b)	$	—
	BlackRock Cash Funds: Treasury, SL Agency Shares		498,399		—			(469,966)	(a)		—			—		28,433		28,433		82,726			—
										$	(2,885	)	$	2,488	$	23,651,212			$	744,161		$	—

^(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		380		06/21/24	$	13,232	$	80,839

10 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Mortgage Real Estate ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	80,839	$	—	$	—	$	—	$	80,839

^(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 March 31, 2024, 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	$	—	$	—	$	(548,941	)	$	—	$	—	$	—	$	(548,941	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(320,645	)	$	—	$	—	$	—	$	(320,645	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	14,053,878

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	605,917,821	$	—	$	—	$	605,917,821
Short-Term Securities
Money Market Funds		23,651,212		—		—		23,651,212
	$	629,569,033	$	—	$	—	$	629,569,033
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	80,839	$	—	$	—	$	80,839

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

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

Schedule of Investments  March 31, 2024 iShares^® Residential and Multisector Real Estate ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Health Care REITs — 29.2%
CareTrust REIT, Inc.		210,587	$	5,132,005
Community Healthcare Trust, Inc.		46,782		1,242,062
Diversified Healthcare Trust		418,336		1,029,107
Global Medical REIT, Inc.		107,435		940,056
Healthcare Realty Trust, Inc.		672,654		9,518,054
Healthpeak Properties, Inc.		1,250,986		23,455,988
LTC Properties, Inc.		72,107		2,344,199
Medical Properties Trust, Inc.		1,051,126		4,940,292
National Health Investors, Inc.		73,332		4,607,450
Omega Healthcare Investors, Inc.		433,390		13,725,461
Sabra Health Care REIT, Inc.		406,614		6,005,689
Universal Health Realty Income Trust		22,666		832,069
Ventas, Inc.		618,895		26,946,688
Welltower, Inc.		869,092		81,207,956
				181,927,076
Residential REITs — 47.3%
American Homes 4 Rent, Class A		589,774		21,691,888
Apartment Income REIT Corp.		259,743		8,433,855
Apartment Investment & Management Co., Class A(a)		253,625		2,077,189
AvalonBay Communities, Inc.		222,233		41,237,555
BRT Apartments Corp.		20,310		341,208
Camden Property Trust		183,776		18,083,558
Centerspace		26,504		1,514,439
Elme Communities		154,137		2,145,587
Equity LifeStyle Properties, Inc.		314,667		20,264,555
Equity Residential		584,889		36,912,345
Essex Property Trust, Inc.		113,088		27,685,073
Independence Realty Trust, Inc.		396,354		6,393,190
Invitation Homes, Inc.		788,401		28,074,960
Mid-America Apartment Communities, Inc.		205,682		27,063,638

Security	Shares		Value
Residential REITs (continued)
NexPoint Residential Trust, Inc.		39,558	$	1,273,372
Sun Communities, Inc.		205,148		26,377,930
UDR, Inc.		581,181		21,741,981
UMH Properties, Inc.		106,760		1,733,782
Veris Residential, Inc.		139,154		2,116,532
				295,162,637
Specialized REITs — 22.9%
CubeSmart		396,130		17,912,999
Extra Space Storage, Inc.		327,934		48,206,298
National Storage Affiliates Trust		132,988		5,207,810
Public Storage		245,743		71,280,214
				142,607,321
Total Long-Term Investments — 99.4% (Cost: $768,455,746)				619,697,034
Short-Term Securities
Money Market Funds — 0.1%
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(b)(c)		594,732		594,732
Total Short-Term Securities — 0.1% (Cost: $594,732)				594,732
Total Investments — 99.5% (Cost: $769,050,478)				620,291,766
Other Assets Less Liabilities — 0.5%				3,184,520
Net Assets — 100.0%			$	623,476,286

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost		Proceeds from Sales			Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income		Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Treasury, SL Agency Shares	$	1,066,711	$	—	$	(471,979	)(a)	$	—	$	—	$	594,732		594,732	$	57,817	$	—

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

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Dow Jones U.S. Real Estate Index		107		06/21/24	$	3,726	$	32,199

12 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Residential and Multisector Real Estate ETF

Derivative Financial Instruments Categorized by Risk Exposure

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

	Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	32,199		$	—	$	—	$	—	$	32,199
(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 March 31, 2024, 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	$	—	$	—	$	65,201		$	—	$	—	$	—	$	65,201
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(91,127	)	$	—	$	—	$	—	$	(91,127	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	3,751,290

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

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	619,697,034	$	—	$	—	$	619,697,034
Short-Term Securities
Money Market Funds		594,732		—		—		594,732
	$	620,291,766	$	—	$	—	$	620,291,766
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	32,199	$	—	$	—	$	32,199

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

See notes to financial statements.

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

Statements of Assets and Liabilities 

March 31, 2024

	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	605,917,821		$	619,697,034
Investments, at value — affiliated(c)		23,651,212			594,732
Cash		35,961			654,653
Cash pledged:
Futures contracts		806,000			227,000
Receivables:
Securities lending income — affiliated		94,379			—
Capital shares sold		263,365			—
Dividends — unaffiliated		12,321,659			2,548,589
Dividends — affiliated		4,998			3,789
Total assets		643,095,395			623,725,797
LIABILITIES
Collateral on securities loaned		23,617,549			—
Payables:
Capital shares redeemed		203,797			—
Investment advisory fees		244,073			249,511
Total liabilities		24,065,419			249,511
Commitments and contingent liabilities
NET ASSETS	$	619,029,976		$	623,476,286
NET ASSETS CONSIST OF:
Paid-in capital	$	1,206,448,768		$	826,498,629
Accumulated loss		(587,418,792	)		(203,022,343	)
NET ASSETS	$	619,029,976		$	623,476,286
NET ASSET VALUE
Shares outstanding		26,650,000			8,650,000
Net asset value	$	23.23		$	72.08
Shares authorized		Unlimited			Unlimited
Par value		None			None
(a) Investments, at cost — unaffiliated	$	821,515,037		$	768,455,746
(b) Securities loaned, at value	$	22,832,228		$	—
(c)  Investments, at cost — affiliated	$	23,649,020		$	594,732

See notes to financial statements.

14 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Operations 

Year Ended March 31, 2024

	iShares Mortgage Real Estate ETF			iShares Residential and Multisector Real Estate ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	63,886,928		$	20,253,950
Dividends — affiliated		82,726			57,817
Interest — unaffiliated		715			1,093
Securities lending income — affiliated — net		661,435			—
Total investment income		64,631,804			20,312,860
EXPENSES
Investment advisory		2,896,123			2,980,125
Interest expense		604			396
Total expenses		2,896,727			2,980,521
Net investment income		61,735,077			17,332,339
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(64,921,189	)		(21,318,695	)
Investments — affiliated		(2,885	)		—
Futures contracts		(548,941	)		65,201
In-kind redemptions — unaffiliated(a)		2,994,216			2,575,860
		(62,478,799	)		(18,677,634	)
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		91,895,883			32,323,279
Investments — affiliated		2,488			—
Futures contracts		(320,645	)		(91,127	)
		91,577,726			32,232,152
Net realized and unrealized gain		29,098,927			13,554,518
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	90,834,004		$	30,886,857

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

See notes to financial statements.

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

Statements of Changes in Net Assets

	iShares Mortgage Real Estate ETF						iShares Residential and Multisector Real Estate ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/24			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	61,735,077		$	61,974,466		$	17,332,339		$	17,520,767
Net realized gain (loss)		(62,478,799	)		(61,447,280	)		(18,677,634	)		18,185,431
Net change in unrealized appreciation (depreciation)		91,577,726			(242,329,723	)		32,232,152			(310,781,163	)
Net increase (decrease) in net assets resulting from operations		90,834,004			(241,802,537	)		30,886,857			(275,074,965	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
From net investment income		(58,520,634	)		(61,974,466	)		(18,530,026	)		(24,693,312	)
Return of capital		—			(6,144,140	)		—			—
Decrease in net assets resulting from distributions to shareholders		(58,520,634	)		(68,118,606	)		(18,530,026	)		(24,693,312	)
CAPITAL SHARE TRANSACTIONS
Net decrease in net assets derived from capital share transactions		(7,446,184	)		(71,024,623	)		(17,222,678	)		(360,163,509	)
NET ASSETS
Total increase (decrease) in net assets		24,867,186			(380,945,766	)		(4,865,847	)		(659,931,786	)
Beginning of year		594,162,790			975,108,556			628,342,133			1,288,273,919
End of year	$	619,029,976		$	594,162,790		$	623,476,286		$	628,342,133

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

See notes to financial statements.

16 2 0 2 4 I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights 

(For a share outstanding throughout each period)

	iShares Mortgage Real Estate ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	21.84		$	32.67		$	35.20		$	18.67		$	43.32
Net investment income(a)		2.31			2.26			0.82			1.38			2.61
Net realized and unrealized gain (loss)(b)		1.28			(10.57	)		(1.27	)		17.37			(23.51	)
Net increase (decrease) from investment operations		3.59			(8.31	)		(0.45	)		18.75			(20.90	)
Distributions(c)
From net investment income		(2.20	)		(2.29	)		(2.08	)		(1.34	)		(2.60	)
Return of capital		—			(0.23	)		—			(0.88	)		(1.15	)
Total distributions		(2.20	)		(2.52	)		(2.08	)		(2.22	)		(3.75	)
Net asset value, end of year	$	23.23		$	21.84		$	32.67		$	35.20		$	18.67
Total Return(d)
Based on net asset value		16.91	%		(26.00	)%		(1.65	)%		103.62	%		(51.80	)%
Ratios to Average Net Assets(e)
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		10.23	%		8.57	%		2.30	%		4.94	%		6.16	%
Supplemental Data
Net assets, end of year (000)	$	619,030		$	594,163		$	975,109		$	1,513,587		$	593,850
Portfolio turnover rate(f)		29	%		28	%		20	%		30	%		29	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

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

Financial Highlights (continued)

(For a share outstanding throughout each period)

	iShares Residential and Multisector Real Estate ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Year Ended 03/31/20
Net asset value, beginning of year	$	70.60		$	95.78		$	73.95		$	55.26		$	70.64
Net investment income(a)		1.96			1.66			1.46			1.51			1.55
Net realized and unrealized gain (loss)(b)		1.62			(24.47	)		21.98			19.29			(14.77	)
Net increase (decrease) from investment operations		3.58			(22.81	)		23.44			20.80			(13.22	)
Distributions(c)
From net investment income		(2.10	)		(2.37	)		(1.50	)		(2.11	)		(2.16	)
From net realized gain		—			—			(0.11	)		—			—
Total distributions		(2.10	)		(2.37	)		(1.61	)		(2.11	)		(2.16	)
Net asset value, end of year	$	72.08		$	70.60		$	95.78		$	73.95		$	55.26
Total Return(d)
Based on net asset value		5.21	%		(23.84	)%		31.85	%		38.23	%		(19.25	)%
Ratios to Average Net Assets(e)
Total expenses		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Net investment income		2.79	%		2.10	%		1.64	%		2.36	%		2.07	%
Supplemental Data
Net assets, end of year (000)	$	623,476		$	628,342		$	1,288,274		$	495,459		$	331,559
Portfolio turnover rate(f)		14	%		18	%		8	%		7	%		12	%

^(a)  Based on average shares outstanding.

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

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

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

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

^(f)  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

18 2 0 2 4 I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements 

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Mortgage Real Estate		Non-Diversified
Residential and Multisector Real Estate		Non-Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

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 portion of distributions that exceeds each Fund’s current and accumulated earnings and profits will constitute a non-taxable return of capital. Distributions in excess of each Fund’s minimum distribution requirements, but not in excess of the Fund’s earning and profits, will be taxable to the Fund’s shareholders and will not constitute non-taxable returns of capital. Return of capital distributions will reduce a shareholder’s cost basis and will result in higher capital gains or lower capital losses when each Fund’s shares on which distributions were received are sold. Once a shareholder’s cost basis is reduced to zero, further distributions will be treated as capital gains.

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 19

Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

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

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

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

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Notes to Financial Statements (continued)

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

iShares ETF and Counterparty	Securities Loaned at Value		Cash Collateral Received(a)				Non-Cash Collateral Received, at Fair Value(a)			Net Amount
Mortgage Real Estate
Barclays Bank PLC		$    336,842			$    (336,842	)			$ —		$ —
Citigroup Global Markets, Inc.		464			(464	)			—		—
Goldman Sachs & Co. LLC		20,209,456			(20,209,456	)			—		—
Jefferies LLC		34,768			(34,768	)			—		—
Morgan Stanley		2,245,504			(2,245,504	)			—		—
Wells Fargo Securities LLC		5,194			(5,194	)			—		—
		$ 22,832,228			$ (22,832,228	)			$ —		$ —

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

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

5. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
Mortgage Real Estate		0.48	%
Residential and Multisector Real Estate		0.48

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

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 21

Notes to Financial Statements (continued)

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, redemption fee, 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 generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

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

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
Mortgage Real Estate	$	162,626

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 year ended March 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Mortgage Real Estate	$	14,428,955	$	35,512,908	$	(16,788,212)
Residential and Multisector Real Estate		42,181,439		32,533,106		(8,489,653)

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 year ended March 31, 2024 and sales of investments, excluding short-term securities, were as follows:

iShares ETF	Purchases		Sales
Mortgage Real Estate	$	188,012,676	$	173,633,900
Residential and Multisector Real Estate		88,957,962		84,219,886

For the year ended March 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Mortgage Real Estate	$	214,354,360	$	236,703,204
Residential and Multisector Real Estate		71,970,673		95,025,945

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Notes to Financial Statements (continued)

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 March 31, 2024, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2024, permanent differences attributable to distributions paid in excess of taxable income and realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Mortgage Real Estate	$	2,988,940	$	(2,988,940	)
Residential and Multisector Real Estate		1,377,474		(1,377,474	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2024		Year Ended March 31, 2023
Mortgage Real Estate
Ordinary income	$	58,520,634	$	61,974,466
Return of capital		—		6,144,140
	$	58,520,634	$	68,118,606
Residential and Multisector Real Estate
Ordinary income	$	18,530,026	$	24,693,312

As of March 31, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains  (Losses)(b)			Total
Mortgage Real Estate	$	3,214,443	$	(345,469,954	)		$  (245,163,281	)		$ (587,418,792	)
Residential and Multisector Real Estate		—		(49,082,383	)		(153,939,960	)		(203,022,343	)

^(a) Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and characterization of corporate actions.

As of March 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Mortgage Real Estate	$	874,732,314	$	7,867,453	$	(253,030,734	)	$	(245,163,281	)
Residential and Multisector Real Estate		774,231,726		7,039,164		(160,979,124	)		(153,939,960	)

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 23

Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

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

10. CAPITAL SHARE TRANSACTIONS

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

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Notes to Financial Statements (continued)

Transactions in capital shares were as follows:

	Year Ended 03/31/24						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Mortgage Real Estate
Shares sold		10,000,000		$	229,325,478			18,600,000		$	473,627,895
Shares redeemed		(10,550,000	)		(236,771,662	)		(21,250,000	)		(544,652,518	)
		(550,000	)	$	(7,446,184	)		(2,650,000	)	$	(71,024,623	)
Residential and Multisector Real Estate
Shares sold		1,050,000		$	72,722,036			2,150,000		$	189,986,614
Shares redeemed		(1,300,000	)		(89,944,714	)		(6,700,000	)		(550,150,123	)
		(250,000	)	$	(17,222,678	)		(4,550,000	)	$	(360,163,509	)

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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. Authorized Participants transacting in Creation Units for cash may also pay an additional variable charge to compensate the relevant fund for certain transaction costs (i.e., stamp taxes, taxes on currency or other financial transactions, and brokerage costs) and market impact expenses relating to investing in portfolio securities. Such variable charges, if any, are included in shares sold in the table above.

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

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

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 25

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of each of the two funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (two of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations for the year ended March 31, 2024, the statements of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2024 and each of the financial highlights for each of the five years in the period ended March 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

iShares Mortgage Real Estate ETF

iShares Residential and Multisector Real Estate ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 23, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.

26 2 0 2 4 I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Dividend Income
Mortgage Real Estate	$	1,349,507
Residential and Multisector Real Estate		310,993

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Business Income
Mortgage Real Estate	$	53,570,126
Residential and Multisector Real Estate		16,254,571

I M P O R T A N T  T A X  I N F O R M A T I O N 27

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Mortgage Real Estate ETF and iShares Residential and Multisector Real Estate ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

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Supplemental Information (unaudited)

Section 19(a) Notices

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

March 31, 2024

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
Mortgage Real Estate(a)	$	1.710196	$	—	$	0.490610	$	2.200806		78	%		—	%		22	%		100	%
Residential and Multisector Real Estate(a)		1.691632		—		0.410490		2.102122		80			—			20			100

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

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

S U P P L E M E N T A L  I N F O R M A T I O N 29

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of March 31, 2024. With the exception of Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Stephen Cohen(b) (1975)	Trustee (since 2024).	Senior Managing Director, Head of Global Product Solutions of BlackRock, Inc. (since 2024); Senior Managing Director, Head of Europe, Middle East and Africa Regions of BlackRock, Inc. (2021-2024); Head of iShares Index and Wealth in EMEA of BlackRock, Inc. (2017-2021); Global Head of Fixed Income Indexing of BlackRock, Inc. (2016-2017); Chief Investment Strategist for International Fixed Income and iShares of BlackRock, Inc. (2011-2015).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Stephen Cohen is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Trustee of Forward Funds (14 portfolios) (2009- 2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director of the Jackson Hole Center for the Arts (since 2021).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

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Trustee and Officer Information (unaudited) (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Director of WellBe Senior Medical (since 2023); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jessica Tan (1980)	President (since 2024).	Managing Director of BlackRock, Inc. (since 2015); Head of Global Product Solutions, Americas of BlackRock, Inc. (since 2024) and Head of Sustainable and Transition Solutions of BlackRock, Inc. (2022-2024); Global Head of Corporate Strategy of BlackRock, Inc. (2019-2022); Chief of Staff to the CEO of BlackRock, Inc. (2017-2019).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director of BlackRock, Inc. (since 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021).
Aaron Wasserman (1974)	Chief Compliance Officer (since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director of BlackRock, Inc. (since 2023); Director of BlackRock, Inc. (2018-2022).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

T R U S T E E  A N D  O F F I C E R   I N F O R M A T I O N 31

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

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

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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Glossary of Terms Used in this Report

Portfolio Abbreviation

REIT Real Estate Investment Trust

G L O S S A R Y  O F  T E R M S  U S E D  I N  T H I S  R E P O R T 33

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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE International Limited, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

^©2022 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-312-0324

    

MARCH 31, 2024

   2024 Annual Report  

iShares Trust

·   iShares Factors US Growth Style ETF | STLG | Cboe BZX

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended March 31, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still robust. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the ongoing rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

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

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2024
	6-Month		12-Month
U.S. large cap equities (S&P 500® Index)		23.48%		29.88%
U.S. small cap equities (Russell 2000® Index)		19.94		19.71
International equities (MSCI Europe, Australasia, Far East Index)		16.81		15.32
Emerging market equities (MSCI Emerging Markets Index)		10.42		8.15
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)		2.68		5.24
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)		4.88		(2.44)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)		5.99		1.70
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)		7.48		3.13
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)		8.73		11.15
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

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

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		7
Disclosure of Expenses		7
Schedules of Investments		8
Financial Statements:
Statement of Assets and Liabilities		11
Statement of Operations		12
Statements of Changes in Net Assets		13
Financial Highlights		14
Notes to Financial Statements		15
Report of Independent Registered Public Accounting Firm		21
Important Tax Information		22
Statement Regarding Liquidity Risk Management Program		23
Supplemental Information		24
Trustee and Officer Information		25
General Information		27
Glossary of Terms Used in this Report		28

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2024 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 29.29%. The economy showed notable resilience even as interest rates rose, and analysts’ optimism about the economy’s trajectory improved. Meanwhile, inflation decelerated notably, enabling a pause in monetary policy tightening and providing a supportive backdrop for equities.

The U.S. economy grew at a robust pace in 2023 despite concerns about the impact of higher interest rates on growth. The U.S. consumer helped to power the expansion, as consumer spending continued to grow in both nominal and real (inflation-adjusted) terms. A strong labor market bolstered consumer spending, as employers continued to add jobs, and average hourly wages increased notably. Consumer spending was also supported by higher asset values, as both home prices and strong equity performance increased household net worth. Government spending also stimulated the economy, as the federal deficit increased amid rising expenditures, while state and local governments also boosted spending to fill personnel vacancies.

Despite high spending and healthy household balance sheets, consumer sentiment remained below pre-pandemic levels, as elevated inflation and high interest rates weighed on consumers’ outlook. While inflation declined early in the reporting period — decreasing from 4.9% in April 2023 to 3% in June 2023 — it remained stubbornly persistent thereafter, fluctuating between 3% and 4%, above the pre-pandemic average. While improved supply chains eased goods inflation, the tight labor market kept labor costs near record highs, and growing services inflation was a significant driver of inflation’s overall persistence.

To counteract inflation, the U.S. Federal Reserve (“Fed”) raised interest rates twice early in the reporting period, reaching the highest level since 2001. However, the Fed paused its interest rate increases thereafter as inflation edged down, keeping interest rates steady after its July 2023 meeting. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. Projections released by the Fed late in the reporting period included several interest rate decreases later in 2024, as it forecast inflation would continue to moderate despite the robust economy.

The strong economy supported corporate profits, which grew substantially in the last three quarters of 2023. Despite higher input costs, companies were able to raise prices sufficiently to widen profit margins, as the U.S. consumer continued to spend. Firms increasingly kept assets in short-term investments that earned higher yields due to elevated interest rates. This helped to mitigate the negative impact of higher borrowing costs, which drove a rise in interest expense. Innovations in computing also drove enthusiasm for equities, as new technologies drove hopes for economy-wide improvements in productivity.

Despite the strong economic conditions during the reporting period, analysts noted several areas of caution about potential disruptions to markets. Geopolitical tensions were high amid Russia’s ongoing invasion of Ukraine and fighting in Gaza following Hamas’ terrorist attack on Israel. Missile attacks on a major shipping lane in the Middle East raised concerns about a wider conflict while disrupting some supply chains. While inflation declined during the reporting period, it remained more persistent than some analysts expected, raising concerns about the effect of continued inflation on the Fed’s interest rate policy.

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Fund Summary as of March 31, 2024  iShares^® Factors US Growth Style ETF

Investment Objective

The iShares Factors US Growth Style ETF (the “Fund”) seeks to track the investment results of an index composed of U.S. large- and mid-capitalization stocks with favorable exposure to target style factors subject to constraints, as represented by the Russell US Large Cap Factors Growth Style Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

On March 5, 2024, the Board approved a proposal to change the Fund’s investment objective and underlying index and change the name of the Fund to iShares MSCI USA Quality GARP ETF. The Fund’s ticker will also change from STLG to GARP. These changes are expected to become effective on or around June 3, 2024.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		44.83	%		17.75	%		44.83	%		99.11	%
Fund Market		45.01			17.77			45.01			99.23
Index		45.21			17.99			45.21			100.74

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE

Certain sectors and markets performed exceptionally well based on market conditions during the one-year period. Achieving such exceptional returns involves the risk of volatility and investors should not expect that such exceptional returns will be repeated.

The inception date of the Fund was 1/14/20. The first day of secondary market trading was 1/16/20.

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

Expense Example

Actual							Hypothetical 5% Return
	Beginning Account Value (10/01/23)		Ending Account Value (03/31/24)		Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)		Ending Account Value (03/31/24)		Expenses Paid During the Period	(a)	Annualized Expense Ratio
$	1,000.00	$	1,334.20	$	1.46		$	1,000.00	$	1,023.75	$	1.26		0.25	%

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

F U N D  S U M M A R Y 5

Fund Summary as of March 31, 2024 (continued) iShares^® Factors US Growth Style ETF

Portfolio Management Commentary

Growth-oriented large- and mid-capitalization U.S. stocks advanced strongly for the reporting period, as receding inflation, shifting monetary policy, and robust U.S. economic growth supported equities. Growth stocks benefited from strong corporate earnings and the resilience of the U.S. economy in the face of higher interest rates.

The information technology sector was the largest contributor to the Index’s return amid notable innovations in artificial intelligence (“AI”) technology. The semiconductors industry gained the most, as companies purchased specialized chips used to provide computing capacity for AI applications, which require significant processing power. Consequently, industry revenues and earnings grew rapidly, driving strong equity performance. Additionally, the semiconductors industry continued to invest in building the next generation of processors for AI applications, further supporting stock prices.

The software and services industry also contributed, driven by strength among systems software companies. Enthusiasm for generative AI products benefited a large company in the industry with a significant investment in a prominent consumer-facing AI platform, a chatbot that grew its user base more rapidly than any other consumer application in history. Integration of AI into already existing productivity software also propelled gains, as many customers adopted new AI features that automated certain writing and coding tasks, in addition to summarization and advanced search functions.

The consumer discretionary sector also contributed significantly to the Index’s return, as consumers increased their spending at a robust pace amid the continuing expansion of the U.S. economy. The specialty retail industry was the leading source of strength, as sales of high-end housewares proved resilient despite rising prices. The broadline retail industry also gained amid higher online sales and new AI cloud services that drove strong revenue and earnings growth.

The Index’s research-based selection process is designed to maximize exposure to the weighted combination of five target investment style factors: momentum, quality, value, size, and low volatility. Reflecting those factor contributions, the Index outperformed the broader market, as represented by the Russell 1000^® Growth Index. Relative to the broader market, the Index benefited from positive exposure to the quality factor. Security selection from an overweight position in the consumer discretionary sector and sector allocation in the utilities sector contributed to the Index’s relative performance for the reporting period.

Portfolio Information

SECTOR ALLOCATION
Sector	Percent of Total Investments	(a)
Information Technology	53.2	%
Consumer Discretionary	17.2
Health Care	9.2
Industrials	6.3
Communication Services	5.6
Consumer Staples	3.1
Financials	2.4
Utilities	1.5
Energy	1.1
Other (each representing less than 1%)	0.4

TEN LARGEST HOLDINGS
Security	Percent of Total Investments	(a)
Microsoft Corp.	10.5	%
Apple Inc.	9.8
NVIDIA Corp.	8.8
Amazon.com, Inc.	4.6
Meta Platforms, Inc., Class A	3.6
Eli Lilly & Co.	2.7
Broadcom, Inc.	2.6
Fair Isaac Corp.	1.8
Williams-Sonoma, Inc.	1.7
Manhattan Associates, Inc.	1.6

^(a)  Excludes money market funds.

6 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of 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, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

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

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

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

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

A B O U T F U N D P E R F O R M A N C E / D I S C L O S U R E O F E X P E N S E S 7

Schedule of Investments  March 31, 2024 iShares^® Factors US Growth Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Air Freight & Logistics — 1.0%
Expeditors International of Washington, Inc.		3,966	$	482,147
Automobiles — 0.3%
Tesla, Inc.(a)		905		159,090
Beverages — 0.7%
PepsiCo, Inc.		1,998		349,670
Biotechnology — 1.4%
AbbVie, Inc.		1,920		349,632
Amgen, Inc.		135		38,383
Apellis Pharmaceuticals, Inc.(a)		2,065		121,381
Vertex Pharmaceuticals, Inc.(a)		394		164,696
				674,092
Broadline Retail — 4.8%
Amazon.com, Inc.(a)		12,111		2,184,582
eBay, Inc.		1,672		88,248
				2,272,830
Building Products — 0.1%
Trex Co., Inc.(a)		276		27,531
Capital Markets — 1.4%
Ameriprise Financial, Inc.		8		3,507
MSCI, Inc., Class A		1,204		674,782
				678,289
Commercial Services & Supplies — 0.0%
Cintas Corp.		6		4,122
Communications Equipment — 2.5%
Arista Networks, Inc.(a)		2,072		600,838
Motorola Solutions, Inc.		1,659		588,912
				1,189,750
Construction & Engineering — 0.3%
EMCOR Group, Inc.		436		152,687
Construction Materials — 0.3%
Eagle Materials, Inc.		548		148,919
Consumer Finance — 0.5%
SLM Corp.		10,000		217,900
Consumer Staples Distribution & Retail — 1.6%
Albertsons Cos., Inc., Class A		17,138		367,439
Costco Wholesale Corp.		544		398,551
				765,990
Containers & Packaging — 0.0%
Graphic Packaging Holding Co.		205		5,982
Diversified Consumer Services — 0.5%
H&R Block, Inc.		5,257		258,171
Electronic Equipment, Instruments & Components — 0.1%
Jabil, Inc.		36		4,822
Vontier Corp.		411		18,643
				23,465
Financial Services — 0.0%
Western Union Co. (The)		155		2,167
Food Products — 0.8%
Hershey Co. (The)		1,837		357,297
Ground Transportation — 0.6%
Avis Budget Group, Inc.		2,408		294,884

Security	Shares		Value
Health Care Equipment & Supplies — 0.3%
IDEXX Laboratories, Inc.(a)		4	$	2,160
Inspire Medical Systems, Inc.(a)(b)		564		121,141
				123,301
Health Care Providers & Services — 3.2%
Cardinal Health, Inc.		1,619		181,166
Chemed Corp.		460		295,288
DaVita, Inc.(a)		1,303		179,879
HCA Healthcare, Inc.		1,192		397,568
McKesson Corp.		665		357,005
Molina Healthcare, Inc.(a)		78		32,045
UnitedHealth Group, Inc.		125		61,837
				1,504,788
Hotels, Restaurants & Leisure — 3.1%
Airbnb, Inc., Class A(a)(b)		799		131,803
Booking Holdings, Inc.		21		76,186
Chipotle Mexican Grill, Inc.(a)		4		11,627
Domino’s Pizza, Inc.		787		391,045
McDonald’s Corp.		18		5,075
Wingstop, Inc.		1,453		532,379
Yum! Brands, Inc.		2,480		343,852
				1,491,967
Household Products — 0.1%
Clorox Co. (The)		174		26,641
Independent Power and Renewable Electricity Producers — 1.5%
Vistra Corp.		9,977		694,898
Insurance — 0.5%
Arch Capital Group Ltd.(a)		43		3,975
Everest Group Ltd.		38		15,105
Primerica, Inc.		836		211,475
				230,555
Interactive Media & Services — 5.6%
Alphabet, Inc., Class A(a)		3,965		598,437
Alphabet, Inc., Class C, NVS(a)		2,343		356,745
Meta Platforms, Inc., Class A		3,491		1,695,160
				2,650,342
IT Services — 1.1%
Gartner, Inc.(a)		272		129,654
MongoDB, Inc., Class A(a)		308		110,461
VeriSign, Inc.(a)		1,505		285,213
				525,328
Life Sciences Tools & Services — 1.1%
Medpace Holdings, Inc.(a)		885		357,673
Mettler-Toledo International, Inc.(a)		107		142,448
				500,121
Machinery — 1.1%
Allison Transmission Holdings, Inc.		2,999		243,399
Otis Worldwide Corp.		2,960		293,839
				537,238
Oil, Gas & Consumable Fuels — 1.1%
Antero Midstream Corp.		36,887		518,631
Pharmaceuticals — 3.3%
Eli Lilly & Co.		1,633		1,270,409
Merck & Co., Inc.		2,377		313,645
				1,584,054

8 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® Factors US Growth Style ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Professional Services — 1.9%
Booz Allen Hamilton Holding Corp., Class A		4,300	$	638,292
Paychex, Inc.		2,199		270,037
				908,329
Semiconductors & Semiconductor Equipment — 14.4%
Allegro MicroSystems, Inc.(a)		5,151		138,871
Broadcom, Inc.		935		1,239,258
KLA Corp.		603		421,238
Lam Research Corp.		254		246,779
Lattice Semiconductor Corp.(a)		1,093		85,505
NVIDIA Corp.		4,620		4,174,447
QUALCOMM, Inc.		3,340		565,462
				6,871,560
Software — 23.6%
Adobe, Inc.(a)		484		244,226
Atlassian Corp., Class A(a)		3,126		609,914
Cadence Design Systems, Inc.(a)		2,087		649,641
Crowdstrike Holdings, Inc., Class A(a)		1,488		477,038
Dropbox, Inc., Class A(a)		9,927		241,226
Fair Isaac Corp.(a)		703		878,476
Fortinet, Inc.(a)		5,113		349,269
HubSpot, Inc.(a)		373		233,707
Manhattan Associates, Inc.(a)		3,020		755,695
Microsoft Corp.		11,827		4,975,855
Nutanix, Inc., Class A(a)		3,822		235,894
Palo Alto Networks, Inc.(a)		816		231,850
Smartsheet, Inc., Class A(a)		12,462		479,787
Synopsys, Inc.(a)		779		445,199
Teradata Corp.(a)		5,967		230,744
Zscaler, Inc.(a)		1,065		205,151
				11,243,672
Specialized REITs — 0.1%
SBA Communications Corp., Class A		174		37,706
Specialty Retail — 5.7%
AutoZone, Inc.(a)		46		144,976
Best Buy Co., Inc.		3,648		299,245
Dick’s Sporting Goods, Inc.		344		77,352
Home Depot, Inc. (The)		691		265,068
Lowe’s Cos., Inc.		107		27,256
Murphy U.S.A., Inc.		1,374		575,981
O’Reilly Automotive, Inc.(a)		162		182,878

Security	Shares		Value
Specialty Retail (continued)
Victoria’s Secret & Co.(a)		6,061	$	117,462
Wayfair, Inc., Class A(a)(b)		2,884		195,766
Williams-Sonoma, Inc.		2,581		819,545
				2,705,529
Technology Hardware, Storage & Peripherals — 11.3%
Apple Inc.		27,096		4,646,422
HP, Inc.		8,716		263,398
NetApp, Inc.		4,454		467,536
				5,377,356
Textiles, Apparel & Luxury Goods — 2.7%
Crocs, Inc.(a)		1,927		277,102
Deckers Outdoor Corp.(a)		695		654,176
Lululemon Athletica, Inc.(a)		318		124,227
Tapestry, Inc.		4,687		222,539
				1,278,044
Trading Companies & Distributors — 1.2%
WW Grainger, Inc.		573		582,913
Total Long-Term Investments — 99.8% (Cost: $43,058,228)				47,457,956
Short-Term Securities
Money Market Funds — 0.4%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(d)(e)		93,370		93,417
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(d)		106,816		106,816
Total Short-Term Securities — 0.4% (Cost: $200,224)				200,233
Total Investments — 100.2% (Cost: $43,258,452)				47,658,189
Liabilities in Excess of Other Assets — (0.2)%				(90,002	)
Net Assets — 100.0%			$	47,568,187

^(a)  Non-income producing security.

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

^(c)  Affiliate of the Fund.

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

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

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	1,703	$	91,714	(a)	$	—	$	(9	)	$	9	$	93,417		93,370	$	3,854	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,256		105,560	(a)		—		—			—		106,816		106,816		1,126			—
								$	(9	)	$	9	$	200,233			$	4,980		$	—

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

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

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

Schedule of Investments (continued) March 31, 2024 iShares^® Factors US Growth Style ETF

Fair Value Hierarchy as of Period End

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

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

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	47,457,956	$	—	$	—	$	47,457,956
Short-Term Securities
Money Market Funds		200,233		—		—		200,233
	$	47,658,189	$	—	$	—	$	47,658,189

See notes to financial statements.

10 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statement of Assets and Liabilities

March 31, 2024

	iShares Factors US Growth Style ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	47,457,956
Investments, at value — affiliated(c)		200,233
Cash		8,791
Receivables:
Securities lending income — affiliated		37
Dividends — unaffiliated		12,390
Dividends — affiliated		387
Total assets		47,679,794
LIABILITIES
Collateral on securities loaned		93,439
Payables:
Investments purchased		2,157
Capital shares redeemed		7,125
Investment advisory fees		8,886
Total liabilities		111,607
Commitments and contingent liabilities
NET ASSETS	$	47,568,187
NET ASSETS CONSIST OF:
Paid-in capital	$	44,089,474
Accumulated earnings		3,478,713
NET ASSETS	$	47,568,187
NET ASSET VALUE
Shares outstanding	$	1,000,000
Net asset value	$	47.57
Shares authorized		Unlimited
Par value		None
(a)   Investments, at cost — unaffiliated	$	43,058,228
(b)   Securities loaned, at value	$	91,631
(c)   Investments, at cost — affiliated	$	200,224

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 11

Statement of Operations

Year Ended March 31, 2024

	iShares Factors US Growth Style ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	133,282
Dividends — affiliated		1,126
Interest — unaffiliated		3
Securities lending income — affiliated — net		3,854
Total investment income		138,265
EXPENSES
Investment advisory		35,349
Total expenses		35,349
Net investment income		102,916
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(10,136	)
Investments — affiliated		(9	)
In-kind redemptions — unaffiliated(a)		2,410,528
		2,400,383
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		4,482,724
Investments — affiliated		9
		4,482,733
Net realized and unrealized gain		6,883,116
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,986,032

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

See notes to financial statements.

12 2 0 2 4  B L A C K R O C K  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares Factors US Growth Style ETF
	Year Ended 03/31/24			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	102,916		$	29,878
Net realized gain (loss)		2,400,383			(755,683	)
Net change in unrealized appreciation (depreciation)		4,482,733			121,879
Net increase (decrease) in net assets resulting from operations		6,986,032			(603,926	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(96,580	)		(31,710	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		39,023,747			(3,168,344	)
NET ASSETS
Total increase (decrease) in net assets		45,913,199			(3,803,980	)
Beginning of year		1,654,988			5,458,968
End of year	$	47,568,187		$	1,654,988

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

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 13

Financial Highlights 

(For a share outstanding throughout each period)

	iShares Factors US Growth Style ETF
		Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Year Ended 03/31/21			Period From 01/14/20 to 03/31/20	(a)
Net asset value, beginning of period	$	33.10		$	36.39		$	32.35		$	20.27		$	24.96
Net investment income(b)		0.30			0.32			0.24			0.25			0.06
Net realized and unrealized gain (loss)(c)		14.46			(3.08	)		4.06			12.08			(4.69	)
Net increase (decrease) from investment operations		14.76			(2.76	)		4.30			12.33			(4.63	)
Distributions(d)
From net investment income		(0.29	)		(0.53	)		(0.26	)		(0.25	)		(0.06	)
Return of capital		—			—			—			—			(0.00	)(e)
Total distributions		(0.29	)		(0.53	)		(0.26	)		(0.25	)		(0.06	)
Net asset value, end of period	$	47.57		$	33.10		$	36.39		$	32.35		$	20.27
Total Return(f)
Based on net asset value		44.83	%		(7.47	)%		13.28	%		61.00	%		(18.54	)%(g)
Ratios to Average Net Assets(h)
Total expenses		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%(i)
Net investment income		0.73	%		1.01	%		0.66	%		0.88	%		1.20	%(i)
Supplemental Data
Net assets, end of period (000)	$	47,568		$	1,655		$	5,459		$	4,852		$	4,054
Portfolio turnover rate(j)		53	%		67	%		111	%		103	%		13	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

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

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

^(e)  Rounds to less than $0.01.

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

^(g)  Not annualized.

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

⁽ⁱ⁾  Annualized.

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

See notes to financial statements.

14 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements

1. ORGANIZATION

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

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

iShares ETF	Diversification Classification
Factors US Growth Style	Non-Diversified

On March 5, 2024, the Board approved a proposal to change the Fund’s investment objective and underlying index and change the name of the Fund to iShares MSCI USA Quality GARP ETF. The Fund’s ticker will also change from STLG to GARP. These changes are expected to become effective on or around June 3, 2024

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. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on a accrual basis.

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.

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.

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

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

Notes to Financial Statements (continued)

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:

iShares ETF and Counterparty	Securities Loaned at Value	Cash Collateral Received(a)		Non-Cash Collateral Received, at Fair Value(a)			Net Amount
Barclays Capital, Inc.	$ 22,105	$ (22,105	)		$	—		$ —
BNP Paribas SA	6,873	(6,873	)			—		—
J.P. Morgan Securities LLC	62,653	(62,653	)			—		—
	$ 91,631	$ (91,631	)		$	—		$ —

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

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

16 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. The Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by the Fund.

5. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

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

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

iShares ETF	Investment Advisory Fees
Factors US Growth Style		0.25	%

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 do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Fund, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. The Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees the Fund bears to an annual rate of 0.04%. The SLAgency Shares of such money market fund will not be subject to a sales load, redemption fee, 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 generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. The Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

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

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded fund (the “iShares ETF Complex”) in 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.

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 year ended March 31, 2024, the Fund paid BTC $955 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 year ended March 31, 2024, transactions executed by the Fund pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases		Sales		Net Realized Gain (Loss)
Factors US Growth Style	$	411,936	$	503,690	$	(41,957	)

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.

N O T E S T O F I N A N C I A L S T A T E M E N T S 17

Notes to Financial Statements (continued)

6. PURCHASES AND SALES

For the year ended March 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases		Sales
Factors US Growth Style	$	8,262,480	$	8,277,119

For the year ended March 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases		In-kind Sales
Factors US Growth Style	$	56,889,635	$	17,953,487

7. INCOME TAX INFORMATION

The Fund is treated as an entity separate from the Trust’s other funds for federal income tax purposes. It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute 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 March 31, 2024, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
Factors US Growth Style	$	2,405,802	$	(2,405,802	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2024		Year Ended March 31, 2023
Factors US Growth Style
Ordinary income	$	96,580	$	31,710

As of March 31, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)		Total
Factors US Growth Style	$	6,483	$	(878,674	)	$	4,350,904	$	3,478,713

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales.

A fund may own shares in certain foreign investment entities, referred to, under U.S. tax law, as “passive foreign investment companies.” Such fund may elect to mark-to-market annually the shares of each passive foreign investment company and would be required to distribute to shareholders any such marked-to-market gains.

For the year ended March 31, 2024, the Fund utilized $20,454 of its capital loss carryforwards.

As of March 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
Factors US Growth Style	$	43,307,285	$	5,181,174	$	(830,270	)	$	4,350,904

18 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Notes to Financial Statements (continued)

8. PRINCIPAL RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks, including, among others, fluctuations in the market (market risk) or failure of an issuer to meet all of its obligations. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; (iii) regulation, taxation or international tax treaties between various countries; or (iv) currency, interest rate or price fluctuations. Local, regional or global events such as war, 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 an indexing approach to try to achieve the Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 discretionary liquidity fees under certain circumstances.

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

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

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

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

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

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

9. CAPITAL SHARE TRANSACTIONS

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

N O T E S T O F I N A N C I A L S T A T E M E N T S 19

Notes to Financial Statements (continued)

Transactions in capital shares were as follows:

	Year Ended 03/31/24						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
Factors US Growth Style
Shares sold		1,400,000		$	57,020,865			200,000		$	6,596,262
Shares redeemed		(450,000	)		(17,997,118	)		(300,000	)		(9,764,606	)
		950,000		$	39,023,747			(100,000	)	$	(3,168,344	)

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. Authorized Participants 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. Authorized Participants 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.

10. SUBSEQUENT EVENTS

Management’s evaluation of the impact of all subsequent events on the Fund financial statements was completed through the date the financial statements were available to be issued and the following item was noted:

Effective April 1, 2024, the Fund’s investment advisory fee changed from 0.25% to 0.15%.

20 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of

iShares Trust and Shareholders of iShares Factors US Growth Style ETF

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of iShares Factors US Growth Style ETF (one of the funds constituting iShares Trust, referred to hereafter as the “Fund”) as of March 31, 2024, the related statement of operations for the year ended March 31, 2024, the statement of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the four years in the period ended March 31, 2024 and the period January 14, 2020 (commencement of operations) to March 31, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2024 and the financial highlights for each of the four years in the period ended March 31, 2024 and the period January 14, 2020 (commencement of operations) to March 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 23, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T O F I N D E P E N D E N T R E G I S T E R E D P U B L I C A C C O U N T I N G F I R M 21

Important Tax Information (unaudited)  

The following amount, or maximum amount allowable by law, is hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Dividend Income
Factors US Growth Style	$	112,574

The following percentage, or maximum percentage allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2024 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
Factors US Growth Style		100.00	%

22 2 0 2 4  B L A C K R O C K  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares Factors US Growth Style ETF (the “Fund” or “ETF”), a series of the Trust, which is reasonably designed to assess and manage the Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Fund, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Fund, as the program administrator for the Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of the Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing the Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish the Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to the Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela. The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing the Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether the Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T R E G A R D I N G L I Q U I D I T Y R I S K M A N A G E M E N T P R O G R A M 23

Supplemental Information (unaudited)

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

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

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

24 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of March 31, 2024. With the exception of Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Stephen Cohen(b) (1975)	Trustee (since 2024).	Senior Managing Director, Head of Global Product Solutions of BlackRock, Inc. (since 2024); Senior Managing Director, Head of Europe, Middle East and Africa Regions of BlackRock, Inc. (2021-2024); Head of iShares Index and Wealth in EMEA of BlackRock, Inc. (2017-2021); Global Head of Fixed Income Indexing of BlackRock, Inc. (2016-2017); Chief Investment Strategist for International Fixed Income and iShares of BlackRock, Inc. (2011-2015).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Stephen Cohen is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Trustee of Forward Funds (14 portfolios) (2009- 2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director of the Jackson Hole Center for the Arts (since 2021).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

T R U S T E E A N D O F F I C E R I N F O R M A T I O N 25

Trustee and Officer Information (unaudited) (continued)

Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Director of WellBe Senior Medical (since 2023); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jessica Tan (1980)	President (since 2024).	Managing Director of BlackRock, Inc. (since 2015); Head of Global Product Solutions, Americas of BlackRock, Inc. (since 2024) and Head of Sustainable and Transition Solutions of BlackRock, Inc. (2022-2024); Global Head of Corporate Strategy of BlackRock, Inc. (2019-2022); Chief of Staff to the CEO of BlackRock, Inc. (2017-2019).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director of BlackRock, Inc. (since 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021).
Aaron Wasserman (1974)	Chief Compliance Officer (since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director of BlackRock, Inc. (since 2023); Director of BlackRock, Inc. (2018-2022).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

26 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

General Information

Electronic Delivery

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

To enroll in electronic delivery:

• Go to icsdelivery.com.

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

Householding

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

Availability of Quarterly Schedule of Investments

The Fund file their 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 Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, the Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

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

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

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

Glossary of Terms Used in this Report

Portfolio Abbreviation

NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

28 2 0 2 4 I S H A R E S A N N U A L R E P O R T T O S H A R E H O L D E R S

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Want to know more?

iShares.com | 1-800-474-2737

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

Investing involves risk, including possible loss of principal.

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

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by FTSE Russell, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-314-0324

  MARCH 31, 2024

       2024 Annual Report  

iShares Trust

·  iShares ESG Screened S&P 500 ETF | XVV | Cboe BZX

·  iShares ESG Screened S&P Mid-Cap ETF | XJH | Cboe BZX

·   iShares ESG Screened S&P Small-Cap ETF | XJR | Cboe BZX

The Markets in Review

Dear Shareholder,

The combination of continued economic growth and cooling inflation provided a supportive backdrop for investors during the 12-month reporting period ended March 31, 2024. Higher interest rates helped to rein in inflation, and the Consumer Price Index decelerated substantially while remaining above pre-pandemic levels. A moderating labor market helped ease inflationary pressure, although wages continued to grow. Wage and job growth powered robust consumer spending, backstopping the economy. On October 7, 2023, Hamas launched a horrific attack on Israel. The ensuing war has had a significant humanitarian impact and could lead to heightened economic and market volatility. We see geopolitics as a structural market risk going forward. See our geopolitical risk dashboard at blackrock.com for more details.

Equity returns were robust during the period, as interest rates stabilized and the economy proved to be more resilient than many investors expected. The U.S. economy continued to show strength, and growth further accelerated in the second half of 2023. Large-capitalization U.S. stocks posted particularly substantial gains, supported by the performance of a few notable technology companies, while small-capitalization U.S. stocks’ advance was slower but still robust. Meanwhile, international developed market equities also gained strongly, while emerging market stocks advanced at a more modest pace.

The 10-year U.S. Treasury yield rose during the reporting period, as investors reacted to elevated inflation and attempted to anticipate future interest rate changes. However, higher yields drove positive returns overall for 10-year U.S. Treasuries and solid gains in shorter-duration U.S. Treasuries. The corporate bond market benefited from improving economic sentiment, although high-yield corporate bond prices fared significantly better than investment-grade bonds as demand from yield-seeking investors remained strong.

The U.S. Federal Reserve (the “Fed”), attempting to manage persistent inflation, raised interest rates twice during the 12-month period, but paused its tightening after its July meeting. The Fed also continued to reduce its balance sheet by not replacing some of the securities that reach maturity.

Supply constraints appear to have become an embedded feature of the new macroeconomic environment, making it difficult for developed economies to increase production without sparking higher inflation. Geopolitical fragmentation and an aging population risk further exacerbating these constraints, keeping the labor market tight and wage growth high. Although the Fed has stopped tightening for now, we believe that the new economic regime means that the Fed will need to maintain high rates for an extended period despite the market’s hopes for rapid interest rate cuts, as reflected in the ongoing rally. In this new regime, we anticipate greater volatility and dispersion of returns, creating more opportunities for selective portfolio management.

Looking at developed market stocks, we have an overweight stance on U.S. stocks overall, particularly given the promise of emerging AI technologies. We are also overweight Japanese stocks as shareholder-friendly policies generate increased investor interest, although we maintain an underweight stance on European stocks. In credit, there are selective opportunities in the near term despite tighter credit and financial conditions. For fixed income investing with a six- to twelve-month horizon, we see the most attractive investments in short-term U.S. Treasuries and hard-currency emerging market bonds.

Overall, our view is that investors need to think globally, position themselves to be prepared for a decarbonizing economy, and be nimble as market conditions change. We encourage you to talk with your financial advisor and visit iShares.com for further insight about investing in today’s markets.

Sincerely,

Rob Kapito

President, BlackRock, Inc.

Rob Kapito

President, BlackRock, Inc.

Total Returns as of March 31, 2024
	6-Month	12-Month
U.S. large cap equities (S&P 500® Index)	23.48%	29.88%
U.S. small cap equities (Russell 2000® Index)	19.94	19.71
International equities (MSCI Europe, Australasia, Far East Index)	16.81	15.32
Emerging market equities (MSCI Emerging Markets Index)	10.42	8.15
3-month Treasury bills (ICE BofA 3-Month U.S. Treasury Bill Index)	2.68	5.24
U.S. Treasury securities (ICE BofA 10-Year U.S. Treasury Index)	4.88	(2.44)
U.S. investment grade bonds (Bloomberg U.S. Aggregate Bond Index)	5.99	1.70
Tax-exempt municipal bonds (Bloomberg Municipal Bond Index)	7.48	3.13
U.S. high yield bonds (Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index)	8.73	11.15
Past performance is not an indication of future results. Index performance is shown for illustrative purposes only. You cannot invest directly in an index.

2 T H I S  P A G E  I S  N O T  P A R T  O F  Y O U R  F U N D  R E P O R T

Table of Contents

	Page
The Markets in Review		2
Annual Report:
Market Overview		4
Fund Summary		5
About Fund Performance		11
Disclosure of Expenses		11
Schedules of Investments		12
Financial Statements:
Statements of Assets and Liabilities		37
Statements of Operations		38
Statements of Changes in Net Assets		39
Financial Highlights		41
Notes to Financial Statements		44
Report of Independent Registered Public Accounting Firm		53
Important Tax Information		54
Statement Regarding Liquidity Risk Management Program		55
Supplemental Information		56
Trustee and Officer Information		57
General Information		59
Glossary of Terms Used in this Report		60

3

Market Overview

iShares Trust

Domestic Market Overview

U.S. stocks advanced for the 12 months ended March 31, 2024 (“reporting period”), when the Russell 3000^® Index, a broad measure of U.S. equity market performance, returned 29.29%. The economy showed notable resilience even as interest rates rose, and analysts’ optimism about the economy’s trajectory improved. Meanwhile, inflation decelerated notably, enabling a pause in monetary policy tightening and providing a supportive backdrop for equities.

The U.S. economy grew at a robust pace in 2023 despite concerns about the impact of higher interest rates on growth. The U.S. consumer helped to power the expansion, as consumer spending continued to grow in both nominal and real (inflation-adjusted) terms. A strong labor market bolstered consumer spending, as employers continued to add jobs, and average hourly wages increased notably. Consumer spending was also supported by higher asset values, as both home prices and strong equity performance increased household net worth. Government spending also stimulated the economy, as the federal deficit increased amid rising expenditures, while state and local governments also boosted spending to fill personnel vacancies.

Despite high spending and healthy household balance sheets, consumer sentiment remained below pre-pandemic levels, as elevated inflation and high interest rates weighed on consumers’ outlook. While inflation declined early in the reporting period — decreasing from 4.9% in April 2023 to 3% in June 2023 — it remained stubbornly persistent thereafter, fluctuating between 3% and 4%, above the pre-pandemic average. While improved supply chains eased goods inflation, the tight labor market kept labor costs near record highs, and growing services inflation was a significant driver of inflation’s overall persistence.

To counteract inflation, the U.S. Federal Reserve (“Fed”) raised interest rates twice early in the reporting period, reaching the highest level since 2001. However, the Fed paused its interest rate increases thereafter as inflation edged down, keeping interest rates steady after its July 2023 meeting. The Fed also continued to decrease the size of its balance sheet by reducing the store of U.S. Treasuries it had accumulated to stabilize markets in the early phases of the coronavirus pandemic. Projections released by the Fed late in the reporting period included several interest rate decreases later in 2024, as it forecast inflation would continue to moderate despite the robust economy.

The strong economy supported corporate profits, which grew substantially in the last three quarters of 2023. Despite higher input costs, companies were able to raise prices sufficiently to widen profit margins, as the U.S. consumer continued to spend. Firms increasingly kept assets in short-term investments that earned higher yields due to elevated interest rates. This helped to mitigate the negative impact of higher borrowing costs, which drove a rise in interest expense. Innovations in computing also drove enthusiasm for equities, as new technologies drove hopes for economy-wide improvements in productivity.

Despite the strong economic conditions during the reporting period, analysts noted several areas of caution about potential disruptions to markets. Geopolitical tensions were high amid Russia’s ongoing invasion of Ukraine and fighting in Gaza following Hamas’ terrorist attack on Israel. Missile attacks on a major shipping lane in the Middle East raised concerns about a wider conflict while disrupting some supply chains. While inflation declined during the reporting period, it remained more persistent than some analysts expected, raising concerns about the effect of continued inflation on the Fed’s interest rate policy.

4 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of March 31, 2024 iShares^® ESG Screened S&P 500 ETF

Investment Objective

The iShares ESG Screened S&P 500 ETF (the “Fund”) seeks to track the investment results of an index composed of large-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P 500 Substainability Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		31.95	%		15.51	%		31.95	%		66.21	%
Fund Market		32.07			15.54			32.07			66.34
Index		32.07			15.62			32.07			66.73

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$  1,000.00	$    1,248.60	$    0.45			$    1,000.00	$  1,024.60	$    0.40		0.08	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 5

Fund Summary as of March 31, 2024 (continued) iShares^® ESG Screened S&P 500 ETF

Portfolio Management Commentary

U.S. stocks advanced strongly for the reporting period, as shifting monetary policy and robust U.S. economic growth supported equities. The information technology sector contributed the most to the returns of the S&P 500 Sustainability Screened Index (the “Index”). Rapid advances in generative AI, which allows users to generate outputs using simple natural language queries, drove a surge in investor enthusiasm for products and technologies associated with AI. The semiconductors industry was a strong performer, as companies invested significantly in the specialized chips used to provide computing capacity for AI applications, which require significant processing power. Additionally, the semiconductors industry continued to invest in building the next generation of processors for AI applications, further supporting stock prices. The software and services industry also advanced, driven by enthusiasm for generative AI products.

The financials sector was a solid contributor to the Index’s return, as short-term interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. The financial services industry advanced, as growth in consumer spending and cross-border transactions bolstered earnings at transaction and payment processing services firms.

The communication services sector also contributed to the Index’s performance, driven by growth in online advertising and cloud services. In terms of relative performance, the Index outperformed the broader market, as represented by the S&P 500 Index.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of   Total Investments(a)
Information Technology		32.2%
Financials		13.9
Health Care		12.6
Consumer Discretionary		11.3
Communication Services		9.8
Industrials		7.6
Consumer Staples		5.2
Materials		2.5
Real Estate		2.5
Energy		1.2
Utilities		1.2

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Microsoft Corp.		7.8%
Apple Inc.		6.2
NVIDIA Corp.		5.5
Amazon.com, Inc.		4.1
Meta Platforms, Inc., Class A		2.7
Alphabet, Inc., Class A		2.2
Berkshire Hathaway, Inc., Class B		1.9
Alphabet, Inc., Class C, NVS		1.9
Eli Lilly & Co.		1.5
Broadcom, Inc.		1.5

^(a)  Excludes money market funds.

6 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of March 31, 2024 iShares^® ESG Screened S&P Mid-Cap ETF

Investment Objective

The iShares ESG Screened S&P Mid-Cap ETF (the “Fund”) seeks to track the investment results of an index composed of mid-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P MidCap 400 Sustainability Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		22.43	%		16.41	%		22.43	%		70.83	%
Fund Market		22.51			16.41			22.51			70.82
Index		22.53			16.57			22.53			71.59

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual				Hypothetical 5% Return
Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
$   1,000.00	$   1,222.90	$     0.67			$    1,000.00	$    1,024.40	$    0.61		0.12	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 7

Fund Summary as of March 31, 2024 (continued) iShares^® ESG Screened S&P Mid-Cap ETF

Portfolio Management Commentary

U.S. stocks advanced strongly for the reporting period, as shifting monetary policy and robust U.S. economic growth supported equities. The industrials sector was the largest contributor to the performance of the S&P MidCap 400 Sustainability Screened Index (the “Index”). Strong economic growth bolstered stocks in the sector, which is sensitive to overall conditions in the broader economy, improving investor confidence and boosting earnings. The capital goods industry was a solid contributor, as spending on factory construction increased following the passage of federal subsidies. The surge in manufacturing construction benefited makers of machinery, manufacturing equipment, building products, and tools.

The consumer discretionary sector also contributed to the Index’s performance. Despite rising interest rates and higher borrowing costs, consumer spending remained resilient, as strong household balance sheets, higher wages supported consumers. The household durables industry gained, as homebuilders benefited from tight inventories, strong demand, and loosening monetary policy. The specialty retail industry also advanced amid signs of improving retail sales.

The financials sector was another solid contributor to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. In terms of relative performance, the Index underperformed the broader market, as represented by the S&P MidCap 400 Index.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of   Total Investments(a)
Industrials		23.0%
Financials		17.0
Consumer Discretionary		16.4
Information Technology		10.2
Health Care		8.4
Real Estate		7.6
Materials		7.6
Consumer Staples		4.3
Energy		2.5
Communication Services		1.6
Utilities		1.4

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Williams-Sonoma, Inc.		0.8%
Reliance, Inc.		0.8
Carlisle Cos., Inc.		0.8
GoDaddy, Inc., Class A		0.7
EMCOR Group, Inc.		0.7
Lennox International, Inc.		0.7
Saia, Inc.		0.6
Graco, Inc.		0.6
Manhattan Associates, Inc.		0.6
RPM International, Inc.		0.6

^(a)  Excludes money market funds.

8 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Fund Summary as of March 31, 2024 iShares^® ESG Screened S&P Small-Cap ETF

Investment Objective

The iShares ESG Screened S&P Small-Cap ETF (the “Fund”) seeks to track the investment results if an index composed of small-capitalization U.S. equities while applying screens for company involvement in controversies and controversial business activities, as represented by the S&P SmallCap 600 Sustainability Screened Index (the “Index”). The Fund invests in a representative sample of securities included in the Index that collectively has an investment profile similar to the Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the Index.

Performance

	Average Annual Total Returns						Cumulative Total Returns
	1 Year			Since Inception			1 Year			Since Inception
Fund NAV		16.29	%		14.96	%		16.29	%		63.44	%
Fund Market		16.38			14.98			16.38			63.51
Index		16.48			15.32			16.48			65.22

GROWTH OF $10,000 INVESTMENT

(SINCE INCEPTION AT NET ASSET VALUE)

The inception date of the Fund was 9/22/20. The first day of secondary market trading was 9/24/20.

Past performance is not an indication of future results. Performance results do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. See “About Fund Performance” for more information.

Expense Example

Actual					Hypothetical 5% Return
	Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)		Beginning Account Value (10/01/23)	Ending Account Value (03/31/24)	Expenses Paid During the Period	(a)	Annualized Expense Ratio
	$   1,000.00	$   1,184.80	$     0.65			$  1,000.00	$  1,024.41	$  0.61		0.12	%

^(a)  Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period shown). Other fees, such as brokerage commissions and other fees to financial intermediaries, may be paid which are not reflected in the tables and examples above. See “Disclosure of Expenses” for more information.

F U N D  S U M M A R Y 9

Fund Summary as of March 31, 2024 (continued) iShares^® ESG Screened S&P Small-Cap ETF

Portfolio Management Commentary

U.S. stocks advanced strongly for the reporting period, as shifting monetary policy and robust U.S. economic growth supported equities. The industrials sector was the largest contributor to the S&P SmallCap 600 Sustainability Screened Index (“the Index”). Strong economic growth bolstered stocks in the sector, which is sensitive to overall conditions in the broader economy. The capital goods industry advanced, as spending on factory construction increased following passage of federal legislation granting subsidies for certain types of production facilities. The surge in manufacturing construction benefited makers of machinery, manufacturing equipment, building products, and tools.

The consumer discretionary sector also contributed significantly to the Index’s performance. As the U.S. economy continued to expand, consumers increased their spending at a robust pace. The household durables industry gained, as homebuilders benefited from stabilizing interest rates, solid demand for starter homes, and faster build times. The specialty retail industry also advanced amid new product lines and a focus on e-commerce sales.

The financials sector was another solid contributor to the Index’s return, as interest rates rose to the highest levels in 22 years while the economy remained fundamentally healthy. The financials services industry advanced, as mortgage servicing revenues rose, offsetting weaker revenues from mortgage originations amid higher mortgage rates. Regional bank stocks also contributed, as investors anticipated that looser financial conditions would benefit regional banks. In terms of relative performance, the Index outperformed the broader market, as represented by the S&P SmallCap 600 Index.

Portfolio Information

SECTOR ALLOCATION

Sector	Percent of   Total Investments(a)
Industrials		18.0%
Financials		18.0
Consumer Discretionary		16.0
Information Technology		12.8
Health Care		10.9
Real Estate		8.2
Materials		5.4
Consumer Staples		3.6
Communication Services		2.9
Energy		2.8
Utilities		1.4

TEN LARGEST HOLDINGS

Security	Percent of   Total Investments(a)
Ensign Group, Inc. (The)		0.7%
Fabrinet		0.7
SPS Commerce, Inc.		0.6
ATI, Inc.		0.6
Meritage Homes Corp.		0.6
Abercrombie & Fitch Co., Class A		0.6
Boise Cascade Co.		0.6
Installed Building Products, Inc.		0.6
AAON, Inc.		0.6
SPX Technologies, Inc.		0.5

^(a) Excludes money market funds.

10 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

About Fund Performance

Past performance is not an indication of future results. Financial markets have experienced extreme volatility and trading in many instruments has been disrupted. These circumstances may continue for an extended period of time and may continue to affect adversely the value and liquidity of each Fund’s investments. As a result, current performance may be lower or higher than the performance data quoted. Performance data current to the most recent month-end is available at iShares.com. Performance results assume reinvestment of all dividends and capital gain distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or on the redemption or sale of fund shares. The investment return and principal value of shares will vary with changes in market conditions. Shares may be worth more or less than their original cost when they are redeemed or sold in the market. Performance for certain funds may reflect a waiver of a portion of investment advisory fees. Without such a waiver, performance would have been lower.

Net asset value or “NAV” is the value of one share of a fund as calculated in accordance with the standard formula for valuing mutual fund shares. Beginning August 10, 2020, the price used to calculate market return (“Market Price”) is the closing price. Prior to August 10, 2020, Market Price was determined using the midpoint between the highest bid and the lowest ask on the primary stock exchange on which shares of a fund are listed for trading, as of the time that such fund’s NAV is calculated. Since shares of a fund may not trade in the secondary market until after the fund’s inception, for the period from inception to the first day of secondary market trading in shares of the fund, the NAV of the fund is used as a proxy for the Market Price to calculate market returns. Market and NAV returns assume that dividends and capital gain distributions have been reinvested at Market Price and NAV, respectively.

An index is a statistical composite that tracks a specified financial market or sector. Unlike a fund, an index does not actually hold a portfolio of securities and therefore does not incur the expenses incurred by a fund. These expenses negatively impact fund performance. Also, index returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, index returns would be lower.

Disclosure of Expenses

Shareholders of each Fund may incur the following charges: (1) transactional expenses, including brokerage commissions on purchases and sales of fund shares and (2) ongoing expenses, including management fees and other fund expenses. The expense examples shown (which are based on a hypothetical investment of $1,000 invested at the beginning of the period and held through the end of the period) are intended to assist shareholders both in calculating expenses based on an investment in each Fund and in comparing these expenses with similar costs of investing in other funds.

The expense examples provide information about actual account values and actual expenses. Annualized expense ratios reflect contractual and voluntary fee waivers, if any. In order to estimate the expenses a shareholder paid during the period covered by this report, shareholders can divide their account value by $1,000 and then multiply the result by the number under the heading entitled “Expenses Paid During the Period.”

The expense examples also provide information about hypothetical account values and hypothetical expenses based on a fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses. In order to assist shareholders in comparing the ongoing expenses of investing in the Funds and other funds, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The expenses shown in the expense examples are intended to highlight shareholders’ ongoing costs only and do not reflect any transactional expenses, such as brokerage commissions and other fees paid on purchases and sales of fund shares. Therefore, the hypothetical examples are useful in comparing ongoing expenses only and will not help shareholders determine the relative total expenses of owning different funds. If these transactional expenses were included, shareholder expenses would have been higher.

A B O U T  F U N D  P E R F O R M A N C E / D I S C L O S U R E  O F  E X P E N S E S 11

Schedule of Investments  March 31, 2024 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 0.8%
Axon Enterprise, Inc.(a)		452	$	141,422
General Electric Co.		6,830		1,198,870
Howmet Aerospace, Inc.		2,437		166,764
TransDigm Group, Inc.		352		433,523
				1,940,579
Air Freight & Logistics — 0.5%
CH Robinson Worldwide, Inc.		737		56,115
Expeditors International of Washington, Inc.		912		110,872
FedEx Corp.		1,439		416,936
United Parcel Service, Inc., Class B		4,538		674,483
				1,258,406
Automobile Components — 0.1%
Aptiv PLC(a)		1,757		139,945
BorgWarner, Inc.		1,405		48,810
				188,755
Automobiles — 1.5%
Ford Motor Co.		24,564		326,210
General Motors Co.		7,282		330,239
Tesla, Inc.(a)		17,398		3,058,394
				3,714,843
Banks — 3.2%
Bank of America Corp.		43,233		1,639,395
Citigroup, Inc.		11,976		757,362
Citizens Financial Group, Inc.		2,915		105,785
Comerica, Inc.		849		46,687
Fifth Third Bancorp		4,268		158,812
Huntington Bancshares, Inc.		9,112		127,112
JPMorgan Chase & Co.		18,153		3,636,046
KeyCorp		5,826		92,109
M&T Bank Corp.		1,045		151,985
PNC Financial Services Group, Inc. (The)		2,498		403,677
Regions Financial Corp.		5,766		121,317
Truist Financial Corp.		8,351		325,522
U.S. Bancorp		9,815		438,731
				8,004,540
Beverages — 1.5%
Brown-Forman Corp., Class B, NVS		1,151		59,415
Coca-Cola Co. (The)		24,436		1,494,994
Constellation Brands, Inc., Class A		1,008		273,934
Keurig Dr. Pepper, Inc.		6,553		200,981
Molson Coors Beverage Co., Class B		1,173		78,884
Monster Beverage Corp.(a)		4,642		275,178
PepsiCo, Inc.		8,639		1,511,911
				3,895,297
Biotechnology — 2.1%
AbbVie, Inc.		11,087		2,018,943
Amgen, Inc.		3,362		955,884
Biogen, Inc.(a)		905		195,145
Gilead Sciences, Inc.		7,814		572,376
Incyte Corp.(a)		1,162		66,199
Moderna, Inc.(a)		2,070		220,579
Regeneron Pharmaceuticals, Inc.(a)		660		635,243
Vertex Pharmaceuticals, Inc.(a)		1,621		677,594
				5,341,963
Broadline Retail — 4.2%
Amazon.com, Inc.(a)		57,408		10,355,255

Security	Shares		Value
Broadline Retail (continued)
eBay, Inc.		3,280	$	173,118
Etsy, Inc.(a)		757		52,021
				10,580,394
Building Products — 0.6%
A. O. Smith Corp.		762		68,169
Allegion PLC		541		72,878
Builders FirstSource, Inc.(a)		767		159,958
Carrier Global Corp.		5,263		305,938
Johnson Controls International PLC		4,274		279,178
Masco Corp.		1,372		108,223
Trane Technologies PLC		1,425		427,785
				1,422,129
Capital Markets — 3.1%
Ameriprise Financial, Inc.		630		276,217
Bank of New York Mellon Corp. (The)		4,781		275,481
BlackRock, Inc.(b)		879		732,822
Blackstone, Inc., Class A, NVS		4,528		594,843
Cboe Global Markets, Inc.		657		120,711
Charles Schwab Corp. (The)		9,353		676,596
CME Group, Inc., Class A		2,266		487,847
FactSet Research Systems, Inc.		241		109,508
Franklin Resources, Inc.		1,888		53,072
Goldman Sachs Group, Inc. (The)		2,046		854,594
Intercontinental Exchange, Inc.		3,581		492,137
Invesco Ltd.		2,857		47,398
MarketAxess Holdings, Inc.		242		53,058
Moody’s Corp.		989		388,707
Morgan Stanley		7,851		739,250
MSCI, Inc., Class A		497		278,544
Nasdaq, Inc.		2,386		150,557
Northern Trust Corp.		1,273		113,195
Raymond James Financial, Inc.		1,182		151,792
S&P Global, Inc.		2,015		857,282
State Street Corp.		1,899		146,831
T Rowe Price Group, Inc.		1,406		171,419
				7,771,861
Chemicals — 1.6%
Air Products & Chemicals, Inc.		1,396		338,209
Albemarle Corp.		746		98,278
Celanese Corp., Class A		627		107,756
CF Industries Holdings, Inc.		1,182		98,354
Corteva, Inc.		4,394		253,402
Dow, Inc.		4,396		254,660
Eastman Chemical Co.		729		73,060
Ecolab, Inc.		1,601		369,671
FMC Corp.		785		50,005
International Flavors & Fragrances, Inc.		1,620		139,304
Linde PLC		3,042		1,412,462
LyondellBasell Industries NV, Class A		1,615		165,182
Mosaic Co. (The)		2,030		65,894
PPG Industries, Inc.		1,478		214,162
Sherwin-Williams Co. (The)		1,481		514,396
				4,154,795
Commercial Services & Supplies — 0.6%
Cintas Corp.		535		367,561
Copart, Inc.(a)		5,509		319,081
Republic Services, Inc.		1,276		244,278
Rollins, Inc.		1,770		81,898

12 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Commercial Services & Supplies (continued)
Veralto Corp.		1,382	$	122,528
Waste Management, Inc.		2,301		490,458
				1,625,804
Communications Equipment — 0.9%
Arista Networks, Inc.(a)		1,593		461,938
Cisco Systems, Inc.		25,525		1,273,953
F5, Inc.(a)		367		69,580
Juniper Networks, Inc.		2,035		75,417
Motorola Solutions, Inc.		1,035		367,404
				2,248,292
Construction & Engineering — 0.1%
Quanta Services, Inc.		906		235,379
Construction Materials — 0.2%
Martin Marietta Materials, Inc.		388		238,209
Vulcan Materials Co.		843		230,071
				468,280
Consumer Finance — 0.6%
American Express Co.		3,581		815,358
Capital One Financial Corp.		2,386		355,252
Discover Financial Services		1,560		204,500
Synchrony Financial		2,532		109,180
				1,484,290
Consumer Staples Distribution & Retail — 1.4%
Costco Wholesale Corp.		2,785		2,040,375
Dollar General Corp.		1,386		216,299
Dollar Tree, Inc.(a)		1,287		171,364
Kroger Co. (The)		4,140		236,518
Sysco Corp.		3,135		254,499
Target Corp.		2,894		512,846
Walgreens Boots Alliance, Inc.		4,538		98,429
				3,530,330
Containers & Packaging — 0.2%
Amcor PLC		9,069		86,246
Avery Dennison Corp.		505		112,741
Ball Corp.		1,995		134,383
International Paper Co.		2,163		84,400
Packaging Corp. of America		553		104,949
Westrock Co.		1,619		80,060
				602,779
Distributors — 0.1%
Genuine Parts Co.		886		137,268
LKQ Corp.		1,658		88,554
Pool Corp.		243		98,050
				323,872
Diversified Telecommunication Services — 0.7%
AT&T Inc.		44,894		790,134
Verizon Communications, Inc.		26,388		1,107,241
				1,897,375
Electric Utilities — 0.8%
Constellation Energy Corp.		2,001		369,885
Edison International		2,410		170,459
Entergy Corp.		1,342		141,822
Eversource Energy		2,189		130,836
Exelon Corp.		6,256		235,038
NextEra Energy, Inc.		12,880		823,161
NRG Energy, Inc.		1,411		95,511
				1,966,712

Security	Shares		Value
Electrical Equipment — 0.7%
AMETEK, Inc.		1,458	$	266,668
Eaton Corp. PLC		2,509		784,514
Emerson Electric Co.		3,575		405,477
Generac Holdings, Inc.(a)		392		49,447
Hubbell, Inc.		341		141,532
Rockwell Automation, Inc.		728		212,088
				1,859,726
Electronic Equipment, Instruments & Components — 0.6%
Amphenol Corp., Class A		3,773		435,216
CDW Corp.		845		216,134
Corning, Inc.		4,807		158,439
Jabil, Inc.		790		105,820
Keysight Technologies, Inc.(a)		1,104		172,643
TE Connectivity Ltd.		1,937		281,330
Trimble, Inc.(a)		1,545		99,436
Zebra Technologies Corp., Class A(a)		332		100,078
				1,569,096
Energy Equipment & Services — 0.4%
Baker Hughes Co., Class A		6,295		210,883
Halliburton Co.		5,563		219,293
Schlumberger NV		8,984		492,413
				922,589
Entertainment — 1.4%
Electronic Arts, Inc.		1,524		202,189
Live Nation Entertainment, Inc.(a)		897		94,876
Netflix, Inc.(a)		2,724		1,654,367
Take-Two Interactive Software, Inc.(a)		989		146,857
Walt Disney Co. (The)		11,542		1,412,279
Warner Bros Discovery, Inc., Class A(a)		13,887		121,233
				3,631,801
Financial Services — 4.7%
Berkshire Hathaway, Inc., Class B(a)		11,431		4,806,964
Corpay, Inc.(a)		458		141,311
Fidelity National Information Services, Inc.		3,731		276,766
Fiserv, Inc.(a)		3,777		603,640
Global Payments, Inc.		1,642		219,470
Jack Henry & Associates, Inc.		463		80,437
Mastercard, Inc., Class A		5,179		2,494,051
PayPal Holdings, Inc.(a)		6,753		452,383
Visa, Inc., Class A		9,935		2,772,660
				11,847,682
Food Products — 0.9%
Archer-Daniels-Midland Co.		3,372		211,795
Bunge Global SA		911		93,396
Campbell Soup Co.		1,240		55,118
Conagra Brands, Inc.		3,007		89,127
General Mills, Inc.		3,568		249,653
Hershey Co. (The)		933		181,468
Hormel Foods Corp.		1,860		64,895
J M Smucker Co. (The)		663		83,452
Kellanova		1,665		95,388
Kraft Heinz Co. (The)		5,020		185,238
Lamb Weston Holdings, Inc.		907		96,623
McCormick & Co., Inc., NVS		1,554		119,363
Mondelez International, Inc., Class A		8,439		590,730
Tyson Foods, Inc., Class A		1,794		105,362
				2,221,608
Gas Utilities — 0.0%
Atmos Energy Corp.		956		113,640

S C H E D U L E S  O F  I N V E S T M E N T S 13

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Ground Transportation — 1.2%
CSX Corp.		12,437	$	461,040
JB Hunt Transport Services, Inc.		510		101,617
Norfolk Southern Corp.		1,412		359,876
Old Dominion Freight Line, Inc.		1,112		243,873
Uber Technologies, Inc.(a)		12,834		988,090
Union Pacific Corp.		3,821		939,698
				3,094,194
Health Care Equipment & Supplies — 2.8%
Abbott Laboratories		10,909		1,239,917
Align Technology, Inc.(a)		455		149,203
Baxter International, Inc.		3,197		136,640
Becton Dickinson & Co.		1,811		448,132
Boston Scientific Corp.(a)		9,188		629,286
Cooper Cos., Inc. (The)		1,248		126,622
DENTSPLY SIRONA, Inc.		1,367		45,371
Dexcom, Inc.(a)		2,417		335,238
Edwards Lifesciences Corp.(a)		3,807		363,797
GE HealthCare Technologies, Inc.		2,659		241,730
Hologic, Inc.(a)		1,482		115,537
IDEXX Laboratories, Inc.(a)		519		280,224
Insulet Corp.(a)		424		72,673
Intuitive Surgical, Inc.(a)		2,217		884,782
Medtronic PLC		8,353		727,964
ResMed, Inc.		912		180,603
STERIS PLC		626		140,737
Stryker Corp.		2,126		760,832
Teleflex, Inc.		293		66,268
Zimmer Biomet Holdings, Inc.		1,303		171,970
				7,117,526
Health Care Providers & Services — 2.9%
Cardinal Health, Inc.		1,528		170,983
Cencora, Inc.		1,037		251,981
Centene Corp.(a)		3,355		263,300
Cigna Group (The)		1,844		669,722
CVS Health Corp.		7,895		629,705
DaVita, Inc.(a)		345		47,627
Elevance Health, Inc.		1,481		767,958
HCA Healthcare, Inc.		1,247		415,912
Henry Schein, Inc.(a)		834		62,984
Humana, Inc.		767		265,934
Laboratory Corp. of America Holdings		530		115,784
McKesson Corp.		830		445,586
Molina Healthcare, Inc.(a)		367		150,775
Quest Diagnostics, Inc.		684		91,047
UnitedHealth Group, Inc.		5,807		2,872,723
Universal Health Services, Inc., Class B		385		70,247
				7,292,268
Health Care REITs — 0.2%
Healthpeak Properties, Inc.		4,442		83,287
Ventas, Inc.		2,514		109,460
Welltower, Inc.		3,444		321,807
				514,554
Hotel & Resort REITs — 0.0%
Host Hotels & Resorts, Inc.		4,407		91,137
Hotels, Restaurants & Leisure — 2.3%
Airbnb, Inc., Class A(a)		2,741		452,155
Booking Holdings, Inc.		223		809,017
Caesars Entertainment, Inc.(a)		1,366		59,749
Carnival Corp.(a)		6,393		104,462
Chipotle Mexican Grill, Inc.(a)		172		499,965

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Darden Restaurants, Inc.		755	$	126,198
Domino’s Pizza, Inc.		222		110,307
Expedia Group, Inc.(a)		831		114,470
Hilton Worldwide Holdings, Inc.		1,594		340,016
Las Vegas Sands Corp.		2,346		121,288
Marriott International, Inc., Class A		1,541		388,810
McDonald’s Corp.		4,552		1,283,436
MGM Resorts International(a)		1,734		81,862
Norwegian Cruise Line Holdings Ltd.(a)(c)		2,728		57,097
Royal Caribbean Cruises Ltd.(a)		1,478		205,457
Starbucks Corp.		7,133		651,885
Wynn Resorts Ltd.		595		60,827
Yum! Brands, Inc.		1,764		244,579
				5,711,580
Household Durables — 0.4%
DR Horton, Inc.		1,881		309,519
Garmin Ltd.		974		144,999
Lennar Corp., Class A		1,550		266,569
Mohawk Industries, Inc.(a)		347		45,419
NVR, Inc.(a)		20		161,999
PulteGroup, Inc.		1,342		161,872
				1,090,377
Household Products — 1.3%
Church & Dwight Co., Inc.		1,547		161,368
Clorox Co. (The)		772		118,201
Colgate-Palmolive Co.		5,184		466,819
Kimberly-Clark Corp.		2,120		274,222
Procter & Gamble Co. (The)		14,772		2,396,757
				3,417,367
Industrial REITs — 0.3%
Prologis, Inc.		5,812		756,839
Insurance — 2.4%
Aflac, Inc.		3,309		284,111
Allstate Corp. (The)		1,654		286,159
American International Group, Inc.		4,404		344,261
Aon PLC, Class A		1,258		419,820
Arch Capital Group Ltd.(a)		2,316		214,091
Arthur J. Gallagher & Co.		1,368		342,055
Assurant, Inc.		284		53,460
Brown & Brown, Inc.		1,495		130,872
Chubb Ltd.		2,546		659,745
Cincinnati Financial Corp.		983		122,059
Everest Group Ltd.		269		106,927
Globe Life, Inc.		538		62,607
Hartford Financial Services Group, Inc. (The)		1,877		193,425
Loews Corp.		1,134		88,781
Marsh & McLennan Cos., Inc.		3,077		633,800
MetLife, Inc.		3,869		286,732
Principal Financial Group, Inc.		1,371		118,331
Progressive Corp. (The)		3,668		758,616
Prudential Financial, Inc.		2,266		266,028
Travelers Cos., Inc. (The)		1,429		328,870
W R Berkley Corp.		1,283		113,468
Willis Towers Watson PLC		643		176,825
				5,991,043
Interactive Media & Services — 6.7%
Alphabet, Inc., Class A(a)		37,011		5,586,070
Alphabet, Inc., Class C, NVS(a)		30,984		4,717,624

14 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Interactive Media & Services (continued)
Match Group, Inc.(a)		1,680	$	60,951
Meta Platforms, Inc., Class A		13,821		6,711,201
				17,075,846
IT Services — 1.3%
Accenture PLC, Class A		3,933		1,363,217
Akamai Technologies, Inc.(a)		930		101,147
Cognizant Technology Solutions Corp., Class A		3,136		229,837
EPAM Systems, Inc.(a)		368		101,627
Gartner, Inc.(a)		490		233,568
International Business Machines Corp.		5,760		1,099,930
VeriSign, Inc.(a)		548		103,852
				3,233,178
Leisure Products — 0.0%
Hasbro, Inc.		792		44,764
Life Sciences Tools & Services — 1.5%
Agilent Technologies, Inc.		1,843		268,175
Bio-Rad Laboratories, Inc., Class A(a)		133		46,001
Bio-Techne Corp.		988		69,545
Charles River Laboratories International, Inc.(a)		328		88,871
Danaher Corp.		4,138		1,033,341
Illumina, Inc.(a)		999		137,183
IQVIA Holdings, Inc.(a)		1,148		290,318
Mettler-Toledo International, Inc.(a)		133		177,061
Revvity, Inc.		772		81,060
Thermo Fisher Scientific, Inc.		2,422		1,407,691
Waters Corp.(a)		373		128,398
West Pharmaceutical Services, Inc.		470		185,984
				3,913,628
Machinery — 2.0%
Caterpillar, Inc.		3,190		1,168,912
Cummins, Inc.		890		262,239
Deere & Co.		1,633		670,738
Dover Corp.		883		156,459
Fortive Corp.		2,195		188,814
IDEX Corp.		476		116,154
Illinois Tool Works, Inc.		1,710		458,844
Ingersoll Rand, Inc.		2,538		240,983
Nordson Corp.		347		95,265
Otis Worldwide Corp.		2,548		252,940
PACCAR, Inc.		3,283		406,731
Parker-Hannifin Corp.		801		445,188
Pentair PLC		1,039		88,772
Snap-on, Inc.		340		100,715
Stanley Black & Decker, Inc.		972		95,188
Westinghouse Air Brake Technologies Corp.		1,131		164,764
Xylem, Inc.		1,510		195,152
				5,107,858
Media — 0.6%
Charter Communications, Inc., Class A(a)		623		181,062
Comcast Corp., Class A		24,873		1,078,245
Fox Corp., Class A, NVS		1,524		47,655
Fox Corp., Class B		875		25,043
Interpublic Group of Cos., Inc. (The)		2,407		78,540
News Corp., Class A, NVS		2,363		61,863
News Corp., Class B		678		18,347
Omnicom Group, Inc.		1,252		121,144
Paramount Global, Class B, NVS		3,029		35,651
				1,647,550
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.		8,981		422,287

Security	Shares		Value
Metals & Mining (continued)
Newmont Corp.		7,209	$	258,371
Nucor Corp.		1,535		303,776
Steel Dynamics, Inc.		971		143,931
				1,128,365
Multi-Utilities — 0.3%
CenterPoint Energy, Inc.		3,928		111,909
Consolidated Edison, Inc.		2,167		196,785
Public Service Enterprise Group, Inc.		3,150		210,357
Sempra		3,945		283,369
				802,420
Office REITs — 0.1%
Alexandria Real Estate Equities, Inc.		993		128,007
Boston Properties, Inc.		896		58,518
				186,525
Oil, Gas & Consumable Fuels — 0.9%
Kinder Morgan, Inc.		12,145		222,739
Marathon Petroleum Corp.		2,310		465,465
ONEOK, Inc.		3,652		292,781
Phillips 66		2,698		440,691
Targa Resources Corp.		1,391		155,778
Valero Energy Corp.		2,136		364,594
Williams Cos., Inc. (The)		7,646		297,965
				2,240,013
Passenger Airlines — 0.2%
American Airlines Group, Inc.(a)		4,117		63,196
Delta Air Lines, Inc.		4,041		193,443
Southwest Airlines Co.		3,766		109,929
United Airlines Holdings, Inc.(a)		2,060		98,633
				465,201
Personal Care Products — 0.1%
Estee Lauder Cos., Inc. (The), Class A		1,476		227,525
Pharmaceuticals — 3.3%
Bristol-Myers Squibb Co.		12,768		692,409
Catalent, Inc.(a)		1,123		63,393
Eli Lilly & Co.		5,012		3,899,136
Merck & Co., Inc.		15,908		2,099,061
Pfizer, Inc.		35,439		983,432
Viatris, Inc.		7,644		91,269
Zoetis, Inc., Class A		2,888		488,678
				8,317,378
Professional Services — 0.6%
Automatic Data Processing, Inc.		2,569		641,582
Broadridge Financial Solutions, Inc.		748		153,235
Dayforce, Inc.(a)(c)		984		65,151
Equifax, Inc.		770		205,990
Paychex, Inc.		2,012		247,074
Paycom Software, Inc.		296		58,907
Robert Half, Inc.		639		50,660
Verisk Analytics, Inc.		903		212,864
				1,635,463
Real Estate Management & Development — 0.2%
CBRE Group, Inc., Class A(a)		1,874		182,228
CoStar Group, Inc.(a)		2,555		246,813
				429,041
Residential REITs — 0.3%
AvalonBay Communities, Inc.		884		164,035
Camden Property Trust		670		65,928
Equity Residential		2,181		137,643

S C H E D U L E S  O F  I N V E S T M E N T S 15

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Residential REITs (continued)
Essex Property Trust, Inc.		400	$	97,924
Invitation Homes, Inc.		3,645		129,799
Mid-America Apartment Communities, Inc.		738		97,106
UDR, Inc.		1,881		70,368
				762,803
Retail REITs — 0.3%
Federal Realty Investment Trust		475		48,507
Kimco Realty Corp.		4,188		82,127
Realty Income Corp.		5,195		281,049
Regency Centers Corp.		1,037		62,801
Simon Property Group, Inc.		2,047		320,335
				794,819
Semiconductors & Semiconductor Equipment — 11.2%
Advanced Micro Devices, Inc.(a)		10,154		1,832,695
Analog Devices, Inc.		3,113		615,720
Applied Materials, Inc.		5,217		1,075,902
Broadcom, Inc.		2,764		3,663,433
Enphase Energy, Inc.(a)		866		104,769
First Solar, Inc.(a)		660		111,408
Intel Corp.		26,555		1,172,934
KLA Corp.		855		597,277
Lam Research Corp.		830		806,403
Microchip Technology, Inc.		3,393		304,386
Micron Technology, Inc.		6,945		818,746
Monolithic Power Systems, Inc.		294		199,162
NVIDIA Corp.		15,509		14,013,312
NXP Semiconductors NV		1,624		402,379
ON Semiconductor Corp.(a)		2,681		197,188
Qorvo, Inc.(a)		614		70,506
QUALCOMM, Inc.		7,014		1,187,470
Skyworks Solutions, Inc.		1,009		109,295
Teradyne, Inc.		965		108,881
Texas Instruments, Inc.		5,702		993,345
				28,385,211
Software — 11.7%
Adobe, Inc.(a)		2,846		1,436,092
ANSYS, Inc.(a)		537		186,425
Autodesk, Inc.(a)		1,345		350,265
Cadence Design Systems, Inc.(a)		1,713		533,223
Fair Isaac Corp.(a)		151		188,691
Fortinet, Inc.(a)		3,997		273,035
Gen Digital, Inc.		3,501		78,422
Intuit, Inc.		1,758		1,142,700
Microsoft Corp.		46,655		19,628,692
Oracle Corp.		10,005		1,256,728
Palo Alto Networks, Inc.(a)		1,989		565,134
PTC, Inc.(a)		753		142,272
Roper Technologies, Inc.		667		374,080
Salesforce, Inc.		6,075		1,829,668
ServiceNow, Inc.(a)		1,285		979,684
Synopsys, Inc.(a)		963		550,354
Tyler Technologies, Inc.(a)		263		111,778
				29,627,243
Specialized REITs — 1.1%
American Tower Corp.		2,927		578,346
Crown Castle, Inc.		2,739		289,868
Digital Realty Trust, Inc.		1,899		273,532
Equinix, Inc.		595		491,071
Extra Space Storage, Inc.		1,312		192,864
Iron Mountain, Inc.		1,812		145,340
Public Storage		994		288,320

Security	Shares		Value
Specialized REITs (continued)
SBA Communications Corp., Class A		671	$	145,406
VICI Properties, Inc.		6,543		194,916
Weyerhaeuser Co.		4,558		163,678
				2,763,341
Specialty Retail — 2.3%
AutoZone, Inc.(a)		111		349,833
Bath & Body Works, Inc.		1,408		70,428
Best Buy Co., Inc.		1,182		96,959
CarMax, Inc.(a)		1,004		87,458
Home Depot, Inc. (The)		6,256		2,399,802
Lowe’s Cos., Inc.		3,615		920,849
O’Reilly Automotive, Inc.(a)		371		418,814
Ross Stores, Inc.		2,122		311,425
TJX Cos., Inc. (The)		7,173		727,486
Tractor Supply Co.		673		176,138
Ulta Beauty, Inc.(a)		298		155,818
				5,715,010
Technology Hardware, Storage & Peripherals — 6.4%
Apple Inc.		91,144		15,629,373
Hewlett Packard Enterprise Co.		8,150		144,500
HP, Inc.		5,454		164,820
NetApp, Inc.		1,292		135,621
Seagate Technology Holdings PLC		1,224		113,893
Western Digital Corp.(a)		2,022		137,981
				16,326,188
Textiles, Apparel & Luxury Goods — 0.5%
Lululemon Athletica, Inc.(a)		725		283,221
NIKE, Inc., Class B		7,642		718,195
Ralph Lauren Corp., Class A		243		45,626
Tapestry, Inc.		1,417		67,279
VF Corp.		2,127		32,628
				1,146,949
Trading Companies & Distributors — 0.2%
Fastenal Co.		3,578		276,007
United Rentals, Inc.		416		299,982
				575,989
Water Utilities — 0.1%
American Water Works Co., Inc.		1,232		150,563
Wireless Telecommunication Services — 0.2%
T-Mobile U.S., Inc.		3,285		536,178
Total Long-Term Investments — 99.8% (Cost: $232,878,952)				253,138,751

16 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P 500 ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Short-Term Securities
Money Market Funds — 0.2%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(b)(d)(e)		96,728	$	96,777
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(b)(d)		306,229		306,229
Total Short-Term Securities — 0.2% (Cost: $402,973)				403,006
Total Investments — 100.0% (Cost: $233,281,925)				253,541,757
Other Assets Less Liabilities — 0.0%				72,073
Net Assets — 100.0%			$	253,613,830

^(a)  Non-income producing security.

^(b)  Affiliate of the Fund.

^(c)  All or a portion of this security is on loan.

^(d)  Annualized 7-day yield as of period end.

^(e)  All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales			Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	68,967	$	28,270	(a)	$	—		$	(478	)	$	18	$	96,777		96,728	$	2,235	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		167,581		138,648	(a)		—			—			—		306,229		306,229		14,952			—
BlackRock, Inc.		420,876		343,921			(153,874	)		(9,282	)		131,181		732,822		879		15,691			—
									$	(9,760	)	$	131,199	$	1,135,828			$	32,878		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-Mini S&P 500 Index		16		06/21/24	$	425	$	7,426

S C H E D U L E S  O F  I N V E S T M E N T S 17

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P 500 ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

		Commodity Contracts		Credit Contracts		Equity Contracts			Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
	Assets — Derivative Financial Instruments
	Futures contracts
	Unrealized appreciation on futures contracts(a)	$	—	$	—	$	7,426		$	—	$	—	$	—	$	7,426
	(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 March 31, 2024, 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	$	—	$	—	$	85,137		$	—	$	—	$	—	$	85,137
	Net Change in Unrealized Appreciation (Depreciation) on:
	Futures contracts	$	—	$	—	$	(5,868	)	$	—	$	—	$	—	$	(5,868	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	384,862

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	253,138,751	$	—	$	—	$	253,138,751
Short-Term Securities
Money Market Funds		403,006		—		—		403,006
	$	253,541,757	$	—	$	—	$	253,541,757
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	7,426	$	—	$	—	$	7,426

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

18 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments March 31, 2024 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
Curtiss-Wright Corp.		2,789	$	713,817
Hexcel Corp.		6,229		453,783
Woodward, Inc.		4,504		694,156
				1,861,756
Air Freight & Logistics — 0.3%
GXO Logistics, Inc.(a)		9,087		488,517
Automobile Components — 1.6%
Adient PLC(a)		6,977		229,683
Autoliv, Inc.		5,550		668,387
Fox Factory Holding Corp.(a)(b)		3,174		165,270
Gentex Corp.		17,142		619,169
Goodyear Tire & Rubber Co. (The)(a)		21,444		294,426
Lear Corp.		4,388		635,733
Visteon Corp.(a)		2,036		239,454
				2,852,122
Automobiles — 0.5%
Harley-Davidson, Inc.		9,624		420,954
Thor Industries, Inc.		4,055		475,813
				896,767
Banks — 5.7%
Associated Banc-Corp		10,908		234,631
Bank OZK		8,226		373,954
Cadence Bank		10,591		307,139
Columbia Banking System, Inc.		15,991		309,426
Commerce Bancshares, Inc.		8,761		466,085
Cullen/Frost Bankers, Inc.		4,861		547,203
East West Bancorp, Inc.		10,727		848,613
First Financial Bankshares, Inc.		9,261		303,853
First Horizon Corp.		42,216		650,126
FNB Corp.		27,855		392,756
Glacier Bancorp, Inc.		8,304		334,485
Hancock Whitney Corp.		6,623		304,923
Home BancShares, Inc.		13,786		338,722
International Bancshares Corp.		3,841		215,634
New York Community Bancorp, Inc., Class A		52,189		168,049
Old National Bancorp		22,786		396,704
Pinnacle Financial Partners, Inc.		5,837		501,282
Prosperity Bancshares, Inc.		7,175		471,971
SouthState Corp.		5,836		496,235
Synovus Financial Corp.		11,466		459,328
Texas Capital Bancshares, Inc.(a)		3,361		206,870
UMB Financial Corp.		3,328		289,503
United Bankshares, Inc.		10,293		368,386
Valley National Bancorp		33,218		264,415
Webster Financial Corp.		13,455		683,110
Wintrust Financial Corp.		4,811		502,220
				10,435,623
Beverages — 0.8%
Boston Beer Co., Inc. (The), Class A, NVS(a)		701		213,398
Celsius Holdings, Inc.(a)		11,117		921,822
Coca-Cola Consolidated, Inc.		357		302,168
				1,437,388
Biotechnology — 1.7%
Arrowhead Pharmaceuticals, Inc.(a)		9,332		266,895
Exelixis, Inc.(a)		22,656		537,627
Halozyme Therapeutics, Inc.(a)		9,912		403,220

Security	Shares		Value
Biotechnology (continued)
Neurocrine Biosciences, Inc.(a)		7,500	$	1,034,400
United Therapeutics Corp.(a)(b)		3,595		825,844
				3,067,986
Broadline Retail — 0.5%
Macy’s, Inc.		20,734		414,473
Nordstrom, Inc.		7,512		152,268
Ollie’s Bargain Outlet Holdings, Inc.(a)(b)		4,523		359,895
				926,636
Building Products — 4.1%
Advanced Drainage Systems, Inc.(b)		5,137		884,797
Carlisle Cos., Inc.		3,649		1,429,860
Fortune Brands Innovations, Inc.		9,495		803,942
Lennox International, Inc.		2,421		1,183,288
Owens Corning		6,705		1,118,394
Simpson Manufacturing Co., Inc.		3,184		653,293
Trex Co., Inc.(a)		8,253		823,237
UFP Industries, Inc.		4,692		577,163
				7,473,974
Capital Markets — 3.0%
Affiliated Managers Group, Inc.		2,549		426,881
Carlyle Group, Inc. (The)		16,825		789,261
Evercore, Inc., Class A		2,687		517,489
Federated Hermes, Inc., Class B		5,938		214,481
Houlihan Lokey, Inc., Class A		3,915		501,864
Interactive Brokers Group, Inc., Class A		8,108		905,745
Janus Henderson Group PLC		10,125		333,011
Jefferies Financial Group, Inc.		13,405		591,161
SEI Investments Co.		6,966		500,855
Stifel Financial Corp.		7,978		623,640
				5,404,388
Chemicals — 2.2%
Ashland, Inc.		3,719		362,119
Avient Corp.		6,894		299,200
Axalta Coating Systems Ltd.(a)		16,491		567,126
Cabot Corp.		4,190		386,318
Chemours Co. (The)		11,367		298,497
NewMarket Corp.		521		330,637
RPM International, Inc.		9,734		1,157,859
Scotts Miracle-Gro Co. (The)		3,163		235,928
Westlake Corp.		2,602		397,586
				4,035,270
Commercial Services & Supplies — 1.5%
Brink’s Co. (The)		3,494		322,776
Clean Harbors, Inc.(a)		3,858		776,654
MSA Safety, Inc.		2,755		533,340
Stericycle, Inc.(a)		6,836		360,599
Tetra Tech, Inc.		4,029		744,197
				2,737,566
Communications Equipment — 0.4%
Ciena Corp.(a)		10,982		543,060
Lumentum Holdings, Inc.(a)(b)		5,133		243,047
				786,107
Construction & Engineering — 2.4%
AECOM		10,890		1,068,091
Comfort Systems U.S.A., Inc.		2,700		857,817
EMCOR Group, Inc.		3,525		1,234,455
MasTec, Inc.(a)		4,535		422,889

S C H E D U L E S  O F  I N V E S T M E N T S 19

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Construction & Engineering (continued)
MDU Resources Group, Inc.		15,465	$	389,718
Valmont Industries, Inc.		1,571		358,628
				4,331,598
Construction Materials — 0.6%
Eagle Materials, Inc.		2,608		708,724
Knife River Corp.(a)		4,233		343,212
				1,051,936
Consumer Finance — 0.7%
Ally Financial, Inc.		20,844		846,058
SLM Corp.		17,396		379,059
				1,225,117
Consumer Staples Distribution & Retail — 1.3%
BJ’s Wholesale Club Holdings, Inc.(a)		9,902		749,086
Grocery Outlet Holding Corp.(a)		6,697		192,740
Sprouts Farmers Market, Inc.(a)		7,430		479,087
U.S. Foods Holding Corp.(a)		17,087		922,185
				2,343,098
Containers & Packaging — 1.9%
AptarGroup, Inc.		4,896		704,485
Berry Global Group, Inc.		8,883		537,244
Crown Holdings, Inc.		9,043		716,748
Graphic Packaging Holding Co.		23,180		676,392
Greif, Inc., Class A, NVS		2,052		141,691
Silgan Holdings, Inc.		6,218		301,946
Sonoco Products Co.		7,682		444,327
				3,522,833
Diversified Consumer Services — 1.0%
Graham Holdings Co., Class B		273		209,577
Grand Canyon Education, Inc.(a)		2,098		285,769
H&R Block, Inc.		10,611		521,106
Service Corp. International		11,574		858,906
				1,875,358
Diversified REITs — 0.5%
WP Carey, Inc.		16,587		936,170
Diversified Telecommunication Services — 0.4%
Frontier Communications Parent, Inc.(a)(b)		16,632		407,484
Iridium Communications, Inc.		9,230		241,457
				648,941
Electrical Equipment — 1.7%
Acuity Brands, Inc.		2,289		615,123
EnerSys		3,012		284,514
nVent Electric PLC		13,010		980,954
Regal Rexnord Corp.		4,978		896,538
Sensata Technologies Holding PLC		11,291		414,831
				3,191,960
Electronic Equipment, Instruments & Components — 2.7%
Arrow Electronics, Inc.(a)		4,106		531,563
Avnet, Inc.		7,089		351,473
Belden, Inc.		3,118		288,758
Cognex Corp.		12,535		531,735
Coherent Corp.(a)		9,934		602,199
Crane NXT Co.		3,603		223,026
IPG Photonics Corp.(a)		2,190		198,611
Littelfuse, Inc.		1,852		448,832
Novanta, Inc.(a)		2,638		461,043
TD SYNNEX Corp.		4,446		502,842

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Vishay Intertechnology, Inc.		9,335	$	211,718
Vontier Corp.		11,434		518,646
				4,870,446
Energy Equipment & Services — 1.1%
ChampionX Corp.		14,416		517,390
NOV, Inc.		29,893		583,512
Valaris Ltd.(a)		4,643		349,432
Weatherford International PLC(a)		5,434		627,192
				2,077,526
Entertainment — 0.2%
TKO Group Holdings, Inc., Class A		4,522		390,746
Financial Services — 1.7%
Essent Group Ltd.		8,608		512,262
Euronet Worldwide, Inc.(a)		3,398		373,542
MGIC Investment Corp.		21,276		475,731
Voya Financial, Inc.		9,366		692,335
Western Union Co. (The)		22,636		316,451
WEX, Inc.(a)		3,286		780,524
				3,150,845
Food Products — 1.3%
Darling Ingredients, Inc.(a)		12,064		561,097
Flowers Foods, Inc.		14,737		350,004
Ingredion, Inc.		5,006		584,951
Lancaster Colony Corp.		1,483		307,915
Pilgrim’s Pride Corp.(a)		3,031		104,024
Post Holdings, Inc.(a)		3,830		407,052
				2,315,043
Gas Utilities — 0.9%
New Jersey Resources Corp.		7,435		319,036
ONE Gas, Inc.		4,202		271,155
Southwest Gas Holdings, Inc.		4,513		343,574
Spire, Inc.		4,121		252,906
UGI Corp.		16,322		400,542
				1,587,213
Ground Transportation — 2.3%
Avis Budget Group, Inc.		1,424		174,383
Hertz Global Holdings, Inc.(a)		10,417		81,565
Knight-Swift Transportation Holdings, Inc.		12,259		674,490
Landstar System, Inc.		2,621		505,224
Ryder System, Inc.		3,533		424,632
Saia, Inc.(a)(b)		1,997		1,168,245
Werner Enterprises, Inc.		3,850		150,612
XPO, Inc.(a)		8,741		1,066,664
				4,245,815
Health Care Equipment & Supplies — 2.4%
Enovis Corp.(a)		3,751		234,250
Envista Holdings Corp.(a)		13,047		278,945
Globus Medical, Inc., Class A(a)		8,640		463,450
Haemonetics Corp.(a)		3,777		322,367
Integra LifeSciences Holdings Corp.(a)		5,145		182,390
Lantheus Holdings, Inc.(a)(b)		5,160		321,158
LivaNova PLC(a)		3,995		223,480
Masimo Corp.(a)		3,347		491,507
Neogen Corp.(a)		14,709		232,108
Penumbra, Inc.(a)		2,904		648,115
QuidelOrtho Corp.(a)		3,769		180,686
Shockwave Medical, Inc.(a)		2,778		904,600
				4,483,056

20 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Health Care Providers & Services — 2.3%
Acadia Healthcare Co., Inc.(a)		6,875	$	544,637
Amedisys, Inc.(a)		2,285		210,586
Chemed Corp.		1,102		707,407
Encompass Health Corp.		7,466		616,542
HealthEquity, Inc.(a)		6,478		528,799
Option Care Health, Inc.(a)		13,181		442,091
Progyny, Inc.(a)		5,985		228,328
R1 RCM, Inc.(a)		14,648		188,666
Tenet Healthcare Corp.(a)		7,835		823,537
				4,290,593
Health Care REITs — 0.7%
Healthcare Realty Trust, Inc.		29,133		412,232
Omega Healthcare Investors, Inc.		18,550		587,479
Sabra Health Care REIT, Inc.		17,325		255,890
				1,255,601
Health Care Technology — 0.1%
Doximity, Inc., Class A(a)		9,058		243,751
Hotel & Resort REITs — 0.2%
Park Hotels & Resorts, Inc.		16,091		281,432
Hotels, Restaurants & Leisure — 4.1%
Aramark		19,899		647,115
Boyd Gaming Corp.		5,339		359,421
Choice Hotels International, Inc.		1,835		231,852
Churchill Downs, Inc.(b)		5,078		628,403
Hilton Grand Vacations, Inc.(a)		5,379		253,943
Hyatt Hotels Corp., Class A		3,293		525,629
Light & Wonder, Inc., Class A(a)		6,785		692,681
Marriott Vacations Worldwide Corp.		2,513		270,725
Penn Entertainment, Inc.(a)		11,272		205,263
Planet Fitness, Inc., Class A(a)		6,454		404,214
Texas Roadhouse, Inc.		4,961		766,326
Travel + Leisure Co.		5,570		272,707
Vail Resorts, Inc.		2,863		637,962
Wendy’s Co. (The)		13,181		248,330
Wingstop, Inc.		2,202		806,813
Wyndham Hotels & Resorts, Inc.		6,237		478,690
				7,430,074
Household Durables — 2.3%
Helen of Troy Ltd.(a)		1,747		201,324
KB Home		5,510		390,549
Leggett & Platt, Inc.		10,087		193,166
Taylor Morrison Home Corp., Class A(a)		7,999		497,298
Tempur Sealy International, Inc.		13,075		742,922
Toll Brothers, Inc.		8,174		1,057,470
TopBuild Corp.(a)		2,386		1,051,582
				4,134,311
Independent Power and Renewable Electricity Producers — 0.1%
Ormat Technologies, Inc.		3,897		257,942
Industrial REITs — 1.3%
EastGroup Properties, Inc.		3,481		625,779
First Industrial Realty Trust, Inc.		9,710		510,163
Rexford Industrial Realty, Inc.		15,526		780,958
STAG Industrial, Inc.		13,460		517,403
				2,434,303
Insurance — 5.2%
American Financial Group, Inc.		5,008		683,492
Brighthouse Financial, Inc.(a)		5,323		274,347
CNO Financial Group, Inc.		8,574		235,613
Erie Indemnity Co., Class A, NVS		1,891		759,369

Security	Shares		Value
Insurance (continued)
Fidelity National Financial, Inc., Class A		13,093	$	695,238
First American Financial Corp.		7,930		484,127
Hanover Insurance Group, Inc. (The)		2,744		373,650
Kemper Corp.		4,546		281,488
Kinsale Capital Group, Inc.(b)		1,663		872,643
Old Republic International Corp.		20,380		626,074
Primerica, Inc.		2,827		715,118
Reinsurance Group of America, Inc.		5,205		1,003,940
RenaissanceRe Holdings Ltd.		3,981		935,654
RLI Corp.		2,916		432,939
Selective Insurance Group, Inc.		4,570		498,907
Unum Group		11,455		614,675
				9,487,274
Interactive Media & Services — 0.3%
Ziff Davis, Inc.(a)		3,243		204,439
ZoomInfo Technologies, Inc., Class A(a)		22,345		358,190
				562,629
IT Services — 0.9%
GoDaddy, Inc., Class A(a)		10,750		1,275,810
Kyndryl Holdings, Inc.(a)		17,601		382,998
				1,658,808
Leisure Products — 0.6%
Brunswick Corp.		5,200		501,904
Polaris, Inc.		4,043		404,785
YETI Holdings, Inc.(a)		6,495		250,382
				1,157,071
Life Sciences Tools & Services — 1.3%
Azenta, Inc.(a)		4,257		256,612
Bruker Corp.		6,939		651,849
Medpace Holdings, Inc.(a)		1,753		708,475
Repligen Corp.(a)		3,951		726,668
				2,343,604
Machinery — 5.0%
AGCO Corp.		4,721		580,777
Chart Industries, Inc.(a)(b)		3,143		517,715
Crane Co.		3,628		490,252
Donaldson Co., Inc.		8,731		652,031
Esab Corp.		4,189		463,178
Flowserve Corp.		9,726		444,284
Graco, Inc.		12,465		1,164,979
Lincoln Electric Holdings, Inc.		4,295		1,097,115
Middleby Corp. (The)(a)(b)		3,990		641,552
Oshkosh Corp.		4,979		620,931
RBC Bearings, Inc.(a)(b)		2,150		581,252
Terex Corp.		5,018		323,159
Timken Co. (The)		4,907		429,019
Toro Co. (The)		7,831		717,554
Watts Water Technologies, Inc., Class A		2,007		426,588
				9,150,386
Marine Transportation — 0.2%
Kirby Corp.(a)		4,346		414,261
Media — 0.7%
Cable One, Inc.		340		143,864
New York Times Co. (The), Class A		12,231		528,624
Nexstar Media Group, Inc., Class A		2,519		433,999
TEGNA, Inc.		14,560		217,526
				1,324,013
Metals & Mining — 2.6%
Alcoa Corp.		13,643		460,997

S C H E D U L E S  O F  I N V E S T M E N T S 21

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining (continued)
Cleveland-Cliffs, Inc.(a)		38,330	$	871,624
Commercial Metals Co.		8,813		517,940
MP Materials Corp., Class A(a)(b)		10,845		155,084
Reliance, Inc.		4,313		1,441,318
Royal Gold, Inc.		4,883		594,798
United States Steel Corp.		16,876		688,203
				4,729,964
Mortgage Real Estate Investment Trusts (REITs) — 0.7%
Annaly Capital Management, Inc.		39,170		771,257
Starwood Property Trust, Inc.		24,554		499,183
				1,270,440
Office REITs — 0.6%
COPT Defense Properties		7,443		179,897
Cousins Properties, Inc.		11,354		272,950
Kilroy Realty Corp.		8,122		295,885
Vornado Realty Trust		12,206		351,167
				1,099,899
Oil, Gas & Consumable Fuels — 1.3%
Antero Midstream Corp.		25,536		359,036
DT Midstream, Inc.		7,053		430,938
Equitrans Midstream Corp.		32,600		407,174
HF Sinclair Corp.		12,330		744,362
PBF Energy, Inc., Class A		8,270		476,104
				2,417,614
Paper & Forest Products — 0.2%
Louisiana-Pacific Corp.		4,769		400,167
Personal Care Products — 1.0%
BellRing Brands, Inc.(a)		9,877		583,039
Coty, Inc., Class A(a)		28,636		342,487
elf Beauty, Inc.(a)		4,161		815,681
				1,741,207
Pharmaceuticals — 0.5%
Jazz Pharmaceuticals PLC(a)		4,727		569,225
Perrigo Co. PLC		10,192		328,081
				897,306
Professional Services — 2.7%
ASGN, Inc.(a)		3,667		384,155
Concentrix Corp.		3,614		239,319
ExlService Holdings, Inc.(a)		12,168		386,943
Exponent, Inc.		3,699		305,870
FTI Consulting, Inc.(a)		2,597		546,123
Genpact Ltd.		12,462		410,623
Insperity, Inc.		2,694		295,289
KBR, Inc.		10,254		652,770
ManpowerGroup, Inc.		3,851		298,992
Maximus, Inc.		4,618		387,450
Paylocity Holding Corp.(a)		3,274		562,670
Science Applications International Corp.		4,065		530,035
				5,000,239
Real Estate Management & Development — 0.4%
Jones Lang LaSalle, Inc.(a)		3,594		701,153
Residential REITs — 0.9%
Apartment Income REIT Corp.		10,899		353,891
Equity LifeStyle Properties, Inc.		14,793		952,669
Independence Realty Trust, Inc.		15,714		253,467
				1,560,027
Retail REITs — 1.0%
Agree Realty Corp.		7,377		421,374

Security	Shares		Value
Retail REITs (continued)
Brixmor Property Group, Inc.		22,974	$	538,740
Kite Realty Group Trust		16,251		352,322
NNN REIT, Inc.		13,598		581,179
				1,893,615
Semiconductors & Semiconductor Equipment — 3.0%
Allegro MicroSystems, Inc.(a)		5,353		144,317
Amkor Technology, Inc.		7,919		255,309
Cirrus Logic, Inc.(a)		4,002		370,425
Lattice Semiconductor Corp.(a)		10,403		813,827
MACOM Technology Solutions Holdings, Inc.(a)		4,057		388,011
MKS Instruments, Inc.		4,743		630,819
Onto Innovation, Inc.(a)		3,690		668,185
Power Integrations, Inc.		4,034		288,633
Rambus, Inc.(a)		7,984		493,491
Silicon Laboratories, Inc.(a)		2,370		340,616
Synaptics, Inc.(a)(b)		2,979		290,631
Universal Display Corp.		3,253		547,968
Wolfspeed, Inc.(a)		9,498		280,191
				5,512,423
Software — 2.5%
Aspen Technology, Inc.(a)		2,104		448,741
Blackbaud, Inc.(a)		3,230		239,472
CommVault Systems, Inc.(a)		3,316		336,342
Dolby Laboratories, Inc., Class A		4,516		378,305
Dropbox, Inc., Class A(a)		19,569		475,527
Dynatrace, Inc.(a)		18,506		859,419
Manhattan Associates, Inc.(a)		4,650		1,163,569
Qualys, Inc.(a)		2,771		462,397
Teradata Corp.(a)		7,478		289,174
				4,652,946
Specialized REITs — 2.0%
CubeSmart		16,857		762,274
EPR Properties		5,814		246,804
Gaming & Leisure Properties, Inc.		21,519		991,380
Lamar Advertising Co., Class A		6,588		786,673
National Storage Affiliates Trust		5,710		223,604
PotlatchDeltic Corp.		5,764		271,023
Rayonier, Inc.		10,014		332,865
				3,614,623
Specialty Retail — 4.2%
AutoNation, Inc.(a)		1,979		327,683
Burlington Stores, Inc.(a)		4,787		1,111,493
Five Below, Inc.(a)		4,090		741,844
Floor & Decor Holdings, Inc., Class A(a)(b)		8,001		1,037,090
GameStop Corp., Class A(a)(b)		20,050		251,026
Gap, Inc. (The)		16,163		445,291
Lithia Motors, Inc., Class A		2,090		628,797
Murphy U.S.A., Inc.		1,425		597,360
Penske Automotive Group, Inc.		1,511		244,767
RH(a)		1,149		400,151
Valvoline, Inc.(a)		9,608		428,229
Williams-Sonoma, Inc.		4,806		1,526,049
				7,739,780
Technology Hardware, Storage & Peripherals — 0.6%
Pure Storage, Inc., Class A(a)		22,244		1,156,466
Textiles, Apparel & Luxury Goods — 1.6%
Capri Holdings Ltd.(a)		8,731		395,514
Carter’s, Inc.		2,632		222,878
Columbia Sportswear Co.		2,278		184,928
Crocs, Inc.(a)		4,541		652,996

22 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Mid-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Textiles, Apparel & Luxury Goods (continued)
PVH Corp.		4,524	$	636,119
Skechers U.S.A., Inc., Class A(a)(b)		9,999		612,539
Under Armour, Inc., Class A(a)		18,559		136,965
Under Armour, Inc., Class C, NVS(a)		8,819		62,968
				2,904,907
Trading Companies & Distributors — 1.7%
Core & Main, Inc., Class A(a)		12,939		740,757
GATX Corp.		2,672		358,128
MSC Industrial Direct Co., Inc., Class A		3,474		337,117
Watsco, Inc.		2,372		1,024,633
WESCO International, Inc.		3,367		576,700
				3,037,335
Water Utilities — 0.4%
Essential Utilities, Inc.		19,055		705,988
Total Long-Term Investments — 99.6% (Cost: $160,617,723)				182,113,953
Short-Term Securities
Money Market Funds — 4.8%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(c)(d)(e)		8,470,512		8,474,748
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(c)(d)		258,761		258,761
Total Short-Term Securities — 4.8% (Cost: $8,731,692)				8,733,509
Total Investments — 104.4% (Cost: $169,349,415)				190,847,462
Liabilities in Excess of Other Assets — (4.4)%				(8,036,103	)
Net Assets — 100.0%			$	182,811,359

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Affiliate of the Fund.

^(d)  Annualized 7-day yield as of period end.

^(e)  All or a portion of this security was purchased with the cash collateral from loaned securities.

 

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	3,258,251	$	5,215,445	(a)	$	—	$	(192	)	$	1,244	$	8,474,748		8,470,512	$	18,748	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		158,472		100,289	(a)		—		—			—		258,761		258,761		13,099			—
								$	(192	)	$	1,244	$	8,733,509			$	31,847		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

S C H E D U L E S  O F  I N V E S T M E N T S 23

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Mid-Cap ETF

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts			Expiration Date			Notional Amount (000)			Value/ Unrealized Appreciation (Depreciation)
Long Contracts
S&P Mid 400 E-Mini Index		1			06/21/24		$	308		$	3,148

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts			Credit Contracts			Equity Contracts				Foreign Currency Exchange Contracts			Interest Rate Contracts			Other Contracts			Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—		$	—		$	3,148			$	—		$	—		$	—		$	3,148

^(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 March 31, 2024, 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	$	—		$	—		$	23,894			$	—		$	—		$	—		$	23,894
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—		$	—		$	(2,829	)		$	—		$	—		$	—		$	(2,829	)

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long	$	213,275

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

24 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Mid-Cap ETF

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1		Level 2		Level 3		Total
Assets
Investments
Long-Term Investments
Common Stocks	$	182,113,953	$	—	$	—	$	182,113,953
Short-Term Securities
Money Market Funds		8,733,509		—		—		8,733,509
	$	190,847,462	$	—	$	—	$	190,847,462
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	3,148	$	—	$	—	$	3,148

^(a)  Derivative financial instruments are futures contracts. Futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

S C H E D U L E S  O F  I N V E S T M E N T S 25

Schedule of Investments  March 31, 2024 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Common Stocks
Aerospace & Defense — 1.0%
AAR Corp.(a)		2,247	$	134,528
AeroVironment, Inc.(a)		1,892		290,006
Kaman Corp.		1,909		87,566
Mercury Systems, Inc.(a)(b)		3,546		104,607
National Presto Industries, Inc.		354		29,665
Triumph Group, Inc.(a)		5,181		77,922
				724,294
Air Freight & Logistics — 0.3%
Forward Air Corp.		2,075		64,553
Hub Group, Inc., Class A		4,205		181,740
				246,293
Automobile Components — 1.4%
American Axle & Manufacturing Holdings, Inc.(a)		7,889		58,063
Dana, Inc.		8,718		110,719
Dorman Products, Inc.(a)		1,911		184,201
Gentherm, Inc.(a)		2,211		127,309
LCI Industries		1,707		210,063
Patrick Industries, Inc.		1,409		168,333
Standard Motor Products, Inc.		1,259		42,240
XPEL, Inc.(a)		1,434		77,465
				978,393
Automobiles — 0.2%
Winnebago Industries, Inc.		1,981		146,594
Banks — 9.0%
Ameris Bancorp		4,235		204,889
Atlantic Union Bankshares Corp.		5,014		177,044
Axos Financial, Inc.(a)(b)		3,510		189,680
Banc of California, Inc.		9,340		142,061
BancFirst Corp.		985		86,710
Bancorp, Inc. (The)(a)		3,407		113,998
Bank of Hawaii Corp.		2,432		151,733
BankUnited, Inc.		4,666		130,648
Banner Corp.		2,209		106,032
Berkshire Hills Bancorp, Inc.		2,573		58,973
Brookline Bancorp, Inc.		6,160		61,354
Capitol Federal Financial, Inc.		8,386		49,981
Cathay General Bancorp		4,333		163,917
Central Pacific Financial Corp.		854		16,867
City Holding Co.		885		92,235
Community Bank System, Inc.		3,562		171,083
Customers Bancorp, Inc.(a)		1,909		101,292
CVB Financial Corp.		9,177		163,718
Dime Community Bancshares, Inc.		2,421		46,628
Eagle Bancorp, Inc.		2,074		48,718
FB Financial Corp.		2,368		89,179
First BanCorp/Puerto Rico		9,775		171,454
First Bancorp/Southern Pines NC		2,660		96,079
First Commonwealth Financial Corp.		7,056		98,220
First Financial Bancorp		5,688		127,525
First Hawaiian, Inc.		8,633		189,581
Fulton Financial Corp.		10,351		164,477
Hanmi Financial Corp.		1,808		28,783
Heritage Financial Corp.		2,132		41,339
Hilltop Holdings, Inc.		3,117		97,624
Hope Bancorp, Inc.		8,328		95,855
Independent Bank Corp.		2,465		128,229
Independent Bank Group, Inc.		2,420		110,473
Lakeland Financial Corp.		1,763		116,922
National Bank Holdings Corp., Class A		2,296		82,817

Security	Shares		Value
Banks (continued)
NBT Bancorp, Inc.		3,182	$	116,716
Northfield Bancorp, Inc.		2,640		25,661
Northwest Bancshares, Inc.		8,810		102,637
OFG Bancorp		3,263		120,111
Pacific Premier Bancorp, Inc.		5,535		132,840
Park National Corp.		966		131,231
Pathward Financial, Inc.		1,632		82,383
Preferred Bank		561		43,068
Provident Financial Services, Inc.		4,837		70,475
Renasant Corp.		3,776		118,264
S&T Bancorp, Inc.		2,650		85,012
Seacoast Banking Corp. of Florida		4,900		124,411
ServisFirst Bancshares, Inc.		3,301		219,054
Simmons First National Corp., Class A		8,539		166,169
Southside Bancshares, Inc.		1,836		53,666
Stellar Bancorp, Inc.		3,160		76,978
Tompkins Financial Corp.		845		42,495
Triumph Financial, Inc.(a)		1,452		115,173
TrustCo Bank Corp.		1,176		33,116
Trustmark Corp.		3,466		97,429
United Community Banks, Inc.		6,837		179,950
Veritex Holdings, Inc.		3,671		75,219
WaFd, Inc.		4,708		136,673
Westamerica BanCorp		1,849		90,379
WSFS Financial Corp.		3,799		171,487
				6,526,715
Beverages — 0.2%
MGP Ingredients, Inc.		1,061		91,384
National Beverage Corp.(a)		1,575		74,749
				166,133
Biotechnology — 1.6%
Alkermes PLC(a)		11,273		305,160
Arcus Biosciences, Inc.(a)		3,642		68,761
Catalyst Pharmaceuticals, Inc.(a)		7,527		119,980
Dynavax Technologies Corp.(a)		8,769		108,823
Ironwood Pharmaceuticals, Inc., Class A(a)		9,260		80,655
Myriad Genetics, Inc.(a)		5,967		127,217
REGENXBIO, Inc.(a)		2,728		57,479
Vericel Corp.(a)(b)		3,217		167,348
Vir Biotechnology, Inc.(a)		5,803		58,785
Xencor, Inc.(a)		4,133		91,463
				1,185,671
Broadline Retail — 0.3%
Kohl’s Corp.		7,462		217,517
Building Products — 2.7%
AAON, Inc.		4,554		401,208
American Woodmark Corp.(a)		1,088		110,606
Apogee Enterprises, Inc.		1,488		88,090
Armstrong World Industries, Inc.		2,983		370,548
AZZ, Inc.		1,691		130,731
Gibraltar Industries, Inc.(a)		2,060		165,892
Griffon Corp.		2,576		188,924
Hayward Holdings, Inc.(a)		8,498		130,104
Insteel Industries, Inc.		1,310		50,068
Quanex Building Products Corp.		2,231		85,737
Resideo Technologies, Inc.(a)		9,877		221,442
				1,943,350
Capital Markets — 1.5%
Artisan Partners Asset Management, Inc., Class A		4,725		216,263
B Riley Financial, Inc.(b)		1,113		23,562

26 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Capital Markets (continued)
Brightsphere Investment Group, Inc.		2,182	$	49,837
Donnelley Financial Solutions, Inc.(a)(b)		1,679		104,115
Moelis & Co., Class A		2,681		152,201
Piper Sandler Cos		1,025		203,452
StoneX Group, Inc.(a)		1,839		129,208
Virtus Investment Partners, Inc.		458		113,575
WisdomTree, Inc.		7,442		68,392
				1,060,605
Chemicals — 2.6%
AdvanSix, Inc.		1,816		51,938
Balchem Corp.		2,179		337,636
Hawkins, Inc.		1,285		98,688
HB Fuller Co.		3,663		292,088
Ingevity Corp.(a)		2,286		109,042
Innospec, Inc.		1,681		216,748
Koppers Holdings, Inc.		1,404		77,459
Minerals Technologies, Inc.		2,193		165,089
Quaker Chemical Corp.		937		192,319
Sensient Technologies Corp.		2,848		197,053
Stepan Co.		1,433		129,027
				1,867,087
Commercial Services & Supplies — 2.0%
ABM Industries, Inc.		4,238		189,100
Brady Corp., Class A, NVS		3,020		179,026
Deluxe Corp.		2,946		60,658
Enviri Corp.(a)		5,380		49,227
GEO Group, Inc. (The)(a)		8,279		116,900
Healthcare Services Group, Inc.(a)		4,978		62,125
HNI Corp.		3,140		141,708
Interface, Inc., Class A		3,917		65,884
Liquidity Services, Inc.(a)		1,512		28,123
Matthews International Corp., Class A		2,068		64,273
MillerKnoll, Inc.		4,909		121,547
OPENLANE, Inc.(a)		7,281		125,961
Pitney Bowes, Inc.		4,704		20,368
UniFirst Corp.		1,019		176,725
Viad Corp.(a)		1,410		55,681
				1,457,306
Communications Equipment — 0.9%
ADTRAN Holdings, Inc.		4,774		25,970
Digi International, Inc.(a)		2,444		78,037
Extreme Networks, Inc.(a)		8,737		100,825
Harmonic, Inc.(a)(b)		7,577		101,835
NetScout Systems, Inc.(a)(b)		4,821		105,291
Viasat, Inc.(a)		5,068		91,680
Viavi Solutions, Inc.(a)		15,000		136,350
				639,988
Construction & Engineering — 1.3%
Arcosa, Inc.		3,296		282,995
Dycom Industries, Inc.(a)		1,981		284,333
Granite Construction, Inc.		2,961		169,162
MYR Group, Inc.(a)		1,130		199,727
				936,217
Consumer Finance — 0.8%
Bread Financial Holdings, Inc.		1,688		62,861
Encore Capital Group, Inc.(a)(b)		1,586		72,337
Enova International, Inc.(a)		2,016		126,665
Green Dot Corp., Class A(a)		875		8,164
Navient Corp.		5,533		96,274
PRA Group, Inc.(a)		2,644		68,956

Security	Shares		Value
Consumer Finance (continued)
PROG Holdings, Inc.		3,035	$	104,525
World Acceptance Corp.(a)		226		32,766
				572,548
Consumer Staples Distribution & Retail — 0.6%
Andersons, Inc. (The)		2,135		122,485
Chefs’ Warehouse, Inc. (The)(a)(b)		2,379		89,593
PriceSmart, Inc.		1,689		141,876
SpartanNash Co.		2,333		47,150
United Natural Foods, Inc.(a)		4,004		46,006
				447,110
Containers & Packaging — 0.7%
Myers Industries, Inc.		2,483		57,531
O-I Glass, Inc.(a)(b)		10,429		173,017
Sealed Air Corp.		6,513		242,284
				472,832
Diversified Consumer Services — 1.0%
Adtalem Global Education, Inc.(a)		2,655		136,467
Frontdoor, Inc.(a)		5,366		174,824
Mister Car Wash, Inc.(a)		6,139		47,577
Perdoceo Education Corp.		4,208		73,893
Strategic Education, Inc.		1,467		152,744
Stride, Inc.(a)		2,693		169,794
				755,299
Diversified REITs — 0.8%
Alexander & Baldwin, Inc.		4,889		80,522
American Assets Trust, Inc.		3,284		71,952
Armada Hoffler Properties, Inc.		4,543		47,247
Essential Properties Realty Trust, Inc.		10,515		280,330
Global Net Lease, Inc.		13,256		102,999
				583,050
Diversified Telecommunication Services — 0.5%
ATN International, Inc.		695		21,896
Cogent Communications Holdings, Inc.		2,834		185,145
Consolidated Communications Holdings, Inc.(a)		5,011		21,648
Lumen Technologies, Inc.(a)		68,440		106,766
Shenandoah Telecommunications Co.		3,389		58,867
				394,322
Electrical Equipment — 0.6%
Encore Wire Corp.		1,064		279,598
Powell Industries, Inc.		622		88,511
SunPower Corp.(a)(b)		5,908		17,724
Vicor Corp.(a)		1,521		58,163
				443,996
Electronic Equipment, Instruments & Components — 4.3%
Advanced Energy Industries, Inc.		2,521		257,092
Arlo Technologies, Inc.(a)		6,377		80,669
Badger Meter, Inc.		1,982		320,707
Benchmark Electronics, Inc.		2,405		72,174
CTS Corp.		2,100		98,259
ePlus, Inc.(a)		1,797		141,136
Fabrinet(a)		2,451		463,288
Insight Enterprises, Inc.(a)		1,869		346,737
Itron, Inc.(a)		3,074		284,406
Knowles Corp.(a)		6,004		96,664
Methode Electronics, Inc.		2,400		29,232
OSI Systems, Inc.(a)		1,058		151,104
PC Connection, Inc.		762		50,239
Plexus Corp.(a)		1,868		177,124
Rogers Corp.(a)		1,130		134,120

S C H E D U L E S  O F  I N V E S T M E N T S 27

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Electronic Equipment, Instruments & Components (continued)
Sanmina Corp.(a)		3,760	$	233,797
ScanSource, Inc.(a)		1,697		74,736
TTM Technologies, Inc.(a)		6,940		108,611
				3,120,095
Energy Equipment & Services — 1.9%
Archrock, Inc.		9,293		182,793
Bristow Group, Inc.(a)		1,619		44,037
Core Laboratories, Inc.		3,149		53,785
Dril-Quip, Inc.(a)		2,303		51,887
Helix Energy Solutions Group, Inc.(a)		9,618		104,259
Helmerich & Payne, Inc.		6,661		280,162
Liberty Energy, Inc., Class A		10,223		211,820
Nabors Industries Ltd.(a)		599		51,592
Patterson-UTI Energy, Inc.		21,715		259,277
ProPetro Holding Corp.(a)		5,722		46,234
RPC, Inc.		5,735		44,389
U.S. Silica Holdings, Inc.(a)		5,201		64,544
				1,394,779
Entertainment — 0.5%
Cinemark Holdings, Inc.(a)(b)		7,149		128,468
Madison Square Garden Sports Corp., Class A(a)		1,129		208,323
Marcus Corp. (The)		1,659		23,657
				360,448
Financial Services — 1.6%
EVERTEC, Inc.		4,357		173,844
Jackson Financial, Inc., Class A		125		8,268
Mr. Cooper Group, Inc.(a)		4,365		340,252
NMI Holdings, Inc., Class A(a)		5,465		176,738
Payoneer Global, Inc.(a)		15,243		74,081
Radian Group, Inc.		3,823		127,956
Walker & Dunlop, Inc.		2,255		227,890
				1,129,029
Food Products — 1.3%
B&G Foods, Inc.		5,299		60,621
Calavo Growers, Inc.		1,199		33,344
Cal-Maine Foods, Inc.		2,740		161,249
Fresh Del Monte Produce, Inc.		2,270		58,816
Hain Celestial Group, Inc. (The)(a)		6,055		47,592
J & J Snack Foods Corp.		1,049		151,644
John B Sanfilippo & Son, Inc.		606		64,188
Simply Good Foods Co. (The)(a)		6,142		209,012
Tootsie Roll Industries, Inc.		1,242		39,781
TreeHouse Foods, Inc.(a)		3,392		132,118
				958,365
Gas Utilities — 0.3%
Chesapeake Utilities Corp.		1,500		160,950
Northwest Natural Holding Co.		2,479		92,268
				253,218
Ground Transportation — 0.5%
ArcBest Corp.		1,595		227,287
Heartland Express, Inc.		3,091		36,907
Marten Transport Ltd.		3,891		71,906
				336,100
Health Care Equipment & Supplies — 2.7%
Artivion, Inc.(a)		2,628		55,608
Avanos Medical, Inc.(a)		3,130		62,318
CONMED Corp.		2,073		166,006
Glaukos Corp.(a)		3,298		310,968
ICU Medical, Inc.(a)		1,367		146,706

Security	Shares		Value
Health Care Equipment & Supplies (continued)
Integer Holdings Corp.(a)		2,247	$	262,180
LeMaitre Vascular, Inc.		1,335		88,591
Merit Medical Systems, Inc.(a)		3,902		295,577
Omnicell, Inc.(a)		3,065		89,590
OraSure Technologies, Inc.(a)		4,953		30,461
STAAR Surgical Co.(a)		3,290		125,941
Tandem Diabetes Care, Inc.(a)		4,395		155,627
UFP Technologies, Inc.(a)		474		119,543
Varex Imaging Corp.(a)(b)		2,736		49,522
				1,958,638
Health Care Providers & Services — 3.6%
AdaptHealth Corp.(a)		5,515		63,478
Addus HomeCare Corp.(a)		1,086		112,227
Agiliti, Inc.(a)		2,407		24,359
AMN Healthcare Services, Inc.(a)		2,547		159,213
Astrana Health, Inc.(a)		2,857		119,965
CorVel Corp.(a)		612		160,932
Cross Country Healthcare, Inc.(a)		2,227		41,689
Ensign Group, Inc. (The)		3,794		472,049
Fulgent Genetics, Inc.(a)		1,359		29,490
ModivCare, Inc.(a)		831		19,487
National HealthCare Corp.		910		86,004
NeoGenomics, Inc.(a)		8,591		135,051
Owens & Minor, Inc.(a)		5,183		143,621
Patterson Cos., Inc.		5,558		153,679
Pediatrix Medical Group, Inc.(a)		5,583		55,997
Premier, Inc., Class A		8,075		178,458
Privia Health Group, Inc.(a)		6,923		135,622
RadNet, Inc.(a)		4,399		214,055
Select Medical Holdings Corp.		7,087		213,673
U.S. Physical Therapy, Inc.		1,016		114,676
				2,633,725
Health Care REITs — 0.5%
CareTrust REIT, Inc.		8,825		215,065
Community Healthcare Trust, Inc.		1,633		43,356
LTC Properties, Inc.		2,790		90,703
Universal Health Realty Income Trust		857		31,461
				380,585
Health Care Technology — 0.4%
Certara, Inc.(a)		7,218		129,058
HealthStream, Inc.		1,613		43,003
Schrodinger, Inc.(a)(b)		3,715		100,305
Simulations Plus, Inc.		1,076		44,277
				316,643
Hotel & Resort REITs — 1.3%
Apple Hospitality REIT, Inc.		14,386		235,643
Chatham Lodging Trust		3,293		33,292
DiamondRock Hospitality Co.		14,129		135,780
Pebblebrook Hotel Trust(b)		8,123		125,175
Service Properties Trust		11,173		75,753
Summit Hotel Properties, Inc.		7,251		47,204
Sunstone Hotel Investors, Inc.		13,846		154,244
Xenia Hotels & Resorts, Inc.		7,091		106,436
				913,527
Hotels, Restaurants & Leisure — 2.3%
BJ’s Restaurants, Inc.(a)		1,565		56,622
Bloomin’ Brands, Inc.		5,851		167,807
Brinker International, Inc.(a)		2,982		148,146
Cheesecake Factory, Inc. (The)		3,168		114,523
Chuy’s Holdings, Inc.(a)		1,170		39,464

28 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Hotels, Restaurants & Leisure (continued)
Cracker Barrel Old Country Store, Inc.		1,505	$	109,458
Dave & Buster’s Entertainment, Inc.(a)		2,168		135,717
Dine Brands Global, Inc.		1,041		48,386
Golden Entertainment, Inc.		1,446		53,256
Jack in the Box, Inc.		1,319		90,325
Monarch Casino & Resort, Inc.		899		67,416
Papa John’s International, Inc.		2,208		147,053
Sabre Corp.(a)(b)		25,576		61,894
Shake Shack, Inc., Class A(a)		2,533		263,508
Six Flags Entertainment Corp.(a)		4,877		128,362
				1,631,937
Household Durables — 4.0%
Cavco Industries, Inc.(a)		525		209,506
Century Communities, Inc.		1,907		184,025
Ethan Allen Interiors, Inc.		1,541		53,272
Green Brick Partners, Inc.(a)		1,724		103,837
Installed Building Products, Inc.		1,581		409,052
La-Z-Boy, Inc.		2,902		109,173
LGI Homes, Inc.(a)		1,388		161,522
M/I Homes, Inc.(a)		1,878		255,953
MDC Holdings, Inc.		4,038		254,031
Meritage Homes Corp.		2,461		431,807
Newell Brands, Inc.		25,768		206,917
Sonos, Inc.(a)		8,348		159,113
Tri Pointe Homes, Inc.(a)		6,542		252,914
Worthington Enterprises, Inc.		2,056		127,945
				2,919,067
Household Products — 0.7%
Central Garden & Pet Co.(a)		641		27,454
Central Garden & Pet Co., Class A, NVS(a)		3,639		134,352
Energizer Holdings, Inc.		4,500		132,480
WD-40 Co.		915		231,779
				526,065
Independent Power and Renewable Electricity Producers — 0.2%
Clearway Energy, Inc., Class A		2,333		50,183
Clearway Energy, Inc., Class C		5,601		129,103
				179,286
Industrial REITs — 0.5%
Innovative Industrial Properties, Inc.		1,890		195,691
LXP Industrial Trust		19,723		177,901
				373,592
Insurance — 2.9%
Ambac Financial Group, Inc.(a)		3,045		47,593
American Equity Investment Life Holding Co.(a)		4,221		237,305
AMERISAFE, Inc.		1,292		64,820
Assured Guaranty Ltd.		3,672		320,382
Employers Holdings, Inc.		1,465		66,496
Genworth Financial, Inc., Class A(a)		25,173		161,862
Goosehead Insurance, Inc., Class A(a)		1,649		109,856
HCI Group, Inc.		459		53,281
Horace Mann Educators Corp.		2,683		99,244
Lincoln National Corp.		8,576		273,832
Mercury General Corp.		1,805		93,138
Palomar Holdings, Inc.(a)		1,667		139,745
ProAssurance Corp.		2,989		38,438
Safety Insurance Group, Inc.		904		74,300
SiriusPoint Ltd.(a)		6,099		77,518
Stewart Information Services Corp.		1,819		118,344

Security	Shares		Value
Insurance (continued)
Trupanion, Inc.(a)		2,408	$	66,485
United Fire Group, Inc.		1,453		31,632
				2,074,271
Interactive Media & Services — 1.0%
Cargurus, Inc., Class A(a)		5,805		133,979
Cars.com, Inc.(a)		4,151		71,314
QuinStreet, Inc.(a)		3,515		62,075
Shutterstock, Inc.		1,614		73,937
TripAdvisor, Inc.(a)		7,287		202,506
Yelp, Inc.(a)(b)		4,616		181,871
			725,682
IT Services — 0.5%
DXC Technology Co.(a)(b)		12,359		262,134
Perficient, Inc.(a)		2,354		132,507
				394,641
Leisure Products — 0.2%
Topgolf Callaway Brands Corp.(a)		9,576		154,844
Life Sciences Tools & Services — 0.2%
BioLife Solutions, Inc.(a)		2,425		44,984
Cytek Biosciences, Inc.(a)		6,669		44,749
Mesa Laboratories, Inc.		345		37,857
OmniAb, Inc., 12.50 Earnout Shares(a)(c)		262		—
OmniAb, Inc., 15.00 Earnout Shares(a)(c)		262		—
				127,590
Machinery — 5.0%
3D Systems Corp.(a)		8,993		39,929
Alamo Group, Inc.		697		159,146
Albany International Corp., Class A		2,103		196,652
Astec Industries, Inc.		1,532		66,964
Barnes Group, Inc.		3,415		126,867
Enerpac Tool Group Corp., Class A		3,649		130,123
Enpro, Inc.		1,414		238,641
ESCO Technologies, Inc.		1,739		186,160
Federal Signal Corp.		4,116		349,325
Franklin Electric Co., Inc.		2,680		286,251
Greenbrier Cos., Inc. (The)		2,096		109,202
Hillenbrand, Inc.		4,729		237,821
John Bean Technologies Corp.		2,153		225,828
Kennametal, Inc.		5,371		133,953
Lindsay Corp.		750		88,245
Proto Labs, Inc.(a)		1,738		62,133
SPX Technologies, Inc.(a)		3,082		379,487
Standex International Corp.		801		145,958
Tennant Co.		1,259		153,107
Titan International, Inc.(a)		3,420		42,613
Trinity Industries, Inc.		5,518		153,676
Wabash National Corp.		3,060		91,616
				3,603,697
Marine Transportation — 0.4%
Matson, Inc.		2,362		265,489
Media — 0.6%
AMC Networks, Inc., Class A(a)		2,055		24,927
EchoStar Corp., Class A(a)		8,169		116,408
EW Scripps Co. (The), Class A, NVS(a)		4,127		16,219
John Wiley & Sons, Inc., Class A		2,862		109,128
Scholastic Corp., NVS		1,769		66,709
TechTarget, Inc.(a)		1,743		57,659
Thryv Holdings, Inc.(a)		2,085		46,350
				437,400

S C H E D U L E S  O F  I N V E S T M E N T S 29

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Metals & Mining — 1.8%
ATI, Inc.(a)		8,612	$	440,676
Carpenter Technology Corp.		3,341		238,614
Century Aluminum Co.(a)		3,487		53,665
Compass Minerals International, Inc.		2,284		35,950
Haynes International, Inc.		853		51,282
Kaiser Aluminum Corp.		1,071		95,705
Materion Corp.		1,392		183,396
Metallus, Inc.(a)		2,589		57,605
Olympic Steel, Inc.		661		46,852
SunCoke Energy, Inc.		5,646		63,631
				1,267,376
Mortgage Real Estate Investment Trusts (REITs) — 1.8%
Apollo Commercial Real Estate Finance, Inc.		8,873		98,845
Arbor Realty Trust, Inc.(b)		9,722		128,816
ARMOUR Residential REIT, Inc.		3,302		65,281
Blackstone Mortgage Trust, Inc., Class A		11,648		231,912
Ellington Financial, Inc.		5,342		63,089
Franklin BSP Realty Trust, Inc.		5,533		73,921
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		7,494		212,830
KKR Real Estate Finance Trust, Inc.		3,924		39,475
New York Mortgage Trust, Inc.		6,112		44,006
PennyMac Mortgage Investment Trust		5,839		85,716
Ready Capital Corp.		10,751		98,157
Redwood Trust, Inc.		8,864		56,464
Two Harbors Investment Corp.		6,956		92,097
				1,290,609
Multi-Utilities — 0.1%
Unitil Corp.		1,084		56,747
Office REITs — 1.1%
Brandywine Realty Trust		11,928		57,254
Douglas Emmett, Inc.		8,993		124,733
Easterly Government Properties, Inc.		6,416		73,848
Highwoods Properties, Inc.		7,126		186,559
Hudson Pacific Properties, Inc.		8,538		55,070
JBG SMITH Properties		5,321		85,402
SL Green Realty Corp.		4,486		247,313
				830,179
Oil, Gas & Consumable Fuels — 0.8%
CVR Energy, Inc.		1,965		70,072
Dorian LPG Ltd.		2,298		88,381
Green Plains, Inc.(a)		3,904		90,261
Par Pacific Holdings, Inc.(a)		3,751		139,012
REX American Resources Corp.(a)		1,027		60,295
World Kinect Corp.		4,058		107,334
				555,355
Paper & Forest Products — 0.3%
Clearwater Paper Corp.(a)		1,116		48,803
Mercer International, Inc.		2,957		29,422
Sylvamo Corp.		2,393		147,744
				225,969
Passenger Airlines — 1.2%
Alaska Air Group, Inc.(a)		8,518		366,189
Allegiant Travel Co.		965		72,578
JetBlue Airways Corp.(a)		22,463		166,675
SkyWest, Inc.(a)		2,760		190,661
Sun Country Airlines Holdings, Inc.(a)		2,627		39,641
				835,744

Security	Shares		Value
Personal Care Products — 0.6%
Edgewell Personal Care Co.		3,365	$	130,024
Inter Parfums, Inc.		1,208		169,736
Medifast, Inc.		727		27,859
Nu Skin Enterprises, Inc., Class A		3,330		46,054
USANA Health Sciences, Inc.(a)		747		36,229
				409,902
Pharmaceuticals — 2.0%
Amphastar Pharmaceuticals, Inc.(a)		2,535		111,312
ANI Pharmaceuticals, Inc.(a)		1,025		70,858
Collegium Pharmaceutical, Inc.(a)(b)		2,197		85,288
Corcept Therapeutics, Inc.(a)(b)		6,113		153,986
Harmony Biosciences Holdings, Inc.(a)		2,211		74,245
Innoviva, Inc.(a)		3,802		57,942
Ligand Pharmaceuticals, Inc.(a)		1,105		80,776
Organon & Co.		17,266		324,601
Pacira BioSciences, Inc.(a)		3,131		91,488
Phibro Animal Health Corp., Class A		1,395		18,037
Prestige Consumer Healthcare, Inc.(a)		3,355		243,439
Supernus Pharmaceuticals, Inc.(a)		3,683		125,627
				1,437,599
Professional Services — 1.2%
CSG Systems International, Inc.		1,918		98,854
Heidrick & Struggles International, Inc.		1,357		45,677
Kelly Services, Inc., Class A, NVS		2,153		53,911
Korn Ferry		3,542		232,922
NV5 Global, Inc.(a)		857		83,994
Resources Connection, Inc.		2,145		28,228
TTEC Holdings, Inc.		1,334		13,834
Verra Mobility Corp., Class A(a)		11,239		280,638
				838,058
Real Estate Management & Development — 0.6%
Anywhere Real Estate, Inc.(a)		7,579		46,838
Cushman & Wakefield PLC(a)(b)		8,919		93,293
eXp World Holdings, Inc.		5,253		54,263
Kennedy-Wilson Holdings, Inc.		8,069		69,232
Marcus & Millichap, Inc.		1,624		55,492
St. Joe Co. (The)		2,414		139,940
				459,058
Residential REITs — 0.4%
Centerspace		1,014		57,940
Elme Communities		5,920		82,406
NexPoint Residential Trust, Inc.		1,541		49,605
Veris Residential, Inc.		5,404		82,195
			272,146
Retail REITs — 2.0%
Acadia Realty Trust		6,936		117,981
Getty Realty Corp.		3,308		90,474
Macerich Co. (The)		14,599		251,541
Phillips Edison & Co., Inc.		8,244		295,712
Retail Opportunity Investments Corp.		8,549		109,598
Saul Centers, Inc.		872		33,563
SITE Centers Corp.		12,133		177,748
Tanger, Inc.		7,282		215,038
Urban Edge Properties		7,928		136,917
Whitestone REIT		3,175		39,846
			1,468,418
Semiconductors & Semiconductor Equipment — 3.2%
Alpha & Omega Semiconductor Ltd.(a)		1,567		34,537
Axcelis Technologies, Inc.(a)		2,204		245,790
CEVA, Inc.(a)		1,588		36,063

30 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Small-Cap ETF (Percentages shown are based on Net Assets)

Security	Shares		Value
Semiconductors & Semiconductor Equipment (continued)
Cohu, Inc.(a)		3,203	$	106,756
Diodes, Inc.(a)		3,097		218,339
FormFactor, Inc.(a)		5,264		240,196
Ichor Holdings Ltd.(a)		1,985		76,661
Kulicke & Soffa Industries, Inc.		3,798		191,077
MaxLinear, Inc.(a)		5,025		93,817
PDF Solutions, Inc.(a)		2,063		69,461
Photronics, Inc.(a)		4,219		119,482
Semtech Corp.(a)(b)		4,364		119,966
SiTime Corp.(a)(b)		1,178		109,825
SMART Global Holdings, Inc.(a)		3,492		91,909
SolarEdge Technologies, Inc.(a)		3,840		272,563
Ultra Clean Holdings, Inc.(a)		3,022		138,831
Veeco Instruments, Inc.(a)		3,798		133,576
				2,298,849
Software — 3.3%
A10 Networks, Inc.		4,710		64,480
ACI Worldwide, Inc.(a)		7,350		244,093
Adeia, Inc.		7,223		78,875
Agilysys, Inc.(a)		1,360		114,594
Alarm.com Holdings, Inc.(a)		3,379		244,876
Cerence, Inc.(a)		2,800		44,100
DoubleVerify Holdings, Inc.(a)		9,416		331,067
Envestnet, Inc.(a)		1,946		112,693
InterDigital, Inc.		1,733		184,495
LiveRamp Holdings, Inc.(a)(b)		4,462		153,939
N-able, Inc.(a)		4,686		61,246
NCR Voyix Corp.(a)		9,097		114,895
Progress Software Corp.		2,958		157,691
SPS Commerce, Inc.(a)		2,478		458,182
Xperi, Inc.(a)		2,929		35,324
				2,400,550
Specialized REITs — 0.7%
Four Corners Property Trust, Inc.		6,104		149,365
Outfront Media, Inc.		9,790		164,374
Safehold, Inc.		3,018		62,171
Uniti Group, Inc.		16,199		95,574
				471,484
Specialty Retail — 5.1%
Abercrombie & Fitch Co., Class A(a)		3,404		426,623
Advance Auto Parts, Inc.		3,993		339,764
American Eagle Outfitters, Inc.		12,544		323,510
Asbury Automotive Group, Inc.(a)		1,390		327,734
Boot Barn Holdings, Inc.(a)		2,050		195,057
Buckle, Inc. (The)		1,968		79,251
Caleres, Inc.		2,250		92,318
Designer Brands, Inc., Class A		2,881		31,489
Foot Locker, Inc.		5,521		157,348
Group 1 Automotive, Inc.		898		262,423
Guess?, Inc.		1,846		58,094
Haverty Furniture Cos., Inc.		898		30,640
Hibbett, Inc.		793		60,910
Leslie’s, Inc.(a)		12,436		80,834
MarineMax, Inc.(a)		1,383		45,999
Monro, Inc.		2,014		63,522
National Vision Holdings, Inc.(a)		5,275		116,894
ODP Corp. (The)(a)		2,243		118,991
Sally Beauty Holdings, Inc.(a)		7,069		87,797
Shoe Carnival, Inc.		1,208		44,261
Signet Jewelers Ltd.		2,994		299,610
Sonic Automotive, Inc., Class A		1,002		57,054

Security	Shares		Value
Specialty Retail (continued)
Upbound Group, Inc.		3,001	$	105,665
Urban Outfitters, Inc.(a)		3,814		165,604
Victoria’s Secret & Co.(a)		5,257		101,881
				3,673,273
Technology Hardware, Storage & Peripherals — 0.2%
Corsair Gaming, Inc.(a)		2,915		35,971
Xerox Holdings Corp.		7,621		136,416
				172,387
Textiles, Apparel & Luxury Goods — 1.1%
G-III Apparel Group Ltd.(a)		2,743		79,574
Hanesbrands, Inc.(a)		23,593		136,839
Kontoor Brands, Inc.		3,370		203,042
Movado Group, Inc.		1,050		29,327
Oxford Industries, Inc.		997		112,063
Steven Madden Ltd.		4,727		199,858
Wolverine World Wide, Inc.		5,361		60,097
				820,800
Trading Companies & Distributors — 1.5%
Boise Cascade Co.		2,668		409,191
DNOW, Inc.(a)		7,215		109,668
DXP Enterprises, Inc.(a)		894		48,035
GMS, Inc.(a)		2,685		261,358
Rush Enterprises, Inc., Class A		4,166		222,964
				1,051,216
Water Utilities — 0.7%
American States Water Co.		2,502		180,744
California Water Service Group		3,904		181,458
Middlesex Water Co.		1,199		62,948
SJW Group		1,972		111,595
				536,745
Wireless Telecommunication Services — 0.2%
Gogo, Inc.(a)		4,169		36,604
Telephone & Data Systems, Inc.		6,690		107,174
				143,778
Total Long-Term Investments — 97.3% (Cost: $65,287,930)				70,450,275
Short-Term Securities
Money Market Funds — 6.3%
BlackRock Cash Funds: Institutional, SL Agency Shares, 5.50%(d)(e)(f)		2,021,522		2,022,533
BlackRock Cash Funds: Treasury, SL Agency Shares, 5.29%(d)(e)		2,555,741		2,555,741
Total Short-Term Securities — 6.3% (Cost: $4,577,625)				4,578,274
Total Investments — 103.6% (Cost: $69,865,555)				75,028,549
Liabilities in Excess of Other Assets — (3.6)%				(2,597,045	)
Net Assets — 100.0%			$	72,431,504

^(a)  Non-income producing security.

^(b)  All or a portion of this security is on loan.

^(c)  Security is valued using significant unobservable inputs and is classified as Level 3 in the fair value hierarchy.

^(d)  Affiliate of the Fund.

^(e)  Annualized 7-day yield as of period end.

^(f)  All or a portion of this security was purchased with the cash collateral from loaned securities.

S C H E D U L E S  O F  I N V E S T M E N T S 31

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Small-Cap ETF

Affiliates

Investments in issuers considered to be affiliate(s) of the Fund during the year ended March 31, 2024 for purposes of Section 2(a)(3) of the Investment Company Act of 1940, as amended, were as follows:

Affiliated Issuer	Value at 03/31/23		Purchases at Cost			Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value at 03/31/24		Shares Held at 03/31/24		Income			Capital Gain Distributions from Underlying Funds
BlackRock Cash Funds: Institutional, SL Agency Shares	$	718,829	$	1,303,213	(a)	$	—	$	135	$	356	$	2,022,533		2,021,522	$	9,421	(b)	$	—
BlackRock Cash Funds: Treasury, SL Agency Shares		1,812,611		743,130	(a)		—		—		—		2,555,741		2,555,741		69,583			—
								$	135	$	356	$	4,578,274			$	79,004		$	—

^(a)  Represents net amount purchased (sold).

^(b)  All or a portion represents securities lending income earned from the reinvestment of cash collateral from loaned securities, net of fees and collateral investment expenses, and other payments to and from borrowers of securities.

Derivative Financial Instruments Outstanding as of Period End

Futures Contracts

Description	Number of Contracts		Expiration Date		Notional Amount (000)		Value/ Unrealized Appreciation (Depreciation)
Long Contracts
Micro E-Mini Russell 2000 Index		31		06/21/24	$	333	$	2,711

OTC Total Return Swaps

Reference Entity	Payment Frequency	Counterparty(a)	Termination Date		Net Notional		Accrued Unrealized Appreciation (Depreciation)			Net Value of Reference Entity		Gross Notional  Amount  Net Asset  Percentage
Equity Securities Long/Short	Monthly	Goldman Sachs Bank USA(b)		08/19/26	$	449,304	$	11,487	(c)	$	461,213		0.6%
	Monthly	HSBC Bank PLC(d)		02/10/28		730,267		40,983	(e)		772,674		1.0
	Monthly	JPMorgan Chase Bank NA(f)		02/10/25		612,208		45,528	(g)		659,827		0.8
							$	97,998		$	1,893,714

^(a)  The Fund receives the total return on a portfolio of long positions underlying the total return swap. The Fund pays the total return on a portfolio of short positions underlying the total return swap. In addition, the Fund pays or receives a variable rate of interest, based on a specified benchmark. The benchmark and spread are determined based upon the country and/or currency of the individual underlying positions.

^(c)  Amount includes $(422) of net dividends, payable for referenced securities purchased and financing fees.

^(e)  Amount includes $(1,424) of net dividends, payable for referenced securities purchased and financing fees.

^(g)  Amount includes $(2,091) of net dividends, payable for referenced securities purchased and financing fees.

The following are the specified benchmarks (plus or minus a range) used in determining the variable rate of interest:

	(b)	(d)	(f)
Range:	0-450 basis points	40 basis points	40 basis points
Benchmarks:	USD - 1D Overnight Fed Funds Effective Rate	USD - 1D Overnight Bank Funding Rate	USD - 1D Overnight Bank Funding Rate
	(FEDL01)	(OBFR01)	(OBFR01)

32 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Small-Cap ETF

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with Goldman Sachs Bank USA as of period end, termination date August 19, 2026.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Atlantic Union Bankshares Corp.		140	$	4,943		1.1	%
Bank of Hawaii Corp.		173		10,794		2.3
BankUnited, Inc.		489		13,692		3.0
Banner Corp.		83		3,984		0.9
Central Pacific Financial Corp.		11		217		0.0
City Holding Co.		136		14,174		3.1
First BanCorp/Puerto Rico		746		13,085		2.8
Fulton Financial Corp.		388		6,165		1.3
Hanmi Financial Corp.		286		4,553		1.0
Independent Bank Corp.		86		4,474		1.0
National Bank Holdings Corp., Class A		72		2,597		0.6
NBT Bancorp, Inc.		82		3,008		0.6
Preferred Bank		46		3,531		0.8
Provident Financial Services, Inc.		399		5,813		1.2
WSFS Financial Corp.		225		10,157		2.2
				101,187
Capital Markets
PJT Partners, Inc., Class A		1,546		145,726		31.6
Commercial Services & Supplies
Pitney Bowes, Inc.		983		4,256		0.9
Consumer Finance
Bread Financial Holdings, Inc.		786		29,271		6.4
Financial Services
Jackson Financial, Inc., Class A		263		17,395		3.8
Radian Group, Inc.		863		28,885		6.2
				46,280
Insurance
Horace Mann Educators Corp.		73		2,700		0.6
ProAssurance Corp.		98		1,261		0.3
Safety Insurance Group, Inc.		1		82		0.0
Stewart Information Services Corp.		69		4,489		1.0
				8,532
Mortgage Real Estate Investment Trusts (REITs)
Arbor Realty Trust, Inc.		3,344		44,308		9.6
Software
Envestnet, Inc.		1,410		81,653		17.7
Net Value of Reference Entity — Goldman Sachs Bank USA			$	461,213

The following table represents the individual long positions and related values of the equity securities underlying the total return swap with HSBC Bank PLC as of period end, termination date February 10, 2028.

	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Ameris Bancorp		250	$	12,095		1.6	%
Bancorp, Inc. (The)		285		9,536		1.2
Bank of Hawaii Corp.		150		9,359		1.2
Banner Corp.		89		4,272		0.6
Berkshire Hills Bancorp, Inc.		387		8,870		1.2
Cathay General Bancorp		459		17,364		2.2
Central Pacific Financial Corp.		150		2,963		0.4
City Holding Co.		5		521		0.1
Community Bank System, Inc.		131		6,292		0.8
First BanCorp/Puerto Rico		309		5,420		0.7
First Bancorp/Southern Pines NC		110		3,973		0.5
First Financial Bancorp		906		20,313		2.6
Fulton Financial Corp.		615		9,772		1.3
Heritage Financial Corp.		287		5,565		0.7
Independent Bank Corp.		421		21,900		2.8
National Bank Holdings Corp., Class A		241		8,693		1.1
Pacific Premier Bancorp, Inc.		1,112		26,688		3.5
Pathward Financial, Inc.		128		6,461		0.8
Preferred Bank		35		2,687		0.3
Renasant Corp.		89		2,787		0.4
Seacoast Banking Corp. of Florida		481		12,213		1.6
Southside Bancshares, Inc.		156		4,560		0.6
TrustCo Bank Corp.		143		4,027		0.5
Trustmark Corp.		767		21,560		2.8
United Community Banks, Inc.		751		19,766		2.6
WSFS Financial Corp.		125		5,643		0.7
				253,300
Capital Markets
Artisan Partners Asset Management, Inc., Class A		30		1,373		0.2
Moelis & Co., Class A		1,940		110,134		14.2
				111,507
Commercial Services & Supplies
Pitney Bowes, Inc.		4,946		21,416		2.8
Consumer Finance
Bread Financial Holdings, Inc.		312		11,619		1.5
Green Dot Corp., Class A		300		2,799		0.4
				14,418
Containers & Packaging
Sealed Air Corp.		802		29,834		3.9
Diversified Consumer Services
Perdoceo Education Corp.		345		6,058		0.8
Financial Services
Payoneer Global, Inc.		1,644		7,990		1.0
Radian Group, Inc.		5,931		198,511		25.7
				206,501

S C H E D U L E S  O F  I N V E S T M E N T S 33

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Small-Cap ETF

	Shares		Value		% of Basket Value
Independent Power and Renewable Electricity Producers
Clearway Energy, Inc., Class C		110	$	2,536		0.3	%
Insurance
Employers Holdings, Inc.		318		14,434		1.9
Genworth Financial, Inc., Class A		2,847		18,306		2.4
Horace Mann Educators Corp.		75		2,774		0.3
Lincoln National Corp.		943		30,110		3.9
ProAssurance Corp.		446		5,736		0.7
Safety Insurance Group, Inc.		120		9,863		1.3
Stewart Information Services Corp.		9		585		0.1
				81,808
Office REITs
Douglas Emmett, Inc.		2,124		29,460		3.8
JBG SMITH Properties		546		8,763		1.1
				38,223
Oil, Gas & Consumable Fuels
Green Plains, Inc.		78		1,803		0.2
Software
Envestnet, Inc.		91		5,270		0.7
Net Value of Reference Entity — HSBC Bank PLC			$	772,674
The following table represents the individual long positions and related values of the equity securities underlying the total return swap with JPMorgan Chase Bank NA as of period end, termination date February 10, 2025.
	Shares		Value		% of Basket Value
Reference Entity — Long
Common Stocks
Banks
Atlantic Union Bankshares Corp.		46	$	1,624		0.3	%
Bancorp, Inc. (The)		27		903		0.1
Cathay General Bancorp		244		9,231		1.4

	Shares		Value		% of Basket Value
Banks (continued)
Central Pacific Financial Corp.		859	$	16,965		2.6	%
Community Bank System, Inc.		3		144		0.0
First BanCorp/Puerto Rico		843		14,786		2.3
First Bancorp/Southern Pines NC		79		2,854		0.4
National Bank Holdings Corp., Class A		10		361		0.1
Pathward Financial, Inc.		7		353		0.1
Preferred Bank		226		17,350		2.6
Renasant Corp.		26		814		0.1
Seacoast Banking Corp. of Florida		464		11,781		1.8
Simmons First National Corp., Class A		138		2,685		0.4
United Community Banks, Inc.		659		17,345		2.6
Veritex Holdings, Inc.		95		1,947		0.3
WSFS Financial Corp.		47		2,122		0.3
				101,265
Consumer Finance
Bread Financial Holdings, Inc.		633		23,573		3.6
Green Dot Corp., Class A		1,952		18,212		2.7
				41,785
Containers & Packaging
Sealed Air Corp.		2,696		100,291		15.2
Financial Services
Jackson Financial, Inc., Class A		4,516		298,688		45.3
Payoneer Global, Inc.		1,169		5,682		0.8
				304,370
Insurance
Genworth Financial, Inc., Class A		3,240		20,833		3.2
Lincoln National Corp.		2,241		71,555		10.8
				92,388
Office REITs
Douglas Emmett, Inc.		440		6,103		0.9
JBG SMITH Properties		169		2,712		0.4
				8,815
Oil, Gas & Consumable Fuels
Green Plains, Inc.		472		10,913		1.7
Net Value of Reference Entity — JPMorgan Chase Bank NA			$	659,827

Balances Reported in the Statements of Assets and Liabilities for OTC Swaps

Description	Swap Premiums Paid		Swap Premiums Received		Unrealized Appreciation		Unrealized Depreciation
OTC Swaps	$	—	$	—	$	97,998	$	—

34 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Small-Cap ETF

Derivative Financial Instruments Categorized by Risk Exposure

As of period end, the fair values of derivative financial instruments located in the Statements of Assets and Liabilities were as follows:

	Commodity Contracts		Credit Contracts		Equity Contracts		Foreign Currency Exchange Contracts		Interest Rate Contracts		Other Contracts		Total
Assets — Derivative Financial Instruments
Futures contracts
Unrealized appreciation on futures contracts(a)	$	—	$	—	$	2,711	$	—	$	—	$	—	$	2,711
Swaps — OTC
Unrealized appreciation on OTC swaps;
Swap premiums paid		—		—		97,998		—		—		—		97,998
	$	—	$	—	$	100,709	$	—	$	—	$	—	$	100,709

^(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 March 31, 2024, 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	$	—	$	—	$	31,296		$	—	$	—	$	—	$	31,296
Swaps		—		—		(54,598	)		—		—		—		(54,598	)
	$	—	$	—	$	(23,302	)	$	—	$	—	$	—	$	(23,302	)
Net Change in Unrealized Appreciation (Depreciation) on:
Futures contracts	$	—	$	—	$	(218	)	$	—	$	—	$	—	$	(218	)
Swaps		—		—		198,094			—		—		—		198,094
	$	—	$	—	$	197,876		$	—	$	—	$	—	$	197,876

Average Quarterly Balances of Outstanding Derivative Financial Instruments

Futures contracts
Average notional value of contracts — long		$167,958
Total return swaps
Average notional amount	$	1,503,035

For more information about the Fund’s investment risks regarding derivative financial instruments, refer to the Notes to Financial Statements.

Derivative Financial Instruments – Offsetting as of Period End

The Fund’s derivative assets and liabilities (by type) were as follows:

	Assets		Liabilities
Derivative Financial Instruments
Swaps — OTC(a)	$	97,998	$	—
Total derivative assets and liabilities in the Statements of Assets and Liabilities	$	97,998	$	—
Derivatives not subject to a Master Netting Agreement or similar agreement (“MNA”)		—		—
Total derivative assets and liabilities subject to an MNA	$	97,998	$	—

^(a)  Includes unrealized appreciation (depreciation) on OTC swaps and swap premiums (paid/received) in the Statements of Assets and Liabilities.

S C H E D U L E S  O F  I N V E S T M E N T S 35

Schedule of Investments (continued) March 31, 2024 iShares^® ESG Screened S&P Small-Cap ETF

The following table presents the Fund’s derivative assets and liabilities by counterparty net of amounts available for offset under an MNA and net of the related collateral received and pledged by the Fund:

Counterparty	Derivative Assets Subject to an MNA by Counterparty			Derivatives Available for Offset(a)		Non- Cash Collateral Received(b)		Cash Collateral Received(b)		Net Amount of Derivative Assets(c)
Goldman Sachs Bank USA		$	11,487	$	—	$	—	$	—	$	11,487
HSBC Bank PLC			40,983		—		—		—		40,983
J.P. Morgan Securities LLC			45,528		—		—		—		45,528
		$	97,998	$	—	$	—	$	—	$	97,998

^(a)  The amount of derivatives available for offset is limited to the amount of derivative assets and/or liabilities that are subject to an MNA.

^(b)  Excess of collateral received/pledged, if any, from the individual counterparty is not shown for financial reporting purposes.

^(c)  Net amount represents the net amount receivable from the counterparty in the event of default.

Fair Value Hierarchy as of Period End

Various inputs are used in determining the fair value of financial instruments. For a description of the input levels and information about the Fund’s policy regarding valuation of financial instruments, refer to the Notes to Financial Statements.

The following table summarizes the Fund’s financial instruments categorized in the fair value hierarchy. The breakdown of the Fund’s financial instruments into major categories is disclosed in the Schedule of Investments above.

	Level 1			Level 2			Level 3			Total
Assets
Investments
Long-Term Investments
Common Stocks	$	70,450,275		$	—		$	—		$	70,450,275
Short-Term Securities
Money Market Funds		4,578,274			—			—			4,578,274
	$	75,028,549		$	—		$	—		$	75,028,549
Derivative Financial Instruments(a)
Assets
Equity Contracts	$	2,711		$	97,998		$	—		$	100,709

^(a)  Derivative financial instruments are swaps and futures contracts. Swaps and futures contracts are valued at the unrealized appreciation (depreciation) on the instrument.

See notes to financial statements.

36 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Assets and Liabilities

March 31, 2024

	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF
ASSETS
Investments, at value — unaffiliated(a)(b)	$	252,405,929		$	182,113,953		$	70,450,275
Investments, at value — affiliated(c)		1,135,828			8,733,509			4,578,274
Cash		129,897			54,453			233,563
Cash pledged:
Futures contracts		21,000			17,000			23,000
Receivables:
Investments sold		—			578,266			—
Securities lending income — affiliated		936			1,421			1,812
Swaps		—			—			6,459
Capital shares sold		—			32,207			—
Dividends — unaffiliated		123,806			199,593			92,528
Dividends — affiliated		1,596			1,205			8,616
Unrealized appreciation on OTC swaps		—			—			97,998
Total assets		253,818,992			191,731,607			75,492,525
LIABILITIES
Collateral on securities loaned		96,874			8,473,561			2,022,086
Payables:
Investments purchased		93,280			429,224			762,283
Capital shares redeemed		—			—			269,668
Investment advisory fees		15,008			17,463			6,984
Total liabilities		205,162			8,920,248			3,061,021
Commitments and contingent liabilities
NET ASSETS	$	253,613,830		$	182,811,359		$	72,431,504
NET ASSETS CONSIST OF:
Paid-in capital	$	237,216,122		$	167,877,987		$	70,678,744
Accumulated earnings		16,397,708			14,933,372			1,752,760
NET ASSETS	$	253,613,830		$	182,811,359		$	72,431,504
NET ASSET VALUE
Shares outstanding	$	6,300,000		$	4,450,000		$	1,850,000
Net asset value	$	40.26		$	41.08		$	39.15
Shares authorized		Unlimited			Unlimited			Unlimited
Par value		None			None			None
(a) Investments, at cost — unaffiliated	$	232,124,787		$	160,617,723		$	65,287,930
(b) Securities loaned, at value	$	93,693		$	8,251,097		$	1,980,712
(c)  Investments, at cost — affiliated	$	1,157,138		$	8,731,692		$	4,577,625

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 37

Statements of Operations

Year Ended March 31, 2024

	iShares ESG Screened S&P 500 ETF			iShares ESG Screened S&P Mid-Cap ETF			iShares ESG Screened S&P Small-Cap ETF
INVESTMENT INCOME
Dividends — unaffiliated	$	2,500,182		$	1,907,402		$	884,014
Dividends — affiliated		30,643			13,099			69,583
Interest — unaffiliated		425			388			833
Securities lending income — affiliated — net		2,235			18,748			9,421
Foreign taxes withheld		(851	)		—			(812	)
Total investment income		2,532,634			1,939,637			963,039
EXPENSES
Investment advisory		143,450			143,808			65,379
Interest expense		96			81			3
Total expenses		143,546			143,889			65,382
Net investment income		2,389,088			1,795,748			897,657
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) from:
Investments — unaffiliated		(1,029,914	)		(3,146,413	)		(2,040,278	)
Investments — affiliated		(13,684	)		(192	)		135
Futures contracts		85,137			23,894			31,296
In-kind redemptions — unaffiliated(a)		4,100,840			3,142,157			2,144,058
In-kind redemptions — affiliated(a)		3,924			—			—
Swaps		—			—			(54,598	)
		3,146,303			19,446			80,613
Net change in unrealized appreciation (depreciation) on:
Investments — unaffiliated		46,035,178			26,414,101			8,461,956
Investments — affiliated		131,199			1,244			356
Futures contracts		(5,868	)		(2,829	)		(218	)
Swaps		—			—			198,094
		46,160,509			26,412,516			8,660,188
Net realized and unrealized gain		49,306,812			26,431,962			8,740,801
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	51,695,900		$	28,227,710		$	9,638,458

^(a)  See Note 2 of the Notes to Financial Statements.

See notes to financial statements.

38 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Statements of Changes in Net Assets

	iShares ESG Screened S&P 500 ETF						iShares ESG Screened S&P Mid-Cap ETF
	Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/24			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	2,389,088		$	2,778,031		$	1,795,748		$	1,361,122
Net realized gain (loss)		3,146,303			(16,055,490	)		19,446			(246,383	)
Net change in unrealized appreciation (depreciation)		46,160,509			(13,931,777	)		26,412,516			(4,171,650	)
Net increase (decrease) in net assets resulting from operations		51,695,900			(27,209,236	)		28,227,710			(3,056,911	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(2,298,420	)		(2,794,860	)		(1,726,166	)		(1,398,055	)
CAPITAL SHARE TRANSACTIONS
Net increase (decrease) in net assets derived from capital share transactions		74,422,478			(68,616,036	)		54,263,797			29,834,804
NET ASSETS
Total increase (decrease) in net assets		123,819,958			(98,620,132	)		80,765,341			25,379,838
Beginning of year		129,793,872			228,414,004			102,046,018			76,666,180
End of year	$	253,613,830		$	129,793,872		$	182,811,359		$	102,046,018

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

F I N A N C I A L  S T A T E M E N T S 39

Statements of Changes in Net Assets (continued)

	iShares ESG Screened S&P Small-Cap ETF
	Year Ended 03/31/24			Year Ended 03/31/23
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS
Net investment income	$	897,657		$	518,233
Net realized gain (loss)		80,613			(476,254	)
Net change in unrealized appreciation (depreciation)		8,660,188			(2,242,704	)
Net increase (decrease) in net assets resulting from operations		9,638,458			(2,200,725	)
DISTRIBUTIONS TO SHAREHOLDERS(a)
Decrease in net assets resulting from distributions to shareholders		(362,825	)		(524,007	)
CAPITAL SHARE TRANSACTIONS
Net increase in net assets derived from capital share transactions		19,055,998			22,208,671
NET ASSETS
Total increase in net assets		28,331,631			19,483,939
Beginning of year		44,099,873			24,615,934
End of year	$	72,431,504		$	44,099,873

^(a)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

See notes to financial statements.

40 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights

(For a share outstanding throughout each period)

		iShares ESG Screened S&P 500 ETF
			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period		$	30.90		$	34.35		$	30.27		$	25.29
Net investment income(b)			0.46			0.42			0.39			0.21
Net realized and unrealized gain (loss)(c)			9.35			(3.45	)		4.07			4.91
Net increase (decrease) from investment operations			9.81			(3.03	)		4.46			5.12
Distributions from net investment income(d)			(0.45	)		(0.42	)		(0.38	)		(0.14	)
Net asset value, end of period		$	40.26		$	30.90		$	34.35		$	30.27
Total Return(e)
Based on net asset value			31.95	%		(8.72	)%		14.74	%		20.27	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.08	%		0.08	%		0.08	%		0.08	%(h)
Net investment income			1.33	%		1.40	%		1.12	%		1.37	%(h)
Supplemental Data
Net assets, end of period (000)		$	253,614		$	129,794		$	228,414		$	30,274
Portfolio turnover rate(i)			3	%		4	%		3	%		6	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 41

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares ESG Screened S&P Mid-Cap ETF
			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period		$	34.02		$	36.51		$	35.89		$	25.19
Net investment income(b)			0.53			0.52			0.46			0.22
Net realized and unrealized gain (loss)(c)			7.02			(2.50	)		0.58			10.66
Net increase (decrease) from investment operations			7.55			(1.98	)		1.04			10.88
Distributions from net investment income(d)			(0.49	)		(0.51	)		(0.42	)		(0.18	)
Net asset value, end of period		$	41.08		$	34.02		$	36.51		$	35.89
Total Return(e)
Based on net asset value			22.43	%		(5.35	)%		2.88	%		43.29	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.12	%		0.12	%		0.12	%		0.12	%(h)
Net investment income			1.50	%		1.55	%		1.23	%		1.29	%(h)
Supplemental Data
Net assets, end of period (000)		$	182,811		$	102,046		$	76,666		$	19,740
Portfolio turnover rate(i)			26	%		20	%		26	%		11	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions, if any.

See notes to financial statements.

42 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Financial Highlights (continued)

(For a share outstanding throughout each period)

		iShares ESG Screened S&P Small-Cap ETF
			Year Ended 03/31/24			Year Ended 03/31/23			Year Ended 03/31/22			Period From 09/22/20 to 03/31/21	(a)
Net asset value, beginning of period		$	33.92		$	37.87		$	38.81		$	25.18
Net investment income(b)			0.58			0.51			0.39			0.20
Net realized and unrealized gain (loss)(c)			4.90			(3.97	)		(0.55	)		13.69
Net increase (decrease) from investment operations			5.48			(3.46	)		(0.16	)		13.89
Distributions from net investment income(d)			(0.25	)		(0.49	)		(0.78	)		(0.26	)
Net asset value, end of period		$	39.15		$	33.92		$	37.87		$	38.81
Total Return(e)
Based on net asset value			16.29	%		(9.08	)%		(0.47	)%		55.32	%(f)
Ratios to Average Net Assets(g)
Total expenses			0.12	%		0.12	%		0.12	%		0.12	%(h)
Net investment income			1.65	%		1.49	%		1.00	%		1.13	%(h)
Supplemental Data
Net assets, end of period (000)		$	72,432		$	44,100		$	24,616		$	9,701
Portfolio turnover rate(i)(j)			28	%		23	%		34	%		18	%

^(a)  Commencement of operations.

^(b)  Based on average shares outstanding.

^(c)  The amounts reported for a share outstanding may not accord with the change in aggregate gains and losses in securities for the fiscal period due to the timing of capital share transactions in relation to the fluctuating market values of the Fund’s underlying securities.

^(d)  Distributions for annual periods determined in accordance with U.S. federal income tax regulations.

^(e)  Where applicable, assumes the reinvestment of distributions.

^(f)  Not annualized.

^(g)  Excludes fees and expenses incurred indirectly as a result of investments in underlying funds.

^(h)  Annualized.

⁽ⁱ⁾  Portfolio turnover rate excludes in-kind transactions, if any.

^(j)  Excludes underlying investments in total return swaps.

See notes to financial statements.

F I N A N C I A L  H I G H L I G H T S 43

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”):

iShares ETF	Diversification Classification
ESG Screened S&P 500		Non-Diversified
ESG Screened S&P Mid-Cap		Non-Diversified
ESG Screened S&P Small-Cap		Non-Diversified

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which may require management to make estimates and assumptions that affect the reported amounts of assets and liabilities in the financial statements, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. Each Fund is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. Below is a summary of significant accounting policies:

Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed. Realized gains and losses on investment transactions are determined using the specific identification method. Dividend income and capital gain distributions, if any, are recorded on the ex-dividend date. Non-cash dividends, if any, are recorded on the ex-dividend date at fair value. Upon notification from issuers or as estimated by management, a portion of the dividend income received from a real estate investment trust may be redesignated as a reduction of cost of the related investment and/or realized gain. Interest income, including amortization and accretion of premiums and discounts on debt securities, is recognized daily on an accrual basis.

Foreign Taxes: The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by each Fund and are reflected in its Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as “Other foreign taxes”, and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable or deferred as of March 31, 2024, if any, are disclosed in the Statements of Assets and Liabilities.

The Funds file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. The Funds may record a reclaim receivable based on collectability, which includes factors such as the jurisdiction’s applicable laws, payment history and market convention. The Statements of Operations include tax reclaims recorded as well as professional and other fees, if any, associated with recovery of foreign withholding taxes.

Bank Overdraft: The Funds had outstanding cash disbursements exceeding deposited cash amounts at the custodian during the reporting period. The Funds are obligated to repay the custodian for any overdraft, including any related costs or expenses, where applicable. For financial reporting purposes, overdraft fees, if any, are included in interest expense in the Statements of Operations.

Collateralization: If required by an exchange or counterparty agreement, the Funds may be required to deliver/deposit cash and/or securities to/with an exchange, or broker-dealer or custodian as collateral for certain investments.

In-kind Redemptions: For financial reporting purposes, in-kind redemptions are treated as sales of securities resulting in realized capital gains or losses to the Funds. Because such gains or losses are not taxable to the Funds and are not distributed to existing Fund shareholders, the gains or losses are reclassified from accumulated net realized gain (loss) to paid-in capital at the end of the Funds’ tax year. These reclassifications have no effect on net assets or net asset value (“NAV”) per share.

Distributions: Dividends and distributions paid by each Fund are recorded on the ex-dividend dates. Distributions are determined on a tax basis and may differ from net investment income and net realized capital gains for financial reporting purposes. Dividends and distributions are paid in U.S. dollars and cannot be automatically reinvested in additional shares of the Funds.

Indemnifications: In the normal course of business, each Fund enters into contracts that contain a variety of representations that provide general indemnification. The Funds’ maximum exposure under these arrangements is unknown because it involves future potential claims against the Funds, which cannot be predicted with any certainty.

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

Investment Valuation Policies: Each Fund’s investments are valued at fair value (also referred to as “market value” within the financial statements) each day that the Fund’s listing exchange is open and, for financial reporting purposes, as of the report date. U.S. GAAP defines fair value as the price a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. The Board of Trustees of the Trust (the “Board”) of each Fund has approved the designation of BlackRock Fund Advisors (“BFA”), the Fund’s investment adviser, as the valuation designee for each Fund. Each Fund determines the fair values of its financial instruments using various independent dealers or pricing services under BFA’s policies. If a security’s market price is not readily available or does not otherwise

44 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

accurately represent the fair value of the security, the security will be valued in accordance with BFA’s policies and procedures as reflecting fair value. BFA has formed a committee (the “Valuation Committee”) to develop pricing policies and procedures and to oversee the pricing function for all financial instruments, with assistance from other BlackRock pricing committees.

Fair Value Inputs and Methodologies: The following methods and inputs are used to establish the fair value of each Fund’s assets and liabilities:

• Equity investments traded on a recognized securities exchange are valued at that day’s official closing price, as applicable, on the exchange where the stock is primarily traded. Equity investments traded on a recognized exchange for which there were no sales on that day are valued at the last traded price.

• Investments in open-end U.S. mutual funds (including money market funds) are valued at that day’s published NAV.

• Futures contracts are valued based on that day’s last reported settlement or trade price on the exchange where the contract is traded.

• Swap agreements are valued utilizing quotes received daily by independent pricing services or through brokers, which are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments.

If events (e.g., market volatility, company announcement or a natural disaster) occur that are expected to materially affect the value of such investment, or in the event that application of these methods of valuation results in a price for an investment that is deemed not to be representative of the market value of such investment, or if a price is not available, the investment will be valued by the Valuation Committee, in accordance with BFA’s policies and procedures as reflecting fair value (“Fair Valued Investments”). The fair valuation approaches that may be used by the Valuation Committee include market approach, income approach and cost approach. Valuation techniques such as discounted cash flow, use of market comparables and matrix pricing are types of valuation approaches and are typically used in determining fair value. When determining the price for Fair Valued Investments, the Valuation Committee seeks to determine the price that each Fund might reasonably expect to receive or pay from the current sale or purchase of that asset or liability in an arm’s-length transaction. Fair value determinations shall be based upon all available factors that the Valuation Committee deems relevant and consistent with the principles of fair value measurement.

Fair value pricing could result in a difference between the prices used to calculate a fund’s NAV and the prices used by the fund’s underlying index, which in turn could result in a difference between the fund’s performance and the performance of the fund’s underlying index.

Fair Value Hierarchy: Various inputs are used in determining the fair value of financial instruments. These inputs to valuation techniques are categorized into a fair value hierarchy consisting of three broad levels for financial reporting purposes as follows:

• Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that each Fund has the ability to access;

• Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs); and

• Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Valuation Committee’s assumptions used in determining the fair value of financial instruments).

The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the fair value hierarchy classification is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Investments classified within Level 3 have significant unobservable inputs used by the Valuation Committee in determining the price for Fair Valued Investments. Level 3 investments include equity or debt issued by privately held companies or funds that may not have a secondary market and/or may have a limited number of investors. The categorization of a value determined for financial instruments is based on the pricing transparency of the financial instruments and is not necessarily an indication of the risks associated with investing in those securities.

4. SECURITIES AND OTHER INVESTMENTS

Securities Lending: Each Fund may lend its securities to approved borrowers, such as brokers, dealers and other financial institutions. The borrower pledges and maintains with the Fund collateral consisting of cash, an irrevocable letter of credit issued by an approved bank, or securities issued or guaranteed by the U.S. government. The initial collateral received by each Fund is required to have a value of at least 102% of the current market value of the loaned securities for securities traded on U.S. exchanges and a value of at least 105% for all other securities. The collateral is maintained thereafter at a value equal to at least 100% of the current value of the securities on loan. The market value of the loaned securities is determined at the close of each business day of the Fund and any additional required collateral is delivered to the Fund or excess collateral is returned by the Fund, on the next business day. During the term of the loan, each Fund is entitled to all distributions made on or in respect of the loaned securities but does not receive interest income on securities received as collateral. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

As of period end, any securities on loan were collateralized by cash and/or U.S. Government obligations. Cash collateral invested in money market funds managed by BFA, or its affiliates is disclosed in the Schedule of Investments. Any non-cash collateral received cannot be sold, re-invested or pledged by the Fund, except in the event of borrower default. The securities on loan, if any, are also disclosed in each Fund’s Schedule of Investments. The market value of any securities on loan and the value of any related cash collateral are disclosed in the Statements of Assets and Liabilities.

Securities lending transactions are entered into by the Funds under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Funds, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 45

Notes to Financial Statements (continued)

or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, absent an event of default, the borrower can resell or re-pledge the loaned securities, and the Funds can reinvest cash collateral received in connection with loaned securities. Upon an event of default, the parties’ obligations to return the securities or collateral to the other party are extinguished, and the parties can resell or re-pledge the loaned securities or the collateral received in connection with the loaned securities in order to satisfy the defaulting party’s net payment obligation for all transactions under the MSLA. The defaulting party remains liable for any deficiency.

As of period end, the following table is a summary of the securities on loan by counterparty which are subject to offset under an MSLA:

iShares ETF and Counterparty	Securities Loaned at Value			Cash Collateral Received(a)				Non-Cash Collateral Received, at Fair Value(a)				Net Amount(b)
ESG Screened S&P 500
BNP Paribas SA	$	42,844			$	(42,844	)		$	—			$	—
Scotia Capital (USA), Inc.		50,849				(50,849	)			—				—
	$	93,693			$	(93,693	)		$	—			$	—
ESG Screened S&P Mid-Cap
Barclays Bank PLC	$	1,137,231			$	(1,137,231	)		$	—			$	—
BNP Paribas SA		4,735				(4,735	)			—				—
BofA Securities, Inc.		1,360,500				(1,360,500	)			—				—
Citigroup Global Markets, Inc.		1,286,968				(1,286,968	)			—				—
J.P. Morgan Securities LLC		643,723				(643,723	)			—				—
Jefferies LLC		539,088				(539,088	)			—				—
National Financial Services LLC		493,954				(493,954	)			—				—
RBC Capital Market LLC		846,493				(846,493	)			—				—
Scotia Capital (USA), Inc.		1,114,459				(1,114,459	)			—				—
Toronto-Dominion Bank		823,946				(823,946	)			—				—
	$	8,251,097			$	(8,251,097	)		$	—			$	—
ESG Screened S&P Small-Cap
Barclays Bank PLC	$	9,951			$	(9,951	)		$	—			$	—
BNP Paribas SA		272,746				(272,746	)			—				—
BofA Securities, Inc.		117,720				(117,720	)			—				—
Citigroup Global Markets, Inc.		23,075				(21,092	)			—				1,983
Goldman Sachs & Co. LLC		423,990				(423,990	)			—				—
J.P. Morgan Securities LLC		365,894				(365,894	)			—				—
Jefferies LLC		121,996				(121,996	)			—				—
RBC Capital Market LLC		371,263				(371,263	)			—				—
Scotia Capital (USA), Inc.		162,018				(162,018	)			—				—
Toronto-Dominion Bank		24,150				(24,150	)			—				—
UBS AG		87,909				(87,909	)			—				—
	$	1,980,712			$	(1,978,729	)		$	—			$	1,983

^(a)  Collateral received, if any, in excess of the market value of securities on loan is not presented in this table. The total cash collateral received by each Fund is disclosed in the Funds’ Statements of Assets and Liabilities.

^(b)  The market value of the loaned securities is determined as of March 31, 2024. Additional collateral is delivered to the Fund on the next business day in accordance with the MSLA. The net amount would be subject to the borrower default indemnity in the event of default by the counterparty.

The risks of securities lending include the risk that the borrower may not provide additional collateral when required or may not return the securities when due. To mitigate these risks, each Fund benefits from a borrower default indemnity provided by BlackRock, Inc. (“BlackRock”). BlackRock’s indemnity allows for full replacement of the securities loaned to the extent the collateral received does not cover the value of the securities loaned in the event of borrower default. Each Fund could incur a loss if the value of an investment purchased with cash collateral falls below the market value of the loaned securities or if the value of an investment purchased with cash collateral falls below the value of the original cash collateral received. Such losses are borne entirely by each Fund.

5. DERIVATIVE FINANCIAL INSTRUMENTS

Futures Contracts: Futures contracts are purchased or sold to gain exposure to, or manage exposure to, changes in interest rates (interest rate risk) and changes in the value of equity securities (equity risk) or foreign currencies (foreign currency exchange rate risk).

46 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Notes to Financial Statements (continued)

Futures contracts are exchange-traded agreements between the Funds and a counterparty to buy or sell a specific quantity of an underlying instrument at a specified price and on a specified date. Depending on the terms of a contract, it is settled either through physical delivery of the underlying instrument on the settlement date or by payment of a cash amount on the settlement date. Upon entering into a futures contract, the Funds are required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on a contract’s size and risk profile. The initial margin deposit must then be maintained at an established level over the life of the contract. Amounts pledged, which are considered restricted, are included in cash pledged for futures contracts in the Statements of Assets and Liabilities.

Securities deposited as initial margin are designated in the Schedule of Investments and cash deposited, if any, are shown as cash pledged for futures contracts in the Statements of Assets and Liabilities. Pursuant to the contract, the Funds agree to receive from or pay to the broker an amount of cash equal to the daily fluctuation in market value of the contract (“variation margin”). Variation margin is recorded as unrealized appreciation (depreciation) and, if any, shown as variation margin receivable (or payable) on futures contracts in the Statements of Assets and Liabilities. When the contract is closed, a realized gain or loss is recorded in the Statements of Operations equal to the difference between the notional amount of the contract at the time it was opened and the notional amount at the time it was closed. The use of futures contracts involves the risk of an imperfect correlation in the movements in the price of futures contracts and interest rates, foreign currency exchange rates or underlying assets.

Swaps: Swap contracts are entered into to manage exposure to issuers, markets and securities. Such contracts are agreements between the Fund and a counterparty to make periodic net payments on a specified notional amount or a net payment upon termination. Swap agreements are privately negotiated in the OTC market and may be entered into as a bilateral contract (“OTC swaps”) or centrally cleared (“centrally cleared swaps”). For OTC swaps, any upfront premiums paid and any upfront fees received are shown as swap premiums paid and swap premiums received, respectively, in the Statement of Assets and Liabilities and amortized over the term of the contract. The daily fluctuation in market value is recorded as unrealized appreciation (depreciation) on OTC Swaps in the Statement of Assets and Liabilities. Payments received or paid are recorded in the Statement of Operations as realized gains or losses, respectively. When an OTC swap is terminated, a realized gain or loss is recorded in the Statement of Operations equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract, if any. Generally, the basis of the contract is the premium received or paid. Total return swaps are entered into by the iShares ESG Screened S&P Small-Cap to obtain exposure to a security or market without owning such security or investing directly in such market or to exchange the risk/return of one security or market (e.g., fixed-income) with another security or market (e.g., equity or commodity prices) (equity risk, commodity price risk and/or interest rate risk).

Total return swaps are agreements in which there is an exchange of cash flows whereby one party commits to make payments based on the total return (distributions plus capital gains/losses) of an underlying instrument, or basket of underlying instruments, in exchange for fixed or floating rate interest payments. If the total return of the instruments or index underlying the transaction exceeds or falls short of the offsetting fixed or floating interest rate obligation, the Fund receives payment from or makes a payment to the counterparty.

Certain total return swaps are designed to function as a portfolio of direct investments in long and short equity positions. This means that the Fund has the ability to trade in and out of these long and short positions within the swap and will receive the economic benefits and risks equivalent to direct investment in these positions, subject to certain adjustments due to events related to the counterparty. Benefits and risks include capital appreciation (depreciation), corporate actions and dividends received and paid, all of which are reflected in the swap’s market value. The market value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These interest charges and credits are based on a specified benchmark rate plus or minus a specified spread determined based upon the country and/or currency of the positions in the portfolio.

Positions within the swap and financing fees are reset periodically. During a reset, any unrealized appreciation (depreciation) on positions and accrued financing fees become available for cash settlement between the Fund and the counterparty. The amounts that are available for cash settlement are recorded as realized gains or losses in the Statements of Operations. Cash settlement in and out of the swap may occur at a reset date or any other date, at the discretion of the Fund and the counterparty, over the life of the agreement. Certain swaps have no stated expiration and can be terminated by either party at any time.

Swap transactions involve, to varying degrees, elements of interest rate, credit and market risks in excess of the amounts recognized in the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligation to perform or disagree as to the meaning of the contractual terms in the agreements, and that there may be unfavorable changes in interest rates and/or market values associated with these transactions.

Master Netting Arrangements: In order to define its contractual rights and to secure rights that will help it mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs certain OTC derivatives and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, a Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement, and comparing that amount to the value of any collateral currently pledged by a Fund and the counterparty.

Cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, is reported separately in the Statements of Assets and Liabilities as cash pledged as collateral and cash received as collateral, respectively. Non-cash collateral pledged by the Funds, if any, is noted in the Schedules of Investments. Generally, the amount of collateral due from or to a counterparty is subject to a certain minimum transfer amount threshold before a transfer is required, which is determined at the close of business of the Funds. Any additional required collateral is delivered to/pledged by the Funds on the next business day. Typically, the counterparty is not permitted to sell, re-pledge or use cash and non-cash collateral it receives. A Fund generally agrees not to use non-cash collateral that it receives but may, absent default or certain other circumstances defined in the underlying ISDA Master Agreement, be permitted to use cash collateral received. In such cases, interest may be paid pursuant to the collateral arrangement with the counterparty. To the extent amounts due to the Funds from the counterparty are not fully collateralized, each Fund bears the risk of loss

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 47

Notes to Financial Statements (continued)

from counterparty non-performance. Likewise, to the extent the Funds have delivered collateral to a counterparty and stand ready to perform under the terms of their agreement with such counterparty, each Fund bears the risk of loss from a counterparty in the amount of the value of the collateral in the event the counterparty fails to return such collateral. Based on the terms of agreements, collateral may not be required for all derivative contracts.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements, if any, in the Statements of Assets and Liabilities.

6. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES

Investment Advisory Fees: Pursuant to an Investment Advisory Agreement with the Trust, BFA manages the investment of each Fund’s assets. BFA is a California corporation indirectly owned by BlackRock. Under the Investment Advisory Agreement, BFA is responsible for substantially all expenses of the Funds, except (i) interest and taxes; (ii) brokerage commissions and other expenses connected with the execution of portfolio transactions; (iii) distribution fees; (iv) the advisory fee payable to BFA; and (v) litigation expenses and any extraordinary expenses (in each case as determined by a majority of the independent trustees).

For its investment advisory services to each of the following Funds, BFA is entitled to an annual investment advisory fee, accrued daily and paid monthly by the Funds, based on the average daily net assets of each Fund as follows:

iShares ETF	Investment Advisory Fees
ESG Screened S&P 500		0.08%
ESG Screened S&P Mid-Cap		0.12
ESG Screened S&P Small-Cap		0.12

Distributor: BlackRock Investments, LLC (“BRIL”), an affiliate of BFA, is the distributor for each Fund. Pursuant to the distribution agreement, BFA is responsible for any fees or expenses for distribution services provided to the Funds.

ETF Servicing Fees: Each Fund has entered into an ETF Services Agreement with BRIL to perform certain order processing, Authorized Participant communications, and related services in connection with the issuance and redemption of Creation Units (“ETF Services”). BRIL is entitled to a transaction fee from Authorized Participants on each creation or redemption order for the ETF Services provided. The Funds do not pay BRIL for ETF Services.

Securities Lending: The U.S. Securities and Exchange Commission (the “SEC”) has issued an exemptive order which permits BlackRock Institutional Trust Company, N.A. (“BTC”), an affiliate of BFA, to serve as securities lending agent for the Funds, subject to applicable conditions. As securities lending agent, BTC bears all operational costs directly related to securities lending, including any custodial costs. Each Fund is responsible for fees in connection with the investment of cash collateral received for securities on loan (the “collateral investment fees”). The cash collateral is invested in a money market fund, BlackRock Cash Funds: Institutional or BlackRock Cash Funds: Treasury, managed by BFA, or its affiliates. However, BTC has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral investment fees each Fund bears to an annual rate of 0.04%. The SL Agency Shares of such money market fund will not be subject to a sales load, redemption fee, 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 generally equal to the total of income earned from the reinvestment of cash collateral (and excludes collateral investment fees), and any fees or other payments to and from borrowers of securities. Each Fund retains a portion of the securities lending income and remits the remaining portion to BTC as compensation for its services as securities lending agent.

Pursuant to the current securities lending agreement, each Fund retains 81% of securities lending income (which excludes collateral investment fees) and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

In addition, commencing the business day following the date that the aggregate securities lending income plus the collateral investment fees generated across all 1940 Act iShares exchange-traded funds (the “iShares ETF Complex”) in that calendar year exceeds a specified threshold, each Fund, pursuant to the securities lending agreement, will retain for the remainder of that calendar year 81% of securities lending income (which excludes collateral investment fees), and the amount retained can never be less than 70% of the total of securities lending income plus the collateral investment fees.

The share of securities lending income earned by each Fund is shown as securities lending income - affiliated - net in its Statements of Operations. For the year ended March 31, 2024, the Funds paid BTC the following amounts for securities lending agent services:

iShares ETF	Amounts
ESG Screened S&P 500	$	739
ESG Screened S&P Mid-Cap		6,533
ESG Screened S&P Small-Cap		2,902

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.

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Notes to Financial Statements (continued)

For the year ended March 31, 2024, transactions executed by the Funds pursuant to Rule 17a-7 under the 1940 Act were as follows:

iShares ETF	Purchases			Sales			Net Realized  Gain (Loss)
ESG Screened S&P 500	$	1,659,463		$	1,803,858		$	(445,378)
ESG Screened S&P Mid-Cap		8,787,793			13,116,084			(1,585,549)
ESG Screened S&P Small-Cap		4,226,325			3,744,132			(668,968)

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 year ended March 31, 2024, purchases and sales of investments, excluding short-term securities and in-kind transactions, were as follows:

iShares ETF	Purchases			Sales
ESG Screened S&P 500	$	6,514,343		$	6,272,105
ESG Screened S&P Mid-Cap		31,650,734			31,312,612
ESG Screened S&P Small-Cap		17,656,951			14,973,755

For the year ended March 31, 2024, in-kind transactions were as follows:

iShares ETF	In-kind Purchases			In-kind Sales
ESG Screened S&P 500	$	112,240,145		$	38,094,540
ESG Screened S&P Mid-Cap		57,543,908			3,915,329
ESG Screened S&P Small-Cap		24,720,587			8,168,088

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 March 31, 2024, 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.

U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. As of March 31, 2024, permanent differences attributable to realized gains (losses) from in-kind redemptions were reclassified to the following accounts:

iShares ETF	Paid-in capital		Accumulated earnings (loss)
ESG Screened S&P 500	$	4,101,392	$	(4,101,392	)
ESG Screened S&P Mid-Cap		3,142,023		(3,142,023	)
ESG Screened S&P Small-Cap		2,142,744		(2,142,744	)

The tax character of distributions paid was as follows:

iShares ETF	Year Ended March 31, 2024		Year Ended March 31, 2023
ESG Screened S&P 500 Ordinary income	$	2,298,420	$	2,794,860
ESG Screened S&P Mid-Cap Ordinary income	$	1,726,166	$	1,398,055
ESG Screened S&P Small-Cap Ordinary income	$	362,825	$	524,007

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 49

Notes to Financial Statements (continued)

As of March 31, 2024, the tax components of accumulated net earnings (losses) were as follows:

iShares ETF	Undistributed Ordinary Income		Non-expiring Capital Loss Carryforwards(a)			Net Unrealized Gains (Losses)(b)		Total
ESG Screened S&P 500	$	90,668	$	(3,754,151	)	$	20,061,191	$	16,397,708
ESG Screened S&P Mid-Cap		72,669		(6,202,804	)		21,063,507		14,933,372
ESG Screened S&P Small-Cap		419,236		(3,572,774	)		4,906,298		1,752,760

^(a)  Amounts available to offset future realized capital gains.

^(b)  The difference between book-basis and tax-basis unrealized gains (losses) was attributable primarily to the tax deferral of losses on wash sales, the accounting for swap agreements, the timing and recognition of realized gains/losses for tax purposes, the realization for tax purposes of unrealized gains (losses) on certain futures contracts and the characterization of corporate actions.

As of March 31, 2024, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:

iShares ETF	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
ESG Screened S&P 500	$	233,479,922	$	34,480,533	$	(14,418,698	)	$	20,061,835
ESG Screened S&P Mid-Cap		169,783,955		28,836,457		(7,772,950	)		21,063,507
ESG Screened S&P Small-Cap		70,122,251		10,137,489		(5,231,191	)		4,906,298

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 an indexing approach to try to achieve each Fund’s investment objective. The Fund is not actively managed, and BFA generally does not attempt to take defensive positions under any market conditions, including declining markets.

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 discretionary liquidity fees under certain circumstances.

Valuation Risk: The market values of equities, such as common stocks and preferred securities or equity related investments, such as futures and options, may decline due to general market conditions which are not specifically related to a particular company. They may also decline due to factors which affect a particular industry or industries. A fund may invest in illiquid investments. An illiquid investment is any investment that a fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. A fund may experience difficulty in selling illiquid investments in a timely manner at the price that it believes the investments are worth. Prices may fluctuate widely over short or extended periods in response to company, market or economic news. Markets also tend to move in cycles, with periods of rising and falling prices. This volatility may cause a fund’s NAV to experience significant increases or decreases over short periods of time. If there is a general decline in the securities and other markets, the NAV of a fund may lose value, regardless of the individual results of the securities and other instruments in which a fund invests.

The price each Fund could receive upon the sale of any particular portfolio investment may differ from each Fund’s valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation technique or a price provided by an independent pricing service. Changes to significant unobservable inputs and assumptions (i.e., publicly traded company multiples, growth rate, time to exit) due to the lack of observable inputs may significantly impact the resulting fair value and therefore each Fund’s results of operations. As a result, the price received upon the sale of an investment may be less than the value ascribed by each Fund, and each Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Each Fund’s ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

Counterparty Credit Risk: The Funds may be exposed to counterparty credit risk, or the risk that an entity may fail to or be unable to perform on its commitments related to unsettled or open transactions, including making timely interest and/or principal payments or otherwise honoring its obligations. The Funds manage counterparty credit risk by entering into transactions only with counterparties that BFA believes have the financial resources to honor their obligations and by monitoring the financial stability of those counterparties. Financial assets, which potentially expose the Funds to market, issuer and counterparty credit risks, consist principally of financial instruments and receivables due from counterparties. The extent of the Funds’ exposure to market, issuer and counterparty credit risks with respect to these financial assets is approximately their value recorded in the Statements of Assets and Liabilities, less any collateral held by the Funds.

A derivative contract may suffer a mark-to-market loss if the value of the contract decreases due to an unfavorable change in the market rates or values of the underlying instrument. Losses can also occur if the counterparty does not perform under the contract.

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Notes to Financial Statements (continued)

With exchange-traded futures, there is less counterparty credit risk to the Funds since the exchange or clearinghouse, as counterparty to such instruments, guarantees against a possible default. The clearinghouse stands between the buyer and the seller of the contract; therefore, credit risk is limited to failure of the clearinghouse. While offset rights may exist under applicable law, a Fund does not have a contractual right of offset against a clearing broker or clearinghouse in the event of a default (including the bankruptcy or insolvency). Additionally, credit risk exists in exchange-traded futures with respect to initial and variation margin that is held in a clearing broker’s customer accounts. While clearing brokers are required to segregate customer margin from their own assets, in the event that a clearing broker becomes insolvent or goes into bankruptcy and at that time there is a shortfall in the aggregate amount of margin held by the clearing broker for all its clients, typically the shortfall would be allocated on a pro rata basis across all the clearing broker’s customers, potentially resulting in losses to the Funds.

Geographic/Asset Class Risk: A diversified portfolio, where this is appropriate and consistent with a fund’s objectives, minimizes the risk that a price change of a particular investment will have a material impact on the NAV of a fund. The investment concentrations within each Fund’s portfolio are disclosed in its Schedule of Investments.

The Funds invest a significant portion of their assets in securities of issuers located in the United States. A decrease in imports or exports, changes in trade regulations, inflation and/or an economic recession in the United States may have a material adverse effect on the U.S. economy and the securities listed on U.S. exchanges. Proposed and adopted policy and legislative changes in the United States may also have a significant effect on U.S. markets generally, as well as on the value of certain securities. Governmental agencies project that the United States will continue to maintain elevated public debt levels for the foreseeable future which may constrain future economic growth. Circumstances could arise that could prevent the timely payment of interest or principal on U.S. government debt, such as reaching the legislative “debt ceiling.” Such non-payment would result in substantial negative consequences for the U.S. economy and the global financial system. If U.S. relations with certain countries deteriorate, it could adversely affect issuers that rely on the United States for trade. The United States has also experienced increased internal unrest and discord. If these trends were to continue, they may have an adverse impact on the U.S. economy and the issuers in which the Funds invest.

Certain Funds invest a significant portion of their assets in securities within a single or limited number of market sectors. When a Fund concentrates its investments in this manner, it assumes the risk that economic, regulatory, political and social conditions affecting such sectors may have a significant impact on the fund and could affect the income from, or the value or liquidity of, the fund’s portfolio. Investment percentages in specific sectors are presented in the Schedule of Investments.

Significant Shareholder Redemption Risk: Certain shareholders may own or manage a substantial amount of fund shares and/or hold their fund investments for a limited period of time. Large redemptions of fund shares by these shareholders may force a fund to sell portfolio securities, which may negatively impact the fund’s NAV, increase the fund’s brokerage costs, and/or accelerate the realization of taxable income/gains and cause the fund to make additional taxable distributions to shareholders.

10. CAPITAL SHARE TRANSACTIONS

Capital shares are issued and redeemed by each Fund only in aggregations of a specified number of shares or multiples thereof (“Creation Units”) at NAV. Except when aggregated in Creation Units, shares of each Fund are not redeemable.

Transactions in capital shares were as follows:

	Year Ended 03/31/24						Year Ended 03/31/23
iShares ETF	Shares			Amount			Shares			Amount
ESG Screened S&P 500
Shares sold		3,250,000		$	112,611,144			2,700,000		$	79,779,151
Shares redeemed		(1,150,000	)		(38,188,666	)		(5,150,000	)		(148,395,187	)
		2,100,000		$	74,422,478			(2,450,000	)	$	(68,616,036	)
ESG Screened S&P Mid-Cap
Shares sold		1,550,000		$	58,217,481			1,350,000		$	44,682,535
Shares redeemed		(100,000	)		(3,953,684	)		(450,000	)		(14,847,731	)
		1,450,000		$	54,263,797			900,000		$	29,834,804
ESG Screened S&P Small-Cap
Shares sold		800,000		$	28,341,130			850,000		$	28,860,781
Shares redeemed		(250,000	)		(9,285,132	)		(200,000	)		(6,652,110	)
		550,000		$	19,055,998			650,000		$	22,208,671

The consideration for the purchase of Creation Units of a fund in the Trust generally consists of the in-kind deposit of a designated portfolio of securities and a specified amount of cash. Certain funds in the Trust may be offered in Creation Units solely or partially for cash in U.S. dollars. Authorized Participants 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. Authorized Participants 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.

N O T E S  T O  F I N A N C I A L  S T A T E M E N T S 51

Notes to Financial Statements (continued)

From time to time, settlement of securities related to in-kind contributions or in-kind redemptions may be delayed. In such cases, securities related to in-kind transactions are reflected as a receivable or a payable in the Statements of Assets and Liabilities.

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available to be issued and has determined that there were no subsequent events requiring adjustment or additional disclosure in the financial statements.

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of iShares Trust and Shareholders of each of the three funds listed in the table below

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (three of the funds constituting iShares Trust, hereafter collectively referred to as the “Funds”) as of March 31, 2024, the related statements of operations for the year ended March 31, 2024, the statements of changes in net assets for each of the two years in the period ended March 31, 2024, including the related notes, and the financial highlights for each of the three years in the period ended March 31, 2024 and the period September 22, 2020 (commencement of operations) to March 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of March 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended March 31, 2024 and each of the financial highlights for each of the three years in the period ended March 31, 2024 and the period September 22, 2020 (commencement of operations) to March 31, 2021, in conformity with accounting principles generally accepted in the United States of America.

iShares ESG Screened S&P 500 ETF

iShares ESG Screened S&P Mid-Cap ETF

iShares ESG Screened S&P Small-Cap ETF

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of March 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

May 23, 2024

We have served as the auditor of one or more BlackRock investment companies since 2000.

R E P O R T  O F  I N D E P E N D E N T  R E G I S T E R E D  P U B L I C  A C C O U N T I N G  F I R M 53

Important Tax Information (unaudited)

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified dividend income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Dividend Income
ESG Screened S&P 500	$	2,343,507
ESG Screened S&P Mid-Cap		1,384,211
ESG Screened S&P Small-Cap		620,197

The following amounts, or maximum amounts allowable by law, are hereby designated as qualified business income for individuals for the fiscal year ended March 31, 2024:

iShares ETF	Qualified Business Income
ESG Screened S&P 500	$	136,922
ESG Screened S&P Mid-Cap		421,354
ESG Screened S&P Small-Cap		175,725

The following percentages, or maximum percentages allowable by law, of ordinary income distributions paid during the fiscal year ended March 31, 2024 qualified for the dividends-received deduction for corporate shareholders:

iShares ETF	Dividends-Received Deduction
ESG Screened S&P 500		93.78	%
ESG Screened S&P Mid-Cap		75.90
ESG Screened S&P Small-Cap		77.55

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Statement Regarding Liquidity Risk Management Program (unaudited)

In compliance with Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), iShares Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”) for iShares ESG Screened S&P 500 ETF, iShares ESG Screened S&P Mid-Cap ETF and iShares ESG Screened S&P Small-Cap ETF (the “Funds” or “ETFs”), each a series of the Trust, which is reasonably designed to assess and manage each Fund’s liquidity risk.

The Board of Trustees (the “Board”) of the Trust, on behalf of the Funds, met on December 8, 2023 (the “Meeting”) to review the Program. The Board previously appointed BlackRock Fund Advisors (“BlackRock”), the investment adviser to the Funds, as the program administrator for each Fund’s Program. BlackRock also previously delegated oversight of the Program to the 40 Act Liquidity Risk Management Committee (the “Committee”). At the Meeting, the Committee, on behalf of BlackRock, provided the Board with a report that addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including the management of each Fund’s Highly Liquid Investment Minimum (“HLIM”) where applicable, and any material changes to the Program (the “Report”). The Report covered the period from October 1, 2022 through September 30, 2023 (the “Program Reporting Period”).

The Report described the Program’s liquidity classification methodology for categorizing each Fund’s investments (including derivative transactions) into one of four liquidity buckets. It also referenced the methodology used by BlackRock to establish each Fund’s HLIM and noted that the Committee reviews and ratifies the HLIM assigned to each Fund no less frequently than annually. The Report also discussed notable events affecting liquidity over the Program Reporting Period, including extended market holidays, delays in the repatriation of the local currency in certain non-U.S. countries, the continued illiquidity of Russian equity securities and the suspension of select sanctions in Venezuela.

The Report noted that the Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing each Fund’s liquidity risk, as follows:

a) The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed whether each Fund’s strategy is appropriate for an open-end fund structure, with a focus on funds with more significant and consistent holdings of less liquid and illiquid assets. The Committee also factored a fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. Derivative exposure was also considered in the calculation of a fund’s liquidity bucketing. Finally, a factor for consideration under the Liquidity Rule is a Fund’s use of borrowings for investment purposes. However, the Funds do not borrow for investment purposes.

b) Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions. During the Program Reporting Period, the Committee reviewed historical redemption activity and used this information as a component to establish each ETF’s reasonably anticipated trading size utilized for liquidity classifications. The Committee may also take into consideration a fund’s shareholder ownership concentration (which, depending on product type and distribution channel, may or may not be available), a fund’s distribution channels, and the degree of certainty associated with a fund’s short-term and long-term cash flow projections.

c) Holdings of cash and cash equivalents, as well as borrowing arrangements. The Committee considered that ETFs generally do not hold more than de minimis amounts of cash. The Committee also considered that ETFs generally do not engage in borrowing.

d) The relationship between an ETF’s portfolio liquidity and the way in which, and the prices and spreads at which, ETF shares trade, including the efficiency of the arbitrage function and the level of active participation by market participants, including authorized participants. The Committee monitored the prevailing bid/ask spread and the ETF price premium (or discount) to NAV for all ETFs. However, there were no ETFs with persistent deviations of fund premium/discount or bid/ask spreads from long-term averages over the Program Reporting Period.

e) The effect of the composition of baskets on the overall liquidity of an ETF’s portfolio. In reviewing the linkage between the composition of custom baskets accepted by an ETF and any significant change in the liquidity profile of such ETF, the Committee reviewed changes in the proportion of each ETF’s portfolio comprised of less liquid and illiquid holdings to determine if applicable thresholds were met requiring enhanced review. There were no ETFs for which the custom baskets accepted by the ETF had a significant change in its liquidity profile.

There were no material changes to the Program during the Program Reporting Period other than the enhancement of certain model components in the Program’s classification methodology. The Report provided to the Board stated that the Committee concluded that based on the operation of the functions, as described in the Report, the Program is operating as intended and is effective in implementing the requirements of the Liquidity Rule.

S T A T E M E N T  R E G A R D I N G  L I Q U I D I T Y  R I S K  M A N A G E M E N T  P R O G R A M 55

Supplemental Information (unaudited)

Section 19(a) Notices

The amounts and sources of distributions reported are estimates and are being provided pursuant to regulatory requirements and are not being provided for tax reporting purposes. The actual amounts and sources for tax reporting purposes will depend upon each Fund’s investment experience during the year and may be subject to changes based on tax regulations. Shareholders will receive a Form 1099-DIV each calendar year that will inform them how to report these distributions for federal income tax purposes.

March 31, 2024

	Total Cumulative Distributions for the Fiscal Year-to-Date								% Breakdown of the Total Cumulative Distributions for the Fiscal Year-to-Date
iShares ETF	Net Investment Income		Net Realized Capital Gains		Return of Capital		Total Per Share		Net Investment Income			Net Realized Capital Gains			Return of Capital			Total Per Share
ESG Screened S&P Mid-Cap(a)	$	0.480080	$	—	$	0.010910	$	0.490990		98	%		—	%		2	%		100	%
ESG Screened S&P Small-Cap		0.253202		—		—		0.253202		100			—			—			100

^(a)  The Fund estimates that it has distributed more than its net investment income and net realized capital gains; therefore, a portion of the distribution may be a return of capital. A return of capital may occur, for example, when some or all of the shareholder’s investment in the Fund is returned to the shareholder. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with “yield” or “income”. When distributions exceed total return performance, the difference will incrementally reduce the Fund’s net asset value per share.

Tailored Shareholder Reports for Open-End Mutual Funds and ETFs

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Premium/Discount Information

Information on the Fund’s net asset value, market price, premiums and discounts, and bid-ask spreads can be found at iShares.com.

56 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

Trustee and Officer Information (unaudited)

The Board of Trustees has responsibility for the overall management and operations of the Funds, including general supervision of the duties performed by BFA and other service providers. Each Trustee serves until he or she resigns, is removed, dies, retires or becomes incapacitated. Each officer shall hold office until his or her successor is elected and qualifies or until his or her death, resignation or removal. Trustees who are not “interested persons” (as defined in the 1940 Act) of the Trust are referred to as independent trustees (“Independent Trustees”).

The registered investment companies advised by BFA or its affiliates (the “BlackRock-advised Funds”) are organized into one complex of open-end equity, multi-asset, index and money market funds and ETFs (the “BlackRock Multi-Asset Complex”), one complex of closed-end funds and open-end non-index fixed-income funds (including ETFs) (the “BlackRock Fixed-Income Complex”) and one complex of ETFs (“Exchange-Traded Fund Complex”) (each, a “BlackRock Fund Complex”). Each Fund is included in the Exchange-Traded Fund Complex. Each Trustee also serves as a Director of iShares, Inc. and a Trustee of iShares U.S. ETF Trust and, as a result, oversees all of the funds within the Exchange-Traded Fund Complex, which consists of 404 funds as of March 31, 2024. With the exception of Stephen Cohen, Robert S. Kapito and Aaron Wasserman, the address of each Trustee and officer is c/o BlackRock, Inc., 400 Howard Street, San Francisco, CA 94105. The address of Mr. Kapito and Mr. Wasserman is c/o BlackRock, Inc., 50 Hudson Yards, New York, NY 10001. The address of Mr. Cohen is c/o BlackRock, Inc., Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL United Kingdom. The Board has designated John E. Kerrigan as its Independent Board Chair. Additional information about the Funds’ Trustees and officers may be found in the Funds’ combined Statement of Additional Information, which is available without charge, upon request, by calling toll-free 1-800-iShares (1-800-474-2737).

		Interested Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Robert S. Kapito(a) (1957)	Trustee (since 2009).	President of BlackRock, Inc. (since 2006); Vice Chairman of BlackRock, Inc. and Head of BlackRock’s Portfolio Management Group (since its formation in 1998) and BlackRock, Inc.’s predecessor entities (since 1988); Trustee, University of Pennsylvania (since 2009); President of Board of Directors, Hope & Heroes Children’s Cancer Fund (since 2002).	Director of BlackRock, Inc. (since 2006); Director of iShares, Inc. (since 2009); Trustee of iShares U.S. ETF Trust (since 2011).
Stephen Cohen(b) (1975)	Trustee (since 2024).	Senior Managing Director, Head of Global Product Solutions of BlackRock, Inc. (since 2024); Senior Managing Director, Head of Europe, Middle East and Africa Regions of BlackRock, Inc. (2021-2024); Head of iShares Index and Wealth in EMEA of BlackRock, Inc. (2017-2021); Global Head of Fixed Income Indexing of BlackRock, Inc. (2016-2017); Chief Investment Strategist for International Fixed Income and iShares of BlackRock, Inc. (2011-2015).	Director of iShares, Inc. (since 2024); Trustee of iShares U.S. ETF Trust (since 2024).

^(a)  Robert S. Kapito is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

^(b)  Stephen Cohen is deemed to be an “interested person” (as defined in the 1940 Act) of the Trust due to his affiliations with BlackRock, Inc. and its affiliates.

		Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
John E. Kerrigan (1955)	Trustee (since 2005); Independent Board Chair (since 2022).	Chief Investment Officer, Santa Clara University (since 2002).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011); Independent Board Chair of iShares, Inc. and iShares U.S. ETF Trust (since 2022).
Jane D. Carlin (1956)	Trustee (since 2015); Risk Committee Chair (since 2016).	Consultant (since 2012); Member of the Audit Committee (2012-2018), Chair of the Nominating and Governance Committee (2017-2018) and Director of PHH Corporation (mortgage solutions) (2012-2018); Managing Director and Global Head of Financial Holding Company Governance & Assurance and the Global Head of Operational Risk Management of Morgan Stanley (2006-2012).	Director of iShares, Inc. (since 2015); Trustee of iShares U.S. ETF Trust (since 2015); Member of the Audit Committee (since 2016), Chair of the Audit Committee (since 2020) and Director of The Hanover Insurance Group, Inc. (since 2016).
Richard L. Fagnani (1954)	Trustee (since 2017); Audit Committee Chair (since 2019).	Partner, KPMG LLP (2002-2016); Director of One Generation Away (since 2021).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017).
Cecilia H. Herbert (1949)	Trustee (since 2005); Nominating and Governance and Equity Plus Committee Chairs (since 2022).	Chair of the Finance Committee (since 2019) and Trustee and Member of the Finance, Audit and Quality Committees of Stanford Health Care (since 2016); Trustee of WNET, New York’s public media company (since 2011) and Member of the Audit Committee (since 2018), Investment Committee (since 2011) and Personnel Committee (since 2022); Member of the Wyoming State Investment Funds Committee (since 2022); Trustee of Forward Funds (14 portfolios) (2009- 2018); Trustee of Salient MF Trust (4 portfolios) (2015-2018); Director of the Jackson Hole Center for the Arts (since 2021).	Director of iShares, Inc. (since 2005); Trustee of iShares U.S. ETF Trust (since 2011).

T R U S T E E  A N D  O F F I C E R  I N F O R M A T I O N 57

Trustee and Officer Information (unaudited) (continued)

		Independent Trustees
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years	Other Directorships Held by Trustee
Drew E. Lawton (1959)	Trustee (since 2017); 15(c) Committee Chair (since 2017).	Senior Managing Director of New York Life Insurance Company (2010-2015).	Director of iShares, Inc. (since 2017); Trustee of iShares U.S. ETF Trust (since 2017); Director of Jackson Financial Inc. (since 2021).
John E. Martinez (1961)	Trustee (since 2003); Securities Lending Committee Chair (since 2019).	Director of Real Estate Equity Exchange, Inc. (since 2005); Director of Cloudera Foundation (2017-2020); and Director of Reading Partners (2012-2016).	Director of iShares, Inc. (since 2003); Trustee of iShares U.S. ETF Trust (since 2011).
Madhav V. Rajan (1964)	Trustee (since 2011); Fixed Income Plus Committee Chair (since 2019).	Dean, and George Pratt Shultz Professor of Accounting, University of Chicago Booth School of Business (since 2017); Advisory Board Member (since 2016) and Director (since 2020) of C.M. Capital Corporation; Chair of the Board for the Center for Research in Security Prices, LLC (since 2020); Director of WellBe Senior Medical (since 2023); Robert K. Jaedicke Professor of Accounting, Stanford University Graduate School of Business (2001-2017); Professor of Law (by courtesy), Stanford Law School (2005-2017); Senior Associate Dean for Academic Affairs and Head of MBA Program, Stanford University Graduate School of Business (2010-2016).	Director of iShares, Inc. (since 2011); Trustee of iShares U.S. ETF Trust (since 2011).

Officers
Name (Year of Birth)	Position(s)	Principal Occupation(s) During Past 5 Years
Jessica Tan (1980)	President (since 2024).	Managing Director of BlackRock, Inc. (since 2015); Head of Global Product Solutions, Americas of BlackRock, Inc. (since 2024) and Head of Sustainable and Transition Solutions of BlackRock, Inc. (2022-2024); Global Head of Corporate Strategy of BlackRock, Inc. (2019-2022); Chief of Staff to the CEO of BlackRock, Inc. (2017-2019).
Trent Walker (1974)	Treasurer and Chief Financial Officer (since 2020).	Managing Director of BlackRock, Inc. (since 2019); Chief Financial Officer of iShares Delaware Trust Sponsor LLC, BlackRock Funds, BlackRock Funds II, BlackRock Funds IV, BlackRock Funds V and BlackRock Funds VI (since 2021).
Aaron Wasserman (1974)	Chief Compliance Officer (since 2023).	Managing Director of BlackRock, Inc. (since 2018); Chief Compliance Officer of the BlackRock Multi-Asset Complex, the BlackRock Fixed- Income Complex and the Exchange-Traded Fund Complex (since 2023); Deputy Chief Compliance Officer for the BlackRock Multi-Asset Complex, the BlackRock Fixed-Income Complex and the Exchange-Traded Fund Complex (2014-2023).
Marisa Rolland (1980)	Secretary (since 2022).	Managing Director of BlackRock, Inc. (since 2023); Director of BlackRock, Inc. (2018-2022).
Rachel Aguirre (1982)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2018); Head of U.S. iShares Product (since 2022); Head of EII U.S. Product Engineering of BlackRock, Inc. (since 2021); Co-Head of EII’s Americas Portfolio Engineering of BlackRock, Inc. (2020-2021); Head of Developed Markets Portfolio Engineering of BlackRock, Inc. (2016-2019).
Jennifer Hsui (1976)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2009); Co-Head of Index Equity of BlackRock, Inc. (since 2022).
James Mauro (1970)	Executive Vice President (since 2022).	Managing Director of BlackRock, Inc. (since 2010); Head of Fixed Income Index Investments in the Americas and Head of San Francisco Core Portfolio Management of BlackRock, Inc. (since 2020).

Effective July 1, 2023, Aaron Wasserman replaced Charles Park as Chief Compliance Officer.

Effective February 1, 2024, Salim Ramji resigned as Trustee of the Trust.

Effective March 5, 2024, Stephen Cohen replaced Salim Ramji as Trustee of the Trust.

Effective March 5, 2024, Dominik Rohé resigned as President of the Trust.

Effective March 5, 2024, Jessica Tan replaced Dominik Rohé as President of the Trust.

Effective April 8, 2024, Laura Fergerson was appointed as Trustee of the Trust.

Effective April 8, 2024, James Lam was appointed as Trustee of the Trust.

58 2 0 2 4  I S H A R E S  A N N U A L  R E P O R T  T O  S H A R E H O L D E R S

General Information

Electronic Delivery

Shareholders can sign up for e-mail notifications announcing that the shareholder report or prospectus has been posted on the iShares website at iShares.com. Once you have enrolled, you will no longer receive prospectuses and shareholder reports in the mail.

To enroll in electronic delivery:

• Go to icsdelivery.com.

• If your brokerage firm is not listed, electronic delivery may not be available. Please contact your broker-dealer or financial advisor.

Householding

Householding is an option available to certain fund investors. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents and Rule 30e-3 notices can be delivered to investors who share the same address, even if their accounts are registered under different names. Please contact your broker-dealer if you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, or if you are currently enrolled in householding and wish to change your householding status.

Availability of Quarterly Schedule of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s website at sec.gov. Additionally, each Fund makes its portfolio holdings for the first and third quarters of each fiscal year available at iShares.com/fundreports.

Availability of Proxy Voting Policies and Proxy Voting Records

A description of the policies and procedures that the iShares Funds use to determine how to vote proxies relating to portfolio securities and information about how the iShares Funds voted proxies relating to portfolio securities during the most recent twelve-month period ending June 30 is available without charge, upon request (1) by calling toll-free 1-800-474-2737; (2) on the iShares website at iShares.com; and (3) on the SEC website at sec.gov.

A description of the Trust’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund Prospectus. The Fund discloses its portfolio holdings daily and provides information regarding its top holdings in Fund fact sheets at iShares.com.

G E N E R A L  I N F O R M A T I O N 59

Glossary of Terms Used in this Report

Portfolio Abbreviation
NVS	Non-Voting Shares
REIT	Real Estate Investment Trust

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Want to know more?

iShares.com | 1-800-474-2737

This report is intended for the Funds’ shareholders. It may not be distributed to prospective investors unless it is preceded or accompanied by the current prospectus.

Investing involves risk, including possible loss of principal.

The iShares Funds are distributed by BlackRock Investments, LLC (together with its affiliates, “BlackRock”).

The iShares Funds are not sponsored, endorsed, issued, sold or promoted by S&P Dow Jones Indices LLC, nor does this company make any representation regarding the advisability of investing in the iShares Funds. BlackRock is not affiliated with the company listed above.

©2024 BlackRock, Inc. All rights reserved. iSHARES and BLACKROCK are registered trademarks of BlackRock, Inc. or its subsidiaries. All other marks are the property of their respective owners.

iS-AR-315-0324

   

(b) Not Applicable

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as of the end of the period covered by this report, applicable to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. During the period covered by this report, the registrant has not amended the code of ethics and there have been no waivers granted under the code of ethics. The registrant undertakes to provide a copy of the code of ethics to any person upon request, without charge, by calling 1-800-474-2737.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that the registrant has more than one audit committee financial expert, as that term is defined under Item 3(b) and 3(c), serving on its audit committee. The audit committee financial experts serving on the registrant’s audit committee are Richard L. Fagnani and Madhav V. Rajan, all of whom are independent, as that term is defined under Item 3(a)(2).

Item 4. Principal Accountant Fees and Services.

The principal accountant fees disclosed in items 4(a), 4(b), 4(c), 4(d) and 4(g) are for the twenty series of the registrant for which the fiscal year-end is March 31, 2024 (the “Funds”), and whose annual financial statements are reported in Item 1.

(a) Audit Fees – The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Funds’ annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were $283,700 for the fiscal year ended March 31, 2023 and $270,400 for the fiscal year ended March 31, 2024.

(b) Audit-Related Fees – There were no fees billed for the fiscal years ended March 31, 2023 and March 31, 2024 for assurance and related services by the principal accountant that were reasonably related to the performance of the audit of the Fund’s financial statements and are not reported under (a) of this Item.

(c) Tax Fees – The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning for the Funds were $203,700 for the fiscal year ended March 31, 2023 and $194,000 for the fiscal year ended March 31, 2024. These services related to the review of the Funds’ tax returns and excise tax calculations.

(d) All Other Fees – There were no other fees billed in each of the fiscal years ended March 31, 2023 and March 31, 2024 for products and services provided by the principal accountant, other than the services reported in (a) through (c) of this Item.

(e) (1) The registrant’s audit committee charter, as amended, provides that the audit committee is responsible for the approval, prior to appointment, of the engagement of the principal accountant to annually audit and provide their opinion on the registrant’s financial statements. The audit committee must also approve, prior to appointment, the engagement of the principal accountant to provide non-audit services to the registrant or to any entity controlling, controlled by or under common control with the registrant’s investment adviser (“Adviser Affiliate”) that provides ongoing services to the registrant, if the engagement relates directly to the operations and financial reporting of the registrant.

(2) There were no services described in (b) through (d) above that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not Applicable

(g) The aggregate non-audit fees billed by the registrant’s principal accountant for services rendered to the Funds, and rendered to the registrant’s investment adviser, and any Adviser Affiliate that provides ongoing services to the registrant for the last two fiscal years were $203,700 for the fiscal year ended March 31, 2023 and $194,000 for the fiscal year ended March 31, 2024.

(h) The registrant’s audit committee has considered whether the provision of non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliate that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if any, is compatible with maintaining the principal accountant’s independence, and has determined that the provision of these services, if any, does not compromise the principal accountant’s independence.

(i) Not Applicable

(j) Not Applicable

Item 5. Audit Committee of Listed Registrants.

(a) The registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act of 1934 and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act of 1934. The registrant’s audit committee members are Richard L. Fagnani, Cecilia H. Herbert and Madhav V. Rajan.

(b) Not applicable.

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. Recovery of Erroneously Awarded Compensation.

Not applicable

Item 14. Exhibits.

(a) (2) Section 302 Certifications are attached.

(a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

(a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iShares Trust

By:	/s/ Jessica Tan
	Jessica Tan,
	President (Principal Executive Officer)

Date: May 23, 2024

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/ Jessica Tan
	Jessica Tan,
	President (Principal Executive Officer)

Date: May 23, 2024

By:	/s/ Trent Walker
	Trent Walker,
	Treasurer and Chief Financial Officer (Principal Financial Officer)

Date: May 23, 2024