N-CSR 1 primary-document.htm
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:
April 30, 2023
 
 
 
 
Date of reporting period:
April 30, 2023
 
 
 
 
Item 1.      Reports to Stockholders.
 
(a) The Report to Shareholders is attached herewith.
APRIL
30,
2023
2023
Annual
Report
iShares
Trust
iShares
Cohen
&
Steers
REIT
ETF
|
ICF
|
Cboe
BZX
Dear
Shareholder,
Investors
faced
an
uncertain
economic
landscape
during
the
12-month
reporting
period
ended
April
30,
2023,
amid
mixed
indicators
and
rapidly
changing
market
conditions.
The
U.S.
economy
returned
to
modest
growth
beginning
in
the
third
quarter
of
2022,
although
the
pace
of
growth
slowed
thereafter.
Inflation
was
elevated,
reaching
a
40-year
high
as
labor
costs
grew
rapidly
and
unemployment
rates
reached
the
lowest
levels
in
decades.
However,
inflation
moderated
as
the
period
continued,
while
continued
strength
in
consumer
spending
backstopped
the
economy.
Equity
returns
varied
substantially,
as
large-capitalization
U.S.
stocks
gained
for
the
period
amid
a
rebound
in
big
tech
stocks,
whereas
small-capitalization
U.S.
stocks
declined.
International
equities
from
developed
markets
advanced
strongly,
while
emerging
market
stocks
declined,
pressured
by
higher
interest
rates
and
volatile
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
high-yield
corporate
bonds
posted
a
positive
return
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
In
addition,
the
Fed
added
liquidity
to
markets
amid
the
failure
of
prominent
regional
banks.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
was
modest
in
the
last
year,
we
believe
that
stickiness
in
services
inflation
and
continued
wage
growth
will
keep
inflation
above
central
bank
targets
for
some
time.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
indicated
a
pause
could
be
its
next
step,
we
believe
that
the
Fed
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near
term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
late
in
the
period
highlighted
the
potential
for
the
rapid
increase
in
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
we
prefer
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
we
believe
a
weakening
U.S.
dollar
could
provide
a
supportive
backdrop.
We
also
see
selective,
long-term
opportunities
in
credit,
where
we
believe
that
valuations
are
appealing,
and
higher
yields
offer
attractive
income.
However,
we
are
neutral
on
credit
in
the
near
term,
as
we’re
concerned
about
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
significant
opportunities
in
short-
term
U.S.
Treasuries,
global
inflation-linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency. 
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
April
30,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
8.63
%
2.66
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(3.45
)
(3.65
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
24.19
8.42
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
16.36
(6.51
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.09
2.83
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
7.14
(1.68
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
6.91
(0.43
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.65
2.87
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.21
1.21
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
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
..........................................................................................
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
Market
Overview
2023
iShares
Annual
Report
To
Shareholders
4
iShares
Trust
Domestic
Market
Overview
U.S.
stocks
advanced
for
the
12
months
ended April
30,
2023
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
1.50%.
Despite
headwinds,
including
elevated
inflation
and
rapid
tightening
of
monetary
policy,
equities
were
supported
by
the
economy’s
continued
resilience.
While
inflation
was
high
throughout
the
reporting
period,
the
pace
of
inflationary
growth
slackened,
driving
investor
optimism.
Markets
endured
in
the
face
of
disruption
from
the
banking
industry
late
in
the
reporting
period.
In
March
2023,
two
banks
suddenly
failed,
representing
the
second
and
third
largest
bank
failures
in
U.S.
history
by
asset
value
and
leading
to
concern
about
the
stability
of
a
third
bank.
However,
government
agencies
acted
swiftly
to
organize
a
sale
of
the
failed
banks’
assets
and
inject
liquidity,
and
equity
prices
recovered.
Inflation
was
a
significant
driver
of
the
economic
outlook.
As
the
reporting
period
began,
the
consumer
price
index,
a
widely
followed
measure
of
inflation,
stood
at
a
multi-
decade
high.
Strong
consumer
spending
and
a
tight
labor
market,
along
with
continued
supply
chain
disruptions
in
Asia,
combined
to
drive
prices
higher.
The
rate
of
inflation
began
to
decline
beginning
in
July
2022,
continuing
to
decelerate
for
10
consecutive
months.
Nonetheless,
inflation
remained
elevated
by
historic
standards,
and
higher
prices
negatively
impacted
both
consumers
and
businesses.
The
U.S.
economy
recovered
from
a
contraction
in
the
first
half
of
2022
to
post
modest
growth
in
the
second
half
of
2022
and
the
first
quarter
of
2023.
Consumers
continued
to
power
the
economy
with
growing
spending,
despite
higher
prices
for
many
consumer
goods
and
services.
The
strong
labor
market
supported
spending,
as
unemployment
remained
very
low,
at
one
point
dropping
to
the
lowest
posted
level
since
1969.
Furthermore,
the
labor
force
participation
rate
—
which
measures
the
total
proportion
of
working
age
persons
employed
or
looking
for
work
—
rose,
indicating
that
more
people
were
being
drawn
into
the
labor
force.
Amid
tightening
labor
supply,
wages
rose
significantly,
with
the
largest
gains
at
the
lower
end
of
the
wage
spectrum.
To
contain
inflation,
the
U.S.
Federal
Reserve
Bank (“Fed”)
tightened
monetary
policy
rapidly,
raising
short-term
interest
rates
eight
times
over
the
course
of
the
reporting
period.
The
pace
of
tightening
accelerated
as
the
Fed
twice
stepped
up
the
increment
of
increase
before
reducing
it
again
as
inflation
began
to
subside.
The
Fed
also
started
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.
While
the
Fed
indicated
that
more
tightening
could
be
needed
to
achieve
its
long-term
inflation
goal,
it
sounded
a
more
cautious
note
about
the
potential
for
further
interest
rate
increases
near
the
end
of
the
reporting
period.
Despite
economic
headwinds,
corporate
profits
remained
robust,
as
many
companies
were
able
to
sufficiently
raise
prices
to
preserve
profit
margins
even
in
the
face
of
rising
labor
and
input
costs.
Nonetheless,
profits
declined
overall
in
the
fourth
quarter
of
2022,
and
the
yield
curve
(a
graphical
representation
of
U.S.
Treasury
rates
at
different
maturities)
inverted,
a
sign
that
markets
were
concerned
about
the
impact
of
higher
borrowing
costs
on
the
economy.
Furthermore,
dwindling
personal
savings
and
rising
household
debt
raised
questions
about
the
sustainability
of
consumer
spending
as
an
engine
of
economic
growth.
Fund
Summary
as
of
April
30,
2023
5
Fund
Summary
iShares
®
Cohen
&
Steers
REIT
ETF
Investment
Objective
The
iShares
Cohen
&
Steers
REIT
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
U.S.
real
estate
investment
trusts
(“REITs”),
as
represented
by
the
Cohen
&
Steers
Realty
Majors
Index
(the
“Index”).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
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
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(16.31‌)%
6.11‌%
5.46‌%
(16.31‌)%
34.54‌%
70.14‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(16.35‌)
6.11‌
5.46‌
(16.35‌)
34.54‌
70.19‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(16.02‌)
6.50‌
5.84‌
(16.02‌)
36.98‌
76.33‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,035.60‌
$
1.67‌
$
1,000.00‌
$
1,023.16‌
$
1.66‌
0.33‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
2023
iShares
Annual
Report
to
Shareholders
6
iShares
®
Cohen
&
Steers
REIT
ETF
Portfolio
Management
Commentary
U.S.
real
estate
investment
trusts
(“REITs”)
declined
sharply
during
the
reporting
period
amid
a
slowing
economy,
higher
inflation,
and
rising
interest
rates.
REITs
typically
take
on
substantial
debt
in
order
to
finance
the
purchase
of
the
properties
they
manage,
and
the
sharp
rise
in
interest
rates
made
financing
more
expensive
for
REITs.
Furthermore,
higher
interest
rates
meant
increased
bond
yields,
making
dividend
yields
from
REITs
comparatively
less
attractive
to
income-oriented
investors,
although
many
REITs
raised
dividends
during
the
reporting
period.
Diversified
REITs,
which
own
and
operate
a
mix
of
property
types,
detracted
the
most
from
the
Index’s
performance,
particularly
those
specializing
in
communications
infrastructure.
Operators
of
large
networks
of
cellular
towers
faced
slowing
growth
as
consumers
purchased
fewer
cell
phones
that
use
5G
network
technology.
Cell
tower
consolidation,
resulting
in
part
from
the
2020
merger
of
two
large
mobile
communications
companies,
and
higher
financing
costs
constrained
cell
tower
operators.
Diversified
REITs
with
significant
investments
in
residential
properties
also
weighed
on
the
Index’s
return,
particularly
those
that
operate
in
large
cities
where
the
real
estate
markets
failed
to
fully
recover
from
the
impact
of
the
pandemic.
A
large
number
of
new
apartment
buildings
were
constructed
during
the
reporting
period,
adding
to
supply
and
putting
downward
pressure
on
the
rents
that
landlords
could
charge.
Diversified
REITs
with
a
substantial
office
property
component
also
detracted
from
the
Index’s
performance,
as
they
contended
with
weak
office
leasing
rates.
REITs
that
build
and
manage
offices
and
laboratories
for
the
biotechnology
industry
declined
amid
scaled-back
development
due
to
high
material
and
labor
costs
coupled
with
shortages
of
construction
materials.
In
addition,
a
slowdown
in
e-commerce
weighed
on
diversified
REITs
focused
on
industrial
properties,
particularly
warehouses
and
logistics
facilities
used
for
order
fulfilment.
Portfolio
Information
INDUSTRY
ALLOCATION
Industry
Percent
of
TotaI
Investments
(a)
Specialized
REITs
.................................
44.7‌
%
Residential
REITs
.................................
18.8‌
Retail
REITs
.....................................
14.1‌
Industrial
REITs
...................................
9.7‌
Health
Care
REITs
.................................
6.6‌
Office
REITs
.....................................
4.5‌
Hotel
&
Resort
REITs
...............................
1.6‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Equinix,
Inc.
.....................................
8.6‌
%
Prologis,
Inc.
.....................................
8.3‌
American
Tower
Corp.
..............................
8.0‌
Crown
Castle,
Inc.
.................................
7.2‌
Public
Storage
....................................
6.3‌
Realty
Income
Corp.
................................
5.3‌
Welltower,
Inc.
....................................
5.0‌
Simon
Property
Group,
Inc.
...........................
5.0‌
VICI
Properties,
Inc.
................................
4.4‌
Digital
Realty
Trust,
Inc.
.............................
3.8‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
7
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
the
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of the
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
example
shown (which
is
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period)
is
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in
the
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
example
provides information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
example also
provides
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Fund
and
other
funds, compare
the
5%
hypothetical
example
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
example are
intended
to highlight shareholder’s
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
example is
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
April
30,
2023
iShares
®
Cohen
&
Steers
REIT
ETF
8
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Health
Care
REITs
—
6.6%
Healthpeak
Properties,
Inc.
............
1,640,362
$
36,038,753
Welltower,
Inc.
.....................
1,441,950
114,231,279
150,270,032
Hotel
&
Resort
REITs
—
1.5%
Host
Hotels
&
Resorts,
Inc.
............
2,181,986
35,282,714
Industrial
REITs
—
9.7%
Prologis,
Inc.
......................
1,507,044
188,757,261
Rexford
Industrial
Realty,
Inc.
..........
559,949
31,228,356
219,985,617
Office
REITs
—
4.5%
Alexandria
Real
Estate
Equities,
Inc.
......
480,657
59,687,986
Boston
Properties,
Inc.
...............
435,303
23,227,768
Cousins
Properties,
Inc.
..............
462,117
10,078,772
Kilroy
Realty
Corp.
..................
320,519
9,371,976
102,366,502
Residential
REITs
—
18.8%
AvalonBay
Communities,
Inc.
..........
426,911
77,001,937
Equity
LifeStyle
Properties,
Inc.
.........
533,862
36,783,092
Equity
Residential
..................
1,037,936
65,649,452
Essex
Property
Trust,
Inc.
.............
197,604
43,419,527
Invitation
Homes,
Inc.
................
1,772,495
59,148,158
Mid-America
Apartment
Communities,
Inc.
..
352,391
54,197,736
Sun
Communities,
Inc.
...............
378,064
52,524,431
UDR,
Inc.
........................
933,822
38,594,863
427,319,196
Retail
REITs
—
14.1%
Federal
Realty
Investment
Trust
.........
223,036
22,056,030
Kimco
Realty
Corp.
.................
1,887,302
36,217,325
Realty
Income
Corp.
.................
1,913,829
120,265,014
Regency
Centers
Corp.
..............
469,981
28,870,933
Simon
Property
Group,
Inc.
............
997,712
113,060,724
320,470,026
Specialized
REITs
—
44.7%
American
Tower
Corp.
...............
893,260
182,573,411
Crown
Castle,
Inc.
..................
1,321,494
162,662,697
Digital
Realty
Trust,
Inc.
..............
877,405
86,994,706
Equinix,
Inc.
......................
270,610
195,943,289
Extra
Space
Storage,
Inc.
.............
408,678
62,135,403
Public
Storage
.....................
482,381
142,220,390
SBA
Communications
Corp.
...........
329,470
85,955,428
VICI
Properties,
Inc.
.................
2,939,000
99,749,660
1,018,234,984
Total
Long-Term
Investments
—
99.9%
(Cost:
$2,263,809,028)
...........................
2,273,929,071
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
0.1%
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.75%
(a)(b)
................
2,647,281
$
2,647,281
Total
Short-Term
Securities
—
0.1%
(Cost:
$2,647,281)
..............................
2,647,281
Total
Investments
—
100.0%
(Cost:
$2,266,456,309
)
...........................
2,276,576,352
Other
Assets
Less
Liabilities
—
0.0%
...................
556,640
Net
Assets
—
100.0%
..............................
$
2,277,132,992
(a)
Annualized
7-day
yield
as
of
period
end.
(b)
Affiliate
of
the
Fund.
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Cohen
&
Steers
REIT
ETF
Schedule
of
Investments
9
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
(a)
..............
$
—
$
—
$
(10,342)
(b)
$
10,342
$
—
$
—
—
$
29,955
(c)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
5,220,000
—
(2,572,719)
(b)
—
—
2,647,281
2,647,281
104,526
1
$
10,342
$
—
$
2,647,281
$
134,481
$
1
—
—
(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
Dow
Jones
U.S.
Real
Estate
Index
..............................................
84
06/16/23
$
2,795
$
146,557
As
of
period
end,
the
fair
values
of
derivative
financial
instruments
located
in
the
Statement
of
Assets
and
Liabilities
were
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Assets
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
appreciation
on
futures
contracts
(a)
......
$
—
$
—
$
146,557
$
—
$
—
$
—
$
146,557
(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
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statement
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(1,802,170)
$
—
$
—
$
—
$
(1,802,170)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
98,453
$
—
$
—
$
—
$
98,453
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Cohen
&
Steers
REIT
ETF
10
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.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
4,865,345
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
2,273,929,071
$
—
$
—
$
2,273,929,071
Short-Term
Securities
Money
Market
Funds
......................................
2,647,281
—
—
2,647,281
$
2,276,576,352
$
—
$
—
$
2,276,576,352
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
146,557
$
—
$
—
$
146,557
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statement
of
Assets
and
Liabilities

April
30,
2023
11
Financial
Statements
See
notes
to
financial
statements.
iShares
Cohen
&
Steers
REIT
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
........................................................................................
$
2,273,929,071‌
Investments,
at
value
—
affiliated
(b)
..........................................................................................
2,647,281‌
Cash
pledged:
Futures
contracts
....................................................................................................
230,000‌
Receivables:
–‌
Dividends
—
unaffiliated
...............................................................................................
882,722‌
Dividends
—
affiliated
.................................................................................................
13,715‌
Variation
margin
on
futures
contracts
.......................................................................................
32,819‌
Other
assets
.........................................................................................................
10,353‌
Total
assets
.........................................................................................................
2,277,745,961‌
LIABILITIES
Payables:
–‌
Capital
shares
redeemed
...............................................................................................
4,432‌
Investment
advisory
fees
...............................................................................................
608,537‌
Total
liabilities
........................................................................................................
612,969‌
NET
ASSETS
........................................................................................................
$
2,277,132,992‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
2,420,540,553‌
Accumulated
loss
.....................................................................................................
(143,407,561‌)
NET
ASSETS
........................................................................................................
$
2,277,132,992‌
NET
ASSET
VALUE
Shares
outstanding
....................................................................................................
40,850,000‌
Net
asset
value
.......................................................................................................
$
55.74‌
Shares
authorized
.....................................................................................................
Unlimited
Par
value
...........................................................................................................
None
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
2,263,809,028‌
(b)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
2,647,281‌
Statement
of
Operations

Year
Ended
April
30,
2023
2023
iShares
Annual
Report
to
Shareholders
12
See
notes
to
financial
statements.
iShares
Cohen
&
Steers
REIT
ETF
INVESTMENT
INCOME
–
Dividends
—
unaffiliated
...............................................................................................
$
74,091,625‌
Dividends
—
affiliated
.................................................................................................
104,526‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
29,955‌
Total
investment
income
.................................................................................................
74,226,106‌
EXPENSES
Investment
advisory
..................................................................................................
7,867,021‌
Total
expenses
.......................................................................................................
7,867,021‌
Net
investment
income
..................................................................................................
66,359,085‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(525,513,286‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
...........................................................................................
(20,258,397‌)
Investments
—
affiliated
.............................................................................................
10,342‌
Capital
gain
distributions
from
underlying
funds
—
affiliated
......................................................................
1‌
Futures
contracts
..................................................................................................
(1,802,170‌)
In-kind
redemptions
—
unaffiliated
(a)
.....................................................................................
59,914,322‌
37,864,098‌
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(563,475,836‌)
Futures
contracts
..................................................................................................
98,453‌
(563,377,383‌)
Net
realized
and
unrealized
loss
............................................................................................
(525,513,285‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(459,154,200‌)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
Statements
of
Changes
in
Net
Assets

13
Financial
Statements
See
notes
to
financial
statements.
iShares
Cohen
&
Steers
REIT
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
66,359,085‌
$
38,463,959‌
Net
realized
gain
......................................................................................
37,864,098‌
75,595,227‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(563,377,383‌)
139,703,962‌
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.........................................................
(459,154,200‌)
253,763,148‌
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(60,855,631‌)
(50,406,231‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
in
net
assets
derived
from
capital
share
transactions
.......................................................
43,705,708‌
292,748,055‌
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.........................................................................
(476,304,123‌)
496,104,972‌
Beginning
of
year
........................................................................................
2,753,437,115‌
2,257,332,143‌
End
of
year
............................................................................................
$
2,277,132,992‌
$
2,753,437,115‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Annual
Report
to
Shareholders
14
iShares
Cohen
&
Steers
REIT
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
.................................
$
68.41
‌
$
62.62
‌
$
49.68
‌
$
55.51
‌
$
47.00
‌
Net
investment
income
(b)
........................................
1.62
‌
1.01
‌
1.15
‌
1.39
‌
1.28
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............................
(12.80
)
6.10
‌
13.04
‌
(5.78
)
8.74
‌
Net
increase
(decrease)
from
investment
operations
.......................
(11.18
)
7.11
‌
14.19
‌
(4.39
)
10.02
‌
Distributions
from
net
investment
income
(d)
..............................
(1.49
)
(1.32
)
(1.25
)
(1.44
)
(1.51
)
Net
asset
value,
end
of
year
......................................
$
55.74
‌
$
68.41
‌
$
62.62
‌
$
49.68
‌
$
55.51
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.........................................
(16.31
)%
11.33
%
29.11
%
(8.10
)%
21.70
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................................
0.33
%
0.32
%
0.33
%
0.34
%
0.34
%
Net
investment
income
...........................................
2.77
%
1.46
%
2.15
%
2.43
%
2.51
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
2,277,133
‌
$
2,753,437
‌
$
2,257,332
‌
$
1,842,861
‌
$
2,187,126
‌
Portfolio
turnover
rate
(g)
...........................................
12
%
11
%
27
%
19
%
17
%
(a)
Per
share
amounts
reflect
a
two-for-one
stock
split
effective
after
the
close
of
trading
on
December
4,
2020.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
15
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
fund
(the
“Fund”):
2.
Significant
Accounting
Policies 
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
The
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. 
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Fund
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Fund.
Because
such
gains
or
losses
are
not
taxable
to
the
Fund
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Fund’s
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
the
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Fund.
Indemnifications:
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Fund’s
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Fund,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
The
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
 (the
“Board”)
of
the
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Fund’s
investment
adviser,
as
the
valuation
designee
for
the
Fund.
The
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with BFA’s policies
and
procedures as
reflecting
fair
value.
BFA
has
formed
a
committee
(the
"Valuation
Committee")
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
Fair
Value
Inputs
and
Methodologies:
The
following
methods
and
inputs
are
used
to
establish
the
fair
value
of
the
Fund’s
assets
and
liabilities:
Equity
investments
traded
on
a
recognized
securities
exchange
are
valued
at
that
day’s
official
closing
price,
as
applicable,
on
the
exchange
where
the
stock
is
primarily
traded.
Equity
investments
traded
on
a
recognized
exchange
for
which
there
were
no
sales
on
that
day
are valued
at
the
last
traded
price.
Investments
in
open-end
U.S.
mutual
funds
(including
money
market
funds)
are
valued
at
that
day’s
published
NAV.
Futures
contracts
are
valued
based
on
that
day’s
last
reported
settlement
or
trade
price
on
the
exchange
where
the
contract
is
traded.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that
the
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
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.
iShares
ETF
Diversification
Classification
Cohen
&
Steers
REIT
..................................................................................................
Non-diversified
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
To
Shareholders
16
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.
The
risks
of
securities
lending
include
the
risk
that
the
borrower
may
not
provide
additional
collateral
when
required
or
may
not
return
the
securities
when
due.
To
mitigate
these
risks,
the
Fund
benefits
from
a
borrower
default
indemnity
provided
by
BlackRock,
Inc.
(“BlackRock”).
BlackRock’s
indemnity
allows
for
full
replacement
of
the
securities
loaned
to
the
extent
the
collateral
received
does
not
cover
the
value
of
the
securities
loaned
in
the
event
of
borrower
default.
The
Fund
could
incur
a
loss
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
market
value
of
the
loaned
securities
or
if
the
value
of
an
investment
purchased
with
cash
collateral
falls
below
the
value
of
the
original
cash
collateral
received.
Such
losses
are
borne
entirely
by
the
Fund.
5.
Derivative
Financial
Instruments
Futures
Contracts: 
Futures
contracts
are
purchased
or
sold
to
gain
exposure
to,
or
manage
exposure
to,
changes
in
interest
rates
(interest
rate
risk)
and
changes
in
the
value
of
equity
securities
(equity
risk)
or
foreign
currencies
(foreign
currency
exchange
rate
risk).
Futures
contracts
are
exchange-traded
agreements
between
the
Fund
and
a
counterparty
to
buy
or
sell
a
specific
quantity
of
an
underlying
instrument
at
a
specified
price
and
on
a
specified
date.
Depending
on
the
terms
of
a
contract,
it
is
settled
either
through
physical
delivery
of
the
underlying
instrument
on
the
settlement
date
or
by
payment
of
a
cash
amount
on
the
settlement
date.
Upon
entering
into
a
futures
contract,
the
Fund
is
required
to
deposit
initial
margin
with
the
broker
in
the
form
of
cash
or
securities
in
an
amount
that
varies
depending
on
a
contract’s
size
and
risk
profile.
The
initial
margin
deposit
must
then
be
maintained
at
an
established
level
over
the
life
of
the
contract.
Amounts
pledged,
which
are
considered
restricted,
are
included
in
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Notes
to
Financial
Statements
(continued)
17
Notes
to
Financial
Statements
Securities
deposited
as
initial
margin
are
designated
in
the
Schedule
of
Investments
and
cash
deposited,
if
any,
are
shown
as
cash
pledged
for
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
Pursuant
to
the
contract,
the
Fund
agrees
to
receive
from
or
pay
to
the
broker
an
amount
of
cash
equal
to
the
daily
fluctuation
in
market
value
of
the
contract
(“variation
margin”).
Variation
margin
is
recorded
as
unrealized
appreciation
(depreciation)
and,
if
any,
shown
as
variation
margin
receivable
(or
payable)
on
futures
contracts
in
the
Statement
of
Assets
and
Liabilities.
When
the
contract
is
closed,
a
realized
gain
or
loss
is
recorded
in
the
Statement
of
Operations
equal
to
the
difference
between
the
notional
amount
of
the
contract
at
the
time
it
was
opened
and
the
notional
amount
at
the
time
it
was
closed.
The
use
of
futures
contracts
involves
the
risk
of
an
imperfect
correlation
in
the
movements
in
the
price
of
futures
contracts
and
interest
rates,
foreign
currency
exchange
rates
or
underlying
assets.
6.
Investment
Advisory
Agreement
and
Other
Transactions
with
Affiliates
Investment
Advisory
Fees:
Pursuant
to
an
Investment
Advisory
Agreement
with
the 
Trust
,
BFA
manages
the
investment
of
the
Fund’s
assets.
BFA
is
a
California
corporation
indirectly
owned
by
BlackRock. Under
the
Investment
Advisory
Agreement,
BFA
is
responsible
for
substantially
all
expenses
of
the
Fund,
except
(
i
)
interest
and
taxes;
(ii)
brokerage
commissions
and
other
expenses
connected
with
the
execution
of
portfolio
transactions;
(iii)
distribution
fees;
(iv)
the
advisory
fee
payable
to
BFA;
and
(v)
litigation
expenses
and
any
extraordinary
expenses
(in
each
case
as
determined
by
a
majority
of
the
independent
trustees
).
For
its
investment
advisory
services
to
the
Fund, BFA
is
entitled
to
an
annual
investment
advisory
fee,
accrued
daily
and
paid
monthly
by
the
Fund,
based
on the
Fund’s
allocable
portion
of
the
aggregate
of
the
average
daily
net
assets
of
the
Fund
and
certain
other
iShares
funds,
as
follows:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
the
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Fund.
ETF
Servicing
Fees:
The
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided.
The
Fund
does
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Fund,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
The
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
the
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
The
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
the
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
the
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
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
April
30,
2023,
the
Fund
paid
BTC $12,125
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.
Aggregate
Average
Daily
Net
Assets
Investment
Advisory
Fees
First
$121
billion
..................................................................................................
0.3500%
Over
$121
billion,
up
to
and
including
$181
billion
............................................................................
0.3325
Over
$181
billion,
up
to
and
including
$231
billion
............................................................................
0.3159
Over
$231
billion,
up
to
and
including
$281
billion
............................................................................
0.3001
Over
$281
billion
..................................................................................................
0.2851
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
To
Shareholders
18
For
the year ended April
30,
2023,
transactions
executed
by
the
Fund
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
The
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statement
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year ended
April
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
April
30,
2023,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
The
Fund
is
treated
as
an
entity
separate
from
the Trust’s
other
funds
for
federal
income
tax
purposes.
It
is
the
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Fund
as
of
April
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
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 April
30,
2023,
permanent
differences
attributable
to
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
April
30,
2023,
the
tax
components
of
accumulated
net
earnings
(losses)
were
as
follows:
As
of
April
30,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Cohen
&
Steers
REIT
...................................................................
$
27,912,960‌
$
35,770,048‌
$
(10,174,567‌)
iShares
ETF
Purchases
Sales
Cohen
&
Steers
REIT
...................................................................................
$
306,501,373‌
$
289,731,440‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Cohen
&
Steers
REIT
...................................................................................
$
322,473,855‌
$
279,078,568‌
iShares
ETF
Paid-In
Capital
Accumulated
Earnings
(Loss)
Cohen
&
Steers
REIT
........................................................................
$
58,254,172‌
$
(58,254,172‌)
—‌
iShares
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Cohen
&
Steers
REIT
Ordinary
income
...........................................................................................
$
60,855,631‌
$
50,406,231‌
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
Cohen
&
Steers
REIT
....................................................
$
5,503,454‌
$
(132,983,422‌)
$
(15,927,593‌)
$
(143,407,561‌)
(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,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts
and
the
timing
and
recognition
of
realized
gains
(losses)
for
tax
purposes.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Cohen
&
Steers
REIT
..............................................
$
2,292,503,945‌
$
250,108,650‌
$
(266,036,243‌)
$
(15,927,593‌)
Notes
to
Financial
Statements
(continued)
19
Notes
to
Financial
Statements
9.
Principal
Risks
In
the
normal
course
of
business,
the
Fund
invests
in
securities
or
other
instruments
and
may
enter
into
certain
transactions,
and
such
activities
subject
the
Fund
to
various
risks,
including,
among
others,
fluctuations
in
the
market
(market
risk)
or
failure
of
an
issuer
to
meet
all
of
its
obligations.
The
value
of
securities
or
other
instruments
may
also
be
affected
by
various
factors,
including,
without
limitation:
(i)
the
general
economy;
(ii)
the
overall
market
as
well
as
local,
regional
or
global
political
and/or
social
instability;
(iii)
regulation,
taxation
or
international
tax
treaties
between
various
countries;
or
(iv)
currency,
interest
rate
or
price
fluctuations.
Local,
regional
or
global
events
such
as
war,
acts
of
terrorism,
the
spread
of
infectious
illness
or
other
public
health
issues,
recessions,
or
other
events
could
have
a
significant
impact
on
the
Fund
and
its
investments.
The
Fund’s
prospectus
provides
details
of
the
risks
to
which
the
Fund
is
subject.
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
the
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Fund
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
Counterparty
Credit
Risk:
The
Fund
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Fund
manages
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Fund
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Fund’s
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statement
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Fund.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Fund
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the Fund.
Concentration
Risk:
A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
the
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments
.
The
Fund
invests
a
significant
portion
of
its
assets
in
securities
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
invests. 
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.
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
To
Shareholders
20
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
the
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
the
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statement
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Fund
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
04/30/23
Year
Ended
04/30/22
iShares
ETF
Shares
Amount
Shares
Amount
Cohen
&
Steers
REIT
Shares
sold
5,500,000‌
$
323,631,350‌
6,750,000‌
$
468,713,265‌
Shares
redeemed
(4,900,000‌)
(279,925,642‌)
(2,550,000‌)
(175,965,210‌)
600,000‌
$
43,705,708‌
4,200,000‌
$
292,748,055‌
Report
of
Independent
Registered
Public
Accounting
Firm
21
Report
of
Independent
Registered
Public
Accounting
Firm
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
iShares
Cohen
&
Steers
REIT
ETF
Opinion
on
the
Financial
Statements
We
have
audited
the
accompanying
statement
of
assets
and
liabilities,
including
the
schedule
of
investments,
of
iShares
Cohen
&
Steers
REIT
ETF
(one
of
the
funds
constituting
iShares
Trust,
referred
to
hereafter
as
the
“Fund”)
as
of
April
30,
2023,
the
related
statement
of
operations
for
the
year
ended
April
30,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2023 (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
April
30,
2023,
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
April
30,
2023
and the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2023 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
April
30,
2023
by
correspondence
with
the
custodian,
transfer
agent
and
brokers. We
believe
that
our
audits
provide
a
reasonable
basis
for
our
opinion.
/s/PricewaterhouseCoopers
LLP
Philadelphia,
Pennsylvania
June
21,
2023 
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
Important
Tax
Information
(unaudited)
2023
iShares
Annual
Report
to
Shareholders
22
The
following
amount,
or
maximum
amount
allowable
by
law, is
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
April
30,
2023:
The
following
amount,
or
maximum
amount
allowable
by
law, is
hereby
designated
as
qualified business
income
for
individuals
for
the
fiscal
year
ended
April
30,
2023:
iShares
ETF
Qualified
Dividend
Income
Cohen
&
Steers
REIT
................................................................................................
$
361,262‌
iShares
ETF
Qualified
Business
Income
Cohen
&
Steers
REIT
................................................................................................
$
40,114,628‌
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
23
Statement
Regarding
Liquidity
Risk
Management
Program
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
Cohen
&
Steers
REIT
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
9,
2022
(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,
2021
through
September
30,
2022
(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, the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
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
(“RATS”).
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
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.
Supplemental
Information
(unaudited)
2023
iShares
Annual
Report
to
Shareholders
24
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.
April
30,
2023
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
.
Total
Cumulative
Distributions
for
the
Fiscal
Year
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Cohen
&
Steers
REIT
...................
$
1.490851‌
$
—‌
$
—‌
$
1.490851‌
100‌%
—‌%
—‌%
100‌%
Trustee
and
Officer
Information
(unaudited)
25
Trustee
and
Officer
Information
The
Board
of
Trustees
has
responsibility
for
the
overall
management
and
operations
of
the
Fund,
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”). The
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
380
funds
as
of
April
30,
2023.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Charles
Park,
the
address
of
each
Trustee
and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Park
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New
York,
NY
10001.
The
Board
has
designated
John
E.
Kerrigan
as
its
Independent
Board
Chair.
Additional
information
about
the
Fund’s
Trustees
and
officers
may
be
found
in
the
Fund’s
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
(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)
Salim
Ramji
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
Robert
S.
Kapito
(a)
(1957)
Trustee
(since
2009).
President,
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).
Salim
Ramji
(b)
(1970)
Trustee
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Director
of
iShares,
Inc.
(since
2019);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019).
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);
Chair
(1994-2005)
and
Member
(1992-2021)
of
the
Investment
Committee,
Archdiocese
of
San
Francisco;
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-2018);
Director
(1998-2013)
and
President
(2007-2011)
of
the
Board
of
Directors,
Catholic
Charities
CYO;
Trustee
(2002-2011)
and
Chair
of
the
Finance
and
Investment
Committee
(2006-2010)
of
the
Thacher
School;
Director
of
the
Senior
Center
of
Jackson
Hole
(since
2020);
Director
of
the
Jackson
Hole
Center
for
the
Arts
(since
2021);
Member
of
the
Wyoming
State
Investment
Funds
Committee
(since
2022).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Trustee
and
Officer
Information
(unaudited)
(continued)
2023
iShares
Annual
Report
to
Shareholders
26
Officers
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);
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).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Dominik
Rohé
(1973)
President
(since
2023).
Managing
Director,
BlackRock,
Inc.
(since
2005);
Head
of
Americas
ETF
and
Index
Investments
(since
2023);
Head
of
Latin
America
(2019-
2023).
Trent
Walker
(1974)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
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);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Charles
Park
(1967)
Chief
Compliance
Officer
(since
2006).
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
(since
2014);
Chief
Compliance
Officer
of
BFA
(since
2006).
Marisa
Rolland
(1980)
Secretary
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2023);
Director,
BlackRock,
Inc.
(2018-2022);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(1982)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-
2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(1976)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(1970)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
June
15,
2022,
Marisa
Rolland
replaced
Deepa
Damre
Smith
as
Secretary.
Effective
March
30,
2023,
Dominik
Rohé
replaced
Armando
Senra
as
President.
Independent
Trustees
(continued)
General
Information
27
General
Information
Electronic
Delivery
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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
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shareholder
reports
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the
mail.
To
enroll
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electronic
delivery:
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Go
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Please
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Householding
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certain
fund
investors.
Householding
is
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method
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delivery,
based
on
the
preference
of
the
individual
investor,
in
which
a
single
copy
of
certain
shareholder
documents
and
Rule
30e-3
notices
can
be
delivered
to
investors
who
share
the
same
address,
even
if
their
accounts
are
registered
under
different
names.
Please
contact
your
broker-dealer
if
you
are
interested
in
enrolling
in
householding
and
receiving
a
single
copy
of
prospectuses
and
other
shareholder
documents,
or
if
you
are
currently
enrolled
in
householding
and
wish
to
change
your
householding
status.
Availability
of
Quarterly
Schedule
of
Investments
The
Fund
files
its
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
Fund’s
Form
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
the
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of
the
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus.
The
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
iS-AR-411-0423
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.
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Funds
are
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Investments,
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(together
with
its
affiliates,
“BlackRock”).
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iShares
Funds
are
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sponsored,
endorsed,
issued,
sold
or
promoted
by Cohen
&
Steers
Capital
Management,
Inc.,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
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trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
APRIL
30,
2023
2023
Annual
Report
iShares
Trust
iShares
Morningstar
Growth
ETF
|
ILCG
|
NYSE
Arca
iShares
Morningstar
Mid-Cap
ETF
|
IMCB
|
NYSE
Arca
iShares
Morningstar
Mid-Cap
Growth
ETF
|
IMCG
|
NYSE
Arca
iShares
Morningstar
Small-Cap
Growth
ETF
|
ISCG
|
NYSE
Arca
iShares
Morningstar
Small-Cap
Value
ETF
|
ISCV
|
NYSE
Arca
Dear
Shareholder,
Investors
faced
an
uncertain
economic
landscape
during
the
12-month
reporting
period
ended
April
30,
2023,
amid
mixed
indicators
and
rapidly
changing
market
conditions.
The
U.S.
economy
returned
to
modest
growth
beginning
in
the
third
quarter
of
2022,
although
the
pace
of
growth
slowed
thereafter.
Inflation
was
elevated,
reaching
a
40-year
high
as
labor
costs
grew
rapidly
and
unemployment
rates
reached
the
lowest
levels
in
decades.
However,
inflation
moderated
as
the
period
continued,
while
continued
strength
in
consumer
spending
backstopped
the
economy.
Equity
returns
varied
substantially,
as
large-capitalization
U.S.
stocks
gained
for
the
period
amid
a
rebound
in
big
tech
stocks,
whereas
small-capitalization
U.S.
stocks
declined.
International
equities
from
developed
markets
advanced
strongly,
while
emerging
market
stocks
declined,
pressured
by
higher
interest
rates
and
volatile
commodities
prices.
The
10-year
U.S.
Treasury
yield
rose
during
the
reporting
period,
driving
its
price
down,
as
investors
reacted
to
elevated
inflation
and
attempted
to
anticipate
future
interest
rate
changes.
The
corporate
bond
market
also
faced
inflationary
headwinds,
although
high-yield
corporate
bonds
posted
a
positive
return
as
demand
from
yield-seeking
investors
remained
strong.
The
U.S.
Federal
Reserve
(the
“Fed”),
acknowledging
that
inflation
has
been
more
persistent
than
expected,
raised
interest
rates
eight
times.
Furthermore,
the
Fed
wound
down
its
bond-buying
programs
and
incrementally
reduced
its
balance
sheet
by
not
replacing
securities
that
reach
maturity.
In
addition,
the
Fed
added
liquidity
to
markets
amid
the
failure
of
prominent
regional
banks.
Restricted
labor
supply
kept
inflation
elevated
even
as
other
inflation
drivers,
such
as
goods
prices
and
energy
costs,
moderated.
While
economic
growth
was
modest
in
the
last
year,
we
believe
that
stickiness
in
services
inflation
and
continued
wage
growth
will
keep
inflation
above
central
bank
targets
for
some
time.
Although
the
Fed
has
decelerated
the
pace
of
interest
rate
hikes
and
indicated
a
pause
could
be
its
next
step,
we
believe
that
the
Fed
still
seems
determined
to
get
inflation
back
to
target.
With
this
in
mind,
we
believe
the
possibility
of
a
U.S.
recession
in
the
near
term
is
high,
but
the
dimming
economic
outlook
has
not
yet
been
fully
reflected
in
current
market
prices.
We
believe
investors
should
expect
a
period
of
higher
volatility
as
markets
adjust
to
the
new
economic
reality
and
policymakers
attempt
to
adapt
to
rapidly
changing
conditions.
Turmoil
in
the
banking
sector
late
in
the
period
highlighted
the
potential
for
the
rapid
increase
in
interest
rates
to
disrupt
markets
with
little
warning.
While
we
favor
an
overweight
to
equities
in
the
long
term,
we
prefer
an
underweight
stance
on
equities
overall
in
the
near
term.
Expectations
for
corporate
earnings
remain
elevated,
which
seems
inconsistent
with
the
possibility
of
a
recession.
Nevertheless,
we
are
overweight
on
emerging
market
stocks
as
we
believe
a
weakening
U.S.
dollar
could
provide
a
supportive
backdrop.
We
also
see
selective,
long-term
opportunities
in
credit,
where
we
believe
that
valuations
are
appealing,
and
higher
yields
offer
attractive
income.
However,
we
are
neutral
on
credit
in
the
near
term,
as
we’re
concerned
about
tightening
credit
and
financial
conditions.
For
fixed
income
investing
with
a
six-
to
twelve-month
horizon,
we
see
the
most
significant
opportunities
in
short-
term
U.S.
Treasuries,
global
inflation-linked
bonds,
and
emerging
market
bonds
denominated
in
local
currency. 
Overall,
our
view
is
that
investors
need
to
think
globally,
position
themselves
to
be
prepared
for
a
decarbonizing
economy,
and
be
nimble
as
market
conditions
change.
We
encourage
you
to
talk
with
your
financial
advisor
and
visit
iShares.com
for
further
insight
about
investing
in
today’s
markets.
Sincerely,
Rob
Kapito
President,
BlackRock,
Inc.
The
Markets
in
Review
Rob
Kapito
President,
BlackRock,
Inc.
Past
performance
is
not
an
indication
of
future
results.
Index
performance
is
shown
for
illustrative
purposes
only.
You
cannot
invest
directly
in
an
index.
Total
Returns
as
of
April
30,
2023
6-Month
12-Month
U.S.
large
cap
equities
(S&P
500
®
Index)
8.63
%
2.66
%
U.S.
small
cap
equities
(Russell
2000
®
Index)
(3.45
)
(3.65
)
International
equities
(MSCI
Europe,
Australasia,
Far
East
Index)
24.19
8.42
Emerging
market
equities
(MSCI
Emerging
Markets
Index)
16.36
(6.51
)
3-month
Treasury
bills
(ICE
BofA
3-Month
U.S.
Treasury
Bill
Index)
2.09
2.83
U.S.
Treasury
securities
(ICE
BofA
10-Year
U.S.
Treasury
Index)
7.14
(1.68
)
U.S.
investment
grade
bonds
(Bloomberg
U.S.
Aggregate
Bond
Index)
6.91
(0.43
)
Tax-exempt
municipal
bonds
(Bloomberg
Municipal
Bond
Index)
7.65
2.87
U.S.
high
yield
bonds
(Bloomberg
U.S.
Corporate
High
Yield
2%
Issuer
Capped
Index)
6.21
1.21
This
Page
is
not
Part
of
Your
Fund
Report
2
Table
of
Contents
Page
3
The
Markets
in
Review
...................................................................................................
2
Annual
Report:
Market
Overview
.......................................................................................................
4
Fund
Summary
........................................................................................................
5
About
Fund
Performance
..................................................................................................
15
Disclosure
of Expenses
...................................................................................................
15
Schedules
of
Investments
.................................................................................................
16
Financial
Statements:
Statements
of
Assets
and
Liabilities
.........................................................................................
63
Statements
of
Operations
................................................................................................
65
Statements
of
Changes
in
Net
Assets
........................................................................................
67
Financial
Highlights
.....................................................................................................
70
Notes
to
Financial
Statements
...............................................................................................
75
Report
of
Independent
Registered
Public
Accounting
Firm
..............................................................................
84
Important
Tax
Information
.................................................................................................
85
Statement
Regarding
Liquidity
Risk
Management
Program
.............................................................................
86
Supplemental
Information
.................................................................................................
87
Trustee
and
Officer
Information
..............................................................................................
88
General
Information
.....................................................................................................
90
Glossary
of
Terms
Used
in
this
Report
..........................................................................................
91
Market
Overview
2023
iShares
Annual
Report
To
Shareholders
4
iShares
Trust
Domestic
Market
Overview
U.S.
stocks
advanced
for
the
12
months
ended April
30,
2023
(“reporting
period”),
when
the
Russell
3000
®
Index,
a
broad
measure
of
U.S.
equity
market
performance,
returned
1.50%.
Despite
headwinds,
including
elevated
inflation
and
rapid
tightening
of
monetary
policy,
equities
were
supported
by
the
economy’s
continued
resilience.
While
inflation
was
high
throughout
the
reporting
period,
the
pace
of
inflationary
growth
slackened,
driving
investor
optimism.
Markets
endured
in
the
face
of
disruption
from
the
banking
industry
late
in
the
reporting
period.
In
March
2023,
two
banks
suddenly
failed,
representing
the
second
and
third
largest
bank
failures
in
U.S.
history
by
asset
value
and
leading
to
concern
about
the
stability
of
a
third
bank.
However,
government
agencies
acted
swiftly
to
organize
a
sale
of
the
failed
banks’
assets
and
inject
liquidity,
and
equity
prices
recovered.
Inflation
was
a
significant
driver
of
the
economic
outlook.
As
the
reporting
period
began,
the
consumer
price
index,
a
widely
followed
measure
of
inflation,
stood
at
a
multi-
decade
high.
Strong
consumer
spending
and
a
tight
labor
market,
along
with
continued
supply
chain
disruptions
in
Asia,
combined
to
drive
prices
higher.
The
rate
of
inflation
began
to
decline
beginning
in
July
2022,
continuing
to
decelerate
for
10
consecutive
months.
Nonetheless,
inflation
remained
elevated
by
historic
standards,
and
higher
prices
negatively
impacted
both
consumers
and
businesses.
The
U.S.
economy
recovered
from
a
contraction
in
the
first
half
of
2022
to
post
modest
growth
in
the
second
half
of
2022
and
the
first
quarter
of
2023.
Consumers
continued
to
power
the
economy
with
growing
spending,
despite
higher
prices
for
many
consumer
goods
and
services.
The
strong
labor
market
supported
spending,
as
unemployment
remained
very
low,
at
one
point
dropping
to
the
lowest
posted
level
since
1969.
Furthermore,
the
labor
force
participation
rate
—
which
measures
the
total
proportion
of
working
age
persons
employed
or
looking
for
work
—
rose,
indicating
that
more
people
were
being
drawn
into
the
labor
force.
Amid
tightening
labor
supply,
wages
rose
significantly,
with
the
largest
gains
at
the
lower
end
of
the
wage
spectrum.
To
contain
inflation,
the
U.S.
Federal
Reserve
Bank (“Fed”)
tightened
monetary
policy
rapidly,
raising
short-term
interest
rates
eight
times
over
the
course
of
the
reporting
period.
The
pace
of
tightening
accelerated
as
the
Fed
twice
stepped
up
the
increment
of
increase
before
reducing
it
again
as
inflation
began
to
subside.
The
Fed
also
started
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.
While
the
Fed
indicated
that
more
tightening
could
be
needed
to
achieve
its
long-term
inflation
goal,
it
sounded
a
more
cautious
note
about
the
potential
for
further
interest
rate
increases
near
the
end
of
the
reporting
period.
Despite
economic
headwinds,
corporate
profits
remained
robust,
as
many
companies
were
able
to
sufficiently
raise
prices
to
preserve
profit
margins
even
in
the
face
of
rising
labor
and
input
costs.
Nonetheless,
profits
declined
overall
in
the
fourth
quarter
of
2022,
and
the
yield
curve
(a
graphical
representation
of
U.S.
Treasury
rates
at
different
maturities)
inverted,
a
sign
that
markets
were
concerned
about
the
impact
of
higher
borrowing
costs
on
the
economy.
Furthermore,
dwindling
personal
savings
and
rising
household
debt
raised
questions
about
the
sustainability
of
consumer
spending
as
an
engine
of
economic
growth.
Fund
Summary
as
of
April
30,
2023
5
Fund
Summary
iShares
®
Morningstar
Growth
ETF
Investment
Objective
The
iShares
Morningstar
Growth
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
large-
and
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
Morningstar
®
US
Large-Mid
Cap
Broad
Growth
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Large
Growth
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Large-Mid
Cap
Broad
Growth
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.05‌%
11.73‌%
13.76‌%
0.05‌%
74.15‌%
262.85‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.15‌
11.74‌
13.76‌
0.15‌
74.21‌
263.06‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
0.07‌
11.92‌
14.07‌
0.07‌
75.60‌
273.06‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,112.40‌
$
0.21‌
$
1,000.00‌
$
1,024.60‌
$
0.20‌
0.04‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
6
iShares
®
Morningstar
Growth
ETF
Portfolio
Management
Commentary
Growth-oriented
large-
and
mid-capitalization
U.S.
stocks
gained
marginally
for
the
reporting
period,
as
slower
economic
growth
and
elevated
inflation
and
interest
rates
precipitated
a
shift
toward
larger,
less
expensive
stocks
and
away
from
smaller
and
less
liquid
stocks.
The
information
technology
sector
contributed
the
most
to
the
Index’s
return,
driven
primarily
by
the
technology
hardware,
storage,
and
peripherals
industry.
Relatively
resilient
sales
of
premium
smartphones
and
rising
demand
in
Asia
benefited
the
industry.
Higher
revenue
from
services
also
boosted
earnings,
as
a
large
and
growing
installed
base
of
devices
provided
a
significant
pool
of
customers
for
advertising
and
subscription
products.
Strong
gains
in
the
semiconductors
and
semiconductor
equipment
industry
also
contributed.
Optimism
about
the
impact
of
artificial
intelligence
(“AI”)
applications
aided
the
industry
amid
the
launch
and
rapid
growth
of
a
prominent,
consumer-facing
AI
product.
AI
products
require
substantial
computational
resources,
and
a
series
of
partnerships
between
chipmakers
and
AI
companies
solidified
investors’
optimism
surrounding
growth
in
the
industry.
The
healthcare
and
industrials
sectors
also
contributed
to
the
Index’s
return.
In
healthcare,
promising
trials
for
drugs
to
treat
Alzheimer’s
disease
and
obesity
supported
the
pharmaceuticals
industry.
Among
industrials,
the
capital
goods
industry
benefited
from
government
incentives
that
encouraged
investments
in
additional
industrial
capacity.
On
the
downside,
the
consumer
discretionary
sector
detracted
from
the
Index’s
return,
as
consumer
spending
growth
tapered
off.
Inflation
drove
up
costs
for
companies
and
eroded
personal
spending
power,
leading
consumers
to
seek
bargains.
The
automobiles
industry
declined
amid
concerns
about
the
market
for
electric
vehicles
(“EVs”)
in
the
weakening
economy.
While
EV
sales
continued
to
grow,
production
did
not
meet
analysts’
expectations,
and
price
discounts
on
some
new
models
negatively
impacted
revenues.
Increased
competition
also
weighed
on
the
industry,
as
more
automakers
expanded
their
EV
offerings.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Information
Technology
.............................
41.8‌
%
Health
Care
....................................
13.1‌
Consumer
Discretionary
............................
11.6‌
Financials
......................................
8.6‌
Industrials
......................................
7.1‌
Communication
Services
............................
6.4‌
Consumer
Staples
................................
3.8‌
Real
Estate
.....................................
3.0‌
Energy
........................................
2.2‌
Materials
......................................
1.7‌
Utilities
........................................
0.7‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Apple,
Inc.
......................................
13.3‌
%
Microsoft
Corp.
...................................
12.1‌
NVIDIA
Corp.
....................................
3.6‌
Amazon.com,
Inc.
.................................
2.5‌
UnitedHealth
Group,
Inc.
.............................
2.4‌
Tesla,
Inc.
.......................................
2.3‌
Alphabet,
Inc.,
Class
A
..............................
2.0‌
Visa,
Inc.,
Class
A
.................................
2.0‌
Alphabet,
Inc.,
Class
C,
NVS
..........................
1.8‌
Mastercard
,
Inc.,
Class
A
.............................
1.7‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
April
30,
2023
7
Fund
Summary
iShares
®
Morningstar
Mid-Cap
ETF
Investment
Objective
The
iShares
Morningstar
Mid-Cap
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities,
as
represented
by
the
Morningstar
®
US
Mid
Cap
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Core
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Cap
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.91‌)%
7.52‌%
9.58‌%
(1.91‌)%
43.70‌%
149.60‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.84‌)
7.51‌
9.58‌
(1.84‌)
43.66‌
149.57‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.94‌)
7.69‌
9.79‌
(1.94‌)
44.81‌
154.41‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,038.70‌
$
0.20‌
$
1,000.00‌
$
1,024.60‌
$
0.20‌
0.04‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
8
iShares
®
Morningstar
Mid-Cap
ETF
Portfolio
Management
Commentary
Mid-capitalization
U.S.
stocks
declined
for
the
reporting
period,
as
slower
economic
growth
and
elevated
inflation
and
interest
rates
precipitated
a
shift
toward
larger,
less
expensive
stocks
and
away
from
smaller
and
less
liquid
stocks.
The
real
estate
sector
detracted
the
most
from
the
Index’s
return,
as
higher
interest
rates
weighed
on
stocks
in
the
sector.
Equity
real
estate
investment
trusts
(“REITs”)
were
the
largest
source
of
weakness.
REITs
typically
take
on
substantial
debt
in
order
to
finance
the
purchase
of
the
properties
they
manage,
and
higher
interest
rates
made
financing
more
expensive
for
REITs.
The
financials
sector
also
detracted
from
the
Index’s
performance.
The
banking
industry
faced
significant
challenges
as
the
potential
impact
of
a
slowing
economy
outweighed
the
benefits
of
being
able
to
charge
more
for
loans.
Bank
stocks
were
further
pressured
late
in
the
reporting
period
after
the
sudden
failure
of
two
regional
banks.
The
communication
services
sector
also
declined,
particularly
the
media
and
entertainment
industry.
Large
restructuring
expenses
related
to
a
merger
weighed
on
earnings,
and
significant
debt
in
an
environment
of
rising
financing
costs
raised
concerns
among
investors.
On
the
upside,
industrials
stocks
contributed
to
the
Index’s
return,
as
the
capital
goods
industry
benefited
from
government
incentives
that
encouraged
investments
in
additional
industrial
capacity.
Furthermore,
the
supply
chain
disruptions
created
by
the
coronavirus
pandemic
led
some
manufacturers
to
rethink
their
production
strategy,
adding
domestic
capacity
to
increase
speed
and
flexibility.
The
machinery
industry
was
a
notable
source
of
strength,
as
the
manufacturing
resurgence
drove
strong
demand
for
industrial
machinery,
enabling
significant
price
increases.
The
healthcare
sector
also
gained,
driven
by
strength
in
the
healthcare
equipment
and
supplies
industry.
Solid
sales
of
veterinary
diagnostic
equipment
and
dental
products
for
people
supported
the
industry’s
revenues.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
17.4‌
%
Information
Technology
.............................
13.5‌
Financials
......................................
13.3‌
Health
Care
....................................
11.3‌
Consumer
Discretionary
............................
9.8‌
Real
Estate
.....................................
8.8‌
Utilities
........................................
7.1‌
Materials
......................................
6.9‌
Consumer
Staples
................................
5.2‌
Energy
........................................
3.4‌
Communication
Services
............................
3.3‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Arthur
J
Gallagher
&
Co.
.............................
0.6‌
%
Biogen,
Inc.
.....................................
0.6‌
Trane
Technologies
plc
..............................
0.6‌
Parker-Hannifin
Corp.
...............................
0.5‌
IDEXX
Laboratories,
Inc.
.............................
0.5‌
Hershey
Co.
(The)
.................................
0.5‌
Microchip
Technology,
Inc.
............................
0.5‌
TransDigm
Group,
Inc.
..............................
0.5‌
Arista
Networks,
Inc.
...............................
0.5‌
Realty
Income
Corp.
................................
0.5‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
April
30,
2023
9
Fund
Summary
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Investment
Objective
The
iShares
Morningstar
Mid-Cap
Growth
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
mid-capitalization
U.S.
equities
that
exhibit
growth
characteristics,
as
represented
by
the
Morningstar
®
US
Mid
Cap
Broad
Growth
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Growth
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Mid
Cap
Broad
Growth
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.49‌)%
10.80‌%
11.49‌%
(1.49‌)%
67.00‌%
196.86‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.44‌)
10.81‌
11.51‌
(1.44‌)
67.06‌
197.16‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.48‌)
11.01‌
11.72‌
(1.48‌)
68.54‌
202.92‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,055.70‌
$
0.31‌
$
1,000.00‌
$
1,024.50‌
$
0.30‌
0.06‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
10
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Portfolio
Management
Commentary
Growth-oriented
mid-capitalization
U.S.
stocks
declined
for
the
reporting
period,
as
slower
economic
growth
and
elevated
inflation
and
interest
rates
precipitated
a
shift
toward
larger,
less
expensive
stocks
and
away
from
smaller
and
less
liquid
stocks.
The
real
estate
sector
detracted
the
most
from
the
Index’s
return,
as
higher
interest
rates
weighed
on
stocks
in
the
sector.
Equity
real
estate
investment
trusts
(“REITs”)
were
the
largest
source
of
weakness.
REITs
typically
take
on
substantial
debt
in
order
to
finance
the
purchase
of
properties,
and
higher
interest
rates
made
financing
more
expensive
for
REITs.
Furthermore,
higher
interest
rates
meant
increased
bond
yields,
making
dividend
yields
from
REITs
comparatively
less
attractive
to
income-oriented
investors.
The
information
technology
sector
also
detracted
significantly
from
the
Index’s
return,
as
sharply
higher
interest
rates
reduced
the
current
value
of
companies’
future
earnings.
The
software
and
services
industry
was
the
primary
source
of
weakness
in
the
sector,
as
cuts
to
corporate
information
technology
budgets
reduced
revenue
growth.
Slowing
growth
in
cloud-based
software
sales,
which
provide
software
companies
with
steady
revenue
streams,
further
constrained
earnings.
On
the
upside,
industrials
stocks
contributed
the
most
to
the
Index’s
return,
as
the
capital
goods
industry
benefited
from
government
incentives
that
encouraged
investments
in
additional
industrial
capacity.
Furthermore,
the
supply
chain
disruptions
created
by
the
coronavirus
pandemic
led
some
manufacturers
to
rethink
their
production
strategy,
adding
domestic
capacity
to
increase
speed
and
flexibility.
The
machinery
industry
was
a
notable
source
of
strength,
as
the
manufacturing
resurgence
drove
strong
demand
for
industrial
machinery,
enabling
significant
price
increases.
The
healthcare
sector
also
gained,
driven
by
strength
in
the
healthcare
equipment
and
supplies
industry.
Solid
sales
of
veterinary
diagnostic
equipment
and
dental
products
for
people
supported
the
industry’s
revenues.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Industrials
......................................
22.1‌
%
Information
Technology
.............................
19.7‌
Health
Care
....................................
13.0‌
Financials
......................................
10.9‌
Consumer
Discretionary
............................
9.1‌
Real
Estate
.....................................
8.4‌
Consumer
Staples
................................
4.4‌
Communication
Services
............................
4.1‌
Materials
......................................
3.5‌
Energy
........................................
2.6‌
Utilities
........................................
2.2‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Arthur
J
Gallagher
&
Co.
.............................
1.1‌
%
IDEXX
Laboratories,
Inc.
.............................
1.1‌
Hershey
Co.
(The)
.................................
1.0‌
Arista
Networks,
Inc.
...............................
1.0‌
MSCI,
Inc.
......................................
1.0‌
Workday,
Inc.,
Class
A
..............................
1.0‌
Ross
Stores,
Inc.
..................................
1.0‌
ResMed,
Inc.
....................................
0.9‌
Copart,
Inc.
......................................
0.9‌
Marvell
Technology,
Inc.
.............................
0.9‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
April
30,
2023
11
Fund
Summary
iShares
®
Morningstar
Small-Cap
Growth
ETF
Investment
Objective
The
iShares
Morningstar
Small-Cap
Growth
ETF
(the
“
Fund
”
)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities,
that
exhibit
growth
characteristics,
as
represented
by
the
Morningstar
®
US
Small
Cap
Broad
Growth
Extended
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
Due
to
the
use
of
representative
sampling,
the
Fund
may
or
may
not
hold
all
of
the
securities
that
are
included
in
the
Index.
Performance
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Growth
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Cap
Broad
Growth
Extended
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.45‌)%
5.17‌%
8.94‌%
(1.45‌)%
28.67‌%
135.34‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.38‌)
5.11‌
8.94‌
(1.38‌)
28.31‌
135.45‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(1.63‌)
5.23‌
9.00‌
(1.63‌)
29.01‌
136.69‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
1,026.80‌
$
0.30‌
$
1,000.00‌
$
1,024.50‌
$
0.30‌
0.06‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
12
iShares
®
Morningstar
Small-Cap
Growth
ETF
Portfolio
Management
Commentary
Growth-oriented
small-capitalization
U.S.
stocks
declined
for
the
reporting
period,
as
slower
economic
growth
and
elevated
inflation
and
interest
rates
precipitated
a
shift
toward
larger,
less
expensive
stocks
and
away
from
smaller
and
less
liquid
stocks.
The
information
technology
sector
detracted
the
most
from
the
Index’s
return.
Interest
rates
rose
sharply
during
the
reporting
period,
which
reduced
the
current
value
of
future
earnings.
Since
consumers
and
businesses
often
seek
to
reduce
spending
on
technology
products
and
services
during
a
downturn,
high
inflation
and
slow
growth
weighed
on
the
sector.
The
software
and
services
industry
was
the
primary
source
of
weakness
in
the
sector,
as
economic
uncertainty
extended
sales
cycles
and
pressured
revenue
growth.
The
failure
of
a
bank
that
served
a
large
number
of
software
and
technology
companies
also
worked
against
the
industry,
particularly
smaller
companies
that
faced
potentially
tighter
financing.
The
real
estate
sector
detracted
significantly
from
the
Index’s
return,
as
higher
interest
rates
and
changing
usage
patterns
weighed
on
equity
real
estate
investment
trusts
(“REITs”).
REITs
typically
take
on
substantial
debt
to
finance
the
purchase
of
the
properties
they
manage,
and
higher
interest
rates
made
financing
more
expensive.
Furthermore,
higher
interest
rates
meant
increased
bond
yields,
making
dividend
yields
from
REITs
comparatively
less
attractive
to
income-oriented
investors.
On
the
upside,
the
healthcare
sector
contributed
to
the
Index’s
return,
driven
by
strength
in
the
biotechnology
industry.
An
announcement
of
the
acquisition
of
a
company
in
the
industry
that
produces
therapies
to
treat
immune-mediated
diseases
sent
stock
prices
sharply
higher.
The
industrials
sector
also
contributed,
supported
by
strength
in
the
construction
and
engineering
industry.
Investments
in
prefabrication
capabilities
helped
to
counteract
supply
chain
and
inflationary
pressures
in
the
industry,
boosting
revenue.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Health
Care
....................................
20.8‌
%
Industrials
......................................
19.9‌
Information
Technology
.............................
18.4‌
Consumer
Discretionary
............................
11.7‌
Financials
......................................
7.7‌
Real
Estate
.....................................
5.1‌
Materials
......................................
4.9‌
Consumer
Staples
................................
3.9‌
Communication
Services
............................
3.4‌
Energy
........................................
3.0‌
Utilities
........................................
1.2‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Lattice
Semiconductor
Corp.
..........................
0.6‌
%
Penumbra,
Inc.
...................................
0.6‌
DraftKings,
Inc.,
Class
A
.............................
0.6‌
RenaissanceRe
Holdings
Ltd.
.........................
0.6‌
Royal
Gold,
Inc.
...................................
0.5‌
EMCOR
Group,
Inc.
................................
0.5‌
Iridium
Communications,
Inc.
..........................
0.5‌
Saia,
Inc.
.......................................
0.5‌
Apellis
Pharmaceuticals,
Inc.
..........................
0.5‌
Tradeweb
Markets,
Inc.,
Class
A
........................
0.5‌
(a)
Excludes
money
market
funds.
Fund
Summary
as
of
April
30,
2023
13
Fund
Summary
iShares
®
Morningstar
Small-Cap
Value
ETF
Investment
Objective
The
iShares
Morningstar
Small-Cap
Value
ETF
(the
“Fund”)
seeks
to
track
the
investment
results
of
an
index
composed
of
small-capitalization
U.S.
equities
that
exhibit
value
characteristics,
as
represented
by
the
Morningstar
®
US
Small
Cap
Broad
Value
Extended
Index
SM
(the
“
Index
”
).
The
Fund
invests
in
a
representative
sample
of
securities
included
in
the
Index
that
collectively
has
an
investment
profile
similar
to
the
Index.
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
GROWTH
OF
$10,000
INVESTMENT
(AT
NET
ASSET
VALUE)
Index
performance
through
March
21,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Cap
Value
Index
SM
.
Index
performance
beginning
on
March
22,
2021
reflects
the
performance
of
the
Morningstar
®
US
Small
Cap
Broad
Value
Extended
Index
SM
.
Past
performance
is
not
an indication
of
future
results.
Performance
results
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
See
“About
Fund
Performance” for
more
information.
Expense
Example
Average
Annual
Total
Returns
Cumulative
Total
Returns
1
Year
5
Years
10
Years
1
Year
5
Years
10
Years
Fund
NAV
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.20‌)%
3.71‌%
6.51‌%
(4.20‌)%
19.96‌%
87.91‌%
Fund
Market
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.21‌)
3.69‌
6.50‌
(4.21‌)
19.85‌
87.74‌
Index
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(4.29‌)
3.89‌
6.71‌
(4.29‌)
21.00‌
91.44‌
Actual
Hypothetical
5%
Return
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Beginning
Account
Value
(11/01/22)
Ending
Account
Value
(04/30/23)
Expenses
Paid
During
the
Period
(a)
Annualized
Expense
Ratio
$
1,000.00‌
$
969.00‌
$
0.29‌
$
1,000.00‌
$
1,024.50‌
$
0.30‌
0.06‌%
(a)
Expenses
are
equal
to
the
annualized
expense
ratio,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
181/365
(to
reflect
the
one-half
year
period
shown).
Other
fees,
such
as
brokerage
commissions
and
other
fees
to
financial
intermediaries,
may
be
paid
which
are
not
reflected
in
the
tables
and
examples
above.
See
“Disclosure
of
Expenses”
for
more
information.
Fund
Summary
as
of
April
30,
2023
(continued)
2023
iShares
Annual
Report
To
Shareholders
14
iShares
®
Morningstar
Small-Cap
Value
ETF
Portfolio
Management
Commentary
Value-oriented
small-capitalization
U.S.
stocks
declined
for
the
reporting
period,
as
slower
economic
growth
and
elevated
inflation
and
interest
rates
precipitated
a
shift
toward
larger,
less
expensive
stocks
and
away
from
smaller
and
less
liquid
stocks.
The
real
estate
sector
detracted
the
most
from
the
Index’s
return,
as
higher
interest
rates
and
changing
usage
patterns
weighed
on
stocks
in
the
sector.
Equity
real
estate
investment
trusts
(“REITs”)
were
the
largest
source
of
weakness.
REITs
typically
take
on
substantial
debt
in
order
to
finance
the
purchase
of
the
properties
they
manage,
and
higher
interest
rates
made
financing
more
expensive
for
REITs.
Furthermore,
higher
interest
rates
meant
increased
bond
yields,
making
dividend
yields
from
REITs
comparatively
less
attractive
to
income-oriented
investors,
although
many
REITs
raised
dividends
during
the
reporting
period.
The
financials
sector
detracted
significantly
from
the
Index’s
performance,
as
persistently
high
inflation
led
to
significant
tightening
from
the
Fed,
and
investors
became
concerned
about
the
long-term
effect
of
this
tightening
on
loan
growth
and
credit
losses.
Bank
stocks
were
further
pressured
late
in
the
reporting
period
after
the
sudden
failure
of
two
regional
banks.
Despite
government
actions
to
prevent
a
contagion
effect,
these
bank
failures
weighed
heavily
on
the
industry,
as
investors
scrutinized
near-
term
deposit
outflows
at
other
mid-sized
banks
and
considered
the
long-term
implications
of
a
potential
slowdown
in
lending
activity.
On
the
upside,
industrials
stocks
contributed
the
most
to
the
Index’s
return,
as
the
capital
goods
industry
benefited
from
government
incentives
that
encouraged
investments
in
additional
industrial
capacity.
Furthermore,
pandemic-related
supply
chain
disruptions
led
some
manufacturers
to
add
domestic
production
capacity
to
increase
speed
and
flexibility.
The
machinery
industry
advanced,
as
the
manufacturing
resurgence
drove
strong
demand
for
industrial
machinery,
enabling
significant
price
increases.
Portfolio
Information
SECTOR
ALLOCATION
—
%
Sector
Percent
of
Total
Investments
(a)
—
Financials
......................................
24.5‌
%
Consumer
Discretionary
............................
16.9‌
Industrials
......................................
16.6‌
Health
Care
....................................
8.6‌
Real
Estate
.....................................
6.5‌
Information
Technology
.............................
6.0‌
Materials
......................................
5.8‌
Energy
........................................
4.8‌
Utilities
........................................
4.0‌
Consumer
Staples
................................
3.3‌
Communication
Services
............................
3.0‌
TEN
LARGEST
HOLDINGS
Security
Percent
of
TotaI
Investments
(a)
Dick's
Sporting
Goods,
Inc.
...........................
0.5‌
%
Tenet
Healthcare
Corp.
..............................
0.5‌
New
York
Community
Bancorp,
Inc.
.....................
0.5‌
Berry
Global
Group,
Inc.
.............................
0.4‌
Nexstar
Media
Group,
Inc.
............................
0.4‌
Encompass
Health
Corp.
............................
0.4‌
WESCO
International,
Inc.
............................
0.4‌
Stifel
Financial
Corp.
...............................
0.4‌
Brunswick
Corp.
..................................
0.4‌
Lithia
Motors,
Inc.
.................................
0.4‌
(a)
Excludes
money
market
funds.
About
Fund
Performance
15
About
Fund
Performance/Disclosure
of
Expenses
Past
performance
is
not
an
indication
of
future
results.
Financial
markets
have
experienced
extreme
volatility
and
trading
in
many
instruments
has
been
disrupted.
These
circumstances
may
continue
for
an
extended
period
of
time
and
may
continue
to
affect
adversely
the
value
and
liquidity
of
each
Fund’s
investments.
As
a
result,
current
performance
may
be
lower
or
higher
than
the
performance
data
quoted.
Performance
data
current
to
the
most
recent
month-end
is
available
at
iShares.com
.
Performance
results
assume
reinvestment
of
all
dividends
and
capital
gain
distributions
and
do
not
reflect
the
deduction
of
taxes
that
a
shareholder
would
pay
on
fund
distributions
or
on
the
redemption
or
sale
of
fund
shares.
The
investment
return
and
principal
value
of
shares
will
vary
with
changes
in
market
conditions.
Shares
may
be
worth
more
or
less
than
their
original
cost
when
they
are
redeemed
or
sold
in
the
market.
Performance
for
certain
funds
may
reflect
a
waiver
of
a
portion
of
investment
advisory
fees.
Without
such
a
waiver,
performance
would
have
been
lower.
Net
asset
value
or
“NAV”
is
the
value
of
one
share
of
a
fund
as
calculated
in
accordance
with
the
standard
formula
for
valuing
mutual
fund
shares.
Beginning
August
10,
2020,
the
price
used
to
calculate
market
return
(“Market
Price”)
is
the
closing
price.
Prior
to
August
10,
2020,
Market Price
was
determined
using
the
midpoint
between
the
highest
bid
and
the
lowest
ask
on
the
primary
stock
exchange
on
which
shares
of
a
fund
are
listed
for
trading,
as
of
the
time
that
such
fund’s
NAV
is
calculated. Market
and
NAV
returns
assume
that
dividends
and
capital
gain
distributions
have
been
reinvested
at
Market
Price
and
NAV,
respectively.
An
index
is
a
statistical
composite
that
tracks
a
specified
financial
market
or
sector.
Unlike
a
fund,
an
index
does
not
actually
hold
a
portfolio
of
securities
and
therefore
does
not
incur
the
expenses
incurred
by
a
fund.
These
expenses
negatively
impact
fund
performance.
Also,
market
returns
do
not
include
brokerage
commissions
that
may
be
payable
on
secondary
market
transactions.
If
brokerage
commissions
were
included,
market
returns
would
be
lower.
Disclosure
of Expenses
Shareholders
of each
Fund
may
incur
the
following
charges: (1)
transactional
expenses,
including
brokerage
commissions
on
purchases
and
sales
of
fund
shares
and
(2)
ongoing
expenses,
including
management
fees
and
other
fund
expenses.
The
expense
examples
shown (which are
based
on
a
hypothetical
investment
of
$1,000
invested
at
the
beginning
of
the
period
and
held
through
the
end
of
the
period) are
intended
to
assist
shareholders
both
in
calculating
expenses
based
on
an
investment
in each
Fund and
in
comparing
these
expenses
with
similar
costs
of
investing
in
other
funds.
The
expense
examples
provide information
about
actual
account
values
and
actual
expenses.
Annualized
expense
ratios
reflect
contractual
and
voluntary
fee
waivers,
if
any.
In
order
to estimate
the
expenses
a
shareholder paid during
the period
covered
by
this
report,
shareholders
can divide their
account
value
by
$1,000 and
then
multiply
the
result
by
the
number
under
the
heading
entitled
“Expenses
Paid
During
the
Period.”
The
expense
examples also
provide
information
about
hypothetical
account
values
and
hypothetical
expenses
based
on a
fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses.
In
order
to
assist
shareholders
in
comparing
the ongoing expenses
of
investing
in the
Funds
and
other
funds, compare
the
5%
hypothetical
examples
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
expenses
shown
in
the
expense
examples are
intended
to highlight shareholders’
ongoing
costs
only
and
do
not
reflect
any
transactional
expenses,
such
as
brokerage
commissions
and
other
fees
paid
on
purchases
and
sales
of
fund
shares.
Therefore,
the
hypothetical
examples are
useful
in
comparing
ongoing expenses
only
and
will
not
help
shareholders determine
the
relative
total expenses
of
owning
different
funds. If
these
transactional expenses
were
included, shareholder
expenses would
have
been
higher.
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
April
30,
2023
iShares
®
Morningstar
Growth
ETF
16
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
0.5%
Axon
Enterprise,
Inc.
(a)
...............
5,779
$
1,217,693
General
Dynamics
Corp.
..............
5,905
1,289,298
HEICO
Corp.
.....................
3,358
566,293
HEICO
Corp.,
Class
A
................
5,895
791,286
Howmet
Aerospace,
Inc.
..............
31,092
1,377,065
Huntington
Ingalls
Industries,
Inc.
........
3,367
678,989
Textron,
Inc.
......................
11,242
752,539
TransDigm
Group,
Inc.
...............
2,620
2,004,300
8,677,463
Air
Freight
&
Logistics
—
0.0%
CH
Robinson
Worldwide,
Inc.
..........
3,836
386,937
Automobile
Components
—
0.1%
Aptiv
plc
(a)
........................
13,678
1,406,919
BorgWarner,
Inc.
...................
6,520
313,808
Lear
Corp.
.......................
2,171
277,150
1,997,877
Automobiles
—
2.4%
(a)
Lucid
Group,
Inc.
(b)
..................
54,313
431,245
Tesla,
Inc.
........................
227,910
37,447,892
37,879,137
Banks
—
0.1%
Comerica,
Inc.
.....................
3,583
155,395
Commerce
Bancshares,
Inc.
...........
2,999
167,494
Cullen/Frost
Bankers,
Inc.
.............
2,018
222,484
First
Citizens
BancShares,
Inc.,
Class
A
....
478
481,432
First
Republic
Bank
(b)
................
15,925
55,897
Western
Alliance
Bancorp
.............
3,541
131,442
1,214,144
Beverages
—
1.5%
Brown-Forman
Corp.,
Class
A
..........
4,718
310,822
Brown-Forman
Corp.,
Class
B,
NVS
......
15,438
1,004,859
Coca-Cola
Co.
(The)
................
107,763
6,912,997
Constellation
Brands,
Inc.,
Class
A
.......
4,066
933,025
Keurig
Dr
Pepper,
Inc.
...............
23,153
757,103
Monster
Beverage
Corp.
(a)
.............
64,618
3,618,608
PepsiCo,
Inc.
.....................
52,071
9,939,833
23,477,247
Biotechnology
—
1.3%
(a)
Alnylam
Pharmaceuticals,
Inc.
..........
10,468
2,085,226
BioMarin
Pharmaceutical,
Inc.
..........
15,698
1,507,636
Horizon
Therapeutics
plc
..............
11,257
1,251,328
Incyte
Corp.
......................
15,800
1,175,678
Karuna
Therapeutics,
Inc.
.............
2,529
501,855
Neurocrine
Biosciences,
Inc.
...........
8,278
836,409
Regeneron
Pharmaceuticals,
Inc.
........
3,138
2,516,017
Sarepta
Therapeutics,
Inc.
.............
7,411
909,848
Seagen,
Inc.
......................
11,679
2,335,800
United
Therapeutics
Corp.
.............
1,260
289,964
Vertex
Pharmaceuticals,
Inc.
...........
21,770
7,417,692
20,827,453
Broadline
Retail
—
2.9%
(a)
Amazon.com,
Inc.
..................
383,392
40,428,686
Etsy,
Inc.
(b)
.......................
10,620
1,072,939
MercadoLibre,
Inc.
..................
3,917
5,003,928
46,505,553
Building
Products
—
0.4%
Advanced
Drainage
Systems,
Inc.
.......
5,393
462,288
Allegion
plc
.......................
3,336
368,561
Security
Shares
Shares
Value
Building
Products
(continued)
AO
Smith
Corp.
....................
4,945
$
337,694
Builders
FirstSource,
Inc.
(a)
............
4,887
463,141
Carlisle
Cos.,
Inc.
..................
2,893
624,454
Carrier
Global
Corp.
.................
22,761
951,865
Johnson
Controls
International
plc
.......
18,078
1,081,788
Lennox
International,
Inc.
.............
1,322
372,685
Owens
Corning
....................
2,535
270,763
Trane
Technologies
plc
...............
11,119
2,066,022
6,999,261
Capital
Markets
—
2.1%
Ameriprise
Financial,
Inc.
.............
3,620
1,104,534
Ares
Management
Corp.,
Class
A
........
13,178
1,154,261
Blackstone,
Inc.,
Class
A
..............
22,152
1,978,838
Charles
Schwab
Corp.
(The)
...........
129,206
6,749,721
FactSet
Research
Systems,
Inc.
.........
3,247
1,336,757
Interactive
Brokers
Group,
Inc.,
Class
A
....
8,688
676,361
LPL
Financial
Holdings,
Inc.
............
6,716
1,402,569
MarketAxess
Holdings,
Inc.
............
3,215
1,023,560
Moody's
Corp.
.....................
6,697
2,096,965
Morningstar,
Inc.
...................
2,109
376,056
MSCI,
Inc.
.......................
6,776
3,269,081
Nasdaq,
Inc.
......................
13,662
756,465
Raymond
James
Financial,
Inc.
.........
16,364
1,481,433
Robinhood
Markets,
Inc.,
Class
A
(a)(b)
......
42,923
379,869
S&P
Global,
Inc.
...................
27,897
10,114,894
SEI
Investments
Co.
.................
4,704
277,113
34,178,477
Chemicals
—
1.3%
Air
Products
&
Chemicals,
Inc.
..........
6,947
2,044,919
Albemarle
Corp.
...................
9,966
1,848,294
Corteva,
Inc.
......................
25,834
1,578,974
Ecolab,
Inc.
......................
13,499
2,265,672
FMC
Corp.
.......................
3,771
466,020
Linde
plc
(a)
.......................
21,009
7,761,775
LyondellBasell
Industries
NV,
Class
A
.....
7,540
713,359
Olin
Corp.
........................
6,122
339,159
RPM
International,
Inc.
...............
6,780
556,164
Sherwin-Williams
Co.
(The)
............
12,477
2,963,787
Westlake
Corp.
....................
1,520
172,946
20,711,069
Commercial
Services
&
Supplies
—
0.7%
Cintas
Corp.
......................
4,583
2,088,794
Copart,
Inc.
(a)
.....................
36,402
2,877,578
Republic
Services,
Inc.
...............
10,219
1,477,872
Rollins,
Inc.
.......................
19,544
825,734
Tetra
Tech,
Inc.
....................
4,577
633,319
Waste
Management,
Inc.
..............
19,531
3,243,123
11,146,420
Communications
Equipment
—
0.4%
Arista
Networks,
Inc.
(a)
...............
21,007
3,364,481
Ciena
Corp.
(a)
.....................
12,505
575,730
F5,
Inc.
(a)
........................
2,152
289,143
Motorola
Solutions,
Inc.
..............
6,410
1,867,874
6,097,228
Construction
&
Engineering
—
0.2%
AECOM
.........................
5,633
467,821
Quanta
Services,
Inc.
................
7,381
1,252,113
WillScot
Mobile
Mini
Holdings
Corp.
(a)
.....
17,633
800,538
2,520,472
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Growth
ETF
Schedule
of
Investments
17
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Construction
Materials
—
0.2%
Martin
Marietta
Materials,
Inc.
..........
5,244
$
1,904,621
Vulcan
Materials
Co.
................
11,234
1,967,298
3,871,919
Consumer
Finance
—
0.1%
Discover
Financial
Services
............
13,816
1,429,542
Consumer
Staples
Distribution
&
Retail
—
1.6%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
......
4,791
365,889
Casey's
General
Stores,
Inc.
...........
1,882
430,639
Costco
Wholesale
Corp.
..............
37,602
18,922,079
Dollar
General
Corp.
................
10,300
2,281,038
Dollar
Tree,
Inc.
(a)
...................
17,648
2,712,674
Performance
Food
Group
Co.
(a)
.........
13,416
841,049
US
Foods
Holding
Corp.
(a)
.............
8,728
335,155
25,888,523
Containers
&
Packaging
—
0.1%
AptarGroup,
Inc.
...................
2,661
315,355
Avery
Dennison
Corp.
................
3,560
621,149
Crown
Holdings,
Inc.
................
4,421
379,233
Sealed
Air
Corp.
...................
4,249
203,910
1,519,647
Distributors
—
0.1%
Genuine
Parts
Co.
..................
5,170
870,163
LKQ
Corp.
.......................
7,198
415,541
Pool
Corp.
.......................
2,154
756,743
2,042,447
Diversified
Consumer
Services
—
0.0%
Service
Corp.
International
............
8,041
564,398
Electric
Utilities
—
0.4%
Constellation
Energy
Corp.
............
27,806
2,152,184
NextEra
Energy,
Inc.
................
55,862
4,280,705
NRG
Energy,
Inc.
...................
10,757
367,567
6,800,456
Electrical
Equipment
—
0.4%
AMETEK,
Inc.
.....................
19,494
2,688,808
Generac
Holdings,
Inc.
(a)
..............
2,619
267,714
Hubbell,
Inc.
......................
4,529
1,219,750
Plug
Power,
Inc.
(a)(b)
.................
44,299
400,020
Rockwell
Automation,
Inc.
.............
5,835
1,653,697
6,229,989
Electronic
Equipment,
Instruments
&
Components
—
0.9%
Amphenol
Corp.,
Class
A
.............
50,450
3,807,461
CDW
Corp.
.......................
11,509
1,951,811
Cognex
Corp.
.....................
14,608
696,656
Corning,
Inc.
......................
19,965
663,237
Flex
Ltd.
(a)
........................
13,529
278,292
Jabil,
Inc.
........................
7,013
548,066
Keysight
Technologies,
Inc.
(a)
...........
15,101
2,184,209
TE
Connectivity
Ltd.
.................
9,104
1,114,056
Teledyne
Technologies,
Inc.
(a)
...........
3,956
1,639,366
Trimble,
Inc.
(a)
.....................
12,119
570,805
Zebra
Technologies
Corp.,
Class
A
(a)
......
2,693
775,665
14,229,624
Energy
Equipment
&
Services
—
0.4%
Baker
Hughes
Co.,
Class
A
............
50,680
1,481,883
Halliburton
Co.
....................
39,074
1,279,674
Schlumberger
NV
..................
76,409
3,770,784
6,532,341
Security
Shares
Shares
Value
Entertainment
—
1.7%
Activision
Blizzard,
Inc.
...............
28,968
$
2,251,103
Electronic
Arts,
Inc.
.................
12,947
1,647,894
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
(a)
......................
1,169
75,728
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(a)
..................
10,336
746,156
Live
Nation
Entertainment,
Inc.
(a)
........
12,061
817,495
Netflix,
Inc.
(a)
......................
24,831
8,192,492
ROBLOX
Corp.,
Class
A
(a)(b)
............
30,626
1,090,286
Roku,
Inc.,
Class
A
(a)(b)
...............
10,287
578,232
Take-Two
Interactive
Software,
Inc.
(a)
......
13,457
1,672,570
Walt
Disney
Co.
(The)
(a)(b)
.............
95,204
9,758,410
26,830,366
Financial
Services
—
4.6%
Apollo
Global
Management,
Inc.
.........
21,561
1,366,752
Block,
Inc.,
Class
A
(a)(b)
...............
45,575
2,770,504
Fiserv,
Inc.
(a)
......................
29,249
3,571,888
FleetCor
Technologies,
Inc.
(a)
...........
3,127
668,928
Global
Payments,
Inc.
...............
9,932
1,119,436
Jack
Henry
&
Associates,
Inc.
..........
6,156
1,005,521
Mastercard,
Inc.,
Class
A
..............
71,498
27,171,385
PayPal
Holdings,
Inc.
(a)
...............
38,598
2,933,448
Toast,
Inc.,
Class
A
(a)(b)
...............
26,112
475,238
Visa,
Inc.,
Class
A
..................
137,700
32,046,921
WEX,
Inc.
(a)
.......................
2,159
382,898
73,512,919
Food
Products
—
0.4%
Darling
Ingredients,
Inc.
(a)
.............
5,261
313,398
Hershey
Co.
(The)
..................
12,467
3,404,239
Hormel
Foods
Corp.
.................
12,722
514,478
Lamb
Weston
Holdings,
Inc.
...........
12,299
1,375,151
McCormick
&
Co.,
Inc.,
NVS
...........
8,890
780,986
6,388,252
Gas
Utilities
—
0.0%
Atmos
Energy
Corp.
.................
4,633
528,811
Ground
Transportation
—
0.7%
CSX
Corp.
.......................
62,635
1,919,137
Hertz
Global
Holdings,
Inc.
(a)
...........
5,908
98,546
JB
Hunt
Transport
Services,
Inc.
........
7,086
1,242,105
Knight-Swift
Transportation
Holdings,
Inc.
..
5,176
291,512
Old
Dominion
Freight
Line,
Inc.
.........
7,654
2,452,265
Uber
Technologies,
Inc.
(a)
.............
77,841
2,416,963
U-Haul
Holding
Co.
.................
456
27,843
Union
Pacific
Corp.
.................
16,280
3,185,996
11,634,367
Health
Care
Equipment
&
Supplies
—
2.8%
Abbott
Laboratories
.................
42,525
4,697,737
Align
Technology,
Inc.
(a)
...............
6,178
2,009,703
Boston
Scientific
Corp.
(a)
..............
54,982
2,865,662
Cooper
Cos.,
Inc.
(The)
..............
2,512
958,202
Dexcom,
Inc.
(a)
....................
32,747
3,973,521
Edwards
Lifesciences
Corp.
(a)
..........
52,390
4,609,272
Hologic,
Inc.
(a)
.....................
11,902
1,023,691
IDEXX
Laboratories,
Inc.
(a)
.............
7,029
3,459,393
Insulet
Corp.
(a)
.....................
5,868
1,866,259
Intuitive
Surgical,
Inc.
(a)
...............
29,679
8,939,908
Novocure
Ltd.
(a)(b)
...................
7,625
502,488
ResMed,
Inc.
.....................
12,470
3,004,771
Shockwave
Medical,
Inc.
(a)
.............
3,057
887,019
STERIS
plc
.......................
8,424
1,588,345
Stryker
Corp.
.....................
13,721
4,111,498
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Growth
ETF
18
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Teleflex,
Inc.
......................
1,864
$
507,977
45,005,446
Health
Care
Providers
&
Services
—
3.5%
Acadia
Healthcare
Co.,
Inc.
(a)(b)
..........
7,688
555,765
agilon
health,
Inc.
(a)(b)
................
16,693
405,139
Centene
Corp.
(a)
...................
15,731
1,084,338
Chemed
Corp.
.....................
598
329,647
Cigna
Group
(The)
..................
8,354
2,115,985
Elevance
Health,
Inc.
................
8,746
4,098,813
HCA
Healthcare,
Inc.
................
6,005
1,725,417
Humana,
Inc.
.....................
10,606
5,626,377
Molina
Healthcare,
Inc.
(a)
..............
3,067
913,629
R1
RCM,
Inc.
(a)
....................
11,609
180,984
UnitedHealth
Group,
Inc.
..............
79,178
38,962,702
55,998,796
Health
Care
REITs
—
0.1%
Healthpeak
Properties,
Inc.
............
24,426
536,639
Ventas,
Inc.
......................
11,354
545,560
Welltower,
Inc.
.....................
15,189
1,203,272
2,285,471
Health
Care
Technology
—
0.1%
Veeva
Systems,
Inc.,
Class
A
(a)
.........
11,950
2,140,006
Hotel
&
Resort
REITs
—
0.1%
Host
Hotels
&
Resorts,
Inc.
............
60,376
976,280
Hotels,
Restaurants
&
Leisure
—
3.1%
Airbnb,
Inc.,
Class
A
(a)(b)
...............
33,757
4,039,700
Aramark
.........................
9,427
327,117
Booking
Holdings,
Inc.
(a)
..............
3,286
8,827,215
Caesars
Entertainment,
Inc.
(a)
..........
18,126
820,927
Chipotle
Mexican
Grill,
Inc.
(a)(b)
..........
2,342
4,842,366
Choice
Hotels
International,
Inc.
.........
2,341
298,524
Churchill
Downs,
Inc.
................
2,777
812,356
Darden
Restaurants,
Inc.
.............
4,251
645,854
Domino's
Pizza,
Inc.
.................
1,979
628,273
DoorDash,
Inc.,
Class
A
(a)(b)
............
22,189
1,357,745
Hilton
Worldwide
Holdings,
Inc.
.........
22,615
3,257,012
Las
Vegas
Sands
Corp.
(a)
.............
16,507
1,053,972
Marriott
International,
Inc.,
Class
A
.......
22,838
3,867,387
McDonald's
Corp.
..................
25,879
7,653,714
MGM
Resorts
International
............
26,911
1,208,842
Royal
Caribbean
Cruises
Ltd.
(a)
.........
9,788
640,429
Starbucks
Corp.
....................
62,601
7,154,668
Vail
Resorts,
Inc.
...................
3,404
818,730
Wyndham
Hotels
&
Resorts,
Inc.
........
4,889
333,528
Yum!
Brands,
Inc.
..................
14,155
1,989,910
50,578,269
Household
Durables
—
0.1%
Lennar
Corp.,
Class
A
................
7,271
820,242
Lennar
Corp.,
Class
B
...............
411
40,204
860,446
Household
Products
—
0.1%
Church
&
Dwight
Co.,
Inc.
.............
9,246
897,972
Clorox
Co.
(The)
...................
6,307
1,044,565
1,942,537
Independent
Power
and
Renewable
Electricity
Producers
—
0.0%
Vistra
Corp.
......................
12,502
298,298
Industrial
Conglomerates
—
0.4%
General
Electric
Co.
.................
59,664
5,904,946
Security
Shares
Shares
Value
Industrial
REITs
—
0.5%
EastGroup
Properties,
Inc.
............
3,686
$
613,940
Prologis,
Inc.
......................
48,850
6,118,463
Rexford
Industrial
Realty,
Inc.
..........
16,052
895,220
7,627,623
Insurance
—
1.8%
American
Financial
Group,
Inc.
.........
2,345
287,802
Aon
plc,
Class
A
...................
9,837
3,198,796
Arch
Capital
Group
Ltd.
(a)
.............
13,734
1,031,011
Arthur
J
Gallagher
&
Co.
..............
18,001
3,745,288
Brown
&
Brown,
Inc.
.................
19,858
1,278,657
Chubb
Ltd.
.......................
10,355
2,087,154
Cincinnati
Financial
Corp.
.............
4,511
480,151
Erie
Indemnity
Co.,
Class
A,
NVS
........
2,101
456,610
Everest
Re
Group
Ltd.
...............
1,060
400,680
Kinsale
Capital
Group,
Inc.
............
1,822
595,266
Markel
Corp.
(a)(b)
....................
1,135
1,553,281
Marsh
&
McLennan
Cos.,
Inc.
..........
23,017
4,147,433
Progressive
Corp.
(The)
..............
49,534
6,756,438
Willis
Towers
Watson
plc
..............
4,971
1,151,283
WR
Berkley
Corp.
..................
17,261
1,017,018
28,186,868
Interactive
Media
&
Services
—
4.0%
(a)
Alphabet,
Inc.,
Class
A
...............
304,006
32,632,004
Alphabet,
Inc.,
Class
C,
NVS
...........
265,018
28,680,248
Match
Group,
Inc.
..................
23,585
870,287
Pinterest,
Inc.,
Class
A
...............
50,463
1,160,649
Snap,
Inc.,
Class
A,
NVS
..............
83,361
726,074
ZoomInfo
Technologies,
Inc.
...........
22,832
500,249
64,569,511
IT
Services
—
1.5%
Accenture
plc,
Class
A
...............
36,458
10,218,813
Akamai
Technologies,
Inc.
(a)
............
6,517
534,198
Cloudflare,
Inc.,
Class
A
(a)
.............
24,322
1,144,350
EPAM
Systems,
Inc.
(a)
................
4,863
1,373,506
Gartner,
Inc.
(a)
.....................
6,712
2,030,111
GoDaddy,
Inc.,
Class
A
(a)
..............
13,090
990,651
MongoDB,
Inc.,
Class
A
(a)(b)
............
5,880
1,410,965
Okta,
Inc.,
Class
A
(a)
.................
13,009
891,507
Snowflake,
Inc.,
Class
A
(a)(b)
............
24,294
3,597,456
Twilio,
Inc.,
Class
A
(a)
................
14,731
774,998
VeriSign,
Inc.
(a)
....................
7,774
1,724,273
24,690,828
Leisure
Products
—
0.0%
Mattel,
Inc.
(a)
......................
14,251
256,518
Life
Sciences
Tools
&
Services
—
2.6%
Agilent
Technologies,
Inc.
.............
25,111
3,400,783
Avantor,
Inc.
(a)
.....................
36,227
705,702
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
......
1,821
820,889
Bio-Techne
Corp.
...................
13,460
1,075,185
Bruker
Corp.
......................
8,440
667,857
Charles
River
Laboratories
International,
Inc.
(a)
4,304
818,276
Danaher
Corp.
....................
55,545
13,159,166
Illumina,
Inc.
(a)
.....................
13,351
2,744,431
IQVIA
Holdings,
Inc.
(a)
................
8,289
1,560,238
Mettler-Toledo
International,
Inc.
(a)
.......
1,876
2,798,054
Repligen
Corp.
(a)
...................
4,354
660,197
Thermo
Fisher
Scientific,
Inc.
...........
18,554
10,295,615
Waters
Corp.
(a)
....................
3,283
986,082
West
Pharmaceutical
Services,
Inc.
......
6,250
2,257,750
41,950,225
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Growth
ETF
Schedule
of
Investments
19
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Machinery
—
1.7%
Caterpillar,
Inc.
....................
20,198
$
4,419,322
Chart
Industries,
Inc.
(a)(b)
..............
3,658
486,880
Deere
&
Co.
......................
14,087
5,325,168
Dover
Corp.
......................
5,967
872,137
Fortive
Corp.
......................
17,370
1,095,873
Graco,
Inc.
.......................
14,226
1,127,980
IDEX
Corp.
.......................
6,370
1,314,258
Ingersoll
Rand,
Inc.
.................
34,206
1,950,426
Lincoln
Electric
Holdings,
Inc.
..........
4,883
819,367
Middleby
Corp.
(The)
(a)
...............
1,988
280,069
Nordson
Corp.
.....................
4,533
980,533
Otis
Worldwide
Corp.
................
13,221
1,127,751
PACCAR,
Inc.
.....................
23,937
1,787,855
Parker-Hannifin
Corp.
................
5,194
1,687,427
RBC
Bearings,
Inc.
(a)
................
2,454
557,083
Toro
Co.
(The)
.....................
8,947
932,814
Westinghouse
Air
Brake
Technologies
Corp.
.
9,198
898,369
Xylem,
Inc.
.......................
15,225
1,580,964
27,244,276
Media
—
0.3%
Charter
Communications,
Inc.,
Class
A
(a)(b)
..
3,622
1,335,431
Liberty
Broadband
Corp.,
Class
A
(a)
.......
1,344
113,608
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)
..
10,097
856,024
Sirius
XM
Holdings,
Inc.
(b)
.............
30,818
117,109
Trade
Desk,
Inc.
(The),
Class
A
(a)
........
37,879
2,437,135
4,859,307
Metals
&
Mining
—
0.1%
Nucor
Corp.
......................
11,961
1,772,381
Multi-Utilities
—
0.1%
Ameren
Corp.
.....................
7,488
666,207
CenterPoint
Energy,
Inc.
..............
17,015
518,447
CMS
Energy
Corp.
..................
8,341
519,311
1,703,965
Office
REITs
—
0.0%
Alexandria
Real
Estate
Equities,
Inc.
......
5,819
722,603
Oil,
Gas
&
Consumable
Fuels
—
1.8%
APA
Corp.
.......................
14,569
536,868
Cheniere
Energy,
Inc.
................
21,100
3,228,300
Chevron
Corp.
.....................
47,246
7,964,731
ConocoPhillips
....................
42,772
4,400,811
Coterra
Energy,
Inc.
.................
32,707
837,299
Devon
Energy
Corp.
.................
25,705
1,373,418
EQT
Corp.
.......................
15,737
548,277
Hess
Corp.
.......................
14,918
2,164,005
HF
Sinclair
Corp.
...................
3,734
164,707
Marathon
Oil
Corp.
..................
26,560
641,689
Marathon
Petroleum
Corp.
............
14,968
1,826,096
Matador
Resources
Co.
..............
6,295
308,644
Murphy
Oil
Corp.
...................
5,552
203,814
New
Fortress
Energy,
Inc.,
Class
A
.......
4,000
121,160
Ovintiv,
Inc.
.......................
10,485
378,299
Pioneer
Natural
Resources
Co.
.........
6,589
1,433,437
Range
Resources
Corp.
..............
9,641
255,004
Southwestern
Energy
Co.
(a)
............
32,453
168,431
Targa
Resources
Corp.
...............
10,917
824,561
Texas
Pacific
Land
Corp.
..............
528
780,199
28,159,750
Passenger
Airlines
—
0.1%
(a)
American
Airlines
Group,
Inc.
(b)
..........
29,228
398,670
Delta
Air
Lines,
Inc.
.................
26,173
897,996
Security
Shares
Shares
Value
Passenger
Airlines
(continued)
Southwest
Airlines
Co.
...............
26,728
$
809,591
2,106,257
Personal
Care
Products
—
0.2%
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
....
11,546
2,848,629
Pharmaceuticals
—
2.8%
Catalent,
Inc.
(a)
....................
8,386
420,306
Eli
Lilly
&
Co.
.....................
66,831
26,455,720
Merck
&
Co.,
Inc.
...................
98,093
11,326,799
Zoetis,
Inc.,
Class
A
.................
39,467
6,937,509
45,140,334
Professional
Services
—
1.4%
Automatic
Data
Processing,
Inc.
.........
35,104
7,722,880
Booz
Allen
Hamilton
Holding
Corp.
.......
6,578
629,646
Broadridge
Financial
Solutions,
Inc.
......
9,939
1,445,230
Ceridian
HCM
Holding,
Inc.
(a)
...........
12,959
822,637
Clarivate
plc
(a)
.....................
17,103
151,533
Concentrix
Corp.
...................
1,472
142,063
CoStar
Group,
Inc.
(a)
.................
34,557
2,659,161
Equifax,
Inc.
......................
6,951
1,448,449
Genpact
Ltd.
......................
7,308
325,571
Jacobs
Solutions,
Inc.
................
4,697
542,316
Paychex,
Inc.
.....................
14,528
1,596,046
Paycom
Software,
Inc.
(a)
..............
4,107
1,192,550
Paylocity
Holding
Corp.
(a)
.............
3,480
672,649
TransUnion
.......................
9,825
676,058
Verisk
Analytics,
Inc.
.................
13,204
2,563,029
22,589,818
Real
Estate
Management
&
Development
—
0.1%
(a)
CBRE
Group,
Inc.,
Class
A
............
8,750
670,775
Zillow
Group,
Inc.,
Class
A
.............
4,907
209,921
Zillow
Group,
Inc.,
Class
C,
NVS
(b)
.......
13,755
598,893
1,479,589
Residential
REITs
—
0.6%
American
Homes
4
Rent,
Class
A
........
16,324
542,936
AvalonBay
Communities,
Inc.
..........
7,046
1,270,887
Camden
Property
Trust
...............
9,347
1,028,637
Equity
LifeStyle
Properties,
Inc.
.........
9,263
638,221
Equity
Residential
..................
17,800
1,125,850
Essex
Property
Trust,
Inc.
.............
2,319
509,554
Invitation
Homes,
Inc.
................
49,526
1,652,683
Mid-America
Apartment
Communities,
Inc.
..
5,038
774,844
Sun
Communities,
Inc.
...............
10,464
1,453,764
UDR,
Inc.
........................
15,945
659,007
9,656,383
Retail
REITs
—
0.1%
Brixmor
Property
Group,
Inc.
...........
7,924
169,019
Federal
Realty
Investment
Trust
.........
3,481
344,236
Realty
Income
Corp.
.................
23,187
1,457,071
Regency
Centers
Corp.
..............
5,258
322,999
2,293,325
Semiconductors
&
Semiconductor
Equipment
—
7.0%
Advanced
Micro
Devices,
Inc.
(a)
.........
136,633
12,210,891
Analog
Devices,
Inc.
.................
17,114
3,078,466
Broadcom,
Inc.
....................
16,993
10,646,115
Enphase
Energy,
Inc.
(a)
...............
11,475
1,884,195
Entegris,
Inc.
......................
12,578
942,344
Marvell
Technology,
Inc.
..............
72,329
2,855,549
Microchip
Technology,
Inc.
.............
18,994
1,386,372
Micron
Technology,
Inc.
...............
38,011
2,446,388
Monolithic
Power
Systems,
Inc.
.........
3,790
1,750,866
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Growth
ETF
20
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
NVIDIA
Corp.
.....................
208,463
$
57,846,398
ON
Semiconductor
Corp.
(a)
............
36,525
2,628,339
QUALCOMM,
Inc.
..................
41,188
4,810,758
Skyworks
Solutions,
Inc.
..............
4,283
453,570
SolarEdge
Technologies,
Inc.
(a)
..........
4,723
1,349,030
Teradyne,
Inc.
.....................
8,009
731,862
Texas
Instruments,
Inc.
...............
40,753
6,813,902
Wolfspeed,
Inc.
(a)(b)
..................
4,714
219,437
112,054,482
Software
—
18.5%
Adobe,
Inc.
(a)
......................
38,794
14,647,063
ANSYS,
Inc.
(a)(b)
....................
7,401
2,323,322
Aspen
Technology,
Inc.
(a)
..............
2,457
434,889
Atlassian
Corp.,
Class
A
(a)
.............
12,741
1,881,336
Autodesk,
Inc.
(a)
....................
18,298
3,564,267
Bentley
Systems,
Inc.,
Class
B
..........
16,592
706,156
BILL
Holdings,
Inc.
(a)
.................
8,225
631,762
Black
Knight,
Inc.
(a)
..................
13,173
719,773
Cadence
Design
Systems,
Inc.
(a)
........
23,247
4,869,084
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
18,527
2,224,166
Datadog,
Inc.,
Class
A
(a)
..............
20,969
1,412,891
DocuSign,
Inc.
(a)
...................
16,963
838,651
Dynatrace,
Inc.
(a)
...................
18,226
770,595
Fair
Isaac
Corp.
(a)
...................
2,127
1,548,350
Fortinet,
Inc.
(a)
.....................
55,006
3,468,128
HubSpot,
Inc.
(a)
....................
4,104
1,727,579
Intuit,
Inc.
........................
23,806
10,568,674
Manhattan
Associates,
Inc.
(a)
...........
5,271
873,299
Microsoft
Corp.
....................
630,796
193,818,379
Oracle
Corp.
......................
41,639
3,944,046
Palantir
Technologies,
Inc.,
Class
A
(a)
.....
148,824
1,153,386
Palo
Alto
Networks,
Inc.
(a)
.............
25,585
4,668,239
Procore
Technologies,
Inc.
(a)
...........
5,829
311,327
PTC,
Inc.
(a)
.......................
9,057
1,139,280
Roper
Technologies,
Inc.
..............
3,648
1,659,037
Salesforce,
Inc.
(a)
...................
84,741
16,810,072
ServiceNow,
Inc.
(a)
..................
17,196
7,900,186
Splunk,
Inc.
(a)
.....................
12,810
1,104,734
Synopsys,
Inc.
(a)
...................
12,919
4,797,083
Tyler
Technologies,
Inc.
(a)
.............
3,518
1,333,428
Unity
Software,
Inc.
(a)(b)
...............
20,586
555,204
VMware,
Inc.,
Class
A
(a)
..............
8,597
1,074,883
Workday,
Inc.,
Class
A
(a)
..............
17,146
3,191,557
Zoom
Video
Communications,
Inc.,
Class
A
(a)
18,349
1,127,179
Zscaler,
Inc.
(a)
.....................
7,275
655,478
298,453,483
Specialized
REITs
—
1.5%
American
Tower
Corp.
...............
21,083
4,309,154
Crown
Castle,
Inc.
..................
18,463
2,272,611
CubeSmart
.......................
12,254
557,434
Digital
Realty
Trust,
Inc.
..............
12,909
1,279,927
Equinix,
Inc.
......................
7,833
5,671,718
Extra
Space
Storage,
Inc.
.............
11,395
1,732,496
Gaming
and
Leisure
Properties,
Inc.
......
6,757
351,364
Iron
Mountain,
Inc.
..................
9,436
521,245
Lamar
Advertising
Co.,
Class
A
.........
2,304
243,487
Life
Storage,
Inc.
...................
4,302
578,103
Public
Storage
.....................
8,275
2,439,718
SBA
Communications
Corp.
...........
9,173
2,393,144
VICI
Properties,
Inc.
.................
27,870
945,908
23,296,309
Security
Shares
Shares
Value
Specialty
Retail
—
2.0%
AutoZone,
Inc.
(a)
...................
1,041
$
2,772,506
Burlington
Stores,
Inc.
(a)
..............
3,045
587,106
Five
Below,
Inc.
(a)
...................
4,689
925,421
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
8,954
889,490
Home
Depot,
Inc.
(The)
..............
28,177
8,468,316
Lowe's
Cos.,
Inc.
...................
20,631
4,287,741
Murphy
USA,
Inc.
..................
631
173,670
O'Reilly
Automotive,
Inc.
(a)
.............
2,759
2,530,858
Ross
Stores,
Inc.
...................
29,230
3,119,718
TJX
Cos.,
Inc.
(The)
.................
47,879
3,773,823
Tractor
Supply
Co.
..................
9,330
2,224,272
Ulta
Beauty,
Inc.
(a)
..................
4,317
2,380,523
32,133,444
Technology
Hardware,
Storage
&
Peripherals
—
13.3%
Apple,
Inc.
.......................
1,260,323
213,851,607
NetApp,
Inc.
......................
6,104
383,880
Pure
Storage,
Inc.,
Class
A
(a)
...........
24,370
556,367
214,791,854
Textiles,
Apparel
&
Luxury
Goods
—
0.9%
Deckers
Outdoor
Corp.
(a)
..............
2,234
1,070,845
Lululemon
Athletica,
Inc.
(a)
.............
9,849
3,741,931
NIKE,
Inc.,
Class
B
.................
72,513
9,188,847
14,001,623
Trading
Companies
&
Distributors
—
0.5%
Fastenal
Co.
......................
48,365
2,603,971
United
Rentals,
Inc.
(a)
................
5,854
2,113,938
Watsco,
Inc.
......................
2,807
972,289
WW
Grainger,
Inc.
..................
3,814
2,652,904
8,343,102
Water
Utilities
—
0.1%
American
Water
Works
Co.,
Inc.
.........
10,126
1,501,180
Essential
Utilities,
Inc.
................
11,443
488,616
1,989,796
Wireless
Telecommunication
Services
—
0.5%
T-Mobile
US,
Inc.
(a)
..................
50,273
7,234,285
Total
Long-Term
Investments
—
99.8%
(Cost:
$1,354,109,046)
...........................
1,606,769,402
Short-Term
Securities
Money
Market
Funds
—
2.2%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.02%
(e)
............
32,749,346
32,759,171
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.75%
..................
2,400,069
2,400,069
Total
Short-Term
Securities
—
2.2%
(Cost:
$35,146,096)
..............................
35,159,240
Total
Investments
—
102.0%
(Cost:
$1,389,255,142
)
...........................
1,641,928,642
Liabilities
in
Excess
of
Other
Assets
—
(2.0)%
............
(32,285,467)
Net
Assets
—
100.0%
..............................
$
1,609,643,175
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Growth
ETF
Schedule
of
Investments
21
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
31,914,376
$
828,018
(a)
$
—
$
9,062
$
7,715
$
32,759,171
32,749,346
$
190,801
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
3,207,000
—
(806,931)
(a)
—
—
2,400,069
2,400,069
84,655
—
$
9,062
$
7,715
$
35,159,240
$
275,456
$
—
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
NASDAQ
100
E-Mini
Index
...................................................
10
06/16/23
$
2,664
$
177,263
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)
......
$
—
$
—
$
177,263
$
—
$
—
$
—
$
177,263
(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
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(304,599)
$
—
$
—
$
—
$
(304,599)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
486,094
$
—
$
—
$
—
$
486,094
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
3,051,108
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Growth
ETF
22
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,606,769,402
$
—
$
—
$
1,606,769,402
Short-Term
Securities
Money
Market
Funds
......................................
35,159,240
—
—
35,159,240
$
1,641,928,642
$
—
$
—
$
1,641,928,642
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
177,263
$
—
$
—
$
177,263
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2023
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
23
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.4%
Axon
Enterprise,
Inc.
(a)
...............
6,367
$
1,341,591
HEICO
Corp.
.....................
3,755
633,243
HEICO
Corp.,
Class
A
................
6,591
884,710
Howmet
Aerospace,
Inc.
..............
34,735
1,538,413
Huntington
Ingalls
Industries,
Inc.
........
3,765
759,250
Textron,
Inc.
......................
19,667
1,316,509
TransDigm
Group,
Inc.
...............
4,892
3,742,380
10,216,096
Air
Freight
&
Logistics
—
0.4%
CH
Robinson
Worldwide,
Inc.
..........
11,143
1,123,994
Expeditors
International
of
Washington,
Inc.
.
14,996
1,707,145
2,831,139
Automobile
Components
—
0.6%
Aptiv
plc
(a)
........................
25,561
2,629,205
BorgWarner,
Inc.
...................
22,111
1,064,202
Lear
Corp.
.......................
5,583
712,726
4,406,133
Automobiles
—
0.2%
(a)(b)
Lucid
Group,
Inc.
...................
60,578
480,989
Rivian
Automotive,
Inc.,
Class
A
.........
51,973
666,294
1,147,283
Banks
—
2.1%
BOK
Financial
Corp.
.................
2,723
228,378
Citizens
Financial
Group,
Inc.
..........
46,460
1,437,473
Comerica,
Inc.
.....................
12,427
538,959
Commerce
Bancshares,
Inc.
...........
10,725
598,991
Cullen/Frost
Bankers,
Inc.
.............
6,107
673,297
East
West
Bancorp,
Inc.
..............
13,254
685,099
Fifth
Third
Bancorp
.................
64,433
1,688,145
First
Citizens
BancShares,
Inc.,
Class
A
....
1,125
1,133,078
First
Horizon
Corp.
..................
50,446
885,327
First
Republic
Bank
(b)
................
17,587
61,730
Huntington
Bancshares,
Inc.
...........
136,125
1,524,600
KeyCorp
.........................
88,045
991,387
M&T
Bank
Corp.
...................
15,970
2,009,026
Regions
Financial
Corp.
..............
88,182
1,610,203
Webster
Financial
Corp.
..............
16,371
610,638
Western
Alliance
Bancorp
.............
10,349
384,155
Zions
Bancorp
NA
..................
14,177
394,971
15,455,457
Beverages
—
0.3%
Brown-Forman
Corp.,
Class
A
..........
5,272
347,319
Brown-Forman
Corp.,
Class
B,
NVS
......
17,318
1,127,229
Molson
Coors
Beverage
Co.,
Class
B
.....
17,692
1,052,320
2,526,868
Biotechnology
—
2.5%
(a)
Alnylam
Pharmaceuticals,
Inc.
..........
11,606
2,311,915
Biogen,
Inc.
......................
13,584
4,132,660
BioMarin
Pharmaceutical,
Inc.
..........
17,533
1,683,869
Horizon
Therapeutics
plc
..............
21,379
2,376,490
Incyte
Corp.
......................
17,463
1,299,422
Karuna
Therapeutics,
Inc.
(b)
............
2,815
558,609
Neurocrine
Biosciences,
Inc.
...........
9,111
920,575
Sarepta
Therapeutics,
Inc.
.............
8,265
1,014,694
Seagen,
Inc.
......................
12,959
2,591,800
United
Therapeutics
Corp.
.............
4,283
985,647
17,875,681
Security
Shares
Shares
Value
Broadline
Retail
—
0.7%
Coupang,
Inc.,
Class
A
(a)
..............
96,643
$
1,619,737
eBay,
Inc.
........................
51,291
2,381,441
Etsy,
Inc.
(a)
.......................
11,856
1,197,812
5,198,990
Building
Products
—
2.2%
Advanced
Drainage
Systems,
Inc.
(b)
......
5,921
507,548
Allegion
plc
.......................
8,267
913,338
AO
Smith
Corp.
....................
11,993
819,002
Builders
FirstSource,
Inc.
(a)
............
13,847
1,312,280
Carlisle
Cos.,
Inc.
..................
4,886
1,054,643
Carrier
Global
Corp.
.................
78,695
3,291,025
Fortune
Brands
Innovations,
Inc.
........
12,141
785,401
Lennox
International,
Inc.
.............
3,061
862,927
Masco
Corp.
......................
21,301
1,139,817
Owens
Corning
....................
8,816
941,637
Trane
Technologies
plc
...............
21,610
4,015,354
15,642,972
Capital
Markets
—
4.2%
Ameriprise
Financial,
Inc.
.............
9,934
3,031,062
Ares
Management
Corp.,
Class
A
........
14,700
1,287,573
Bank
of
New
York
Mellon
Corp.
(The)
.....
69,389
2,955,277
Carlyle
Group,
Inc.
(The)
..............
20,741
629,075
Coinbase
Global,
Inc.,
Class
A
(a)(b)
........
15,016
807,711
FactSet
Research
Systems,
Inc.
.........
3,602
1,482,907
Franklin
Resources,
Inc.
..............
26,994
725,599
Interactive
Brokers
Group,
Inc.,
Class
A
....
9,687
754,133
Invesco
Ltd.
......................
43,177
739,622
Jefferies
Financial
Group,
Inc.
..........
17,128
548,610
LPL
Financial
Holdings,
Inc.
............
7,468
1,559,617
MarketAxess
Holdings,
Inc.
............
3,547
1,129,258
Morningstar,
Inc.
...................
2,354
419,742
MSCI,
Inc.
.......................
7,544
3,639,603
Nasdaq,
Inc.
......................
31,979
1,770,677
Northern
Trust
Corp.
.................
19,662
1,536,782
Raymond
James
Financial,
Inc.
.........
18,274
1,654,345
Robinhood
Markets,
Inc.,
Class
A
(a)
.......
47,833
423,322
SEI
Investments
Co.
.................
9,618
566,596
State
Street
Corp.
..................
32,926
2,379,233
T.
Rowe
Price
Group,
Inc.
.............
21,160
2,376,903
30,417,647
Chemicals
—
3.4%
Albemarle
Corp.
...................
11,052
2,049,704
Celanese
Corp.
....................
9,421
1,000,887
CF
Industries
Holdings,
Inc.
............
18,508
1,324,803
Dow,
Inc.
........................
66,497
3,617,437
DuPont
de
Nemours,
Inc.
.............
43,218
3,013,159
Eastman
Chemical
Co.
...............
11,246
947,700
FMC
Corp.
.......................
11,864
1,466,153
International
Flavors
&
Fragrances,
Inc.
....
24,053
2,332,179
LyondellBasell
Industries
NV,
Class
A
.....
23,922
2,263,260
Mosaic
Co.
(The)
...................
32,090
1,375,056
Olin
Corp.
........................
11,648
645,299
PPG
Industries,
Inc.
.................
22,172
3,109,845
RPM
International,
Inc.
...............
12,151
996,747
Westlake
Corp.
....................
3,260
370,923
24,513,152
Commercial
Services
&
Supplies
—
0.7%
Copart,
Inc.
(a)(b)
....................
40,439
3,196,703
Rollins,
Inc.
.......................
21,856
923,416
Tetra
Tech,
Inc.
....................
5,023
695,032
4,815,151
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Mid-Cap
ETF
24
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Communications
Equipment
—
0.8%
Arista
Networks,
Inc.
(a)
...............
23,350
$
3,739,736
Ciena
Corp.
(a)
.....................
14,004
644,744
F5,
Inc.
(a)
........................
5,686
763,971
Juniper
Networks,
Inc.
...............
30,544
920,902
6,069,353
Construction
&
Engineering
—
0.6%
AECOM
.........................
13,138
1,091,111
Quanta
Services,
Inc.
................
13,481
2,286,917
WillScot
Mobile
Mini
Holdings
Corp.
(a)
.....
19,764
897,285
4,275,313
Construction
Materials
—
0.6%
Martin
Marietta
Materials,
Inc.
..........
5,858
2,127,626
Vulcan
Materials
Co.
................
12,562
2,199,857
4,327,483
Consumer
Finance
—
0.6%
Ally
Financial,
Inc.
..................
28,335
747,477
Discover
Financial
Services
............
25,188
2,606,203
Synchrony
Financial
.................
41,133
1,213,835
4,567,515
Consumer
Staples
Distribution
&
Retail
—
1.7%
Albertsons
Cos.,
Inc.,
Class
A
..........
15,158
316,802
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
......
12,723
971,656
Casey's
General
Stores,
Inc.
...........
3,535
808,879
Dollar
Tree,
Inc.
(a)
...................
19,614
3,014,868
Kroger
Co.
(The)
...................
61,451
2,988,362
Performance
Food
Group
Co.
(a)
.........
14,771
925,994
US
Foods
Holding
Corp.
(a)(b)
............
19,252
739,277
Walgreens
Boots
Alliance,
Inc.
..........
67,534
2,380,573
12,146,411
Containers
&
Packaging
—
1.4%
Amcor
plc
........................
140,563
1,541,976
AptarGroup,
Inc.
...................
6,162
730,259
Avery
Dennison
Corp.
................
7,638
1,332,678
Ball
Corp.
........................
29,576
1,572,852
Crown
Holdings,
Inc.
................
11,275
967,169
International
Paper
Co.
...............
33,619
1,113,125
Packaging
Corp.
of
America
...........
8,745
1,182,849
Sealed
Air
Corp.
...................
13,667
655,879
WestRock
Co.
.....................
23,998
718,260
9,815,047
Distributors
—
0.7%
Genuine
Parts
Co.
..................
13,326
2,242,899
LKQ
Corp.
.......................
23,898
1,379,632
Pool
Corp.
.......................
3,684
1,294,263
4,916,794
Diversified
Consumer
Services
—
0.2%
ADT,
Inc.
........................
20,195
135,306
Service
Corp.
International
............
14,472
1,015,790
1,151,096
Diversified
REITs
—
0.2%
WP
Carey,
Inc.
....................
19,847
1,472,647
Diversified
Telecommunication
Services
—
0.0%
Lumen
Technologies,
Inc.
.............
86,712
205,507
Electric
Utilities
—
3.5%
Alliant
Energy
Corp.
.................
23,757
1,309,961
Avangrid,
Inc.
.....................
6,576
264,750
Constellation
Energy
Corp.
............
30,850
2,387,790
Edison
International
.................
36,025
2,651,440
Security
Shares
Shares
Value
Electric
Utilities
(continued)
Entergy
Corp.
.....................
19,231
$
2,068,871
Evergy,
Inc.
.......................
21,604
1,341,825
Eversource
Energy
.................
32,858
2,550,109
FirstEnergy
Corp.
..................
51,240
2,039,352
NRG
Energy,
Inc.
...................
21,687
741,045
OGE
Energy
Corp.
..................
18,910
709,881
PG&E
Corp.
(a)(b)
....................
151,801
2,597,315
Pinnacle
West
Capital
Corp.
...........
10,653
835,834
PPL
Corp.
.......................
69,462
1,994,949
Xcel
Energy,
Inc.
...................
51,626
3,609,174
25,102,296
Electrical
Equipment
—
1.3%
AMETEK,
Inc.
.....................
21,665
2,988,254
Generac
Holdings,
Inc.
(a)(b)
.............
6,010
614,342
Hubbell,
Inc.
......................
5,056
1,361,682
Plug
Power,
Inc.
(a)(b)
.................
49,879
450,407
Regal
Rexnord
Corp.
................
6,246
812,979
Rockwell
Automation,
Inc.
.............
10,828
3,068,764
9,296,428
Electronic
Equipment,
Instruments
&
Components
—
2.1%
Arrow
Electronics,
Inc.
(a)
..............
5,517
631,310
CDW
Corp.
.......................
12,773
2,166,173
Cognex
Corp.
.....................
16,329
778,730
Corning,
Inc.
......................
71,813
2,385,628
Flex
Ltd.
(a)
........................
42,432
872,826
Jabil,
Inc.
........................
12,530
979,220
Keysight
Technologies,
Inc.
(a)
...........
16,825
2,433,568
TD
SYNNEX
Corp.
..................
3,976
354,023
Teledyne
Technologies,
Inc.
(a)
...........
4,431
1,836,206
Trimble,
Inc.
(a)
.....................
23,266
1,095,829
Zebra
Technologies
Corp.,
Class
A
(a)
......
4,879
1,405,298
14,938,811
Energy
Equipment
&
Services
—
0.9%
Baker
Hughes
Co.,
Class
A
............
95,064
2,779,671
Halliburton
Co.
....................
85,289
2,793,215
NOV,
Inc.
........................
37,300
624,775
6,197,661
Entertainment
—
1.3%
Electronic
Arts,
Inc.
.................
24,577
3,128,161
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
(a)
......................
2,218
143,682
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(a)
..................
19,536
1,410,304
Live
Nation
Entertainment,
Inc.
(a)(b)
.......
13,429
910,218
ROBLOX
Corp.,
Class
A
(a)
.............
34,169
1,216,416
Roku,
Inc.,
Class
A
(a)(b)
...............
11,471
644,785
Take-Two
Interactive
Software,
Inc.
(a)
......
14,981
1,861,988
9,315,554
Financial
Services
—
1.8%
Apollo
Global
Management,
Inc.
.........
41,031
2,600,955
Block,
Inc.,
Class
A
(a)
................
50,699
3,081,992
Equitable
Holdings,
Inc.
..............
32,538
845,663
FleetCor
Technologies,
Inc.
(a)(b)
..........
6,975
1,492,092
Global
Payments,
Inc.
...............
24,819
2,797,350
Jack
Henry
&
Associates,
Inc.
..........
6,907
1,128,189
Toast,
Inc.,
Class
A
(a)(b)
...............
29,467
536,300
WEX,
Inc.
(a)
.......................
4,101
727,312
13,209,853
Food
Products
—
2.5%
Bunge
Ltd.
.......................
14,132
1,322,755
Campbell
Soup
Co.
.................
18,964
1,029,745
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
25
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
Conagra
Brands,
Inc.
................
44,924
$
1,705,315
Darling
Ingredients,
Inc.
(a)(b)
............
15,064
897,363
Hershey
Co.
(The)
..................
13,864
3,785,704
Hormel
Foods
Corp.
.................
27,386
1,107,490
JM
Smucker
Co.
(The)
...............
10,085
1,557,225
Kellogg
Co.
.......................
24,146
1,684,666
Lamb
Weston
Holdings,
Inc.
...........
13,616
1,522,405
McCormick
&
Co.,
Inc.,
NVS
...........
23,652
2,077,828
Tyson
Foods,
Inc.,
Class
A
............
26,915
1,681,918
18,372,414
Gas
Utilities
—
0.3%
Atmos
Energy
Corp.
.................
13,488
1,539,520
UGI
Corp.
........................
19,774
669,943
2,209,463
Ground
Transportation
—
0.8%
Avis
Budget
Group,
Inc.
(a)
.............
2,354
415,881
Hertz
Global
Holdings,
Inc.
(a)
...........
15,261
254,554
JB
Hunt
Transport
Services,
Inc.
........
7,838
1,373,923
Knight-Swift
Transportation
Holdings,
Inc.
..
15,175
854,656
Old
Dominion
Freight
Line,
Inc.
.........
8,546
2,738,053
U-Haul
Holding
Co.
.................
907
55,381
5,692,448
Health
Care
Equipment
&
Supplies
—
3.9%
Align
Technology,
Inc.
(a)
...............
6,852
2,228,956
Baxter
International,
Inc.
..............
47,610
2,270,045
Cooper
Cos.,
Inc.
(The)
..............
4,649
1,773,361
Dentsply
Sirona,
Inc.
................
20,297
851,053
GE
HealthCare
Technologies,
Inc.
(a)
......
34,253
2,786,139
Hologic,
Inc.
(a)
.....................
23,250
1,999,732
IDEXX
Laboratories,
Inc.
(a)
.............
7,812
3,844,754
Insulet
Corp.
(a)(b)
....................
6,542
2,080,618
Novocure
Ltd.
(a)(b)
...................
8,527
561,929
ResMed,
Inc.
.....................
13,859
3,339,465
Shockwave
Medical,
Inc.
(a)
.............
3,408
988,865
STERIS
plc
.......................
9,399
1,772,181
Teleflex,
Inc.
......................
4,417
1,203,721
Zimmer
Biomet
Holdings,
Inc.
..........
19,797
2,740,697
28,441,516
Health
Care
Providers
&
Services
—
1.9%
Acadia
Healthcare
Co.,
Inc.
(a)
...........
8,649
625,236
agilon
health,
Inc.
(a)(b)
................
18,673
453,194
AmerisourceBergen
Corp.
.............
15,264
2,546,798
Cardinal
Health,
Inc.
.................
24,291
1,994,291
Chemed
Corp.
.....................
1,403
773,404
DaVita,
Inc.
(a)
......................
5,152
465,535
Henry
Schein,
Inc.
(a)
.................
12,802
1,034,530
Laboratory
Corp.
of
America
Holdings
.....
8,358
1,894,842
Molina
Healthcare,
Inc.
(a)
..............
5,509
1,641,076
Quest
Diagnostics,
Inc.
...............
10,455
1,451,259
R1
RCM,
Inc.
(a)
....................
12,928
201,547
Universal
Health
Services,
Inc.,
Class
B
...
6,090
915,631
13,997,343
Health
Care
REITs
—
1.0%
Healthpeak
Properties,
Inc.
............
51,762
1,137,211
Medical
Properties
Trust,
Inc.
...........
56,476
495,295
Omega
Healthcare
Investors,
Inc.
........
22,044
589,897
Ventas,
Inc.
......................
37,735
1,813,167
Welltower,
Inc.
.....................
44,576
3,531,311
7,566,881
Security
Shares
Shares
Value
Health
Care
Technology
—
0.3%
Veeva
Systems,
Inc.,
Class
A
(a)
.........
13,285
$
2,379,078
Hotel
&
Resort
REITs
—
0.1%
Host
Hotels
&
Resorts,
Inc.
............
67,682
1,094,418
Hotels,
Restaurants
&
Leisure
—
2.9%
Aramark
.........................
24,662
855,771
Caesars
Entertainment,
Inc.
(a)
..........
20,169
913,454
Carnival
Corp.
(a)
....................
94,926
874,268
Choice
Hotels
International,
Inc.
.........
2,614
333,337
Churchill
Downs,
Inc.
................
3,108
909,183
Darden
Restaurants,
Inc.
.............
11,474
1,743,245
Domino's
Pizza,
Inc.
.................
3,339
1,060,032
DoorDash,
Inc.,
Class
A
(a)(b)
............
24,760
1,515,064
Expedia
Group,
Inc.
(a)
................
13,920
1,307,923
Las
Vegas
Sands
Corp.
(a)
.............
30,970
1,977,435
MGM
Resorts
International
............
29,618
1,330,441
Norwegian
Cruise
Line
Holdings
Ltd.
(a)(b)
...
39,873
532,305
Royal
Caribbean
Cruises
Ltd.
(a)
.........
20,771
1,359,047
Vail
Resorts,
Inc.
...................
3,789
911,330
Wyndham
Hotels
&
Resorts,
Inc.
........
8,347
569,432
Wynn
Resorts
Ltd.
(a)
.................
9,709
1,109,545
Yum!
Brands,
Inc.
..................
26,415
3,713,421
21,015,233
Household
Durables
—
1.6%
DR
Horton,
Inc.
....................
29,479
3,237,384
Garmin
Ltd.
.......................
14,465
1,420,029
Lennar
Corp.,
Class
A
................
23,918
2,698,190
Lennar
Corp.,
Class
B
...............
1,336
130,687
NVR,
Inc.
(a)
.......................
286
1,670,240
PulteGroup,
Inc.
...................
21,228
1,425,460
Whirlpool
Corp.
....................
5,148
718,609
11,300,599
Household
Products
—
0.6%
Church
&
Dwight
Co.,
Inc.
.............
23,006
2,234,343
Clorox
Co.
(The)
...................
11,653
1,929,970
4,164,313
Independent
Power
and
Renewable
Electricity
Producers
—
0.3%
AES
Corp.
(The)
...................
63,012
1,490,864
Vistra
Corp.
......................
35,412
844,930
2,335,794
Industrial
REITs
—
0.3%
Americold
Realty
Trust,
Inc.
............
25,337
749,722
EastGroup
Properties,
Inc.
............
4,100
682,896
Rexford
Industrial
Realty,
Inc.
..........
17,903
998,450
2,431,068
Insurance
—
4.3%
Allstate
Corp.
(The)
.................
24,811
2,872,121
American
Financial
Group,
Inc.
.........
6,614
811,736
Arch
Capital
Group
Ltd.
(a)
.............
34,893
2,619,417
Arthur
J
Gallagher
&
Co.
..............
20,009
4,163,073
Assurant,
Inc.
.....................
5,022
618,359
Brown
&
Brown,
Inc.
.................
22,117
1,424,114
Cincinnati
Financial
Corp.
.............
14,811
1,576,483
CNA
Financial
Corp.
.................
2,669
103,851
Erie
Indemnity
Co.,
Class
A,
NVS
........
2,347
510,073
Everest
Re
Group
Ltd.
...............
3,689
1,394,442
Fidelity
National
Financial,
Inc.
..........
25,820
916,352
Globe
Life,
Inc.
....................
8,502
922,637
Hartford
Financial
Services
Group,
Inc.
(The)
29,726
2,110,249
Kinsale
Capital
Group,
Inc.
............
2,031
663,548
Lincoln
National
Corp.
...............
14,701
319,453
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Mid-Cap
ETF
26
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Insurance
(continued)
Loews
Corp.
......................
18,464
$
1,062,972
Markel
Corp.
(a)
.....................
1,266
1,732,559
Old
Republic
International
Corp.
.........
26,113
659,875
Principal
Financial
Group,
Inc.
..........
21,448
1,601,951
Reinsurance
Group
of
America,
Inc.
......
6,293
895,620
Unum
Group
......................
17,585
742,087
Willis
Towers
Watson
plc
..............
10,072
2,332,675
WR
Berkley
Corp.
..................
19,215
1,132,148
31,185,795
Interactive
Media
&
Services
—
0.5%
(a)
Match
Group,
Inc.
..................
26,313
970,950
Pinterest,
Inc.,
Class
A
...............
56,020
1,288,460
Snap,
Inc.,
Class
A,
NVS
..............
92,973
809,795
ZoomInfo
Technologies,
Inc.
(b)
..........
25,439
557,368
3,626,573
IT
Services
—
2.2%
Akamai
Technologies,
Inc.
(a)
............
14,860
1,218,074
Cloudflare,
Inc.,
Class
A
(a)
.............
27,002
1,270,444
Cognizant
Technology
Solutions
Corp.,
Class
A
48,018
2,867,155
DXC
Technology
Co.
(a)
...............
21,554
514,063
EPAM
Systems,
Inc.
(a)
................
5,425
1,532,237
Gartner,
Inc.
(a)
.....................
7,455
2,254,839
GoDaddy,
Inc.,
Class
A
(a)(b)
.............
14,628
1,107,047
MongoDB,
Inc.,
Class
A
(a)
.............
6,526
1,565,979
Okta,
Inc.,
Class
A
(a)
.................
14,395
986,490
Twilio,
Inc.,
Class
A
(a)
................
16,438
864,803
VeriSign,
Inc.
(a)
....................
8,636
1,915,465
16,096,596
Leisure
Products
—
0.2%
Hasbro,
Inc.
......................
12,260
726,037
Mattel,
Inc.
(a)(b)
.....................
33,468
602,424
1,328,461
Life
Sciences
Tools
&
Services
—
2.0%
Avantor,
Inc.
(a)
.....................
63,478
1,236,551
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
......
2,030
915,104
Bio-Techne
Corp.
...................
14,863
1,187,256
Bruker
Corp.
(b)
.....................
9,407
744,376
Charles
River
Laboratories
International,
Inc.
(a)
4,818
915,998
Mettler-Toledo
International,
Inc.
(a)
.......
2,085
3,109,778
PerkinElmer,
Inc.
...................
11,929
1,556,615
Repligen
Corp.
(a)(b)
..................
4,858
736,619
Waters
Corp.
(a)
....................
5,613
1,685,921
West
Pharmaceutical
Services,
Inc.
......
6,984
2,522,900
14,611,118
Machinery
—
4.9%
AGCO
Corp.
......................
5,824
721,827
Chart
Industries,
Inc.
(a)(b)
..............
4,029
536,260
Cummins,
Inc.
.....................
13,329
3,132,848
Dover
Corp.
......................
13,175
1,925,658
Fortive
Corp.
......................
33,291
2,100,329
Graco,
Inc.
.......................
15,916
1,261,980
IDEX
Corp.
.......................
7,104
1,465,697
Ingersoll
Rand,
Inc.
.................
38,269
2,182,098
Lincoln
Electric
Holdings,
Inc.
..........
5,450
914,510
Middleby
Corp.
(The)
(a)
...............
5,069
714,121
Nordson
Corp.
.....................
5,079
1,098,639
Otis
Worldwide
Corp.
................
39,138
3,338,471
PACCAR,
Inc.
.....................
49,244
3,678,034
Parker-Hannifin
Corp.
................
12,101
3,931,373
Pentair
plc
.......................
15,475
898,788
RBC
Bearings,
Inc.
(a)(b)
...............
2,732
620,191
Snap-on,
Inc.
.....................
5,019
1,301,979
Security
Shares
Shares
Value
Machinery
(continued)
Stanley
Black
&
Decker,
Inc.
...........
13,972
$
1,206,343
Toro
Co.
(The)
.....................
9,907
1,032,904
Westinghouse
Air
Brake
Technologies
Corp.
.
17,141
1,674,161
Xylem,
Inc.
.......................
17,005
1,765,799
35,502,010
Media
—
1.5%
Fox
Corp.,
Class
A,
NVS
..............
28,108
934,872
Fox
Corp.,
Class
B
..................
13,007
397,234
Interpublic
Group
of
Cos.,
Inc.
(The)
......
36,652
1,309,576
Liberty
Broadband
Corp.,
Class
A
(a)
.......
1,573
132,965
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)
..
11,332
960,727
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
A
(a)
(b)
...........................
7,076
198,836
Liberty
Media
Corp.-Liberty
SiriusXM,
Class
C,
NVS
(a)
........................
14,448
403,677
News
Corp.,
Class
A,
NVS
............
36,268
638,680
News
Corp.,
Class
B
................
11,287
200,344
Omnicom
Group,
Inc.
................
19,110
1,730,793
Paramount
Global,
Class
A
(b)
...........
746
19,739
Paramount
Global,
Class
B,
NVS
........
47,515
1,108,525
Sirius
XM
Holdings,
Inc.
(b)
.............
66,120
251,256
Trade
Desk,
Inc.
(The),
Class
A
(a)
........
41,982
2,701,122
10,988,346
Metals
&
Mining
—
1.6%
Alcoa
Corp.
.......................
16,801
623,989
Cleveland-Cliffs,
Inc.
(a)
...............
48,772
750,113
Newmont
Corp.
....................
74,879
3,549,265
Nucor
Corp.
......................
23,868
3,536,760
Reliance
Steel
&
Aluminum
Co.
.........
5,527
1,369,591
Steel
Dynamics,
Inc.
.................
15,724
1,634,510
11,464,228
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Annaly
Capital
Management,
Inc.
........
44,338
885,873
Multi-Utilities
—
2.5%
Ameren
Corp.
.....................
24,349
2,166,331
CenterPoint
Energy,
Inc.
..............
59,388
1,809,552
CMS
Energy
Corp.
..................
27,544
1,714,889
Consolidated
Edison,
Inc.
.............
33,477
3,296,480
DTE
Energy
Co.
...................
18,277
2,054,518
NiSource,
Inc.
.....................
38,216
1,087,627
Public
Service
Enterprise
Group,
Inc.
.....
47,070
2,974,824
WEC
Energy
Group,
Inc.
..............
29,757
2,861,731
17,965,952
Office
REITs
—
0.4%
Alexandria
Real
Estate
Equities,
Inc.
......
14,853
1,844,446
Boston
Properties,
Inc.
...............
13,528
721,854
2,566,300
Oil,
Gas
&
Consumable
Fuels
—
2.6%
Antero
Resources
Corp.
(a)
.............
26,244
603,350
APA
Corp.
.......................
30,361
1,118,803
Chesapeake
Energy
Corp.
............
10,170
840,856
Coterra
Energy,
Inc.
.................
74,382
1,904,179
Diamondback
Energy,
Inc.
.............
17,337
2,465,321
EQT
Corp.
.......................
34,661
1,207,589
HF
Sinclair
Corp.
...................
12,657
558,300
Marathon
Oil
Corp.
..................
59,796
1,444,671
Matador
Resources
Co.
..............
10,546
517,070
Murphy
Oil
Corp.
...................
13,739
504,359
New
Fortress
Energy,
Inc.,
Class
A
.......
4,579
138,698
ONEOK,
Inc.
......................
42,164
2,757,947
Ovintiv,
Inc.
.......................
23,262
839,293
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
27
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Range
Resources
Corp.
..............
22,706
$
600,574
Southwestern
Energy
Co.
(a)
............
103,717
538,291
Targa
Resources
Corp.
...............
21,324
1,610,602
Texas
Pacific
Land
Corp.
..............
581
858,515
18,508,418
Passenger
Airlines
—
0.8%
(a)
American
Airlines
Group,
Inc.
...........
61,372
837,114
Delta
Air
Lines,
Inc.
(b)
................
60,493
2,075,515
Southwest
Airlines
Co.
...............
56,063
1,698,148
United
Airlines
Holdings,
Inc.
(b)
..........
30,943
1,355,304
5,966,081
Pharmaceuticals
—
0.6%
Catalent,
Inc.
(a)
....................
16,960
850,035
Jazz
Pharmaceuticals
plc
(a)
............
5,918
831,301
Organon
&
Co.
....................
24,019
591,588
Royalty
Pharma
plc,
Class
A
...........
34,864
1,225,470
Viatris,
Inc.
.......................
114,775
1,070,851
4,569,245
Professional
Services
—
2.9%
Booz
Allen
Hamilton
Holding
Corp.
.......
12,516
1,198,032
Broadridge
Financial
Solutions,
Inc.
......
11,125
1,617,686
Ceridian
HCM
Holding,
Inc.
(a)
...........
14,556
924,015
Clarivate
plc
(a)
.....................
40,748
361,027
Concentrix
Corp.
...................
4,028
388,742
CoStar
Group,
Inc.
(a)
.................
38,366
2,952,264
Equifax,
Inc.
......................
11,556
2,408,039
Genpact
Ltd.
......................
15,875
707,231
Jacobs
Solutions,
Inc.
................
11,932
1,377,669
Leidos
Holdings,
Inc.
................
12,861
1,199,417
Paycom
Software,
Inc.
(a)
..............
4,539
1,317,989
Paylocity
Holding
Corp.
(a)
.............
3,916
756,924
Robert
Half
International,
Inc.
...........
10,196
744,308
SS&C
Technologies
Holdings,
Inc.
.......
20,656
1,209,202
TransUnion
.......................
18,238
1,254,957
Verisk
Analytics,
Inc.
.................
14,753
2,863,705
21,281,207
Real
Estate
Management
&
Development
—
0.5%
(a)
CBRE
Group,
Inc.,
Class
A
............
29,806
2,284,928
Jones
Lang
LaSalle,
Inc.
..............
4,464
620,674
Zillow
Group,
Inc.,
Class
A
.............
5,447
233,023
Zillow
Group,
Inc.,
Class
C,
NVS
(b)
.......
15,461
673,172
3,811,797
Residential
REITs
—
2.1%
American
Homes
4
Rent,
Class
A
........
28,864
960,017
AvalonBay
Communities,
Inc.
..........
13,197
2,380,343
Camden
Property
Trust
...............
10,426
1,147,381
Equity
LifeStyle
Properties,
Inc.
.........
16,459
1,134,025
Equity
Residential
..................
32,119
2,031,527
Essex
Property
Trust,
Inc.
.............
6,094
1,339,034
Invitation
Homes,
Inc.
................
54,893
1,831,779
Mid-America
Apartment
Communities,
Inc.
..
10,911
1,678,112
Sun
Communities,
Inc.
...............
11,704
1,626,037
UDR,
Inc.
........................
29,094
1,202,455
15,330,710
Retail
REITs
—
1.6%
Brixmor
Property
Group,
Inc.
...........
28,319
604,044
Federal
Realty
Investment
Trust
.........
6,943
686,593
Kimco
Realty
Corp.
.................
58,517
1,122,941
National
Retail
Properties,
Inc.
..........
17,179
747,287
Realty
Income
Corp.
.................
59,165
3,717,929
Regency
Centers
Corp.
..............
14,481
889,568
Security
Shares
Shares
Value
Retail
REITs
(continued)
Simon
Property
Group,
Inc.
............
30,844
$
3,495,242
11,263,604
Semiconductors
&
Semiconductor
Equipment
—
2.8%
Entegris,
Inc.
......................
14,025
1,050,753
First
Solar,
Inc.
(a)
...................
9,349
1,706,940
Marvell
Technology,
Inc.
..............
80,488
3,177,666
Microchip
Technology,
Inc.
.............
51,678
3,771,977
Monolithic
Power
Systems,
Inc.
.........
4,221
1,949,975
ON
Semiconductor
Corp.
(a)
............
40,750
2,932,370
Qorvo,
Inc.
(a)
......................
9,456
870,709
Skyworks
Solutions,
Inc.
..............
14,988
1,587,229
SolarEdge
Technologies,
Inc.
(a)(b)
........
5,273
1,506,127
Teradyne,
Inc.
.....................
14,715
1,344,657
Wolfspeed,
Inc.
(a)(b)
..................
11,787
548,685
20,447,088
Software
—
4.2%
ANSYS,
Inc.
(a)
.....................
8,218
2,579,795
Aspen
Technology,
Inc.
(a)
..............
2,770
490,290
Atlassian
Corp.,
Class
A
(a)
.............
14,161
2,091,013
Bentley
Systems,
Inc.,
Class
B
(b)
.........
18,506
787,615
BILL
Holdings,
Inc.
(a)
.................
9,016
692,519
Black
Knight,
Inc.
(a)
..................
14,675
801,842
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
20,592
2,472,070
Datadog,
Inc.,
Class
A
(a)
..............
23,418
1,577,905
DocuSign,
Inc.
(a)
...................
19,020
940,349
Dynatrace,
Inc.
(a)
...................
20,474
865,641
Fair
Isaac
Corp.
(a)
...................
2,370
1,725,241
Gen
Digital,
Inc.
....................
53,849
951,512
HubSpot,
Inc.
(a)
....................
4,579
1,927,530
Manhattan
Associates,
Inc.
(a)
...........
5,907
978,672
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
165,930
1,285,957
Procore
Technologies,
Inc.
(a)
...........
6,491
346,684
PTC,
Inc.
(a)
.......................
10,016
1,259,913
Splunk,
Inc.
(a)
.....................
14,257
1,229,524
Tyler
Technologies,
Inc.
(a)
.............
3,920
1,485,798
Unity
Software,
Inc.
(a)(b)
...............
22,953
619,042
Workday,
Inc.,
Class
A
(a)
..............
19,057
3,547,270
Zoom
Video
Communications,
Inc.,
Class
A
(a)
20,364
1,250,960
Zscaler,
Inc.
(a)(b)
....................
8,002
720,980
30,628,122
Specialized
REITs
—
2.5%
CubeSmart
.......................
21,145
961,886
Digital
Realty
Trust,
Inc.
..............
27,124
2,689,345
Extra
Space
Storage,
Inc.
.............
12,655
1,924,066
Gaming
and
Leisure
Properties,
Inc.
......
24,362
1,266,824
Iron
Mountain,
Inc.
..................
27,499
1,519,045
Lamar
Advertising
Co.,
Class
A
.........
8,209
867,527
Life
Storage,
Inc.
...................
8,014
1,076,921
SBA
Communications
Corp.
...........
10,186
2,657,426
VICI
Properties,
Inc.
.................
94,686
3,213,643
Weyerhaeuser
Co.
..................
69,130
2,067,678
18,244,361
Specialty
Retail
—
2.4%
Advance
Auto
Parts,
Inc.
..............
5,610
704,223
Bath
&
Body
Works,
Inc.
..............
21,661
760,301
Best
Buy
Co.,
Inc.
..................
18,549
1,382,272
Burlington
Stores,
Inc.
(a)
..............
6,137
1,183,275
CarMax,
Inc.
(a)(b)
....................
14,946
1,046,668
Five
Below,
Inc.
(a)(b)
..................
5,223
1,030,811
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
9,991
992,506
GameStop
Corp.,
Class
A
(a)(b)
...........
23,997
462,902
Murphy
USA,
Inc.
..................
1,894
521,286
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Mid-Cap
ETF
28
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Specialty
Retail
(continued)
Penske
Automotive
Group,
Inc.
(b)
........
2,347
$
325,247
Ross
Stores,
Inc.
...................
32,487
3,467,338
Tractor
Supply
Co.
..................
10,415
2,482,936
Ulta
Beauty,
Inc.
(a)
..................
4,800
2,646,864
Williams-Sonoma,
Inc.
...............
6,302
762,794
17,769,423
Technology
Hardware,
Storage
&
Peripherals
—
1.3%
Dell
Technologies,
Inc.,
Class
C
.........
22,938
997,574
Hewlett
Packard
Enterprise
Co.
.........
120,860
1,730,715
HP,
Inc.
.........................
81,535
2,422,405
NetApp,
Inc.
......................
20,407
1,283,396
Pure
Storage,
Inc.,
Class
A
(a)
...........
26,698
609,515
Seagate
Technology
Holdings
plc
........
18,073
1,062,150
Western
Digital
Corp.
(a)
...............
30,063
1,035,370
9,141,125
Textiles,
Apparel
&
Luxury
Goods
—
0.4%
Deckers
Outdoor
Corp.
(a)
..............
2,485
1,191,160
Tapestry,
Inc.
......................
22,348
912,022
VF
Corp.
........................
31,194
733,371
2,836,553
Trading
Companies
&
Distributors
—
1.3%
Fastenal
Co.
......................
53,851
2,899,338
United
Rentals,
Inc.
(a)
................
6,544
2,363,104
Watsco,
Inc.
......................
3,131
1,084,515
WW
Grainger,
Inc.
..................
4,242
2,950,608
9,297,565
Security
Shares
Shares
Value
Water
Utilities
—
0.5%
American
Water
Works
Co.,
Inc.
.........
18,204
$
2,698,743
Essential
Utilities,
Inc.
................
22,447
958,487
3,657,230
Total
Long-Term
Investments
—
99.6%
(Cost:
$700,716,483)
.............................
722,028,687
Short-Term
Securities
Money
Market
Funds
—
4.8%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.02%
(e)
............
32,603,869
32,613,650
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.75%
..................
2,036,626
2,036,626
Total
Short-Term
Securities
—
4.8%
(Cost:
$34,637,489)
..............................
34,650,276
Total
Investments
—
104.4%
(Cost:
$735,353,972
)
.............................
756,678,963
Liabilities
in
Excess
of
Other
Assets
—
(4.4)%
............
(32,051,930)
Net
Assets
—
100.0%
..............................
$
724,627,033
(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.
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
36,799,614
$
—
$
(4,191,767)
(a)
$
1,042
$
4,761
$
32,613,650
32,603,869
$
257,958
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,172,000
864,626
(a)
—
—
—
2,036,626
2,036,626
44,188
1
$
1,042
$
4,761
$
34,650,276
$
302,146
$
1
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Mid-Cap
ETF
Schedule
of
Investments
29
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
NASDAQ
100
E-Mini
Index
...................................................
2
06/16/23
$
533
$
8,055
S&P
Midcap
400
E-Mini
Index
.................................................
8
06/16/23
2,000
9,350
$
17,405
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)
......
$
—
$
—
$
17,405
$
—
$
—
$
—
$
17,405
(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
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(136,530)
$
—
$
—
$
—
$
(136,530)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
96,416
$
—
$
—
$
—
$
96,416
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,868,345
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Mid-Cap
ETF
30
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
722,028,687
$
—
$
—
$
722,028,687
Short-Term
Securities
Money
Market
Funds
......................................
34,650,276
—
—
34,650,276
$
756,678,963
$
—
$
—
$
756,678,963
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
17,405
$
—
$
—
$
17,405
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2023
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedule
of
Investments
31
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.3%
Axon
Enterprise,
Inc.
(a)
...............
24,509
$
5,164,291
HEICO
Corp.
.....................
14,479
2,441,739
HEICO
Corp.,
Class
A
................
25,404
3,409,979
Howmet
Aerospace,
Inc.
..............
133,622
5,918,118
Huntington
Ingalls
Industries,
Inc.
........
14,459
2,915,802
Textron,
Inc.
(b)
.....................
48,298
3,233,068
TransDigm
Group,
Inc.
...............
11,248
8,604,720
31,687,717
Air
Freight
&
Logistics
—
0.1%
CH
Robinson
Worldwide,
Inc.
..........
16,066
1,620,577
Automobile
Components
—
0.6%
Aptiv
plc
(a)
........................
58,797
6,047,860
BorgWarner,
Inc.
...................
28,056
1,350,335
Lear
Corp.
.......................
9,379
1,197,323
8,595,518
Automobiles
—
0.1%
Lucid
Group,
Inc.
(a)(b)
.................
232,590
1,846,765
Banks
—
0.4%
Comerica,
Inc.
.....................
15,267
662,130
Commerce
Bancshares,
Inc.
...........
12,779
713,707
Cullen/Frost
Bankers,
Inc.
.............
8,713
960,608
First
Citizens
BancShares,
Inc.,
Class
A
....
2,060
2,074,791
First
Republic
Bank
(b)
................
67,526
237,016
Western
Alliance
Bancorp
.............
15,014
557,320
5,205,572
Beverages
—
0.4%
Brown-Forman
Corp.,
Class
A
..........
20,318
1,338,550
Brown-Forman
Corp.,
Class
B,
NVS
......
66,329
4,317,354
5,655,904
Biotechnology
—
3.3%
(a)
Alnylam
Pharmaceuticals,
Inc.
..........
44,636
8,891,491
BioMarin
Pharmaceutical,
Inc.
..........
67,405
6,473,576
Horizon
Therapeutics
plc
..............
48,393
5,379,366
Incyte
Corp.
......................
67,148
4,996,483
Karuna
Therapeutics,
Inc.
(b)
............
10,827
2,148,510
Neurocrine
Biosciences,
Inc.
...........
35,109
3,547,413
Sarepta
Therapeutics,
Inc.
.............
31,814
3,905,805
Seagen,
Inc.
......................
49,844
9,968,800
United
Therapeutics
Corp.
.............
5,412
1,245,464
46,556,908
Broadline
Retail
—
0.3%
Etsy,
Inc.
(a)(b)
......................
45,601
4,607,069
Building
Products
—
1.8%
Advanced
Drainage
Systems,
Inc.
(b)
......
22,736
1,948,930
Allegion
plc
.......................
14,398
1,590,691
AO
Smith
Corp.
....................
20,558
1,403,906
Builders
FirstSource,
Inc.
(a)
............
21,010
1,991,118
Carlisle
Cos.,
Inc.
..................
12,415
2,679,778
Carrier
Global
Corp.
.................
97,448
4,075,275
Lennox
International,
Inc.
.............
5,666
1,597,302
Owens
Corning
....................
10,810
1,154,616
Trane
Technologies
plc
...............
47,501
8,826,161
25,267,777
Capital
Markets
—
4.0%
Ameriprise
Financial,
Inc.
.............
15,354
4,684,812
Ares
Management
Corp.,
Class
A
........
56,603
4,957,857
FactSet
Research
Systems,
Inc.
.........
13,870
5,710,140
Security
Shares
Shares
Value
Capital
Markets
(continued)
Interactive
Brokers
Group,
Inc.,
Class
A
....
37,305
$
2,904,194
LPL
Financial
Holdings,
Inc.
............
28,740
6,002,062
MarketAxess
Holdings,
Inc.
............
13,673
4,353,073
Morningstar,
Inc.
...................
9,060
1,615,489
MSCI,
Inc.
.......................
29,007
13,994,427
Nasdaq,
Inc.
......................
58,687
3,249,499
Raymond
James
Financial,
Inc.
.........
70,367
6,370,325
Robinhood
Markets,
Inc.,
Class
A
(a)(b)
......
186,275
1,648,534
SEI
Investments
Co.
.................
20,139
1,186,388
56,676,800
Chemicals
—
1.3%
Albemarle
Corp.
...................
42,507
7,883,348
FMC
Corp.
.......................
16,261
2,009,534
LyondellBasell
Industries
NV,
Class
A
.....
32,368
3,062,337
Olin
Corp.
........................
26,667
1,477,352
RPM
International,
Inc.
...............
29,147
2,390,928
Westlake
Corp.
....................
6,514
741,163
17,564,662
Commercial
Services
&
Supplies
—
1.3%
Copart,
Inc.
(a)
.....................
155,529
12,294,567
Rollins,
Inc.
.......................
83,954
3,547,057
Tetra
Tech,
Inc.
....................
19,278
2,667,497
18,509,121
Communications
Equipment
—
1.3%
(a)
Arista
Networks,
Inc.
................
89,800
14,382,368
Ciena
Corp.
......................
53,714
2,472,993
F5,
Inc.
(b)
........................
9,329
1,253,444
18,108,805
Construction
&
Engineering
—
0.8%
AECOM
.........................
24,085
2,000,259
Quanta
Services,
Inc.
................
31,311
5,311,598
WillScot
Mobile
Mini
Holdings
Corp.
(a)
.....
75,769
3,439,913
10,751,770
Construction
Materials
—
1.2%
Martin
Marietta
Materials,
Inc.
..........
22,517
8,178,174
Vulcan
Materials
Co.
................
48,214
8,443,236
16,621,410
Consumer
Finance
—
0.4%
Discover
Financial
Services
............
59,024
6,107,213
Consumer
Staples
Distribution
&
Retail
—
1.4%
BJ's
Wholesale
Club
Holdings,
Inc.
(a)
......
20,436
1,560,697
Casey's
General
Stores,
Inc.
...........
8,053
1,842,687
Dollar
Tree,
Inc.
(a)(b)
.................
75,432
11,594,653
Performance
Food
Group
Co.
(a)(b)
........
56,710
3,555,150
US
Foods
Holding
Corp.
(a)
.............
37,632
1,445,069
19,998,256
Containers
&
Packaging
—
0.5%
AptarGroup,
Inc.
...................
11,042
1,308,587
Avery
Dennison
Corp.
................
15,287
2,667,276
Crown
Holdings,
Inc.
................
19,073
1,636,082
Sealed
Air
Corp.
...................
18,173
872,122
6,484,067
Distributors
—
0.6%
Genuine
Parts
Co.
..................
22,219
3,739,680
LKQ
Corp.
.......................
31,079
1,794,191
Pool
Corp.
.......................
9,292
3,264,465
8,798,336
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Mid-Cap
Growth
ETF
32
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
Consumer
Services
—
0.2%
Service
Corp.
International
............
34,556
$
2,425,486
Electric
Utilities
—
0.8%
Constellation
Energy
Corp.
............
118,645
9,183,123
NRG
Energy,
Inc.
...................
46,216
1,579,201
10,762,324
Electrical
Equipment
—
1.9%
AMETEK,
Inc.
.....................
83,321
11,492,466
Generac
Holdings,
Inc.
(a)
..............
11,256
1,150,588
Hubbell,
Inc.
......................
19,445
5,236,927
Plug
Power,
Inc.
(a)(b)
.................
190,294
1,718,355
Rockwell
Automation,
Inc.
.............
25,044
7,097,720
26,696,056
Electronic
Equipment,
Instruments
&
Components
—
2.8%
CDW
Corp.
.......................
49,121
8,330,430
Cognex
Corp.
.....................
62,637
2,987,159
Corning,
Inc.
......................
85,809
2,850,575
Flex
Ltd.
(a)
........................
57,596
1,184,750
Jabil,
Inc.
........................
29,867
2,334,106
Keysight
Technologies,
Inc.
(a)
...........
64,702
9,358,497
Teledyne
Technologies,
Inc.
(a)
...........
16,996
7,043,142
Trimble,
Inc.
(a)
.....................
52,113
2,454,522
Zebra
Technologies
Corp.,
Class
A
(a)
......
11,587
3,337,404
39,880,585
Energy
Equipment
&
Services
—
0.8%
Baker
Hughes
Co.,
Class
A
............
216,225
6,322,419
Halliburton
Co.
....................
167,034
5,470,363
11,792,782
Entertainment
—
2.0%
Electronic
Arts,
Inc.
.................
55,332
7,042,657
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A
(a)
......................
5,049
327,074
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C,
NVS
(a)
..................
43,796
3,161,633
Live
Nation
Entertainment,
Inc.
(a)
........
51,784
3,509,920
ROBLOX
Corp.,
Class
A
(a)(b)
............
131,555
4,683,358
Roku,
Inc.,
Class
A
(a)(b)
...............
44,189
2,483,864
Take-Two
Interactive
Software,
Inc.
(a)
......
57,512
7,148,166
28,356,672
Financial
Services
—
2.4%
Apollo
Global
Management,
Inc.
.........
92,579
5,868,583
Block,
Inc.,
Class
A
(a)
................
194,982
11,852,956
FleetCor
Technologies,
Inc.
(a)(b)
..........
13,407
2,868,025
Global
Payments,
Inc.
...............
42,395
4,778,340
Jack
Henry
&
Associates,
Inc.
..........
26,526
4,332,757
Toast,
Inc.,
Class
A
(a)(b)
...............
113,046
2,057,437
WEX,
Inc.
(a)
.......................
9,313
1,651,661
33,409,759
Food
Products
—
1.9%
Darling
Ingredients,
Inc.
(a)
.............
22,727
1,353,847
Hershey
Co.
(The)
..................
53,326
14,561,198
Hormel
Foods
Corp.
.................
54,626
2,209,075
Lamb
Weston
Holdings,
Inc.
...........
52,152
5,831,115
McCormick
&
Co.,
Inc.,
NVS
...........
38,149
3,351,390
27,306,625
Gas
Utilities
—
0.2%
Atmos
Energy
Corp.
.................
19,839
2,264,423
Ground
Transportation
—
1.3%
Hertz
Global
Holdings,
Inc.
(a)(b)
..........
24,322
405,691
JB
Hunt
Transport
Services,
Inc.
........
30,118
5,279,384
Security
Shares
Shares
Value
Ground
Transportation
(continued)
Knight-Swift
Transportation
Holdings,
Inc.
..
22,150
$
1,247,488
Old
Dominion
Freight
Line,
Inc.
(b)
........
32,867
10,530,258
U-Haul
Holding
Co.
.................
1,308
79,867
17,542,688
Health
Care
Equipment
&
Supplies
—
4.8%
Align
Technology,
Inc.
(a)
...............
26,355
8,573,282
Cooper
Cos.,
Inc.
(The)
(b)
.............
10,774
4,109,742
Hologic,
Inc.
(a)
.....................
50,616
4,353,482
IDEXX
Laboratories,
Inc.
(a)(b)
...........
30,050
14,789,408
Insulet
Corp.
(a)
.....................
25,198
8,013,972
Novocure
Ltd.
(a)(b)
...................
32,746
2,157,962
ResMed,
Inc.
.....................
53,297
12,842,445
Shockwave
Medical,
Inc.
(a)
.............
13,108
3,803,417
STERIS
plc
.......................
36,014
6,790,440
Teleflex,
Inc.
......................
7,968
2,171,439
67,605,589
Health
Care
Providers
&
Services
—
0.7%
Acadia
Healthcare
Co.,
Inc.
(a)
...........
33,016
2,386,727
agilon
health,
Inc.
(a)(b)
................
71,897
1,744,940
Chemed
Corp.
.....................
2,576
1,420,020
Molina
Healthcare,
Inc.
(a)
..............
13,173
3,924,105
R1
RCM,
Inc.
(a)
....................
49,476
771,331
10,247,123
Health
Care
REITs
—
0.7%
Healthpeak
Properties,
Inc.
............
103,891
2,282,485
Ventas,
Inc.
......................
48,768
2,343,303
Welltower,
Inc.
.....................
65,195
5,164,748
9,790,536
Health
Care
Technology
—
0.7%
Veeva
Systems,
Inc.,
Class
A
(a)
.........
51,128
9,156,002
Hotel
&
Resort
REITs
—
0.3%
Host
Hotels
&
Resorts,
Inc.
............
259,308
4,193,010
Hotels,
Restaurants
&
Leisure
—
3.3%
Aramark
.........................
39,119
1,357,429
Caesars
Entertainment,
Inc.
(a)
..........
77,822
3,524,558
Choice
Hotels
International,
Inc.
(b)
........
10,071
1,284,254
Churchill
Downs,
Inc.
................
11,928
3,489,298
Darden
Restaurants,
Inc.
.............
18,139
2,755,858
Domino's
Pizza,
Inc.
.................
8,487
2,694,368
DoorDash,
Inc.,
Class
A
(a)
.............
95,359
5,835,017
Las
Vegas
Sands
Corp.
(a)
.............
70,919
4,528,178
MGM
Resorts
International
............
114,368
5,137,411
Royal
Caribbean
Cruises
Ltd.
(a)
.........
42,127
2,756,370
Vail
Resorts,
Inc.
...................
14,611
3,514,238
Wyndham
Hotels
&
Resorts,
Inc.
........
20,874
1,424,024
Yum!
Brands,
Inc.
..................
60,501
8,505,231
46,806,234
Household
Durables
—
0.3%
Lennar
Corp.,
Class
A
................
31,117
3,510,309
Lennar
Corp.,
Class
B
...............
1,813
177,347
3,687,656
Household
Products
—
0.6%
Church
&
Dwight
Co.,
Inc.
.............
39,701
3,855,761
Clorox
Co.
(The)
...................
26,699
4,421,888
8,277,649
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Vistra
Corp.
......................
53,882
1,285,625
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedule
of
Investments
33
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Industrial
REITs
—
0.5%
EastGroup
Properties,
Inc.
............
15,777
$
2,627,817
Rexford
Industrial
Realty,
Inc.
..........
68,741
3,833,686
6,461,503
Insurance
—
3.7%
American
Financial
Group,
Inc.
.........
9,718
1,192,690
Arch
Capital
Group
Ltd.
(a)
.............
58,995
4,428,755
Arthur
J
Gallagher
&
Co.
..............
76,949
16,010,009
Brown
&
Brown,
Inc.
.................
85,255
5,489,569
Cincinnati
Financial
Corp.
.............
19,432
2,068,342
Erie
Indemnity
Co.,
Class
A,
NVS
........
9,036
1,963,794
Everest
Re
Group
Ltd.
...............
4,576
1,729,728
Kinsale
Capital
Group,
Inc.
............
7,887
2,576,762
Markel
Corp.
(a)
.....................
4,871
6,666,110
Willis
Towers
Watson
plc
..............
21,063
4,878,191
WR
Berkley
Corp.
..................
73,818
4,349,356
51,353,306
Interactive
Media
&
Services
—
1.0%
(a)
Match
Group,
Inc.
..................
101,297
3,737,860
Pinterest,
Inc.,
Class
A
...............
215,590
4,958,570
Snap,
Inc.,
Class
A,
NVS
..............
356,975
3,109,252
ZoomInfo
Technologies,
Inc.
...........
98,143
2,150,313
13,955,995
IT
Services
—
3.3%
(a)
Akamai
Technologies,
Inc.
.............
27,969
2,292,619
Cloudflare,
Inc.,
Class
A
(b)
.............
103,918
4,889,342
EPAM
Systems,
Inc.
.................
20,853
5,889,721
Gartner,
Inc.
......................
28,672
8,672,133
GoDaddy,
Inc.,
Class
A
...............
56,257
4,257,530
MongoDB,
Inc.,
Class
A
..............
25,123
6,028,515
Okta,
Inc.,
Class
A
..................
55,523
3,804,991
Twilio,
Inc.,
Class
A
.................
63,317
3,331,107
VeriSign,
Inc.
.....................
33,228
7,369,971
46,535,929
Leisure
Products
—
0.1%
Mattel,
Inc.
(a)
......................
61,001
1,098,018
Life
Sciences
Tools
&
Services
—
3.3%
Avantor,
Inc.
(a)
.....................
155,608
3,031,244
Bio-Rad
Laboratories,
Inc.,
Class
A
(a)
......
7,818
3,524,276
Bio-Techne
Corp.
...................
57,163
4,566,180
Bruker
Corp.
......................
36,228
2,866,722
Charles
River
Laboratories
International,
Inc.
(a)
18,424
3,502,771
Mettler-Toledo
International,
Inc.
(a)
.......
8,019
11,960,338
Repligen
Corp.
(a)(b)
..................
18,736
2,840,940
Waters
Corp.
(a)(b)
...................
13,910
4,178,008
West
Pharmaceutical
Services,
Inc.
......
26,859
9,702,545
46,173,024
Machinery
—
5.4%
Chart
Industries,
Inc.
(a)(b)
..............
15,467
2,058,658
Dover
Corp.
......................
25,496
3,726,495
Fortive
Corp.
......................
74,560
4,703,990
Graco,
Inc.
.......................
61,096
4,844,302
IDEX
Corp.
.......................
27,344
5,641,614
Ingersoll
Rand,
Inc.
(b)
................
146,911
8,376,865
Lincoln
Electric
Holdings,
Inc.
..........
20,928
3,511,719
Middleby
Corp.
(The)
(a)
...............
8,456
1,191,281
Nordson
Corp.
.....................
19,488
4,215,449
Otis
Worldwide
Corp.
................
56,510
4,820,303
PACCAR,
Inc.
.....................
102,075
7,623,982
Parker-Hannifin
Corp.
................
22,289
7,241,250
RBC
Bearings,
Inc.
(a)(b)
...............
10,515
2,387,010
Toro
Co.
(The)
.....................
38,050
3,967,093
Security
Shares
Shares
Value
Machinery
(continued)
Westinghouse
Air
Brake
Technologies
Corp.
.
39,521
$
3,860,016
Xylem,
Inc.
.......................
65,366
6,787,606
74,957,633
Media
—
1.1%
Liberty
Broadband
Corp.,
Class
A
(a)
.......
5,901
498,812
Liberty
Broadband
Corp.,
Class
C,
NVS
(a)
..
43,375
3,677,332
Sirius
XM
Holdings,
Inc.
(b)
.............
131,712
500,506
Trade
Desk,
Inc.
(The),
Class
A
(a)
........
161,557
10,394,577
15,071,227
Metals
&
Mining
—
0.5%
Nucor
Corp.
......................
51,122
7,575,258
Multi-Utilities
—
0.5%
Ameren
Corp.
.....................
32,168
2,861,987
CenterPoint
Energy,
Inc.
..............
73,093
2,227,144
CMS
Energy
Corp.
..................
35,811
2,229,593
7,318,724
Office
REITs
—
0.2%
Alexandria
Real
Estate
Equities,
Inc.
......
24,918
3,094,317
Oil,
Gas
&
Consumable
Fuels
—
1.8%
APA
Corp.
.......................
62,548
2,304,894
Coterra
Energy,
Inc.
.................
140,475
3,596,160
EQT
Corp.
.......................
67,579
2,354,452
HF
Sinclair
Corp.
...................
15,878
700,379
Marathon
Oil
Corp.
..................
114,033
2,755,037
Matador
Resources
Co.
..............
27,093
1,328,370
Murphy
Oil
Corp.
...................
24,072
883,683
New
Fortress
Energy,
Inc.,
Class
A
.......
17,354
525,653
Ovintiv,
Inc.
.......................
44,579
1,608,410
Range
Resources
Corp.
..............
41,629
1,101,087
Southwestern
Energy
Co.
(a)
............
138,295
717,751
Targa
Resources
Corp.
...............
46,910
3,543,112
Texas
Pacific
Land
Corp.
..............
2,236
3,304,026
24,723,014
Passenger
Airlines
—
0.6%
(a)
American
Airlines
Group,
Inc.
(b)
..........
125,640
1,713,729
Delta
Air
Lines,
Inc.
.................
112,399
3,856,410
Southwest
Airlines
Co.
...............
114,723
3,474,960
9,045,099
Pharmaceuticals
—
0.1%
Catalent,
Inc.
(a)(b)
...................
36,124
1,810,535
Professional
Services
—
4.1%
Booz
Allen
Hamilton
Holding
Corp.
.......
28,226
2,701,793
Broadridge
Financial
Solutions,
Inc.
......
42,769
6,219,040
Ceridian
HCM
Holding,
Inc.
(a)(b)
..........
55,903
3,548,722
Clarivate
plc
(a)
.....................
73,263
649,110
Concentrix
Corp.
...................
6,446
622,104
CoStar
Group,
Inc.
(a)
.................
147,548
11,353,819
Equifax,
Inc.
......................
29,559
6,159,504
Genpact
Ltd.
......................
31,535
1,404,884
Jacobs
Solutions,
Inc.
................
20,060
2,316,128
Paycom
Software,
Inc.
(a)
..............
17,473
5,073,635
Paylocity
Holding
Corp.
(a)
.............
14,937
2,887,173
TransUnion
.......................
42,248
2,907,085
Verisk
Analytics,
Inc.
.................
56,737
11,013,219
56,856,216
Real
Estate
Management
&
Development
—
0.5%
(a)
CBRE
Group,
Inc.,
Class
A
............
37,579
2,880,806
Zillow
Group,
Inc.,
Class
A
(b)
...........
21,118
903,428
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Mid-Cap
Growth
ETF
34
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Real
Estate
Management
&
Development
(continued)
Zillow
Group,
Inc.,
Class
C,
NVS
(b)
.......
59,211
$
2,578,047
6,362,281
Residential
REITs
—
3.0%
American
Homes
4
Rent,
Class
A
........
70,267
2,337,081
AvalonBay
Communities,
Inc.
..........
30,271
5,459,980
Camden
Property
Trust
...............
40,034
4,405,742
Equity
LifeStyle
Properties,
Inc.
.........
39,770
2,740,153
Equity
Residential
..................
75,567
4,779,613
Essex
Property
Trust,
Inc.
.............
9,910
2,177,524
Invitation
Homes,
Inc.
................
210,655
7,029,557
Mid-America
Apartment
Communities,
Inc.
..
21,673
3,333,307
Sun
Communities,
Inc.
...............
44,946
6,244,348
UDR,
Inc.
........................
67,751
2,800,149
41,307,454
Retail
REITs
—
0.7%
Brixmor
Property
Group,
Inc.
...........
33,865
722,340
Federal
Realty
Investment
Trust
.........
14,998
1,483,152
Realty
Income
Corp.
.................
99,625
6,260,435
Regency
Centers
Corp.
..............
22,455
1,379,411
9,845,338
Semiconductors
&
Semiconductor
Equipment
—
3.8%
Entegris,
Inc.
......................
53,998
4,045,530
Marvell
Technology,
Inc.
..............
309,550
12,221,034
Microchip
Technology,
Inc.
.............
81,263
5,931,387
Monolithic
Power
Systems,
Inc.
.........
16,238
7,501,469
ON
Semiconductor
Corp.
(a)(b)
...........
156,724
11,277,859
Skyworks
Solutions,
Inc.
..............
18,239
1,931,510
SolarEdge
Technologies,
Inc.
(a)
..........
20,275
5,791,148
Teradyne,
Inc.
.....................
34,484
3,151,148
Wolfspeed,
Inc.
(a)(b)
..................
20,346
947,106
52,798,191
Software
—
8.2%
ANSYS,
Inc.
(a)
.....................
31,607
9,922,069
Aspen
Technology,
Inc.
(a)
..............
10,591
1,874,607
Atlassian
Corp.,
Class
A
(a)(b)
............
54,462
8,041,859
Bentley
Systems,
Inc.,
Class
B
(b)
.........
71,422
3,039,720
BILL
Holdings,
Inc.
(a)
.................
34,800
2,672,988
Black
Knight,
Inc.
(a)
..................
56,700
3,098,088
Crowdstrike
Holdings,
Inc.,
Class
A
(a)
......
79,198
9,507,720
Datadog,
Inc.,
Class
A
(a)
..............
90,061
6,068,310
DocuSign,
Inc.
(a)
...................
73,082
3,613,174
Dynatrace,
Inc.
(a)
...................
78,647
3,325,195
Fair
Isaac
Corp.
(a)
...................
9,119
6,638,176
HubSpot,
Inc.
(a)
....................
17,628
7,420,507
Manhattan
Associates,
Inc.
(a)
...........
22,675
3,756,794
Palantir
Technologies,
Inc.,
Class
A
(a)(b)
....
639,003
4,952,273
Procore
Technologies,
Inc.
(a)
...........
25,085
1,339,790
PTC,
Inc.
(a)
.......................
38,573
4,852,098
Splunk,
Inc.
(a)
.....................
54,592
4,708,014
Tyler
Technologies,
Inc.
(a)
.............
15,093
5,720,700
Unity
Software,
Inc.
(a)(b)
...............
88,422
2,384,741
Workday,
Inc.,
Class
A
(a)
..............
73,290
13,642,201
Zoom
Video
Communications,
Inc.,
Class
A
(a)
78,378
4,814,761
Zscaler,
Inc.
(a)
.....................
30,923
2,786,162
114,179,947
Specialized
REITs
—
2.6%
CubeSmart
.......................
52,612
2,393,320
Digital
Realty
Trust,
Inc.
..............
55,416
5,494,496
Extra
Space
Storage,
Inc.
.............
48,582
7,386,407
Gaming
and
Leisure
Properties,
Inc.
......
29,088
1,512,576
Iron
Mountain,
Inc.
..................
40,517
2,238,159
Lamar
Advertising
Co.,
Class
A
.........
9,848
1,040,737
Security
Shares
Shares
Value
Specialized
REITs
(continued)
Life
Storage,
Inc.
...................
18,482
$
2,483,611
SBA
Communications
Corp.
...........
39,171
10,219,322
VICI
Properties,
Inc.
.................
119,356
4,050,943
36,819,571
Specialty
Retail
—
3.1%
Burlington
Stores,
Inc.
(a)
..............
13,015
2,509,422
Five
Below,
Inc.
(a)
...................
20,178
3,982,330
Floor
&
Decor
Holdings,
Inc.,
Class
A
(a)(b)
...
38,517
3,826,279
Murphy
USA,
Inc.
..................
2,605
716,974
Ross
Stores,
Inc.
...................
124,942
13,335,060
Tractor
Supply
Co.
..................
40,079
9,554,833
Ulta
Beauty,
Inc.
(a)
..................
18,458
10,178,295
44,103,193
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
NetApp,
Inc.
......................
26,088
1,640,674
Pure
Storage,
Inc.,
Class
A
(a)
...........
103,379
2,360,143
4,000,817
Textiles,
Apparel
&
Luxury
Goods
—
0.3%
Deckers
Outdoor
Corp.
(a)
..............
9,561
4,582,970
Trading
Companies
&
Distributors
—
2.6%
Fastenal
Co.
......................
207,108
11,150,695
United
Rentals,
Inc.
(a)
................
25,167
9,088,055
Watsco,
Inc.
......................
12,052
4,174,572
WW
Grainger,
Inc.
..................
16,317
11,349,616
35,762,938
Water
Utilities
—
0.6%
American
Water
Works
Co.,
Inc.
.........
43,347
6,426,193
Essential
Utilities,
Inc.
................
49,168
2,099,473
8,525,666
Total
Long-Term
Investments
—
99.8%
(Cost:
$1,371,011,393)
...........................
1,396,469,235
Short-Term
Securities
Money
Market
Funds
—
6.3%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.02%
(e)
............
86,374,273
86,400,186
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.75%
..................
2,452,482
2,452,482
Total
Short-Term
Securities
—
6.3%
(Cost:
$88,816,077)
..............................
88,852,668
Total
Investments
—
106.1%
(Cost:
$1,459,827,470
)
...........................
1,485,321,903
Liabilities
in
Excess
of
Other
Assets
—
(6.1)%
............
(85,850,390)
Net
Assets
—
100.0%
..............................
$
1,399,471,513
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Mid-Cap
Growth
ETF
Schedule
of
Investments
35
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
76,809,658
$
9,565,188
(a)
$
—
$
7,899
$
17,441
$
86,400,186
86,374,273
$
495,630
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
1,250,000
1,202,482
(a)
—
—
—
2,452,482
2,452,482
65,586
2
$
7,899
$
17,441
$
88,852,668
$
561,216
$
2
—
—
(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
............................................
6
06/16/23
$
917
$
59,123
NASDAQ
100
E-Mini
Index
...................................................
1
06/16/23
266
7,318
Russell
2000
E-Mini
Index
....................................................
18
06/16/23
1,597
(9,374)
$
57,067
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)
......
$
—
$
—
$
66,441
$
—
$
—
$
—
$
66,441
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
9,374
—
—
—
9,374
(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
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(444,932)
$
—
$
—
$
—
$
(444,932)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
133,898
$
—
$
—
$
—
$
133,898
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Mid-Cap
Growth
ETF
36
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.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
2,298,278
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
1,396,469,235
$
—
$
—
$
1,396,469,235
Short-Term
Securities
Money
Market
Funds
......................................
88,852,668
—
—
88,852,668
$
1,485,321,903
$
—
$
—
$
1,485,321,903
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
66,441
$
—
$
—
$
66,441
Liabilities
Equity
contracts
...........................................
(9,374)
—
—
(9,374)
$
57,067
$
—
$
—
$
57,067
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Schedule
of
Investments
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
37
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
2.1%
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
......
9,974
$
562,633
AeroVironment,
Inc.
(a)(b)
...............
5,921
596,186
BWX
Technologies,
Inc.
..............
13,533
873,961
Cadre
Holdings,
Inc.
.................
3,721
78,364
Curtiss-Wright
Corp.
.................
5,435
923,026
Ducommun,
Inc.
(a)
..................
2,654
132,700
Hexcel
Corp.
......................
19,962
1,438,861
Kaman
Corp.
.....................
2,578
56,897
Kratos
Defense
&
Security
Solutions,
Inc.
(a)
.
29,851
385,078
Maxar
Technologies,
Inc.
..............
17,671
931,615
Moog,
Inc.,
Class
A
.................
2,770
249,605
Rocket
Lab
USA,
Inc.
(a)(b)
..............
51,387
201,437
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
..
9,040
269,030
Triumph
Group,
Inc.
(a)
................
8,326
90,004
Virgin
Galactic
Holdings,
Inc.,
Class
C
(a)(b)
...
56,613
206,071
Woodward,
Inc.
....................
14,149
1,358,587
8,354,055
Air
Freight
&
Logistics
—
0.3%
Air
Transport
Services
Group,
Inc.
(a)
......
6,467
131,345
Forward
Air
Corp.
..................
3,485
367,702
GXO
Logistics,
Inc.
(a)(b)
...............
11,764
625,021
Hub
Group,
Inc.,
Class
A
(a)
.............
3,344
252,138
1,376,206
Automobile
Components
—
1.7%
Adient
plc
(a)
.......................
9,588
354,181
Autoliv,
Inc.
.......................
9,614
824,977
Dorman
Products,
Inc.
(a)
..............
6,705
577,703
Fox
Factory
Holding
Corp.
(a)
............
9,997
1,108,367
Gentex
Corp.
.....................
34,177
942,944
Gentherm,
Inc.
(a)
...................
7,854
468,491
Holley,
Inc.
(a)(b)
.....................
5,896
14,209
LCI
Industries
.....................
2,506
283,078
Luminar
Technologies,
Inc.,
Class
A
(a)(b)
....
55,436
333,725
Mobileye
Global,
Inc.,
Class
A
(a)(b)
........
11,119
418,519
Modine
Manufacturing
Co.
(a)
...........
6,653
139,114
QuantumScape
Corp.,
Class
A
(a)(b)
.......
30,852
215,964
Solid
Power,
Inc.,
Class
A
(a)(b)
...........
25,977
58,968
Visteon
Corp.
(a)
....................
6,668
936,121
XPEL,
Inc.
(a)(c)
.....................
4,655
340,094
7,016,455
Automobiles
—
0.2%
Thor
Industries,
Inc.
.................
7,665
605,688
Winnebago
Industries,
Inc.
............
3,528
205,118
Workhorse
Group,
Inc.
(a)(b)
.............
38,921
36,672
847,478
Banks
—
1.6%
Amalgamated
Financial
Corp.
..........
2,110
34,351
Amerant
Bancorp,
Inc.,
Class
A
.........
3,534
65,732
Axos
Financial,
Inc.
(a)(b)
...............
5,733
233,161
BancFirst
Corp.
....................
2,141
171,044
Bancorp,
Inc.
(The)
(a)
................
6,689
213,446
Bank
First
Corp.
...................
889
60,799
Bridgewater
Bancshares,
Inc.
(a)
.........
3,393
33,760
Capital
City
Bank
Group,
Inc.
...........
1,324
40,329
City
Holding
Co.
...................
1,124
102,498
Coastal
Financial
Corp.
(a)
.............
2,684
97,295
Columbia
Financial,
Inc.
(a)(b)
............
7,915
132,814
CrossFirst
Bankshares,
Inc.
(a)
...........
5,740
57,572
CVB
Financial
Corp.
.................
11,909
178,278
Dime
Community
Bancshares,
Inc.
.......
4,385
90,331
Eastern
Bankshares,
Inc.
.............
38,506
448,595
Security
Shares
Shares
Value
Banks
(continued)
Enterprise
Financial
Services
Corp.
......
3,331
$
142,434
FB
Financial
Corp.
..................
3,194
93,999
First
Financial
Bankshares,
Inc.
.........
30,811
901,530
German
American
Bancorp,
Inc.
.........
3,235
94,041
Glacier
Bancorp,
Inc.
................
13,263
440,729
Greene
County
Bancorp,
Inc.
...........
1,628
33,455
HarborOne
Bancorp,
Inc.
.............
6,441
69,241
Hingham
Institution
for
Savings
(The)
.....
153
29,768
John
Marshall
Bancorp,
Inc.
...........
1,811
32,996
Lakeland
Financial
Corp.
..............
3,053
154,696
Live
Oak
Bancshares,
Inc.
.............
8,091
190,624
Metrocity
Bankshares,
Inc.
............
2,409
39,387
Metropolitan
Bank
Holding
Corp.
(a)
.......
1,556
49,932
National
Bank
Holdings
Corp.,
Class
A
....
2,022
64,300
Origin
Bancorp,
Inc.
.................
2,876
84,641
Pathward
Financial,
Inc.
..............
2,808
125,040
Peapack-Gladstone
Financial
Corp.
......
2,304
61,194
Seacoast
Banking
Corp.
of
Florida
.......
13,251
294,040
ServisFirst
Bancshares,
Inc.
...........
11,565
584,033
SmartFinancial,
Inc.
.................
1,575
33,926
South
Plains
Financial,
Inc.
............
1,146
23,527
Southern
Missouri
Bancorp,
Inc.
.........
893
32,398
SouthState
Corp.
...................
7,031
484,998
Stock
Yards
Bancorp,
Inc.
.............
6,962
338,353
Triumph
Financial,
Inc.
(a)
..............
2,394
124,392
6,483,679
Beverages
—
0.7%
Boston
Beer
Co.,
Inc.
(The),
Class
A,
NVS
(a)(b)
2,235
709,635
Celsius
Holdings,
Inc.
(a)(b)
..............
9,553
912,980
Coca-Cola
Consolidated,
Inc.
...........
726
427,948
Duckhorn
Portfolio,
Inc.
(The)
(a)
.........
6,231
94,088
MGP
Ingredients,
Inc.
................
3,682
363,340
National
Beverage
Corp.
(a)
.............
2,552
126,835
Vita
Coco
Co.,
Inc.
(The)
(a)
.............
5,659
122,517
2,757,343
Biotechnology
—
8.1%
(a)
2seventy
bio,
Inc.
...................
4,191
39,856
ACADIA
Pharmaceuticals,
Inc.
(b)
.........
28,416
606,113
Adicet
Bio,
Inc.
....................
7,215
42,136
ADMA
Biologics,
Inc.
................
47,837
160,254
Agenus,
Inc.
......................
32,344
48,839
Agios
Pharmaceuticals,
Inc.
............
6,396
146,277
Akero
Therapeutics,
Inc.
..............
3,650
163,301
Alector,
Inc.
......................
9,335
61,611
Alkermes
plc
......................
38,916
1,111,052
Amicus
Therapeutics,
Inc.
.............
38,683
446,402
AnaptysBio,
Inc.
...................
1,722
35,852
Anavex
Life
Sciences
Corp.
(b)
...........
18,596
151,371
Apellis
Pharmaceuticals,
Inc.
...........
22,236
1,855,149
Arcturus
Therapeutics
Holdings,
Inc.
(b)
.....
3,152
83,906
Arcutis
Biotherapeutics,
Inc.
...........
9,560
132,310
Arrowhead
Pharmaceuticals,
Inc.
........
25,627
907,452
Aurinia
Pharmaceuticals,
Inc.
(b)
..........
33,733
379,496
Avid
Bioservices,
Inc.
(b)
...............
14,724
265,768
Avidity
Biosciences,
Inc.
..............
15,849
196,528
Blueprint
Medicines
Corp.
.............
14,198
724,808
Bridgebio
Pharma,
Inc.
...............
27,840
404,237
C4
Therapeutics,
Inc.
................
4,220
12,744
CareDx,
Inc.
......................
12,737
103,042
Caribou
Biosciences,
Inc.
.............
4,939
21,238
Catalyst
Pharmaceuticals,
Inc.
..........
22,704
361,448
Celldex
Therapeutics,
Inc.
.............
11,229
353,040
Cerevel
Therapeutics
Holdings,
Inc.
......
15,224
442,105
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
38
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Biotechnology
(continued)
Chinook
Therapeutics,
Inc.
............
10,582
$
211,746
Cogent
Biosciences,
Inc.
..............
16,473
177,249
Coherus
Biosciences,
Inc.
.............
15,637
113,056
Crinetics
Pharmaceuticals,
Inc.
.........
10,363
202,493
CRISPR
Therapeutics
AG
(b)
............
10,674
522,386
CTI
BioPharma
Corp.
................
25,562
124,231
Cytokinetics,
Inc.
...................
22,393
837,498
Deciphera
Pharmaceuticals,
Inc.
(b)
.......
13,051
185,455
Denali
Therapeutics,
Inc.
(b)
............
26,088
648,026
Dynavax
Technologies
Corp.
(b)
..........
28,355
295,176
Editas
Medicine,
Inc.
(b)
...............
10,529
85,917
Enanta
Pharmaceuticals,
Inc.
...........
1,653
58,764
Exact
Sciences
Corp.
(b)
...............
20,473
1,311,705
Exelixis,
Inc.
......................
76,746
1,404,452
Fate
Therapeutics,
Inc.
...............
20,032
121,594
FibroGen,
Inc.
(b)
....................
9,407
161,048
Geron
Corp.
......................
92,602
227,801
Gossamer
Bio,
Inc.
.................
17,878
23,063
Halozyme
Therapeutics,
Inc.
...........
32,039
1,029,413
Heron
Therapeutics,
Inc.
..............
25,824
61,719
Ideaya
Biosciences,
Inc.
..............
9,753
178,090
IGM
Biosciences,
Inc.
(b)
...............
1,999
21,649
ImmunoGen,
Inc.
...................
47,398
255,475
Inhibrx,
Inc.
.......................
3,347
70,287
Inovio
Pharmaceuticals,
Inc.
(b)
..........
58,353
45,078
Insmed,
Inc.
......................
32,131
626,554
Intellia
Therapeutics,
Inc.
.............
19,673
742,656
Ionis
Pharmaceuticals,
Inc.
............
16,414
580,563
Iovance
Biotherapeutics,
Inc.
...........
14,654
82,649
IVERIC
bio,
Inc.
....................
30,564
1,005,250
Keros
Therapeutics,
Inc.
..............
4,113
182,432
Kezar
Life
Sciences,
Inc.
(b)
.............
12,267
29,809
Krystal
Biotech,
Inc.
.................
2,114
177,576
Kura
Oncology,
Inc.
.................
9,698
94,459
Kymera
Therapeutics,
Inc.
(b)
............
9,181
289,569
Lyell
Immunopharma,
Inc.
(b)
............
35,182
71,419
Madrigal
Pharmaceuticals,
Inc.
..........
1,267
395,304
MannKind
Corp.
...................
62,699
241,391
MiNK
Therapeutics,
Inc.
..............
472
845
Mirati
Therapeutics,
Inc.
..............
5,012
222,082
Mirum
Pharmaceuticals,
Inc.
(b)
..........
2,909
78,107
Morphic
Holding,
Inc.
................
7,063
333,797
Myriad
Genetics,
Inc.
................
6,897
146,837
Natera,
Inc.
.......................
25,750
1,306,040
Novavax,
Inc.
(b)
....................
9,663
74,115
Nurix
Therapeutics,
Inc.
..............
6,386
61,497
Organogenesis
Holdings,
Inc.,
Class
A
(b)
...
10,168
20,844
Prometheus
Biosciences,
Inc.
..........
8,143
1,579,335
Protagonist
Therapeutics,
Inc.
..........
10,892
246,159
PTC
Therapeutics,
Inc.
...............
11,285
622,255
RAPT
Therapeutics,
Inc.
..............
5,864
106,725
Recursion
Pharmaceuticals,
Inc.,
Class
A
...
30,942
147,593
Relay
Therapeutics,
Inc.
(b)
.............
21,295
242,124
Replimune
Group,
Inc.
...............
8,680
145,216
Rocket
Pharmaceuticals,
Inc.
...........
7,958
142,607
Sage
Therapeutics,
Inc.
..............
8,102
395,783
Sangamo
Therapeutics,
Inc.
...........
11,029
16,213
Seres
Therapeutics,
Inc.
..............
11,120
54,210
SpringWorks
Therapeutics,
Inc.
.........
3,978
93,006
Syndax
Pharmaceuticals,
Inc.
..........
15,452
317,539
Tango
Therapeutics,
Inc.
..............
10,205
34,697
TG
Therapeutics,
Inc.
(b)
...............
32,738
812,885
Travere
Therapeutics,
Inc.
.............
15,202
327,907
Twist
Bioscience
Corp.
(b)
..............
13,496
168,430
Ultragenyx
Pharmaceutical,
Inc.
(b)
........
11,250
491,287
Security
Shares
Shares
Value
Biotechnology
(continued)
uniQure
NV
.......................
5,327
$
103,397
Vanda
Pharmaceuticals,
Inc.
...........
13,192
80,999
Vaxcyte,
Inc.
......................
10,010
428,728
Veracyte,
Inc.
.....................
17,040
385,786
Vericel
Corp.
(b)
.....................
11,174
352,093
Viridian
Therapeutics,
Inc.
.............
9,511
266,593
Xencor,
Inc.
......................
14,269
377,272
Zymeworks,
Inc.
(b)
..................
4,994
41,950
32,374,290
Broadline
Retail
—
0.1%
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)(b)
....
7,440
485,460
Building
Products
—
1.9%
AAON,
Inc.
.......................
9,943
974,414
Armstrong
World
Industries,
Inc.
.........
10,810
742,215
AZEK
Co.,
Inc.
(The),
Class
A
(a)(b)
........
25,769
699,371
AZZ,
Inc.
........................
2,753
103,871
Gibraltar
Industries,
Inc.
(a)
.............
7,328
366,693
Griffon
Corp.
......................
4,779
135,962
Insteel
Industries,
Inc.
................
1,866
51,371
Janus
International
Group,
Inc.
(a)(b)
.......
11,507
103,563
Masonite
International
Corp.
(a)
..........
2,912
266,186
PGT
Innovations,
Inc.
(a)
...............
14,256
365,809
Resideo
Technologies,
Inc.
(a)
...........
17,812
317,054
Simpson
Manufacturing
Co.,
Inc.
........
10,098
1,270,126
Tecnoglass,
Inc.
....................
4,702
206,183
Trex
Co.,
Inc.
(a)
....................
17,564
960,048
UFP
Industries,
Inc.
.................
7,458
585,602
Zurn
Elkay
Water
Solutions
Corp.
........
16,806
362,169
7,510,637
Capital
Markets
—
1.7%
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
7,351
254,859
AssetMark
Financial
Holdings,
Inc.
(a)
......
2,558
78,480
Avantax,
Inc.
(a)
.....................
5,333
135,298
Blue
Owl
Capital,
Inc.,
Class
A
..........
84,559
952,134
Bridge
Investment
Group
Holdings,
Inc.,
Class
A
...........................
4,005
40,010
Brightsphere
Investment
Group,
Inc.
......
7,803
176,192
Cohen
&
Steers,
Inc.
................
5,900
354,354
Focus
Financial
Partners,
Inc.,
Class
A
(a)
...
6,663
346,076
Freedom
Holding
Corp.
(a)(b)
............
3,963
302,892
Hamilton
Lane,
Inc.,
Class
A
...........
8,462
623,480
Houlihan
Lokey,
Inc.,
Class
A
...........
7,350
671,643
Open
Lending
Corp.,
Class
A
(a)(b)
........
25,114
176,551
Piper
Sandler
Cos.
..................
1,677
227,133
PJT
Partners,
Inc.,
Class
A
............
5,824
400,517
StepStone
Group,
Inc.,
Class
A
.........
5,668
124,866
Tradeweb
Markets,
Inc.,
Class
A
.........
26,326
1,853,614
Virtus
Investment
Partners,
Inc.
.........
700
127,547
WisdomTree,
Inc.
...................
10,824
67,542
6,913,188
Chemicals
—
2.3%
American
Vanguard
Corp.
.............
2,583
49,723
Amyris,
Inc.
(a)(b)
....................
61,060
49,923
Ashland,
Inc.
......................
11,844
1,203,469
Aspen
Aerogels,
Inc.
(a)
...............
13,286
83,170
Avient
Corp.
......................
7,323
282,009
Axalta
Coating
Systems
Ltd.
(a)
..........
26,533
837,647
Balchem
Corp.
....................
7,626
1,002,056
Cabot
Corp.
......................
7,952
570,636
Chase
Corp.
......................
942
102,989
Ecovyst,
Inc.
(a)
.....................
15,908
180,556
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
39
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Chemicals
(continued)
Element
Solutions,
Inc.
...............
26,570
$
482,245
Ginkgo
Bioworks
Holdings,
Inc.,
Class
A
(a)(b)
.
241,029
294,055
Hawkins,
Inc.
.....................
2,958
119,326
HB
Fuller
Co.
.....................
8,333
551,395
Ingevity
Corp.
(a)(b)
...................
3,849
276,127
Innospec,
Inc.
.....................
3,747
380,808
Intrepid
Potash,
Inc.
(a)
................
1,245
32,096
Koppers
Holdings,
Inc.
...............
1,841
60,403
Livent
Corp.
(a)(b)
....................
42,452
927,576
Perimeter
Solutions
SA
(a)
..............
34,897
261,030
Quaker
Chemical
Corp.
..............
3,235
603,748
Scotts
Miracle-Gro
Co.
(The)
...........
3,592
239,981
Sensient
Technologies
Corp.
...........
5,107
380,267
Stepan
Co.
.......................
2,985
275,217
9,246,452
Commercial
Services
&
Supplies
—
1.6%
ABM
Industries,
Inc.
.................
6,195
263,783
ACV
Auctions,
Inc.,
Class
A
(a)
...........
27,981
364,592
Aris
Water
Solutions,
Inc.,
Class
A
.......
6,280
45,656
Aurora
Innovation,
Inc.,
Class
A
(a)(b)
.......
88,697
126,837
Brink's
Co.
(The)
...................
6,631
416,758
Casella
Waste
Systems,
Inc.,
Class
A
(a)
....
11,986
1,066,754
CECO
Environmental
Corp.
(a)
...........
6,913
80,260
Clean
Harbors,
Inc.
(a)
................
7,825
1,135,877
Driven
Brands
Holdings,
Inc.
(a)(b)
.........
13,172
404,380
Healthcare
Services
Group,
Inc.
.........
7,960
124,256
Heritage-Crystal
Clean,
Inc.
(a)
...........
1,835
64,152
Interface,
Inc.
.....................
5,690
44,610
KAR
Auction
Services,
Inc.
(a)
...........
12,967
175,573
Liquidity
Services,
Inc.
(a)
..............
5,675
74,172
Montrose
Environmental
Group,
Inc.
(a)(b)
....
3,644
110,996
MSA
Safety,
Inc.
...................
5,770
748,658
SP
Plus
Corp.
(a)
....................
2,237
76,438
Stericycle,
Inc.
(a)
...................
10,400
474,760
UniFirst
Corp.
.....................
1,941
317,703
Viad
Corp.
(a)
......................
4,913
93,494
VSE
Corp.
.......................
2,498
105,640
6,315,349
Communications
Equipment
—
1.0%
ADTRAN
Holdings,
Inc.
..............
7,003
63,867
Calix,
Inc.
(a)
.......................
13,491
616,539
Cambium
Networks
Corp.
(a)
............
2,716
41,120
Clearfield,
Inc.
(a)
....................
2,996
130,865
Digi
International,
Inc.
(a)(b)
.............
8,439
254,520
DZS,
Inc.
(a)
.......................
3,730
25,364
Extreme
Networks,
Inc.
(a)
..............
30,357
539,748
Harmonic,
Inc.
(a)
....................
26,271
370,158
Infinera
Corp.
(a)(b)
...................
22,544
142,704
Lumentum
Holdings,
Inc.
(a)(b)
...........
7,288
351,646
NetScout
Systems,
Inc.
(a)
.............
8,236
224,102
Viasat,
Inc.
(a)(b)
.....................
18,084
633,483
Viavi
Solutions,
Inc.
(a)
................
53,216
476,815
3,870,931
Construction
&
Engineering
—
2.2%
Ameresco,
Inc.,
Class
A
(a)(b)
............
8,040
334,464
API
Group
Corp.
(a)
..................
30,699
698,709
Arcosa,
Inc.
......................
11,473
774,886
Comfort
Systems
USA,
Inc.
............
5,417
809,787
Construction
Partners,
Inc.,
Class
A
(a)
.....
9,891
256,573
Dycom
Industries,
Inc.
(a)(b)
.............
6,993
647,692
EMCOR
Group,
Inc.
.................
11,279
1,928,709
Fluor
Corp.
(a)
......................
19,897
578,207
Granite
Construction,
Inc.
.............
4,167
158,888
Security
Shares
Shares
Value
Construction
&
Engineering
(continued)
IES
Holdings,
Inc.
(a)
.................
995
$
42,974
MasTec,
Inc.
(a)(b)
....................
9,442
838,544
MYR
Group,
Inc.
(a)
..................
2,046
261,867
Sterling
Infrastructure,
Inc.
(a)
...........
2,922
107,880
Valmont
Industries,
Inc.
...............
5,051
1,467,619
8,906,799
Construction
Materials
—
0.4%
Eagle
Materials,
Inc.
.................
5,090
754,389
Summit
Materials,
Inc.,
Class
A
(a)
........
28,014
767,864
1,522,253
Consumer
Finance
—
0.7%
FirstCash
Holdings,
Inc.
..............
8,879
914,803
Nelnet,
Inc.,
Class
A
.................
4,267
410,912
NerdWallet,
Inc.,
Class
A
(a)(b)
...........
7,607
103,227
SoFi
Technologies,
Inc.
(a)(b)
............
194,973
1,214,682
Upstart
Holdings,
Inc.
(a)(b)
..............
16,845
234,146
2,877,770
Consumer
Staples
Distribution
&
Retail
—
0.3%
Chefs'
Warehouse,
Inc.
(The)
(a)
.........
3,402
113,150
Grocery
Outlet
Holding
Corp.
(a)(b)
.........
14,061
418,737
Ingles
Markets,
Inc.,
Class
A
...........
1,695
156,008
PriceSmart,
Inc.
....................
2,119
156,128
SpartanNash
Co.
...................
3,354
82,240
Weis
Markets,
Inc.
..................
1,404
115,816
1,042,079
Containers
&
Packaging
—
0.7%
Graphic
Packaging
Holding
Co.
.........
72,776
1,794,656
Myers
Industries,
Inc.
................
8,687
164,619
Pactiv
Evergreen,
Inc.
...............
4,759
37,596
Silgan
Holdings,
Inc.
.................
6,921
340,929
Sonoco
Products
Co.
................
8,557
518,725
2,856,525
Distributors
—
0.0%
Funko,
Inc.,
Class
A
(a)(b)
...............
5,331
52,564
Diversified
Consumer
Services
—
1.3%
Adtalem
Global
Education,
Inc.
(a)
........
5,677
230,316
Bright
Horizons
Family
Solutions,
Inc.
(a)
....
13,696
1,042,540
Chegg,
Inc.
(a)
......................
30,078
540,802
Coursera,
Inc.
(a)
....................
20,368
253,378
European
Wax
Center,
Inc.,
Class
A
......
6,914
130,260
Grand
Canyon
Education,
Inc.
(a)
.........
7,250
860,575
H&R
Block,
Inc.
....................
22,428
760,534
Laureate
Education,
Inc.
..............
32,054
397,149
Mister
Car
Wash,
Inc.
(a)(b)
..............
19,005
167,624
OneSpaWorld
Holdings
Ltd.
(a)(b)
.........
14,002
168,024
Rover
Group,
Inc.,
Class
A
(a)
...........
9,814
44,457
Strategic
Education,
Inc.
(b)
.............
3,069
270,072
Stride,
Inc.
(a)
......................
6,139
263,731
Udemy,
Inc.
(a)
.....................
10,557
95,963
5,225,425
Diversified
REITs
—
0.3%
Alexander
&
Baldwin,
Inc.
.............
17,253
331,775
American
Assets
Trust,
Inc.
............
6,534
118,919
Broadstone
Net
Lease,
Inc.
............
19,333
312,615
Essential
Properties
Realty
Trust,
Inc.
.....
16,944
419,364
Gladstone
Commercial
Corp.
...........
4,270
50,984
Global
Net
Lease,
Inc.
...............
9,178
103,344
1,337,001
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
40
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Diversified
Telecommunication
Services
—
0.7%
Anterix,
Inc.
(a)
.....................
2,680
$
84,634
Charge
Enterprises,
Inc.
(a)(b)
............
25,647
27,186
Cogent
Communications
Holdings,
Inc.
....
5,689
392,769
Globalstar,
Inc.
(a)(b)
..................
102,625
92,978
IDT
Corp.,
Class
B
(a)
.................
4,851
161,102
Iridium
Communications,
Inc.
(a)
..........
29,772
1,889,629
Radius
Global
Infrastructure,
Inc.,
Class
A
(a)
.
17,960
263,832
2,912,130
Electric
Utilities
—
0.1%
MGE
Energy,
Inc.
...................
3,498
267,982
Otter
Tail
Corp.
....................
3,525
253,623
521,605
Electrical
Equipment
—
1.6%
Acuity
Brands,
Inc.
..................
4,241
667,449
Allied
Motion
Technologies,
Inc.
.........
3,294
113,380
Amprius
Technologies,
Inc.
(a)
...........
2,830
26,545
Atkore,
Inc.
(a)(b)
.....................
3,634
459,083
Babcock
&
Wilcox
Enterprises,
Inc.
(a)(b)
.....
9,006
56,017
Blink
Charging
Co.
(a)(b)
................
5,987
42,687
Bloom
Energy
Corp.,
Class
A
(a)(b)
........
42,563
708,674
ChargePoint
Holdings,
Inc.,
Class
A
(a)(b)
....
62,481
541,710
Encore
Wire
Corp.
..................
1,752
273,890
EnerSys
.........................
3,602
298,858
Fluence
Energy,
Inc.,
Class
A
(a)(b)
........
8,851
159,849
FuelCell
Energy,
Inc.
(a)(b)
..............
95,695
179,907
NuScale
Power
Corp.,
Class
A
(a)(b)
........
5,197
46,097
nVent
Electric
plc
...................
16,212
679,769
Sensata
Technologies
Holding
plc
........
13,524
587,618
SunPower
Corp.
(a)(b)
.................
20,141
266,264
Thermon
Group
Holdings,
Inc.
(a)
.........
3,737
77,655
Vertiv
Holdings
Co.,
Class
A
...........
71,416
1,065,527
Vicor
Corp.
(a)
......................
5,253
225,722
6,476,701
Electronic
Equipment,
Instruments
&
Components
—
2.4%
908
Devices,
Inc.
(a)(b)
.................
3,341
22,585
Advanced
Energy
Industries,
Inc.
........
4,396
380,254
Aeva
Technologies,
Inc.
(a)
.............
24,723
24,523
Badger
Meter,
Inc.
..................
6,922
915,988
Bel
Fuse,
Inc.,
Class
B,
NVS
...........
1,058
42,987
Belden,
Inc.
......................
6,133
483,832
Benchmark
Electronics,
Inc.
...........
4,674
99,790
CTS
Corp.
(b)
......................
7,612
298,467
Fabrinet
(a)
........................
8,656
821,887
FARO
Technologies,
Inc.
(a)
.............
4,454
104,001
Focus
Universal,
Inc.
(a)(b)
..............
6,241
13,293
Insight
Enterprises,
Inc.
(a)
.............
2,511
303,705
IPG
Photonics
Corp.
(a)
...............
2,619
301,133
Itron,
Inc.
(a)
.......................
10,731
573,035
Knowles
Corp.
(a)
...................
9,498
160,326
Lightwave
Logic,
Inc.
(a)(b)
..............
27,024
121,608
Littelfuse,
Inc.
.....................
5,862
1,420,011
Methode
Electronics,
Inc.
.............
3,120
127,889
MicroVision,
Inc.
(a)(b)
.................
19,678
39,356
Mirion
Technologies,
Inc.,
Class
A
(a)
......
15,656
126,814
Napco
Security
Technologies,
Inc.
(a)
......
6,961
215,791
National
Instruments
Corp.
............
12,795
745,053
nLight,
Inc.
(a)
......................
6,880
60,338
Novanta,
Inc.
(a)(b)
...................
8,464
1,293,638
OSI
Systems,
Inc.
(a)
.................
1,797
202,989
PAR
Technology
Corp.
(a)(b)
.............
6,538
199,997
PC
Connection,
Inc.
.................
1,251
50,378
Plexus
Corp.
(a)
.....................
3,892
340,433
SmartRent,
Inc.,
Class
A
(a)
.............
28,990
74,794
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
TTM
Technologies,
Inc.
(a)
..............
9,525
$
112,490
Vishay
Precision
Group,
Inc.
(a)
..........
2,051
76,995
9,754,380
Energy
Equipment
&
Services
—
1.4%
Cactus,
Inc.,
Class
A
................
15,184
614,648
ChampionX
Corp.
..................
47,080
1,274,926
Core
Laboratories
NV
(b)
...............
11,081
249,433
DMC
Global,
Inc.
(a)
..................
4,462
84,510
Dril-Quip,
Inc.
(a)
....................
3,555
96,981
Helix
Energy
Solutions
Group,
Inc.
(a)
......
17,377
125,983
Liberty
Energy,
Inc.,
Class
A
...........
21,693
277,887
Nabors
Industries
Ltd.
(a)
..............
1,272
126,869
Oceaneering
International,
Inc.
(a)
........
23,849
422,843
Patterson-UTI
Energy,
Inc.
............
50,993
570,612
ProFrac
Holding
Corp.,
Class
A
(a)
........
7,585
84,952
ProPetro
Holding
Corp.
(a)
..............
23,131
160,529
RPC,
Inc.
........................
20,039
148,088
Select
Energy
Services,
Inc.,
Class
A
.....
12,737
94,636
Solaris
Oilfield
Infrastructure,
Inc.,
Class
A
..
7,757
59,574
TETRA
Technologies,
Inc.
(a)
............
28,010
79,829
Tidewater,
Inc.
(a)
...................
5,027
226,366
Weatherford
International
plc
(a)
..........
15,289
988,128
5,686,794
Entertainment
—
1.0%
Endeavor
Group
Holdings,
Inc.,
Class
A
(a)(b)
.
41,076
1,058,939
IMAX
Corp.
(a)
.....................
11,141
233,404
Liberty
Media
Corp.-Liberty
Braves,
Class
A
(a)(b)
2,540
99,492
Liberty
Media
Corp.-Liberty
Braves,
Class
C,
NVS
(a)
........................
8,850
336,477
Madison
Square
Garden
Sports
Corp.
.....
1,998
400,599
Playstudios,
Inc.,
Class
A
(a)
............
12,079
52,906
Vivid
Seats,
Inc.,
Class
A
(a)(b)
...........
5,787
41,551
Warner
Music
Group
Corp.,
Class
A
......
27,825
847,828
World
Wrestling
Entertainment,
Inc.,
Class
A
10,249
1,098,385
4,169,581
Financial
Services
—
1.5%
Affirm
Holdings,
Inc.,
Class
A
(a)(b)
.........
33,087
326,238
AvidXchange
Holdings,
Inc.
(a)
...........
31,828
236,482
Cass
Information
Systems,
Inc.
.........
1,518
55,528
Euronet
Worldwide,
Inc.
(a)
.............
7,030
778,502
EVERTEC,
Inc.
....................
7,738
268,431
Flywire
Corp.
(a)(b)
...................
14,871
433,787
I3
Verticals,
Inc.,
Class
A
(a)
.............
5,615
130,549
International
Money
Express,
Inc.
(a)
.......
7,875
203,017
Jackson
Financial,
Inc.,
Class
A
.........
5,673
204,285
Marqeta,
Inc.,
Class
A
(a)
..............
105,024
425,347
Merchants
Bancorp
.................
3,593
83,358
Mr
Cooper
Group,
Inc.
(a)
..............
16,449
761,589
NMI
Holdings,
Inc.,
Class
A
(a)
...........
9,234
216,076
Remitly
Global,
Inc.
(a)
................
23,159
389,071
Repay
Holdings
Corp.,
Class
A
(a)
........
10,720
67,214
Shift4
Payments,
Inc.,
Class
A
(a)(b)
........
12,602
854,038
Voya
Financial,
Inc.
.................
9,792
748,892
6,182,404
Food
Products
—
1.8%
Benson
Hill,
Inc.
(a)(b)
.................
30,155
31,964
Beyond
Meat,
Inc.
(a)(b)
................
14,281
193,365
Calavo
Growers,
Inc.
................
1,960
62,642
Cal-Maine
Foods,
Inc.
................
5,014
238,165
Fresh
Del
Monte
Produce,
Inc.
..........
2,582
74,129
Freshpet,
Inc.
(a)(b)
...................
11,382
785,016
Hostess
Brands,
Inc.,
Class
A
(a)
.........
31,643
815,124
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
41
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Food
Products
(continued)
Ingredion,
Inc.
.....................
7,370
$
782,473
J
&
J
Snack
Foods
Corp.
..............
2,175
333,210
John
B
Sanfilippo
&
Son,
Inc.
...........
864
89,813
Lancaster
Colony
Corp.
..............
4,706
984,119
Mission
Produce,
Inc.
(a)
...............
4,953
56,415
Post
Holdings,
Inc.
(a)
.................
6,882
622,752
Seaboard
Corp.
....................
32
126,114
Simply
Good
Foods
Co.
(The)
(a)
.........
20,018
728,055
Sovos
Brands,
Inc.
(a)
.................
5,385
92,353
Tattooed
Chef,
Inc.,
Class
A
(a)(b)
.........
3,499
5,388
Tootsie
Roll
Industries,
Inc.
............
4,354
177,991
TreeHouse
Foods,
Inc.
(a)
..............
11,973
637,562
Utz
Brands,
Inc.,
Class
A
..............
6,955
131,519
Vital
Farms,
Inc.
(a)
..................
6,467
83,295
Westrock
Coffee
Co.
(a)
...............
3,004
36,739
7,088,203
Gas
Utilities
—
0.2%
Chesapeake
Utilities
Corp.
............
1,917
236,750
New
Jersey
Resources
Corp.
...........
10,711
553,116
789,866
Ground
Transportation
—
1.1%
ArcBest
Corp.
.....................
3,009
284,049
Landstar
System,
Inc.
................
4,167
733,517
Lyft,
Inc.,
Class
A
(a)
..................
76,133
780,363
Marten
Transport
Ltd.
................
8,220
165,962
PAM
Transportation
Services,
Inc.
(a)
......
997
22,383
Ryder
System,
Inc.
..................
5,418
428,889
Saia,
Inc.
(a)(b)
......................
6,264
1,865,231
TuSimple
Holdings,
Inc.,
Class
A
(a)(b)
......
32,708
39,577
4,319,971
Health
Care
Equipment
&
Supplies
—
6.3%
Alphatec
Holdings,
Inc.
(a)
..............
16,812
242,765
AngioDynamics,
Inc.
(a)
...............
5,672
47,191
AtriCure,
Inc.
(a)
....................
11,047
485,958
Atrion
Corp.
......................
320
196,896
Avanos
Medical,
Inc.
(a)
...............
4,068
120,169
Axonics,
Inc.
(a)(b)
....................
11,764
675,959
Bioventus,
Inc.,
Class
A
(a)(b)
............
3,212
3,244
Butterfly
Network,
Inc.,
Class
A
(a)(b)
.......
34,781
75,127
Cerus
Corp.
(a)(b)
....................
42,525
98,233
CONMED
Corp.
....................
4,896
614,791
Cue
Health,
Inc.
(a)(b)
.................
10,560
8,310
Cutera,
Inc.
(a)
.....................
4,261
97,151
Enovis
Corp.
(a)
.....................
5,978
348,218
Envista
Holdings
Corp.
(a)
..............
19,847
763,911
Establishment
Labs
Holdings,
Inc.
(a)(b)
.....
5,282
368,103
Figs,
Inc.,
Class
A
(a)(b)
................
29,995
215,964
Glaukos
Corp.
(a)
....................
11,273
535,580
Globus
Medical,
Inc.,
Class
A
(a)
.........
18,467
1,073,671
Haemonetics
Corp.
(a)(b)
...............
11,967
1,001,758
Heska
Corp.
(a)
.....................
2,418
283,293
ICU
Medical,
Inc.
(a)(b)
.................
3,080
582,551
Inari
Medical,
Inc.
(a)
.................
11,424
758,782
Inspire
Medical
Systems,
Inc.
(a)
.........
6,877
1,840,491
Integer
Holdings
Corp.
(a)
..............
4,142
341,094
Integra
LifeSciences
Holdings
Corp.
(a)
.....
10,608
586,835
iRhythm
Technologies,
Inc.
(a)(b)
..........
7,127
936,488
Lantheus
Holdings,
Inc.
(a)
.............
16,319
1,394,459
LeMaitre
Vascular,
Inc.
...............
4,592
247,968
LivaNova
plc
(a)
.....................
12,668
606,797
Masimo
Corp.
(a)(b)
...................
7,224
1,366,347
Merit
Medical
Systems,
Inc.
(a)
...........
13,457
1,093,920
Mesa
Laboratories,
Inc.
..............
1,195
198,979
Security
Shares
Shares
Value
Health
Care
Equipment
&
Supplies
(continued)
Neogen
Corp.
(a)
....................
30,008
$
516,738
Nevro
Corp.
(a)
.....................
5,324
155,833
NuVasive,
Inc.
(a)
....................
7,081
304,766
Omnicell,
Inc.
(a)
....................
10,552
641,245
OrthoPediatrics
Corp.
(a)
...............
3,772
190,260
Outset
Medical,
Inc.
(a)(b)
...............
7,032
126,506
Paragon
28,
Inc.
(a)
..................
6,004
110,594
Penumbra,
Inc.
(a)(b)
..................
8,989
2,553,955
PROCEPT
BioRobotics
Corp.
(a)
.........
7,734
235,036
Pulmonx
Corp.
(a)
...................
8,848
103,964
Senseonics
Holdings,
Inc.
(a)(b)
...........
113,597
67,602
SI-BONE,
Inc.
(a)
....................
7,280
160,888
Silk
Road
Medical,
Inc.
(a)(b)
.............
9,039
397,897
STAAR
Surgical
Co.
(a)
................
11,424
805,049
Surmodics,
Inc.
(a)
...................
3,327
76,654
Tandem
Diabetes
Care,
Inc.
(a)(b)
.........
15,280
604,782
TransMedics
Group,
Inc.
(a)(b)
............
7,542
596,572
Treace
Medical
Concepts,
Inc.
(a)
.........
8,296
203,169
UFP
Technologies,
Inc.
(a)
..............
1,643
226,471
Varex
Imaging
Corp.
(a)
...............
3,680
65,283
ViewRay,
Inc.
(a)
....................
34,486
40,693
25,394,960
Health
Care
Providers
&
Services
—
2.7%
23andMe
Holding
Co.,
Class
A
(a)(b)
.......
43,583
85,859
Accolade,
Inc.
(a)(b)
...................
6,063
82,032
Addus
HomeCare
Corp.
(a)
.............
3,815
311,838
Agiliti,
Inc.
(a)
......................
7,966
133,192
Amedisys,
Inc.
(a)(b)
..................
3,311
265,873
AMN
Healthcare
Services,
Inc.
(a)
.........
4,955
427,864
Apollo
Medical
Holdings,
Inc.
(a)(b)
.........
9,359
332,151
Cano
Health,
Inc.,
Class
A
(a)(b)
..........
22,259
25,820
CareMax,
Inc.,
Class
A
(a)
..............
9,295
23,423
Castle
Biosciences,
Inc.
(a)
.............
5,905
133,630
CorVel
Corp.
(a)
.....................
2,157
435,779
Cross
Country
Healthcare,
Inc.
(a)
........
3,399
74,710
DocGo,
Inc.
(a)(b)
....................
19,413
165,011
Ensign
Group,
Inc.
(The)
..............
13,193
1,280,908
GeneDx
Holdings
Corp.,
Class
A
(a)
.......
59,103
16,171
Guardant
Health,
Inc.
(a)
...............
24,281
547,779
HealthEquity,
Inc.
(a)
..................
20,063
1,072,367
Hims
&
Hers
Health,
Inc.,
Class
A
(a)
.......
19,222
222,783
Innovage
Holding
Corp.
(a)
.............
4,466
27,287
LifeStance
Health
Group,
Inc.
(a)(b)
........
22,410
182,642
ModivCare,
Inc.
(a)
...................
1,462
92,983
National
Research
Corp.
..............
3,320
144,520
Oak
Street
Health,
Inc.
(a)
..............
27,591
1,075,221
Option
Care
Health,
Inc.
(a)
.............
39,654
1,274,876
Premier,
Inc.,
Class
A
................
10,675
355,798
Privia
Health
Group,
Inc.
(a)(b)
............
7,560
208,883
Progyny,
Inc.
(a)(b)
...................
17,798
591,606
RadNet,
Inc.
(a)
.....................
11,518
318,588
Select
Medical
Holdings
Corp.
(b)
.........
10,309
314,424
Surgery
Partners,
Inc.
(a)(b)
.............
8,909
353,331
US
Physical
Therapy,
Inc.
(b)
............
3,072
327,045
10,904,394
Health
Care
REITs
—
0.2%
CareTrust
REIT,
Inc.
.................
10,053
195,933
Community
Healthcare
Trust,
Inc.
........
3,765
134,749
Global
Medical
REIT,
Inc.
.............
8,324
77,247
Physicians
Realty
Trust
...............
25,967
374,444
782,373
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
42
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Technology
—
1.1%
American
Well
Corp.,
Class
A
(a)
.........
21,708
$
47,541
Certara,
Inc.
(a)(b)
....................
24,948
602,993
Computer
Programs
&
Systems,
Inc.
(a)
.....
1,591
41,175
Definitive
Healthcare
Corp.,
Class
A
(a)(b)
....
9,209
98,536
Doximity,
Inc.,
Class
A
(a)(b)
.............
28,164
1,035,027
Evolent
Health,
Inc.,
Class
A
(a)
..........
21,481
782,123
GoodRx
Holdings,
Inc.,
Class
A
(a)
........
17,884
83,518
HealthStream,
Inc.
(a)
.................
5,723
141,015
NextGen
Healthcare,
Inc.
(a)
............
6,574
110,049
Phreesia,
Inc.
(a)
....................
12,481
394,899
Schrodinger,
Inc.
(a)(b)
.................
12,647
373,339
Sharecare,
Inc.,
Class
A
(a)(b)
............
30,649
47,199
Simulations
Plus,
Inc.
................
3,818
159,402
Teladoc
Health,
Inc.
(a)(b)
...............
17,919
475,391
4,392,207
Hotel
&
Resort
REITs
—
0.9%
Apple
Hospitality
REIT,
Inc.
............
50,551
752,704
Chatham
Lodging
Trust
...............
4,767
48,814
DiamondRock
Hospitality
Co.
...........
49,398
400,618
Pebblebrook
Hotel
Trust
(b)
.............
13,404
190,739
RLJ
Lodging
Trust
..................
25,445
256,995
Ryman
Hospitality
Properties,
Inc.
.......
13,068
1,171,677
Sunstone
Hotel
Investors,
Inc.
..........
49,640
473,069
Xenia
Hotels
&
Resorts,
Inc.
...........
26,040
329,666
3,624,282
Hotels,
Restaurants
&
Leisure
—
3.7%
Bally's
Corp.
(a)
.....................
6,463
111,164
BJ's
Restaurants,
Inc.
(a)
...............
5,555
180,760
Bloomin'
Brands,
Inc.
................
7,639
189,218
Bowlero
Corp.,
Class
A
(a)
..............
8,179
119,659
Boyd
Gaming
Corp.
.................
11,270
782,138
Chuy's
Holdings,
Inc.
(a)
...............
2,817
98,257
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
6,113
216,767
Denny's
Corp.
(a)
....................
6,784
76,049
DraftKings,
Inc.,
Class
A
(a)(b)
............
106,240
2,327,718
Dutch
Bros,
Inc.,
Class
A
(a)(b)
...........
6,986
217,614
Everi
Holdings,
Inc.
(a)
................
21,258
323,122
First
Watch
Restaurant
Group,
Inc.
(a)
......
2,786
44,799
Hilton
Grand
Vacations,
Inc.
(a)
..........
7,316
313,125
Hyatt
Hotels
Corp.,
Class
A
(a)(b)
..........
11,423
1,305,649
Krispy
Kreme,
Inc.
..................
15,822
243,342
Kura
Sushi
USA,
Inc.,
Class
A
(a)
.........
867
59,754
Lindblad
Expeditions
Holdings,
Inc.
(a)(b)
....
7,908
89,439
Marriott
Vacations
Worldwide
Corp.
.......
3,744
503,793
Monarch
Casino
&
Resort,
Inc.
(a)
.........
3,151
218,553
Papa
John's
International,
Inc.
..........
4,114
307,686
Planet
Fitness,
Inc.,
Class
A
(a)
..........
19,752
1,642,181
Portillo's,
Inc.,
Class
A
(a)
..............
6,070
131,233
RCI
Hospitality
Holdings,
Inc.
...........
2,025
151,673
Red
Rock
Resorts,
Inc.,
Class
A
.........
5,324
259,811
Ruth's
Hospitality
Group,
Inc.
...........
4,582
74,045
SeaWorld
Entertainment,
Inc.
(a)
.........
5,062
271,627
Shake
Shack,
Inc.,
Class
A
(a)(b)
..........
8,847
484,904
Sonder
Holdings,
Inc.,
Class
A
(a)(b)
........
31,925
13,092
Sweetgreen,
Inc.,
Class
A
(a)(b)
...........
17,825
141,531
Target
Hospitality
Corp.
(a)
.............
3,931
49,570
Texas
Roadhouse,
Inc.
...............
15,852
1,753,548
Wendy's
Co.
(The)
..................
24,334
537,781
Wingstop,
Inc.
.....................
7,075
1,415,778
Xponential
Fitness,
Inc.,
Class
A
(a)
.......
5,310
175,655
14,831,035
Security
Shares
Shares
Value
Household
Durables
—
1.7%
Cavco
Industries,
Inc.
(a)
...............
1,224
$
367,469
Century
Communities,
Inc.
............
3,441
231,717
Cricut,
Inc.,
Class
A
(b)
................
6,215
56,743
Installed
Building
Products,
Inc.
.........
5,562
691,190
Legacy
Housing
Corp.
(a)
..............
1,286
27,778
Leggett
&
Platt,
Inc.
.................
11,748
379,578
MDC
Holdings,
Inc.
.................
4,773
195,550
Skyline
Champion
Corp.
(a)
.............
12,582
933,207
Snap
One
Holdings
Corp.
(a)(b)
...........
2,516
24,556
Sonos,
Inc.
(a)
......................
14,161
299,363
Taylor
Morrison
Home
Corp.
(a)
..........
10,021
431,805
Tempur
Sealy
International,
Inc.
.........
15,793
591,764
Toll
Brothers,
Inc.
...................
9,957
636,352
TopBuild
Corp.
(a)
...................
7,571
1,707,109
Tri
Pointe
Homes,
Inc.
(a)
..............
9,386
269,190
Vizio
Holding
Corp.,
Class
A
(a)(b)
.........
13,607
116,612
6,959,983
Household
Products
—
0.3%
Energizer
Holdings,
Inc.
..............
10,292
344,062
Spectrum
Brands
Holdings,
Inc.
.........
9,747
648,175
WD-40
Co.
.......................
2,125
404,600
1,396,837
Independent
Power
and
Renewable
Electricity
Producers
—
0.5%
Altus
Power,
Inc.,
Class
A
(a)
............
8,681
39,412
Clearway
Energy,
Inc.,
Class
A
..........
3,581
103,778
Clearway
Energy,
Inc.,
Class
C
.........
8,333
253,073
Montauk
Renewables,
Inc.
(a)
...........
15,219
101,206
Ormat
Technologies,
Inc.
..............
12,447
1,068,077
Sunnova
Energy
International,
Inc.
(a)(b)
.....
23,469
421,503
1,987,049
Industrial
REITs
—
1.1%
First
Industrial
Realty
Trust,
Inc.
.........
31,316
1,643,151
Indus
Realty
Trust,
Inc.
...............
1,210
80,550
Innovative
Industrial
Properties,
Inc.
......
6,664
456,817
LXP
Industrial
Trust
.................
26,538
249,457
Plymouth
Industrial
REIT,
Inc.
..........
3,814
77,195
STAG
Industrial,
Inc.
................
25,068
849,053
Terreno
Realty
Corp.
................
17,278
1,064,152
4,420,375
Insurance
—
2.0%
Bright
Health
Group,
Inc.
(a)(b)
...........
42,525
6,834
BRP
Group,
Inc.,
Class
A
(a)
............
14,660
369,285
First
American
Financial
Corp.
..........
8,776
505,585
Goosehead
Insurance,
Inc.,
Class
A
(a)
.....
5,047
290,202
Hagerty,
Inc.,
Class
A
(a)(b)
..............
4,380
43,844
Hippo
Holdings,
Inc.
(a)(b)
...............
3,785
69,038
Lemonade,
Inc.
(a)
...................
5,578
60,466
Oscar
Health,
Inc.,
Class
A
(a)
...........
13,709
92,262
Palomar
Holdings,
Inc.
(a)
..............
6,017
302,414
Primerica,
Inc.
.....................
5,241
956,535
RenaissanceRe
Holdings
Ltd.
..........
10,357
2,231,001
RLI
Corp.
........................
9,596
1,334,324
Ryan
Specialty
Holdings,
Inc.,
Class
A
(a)(b)
..
19,749
806,944
Selective
Insurance
Group,
Inc.
.........
5,026
484,155
Trupanion,
Inc.
(a)
...................
8,342
292,888
7,845,777
Interactive
Media
&
Services
—
0.8%
Bumble,
Inc.,
Class
A
(a)
...............
22,170
403,716
Cargurus,
Inc.,
Class
A
(a)
..............
22,229
365,445
Eventbrite,
Inc.,
Class
A
(a)
.............
11,892
86,455
fuboTV,
Inc.
(a)(b)
....................
23,251
26,506
Nextdoor
Holdings,
Inc.,
Class
A
(a)(b)
......
30,491
64,336
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
43
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Interactive
Media
&
Services
(continued)
QuinStreet,
Inc.
(a)
...................
11,972
$
133,009
Rumble,
Inc.,
Class
A
(a)(b)
..............
19,154
152,466
Shutterstock,
Inc.
...................
5,702
382,034
TripAdvisor,
Inc.
(a)
..................
24,984
442,966
Vimeo,
Inc.
(a)
......................
21,755
71,574
Yelp,
Inc.
(a)
.......................
11,360
339,891
Ziff
Davis,
Inc.
(a)
....................
5,374
393,054
ZipRecruiter,
Inc.,
Class
A
(a)(b)
...........
12,453
210,954
3,072,406
IT
Services
—
0.6%
BigCommerce
Holdings,
Inc.
(a)
..........
14,534
107,406
Cerberus
Cyber
Sentinel
Corp.
(a)
........
12,409
2,632
DigitalOcean
Holdings,
Inc.
(a)(b)
..........
14,378
453,482
Edgio,
Inc.
(a)
......................
33,000
21,813
Fastly,
Inc.,
Class
A
(a)
................
26,645
393,813
Grid
Dynamics
Holdings,
Inc.,
Class
A
(a)
....
12,380
134,571
Hackett
Group,
Inc.
(The)
.............
5,677
105,365
Perficient,
Inc.
(a)(b)
...................
8,229
534,227
Squarespace,
Inc.,
Class
A
(a)
...........
9,741
302,945
Thoughtworks
Holding,
Inc.
(a)(b)
..........
15,692
97,761
Tucows,
Inc.,
Class
A
(a)(b)
..............
2,258
50,557
2,204,572
Leisure
Products
—
0.6%
Acushnet
Holdings
Corp.
(b)
............
3,346
167,735
Clarus
Corp.
......................
6,636
64,568
Peloton
Interactive,
Inc.,
Class
A
(a)(b)
......
49,970
443,734
Polaris,
Inc.
.......................
4,963
539,230
Topgolf
Callaway
Brands
Corp.
(a)(b)
.......
32,903
729,459
YETI
Holdings,
Inc.
(a)
................
13,335
526,066
2,470,792
Life
Sciences
Tools
&
Services
—
1.1%
(a)
10X
Genomics,
Inc.,
Class
A
...........
22,604
1,185,128
AbCellera
Biologics,
Inc.
(b)
.............
31,358
212,607
Adaptive
Biotechnologies
Corp.
.........
13,481
96,254
Azenta,
Inc.
......................
16,369
711,888
BioLife
Solutions,
Inc.
................
4,866
85,447
Bionano
Genomics,
Inc.
(b)
.............
71,662
49,296
CryoPort,
Inc.
.....................
5,992
126,072
Medpace
Holdings,
Inc.
..............
5,958
1,192,434
NanoString
Technologies,
Inc.
..........
4,581
44,894
OmniAb,
Inc.,
12.50
Earnout
Shares,
NVS
(d)
.
1,386
—
OmniAb,
Inc.,
15.00
Earnout
Shares,
NVS
(d)
.
1,386
—
Pacific
Biosciences
of
California,
Inc.
(b)
....
36,442
386,285
Quanterix
Corp.
....................
3,120
39,437
Seer,
Inc.,
Class
A
..................
4,687
15,655
SomaLogic,
Inc.,
Class
A
(b)
............
37,313
104,476
Sotera
Health
Co.
..................
12,210
204,762
4,454,635
Machinery
—
3.9%
Alamo
Group,
Inc.
..................
1,429
252,547
Albany
International
Corp.,
Class
A
.......
7,355
670,850
Barnes
Group,
Inc.
..................
4,242
178,291
CIRCOR
International,
Inc.
(a)
...........
2,272
63,253
Columbus
McKinnon
Corp.
............
2,587
89,795
Crane
NXT
Co.
....................
5,180
245,325
Desktop
Metal,
Inc.,
Class
A
(a)(b)
.........
56,510
124,322
Donaldson
Co.,
Inc.
.................
17,815
1,132,143
Energy
Recovery,
Inc.
(a)
..............
13,368
301,181
Enerpac
Tool
Group
Corp.,
Class
A
.......
13,594
322,993
EnPro
Industries,
Inc.
................
4,930
464,751
Evoqua
Water
Technologies
Corp.
(a)
......
28,938
1,430,984
Federal
Signal
Corp.
................
14,401
739,923
Security
Shares
Shares
Value
Machinery
(continued)
Flowserve
Corp.
...................
13,346
$
445,623
Franklin
Electric
Co.,
Inc.
.............
9,223
825,182
Gorman-Rupp
Co.
(The)
..............
3,211
78,830
Helios
Technologies,
Inc.
..............
7,704
463,319
Hillenbrand,
Inc.
...................
6,489
296,028
Hyzon
Motors,
Inc.,
Class
A
(a)(b)
.........
19,288
16,040
ITT,
Inc.
.........................
13,268
1,120,350
John
Bean
Technologies
Corp.
..........
7,542
819,891
Kadant,
Inc.
......................
1,883
349,918
Lindsay
Corp.
.....................
2,611
315,252
Markforged
Holding
Corp.
(a)(b)
...........
20,950
20,424
Microvast
Holdings,
Inc.
(a)
.............
47,499
49,874
Mueller
Industries,
Inc.
...............
8,183
587,949
Mueller
Water
Products,
Inc.,
Class
A
.....
18,874
252,912
Nikola
Corp.
(a)(b)
....................
58,457
51,764
Omega
Flex,
Inc.
...................
716
78,767
Oshkosh
Corp.
....................
7,042
538,854
Proterra,
Inc.
(a)(b)
...................
45,637
53,395
Proto
Labs,
Inc.
(a)
...................
6,473
186,228
Shyft
Group,
Inc.
(The)
...............
7,673
192,439
SPX
Technologies,
Inc.
(a)(b)
.............
10,708
681,885
Standex
International
Corp.
............
1,636
200,917
Symbotic,
Inc.,
Class
A
(a)
..............
3,667
97,396
Terex
Corp.
.......................
8,804
392,570
Titan
International,
Inc.
(a)
..............
7,187
70,145
Trinity
Industries,
Inc.
................
19,412
464,917
Velo3D,
Inc.
(a)(b)
....................
14,615
34,199
Wabash
National
Corp.
...............
5,854
150,272
Watts
Water
Technologies,
Inc.,
Class
A
....
4,280
692,204
15,543,902
Marine
Transportation
—
0.1%
Eagle
Bulk
Shipping,
Inc.
.............
1,054
47,135
Matson,
Inc.
......................
3,801
258,582
305,717
Media
—
0.7%
Boston
Omaha
Corp.,
Class
A
(a)
.........
4,524
92,561
Cable
One,
Inc.
....................
487
369,346
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)
....
6,474
54,576
Gray
Television,
Inc.
.................
9,775
75,365
Innovid
Corp.
(a)
....................
19,910
18,695
Integral
Ad
Science
Holding
Corp.
(a)
......
8,683
136,583
Magnite,
Inc.
(a)(b)
....................
16,670
156,698
New
York
Times
Co.
(The),
Class
A
.......
26,191
1,041,092
PubMatic,
Inc.,
Class
A
(a)(b)
.............
10,283
140,466
Scholastic
Corp.,
NVS
...............
3,261
125,451
TechTarget,
Inc.
(a)(b)
.................
6,329
215,756
TEGNA,
Inc.
......................
26,426
451,885
WideOpenWest,
Inc.
(a)
...............
6,885
78,695
2,957,169
Metals
&
Mining
—
1.5%
Alpha
Metallurgical
Resources,
Inc.
......
2,341
343,097
Arconic
Corp.
(a)
....................
8,044
199,089
ATI,
Inc.
(a)(b)
.......................
19,714
761,355
Carpenter
Technology
Corp.
...........
6,985
368,389
Century
Aluminum
Co.
(a)
..............
12,182
104,643
Compass
Minerals
International,
Inc.
......
8,119
265,735
Haynes
International,
Inc.
.............
1,900
89,319
Hecla
Mining
Co.
(b)
..................
52,267
316,215
Ivanhoe
Electric,
Inc.
(a)(b)
..............
3,362
40,041
Kaiser
Aluminum
Corp.
...............
1,675
110,081
Materion
Corp.
....................
4,853
525,628
MP
Materials
Corp.,
Class
A
(a)(b)
.........
21,919
474,985
Piedmont
Lithium,
Inc.
(a)(b)
.............
3,864
222,180
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
44
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Metals
&
Mining
(continued)
Ramaco
Resources,
Inc.
..............
3,326
$
27,040
Royal
Gold,
Inc.
....................
15,551
2,059,575
5,907,372
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
0.1%
Ellington
Financial,
Inc.
...............
7,511
95,916
Granite
Point
Mortgage
Trust,
Inc.
.......
4,102
18,336
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
....................
11,072
314,223
Two
Harbors
Investment
Corp.
..........
10,197
142,044
570,519
Office
REITs
—
0.2%
Douglas
Emmett,
Inc.
................
26,370
339,646
Easterly
Government
Properties,
Inc.
.....
9,454
133,018
Kilroy
Realty
Corp.
..................
10,030
293,277
Orion
Office
REIT,
Inc.
...............
8,797
54,013
819,954
Oil,
Gas
&
Consumable
Fuels
—
1.6%
Arch
Resources,
Inc.,
Class
A
..........
2,796
341,811
Callon
Petroleum
Co.
(a)
...............
4,560
151,118
Centrus
Energy
Corp.,
Class
A
(a)
.........
1,380
40,434
Chord
Energy
Corp.
.................
4,011
570,886
Clean
Energy
Fuels
Corp.
(a)
............
41,755
178,294
CNX
Resources
Corp.
(a)(b)
.............
23,011
357,361
Comstock
Resources,
Inc.
.............
8,249
94,864
CONSOL
Energy,
Inc.
................
4,722
280,203
Denbury,
Inc.
(a)
....................
11,774
1,099,456
Earthstone
Energy,
Inc.,
Class
A
(a)(b)
......
4,509
61,142
Enviva,
Inc.
.......................
7,299
156,928
Excelerate
Energy,
Inc.,
Class
A
.........
4,341
93,331
Gevo,
Inc.
(a)(b)
.....................
27,938
32,408
Green
Plains,
Inc.
(a)
.................
7,892
269,670
HighPeak
Energy,
Inc.
(b)
..............
1,927
38,078
International
Seaways,
Inc.
............
6,082
242,185
Kinetik
Holdings,
Inc.,
Class
A
..........
5,246
161,577
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
16,158
341,257
NextDecade
Corp.
(a)
.................
7,143
44,501
Northern
Oil
and
Gas,
Inc.
.............
8,283
274,747
Permian
Resources
Corp.,
Class
A
.......
28,110
293,750
Ranger
Oil
Corp.,
Class
A
.............
2,649
109,139
REX
American
Resources
Corp.
(a)
.......
1,711
48,404
Riley
Exploration
Permian,
Inc.
..........
575
24,156
SandRidge
Energy,
Inc.
(a)
.............
2,388
33,838
SM
Energy
Co.
....................
17,618
494,713
Tellurian,
Inc.
(a)(b)
...................
65,763
93,383
Uranium
Energy
Corp.
(a)
..............
87,654
228,777
Vertex
Energy,
Inc.
(a)(b)
...............
14,507
114,605
6,271,016
Paper
&
Forest
Products
—
0.0%
Mercer
International,
Inc.
..............
4,273
41,576
Passenger
Airlines
—
0.2%
(a)
Allegiant
Travel
Co.
.................
3,714
385,922
Frontier
Group
Holdings,
Inc.
...........
8,755
83,085
Hawaiian
Holdings,
Inc.
..............
4,685
39,026
JetBlue
Airways
Corp.
................
43,478
310,433
Sun
Country
Airlines
Holdings,
Inc.
.......
7,748
152,868
Wheels
Up
Experience,
Inc.,
Class
A
(b)
....
16,036
7,416
978,750
Personal
Care
Products
—
0.9%
Beauty
Health
Co.
(The),
Class
A
(a)
.......
21,907
251,054
BellRing
Brands,
Inc.
(a)
...............
16,564
596,138
Coty,
Inc.,
Class
A
(a)
.................
44,637
529,841
Security
Shares
Shares
Value
Personal
Care
Products
(continued)
elf
Beauty,
Inc.
(a)
...................
12,018
$
1,114,790
Inter
Parfums,
Inc.
..................
4,219
640,402
Medifast,
Inc.
.....................
1,509
138,300
Olaplex
Holdings,
Inc.
(a)(b)
.............
12,444
46,043
USANA
Health
Sciences,
Inc.
(a)
.........
1,225
81,303
Veru,
Inc.
(a)(b)
......................
12,620
16,028
3,413,899
Pharmaceuticals
—
1.5%
Aclaris
Therapeutics,
Inc.
(a)
............
12,440
110,592
Amphastar
Pharmaceuticals,
Inc.
(a)
.......
9,007
322,180
ANI
Pharmaceuticals,
Inc.
(a)
............
2,907
109,652
Arvinas,
Inc.
(a)
.....................
11,564
303,092
Atea
Pharmaceuticals,
Inc.
(a)
...........
10,368
33,903
Axsome
Therapeutics,
Inc.
(a)(b)
..........
5,100
364,803
Cara
Therapeutics,
Inc.
(a)(b)
............
5,269
22,130
Cassava
Sciences,
Inc.
(a)(b)
............
9,244
214,646
Corcept
Therapeutics,
Inc.
(a)
...........
11,821
266,327
Esperion
Therapeutics,
Inc.
(a)(b)
..........
7,528
9,937
Evolus,
Inc.
(a)(b)
....................
8,885
77,655
Harmony
Biosciences
Holdings,
Inc.
(a)
.....
7,006
225,873
Intra-Cellular
Therapies,
Inc.
(a)
..........
20,830
1,294,585
Ligand
Pharmaceuticals,
Inc.
(a)
..........
2,530
193,166
NGM
Biopharmaceuticals,
Inc.
(a)
.........
3,812
17,192
Pacira
BioSciences,
Inc.
(a)
.............
10,867
492,384
Phathom
Pharmaceuticals,
Inc.
(a)(b)
.......
2,367
25,327
Reata
Pharmaceuticals,
Inc.,
Class
A
(a)(b)
...
6,620
654,453
Revance
Therapeutics,
Inc.
(a)(b)
..........
19,446
618,966
Scilex
Holding
Co.,
(Acquired
01/06/23,
cost
$157,754)
(a)(e)
...................
15,053
105,168
SIGA
Technologies,
Inc.
..............
9,182
53,531
Supernus
Pharmaceuticals,
Inc.
(a)(b)
.......
4,696
173,095
Theravance
Biopharma,
Inc.
(a)
..........
13,962
151,208
Tilray
Brands,
Inc.,
Class
2
(a)(b)
..........
147,572
346,794
WaVe
Life
Sciences
Ltd.
(a)
.............
6,892
27,499
6,214,158
Professional
Services
—
3.2%
Alight,
Inc.,
Class
A
(a)
................
39,661
366,864
ASGN,
Inc.
(a)
......................
6,560
469,630
Barrett
Business
Services,
Inc.
..........
917
76,670
CACI
International,
Inc.,
Class
A
(a)
.......
1,906
597,188
CBIZ,
Inc.
(a)
.......................
11,926
628,381
CRA
International,
Inc.
...............
1,715
180,315
CSG
Systems
International,
Inc.
.........
3,112
163,940
Dun
&
Bradstreet
Holdings,
Inc.
.........
18,079
201,943
ExlService
Holdings,
Inc.
(a)
............
7,835
1,397,607
Exponent,
Inc.
.....................
12,000
1,104,600
First
Advantage
Corp.
(a)(b)
.............
6,973
89,673
FiscalNote
Holdings,
Inc.,
Class
A
(a)
......
16,651
30,138
Forrester
Research,
Inc.
(a)
.............
2,741
84,807
Franklin
Covey
Co.
(a)
................
2,908
106,782
FTI
Consulting,
Inc.
(a)(b)
...............
8,150
1,471,075
Heidrick
&
Struggles
International,
Inc.
....
1,822
45,750
HireRight
Holdings
Corp.
(a)
............
2,577
27,316
Huron
Consulting
Group,
Inc.
(a)(b)
........
4,733
401,311
ICF
International,
Inc.
................
4,016
457,824
Insperity,
Inc.
......................
8,441
1,033,685
KBR,
Inc.
........................
14,625
829,676
Kforce,
Inc.
.......................
4,633
273,996
Korn
Ferry
.......................
7,263
348,769
Legalzoom.com,
Inc.
(a)(b)
..............
22,373
209,859
Maximus,
Inc.
.....................
5,319
444,934
NV5
Global,
Inc.
(a)(b)
.................
2,971
281,443
Paycor
HCM,
Inc.
(a)(b)
................
11,306
265,691
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
45
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Professional
Services
(continued)
Planet
Labs
PBC,
Class
A
(a)
............
45,393
$
185,204
Resources
Connection,
Inc.
............
3,295
48,074
Sterling
Check
Corp.
(a)
...............
5,754
64,675
TaskUS,
Inc.,
Class
A
(a)(b)
..............
6,283
84,569
TTEC
Holdings,
Inc.
.................
2,487
84,732
Upwork,
Inc.
(a)
.....................
18,336
175,476
Verra
Mobility
Corp.,
Class
A
(a)
..........
33,148
561,859
12,794,456
Real
Estate
Management
&
Development
—
0.3%
DigitalBridge
Group,
Inc.,
Class
A
(b)
.......
20,743
257,836
eXp
World
Holdings,
Inc.
..............
17,385
203,231
Forestar
Group,
Inc.
(a)
................
1,466
28,352
FRP
Holdings,
Inc.
(a)
.................
1,020
59,160
Howard
Hughes
Corp.
(The)
(a)(b)
.........
5,231
404,723
Marcus
&
Millichap,
Inc.
..............
2,505
78,832
St.
Joe
Co.
(The)
...................
8,033
330,156
1,362,290
Residential
REITs
—
0.3%
Apartment
Investment
&
Management
Co.,
Class
A
.......................
20,630
161,533
Centerspace
......................
1,319
74,365
Independence
Realty
Trust,
Inc.
.........
52,938
881,418
NexPoint
Residential
Trust,
Inc.
.........
2,610
112,047
UMH
Properties,
Inc.
................
5,064
76,973
1,306,336
Retail
REITs
—
1.0%
Acadia
Realty
Trust
.................
8,626
116,537
Agree
Realty
Corp.
.................
11,702
795,619
Getty
Realty
Corp.
..................
3,151
105,023
InvenTrust
Properties
Corp.
............
8,348
188,247
Kite
Realty
Group
Trust
...............
23,929
495,809
NETSTREIT
Corp.
..................
13,017
237,170
Phillips
Edison
&
Co.,
Inc.
.............
15,206
479,597
Retail
Opportunity
Investments
Corp.
.....
13,107
170,784
RPT
Realty
.......................
11,400
106,020
Saul
Centers,
Inc.
..................
1,415
50,982
SITE
Centers
Corp.
.................
15,533
191,677
Spirit
Realty
Capital,
Inc.
..............
11,574
445,136
Tanger
Factory
Outlet
Centers,
Inc.
.......
13,960
273,756
Urban
Edge
Properties
...............
13,513
198,236
Urstadt
Biddle
Properties,
Inc.,
Class
A
....
2,891
49,783
Whitestone
REIT
...................
4,605
41,215
3,945,591
Semiconductors
&
Semiconductor
Equipment
—
4.0%
Allegro
MicroSystems,
Inc.
(a)
...........
15,424
551,716
Alpha
&
Omega
Semiconductor
Ltd.
(a)
.....
2,495
59,581
Ambarella,
Inc.
(a)
...................
8,727
540,899
Amkor
Technology,
Inc.
...............
11,370
254,347
Axcelis
Technologies,
Inc.
(a)
............
7,757
917,653
CEVA,
Inc.
(a)
......................
5,504
138,316
Cirrus
Logic,
Inc.
(a)(b)
.................
4,950
424,661
Cohu,
Inc.
(a)
......................
11,285
381,884
Credo
Technology
Group
Holding
Ltd.
(a)(b)
...
21,277
172,556
Diodes,
Inc.
(a)(b)
....................
7,005
558,299
FormFactor,
Inc.
(a)
..................
18,308
499,991
Impinj,
Inc.
(a)
......................
5,039
445,498
indie
Semiconductor,
Inc.,
Class
A
(a)
......
16,533
125,155
Kulicke
&
Soffa
Industries,
Inc.
..........
13,435
640,312
Lattice
Semiconductor
Corp.
(a)
..........
32,442
2,585,627
MACOM
Technology
Solutions
Holdings,
Inc.
(a)
12,220
712,915
Magnachip
Semiconductor
Corp.
(a)
.......
5,793
51,442
MaxLinear,
Inc.
(a)
...................
11,465
276,650
Security
Shares
Shares
Value
Semiconductors
&
Semiconductor
Equipment
(continued)
MKS
Instruments,
Inc.
(b)
..............
7,155
$
600,090
Navitas
Semiconductor
Corp.
(a)(b)
........
18,557
98,909
Onto
Innovation,
Inc.
(a)
...............
6,639
537,626
PDF
Solutions,
Inc.
(a)
................
7,052
254,225
Power
Integrations,
Inc.
..............
9,156
666,374
Rambus,
Inc.
(a)
....................
25,485
1,130,005
Semtech
Corp.
(a)
...................
8,051
156,914
Silicon
Laboratories,
Inc.
(a)(b)
............
7,546
1,051,158
SiTime
Corp.
(a)
.....................
3,803
412,511
Synaptics,
Inc.
(a)(b)
..................
3,381
299,421
Ultra
Clean
Holdings,
Inc.
(a)
............
3,892
111,078
Universal
Display
Corp.
..............
10,281
1,372,102
16,027,915
Software
—
10.1%
A10
Networks,
Inc.
..................
15,353
217,091
ACI
Worldwide,
Inc.
(a)
................
26,577
673,195
Agilysys,
Inc.
(a)
....................
4,735
369,519
Alarm.com
Holdings,
Inc.
(a)
............
11,858
565,508
Alkami
Technology,
Inc.
(a)
.............
8,679
104,061
Altair
Engineering,
Inc.,
Class
A
(a)(b)
.......
12,435
858,637
Alteryx,
Inc.,
Class
A
(a)
...............
9,722
399,866
American
Software,
Inc.,
Class
A
........
7,806
93,204
Amplitude,
Inc.,
Class
A
(a)
.............
12,764
144,871
Appfolio,
Inc.,
Class
A
(a)
..............
4,503
628,709
Appian
Corp.,
Class
A
(a)
..............
9,792
367,690
AppLovin
Corp.,
Class
A
(a)(b)
............
29,240
497,080
Asana,
Inc.,
Class
A
(a)
................
18,159
293,813
AvePoint,
Inc.,
Class
A
(a)(b)
.............
21,044
91,331
Blackbaud,
Inc.
(a)
...................
5,532
383,672
Blackline,
Inc.
(a)
....................
12,877
717,378
Blend
Labs,
Inc.,
Class
A
(a)
............
38,490
22,790
Box,
Inc.,
Class
A
(a)
.................
33,882
896,518
Braze,
Inc.,
Class
A
(a)
................
8,438
248,077
C3.ai,
Inc.,
Class
A
(a)(b)
...............
20,284
361,461
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)
...
16,940
147,039
Clear
Secure,
Inc.,
Class
A
............
18,518
447,950
Clearwater
Analytics
Holdings,
Inc.,
Class
A
(a)(b)
15,722
242,276
CommVault
Systems,
Inc.
(a)
............
6,441
375,317
Confluent,
Inc.,
Class
A
(a)
.............
36,516
803,352
Couchbase,
Inc.
(a)
..................
6,020
92,467
CS
Disco,
Inc.
(a)
....................
4,020
23,638
Cvent
Holding
Corp.
(a)(b)
...............
14,881
125,149
Digital
Turbine,
Inc.
(a)(b)
...............
10,147
119,024
Dolby
Laboratories,
Inc.,
Class
A
........
14,214
1,189,570
Domo,
Inc.,
Class
B
(a)
................
7,473
118,671
DoubleVerify
Holdings,
Inc.
(a)
...........
20,699
608,965
Dropbox,
Inc.,
Class
A
(a)
..............
33,738
686,231
E2open
Parent
Holdings,
Inc.,
Class
A
(a)
...
40,697
255,984
Elastic
NV
(a)
......................
18,376
1,052,026
Enfusion,
Inc.,
Class
A
(a)
..............
3,009
25,215
EngageSmart,
Inc.
(a)
.................
7,105
121,993
Envestnet,
Inc.
(a)(b)
..................
10,833
686,596
Everbridge,
Inc.
(a)(b)
..................
9,558
251,184
EverCommerce,
Inc.
(a)
...............
6,903
83,319
Expensify,
Inc.,
Class
A
(a)(b)
............
10,697
81,190
Five9,
Inc.
(a)
......................
16,687
1,081,985
Freshworks,
Inc.,
Class
A
(a)(b)
...........
38,100
509,016
Gitlab,
Inc.,
Class
A
(a)(b)
...............
14,938
453,518
Guidewire
Software,
Inc.
(a)
.............
7,836
597,025
HashiCorp,
Inc.,
Class
A
(a)(b)
............
19,406
520,275
Informatica,
Inc.,
Class
A
(a)(b)
...........
9,155
141,536
Instructure
Holdings,
Inc.
(a)
............
4,144
109,940
Intapp,
Inc.
(a)
......................
3,648
147,087
InterDigital,
Inc.
....................
6,421
434,959
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
46
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Software
(continued)
Jamf
Holding
Corp.
(a)
................
10,676
$
201,990
JFrog
Ltd.
(a)
.......................
14,387
267,167
LivePerson,
Inc.
(a)
..................
16,677
77,215
LiveRamp
Holdings,
Inc.
(a)
.............
7,849
189,082
Marathon
Digital
Holdings,
Inc.
(a)(b)
.......
26,373
265,576
Matterport,
Inc.,
Class
A
(a)
.............
52,319
121,903
MeridianLink,
Inc.
(a)(b)
................
4,783
71,458
MicroStrategy,
Inc.,
Class
A
(a)(b)
..........
2,275
747,064
Mitek
Systems,
Inc.
(a)
................
6,931
62,518
Model
N,
Inc.
(a)
....................
8,082
248,926
Momentive
Global,
Inc.
(a)
..............
17,870
167,799
N-able,
Inc.
(a)
......................
15,914
202,904
nCino,
Inc.
(a)(b)
.....................
18,261
451,595
New
Relic,
Inc.
(a)
...................
13,895
993,076
Nutanix,
Inc.,
Class
A
(a)
...............
34,875
836,303
Olo,
Inc.,
Class
A
(a)(b)
.................
25,209
172,682
ON24,
Inc.
(a)
......................
10,135
88,174
OneSpan,
Inc.
(a)
....................
4,573
67,406
PagerDuty,
Inc.
(a)
...................
19,389
582,833
Pegasystems,
Inc.
..................
9,800
447,076
PowerSchool
Holdings,
Inc.,
Class
A
(a)
.....
9,393
196,126
Progress
Software
Corp.
..............
10,274
563,837
PROS
Holdings,
Inc.
(a)
...............
4,496
127,552
Q2
Holdings,
Inc.
(a)(b)
.................
13,764
338,870
Qualtrics
International,
Inc.,
Class
A
(a)(b)
....
26,737
479,394
Qualys,
Inc.
(a)(b)
....................
8,203
926,447
Rapid7,
Inc.
(a)
.....................
13,999
680,491
Rimini
Street,
Inc.
(a)
.................
6,468
24,190
RingCentral,
Inc.,
Class
A
(a)
............
18,376
506,443
Riot
Platforms,
Inc.
(a)(b)
...............
24,218
289,647
Samsara,
Inc.,
Class
A
(a)
..............
26,868
484,967
SEMrush
Holdings,
Inc.,
Class
A
(a)
.......
8,632
83,385
SentinelOne,
Inc.,
Class
A
(a)
............
51,792
832,297
Smartsheet,
Inc.,
Class
A
(a)
............
31,085
1,270,444
SolarWinds
Corp.
(a)
.................
4,873
42,005
SoundHound
AI,
Inc.,
Class
A
(a)(b)
........
27,474
73,081
SoundThinking,
Inc.
(a)(b)
...............
2,124
63,189
Sprinklr,
Inc.,
Class
A
(a)
...............
14,551
174,030
Sprout
Social,
Inc.,
Class
A
(a)(b)
..........
11,173
550,382
SPS
Commerce,
Inc.
(a)
...............
8,540
1,257,942
Sumo
Logic,
Inc.
(a)
..................
26,574
318,888
Telos
Corp.
(a)
......................
12,192
20,726
Tenable
Holdings,
Inc.
(a)
..............
26,792
991,036
Teradata
Corp.
(a)
...................
24,099
932,872
UiPath,
Inc.,
Class
A
(a)
...............
83,563
1,176,567
Varonis
Systems,
Inc.
(a)
...............
25,530
591,275
Verint
Systems,
Inc.
(a)
................
6,426
234,485
Vertex,
Inc.,
Class
A
(a)
................
5,420
111,923
Workiva,
Inc.,
Class
A
(a)(b)
.............
10,850
1,013,607
Yext,
Inc.
(a)
.......................
15,260
133,983
ZeroFox
Holdings,
Inc.
(a)(b)
.............
6,819
6,564
Zeta
Global
Holdings
Corp.,
Class
A
(a)(b)
....
29,960
290,912
Zuora,
Inc.,
Class
A
(a)
................
29,584
230,459
40,747,731
Specialized
REITs
—
0.7%
EPR
Properties
....................
7,759
325,568
Farmland
Partners,
Inc.
..............
11,934
124,591
Four
Corners
Property
Trust,
Inc.
........
11,325
288,901
Gladstone
Land
Corp.
...............
4,369
70,384
National
Storage
Affiliates
Trust
.........
20,060
773,313
Outfront
Media,
Inc.
.................
17,573
292,766
Rayonier,
Inc.
.....................
21,500
674,240
Security
Shares
Shares
Value
Specialized
REITs
(continued)
Safehold,
Inc.
(a)
....................
9,656
$
267,664
2,817,427
Specialty
Retail
—
1.4%
Abercrombie
&
Fitch
Co.,
Class
A
(a)
.......
5,632
132,577
Academy
Sports
&
Outdoors,
Inc.
........
6,851
435,176
Arhaus,
Inc.,
Class
A
(a)(b)
..............
2,617
20,988
Arko
Corp.
.......................
17,258
144,277
Asbury
Automotive
Group,
Inc.
(a)
.........
1,970
381,116
Boot
Barn
Holdings,
Inc.
(a)
.............
4,452
322,637
Caleres,
Inc.
......................
3,111
70,931
Camping
World
Holdings,
Inc.,
Class
A
....
3,994
89,426
Chewy,
Inc.,
Class
A
(a)(b)
..............
22,036
683,336
EVgo,
Inc.,
Class
A
(a)(b)
...............
16,838
100,860
Franchise
Group,
Inc.
................
2,225
65,081
Leslie's,
Inc.
(a)(b)
....................
22,448
243,561
MarineMax,
Inc.
(a)(b)
.................
2,120
61,734
Monro,
Inc.
(b)
......................
4,914
240,196
National
Vision
Holdings,
Inc.
(a)(b)
........
8,808
185,320
Overstock.com,
Inc.
(a)
................
10,933
222,596
PetMed
Express,
Inc.
................
2,723
41,853
Revolve
Group,
Inc.,
Class
A
(a)(b)
.........
6,303
130,157
Sportsman's
Warehouse
Holdings,
Inc.
(a)
...
4,560
28,363
Valvoline,
Inc.
.....................
40,696
1,406,047
Warby
Parker,
Inc.,
Class
A
(a)(b)
..........
14,948
157,402
Winmark
Corp.
....................
663
221,389
Zumiez,
Inc.
(a)
.....................
2,078
36,334
5,421,357
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
(a)
Avid
Technology,
Inc.
................
3,970
117,155
Corsair
Gaming,
Inc.
................
5,922
103,161
IonQ,
Inc.
(b)
.......................
36,220
199,572
Super
Micro
Computer,
Inc.
(b)
...........
7,269
766,371
1,186,259
Textiles,
Apparel
&
Luxury
Goods
—
0.9%
Carter's,
Inc.
......................
3,205
223,613
Columbia
Sportswear
Co.
.............
3,748
313,108
Crocs,
Inc.
(a)
......................
6,189
765,394
Oxford
Industries,
Inc.
...............
1,454
150,038
Skechers
USA,
Inc.,
Class
A
(a)
..........
31,754
1,688,995
Steven
Madden
Ltd.
.................
5,971
209,224
Wolverine
World
Wide,
Inc.
............
8,129
136,079
3,486,451
Tobacco
—
0.0%
Turning
Point
Brands,
Inc.
.............
2,343
55,740
Trading
Companies
&
Distributors
—
1.7%
Air
Lease
Corp.,
Class
A
..............
11,953
480,750
Alta
Equipment
Group,
Inc.,
Class
A
......
2,494
35,265
Applied
Industrial
Technologies,
Inc.
......
9,137
1,239,525
Beacon
Roofing
Supply,
Inc.
(a)
..........
6,879
413,978
BlueLinx
Holdings,
Inc.
(a)
..............
1,057
74,053
Core
&
Main,
Inc.,
Class
A
(a)(b)
..........
17,687
460,923
Custom
Truck
One
Source,
Inc.
(a)(b)
.......
7,161
44,971
Distribution
Solutions
Group,
Inc.
(a)
.......
1,104
51,535
DXP
Enterprises,
Inc.
(a)
...............
2,078
52,366
GATX
Corp.
......................
3,408
388,205
Global
Industrial
Co.
.................
2,485
66,225
GMS,
Inc.
(a)
.......................
4,889
283,855
H&E
Equipment
Services,
Inc.
..........
4,245
154,943
Herc
Holdings,
Inc.
..................
4,025
402,581
Hudson
Technologies,
Inc.
(a)
...........
5,652
43,690
McGrath
RentCorp
..................
5,783
513,993
Rush
Enterprises,
Inc.,
Class
A
.........
4,458
236,764
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
47
(Percentages
shown
are
based
on
Net
Assets)
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Security
Shares
Shares
Value
Trading
Companies
&
Distributors
(continued)
Rush
Enterprises,
Inc.,
Class
B
.........
768
$
44,990
SiteOne
Landscape
Supply,
Inc.
(a)(b)
.......
10,671
1,576,534
Titan
Machinery,
Inc.
(a)(b)
..............
2,180
68,343
Transcat,
Inc.
(a)
....................
1,711
130,532
6,764,021
Water
Utilities
—
0.4%
American
States
Water
Co.
............
5,340
473,925
Artesian
Resources
Corp.,
Class
A,
NVS
...
1,213
66,448
California
Water
Service
Group
.........
7,646
428,788
Middlesex
Water
Co.
................
2,048
149,463
SJW
Group
.......................
6,335
480,953
York
Water
Co.
(The)
................
1,967
82,693
1,682,270
Wireless
Telecommunication
Services
—
0.1%
Gogo,
Inc.
(a)
......................
15,561
208,673
Shenandoah
Telecommunications
Co.
(b)
....
11,979
249,283
457,956
Total
Long-Term
Investments
—
99.7%
(Cost:
$427,947,365)
.............................
401,095,083
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
15.7%
(f)(g)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.02%
(h)
............
62,372,886
$
62,391,598
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.75%
..................
808,997
808,997
Total
Short-Term
Securities
—
15.7%
(Cost:
$63,167,325)
..............................
63,200,595
Total
Investments
—
115.4%
(Cost:
$491,114,690
)
.............................
464,295,678
Liabilities
in
Excess
of
Other
Assets
—
(15.4)%
...........
(62,008,194)
Net
Assets
—
100.0%
..............................
$
402,287,484
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
This
security
may
be
resold
to
qualified
foreign
investors
and
foreign
institutional
buyers
under
Regulation
S
of
the
Securities
Act
of
1933.
(d)
Security
is
valued
using
significant
unobservable
inputs
and
is
classified
as
Level
3
in
the
fair
value
hierarchy.
(e)
Restricted
security
as
to
resale,
excluding
144A
securities.
The
Fund
held
restricted
securities
with
a
current
value
of
$105,168,
representing
less
than
0.05%
of
its
net
assets
as
of
period
end,
and
an
original
cost
of
$157,754.
(f)
Affiliate
of
the
Fund.
(g)
Annualized
7-day
yield
as
of
period
end.
(h)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
54,627,389
$
7,746,173
(a)
$
—
$
(3,097)
$
21,133
$
62,391,598
62,372,886
$
956,347
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
600,000
208,997
(a)
—
—
—
808,997
808,997
19,601
—
$
(3,097)
$
21,133
$
63,200,595
$
975,948
$
—
—
—
(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.
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
48
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
For
more
information
about
the
Fund’s
investment
risks
regarding
derivative
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
E-Mini
Technology
Select
Sector
Index
............................................
1
06/16/23
$
153
$
468
Russell
2000
E-Mini
Index
....................................................
11
06/16/23
976
(2,215)
$
(1,747)
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)
......
$
—
$
—
$
468
$
—
$
—
$
—
$
468
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
2,215
—
—
—
2,215
(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
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(61,200)
$
—
$
—
$
—
$
(61,200)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
62,077
$
—
$
—
$
—
$
62,077
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
739,230
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Growth
ETF
Schedule
of
Investments
49
Fair
Value
Hierarchy
as
of Period
End
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
For
a
description
of
the
input
levels
and
information
about
the
Fund’s
policy
regarding
valuation
of
financial
instruments,
refer
to
the
Notes
to
Financial
Statements.
The
following
table
summarizes
the
Fund’s
financial
instruments
categorized
in
the
fair
value
hierarchy.
The
breakdown
of
the
Fund's
financial
instruments
into
major
categories
is
disclosed
in
the
Schedule
of
Investments
above.
See
notes
to
financial
statements.
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
400,989,915
$
105,168
$
—
$
401,095,083
Short-Term
Securities
Money
Market
Funds
......................................
63,200,595
—
—
63,200,595
$
464,190,510
$
105,168
$
—
$
464,295,678
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
468
$
—
$
—
$
468
Liabilities
Equity
contracts
...........................................
(2,215)
—
—
(2,215)
$
(1,747)
$
—
$
—
$
(1,747)
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
50
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Common
Stocks
Aerospace
&
Defense
—
1.1%
AAR
Corp.
(a)
......................
8,015
$
423,032
Aerojet
Rocketdyne
Holdings,
Inc.
(a)
......
8,120
458,049
AerSale
Corp.
(a)
....................
3,785
61,241
BWX
Technologies,
Inc.
..............
8,210
530,202
Curtiss-Wright
Corp.
.................
3,739
634,994
Kaman
Corp.
.....................
4,051
89,406
Mercury
Systems,
Inc.
(a)
..............
14,070
670,717
Moog,
Inc.,
Class
A
.................
4,074
367,108
National
Presto
Industries,
Inc.
..........
1,283
87,270
Parsons
Corp.
(a)
....................
8,160
354,960
Spirit
AeroSystems
Holdings,
Inc.,
Class
A
..
16,265
484,047
Triumph
Group,
Inc.
(a)
................
7,546
81,572
V2X,
Inc.
(a)
.......................
2,687
116,078
4,358,676
Air
Freight
&
Logistics
—
0.4%
Air
Transport
Services
Group,
Inc.
(a)
......
7,252
147,288
Forward
Air
Corp.
..................
2,909
306,929
GXO
Logistics,
Inc.
(a)(b)
...............
16,789
891,999
Hub
Group,
Inc.,
Class
A
(a)
.............
4,429
333,947
1,680,163
Automobile
Components
—
1.2%
Adient
plc
(a)
.......................
13,388
494,553
American
Axle
&
Manufacturing
Holdings,
Inc.
(a)
27,476
196,453
Autoliv,
Inc.
.......................
8,975
770,145
Dana,
Inc.
........................
30,904
457,070
Garrett
Motion,
Inc.
(a)(b)
...............
13,771
113,749
Gentex
Corp.
.....................
21,760
600,358
Goodyear
Tire
&
Rubber
Co.
(The)
(a)(b)
.....
68,419
730,031
Holley,
Inc.
(a)
......................
5,759
13,879
LCI
Industries
.....................
3,596
406,204
Modine
Manufacturing
Co.
(a)
...........
5,838
122,073
Patrick
Industries,
Inc.
...............
5,208
357,425
QuantumScape
Corp.,
Class
A
(a)(b)
.......
35,933
251,531
Standard
Motor
Products,
Inc.
..........
4,521
162,801
Stoneridge,
Inc.
(a)
...................
6,580
123,901
4,800,173
Automobiles
—
0.5%
Harley-Davidson,
Inc.
................
32,251
1,196,512
Thor
Industries,
Inc.
.................
5,171
408,613
Winnebago
Industries,
Inc.
............
3,814
221,746
1,826,871
Banks
—
12.0%
1st
Source
Corp.
...................
4,464
186,059
Amalgamated
Financial
Corp.
..........
3,029
49,312
Amerant
Bancorp,
Inc.,
Class
A
.........
3,380
62,868
Ameris
Bancorp
....................
15,522
519,987
Arrow
Financial
Corp.
................
4,840
104,496
Associated
Banc-Corp.
...............
38,861
692,892
Atlantic
Union
Bankshares
Corp.
........
18,766
537,083
Axos
Financial,
Inc.
(a)
................
6,938
282,168
Banc
of
California,
Inc.
...............
12,770
144,939
BancFirst
Corp.
....................
2,238
178,794
Bank
First
Corp.
(b)
..................
959
65,586
Bank
of
Hawaii
Corp.
................
9,831
476,115
Bank
of
Marin
Bancorp
...............
4,562
80,428
Bank
OZK
.......................
27,308
975,442
BankUnited,
Inc.
...................
16,048
361,882
Banner
Corp.
.....................
7,661
382,437
Bar
Harbor
Bankshares
..............
4,299
106,615
Berkshire
Hills
Bancorp,
Inc.
...........
9,614
204,490
Bridgewater
Bancshares,
Inc.
(a)
.........
2,980
29,651
Security
Shares
Shares
Value
Banks
(continued)
Brookline
Bancorp,
Inc.
...............
17,625
$
168,142
Business
First
Bancshares,
Inc.
.........
6,787
104,655
Byline
Bancorp,
Inc.
.................
6,602
127,749
Cadence
Bank
....................
38,830
785,143
Cambridge
Bancorp
.................
2,184
112,804
Camden
National
Corp.
..............
4,259
136,075
Capital
City
Bank
Group,
Inc.
...........
2,752
83,826
Capitol
Federal
Financial,
Inc.
..........
26,153
162,149
Capstar
Financial
Holdings,
Inc.
.........
5,260
70,379
Carter
Bankshares,
Inc.
(a)
.............
6,848
87,997
Cathay
General
Bancorp
..............
19,477
620,732
Central
Pacific
Financial
Corp.
..........
3,937
62,520
City
Holding
Co.
...................
1,945
177,364
CNB
Financial
Corp.
.................
6,553
122,934
Columbia
Banking
System,
Inc.
.........
51,441
1,098,780
Community
Bank
System,
Inc.
..........
11,473
573,191
Community
Trust
Bancorp,
Inc.
.........
4,257
153,295
ConnectOne
Bancorp,
Inc.
............
9,557
150,809
CrossFirst
Bankshares,
Inc.
(a)
...........
5,905
59,227
Customers
Bancorp,
Inc.
(a)
.............
6,331
138,269
CVB
Financial
Corp.
.................
17,566
262,963
Dime
Community
Bancshares,
Inc.
.......
4,056
83,554
Eagle
Bancorp,
Inc.
.................
6,581
165,183
Enterprise
Financial
Services
Corp.
......
6,500
277,940
Equity
Bancshares,
Inc.,
Class
A
........
3,974
93,588
Farmers
&
Merchants
Bancorp,
Inc.
......
3,380
77,064
Farmers
National
Banc
Corp.
...........
9,378
109,629
FB
Financial
Corp.
..................
6,333
186,380
First
Bancorp
.....................
9,356
287,978
First
BanCorp
.....................
21,666
254,575
First
Bancshares,
Inc.
(The)
............
7,776
195,178
First
Busey
Corp.
...................
14,088
256,120
First
Commonwealth
Financial
Corp.
......
22,861
285,305
First
Community
Bankshares,
Inc.
.......
4,455
104,291
First
Financial
Bancorp
...............
22,131
458,112
First
Financial
Corp.
.................
3,512
121,340
First
Foundation,
Inc.
................
13,402
84,299
First
Hawaiian,
Inc.
.................
32,135
614,100
First
Interstate
BancSystem,
Inc.,
Class
A
..
22,128
566,255
First
Merchants
Corp.
................
15,530
453,165
First
Mid
Bancshares,
Inc.
.............
5,576
146,983
First
of
Long
Island
Corp.
(The)
.........
6,532
76,424
Flushing
Financial
Corp.
..............
8,443
101,569
FNB
Corp.
.......................
91,206
1,047,045
Fulton
Financial
Corp.
................
42,692
509,316
German
American
Bancorp,
Inc.
.........
5,565
161,775
Glacier
Bancorp,
Inc.
................
13,787
458,142
Great
Southern
Bancorp,
Inc.
...........
2,687
136,715
Hancock
Whitney
Corp.
..............
20,855
761,625
Hanmi
Financial
Corp.
...............
6,196
100,127
HarborOne
Bancorp,
Inc.
.............
5,634
60,565
Heartland
Financial
USA,
Inc.
..........
10,428
339,536
Heritage
Commerce
Corp.
.............
16,585
140,972
Heritage
Financial
Corp.
..............
7,698
135,562
Hilltop
Holdings,
Inc.
.................
11,719
363,523
Hingham
Institution
for
Savings
(The)
.....
277
53,893
Home
BancShares,
Inc.
..............
47,136
1,026,151
HomeStreet,
Inc.
...................
3,788
36,971
Hope
Bancorp,
Inc.
.................
25,728
234,125
Horizon
Bancorp,
Inc.
................
10,439
109,923
Independent
Bank
Corp.
..............
14,558
614,536
Independent
Bank
Group,
Inc.
..........
8,561
311,449
International
Bancshares
Corp.
.........
13,265
566,018
John
Marshall
Bancorp,
Inc.
...........
1,471
26,802
Kearny
Financial
Corp.
...............
17,173
133,778
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
51
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Banks
(continued)
Lakeland
Bancorp,
Inc.
...............
18,024
$
258,464
Lakeland
Financial
Corp.
..............
2,558
129,614
Mercantile
Bank
Corp.
...............
4,362
122,398
Metrocity
Bankshares,
Inc.
............
2,946
48,167
Metropolitan
Bank
Holding
Corp.
(a)
.......
1,362
43,707
Midland
States
Bancorp,
Inc.
...........
6,307
126,140
MidWestOne
Financial
Group,
Inc.
.......
4,265
88,285
National
Bank
Holdings
Corp.,
Class
A
....
6,115
194,457
NBT
Bancorp,
Inc.
..................
9,306
300,025
New
York
Community
Bancorp,
Inc.
......
166,595
1,780,900
Nicolet
Bankshares,
Inc.
(a)
.............
3,434
196,802
Northfield
Bancorp,
Inc.
..............
9,717
101,251
Northwest
Bancshares,
Inc.
............
27,910
326,268
OceanFirst
Financial
Corp.
............
16,122
257,952
OFG
Bancorp
.....................
10,403
266,005
Old
National
Bancorp
................
73,091
980,150
Old
Second
Bancorp,
Inc.
.............
10,454
128,480
Origin
Bancorp,
Inc.
.................
4,896
144,089
Pacific
Premier
Bancorp,
Inc.
...........
19,961
443,933
PacWest
Bancorp
..................
28,948
293,822
Park
National
Corp.
.................
3,628
392,985
Pathward
Financial,
Inc.
..............
2,308
102,775
Peapack-Gladstone
Financial
Corp.
......
2,498
66,347
Peoples
Bancorp,
Inc.
...............
8,047
209,705
Pinnacle
Financial
Partners,
Inc.
.........
19,081
1,034,763
Popular,
Inc.
......................
17,862
1,071,899
Premier
Financial
Corp.
..............
9,514
158,027
Prosperity
Bancshares,
Inc.
............
22,720
1,422,726
Provident
Financial
Services,
Inc.
........
15,592
272,548
QCR
Holdings,
Inc.
.................
4,595
190,233
RBB
Bancorp
.....................
4,421
54,997
Republic
Bancorp,
Inc.,
Class
A
.........
2,482
97,543
S&T
Bancorp,
Inc.
..................
8,451
232,656
Sandy
Spring
Bancorp,
Inc.
............
11,835
266,051
Seacoast
Banking
Corp.
of
Florida
.......
6,735
149,450
Shore
Bancshares,
Inc.
...............
5,494
72,960
Simmons
First
National
Corp.,
Class
A
....
23,992
400,906
SmartFinancial,
Inc.
.................
3,455
74,421
South
Plains
Financial,
Inc.
............
2,681
55,041
Southern
Missouri
Bancorp,
Inc.
.........
1,798
65,231
Southside
Bancshares,
Inc.
............
6,915
219,413
SouthState
Corp.
...................
11,479
791,821
Stellar
Bancorp,
Inc.
.................
11,337
260,071
Synovus
Financial
Corp.
..............
35,943
1,107,044
Texas
Capital
Bancshares,
Inc.
(a)
........
12,115
608,779
Tompkins
Financial
Corp.
.............
3,064
179,612
Towne
Bank
......................
17,801
421,706
TriCo
Bancshares
..................
8,802
315,200
Triumph
Financial,
Inc.
(a)
..............
2,675
138,993
TrustCo
Bank
Corp.
.................
3,711
110,736
Trustmark
Corp.
...................
13,375
319,529
UMB
Financial
Corp.
................
10,878
691,950
United
Bankshares,
Inc.
..............
33,171
1,098,955
United
Community
Banks,
Inc.
..........
26,677
664,257
Univest
Financial
Corp.
...............
8,068
162,328
Valley
National
Bancorp
..............
105,049
985,360
Veritex
Holdings,
Inc.
................
10,594
182,323
Washington
Federal,
Inc.
..............
16,547
463,978
Washington
Trust
Bancorp,
Inc.
.........
4,930
138,582
WesBanco,
Inc.
....................
14,967
398,421
Westamerica
BanCorp
...............
5,970
241,845
Wintrust
Financial
Corp.
..............
15,262
1,043,463
WSFS
Financial
Corp.
...............
8,273
290,961
46,485,328
Security
Shares
Shares
Value
Beverages
—
0.1%
Coca-Cola
Consolidated,
Inc.
...........
379
$
223,405
Duckhorn
Portfolio,
Inc.
(The)
(a)
.........
4,240
64,024
National
Beverage
Corp.
(a)
.............
3,098
153,971
441,400
Biotechnology
—
2.6%
(a)
2seventy
bio,
Inc.
...................
4,791
45,562
Agenus,
Inc.
(b)
.....................
32,156
48,556
Agios
Pharmaceuticals,
Inc.
............
6,735
154,029
Akero
Therapeutics,
Inc.
..............
3,723
166,567
Alector,
Inc.
......................
5,626
37,132
Allogene
Therapeutics,
Inc.
(b)
...........
21,983
119,368
Amicus
Therapeutics,
Inc.
.............
21,115
243,667
AnaptysBio,
Inc.
...................
2,974
61,919
Arcturus
Therapeutics
Holdings,
Inc.
(b)
.....
2,627
69,931
Arcus
Biosciences,
Inc.
...............
12,673
226,213
Atara
Biotherapeutics,
Inc.
.............
24,235
65,677
Beam
Therapeutics,
Inc.
..............
14,410
442,531
C4
Therapeutics,
Inc.
................
6,563
19,820
Caribou
Biosciences,
Inc.
.............
8,014
34,460
CRISPR
Therapeutics
AG
(b)
............
8,078
395,337
Eagle
Pharmaceuticals,
Inc.
...........
2,529
71,014
Editas
Medicine,
Inc.
(b)
...............
6,003
48,985
Emergent
BioSolutions,
Inc.
............
10,811
95,461
Enanta
Pharmaceuticals,
Inc.
...........
3,060
108,783
Exact
Sciences
Corp.
................
22,131
1,417,933
FibroGen,
Inc.
.....................
11,429
195,664
Immunovant,
Inc.
...................
13,504
217,955
Inhibrx,
Inc.
(b)
.....................
3,766
79,086
Intercept
Pharmaceuticals,
Inc.
.........
8,811
152,607
Ionis
Pharmaceuticals,
Inc.
(b)
...........
17,648
624,210
Iovance
Biotherapeutics,
Inc.
...........
18,181
102,541
Ironwood
Pharmaceuticals,
Inc.,
Class
A
...
32,064
333,786
Karyopharm
Therapeutics,
Inc.
..........
25,313
90,621
Krystal
Biotech,
Inc.
.................
3,057
256,788
Kura
Oncology,
Inc.
.................
5,522
53,784
Madrigal
Pharmaceuticals,
Inc.
(b)
........
1,671
521,352
MiNK
Therapeutics,
Inc.
..............
468
838
Mirati
Therapeutics,
Inc.
(b)
.............
7,475
331,217
Mirum
Pharmaceuticals,
Inc.
...........
3,075
82,564
Myriad
Genetics,
Inc.
................
12,663
269,595
Novavax,
Inc.
(b)
....................
11,349
87,047
Nurix
Therapeutics,
Inc.
..............
4,080
39,290
Organogenesis
Holdings,
Inc.,
Class
A
....
6,946
14,239
PTC
Therapeutics,
Inc.
...............
5,795
319,536
REGENXBIO,
Inc.
..................
9,273
179,525
REVOLUTION
Medicines,
Inc.
..........
21,561
506,468
Rocket
Pharmaceuticals,
Inc.
...........
6,016
107,807
Sage
Therapeutics,
Inc.
..............
4,183
204,340
Sangamo
Therapeutics,
Inc.
(b)
..........
22,156
32,569
Seres
Therapeutics,
Inc.
(b)
.............
10,552
51,441
SpringWorks
Therapeutics,
Inc.
.........
6,823
159,522
Stoke
Therapeutics,
Inc.
..............
5,402
48,024
Ultragenyx
Pharmaceutical,
Inc.
.........
5,511
240,665
uniQure
NV
(b)
.....................
4,647
90,198
Vaxcyte,
Inc.
......................
7,684
329,106
Vir
Biotechnology,
Inc.
...............
18,352
461,553
Zymeworks,
Inc.
(b)
..................
7,533
63,277
10,120,160
Broadline
Retail
—
0.8%
Big
Lots,
Inc.
......................
7,261
65,276
ContextLogic,
Inc.,
Class
A
(a)(b)
..........
4,671
33,678
Dillard's,
Inc.,
Class
A
(b)
...............
828
247,067
Kohl's
Corp.
......................
26,899
592,585
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
52
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Broadline
Retail
(continued)
Macy's,
Inc.
......................
65,864
$
1,076,218
Nordstrom,
Inc.
....................
27,239
421,115
Ollie's
Bargain
Outlet
Holdings,
Inc.
(a)(b)
....
6,416
418,644
Qurate
Retail,
Inc.
(a)
.................
82,501
65,720
2,920,303
Building
Products
—
0.9%
American
Woodmark
Corp.
(a)
...........
3,998
201,979
Apogee
Enterprises,
Inc.
..............
5,429
231,058
AZZ,
Inc.
........................
3,111
117,378
Griffon
Corp.
......................
6,633
188,709
Hayward
Holdings,
Inc.
(a)(b)
.............
28,124
338,613
Insteel
Industries,
Inc.
(b)
..............
2,678
73,725
Janus
International
Group,
Inc.
(a)
........
7,084
63,756
JELD-WEN
Holding,
Inc.
(a)
.............
20,605
263,332
Masonite
International
Corp.
(a)
..........
2,413
220,572
Quanex
Building
Products
Corp.
.........
8,031
153,392
Resideo
Technologies,
Inc.
(a)
...........
17,400
309,720
Trex
Co.,
Inc.
(a)
....................
8,700
475,542
UFP
Industries,
Inc.
.................
7,315
574,374
Zurn
Elkay
Water
Solutions
Corp.
........
18,130
390,702
3,602,852
Capital
Markets
—
2.8%
Affiliated
Managers
Group,
Inc.
.........
9,223
1,331,617
Artisan
Partners
Asset
Management,
Inc.,
Class
A
.......................
9,443
327,389
AssetMark
Financial
Holdings,
Inc.
(a)(b)
.....
2,646
81,179
Avantax,
Inc.
(a)
.....................
4,659
118,199
B
Riley
Financial,
Inc.
(b)
...............
4,032
127,008
BGC
Partners,
Inc.,
Class
A
............
78,434
355,306
Bridge
Investment
Group
Holdings,
Inc.,
Class
A
...........................
3,693
36,893
CION
Investment
Corp.
...............
13,524
128,208
Diamond
Hill
Investment
Group,
Inc.
......
778
126,129
Donnelley
Financial
Solutions,
Inc.
(a)
......
6,076
262,787
Evercore,
Inc.,
Class
A
...............
8,688
991,040
Federated
Hermes,
Inc.,
Class
B
........
20,576
851,641
Focus
Financial
Partners,
Inc.,
Class
A
(a)
...
7,295
378,902
Houlihan
Lokey,
Inc.,
Class
A
...........
4,829
441,274
Janus
Henderson
Group
plc
...........
32,389
840,495
Moelis
&
Co.,
Class
A
................
15,745
596,421
Oppenheimer
Holdings,
Inc.,
Class
A,
NVS
.
1,811
67,713
Piper
Sandler
Cos.
..................
1,644
222,663
StepStone
Group,
Inc.,
Class
A
.........
6,348
139,846
Stifel
Financial
Corp.
................
25,673
1,539,610
StoneX
Group,
Inc.
(a)
................
4,252
416,994
TPG,
Inc.,
Class
A
..................
12,569
364,124
Victory
Capital
Holdings,
Inc.,
Class
A
.....
6,680
204,007
Virtu
Financial,
Inc.,
Class
A
............
22,718
455,496
Virtus
Investment
Partners,
Inc.
.........
949
172,917
WisdomTree,
Inc.
...................
15,952
99,540
10,677,398
Chemicals
—
2.4%
AdvanSix,
Inc.
.....................
6,779
255,433
American
Vanguard
Corp.
.............
4,038
77,731
Avient
Corp.
......................
13,364
514,648
Axalta
Coating
Systems
Ltd.
(a)
..........
26,315
830,765
Cabot
Corp.
......................
5,552
398,412
Chase
Corp.
......................
848
92,712
Chemours
Co.
(The)
.................
36,089
1,049,107
Diversey
Holdings
Ltd.
(a)
..............
18,648
151,608
Element
Solutions,
Inc.
...............
27,619
501,285
Hawkins,
Inc.
.....................
1,563
63,051
HB
Fuller
Co.
.....................
4,440
293,795
Security
Shares
Shares
Value
Chemicals
(continued)
Huntsman
Corp.
...................
43,906
$
1,176,242
Ingevity
Corp.
(a)
....................
4,684
336,030
Innospec,
Inc.
.....................
2,225
226,127
Intrepid
Potash,
Inc.
(a)(b)
...............
1,139
29,363
Koppers
Holdings,
Inc.
...............
3,162
103,745
Kronos
Worldwide,
Inc.
...............
5,444
50,629
LSB
Industries,
Inc.
(a)(b)
...............
12,405
110,777
Mativ
Holdings,
Inc.
.................
13,331
258,221
Minerals
Technologies,
Inc.
............
7,914
468,984
NewMarket
Corp.
...................
1,609
642,956
Scotts
Miracle-Gro
Co.
(The)
...........
6,278
419,433
Sensient
Technologies
Corp.
...........
4,947
368,354
Stepan
Co.
.......................
2,047
188,733
Trinseo
plc
.......................
8,708
157,789
Tronox
Holdings
plc
.................
27,758
380,007
9,145,937
Commercial
Services
&
Supplies
—
1.6%
ABM
Industries,
Inc.
.................
9,586
408,172
ACCO
Brands
Corp.
.................
22,846
104,635
Brady
Corp.,
Class
A,
NVS
............
11,177
570,362
BrightView
Holdings,
Inc.
(a)
............
9,686
53,564
Brink's
Co.
(The)
...................
4,407
276,980
Cimpress
plc
(a)(b)
...................
4,857
252,321
Clean
Harbors,
Inc.
(a)
................
4,149
602,269
CoreCivic,
Inc.
(a)
...................
27,993
246,058
Deluxe
Corp.
......................
10,600
160,590
Ennis,
Inc.
.......................
6,391
124,177
GEO
Group,
Inc.
(The)
(a)
..............
30,181
227,263
Harsco
Corp.
(a)
....................
19,222
132,055
Healthcare
Services
Group,
Inc.
.........
10,143
158,332
Heritage-Crystal
Clean,
Inc.
(a)
...........
2,062
72,088
HNI
Corp.
........................
10,274
266,918
Interface,
Inc.
.....................
8,576
67,236
KAR
Auction
Services,
Inc.
(a)
...........
13,232
179,161
Matthews
International
Corp.,
Class
A
.....
7,333
277,701
MillerKnoll,
Inc.
....................
18,411
313,171
Montrose
Environmental
Group,
Inc.
(a)(b)
....
2,885
87,877
MSA
Safety,
Inc.
...................
2,992
388,212
Pitney
Bowes,
Inc.
..................
4,409
15,476
SP
Plus
Corp.
(a)
....................
2,648
90,482
Steelcase,
Inc.,
Class
A
..............
22,902
183,216
Stericycle,
Inc.
(a)
...................
11,835
540,268
UniFirst
Corp.
.....................
1,700
278,256
6,076,840
Communications
Equipment
—
0.3%
ADTRAN
Holdings,
Inc.
..............
9,944
90,689
Infinera
Corp.
(a)
....................
23,307
147,534
Lumentum
Holdings,
Inc.
(a)(b)
...........
9,228
445,251
NETGEAR,
Inc.
(a)
...................
7,102
100,351
NetScout
Systems,
Inc.
(a)
.............
7,957
216,510
Ribbon
Communications,
Inc.
(a)
.........
21,489
55,012
1,055,347
Construction
&
Engineering
—
1.1%
API
Group
Corp.
(a)
..................
16,972
386,283
Argan,
Inc.
.......................
3,381
136,018
Comfort
Systems
USA,
Inc.
............
3,092
462,223
Fluor
Corp.
(a)
......................
14,223
413,320
Granite
Construction,
Inc.
.............
6,382
243,346
Great
Lakes
Dredge
&
Dock
Corp.
(a)
......
16,111
92,316
IES
Holdings,
Inc.
(a)
.................
1,006
43,449
MasTec,
Inc.
(a)
.....................
4,672
414,920
MDU
Resources
Group,
Inc.
...........
49,641
1,450,510
MYR
Group,
Inc.
(a)
..................
1,917
245,357
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
53
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Construction
&
Engineering
(continued)
Primoris
Services
Corp.
..............
12,729
$
322,044
Sterling
Infrastructure,
Inc.
(a)
...........
4,364
161,119
Tutor
Perini
Corp.
(a)
.................
10,665
56,524
4,427,429
Construction
Materials
—
0.1%
Eagle
Materials,
Inc.
.................
3,547
525,701
Consumer
Finance
—
1.4%
Atlanticus
Holdings
Corp.
(a)
............
1,280
37,325
Bread
Financial
Holdings,
Inc.
..........
10,330
285,108
Credit
Acceptance
Corp.
(a)(b)
............
1,461
715,159
Encore
Capital
Group,
Inc.
(a)
...........
5,688
292,249
Enova
International,
Inc.
(a)
.............
7,578
332,826
EZCORP,
Inc.,
Class
A,
NVS
(a)
..........
12,652
108,934
Green
Dot
Corp.,
Class
A
(a)
............
5,076
87,256
LendingClub
Corp.
(a)
.................
26,452
189,925
Navient
Corp.
.....................
24,450
404,403
OneMain
Holdings,
Inc.
...............
29,261
1,122,745
PRA
Group,
Inc.
(a)
..................
9,476
343,695
PROG
Holdings,
Inc.
(a)
...............
12,052
364,332
SLM
Corp.
.......................
58,419
877,453
World
Acceptance
Corp.
(a)(b)
............
821
82,839
5,244,249
Consumer
Staples
Distribution
&
Retail
—
0.7%
Andersons,
Inc.
(The)
................
7,518
336,054
Chefs'
Warehouse,
Inc.
(The)
(a)(b)
........
4,795
159,482
Grocery
Outlet
Holding
Corp.
(a)(b)
.........
7,119
212,004
Ingles
Markets,
Inc.,
Class
A
...........
1,782
164,015
PriceSmart,
Inc.
....................
3,876
285,584
SpartanNash
Co.
...................
5,288
129,662
Sprouts
Farmers
Market,
Inc.
(a)(b)
........
25,584
886,741
United
Natural
Foods,
Inc.
(a)
............
14,585
397,733
Weis
Markets,
Inc.
..................
2,567
211,752
2,783,027
Containers
&
Packaging
—
1.3%
Berry
Global
Group,
Inc.
..............
29,579
1,709,962
Greif,
Inc.,
Class
A,
NVS
..............
6,453
405,184
Greif,
Inc.,
Class
B
..................
1,144
90,078
O-I
Glass,
Inc.
(a)
....................
37,429
841,030
Pactiv
Evergreen,
Inc.
...............
5,526
43,655
Silgan
Holdings,
Inc.
.................
13,122
646,390
Sonoco
Products
Co.
................
14,903
903,420
TriMas
Corp.
......................
10,220
259,690
4,899,409
Distributors
—
0.0%
Funko,
Inc.,
Class
A
(a)
................
2,651
26,139
Diversified
Consumer
Services
—
0.7%
2U,
Inc.
(a)
........................
19,245
106,617
Adtalem
Global
Education,
Inc.
(a)
........
5,129
208,084
Frontdoor,
Inc.
(a)
....................
19,734
539,922
Graham
Holdings
Co.,
Class
B
..........
923
531,251
H&R
Block,
Inc.
....................
13,989
474,367
Perdoceo
Education
Corp.
(a)
...........
16,096
208,926
Rover
Group,
Inc.,
Class
A
(a)
...........
13,296
60,231
Strategic
Education,
Inc.
(b)
.............
2,226
195,888
Stride,
Inc.
(a)(b)
.....................
3,576
153,625
Udemy,
Inc.
(a)
.....................
5,166
46,959
2,525,870
Diversified
REITs
—
0.4%
American
Assets
Trust,
Inc.
............
6,328
115,170
Armada
Hoffler
Properties,
Inc.
.........
16,177
189,594
Security
Shares
Shares
Value
Diversified
REITs
(continued)
Broadstone
Net
Lease,
Inc.
............
21,922
$
354,479
Empire
State
Realty
Trust,
Inc.,
Class
A
(b)
...
31,627
193,241
Essential
Properties
Realty
Trust,
Inc.
.....
17,162
424,759
Gladstone
Commercial
Corp.
...........
5,514
65,837
Global
Net
Lease,
Inc.
...............
16,075
181,005
One
Liberty
Properties,
Inc.
............
3,848
84,733
1,608,818
Diversified
Telecommunication
Services
—
0.3%
Anterix,
Inc.
(a)
.....................
2,013
63,570
ATN
International,
Inc.
...............
2,574
93,102
Cogent
Communications
Holdings,
Inc.
....
4,599
317,515
Consolidated
Communications
Holdings,
Inc.
(a)
17,998
69,652
EchoStar
Corp.,
Class
A
(a)(b)
............
8,567
146,239
Globalstar,
Inc.
(a)
...................
66,566
60,309
Liberty
Latin
America
Ltd.,
Class
A
(a)
......
8,962
79,493
Liberty
Latin
America
Ltd.,
Class
C,
NVS
(a)
..
35,099
311,679
1,141,559
Electric
Utilities
—
1.6%
ALLETE,
Inc.
.....................
13,871
865,273
Hawaiian
Electric
Industries,
Inc.
........
27,003
1,058,788
IDACORP,
Inc.
....................
12,392
1,376,999
MGE
Energy,
Inc.
...................
5,262
403,122
Otter
Tail
Corp.
....................
6,536
470,265
PNM
Resources,
Inc.
................
20,869
1,004,425
Portland
General
Electric
Co.
...........
21,812
1,104,123
6,282,995
Electrical
Equipment
—
1.5%
Acuity
Brands,
Inc.
..................
3,426
539,184
Atkore,
Inc.
(a)(b)
.....................
5,869
741,431
Babcock
&
Wilcox
Enterprises,
Inc.
(a)
......
8,576
53,343
Blink
Charging
Co.
(a)(b)
................
5,887
41,974
Encore
Wire
Corp.
(b)
.................
2,656
415,212
EnerSys
.........................
6,216
515,742
GrafTech
International
Ltd.
............
46,727
220,084
nVent
Electric
plc
...................
23,725
994,789
Preformed
Line
Products
Co.
...........
693
86,126
Sensata
Technologies
Holding
plc
........
23,333
1,013,819
Sunrun,
Inc.
(a)(b)
....................
51,767
1,089,178
Thermon
Group
Holdings,
Inc.
(a)
.........
4,366
90,725
5,801,607
Electronic
Equipment,
Instruments
&
Components
—
2.5%
908
Devices,
Inc.
(a)(b)
.................
1,792
12,114
Advanced
Energy
Industries,
Inc.
........
4,593
397,294
Arlo
Technologies,
Inc.
(a)
..............
21,556
138,821
Avnet,
Inc.
.......................
22,143
913,620
Bel
Fuse,
Inc.,
Class
B,
NVS
...........
1,375
55,866
Belden,
Inc.
......................
4,094
322,976
Benchmark
Electronics,
Inc.
...........
3,728
79,593
Coherent
Corp.
(a)(b)
..................
33,793
1,153,693
ePlus,
Inc.
(a)(b)
.....................
6,663
290,107
Insight
Enterprises,
Inc.
(a)(b)
............
4,821
583,100
IPG
Photonics
Corp.
(a)
...............
5,121
588,813
Kimball
Electronics,
Inc.
(a)
.............
5,865
118,062
Knowles
Corp.
(a)
...................
13,075
220,706
Methode
Electronics,
Inc.
.............
5,723
234,586
MicroVision,
Inc.
(a)(b)
.................
20,391
40,782
Mirion
Technologies,
Inc.,
Class
A
(a)(b)
.....
13,596
110,128
National
Instruments
Corp.
............
18,615
1,083,951
nLight,
Inc.
(a)(b)
.....................
4,117
36,106
OSI
Systems,
Inc.
(a)
.................
1,990
224,790
PC
Connection,
Inc.
.................
1,639
66,002
Plexus
Corp.
(a)
.....................
2,738
239,493
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
54
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Electronic
Equipment,
Instruments
&
Components
(continued)
Sanmina
Corp.
(a)
...................
14,149
$
739,427
ScanSource,
Inc.
(a)
..................
6,148
168,148
TTM
Technologies,
Inc.
(a)
..............
14,885
175,792
Vishay
Intertechnology,
Inc.
............
31,356
667,569
Vishay
Precision
Group,
Inc.
(a)
..........
953
35,776
Vontier
Corp.
......................
38,327
1,039,811
9,737,126
Energy
Equipment
&
Services
—
1.0%
Archrock,
Inc.
.....................
32,536
334,795
Bristow
Group,
Inc.
(a)
................
5,791
129,545
Dril-Quip,
Inc.
(a)
....................
4,668
127,343
Helix
Energy
Solutions
Group,
Inc.
(a)
......
17,177
124,533
Helmerich
&
Payne,
Inc.
..............
25,465
844,419
Liberty
Energy,
Inc.,
Class
A
...........
14,471
185,374
Nabors
Industries
Ltd.
(a)
..............
885
88,270
NexTier
Oilfield
Solutions,
Inc.
(a)
.........
38,765
313,221
Oil
States
International,
Inc.
(a)
...........
15,411
108,494
Select
Energy
Services,
Inc.,
Class
A
.....
7,863
58,422
Tidewater,
Inc.
(a)
...................
7,028
316,471
Transocean
Ltd.
(a)(b)
.................
160,955
949,635
US
Silica
Holdings,
Inc.
(a)
.............
18,287
238,645
3,819,167
Entertainment
—
0.7%
AMC
Entertainment
Holdings,
Inc.,
Class
A
(a)(b)
125,994
692,967
Cinemark
Holdings,
Inc.
(a)(b)
............
25,828
435,977
Lions
Gate
Entertainment
Corp.,
Class
A
(a)
..
16,513
189,899
Lions
Gate
Entertainment
Corp.,
Class
B,
NVS
(a)(b)
.......................
28,430
303,348
Madison
Square
Garden
Sports
Corp.
.....
2,282
457,541
Playstudios,
Inc.,
Class
A
(a)
............
8,318
36,433
Playtika
Holding
Corp.
(a)
..............
21,950
219,500
Sphere
Entertainment
Co.,
Class
A
(a)(b)
.....
6,413
180,462
2,516,127
Financial
Services
—
2.5%
Affirm
Holdings,
Inc.,
Class
A
(a)(b)
.........
18,189
179,344
Alerus
Financial
Corp.
...............
4,991
71,820
A-Mark
Precious
Metals,
Inc.
...........
4,361
156,124
Cannae
Holdings,
Inc.
(a)
..............
18,083
329,834
Cass
Information
Systems,
Inc.
.........
1,545
56,516
Compass
Diversified
Holdings
..........
15,298
291,580
Enact
Holdings,
Inc.
.................
7,718
186,312
Essent
Group
Ltd.
..................
26,681
1,133,142
Euronet
Worldwide,
Inc.
(a)
.............
4,284
474,410
EVERTEC,
Inc.
....................
7,876
273,218
Federal
Agricultural
Mortgage
Corp.,
Class
C,
NVS
.........................
2,225
296,570
Jackson
Financial,
Inc.,
Class
A
.........
8,478
305,293
Merchants
Bancorp
.................
3,264
75,725
MGIC
Investment
Corp.
..............
72,686
1,080,841
MoneyGram
International,
Inc.
(a)
.........
23,472
238,476
NMI
Holdings,
Inc.,
Class
A
(a)
...........
11,394
266,620
PennyMac
Financial
Services,
Inc.
.......
7,421
463,738
Radian
Group,
Inc.
..................
38,852
942,938
Repay
Holdings
Corp.,
Class
A
(a)
........
7,678
48,141
Rocket
Cos.,
Inc.,
Class
A
(b)
............
29,787
265,402
TFS
Financial
Corp.
.................
13,131
158,097
Voya
Financial,
Inc.
.................
13,602
1,040,281
Walker
&
Dunlop,
Inc.
................
7,555
508,527
Waterstone
Financial,
Inc.
.............
6,056
83,876
Western
Union
Co.
(The)
.............
71,717
783,867
9,710,692
Security
Shares
Shares
Value
Food
Products
—
1.3%
B&G
Foods,
Inc.
...................
17,337
$
278,085
BRC,
Inc.,
Class
A
(a)(b)
................
8,955
46,656
Calavo
Growers,
Inc.
................
2,362
75,489
Cal-Maine
Foods,
Inc.
................
4,007
190,332
Flowers
Foods,
Inc.
.................
46,737
1,285,735
Fresh
Del
Monte
Produce,
Inc.
..........
4,823
138,468
Hain
Celestial
Group,
Inc.
(The)
(a)
........
22,005
394,550
Ingredion,
Inc.
.....................
8,376
889,280
J
&
J
Snack
Foods
Corp.
..............
1,441
220,761
John
B
Sanfilippo
&
Son,
Inc.
...........
1,333
138,565
Mission
Produce,
Inc.
(a)(b)
..............
4,904
55,857
Pilgrim's
Pride
Corp.
(a)(b)
..............
10,997
250,842
Post
Holdings,
Inc.
(a)
.................
5,936
537,149
Seaboard
Corp.
....................
30
118,232
Seneca
Foods
Corp.,
Class
A
(a)
.........
1,278
60,833
Sovos
Brands,
Inc.
(a)
.................
3,566
61,157
Tattooed
Chef,
Inc.,
Class
A
(a)(b)
.........
7,270
11,196
Utz
Brands,
Inc.,
Class
A
..............
8,966
169,547
4,922,734
Gas
Utilities
—
1.4%
Chesapeake
Utilities
Corp.
............
1,429
176,481
National
Fuel
Gas
Co.
...............
22,354
1,249,589
New
Jersey
Resources
Corp.
...........
12,582
649,734
Northwest
Natural
Holding
Co.
..........
8,682
407,707
ONE
Gas,
Inc.
.....................
13,146
1,011,585
Southwest
Gas
Holdings,
Inc.
..........
15,792
884,352
Spire,
Inc.
........................
12,744
863,151
5,242,599
Ground
Transportation
—
1.0%
ArcBest
Corp.
.....................
2,792
263,565
Heartland
Express,
Inc.
...............
11,035
159,787
Landstar
System,
Inc.
................
4,464
785,798
Marten
Transport
Ltd.
................
5,524
111,529
PAM
Transportation
Services,
Inc.
(a)
......
647
14,525
Ryder
System,
Inc.
..................
6,665
527,601
Schneider
National,
Inc.,
Class
B
........
9,112
238,461
Universal
Logistics
Holdings,
Inc.
........
1,699
43,494
Werner
Enterprises,
Inc.
..............
14,180
640,511
XPO,
Inc.
(a)(b)
......................
27,859
1,230,811
4,016,082
Health
Care
Equipment
&
Supplies
—
1.6%
AngioDynamics,
Inc.
(a)
...............
3,617
30,093
Artivion,
Inc.
(a)
.....................
9,595
133,083
Avanos
Medical,
Inc.
(a)
...............
7,119
210,295
Bioventus,
Inc.,
Class
A
(a)
.............
4,166
4,208
CONMED
Corp.
....................
2,391
300,238
Cue
Health,
Inc.
(a)(b)
.................
11,850
9,325
Embecta
Corp.
....................
13,878
385,114
Enovis
Corp.
(a)
.....................
5,436
316,647
Envista
Holdings
Corp.
(a)
..............
19,178
738,161
ICU
Medical,
Inc.
(a)(b)
.................
1,736
328,347
Inogen,
Inc.
(a)
.....................
5,608
74,642
Integer
Holdings
Corp.
(a)
..............
3,768
310,295
Integra
LifeSciences
Holdings
Corp.
(a)
.....
6,755
373,687
Masimo
Corp.
(a)(b)
...................
4,331
819,165
Neogen
Corp.
(a)
....................
21,684
373,398
Nevro
Corp.
(a)
.....................
3,321
97,206
NuVasive,
Inc.
(a)
....................
5,439
234,095
Outset
Medical,
Inc.
(a)
................
4,621
83,132
QuidelOrtho
Corp.
(a)(b)
................
12,960
1,165,752
Varex
Imaging
Corp.
(a)
...............
5,727
101,597
6,088,480
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
55
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Health
Care
Providers
&
Services
—
2.3%
23andMe
Holding
Co.,
Class
A
(a)(b)
.......
25,367
$
49,973
Accolade,
Inc.
(a)(b)
...................
9,273
125,464
Amedisys,
Inc.
(a)
...................
4,477
359,503
AMN
Healthcare
Services,
Inc.
(a)(b)
.......
5,452
470,780
Brookdale
Senior
Living,
Inc.
(a)(b)
.........
45,563
195,465
Cano
Health,
Inc.,
Class
A
(a)(b)
..........
22,957
26,630
CareMax,
Inc.,
Class
A
(a)
..............
8,697
21,916
Clover
Health
Investments
Corp.
(a)(b)
......
79,205
58,501
Community
Health
Systems,
Inc.
(a)
.......
30,159
191,208
Cross
Country
Healthcare,
Inc.
(a)
........
5,161
113,439
Encompass
Health
Corp.
.............
24,333
1,560,962
Enhabit,
Inc.
(a)
.....................
12,115
148,409
Fulgent
Genetics,
Inc.
(a)
..............
4,815
142,380
GeneDx
Holdings
Corp.,
Class
A
(a)(b)
......
82,532
22,581
Hims
&
Hers
Health,
Inc.,
Class
A
(a)
.......
9,676
112,145
Invitae
Corp.
(a)(b)
....................
55,088
74,920
ModivCare,
Inc.
(a)
...................
1,591
101,188
National
HealthCare
Corp.
.............
3,278
189,829
NeoGenomics,
Inc.
(a)
................
30,527
446,305
OPKO
Health,
Inc.
(a)(b)
................
100,572
147,841
Owens
&
Minor,
Inc.
(a)
................
18,537
288,065
Patterson
Cos.,
Inc.
.................
20,939
567,656
Pediatrix
Medical
Group,
Inc.
(a)
..........
19,798
283,705
Premier,
Inc.,
Class
A
................
17,703
590,041
Privia
Health
Group,
Inc.
(a)
.............
4,435
122,539
Select
Medical
Holdings
Corp.
..........
14,445
440,572
Surgery
Partners,
Inc.
(a)(b)
.............
7,267
288,209
Tenet
Healthcare
Corp.
(a)
..............
26,214
1,922,010
9,062,236
Health
Care
REITs
—
0.6%
CareTrust
REIT,
Inc.
.................
14,269
278,103
Community
Healthcare
Trust,
Inc.
........
1,896
67,858
Global
Medical
REIT,
Inc.
.............
6,720
62,362
LTC
Properties,
Inc.
.................
9,819
328,445
National
Health
Investors,
Inc.
..........
10,561
525,621
Physicians
Realty
Trust
...............
28,815
415,512
Sabra
Health
Care
REIT,
Inc.
...........
55,983
638,206
Universal
Health
Realty
Income
Trust
.....
3,188
138,678
2,454,785
Health
Care
Technology
—
0.4%
(a)
American
Well
Corp.,
Class
A
..........
38,493
84,300
Computer
Programs
&
Systems,
Inc.
......
1,694
43,841
Health
Catalyst,
Inc.
.................
13,442
169,369
Multiplan
Corp.,
Class
A
..............
59,354
58,066
NextGen
Healthcare,
Inc.
.............
6,730
112,660
Sharecare,
Inc.,
Class
A
(b)
.............
48,041
73,983
Teladoc
Health,
Inc.
(b)
................
20,915
554,875
Veradigm,
Inc.
.....................
26,861
335,494
1,432,588
Hotel
&
Resort
REITs
—
0.4%
Chatham
Lodging
Trust
...............
7,590
77,722
Park
Hotels
&
Resorts,
Inc.
............
54,607
658,014
Pebblebrook
Hotel
Trust
..............
18,750
266,812
RLJ
Lodging
Trust
..................
13,885
140,239
Service
Properties
Trust
..............
40,043
351,177
Summit
Hotel
Properties,
Inc.
...........
26,075
167,923
1,661,887
Hotels,
Restaurants
&
Leisure
—
2.7%
Accel
Entertainment,
Inc.,
Class
A
(a)
......
13,167
116,528
Bloomin'
Brands,
Inc.
................
13,343
330,506
Boyd
Gaming
Corp.
.................
7,784
540,210
Brinker
International,
Inc.
(a)
............
10,671
425,986
Security
Shares
Shares
Value
Hotels,
Restaurants
&
Leisure
(continued)
Cheesecake
Factory,
Inc.
(The)
.........
11,629
$
391,781
Chuy's
Holdings,
Inc.
(a)
...............
1,467
51,169
Cracker
Barrel
Old
Country
Store,
Inc.
.....
5,373
570,398
Dave
&
Buster's
Entertainment,
Inc.
(a)
.....
3,928
139,287
Denny's
Corp.
(a)
....................
6,945
77,853
Dine
Brands
Global,
Inc.
..............
3,886
252,318
Golden
Entertainment,
Inc.
(a)
...........
5,313
223,996
Hilton
Grand
Vacations,
Inc.
(a)
..........
11,686
500,161
Jack
in
the
Box,
Inc.
.................
4,989
462,430
Life
Time
Group
Holdings,
Inc.
(a)
.........
13,567
282,058
Light
&
Wonder,
Inc.
(a)
................
22,779
1,373,346
Marriott
Vacations
Worldwide
Corp.
.......
5,509
741,291
Papa
John's
International,
Inc.
..........
3,645
272,610
Penn
Entertainment,
Inc.
(a)(b)
...........
37,604
1,120,223
Portillo's,
Inc.,
Class
A
(a)
..............
4,212
91,063
Red
Rock
Resorts,
Inc.,
Class
A
.........
6,490
316,712
Ruth's
Hospitality
Group,
Inc.
...........
2,743
44,327
Sabre
Corp.
(a)
.....................
80,715
322,860
SeaWorld
Entertainment,
Inc.
(a)
.........
4,446
238,572
Six
Flags
Entertainment
Corp.
(a)
.........
17,903
434,506
Target
Hospitality
Corp.
(a)
.............
2,021
25,485
Travel
+
Leisure
Co.
.................
19,661
752,426
Vacasa,
Inc.,
Class
A
(a)(b)
..............
20,253
16,134
Wendy's
Co.
(The)
..................
16,628
367,479
10,481,715
Household
Durables
—
3.1%
Cavco
Industries,
Inc.
(a)
...............
715
214,657
Century
Communities,
Inc.
............
3,435
231,313
Cricut,
Inc.,
Class
A
(b)
................
3,213
29,335
Ethan
Allen
Interiors,
Inc.
.............
5,487
153,252
GoPro,
Inc.,
Class
A
(a)
................
31,387
134,336
Green
Brick
Partners,
Inc.
(a)
............
6,470
241,137
Helen
of
Troy
Ltd.
(a)(b)
................
5,856
587,591
iRobot
Corp.
(a)
.....................
6,650
261,545
KB
Home
........................
19,756
865,708
La-Z-Boy,
Inc.
.....................
10,394
298,620
Legacy
Housing
Corp.
(a)
..............
910
19,656
Leggett
&
Platt,
Inc.
.................
20,326
656,733
LGI
Homes,
Inc.
(a)(b)
.................
4,928
585,446
M/I
Homes,
Inc.
(a)
...................
6,640
449,130
MDC
Holdings,
Inc.
.................
9,347
382,947
Meritage
Homes
Corp.
(a)
..............
8,842
1,132,218
Mohawk
Industries,
Inc.
(a)(b)
............
12,765
1,351,814
Newell
Brands,
Inc.
.................
91,601
1,112,952
Snap
One
Holdings
Corp.
(a)
............
2,060
20,106
Sonos,
Inc.
(a)
......................
16,524
349,317
Taylor
Morrison
Home
Corp.
(a)
..........
16,036
690,991
Tempur
Sealy
International,
Inc.
.........
25,235
945,555
Toll
Brothers,
Inc.
...................
15,033
960,759
Traeger,
Inc.
(a)(b)
....................
14,011
42,593
Tri
Pointe
Homes,
Inc.
(a)
..............
14,618
419,244
12,136,955
Household
Products
—
0.3%
Central
Garden
&
Pet
Co.
(a)
............
2,137
78,727
Central
Garden
&
Pet
Co.,
Class
A,
NVS
(a)
..
10,160
358,953
Energizer
Holdings,
Inc.
..............
5,618
187,810
Reynolds
Consumer
Products,
Inc.
(b)
......
13,089
366,884
WD-40
Co.
.......................
1,135
216,104
1,208,478
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
56
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Independent
Power
and
Renewable
Electricity
Producers
—
0.1%
Clearway
Energy,
Inc.,
Class
A
..........
5,377
$
155,825
Clearway
Energy,
Inc.,
Class
C
.........
11,188
339,780
495,605
Industrial
REITs
—
0.3%
LXP
Industrial
Trust
.................
39,727
373,434
Plymouth
Industrial
REIT,
Inc.
..........
5,601
113,364
STAG
Industrial,
Inc.
................
17,817
603,462
1,090,260
Insurance
—
3.3%
American
Equity
Investment
Life
Holding
Co.
16,909
651,673
AMERISAFE,
Inc.
..................
5,234
291,272
Argo
Group
International
Holdings
Ltd.
....
8,719
256,426
Assured
Guaranty
Ltd.
...............
14,829
798,838
Axis
Capital
Holdings
Ltd.
.............
18,839
1,065,157
Bright
Health
Group,
Inc.
(a)(b)
...........
46,773
7,516
Brighthouse
Financial,
Inc.
(a)
...........
16,834
744,063
CNO
Financial
Group,
Inc.
.............
28,230
633,481
Donegal
Group,
Inc.,
Class
A
...........
5,058
71,217
Employers
Holdings,
Inc.
..............
4,948
195,891
Enstar
Group
Ltd.
(a)
.................
3,375
812,025
First
American
Financial
Corp.
..........
16,623
957,651
Hagerty,
Inc.,
Class
A
(a)(b)
..............
3,821
38,248
Hanover
Insurance
Group,
Inc.
(The)
.....
8,874
1,060,975
Horace
Mann
Educators
Corp.
..........
8,145
254,776
James
River
Group
Holdings
Ltd.
........
7,675
149,432
Kemper
Corp.
.....................
15,637
760,740
Lemonade,
Inc.
(a)(b)
..................
5,905
64,010
MBIA,
Inc.
(a)
......................
12,034
121,062
Mercury
General
Corp.
...............
6,795
206,636
National
Western
Life
Group,
Inc.,
Class
A
(b)
.
593
151,203
Oscar
Health,
Inc.,
Class
A
(a)(b)
..........
14,276
96,078
Primerica,
Inc.
.....................
3,629
662,329
ProAssurance
Corp.
.................
7,214
129,563
Safety
Insurance
Group,
Inc.
...........
3,289
240,393
Selective
Insurance
Group,
Inc.
.........
9,750
939,218
SiriusPoint
Ltd.
(a)
...................
21,144
183,741
Stewart
Information
Services
Corp.
.......
6,051
252,024
Tiptree,
Inc.
......................
4,944
68,079
United
Fire
Group,
Inc.
...............
5,164
138,912
White
Mountains
Insurance
Group
Ltd.
....
625
895,088
12,897,717
Interactive
Media
&
Services
—
0.5%
(a)
Cars.com,
Inc.
.....................
14,963
292,826
Eventbrite,
Inc.,
Class
A
..............
7,536
54,787
fuboTV,
Inc.
(b)
.....................
24,245
27,639
IAC,
Inc.
.........................
18,953
981,197
MediaAlpha,
Inc.,
Class
A
.............
5,535
40,959
Yelp,
Inc.
........................
5,377
160,880
Ziff
Davis,
Inc.
(b)
....................
6,008
439,425
1,997,713
IT
Services
—
0.2%
(a)
Cyxtera
Technologies,
Inc.,
Class
A
.......
13,311
4,329
Kyndryl
Holdings,
Inc.
................
49,722
718,980
Rackspace
Technology,
Inc.
(b)
..........
14,930
21,798
Unisys
Corp.
......................
17,309
55,562
800,669
Leisure
Products
—
1.1%
Acushnet
Holdings
Corp.
(b)
............
4,318
216,461
Brunswick
Corp.
...................
17,608
1,492,982
Johnson
Outdoors,
Inc.,
Class
A
.........
1,333
77,314
Latham
Group,
Inc.
(a)(b)
...............
10,078
24,288
Malibu
Boats,
Inc.,
Class
A
(a)(b)
..........
4,927
279,607
Security
Shares
Shares
Value
Leisure
Products
(continued)
MasterCraft
Boat
Holdings,
Inc.
(a)(b)
.......
4,232
$
123,871
Peloton
Interactive,
Inc.,
Class
A
(a)(b)
......
28,398
252,174
Polaris,
Inc.
(b)
.....................
8,143
884,737
Smith
&
Wesson
Brands,
Inc.
...........
11,008
132,316
Sturm
Ruger
&
Co.,
Inc.
..............
4,301
247,566
Vista
Outdoor,
Inc.
(a)(b)
................
13,656
329,110
YETI
Holdings,
Inc.
(a)(b)
...............
7,309
288,340
4,348,766
Life
Sciences
Tools
&
Services
—
0.6%
(a)
AbCellera
Biologics,
Inc.
(b)
.............
18,466
125,200
Adaptive
Biotechnologies
Corp.
.........
13,602
97,118
BioLife
Solutions,
Inc.
(b)
...............
3,372
59,212
CryoPort,
Inc.
.....................
5,779
121,590
Maravai
LifeSciences
Holdings,
Inc.,
Class
A
26,490
365,297
NanoString
Technologies,
Inc.
..........
5,527
54,165
Pacific
Biosciences
of
California,
Inc.
(b)
....
18,346
194,468
Quanterix
Corp.
....................
5,045
63,769
Seer,
Inc.,
Class
A
..................
3,936
13,146
Sotera
Health
Co.
..................
11,273
189,048
Syneos
Health,
Inc.,
Class
A
...........
25,011
981,932
2,264,945
Machinery
—
3.0%
3D
Systems
Corp.
(a)
.................
31,952
292,680
Alamo
Group,
Inc.
..................
1,046
184,860
Allison
Transmission
Holdings,
Inc.
.......
22,395
1,092,652
Astec
Industries,
Inc.
................
5,554
229,269
Barnes
Group,
Inc.
..................
8,059
338,720
CIRCOR
International,
Inc.
(a)
...........
2,646
73,665
Columbus
McKinnon
Corp.
............
4,347
150,884
Crane
NXT
Co.
....................
6,229
295,005
Donaldson
Co.,
Inc.
.................
11,076
703,880
Douglas
Dynamics,
Inc.
..............
5,608
164,370
Esab
Corp.
.......................
12,456
726,932
Flowserve
Corp.
...................
18,071
603,391
Gates
Industrial
Corp.
plc
(a)
............
24,385
328,466
Gorman-Rupp
Co.
(The)
..............
2,134
52,390
Greenbrier
Cos.,
Inc.
(The)
............
8,018
212,076
Hillenbrand,
Inc.
...................
10,172
464,047
Hillman
Solutions
Corp.
(a)
.............
35,312
296,621
Hyliion
Holdings
Corp.,
Class
A
(a)(b)
.......
30,754
42,133
Hyster-Yale
Materials
Handling,
Inc.
......
2,479
130,544
ITT,
Inc.
.........................
6,496
548,522
Kadant,
Inc.
(b)
.....................
901
167,433
Kennametal,
Inc.
...................
19,552
507,570
Luxfer
Holdings
plc
.................
6,632
101,138
Mueller
Industries,
Inc.
(b)
..............
5,404
388,277
Mueller
Water
Products,
Inc.,
Class
A
.....
18,434
247,016
Nikola
Corp.
(a)(b)
....................
29,906
26,482
Oshkosh
Corp.
....................
8,695
665,341
REV
Group,
Inc.
...................
7,832
84,037
Standex
International
Corp.
............
1,226
150,565
Tennant
Co.
......................
4,544
347,253
Terex
Corp.
.......................
7,477
333,399
Timken
Co.
(The)
...................
16,044
1,232,981
Titan
International,
Inc.
(a)
..............
4,786
46,711
Wabash
National
Corp.
...............
5,486
140,826
Watts
Water
Technologies,
Inc.,
Class
A
....
2,220
359,041
11,729,177
Marine
Transportation
—
0.4%
Eagle
Bulk
Shipping,
Inc.
.............
1,319
58,986
Genco
Shipping
&
Trading
Ltd.
..........
9,001
138,705
Kirby
Corp.
(a)
......................
14,486
1,040,674
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
57
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Marine
Transportation
(continued)
Matson,
Inc.
......................
5,355
$
364,301
1,602,666
Media
—
1.4%
Advantage
Solutions,
Inc.,
Class
A
(a)
......
23,537
30,127
Altice
USA,
Inc.,
Class
A
(a)
.............
53,397
186,890
AMC
Networks,
Inc.,
Class
A
(a)
..........
6,769
119,744
Cable
One,
Inc.
....................
673
510,410
Clear
Channel
Outdoor
Holdings,
Inc.
(a)(b)
...
117,925
149,765
DISH
Network
Corp.,
Class
A
(a)
.........
61,071
458,643
EW
Scripps
Co.
(The),
Class
A,
NVS
(a)
....
7,543
63,587
Gray
Television,
Inc.
.................
10,536
81,233
iHeartMedia,
Inc.,
Class
A
(a)
............
25,957
90,071
John
Wiley
&
Sons,
Inc.,
Class
A
........
10,409
401,475
Magnite,
Inc.
(a)
.....................
11,676
109,754
New
York
Times
Co.
(The),
Class
A
.......
13,166
523,349
Nexstar
Media
Group,
Inc.
.............
9,154
1,587,761
Scholastic
Corp.,
NVS
...............
3,893
149,764
Sinclair
Broadcast
Group,
Inc.,
Class
A
....
10,901
216,821
Stagwell,
Inc.,
Class
A
(a)(b)
.............
24,869
154,685
TEGNA,
Inc.
......................
27,021
462,059
Thryv
Holdings,
Inc.
(a)
................
7,544
169,438
WideOpenWest,
Inc.
(a)(b)
..............
5,880
67,208
5,532,784
Metals
&
Mining
—
1.6%
Alpha
Metallurgical
Resources,
Inc.
......
1,138
166,785
Arconic
Corp.
(a)
....................
16,109
398,698
ATI,
Inc.
(a)
........................
11,251
434,514
Carpenter
Technology
Corp.
...........
4,684
247,034
Coeur
Mining,
Inc.
(a)
.................
68,585
233,189
Commercial
Metals
Co.
...............
28,497
1,330,525
Haynes
International,
Inc.
.............
998
46,916
Hecla
Mining
Co.
(b)
..................
82,715
500,426
Kaiser
Aluminum
Corp.
...............
2,207
145,044
Ramaco
Resources,
Inc.
..............
2,925
23,780
Ryerson
Holding
Corp.
...............
5,041
190,398
Schnitzer
Steel
Industries,
Inc.,
Class
A
....
6,190
178,829
SunCoke
Energy,
Inc.
................
20,058
156,051
TimkenSteel
Corp.
(a)
.................
9,608
160,838
United
States
Steel
Corp.
.............
55,044
1,259,407
Warrior
Met
Coal,
Inc.
................
12,549
433,819
Worthington
Industries,
Inc.
............
7,290
432,953
6,339,206
Mortgage
Real
Estate
Investment
Trusts
(REITs)
—
2.4%
AGNC
Investment
Corp.
..............
139,160
1,379,076
Apollo
Commercial
Real
Estate
Finance,
Inc.
31,251
316,260
Arbor
Realty
Trust,
Inc.
...............
41,724
478,574
Ares
Commercial
Real
Estate
Corp.
......
13,780
118,646
ARMOUR
Residential
REIT,
Inc.
.........
40,154
204,786
Blackstone
Mortgage
Trust,
Inc.,
Class
A
...
41,856
763,454
BrightSpire
Capital,
Inc.,
Class
A
........
31,946
182,092
Broadmark
Realty
Capital,
Inc.
..........
32,576
159,948
Chimera
Investment
Corp.
.............
56,834
322,817
Claros
Mortgage
Trust,
Inc.
............
29,403
351,660
Dynex
Capital,
Inc.
..................
12,726
150,930
Ellington
Financial,
Inc.
...............
6,775
86,517
Franklin
BSP
Realty
Trust,
Inc.
..........
19,677
248,521
Granite
Point
Mortgage
Trust,
Inc.
.......
8,354
37,342
Hannon
Armstrong
Sustainable
Infrastructure
Capital,
Inc.
....................
10,245
290,753
Invesco
Mortgage
Capital,
Inc.
..........
8,785
93,209
KKR
Real
Estate
Finance
Trust,
Inc.
......
13,935
149,662
Ladder
Capital
Corp.,
Class
A
..........
26,944
251,926
MFA
Financial,
Inc.
..................
21,909
234,207
Security
Shares
Shares
Value
Mortgage
Real
Estate
Investment
Trusts
(REITs)
(continued)
New
York
Mortgage
Trust,
Inc.
(a)(b)
........
22,326
$
229,511
PennyMac
Mortgage
Investment
Trust
.....
21,319
264,995
Ready
Capital
Corp.
.................
23,740
254,730
Redwood
Trust,
Inc.
.................
27,265
171,224
Rithm
Capital
Corp.
.................
115,268
940,587
Starwood
Property
Trust,
Inc.
...........
75,703
1,354,327
TPG
RE
Finance
Trust,
Inc.
............
14,883
106,116
Two
Harbors
Investment
Corp.
..........
13,038
181,619
9,323,489
Multi-Utilities
—
0.7%
Avista
Corp.
......................
15,923
701,727
Black
Hills
Corp.
...................
15,884
1,037,066
NorthWestern
Corp.
.................
14,092
826,073
Unitil
Corp.
.......................
3,870
215,133
2,779,999
Office
REITs
—
1.5%
Brandywine
Realty
Trust
..............
41,888
164,620
City
Office
REIT,
Inc.
................
10,253
59,672
Corporate
Office
Properties
Trust
........
27,321
625,378
Cousins
Properties,
Inc.
..............
37,208
811,507
Douglas
Emmett,
Inc.
................
16,123
207,664
Easterly
Government
Properties,
Inc.
.....
12,373
174,088
Equity
Commonwealth
...............
26,383
546,656
Highwoods
Properties,
Inc.
............
25,871
592,963
Hudson
Pacific
Properties,
Inc.
..........
32,735
182,007
JBG
SMITH
Properties
...............
24,874
354,952
Kilroy
Realty
Corp.
..................
15,681
458,512
Office
Properties
Income
Trust
..........
12,049
78,560
Orion
Office
REIT,
Inc.
...............
5,181
31,811
Paramount
Group,
Inc.
...............
41,456
179,504
Piedmont
Office
Realty
Trust,
Inc.,
Class
A
..
30,867
200,944
SL
Green
Realty
Corp.
(b)
..............
16,042
379,714
Vornado
Realty
Trust
................
39,549
593,631
5,642,183
Oil,
Gas
&
Consumable
Fuels
—
3.8%
Amplify
Energy
Corp.
(a)
...............
8,583
59,309
Antero
Midstream
Corp.
..............
81,511
877,058
Arch
Resources,
Inc.,
Class
A
..........
1,553
189,854
Berry
Corp.
.......................
15,569
118,947
California
Resources
Corp.
............
17,912
725,436
Callon
Petroleum
Co.
(a)
...............
8,037
266,346
Centrus
Energy
Corp.,
Class
A
(a)
.........
1,452
42,544
Chord
Energy
Corp.
.................
5,983
851,560
Civitas
Resources,
Inc.
...............
12,565
867,613
CNX
Resources
Corp.
(a)(b)
.............
17,755
275,735
Comstock
Resources,
Inc.
.............
13,904
159,896
CONSOL
Energy,
Inc.
................
3,047
180,809
Crescent
Energy,
Inc.,
Class
A
..........
9,232
107,276
CVR
Energy,
Inc.
...................
7,578
199,605
Delek
US
Holdings,
Inc.
..............
17,717
385,345
Dorian
LPG
Ltd.
....................
7,671
170,450
DT
Midstream,
Inc.
..................
23,429
1,154,347
Earthstone
Energy,
Inc.,
Class
A
(a)(b)
......
4,832
65,522
Equitrans
Midstream
Corp.
............
105,517
543,413
Gevo,
Inc.
(a)(b)
.....................
37,281
43,246
Gran
Tierra
Energy,
Inc.
(a)
.............
82,902
66,438
Green
Plains,
Inc.
(a)
.................
1,669
57,030
Gulfport
Energy
Corp.
(a)(b)
.............
2,768
250,393
HighPeak
Energy,
Inc.
(b)
..............
1,291
25,510
International
Seaways,
Inc.
............
3,604
143,511
Kosmos
Energy
Ltd.
(a)
................
110,844
709,402
Magnolia
Oil
&
Gas
Corp.,
Class
A
.......
24,275
512,688
NextDecade
Corp.
(a)(b)
................
7,023
43,753
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
58
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Oil,
Gas
&
Consumable
Fuels
(continued)
Northern
Oil
and
Gas,
Inc.
.............
9,619
$
319,062
Par
Pacific
Holdings,
Inc.
(a)
............
13,965
327,200
PBF
Energy,
Inc.,
Class
A
.............
27,725
966,494
PDC
Energy,
Inc.
...................
22,398
1,456,990
Peabody
Energy
Corp.
(a)
..............
28,343
680,799
Permian
Resources
Corp.,
Class
A
.......
28,010
292,704
Ranger
Oil
Corp.,
Class
A
.............
2,087
85,984
REX
American
Resources
Corp.
(a)
.......
2,370
67,047
Riley
Exploration
Permian,
Inc.
..........
346
14,535
SandRidge
Energy,
Inc.
(a)
.............
4,047
57,346
SilverBow
Resources,
Inc.
(a)
............
3,349
79,874
SM
Energy
Co.
....................
11,884
333,703
Talos
Energy,
Inc.
(a)
.................
15,913
216,894
Tellurian,
Inc.
(a)(b)
...................
59,205
84,071
VAALCO
Energy,
Inc.
................
25,166
107,710
Vital
Energy,
Inc.
(a)
..................
4,058
188,819
W&T
Offshore,
Inc.
(a)(b)
...............
22,749
99,413
World
Fuel
Services
Corp.
.............
15,312
361,976
14,833,657
Paper
&
Forest
Products
—
0.4%
Clearwater
Paper
Corp.
(a)
.............
4,020
145,122
Louisiana-Pacific
Corp.
...............
17,434
1,041,507
Mercer
International,
Inc.
..............
5,650
54,975
Sylvamo
Corp.
....................
7,731
354,234
1,595,838
Passenger
Airlines
—
0.6%
Alaska
Air
Group,
Inc.
(a)
...............
30,950
1,345,087
Hawaiian
Holdings,
Inc.
(a)
.............
7,793
64,916
JetBlue
Airways
Corp.
(a)(b)
.............
34,039
243,038
SkyWest,
Inc.
(a)
....................
12,304
348,203
Spirit
Airlines,
Inc.
..................
26,349
450,568
Wheels
Up
Experience,
Inc.,
Class
A
(a)(b)
...
25,077
11,598
2,463,410
Personal
Care
Products
—
0.7%
BellRing
Brands,
Inc.
(a)
...............
15,385
553,706
Coty,
Inc.,
Class
A
(a)
.................
43,196
512,736
Edgewell
Personal
Care
Co.
...........
12,448
543,604
Herbalife
Ltd.
(a)(b)
...................
23,819
353,950
Medifast,
Inc.
.....................
1,189
108,972
Nu
Skin
Enterprises,
Inc.,
Class
A
........
12,084
476,835
Olaplex
Holdings,
Inc.
(a)
..............
8,298
30,703
USANA
Health
Sciences,
Inc.
(a)
.........
1,535
101,878
2,682,384
Pharmaceuticals
—
1.1%
Atea
Pharmaceuticals,
Inc.
(a)
...........
7,630
24,950
Axsome
Therapeutics,
Inc.
(a)(b)
..........
3,107
222,244
Cara
Therapeutics,
Inc.
(a)(b)
............
5,429
22,802
Collegium
Pharmaceutical,
Inc.
(a)
........
8,044
187,184
Corcept
Therapeutics,
Inc.
(a)(b)
..........
9,678
218,045
Elanco
Animal
Health,
Inc.
(a)
............
108,821
1,030,535
Esperion
Therapeutics,
Inc.
(a)
...........
8,240
10,877
Innoviva,
Inc.
(a)(b)
...................
15,358
180,149
Ligand
Pharmaceuticals,
Inc.
(a)
..........
1,315
100,400
Nektar
Therapeutics
(a)
................
44,512
33,486
NGM
Biopharmaceuticals,
Inc.
(a)
.........
5,802
26,167
Perrigo
Co.
plc
....................
32,651
1,214,291
Phathom
Pharmaceuticals,
Inc.
(a)
........
3,024
32,357
Prestige
Consumer
Healthcare,
Inc.
(a)
.....
11,901
732,269
Supernus
Pharmaceuticals,
Inc.
(a)(b)
.......
8,207
302,510
WaVe
Life
Sciences
Ltd.
(a)(b)
............
7,753
30,934
4,369,200
Security
Shares
Shares
Value
Professional
Services
—
2.2%
Alight,
Inc.,
Class
A
(a)
................
36,483
$
337,468
ASGN,
Inc.
(a)
......................
5,548
397,181
Barrett
Business
Services,
Inc.
..........
818
68,393
CACI
International,
Inc.,
Class
A
(a)(b)
......
3,769
1,180,903
Conduent,
Inc.
(a)
...................
41,610
146,051
CSG
Systems
International,
Inc.
.........
4,294
226,208
Dun
&
Bradstreet
Holdings,
Inc.
.........
34,573
386,181
First
Advantage
Corp.
(a)
...............
7,148
91,923
Heidrick
&
Struggles
International,
Inc.
....
3,074
77,188
HireRight
Holdings
Corp.
(a)(b)
...........
1,779
18,858
KBR,
Inc.
........................
18,527
1,051,037
Kelly
Services,
Inc.,
Class
A,
NVS
.......
8,503
139,534
Korn
Ferry
.......................
5,388
258,732
ManpowerGroup,
Inc.
................
12,317
932,520
Maximus,
Inc.
.....................
9,282
776,439
Resources
Connection,
Inc.
............
4,746
69,244
Science
Applications
International
Corp.
...
13,332
1,360,264
TriNet
Group,
Inc.
(a)(b)
................
8,927
828,247
TrueBlue,
Inc.
(a)
....................
8,043
121,852
TTEC
Holdings,
Inc.
.................
2,289
77,986
Upwork,
Inc.
(a)
.....................
10,618
101,614
8,647,823
Real
Estate
Management
&
Development
—
0.6%
Anywhere
Real
Estate,
Inc.
(a)
...........
26,666
169,862
Compass,
Inc.,
Class
A
(a)(b)
............
62,281
145,738
Cushman
&
Wakefield
plc
(a)
............
37,281
367,218
DigitalBridge
Group,
Inc.,
Class
A
........
14,012
174,169
Forestar
Group,
Inc.
(a)
................
2,724
52,682
FRP
Holdings,
Inc.
(a)
.................
536
31,088
Howard
Hughes
Corp.
(The)
(a)
..........
2,998
231,955
Kennedy-Wilson
Holdings,
Inc.
..........
28,078
471,149
Marcus
&
Millichap,
Inc.
..............
3,714
116,880
Newmark
Group,
Inc.,
Class
A
..........
30,741
194,898
Opendoor
Technologies,
Inc.
(a)
..........
122,574
169,152
Redfin
Corp.
(a)
.....................
26,318
196,069
RMR
Group,
Inc.
(The),
Class
A
.........
3,731
88,611
Seritage
Growth
Properties,
Class
A
(a)
.....
8,999
67,402
WeWork,
Inc.,
Class
A
(a)(b)
.............
57,838
24,379
2,501,252
Residential
REITs
—
0.7%
Apartment
Income
REIT
Corp.
..........
36,312
1,342,818
Apartment
Investment
&
Management
Co.,
Class
A
.......................
15,447
120,950
BRT
Apartments
Corp.
...............
2,802
48,558
Centerspace
......................
2,357
132,888
Elme
Communities
..................
21,145
364,328
NexPoint
Residential
Trust,
Inc.
.........
2,959
127,030
UMH
Properties,
Inc.
................
8,629
131,161
Veris
Residential,
Inc.
(a)
...............
19,303
315,604
2,583,337
Retail
REITs
—
1.4%
Acadia
Realty
Trust
.................
10,775
145,570
Agree
Realty
Corp.
.................
9,402
639,242
Alexander's,
Inc.
...................
518
96,384
CBL
&
Associates
Properties,
Inc.
........
5,824
134,709
Getty
Realty
Corp.
..................
5,827
194,214
InvenTrust
Properties
Corp.
............
7,824
176,431
Kite
Realty
Group
Trust
...............
28,398
588,407
Macerich
Co.
(The)
.................
52,662
526,093
Necessity
Retail
REIT,
Inc.
(The),
Class
A
..
32,446
178,777
Phillips
Edison
&
Co.,
Inc.
.............
12,732
401,567
Retail
Opportunity
Investments
Corp.
.....
17,263
224,937
RPT
Realty
.......................
8,055
74,912
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
59
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Retail
REITs
(continued)
Saul
Centers,
Inc.
..................
1,676
$
60,386
SITE
Centers
Corp.
.................
28,951
357,255
Spirit
Realty
Capital,
Inc.
..............
22,032
847,351
Tanger
Factory
Outlet
Centers,
Inc.
.......
11,003
215,769
Urban
Edge
Properties
...............
15,344
225,097
Urstadt
Biddle
Properties,
Inc.,
Class
A
....
4,140
71,291
Whitestone
REIT
...................
7,117
63,697
5,222,089
Semiconductors
&
Semiconductor
Equipment
—
1.2%
Alpha
&
Omega
Semiconductor
Ltd.
(a)(b)
....
3,033
72,428
Amkor
Technology,
Inc.
...............
12,785
286,000
Cirrus
Logic,
Inc.
(a)(b)
.................
8,339
715,403
Diodes,
Inc.
(a)
.....................
3,888
309,874
Ichor
Holdings
Ltd.
(a)
.................
7,063
196,705
Magnachip
Semiconductor
Corp.
(a)
.......
4,413
39,187
MaxLinear,
Inc.
(a)
...................
6,024
145,359
MKS
Instruments,
Inc.
...............
6,574
551,361
Onto
Innovation,
Inc.
(a)
...............
5,179
419,395
Photronics,
Inc.
(a)
...................
14,968
216,437
Power
Integrations,
Inc.
..............
4,492
326,928
Semtech
Corp.
(a)
...................
7,053
137,463
SMART
Global
Holdings,
Inc.
(a)
..........
12,052
185,842
Synaptics,
Inc.
(a)
...................
6,167
546,150
Ultra
Clean
Holdings,
Inc.
(a)
............
7,092
202,406
Veeco
Instruments,
Inc.
(a)
.............
12,312
226,787
4,577,725
Software
—
1.5%
8x8,
Inc.
(a)
........................
27,681
79,444
Adeia,
Inc.
.......................
25,501
194,828
Alteryx,
Inc.,
Class
A
(a)
...............
5,042
207,377
Blackbaud,
Inc.
(a)
...................
5,183
359,467
CCC
Intelligent
Solutions
Holdings,
Inc.
(a)(b)
..
9,089
78,893
Cerence,
Inc.
(a)
....................
9,856
251,821
CommVault
Systems,
Inc.
(a)
............
4,339
252,834
Consensus
Cloud
Solutions,
Inc.
(a)(b)
......
4,338
161,938
Digital
Turbine,
Inc.
(a)
................
11,874
139,282
Dropbox,
Inc.,
Class
A
(a)
..............
31,409
638,859
Ebix,
Inc.
........................
6,024
97,950
Guidewire
Software,
Inc.
(a)
.............
11,889
905,823
LiveRamp
Holdings,
Inc.
(a)
.............
7,951
191,540
Mitek
Systems,
Inc.
(a)
................
4,320
38,966
Momentive
Global,
Inc.
(a)
..............
12,796
120,154
NCR
Corp.
(a)
......................
33,729
751,819
Nutanix,
Inc.,
Class
A
(a)
...............
20,205
484,516
OneSpan,
Inc.
(a)
....................
4,061
59,859
PROS
Holdings,
Inc.
(a)
...............
5,392
152,971
Rimini
Street,
Inc.
(a)
.................
5,299
19,818
Riot
Platforms,
Inc.
(a)(b)
...............
15,988
191,217
SolarWinds
Corp.
(a)
.................
7,470
64,391
Verint
Systems,
Inc.
(a)
................
9,432
344,174
Vertex,
Inc.,
Class
A
(a)
................
2,983
61,599
Yext,
Inc.
(a)
.......................
9,755
85,649
5,935,189
Specialized
REITs
—
0.7%
EPR
Properties
....................
10,319
432,985
Four
Corners
Property
Trust,
Inc.
........
8,547
218,034
Gladstone
Land
Corp.
...............
3,586
57,771
Outfront
Media,
Inc.
.................
16,467
274,340
PotlatchDeltic
Corp.
.................
19,534
903,057
Rayonier,
Inc.
.....................
13,716
430,134
Uniti
Group,
Inc.
...................
59,450
203,319
2,519,640
Security
Shares
Shares
Value
Specialty
Retail
—
4.5%
Abercrombie
&
Fitch
Co.,
Class
A
(a)
.......
6,137
$
144,465
Academy
Sports
&
Outdoors,
Inc.
(b)
.......
11,862
753,474
American
Eagle
Outfitters,
Inc.
..........
42,170
564,656
America's
Car-Mart,
Inc.
(a)(b)
............
1,405
112,948
Arhaus,
Inc.,
Class
A
(a)(b)
..............
2,500
20,050
Asbury
Automotive
Group,
Inc.
(a)(b)
........
3,353
648,671
AutoNation,
Inc.
(a)(b)
.................
8,292
1,092,056
Boot
Barn
Holdings,
Inc.
(a)
.............
2,674
193,785
Buckle,
Inc.
(The)
..................
7,266
243,629
Caleres,
Inc.
......................
5,532
126,130
Camping
World
Holdings,
Inc.,
Class
A
....
5,641
126,302
Carvana
Co.,
Class
A
(a)(b)
..............
24,603
170,745
Chico's
FAS,
Inc.
(a)
..................
30,412
153,277
Children's
Place,
Inc.
(The)
(a)(b)
..........
2,999
88,890
Designer
Brands,
Inc.,
Class
A
..........
12,268
100,475
Destination
XL
Group,
Inc.
(a)
...........
13,368
58,686
Dick's
Sporting
Goods,
Inc.
............
14,498
2,102,355
Foot
Locker,
Inc.
...................
19,252
808,392
Franchise
Group,
Inc.
................
4,376
127,998
Gap,
Inc.
(The)
....................
51,578
495,149
Genesco,
Inc.
(a)
....................
2,975
103,114
Group
1
Automotive,
Inc.
..............
3,523
790,843
Guess?,
Inc.
......................
7,479
140,979
Haverty
Furniture
Cos.,
Inc.
............
3,146
94,820
Hibbett,
Inc.
......................
3,067
166,630
Leslie's,
Inc.
(a)(b)
....................
13,561
147,137
Lithia
Motors,
Inc.
..................
6,637
1,466,047
MarineMax,
Inc.
(a)
...................
3,191
92,922
Monro,
Inc.
.......................
2,618
127,968
National
Vision
Holdings,
Inc.
(a)
.........
10,080
212,083
ODP
Corp.
(The)
(a)
..................
9,710
419,569
OneWater
Marine,
Inc.,
Class
A
(a)
........
2,736
72,230
Petco
Health
&
Wellness
Co.,
Inc.
(a)
......
19,140
190,634
PetMed
Express,
Inc.
................
2,988
45,926
Revolve
Group,
Inc.,
Class
A
(a)(b)
.........
3,540
73,101
RH
(a)
...........................
4,560
1,163,393
Sally
Beauty
Holdings,
Inc.
(a)
...........
25,876
368,216
Shoe
Carnival,
Inc.
..................
4,127
95,953
Signet
Jewelers
Ltd.
.................
10,967
806,952
Sleep
Number
Corp.
(a)(b)
..............
5,353
120,710
Sonic
Automotive,
Inc.,
Class
A
.........
3,993
177,768
Sportsman's
Warehouse
Holdings,
Inc.
(a)
...
4,433
27,573
Torrid
Holdings,
Inc.
(a)
................
2,573
8,800
TravelCenters
of
America,
Inc.
(a)
.........
3,039
261,749
Upbound
Group,
Inc.
................
12,155
324,052
Urban
Outfitters,
Inc.
(a)
...............
14,434
390,584
Victoria's
Secret
&
Co.
(a)(b)
.............
19,642
609,098
Wayfair,
Inc.,
Class
A
(a)(b)
..............
18,792
654,525
Zumiez,
Inc.
(a)
.....................
2,405
42,051
17,327,560
Technology
Hardware,
Storage
&
Peripherals
—
0.3%
Avid
Technology,
Inc.
(a)(b)
..............
4,247
125,329
Corsair
Gaming,
Inc.
(a)(b)
..............
4,076
71,004
Eastman
Kodak
Co.
(a)
................
17,510
57,608
Super
Micro
Computer,
Inc.
(a)
...........
3,901
411,282
Xerox
Holdings
Corp.
................
27,585
432,257
1,097,480
Textiles,
Apparel
&
Luxury
Goods
—
2.3%
Capri
Holdings
Ltd.
(a)
................
30,502
1,265,833
Carter's,
Inc.
......................
6,003
418,829
Columbia
Sportswear
Co.
.............
4,714
393,808
Crocs,
Inc.
(a)
......................
8,640
1,068,509
G-III
Apparel
Group
Ltd.
(a)
.............
10,531
165,337
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
60
(Percentages
shown
are
based
on
Net
Assets)
Security
Shares
Shares
Value
Textiles,
Apparel
&
Luxury
Goods
(continued)
Hanesbrands,
Inc.
..................
85,172
$
446,301
Kontoor
Brands,
Inc.
.................
11,910
537,975
Levi
Strauss
&
Co.,
Class
A
............
23,479
339,506
Movado
Group,
Inc.
.................
3,817
97,791
Oxford
Industries,
Inc.
...............
2,099
216,596
PVH
Corp.
.......................
15,334
1,315,810
Ralph
Lauren
Corp.,
Class
A
...........
9,976
1,145,145
Steven
Madden
Ltd.
.................
11,600
406,464
Under
Armour,
Inc.,
Class
A
(a)
...........
45,432
402,982
Under
Armour,
Inc.,
Class
C,
NVS
(a)
......
46,428
373,281
Wolverine
World
Wide,
Inc.
............
10,840
181,462
8,775,629
Tobacco
—
0.2%
Turning
Point
Brands,
Inc.
.............
1,171
27,858
Universal
Corp.
....................
5,936
325,827
Vector
Group
Ltd.
..................
32,302
411,528
765,213
Trading
Companies
&
Distributors
—
2.4%
Air
Lease
Corp.,
Class
A
..............
12,652
508,863
Alta
Equipment
Group,
Inc.,
Class
A
......
3,276
46,323
Beacon
Roofing
Supply,
Inc.
(a)
..........
5,216
313,899
BlueLinx
Holdings,
Inc.
(a)
..............
1,135
79,518
Boise
Cascade
Co.
.................
9,573
653,932
Custom
Truck
One
Source,
Inc.
(a)
........
7,323
45,988
DXP
Enterprises,
Inc.
(a)
...............
1,649
41,555
GATX
Corp.
......................
4,998
569,322
Global
Industrial
Co.
.................
1,714
45,678
GMS,
Inc.
(a)
.......................
5,082
295,061
H&E
Equipment
Services,
Inc.
..........
3,865
141,072
Herc
Holdings,
Inc.
..................
1,976
197,640
Hudson
Technologies,
Inc.
(a)
...........
3,596
27,797
MRC
Global,
Inc.
(a)
..................
20,526
199,923
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
....
11,453
1,039,131
NOW,
Inc.
(a)
......................
26,874
286,746
Rush
Enterprises,
Inc.,
Class
A
.........
5,653
300,231
Rush
Enterprises,
Inc.,
Class
B
.........
901
52,780
Titan
Machinery,
Inc.
(a)
...............
2,711
84,990
Triton
International
Ltd.
...............
14,141
1,169,036
Univar
Solutions,
Inc.
(a)
...............
39,386
1,398,203
Veritiv
Corp.
......................
3,270
375,625
WESCO
International,
Inc.
(a)
...........
10,836
1,560,384
9,433,697
Water
Utilities
—
0.2%
American
States
Water
Co.
(b)
...........
3,502
310,803
Artesian
Resources
Corp.,
Class
A,
NVS
...
741
40,592
California
Water
Service
Group
.........
5,595
313,768
York
Water
Co.
(The)
................
1,636
68,777
733,940
Wireless
Telecommunication
Services
—
0.1%
Telephone
and
Data
Systems,
Inc.
.......
24,046
240,460
United
States
Cellular
Corp.
(a)
..........
3,381
71,812
312,272
Total
Long-Term
Investments
—
99.6%
(Cost:
$413,820,987)
.............................
386,172,416
Security
Shares
Shares
Value
Short-Term
Securities
Money
Market
Funds
—
8.5%
(c)(d)
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares,
5.02%
(e)
............
31,684,805
$
31,694,311
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares,
4.75%
..................
1,090,401
1,090,401
Total
Short-Term
Securities
—
8.5%
(Cost:
$32,773,973)
..............................
32,784,712
Total
Investments
—
108.1%
(Cost:
$446,594,960
)
.............................
418,957,128
Liabilities
in
Excess
of
Other
Assets
—
(8.1)%
............
(31,430,736)
Net
Assets
—
100.0%
..............................
$
387,526,392
(a)
Non-income
producing
security.
(b)
All
or
a
portion
of
this
security
is
on
loan.
(c)
Affiliate
of
the
Fund.
(d)
Annualized
7-day
yield
as
of
period
end.
(e)
All
or
a
portion
of
this
security
was
purchased
with
the
cash
collateral
from
loaned
securities.
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
Schedule
of
Investments
61
Affiliates
Investments
in
issuers
considered
to
be
affiliate(s)
of
the
Fund
during
the year
ended
April
30,
2023
for
purposes
of
Section
2(a)(3)
of
the
Investment
Company
Act
of
1940,
as
amended,
were
as
follows:
Derivative
Financial
Instruments
Categorized
by
Risk
Exposure
Affiliated
Issuer
Value
at
04/30/22
Purchases
at
Cost
Proceeds
from
Sale
Net
Realized
Gain
(Loss)
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
04/30/23
Shares
Held
at
04/30/23
Income
Capital
Gain
Distributions
from
Underlying
Funds
BlackRock
Cash
Funds:
Institutional,
SL
Agency
Shares
$
19,595,129
$
12,092,522
(a)
$
—
$
(550)
$
7,210
$
31,694,311
31,684,805
$
396,926
(b)
$
—
BlackRock
Cash
Funds:
Treasury,
SL
Agency
Shares
........
540,000
550,401
(a)
—
—
—
1,090,401
1,090,401
23,130
1
$
(550)
$
7,210
$
32,784,712
$
420,056
$
1
—
—
(a)
Represents
net
amount
purchased
(sold).
(b)
All
or
a
portion
represents
securities
lending
income
earned
from
the
reinvestment
of
cash
collateral
from
loaned
securities,
net
of
fees
and
collateral
investment
expenses,
and
other
payments
to
and
from
borrowers
of
securities.
Derivative
Financial
Instruments
Outstanding
as
of
Period
End
Futures
Contracts
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
(000)
Value/
Unrealized
Appreciation
(Depreciation)
Long
Contracts
Russell
2000
E-Mini
Index
....................................................
5
06/16/23
$
444
$
(3,113)
S&P
Midcap
400
E-Mini
Index
.................................................
3
06/16/23
750
5,844
$
2,731
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)
......
$
—
$
—
$
5,844
$
—
$
—
$
—
$
5,844
Liabilities
—
Derivative
Financial
Instruments
Futures
contracts
Unrealized
depreciation
on
futures
contracts
(a)
......
—
—
3,113
—
—
—
3,113
(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
April
30,
2023,
the
effect
of
derivative
financial
instruments
in
the
Statements
of
Operations
was
as
follows:
Commodity
Contracts
Credit
Contracts
Equity
Contracts
Foreign
Currency
Exchange
Contracts
Interest
Rate
Contracts
Other
Contracts
Total
Net
Realized
Gain
(Loss)
from
Futures
contracts
.......................
$
—
$
—
$
(90,646)
$
—
$
—
$
—
$
(90,646)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
on
Futures
contracts
.......................
$
—
$
—
$
45,684
$
—
$
—
$
—
$
45,684
2023
iShares
Annual
Report
to
Shareholders
Schedule
of
Investments
(continued)
April
30,
2023
iShares
®
Morningstar
Small-Cap
Value
ETF
62
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.
See
notes
to
financial
statements.
Average
Quarterly
Balances
of
Outstanding
Derivative
Financial
Instruments
Futures
contracts
Average
notional
value
of
contracts
—
long
..................................................................................
$
1,084,613
Level
1
Level
2
Level
3
Total
Assets
Investments
Long-Term
Investments
Common
Stocks
.........................................
$
386,172,416
$
—
$
—
$
386,172,416
Short-Term
Securities
Money
Market
Funds
......................................
32,784,712
—
—
32,784,712
$
418,957,128
$
—
$
—
$
418,957,128
Derivative
Financial
Instruments
(a)
Assets
Equity
contracts
...........................................
$
5,844
$
—
$
—
$
5,844
Liabilities
Equity
contracts
...........................................
(3,113)
—
—
(3,113)
$
2,731
$
—
$
—
$
2,731
(a)
Derivative
financial
instruments
are
futures
contracts.
Futures
contracts
are
valued
at
the
unrealized
appreciation
(depreciation)
on
the
instrument.
Statements
of
Assets
and
Liabilities

April
30,
2023
63
Financial
Statements
See
notes
to
financial
statements.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.........................................
$
1,606,769,402‌
$
722,028,687‌
$
1,396,469,235‌
$
401,095,083‌
Investments,
at
value
—
affiliated
(c)
............................................
35,159,240‌
34,650,276‌
88,852,668‌
63,200,595‌
Cash  
...............................................................
29,593‌
40,932‌
—‌
198,700‌
Cash
pledged:
Futures
contracts
......................................................
153,000‌
136,000‌
206,000‌
73,000‌
Receivables:
–‌
–‌
–‌
–‌
Securities
lending
income
—
affiliated
........................................
11,918‌
15,982‌
38,189‌
66,252‌
Capital
shares
sold
.....................................................
—‌
—‌
41,534‌
—‌
Dividends
—
unaffiliated
.................................................
313,930‌
357,078‌
317,870‌
49,819‌
Dividends
—
affiliated
...................................................
8,197‌
6,482‌
7,943‌
2,523‌
Variation
margin
on
futures
contracts
.........................................
17,536‌
19,935‌
24,891‌
8,075‌
Total
assets
...........................................................
1,642,462,816‌
757,255,372‌
1,485,958,330‌
464,694,047‌
LIABILITIES
Collateral
on
securities
loaned
...............................................
32,767,488‌
32,604,555‌
86,418,268‌
62,386,579‌
Payables:
–‌
–‌
–‌
–‌
Investment
advisory
fees
.................................................
52,153‌
23,784‌
68,549‌
19,984‌
Total
liabilities
..........................................................
32,819,641‌
32,628,339‌
86,486,817‌
62,406,563‌
NET
ASSETS
..........................................................
$
1,609,643,175‌
$
724,627,033‌
$
1,399,471,513‌
$
402,287,484‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
..........................................................
$
1,589,805,315‌
$
779,880,782‌
$
1,643,425,076‌
$
566,184,033‌
Accumulated
earnings
(loss)
................................................
19,837,860‌
(55,253,749‌)
(243,953,563‌)
(163,896,549‌)
NET
ASSETS
..........................................................
$
1,609,643,175‌
$
724,627,033‌
$
1,399,471,513‌
$
402,287,484‌
NET
ASSET
VALUE
Shares
outstanding
......................................................
28,800,000‌
12,050,000‌
24,800,000‌
10,500,000‌
Net
asset
value
.........................................................
$
55.89‌
$
60.14‌
$
56.43‌
$
38.31‌
Shares
authorized
.......................................................
Unlimited
Unlimited
Unlimited
Unlimited
Par
value
.............................................................
None
None
None
None
(a)
  Investments,
at
cost
—
unaffiliated
..........................................
$
1,354,109,046‌
$
700,716,483‌
$
1,371,011,393‌
$
427,947,365‌
(b)
  Securities
loaned,
at
value
................................................
$
32,646,540‌
$
32,035,279‌
$
85,361,880‌
$
61,247,463‌
(c)
  Investments,
at
cost
—
affiliated
............................................
$
35,146,096‌
$
34,637,489‌
$
88,816,077‌
$
63,167,325‌
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2023
2023
iShares
Annual
Report
to
Shareholders
64
See
notes
to
financial
statements.
iShares
Morningstar
Small-Cap
Value
ETF
ASSETS
Investments,
at
value
—
unaffiliated
(a)
(b)
.......................................................................................
$
386,172,416‌
Investments,
at
value
—
affiliated
(c)
..........................................................................................
32,784,712‌
Cash
pledged:
Futures
contracts
....................................................................................................
83,000‌
Receivables:
–‌
Investments
sold
....................................................................................................
1,824‌
Securities
lending
income
—
affiliated
......................................................................................
78,076‌
Dividends
—
unaffiliated
...............................................................................................
162,264‌
Dividends
—
affiliated
.................................................................................................
2,937‌
Variation
margin
on
futures
contracts
.......................................................................................
10,317‌
Total
assets
.........................................................................................................
419,295,546‌
LIABILITIES
Collateral
on
securities
loaned
.............................................................................................
31,693,297‌
Payables:
–‌
Investments
purchased
................................................................................................
56,619‌
Investment
advisory
fees
...............................................................................................
19,238‌
Total
liabilities
........................................................................................................
31,769,154‌
NET
ASSETS
........................................................................................................
$
387,526,392‌
NET
ASSETS
CONSIST
OF:
Paid-in
capital
........................................................................................................
$
458,701,446‌
Accumulated
loss
.....................................................................................................
(71,175,054‌)
NET
ASSETS
........................................................................................................
$
387,526,392‌
NET
ASSET
VALUE
Shares
outstanding
....................................................................................................
7,550,000‌
Net
asset
value
.......................................................................................................
$
51.33‌
Shares
authorized
.....................................................................................................
Unlimited
Par
value
...........................................................................................................
None
(a)
  Investments,
at
cost
—
unaffiliated
........................................................................................
$
413,820,987‌
(b)
  Securities
loaned,
at
value
..............................................................................................
$
31,051,690‌
(c)
  Investments,
at
cost
—
affiliated
..........................................................................................
$
32,773,973‌
Statements
of
Operations

Year
Ended
April
30,
2023
65
Financial
Statements
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
INVESTMENT
INCOME
–
–
–
–
Dividends
—
unaffiliated
.................................................
$
12,221,196‌
$
12,766,114‌
$
11,371,618‌
$
2,738,767‌
Dividends
—
affiliated
...................................................
84,655‌
44,188‌
65,586‌
19,601‌
Securities
lending
income
—
affiliated
—
net
...................................
190,801‌
257,958‌
495,630‌
956,347‌
Foreign
taxes
withheld
..................................................
(4,709‌)
—‌
—‌
(1,226‌)
Total
investment
income
...................................................
12,491,943‌
13,068,260‌
11,932,834‌
3,713,489‌
EXPENSES
Investment
advisory
....................................................
621,870‌
296,976‌
724,688‌
223,508‌
Total
expenses
.........................................................
621,870‌
296,976‌
724,688‌
223,508‌
Net
investment
income
....................................................
11,870,073‌
12,771,284‌
11,208,146‌
3,489,981‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(20,455,695‌)
$
(28,838,617‌)
$
(26,044,319‌)
$
(6,062,460‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
.............................................
$
(156,313,730‌)
$
(36,478,300‌)
$
(182,338,641‌)
$
(74,724,229‌)
Investments
—
affiliated
...............................................
9,062‌
1,042‌
7,899‌
(3,097‌)
Capital
gain
distributions
from
underlying
funds
—
affiliated
........................
—‌
1‌
2‌
—‌
Futures
contracts
....................................................
(304,599‌)
(136,530‌)
(444,932‌)
(61,200‌)
In-kind
redemptions
—
unaffiliated
(a)
.......................................
49,850,571‌
8,093,658‌
11,477,712‌
4,120,436‌
(106,758,696‌)
(28,520,129‌)
(171,297,960‌)
(70,668,090‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
.............................................
85,809,194‌
(419,664‌)
145,102,304‌
64,522,419‌
Investments
—
affiliated
...............................................
7,715‌
4,761‌
17,441‌
21,133‌
Futures
contracts
....................................................
486,094‌
96,416‌
133,898‌
62,077‌
86,303,003‌
(318,487‌)
145,253,643‌
64,605,629‌
Net
realized
and
unrealized
loss
..............................................
(20,455,693‌)
(28,838,616‌)
(26,044,317‌)
(6,062,461‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
...................
$
(8,585,620‌)
$
(16,067,332‌)
$
(14,836,171‌)
$
(2,572,480‌)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Operations
(continued)
Year
Ended
April
30,
2023
2023
iShares
Annual
Report
to
Shareholders
66
iShares
Morningstar
Small-Cap
Value
ETF
INVESTMENT
INCOME
–
Dividends
—
unaffiliated
...............................................................................................
$
8,794,132‌
Dividends
—
affiliated
.................................................................................................
23,130‌
Securities
lending
income
—
affiliated
—
net
.................................................................................
396,926‌
Foreign
taxes
withheld
................................................................................................
(5,250‌)
Total
investment
income
.................................................................................................
9,208,938‌
EXPENSES
Investment
advisory
..................................................................................................
231,387‌
Total
expenses
.......................................................................................................
231,387‌
Net
investment
income
..................................................................................................
8,977,551‌
REALIZED
AND
UNREALIZED
GAIN
(LOSS)
$
(26,077,441‌)
Net
realized
gain
(loss)
from:
Investments
—
unaffiliated
...........................................................................................
$
(7,640,343‌)
Investments
—
affiliated
.............................................................................................
(550‌)
Capital
gain
distributions
from
underlying
funds
—
affiliated
......................................................................
1‌
Futures
contracts
..................................................................................................
(90,646‌)
In-kind
redemptions
—
unaffiliated
(a)
.....................................................................................
4,258,285‌
(3,473,253‌)
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments
—
unaffiliated
...........................................................................................
(22,657,083‌)
Investments
—
affiliated
.............................................................................................
7,210‌
Futures
contracts
..................................................................................................
45,684‌
(22,604,189‌)
Net
realized
and
unrealized
loss
............................................................................................
(26,077,442‌)
NET
DECREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
.................................................................
$
(17,099,891‌)
(a)
See
Note
2
of
the
Notes
to
Financial
Statements.
See
notes
to
financial
statements.
Statements
of
Changes
in
Net
Assets

67
Financial
Statements
See
notes
to
financial
statements.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
11,870,073‌
$
9,208,746‌
$
12,771,284‌
$
10,708,557‌
Net
realized
gain
(loss)
....................................................
(106,758,696‌)
122,861,510‌
(28,520,129‌)
56,099,068‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
86,303,003‌
(284,641,360‌)
(318,487‌)
(97,816,617‌)
Net
decrease
in
net
assets
resulting
from
operations
..................................
(8,585,620‌)
(152,571,104‌)
(16,067,332‌)
(31,008,992‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(12,112,028‌)
(9,412,555‌)
(12,616,997‌)
(11,074,412‌)
CAPITAL
SHARE
TRANSACTIONS
Net
decrease
in
net
assets
derived
from
capital
share
transactions
.........................
(81,276,183‌)
(13,450,194‌)
(29,684,689‌)
(56,837,193‌)
NET
ASSETS
Total
decrease
in
net
assets
..................................................
(101,973,831‌)
(175,433,853‌)
(58,369,018‌)
(98,920,597‌)
Beginning
of
year
..........................................................
1,711,617,006‌
1,887,050,859‌
782,996,051‌
881,916,648‌
End
of
year
..............................................................
$
1,609,643,175‌
$
1,711,617,006‌
$
724,627,033‌
$
782,996,051‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
2023
iShares
Annual
Report
to
Shareholders
68
See
notes
to
financial
statements.
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
....................................................
$
11,208,146‌
$
6,518,586‌
$
3,489,981‌
$
2,912,223‌
Net
realized
gain
(loss)
....................................................
(171,297,960‌)
157,119,447‌
(70,668,090‌)
13,290,975‌
Net
change
in
unrealized
appreciation
(depreciation)
................................
145,253,643‌
(334,493,660‌)
64,605,629‌
(128,436,975‌)
Net
decrease
in
net
assets
resulting
from
operations
..................................
(14,836,171‌)
(170,855,627‌)
(2,572,480‌)
(112,233,777‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.........................
(11,519,624‌)
(7,275,693‌)
(3,674,642‌)
(3,156,876‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
.................
338,545,817‌
(254,467,058‌)
90,416,313‌
(332,806,008‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
...........................................
312,190,022‌
(432,598,378‌)
84,169,191‌
(448,196,661‌)
Beginning
of
year
..........................................................
1,087,281,491‌
1,519,879,869‌
318,118,293‌
766,314,954‌
End
of
year
..............................................................
$
1,399,471,513‌
$
1,087,281,491‌
$
402,287,484‌
$
318,118,293‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Statements
of
Changes
in
Net
Assets
(continued)
69
Financial
Statements
See
notes
to
financial
statements.
iShares
Morningstar
Small-Cap
Value
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
INCREASE
(DECREASE)
IN
NET
ASSETS
OPERATIONS
Net
investment
income
..................................................................................
$
8,977,551‌
$
7,503,628‌
Net
realized
gain
(loss)
..................................................................................
(3,473,253‌)
39,582,241‌
Net
change
in
unrealized
appreciation
(depreciation)
..............................................................
(22,604,189‌)
(69,408,148‌)
Net
decrease
in
net
assets
resulting
from
operations
................................................................
(17,099,891‌)
(22,322,279‌)
DISTRIBUTIONS
TO
SHAREHOLDERS
(a)
Decrease
in
net
assets
resulting
from
distributions
to
shareholders
.......................................................
(8,550,267‌)
(7,825,447‌)
CAPITAL
SHARE
TRANSACTIONS
Net
increase
(decrease)
in
net
assets
derived
from
capital
share
transactions
...............................................
45,853,900‌
(48,607,925‌)
NET
ASSETS
Total
increase
(decrease)
in
net
assets
.........................................................................
20,203,742‌
(78,755,651‌)
Beginning
of
year
........................................................................................
367,322,650‌
446,078,301‌
End
of
year
............................................................................................
$
387,526,392‌
$
367,322,650‌
(a)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
Financial
Highlights
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Annual
Report
to
Shareholders
70
iShares
Morningstar
Growth
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
.................................
$
56.30
‌
$
61.87
‌
$
42.80
‌
$
38.08
‌
$
33.00
‌
Net
investment
income
(b)
........................................
0.40
‌
0.29
‌
0.14
‌
0.21
‌
0.23
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............................
(0.40
)
(5.56
)
19.07
‌
4.73
‌
5.10
‌
Net
increase
(decrease)
from
investment
operations
.......................
0.00
‌
(5.27
)
19.21
‌
4.94
‌
5.33
‌
Distributions
from
net
investment
income
(d)
..............................
(0.41
)
(0.30
)
(0.14
)
(0.22
)
(0.25
)
Net
asset
value,
end
of
year
......................................
$
55.89
‌
$
56.30
‌
$
61.87
‌
$
42.80
‌
$
38.08
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.........................................
0.05
%
(8.59
)%
44.94
%
13.04
%
16.21
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................................
0.04
%
0.04
%
0.23
%
0.25
%
0.25
%
Net
investment
income
...........................................
0.76
%
0.45
%
0.27
%
0.54
%
0.66
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
1,609,643
‌
$
1,711,617
‌
$
1,887,051
‌
$
1,519,374
‌
$
1,104,273
‌
Portfolio
turnover
rate
(g)
...........................................
28
%
22
%
97
%
28
%
23
%
(a)
Per
share
amounts
reflect
a
five-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
71
Financial
Highlights
iShares
Morningstar
Mid-Cap
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
................................
$
62.39
‌
$
65.81
‌
$
43.02
‌
$
49.08
‌
$
45.05
‌
Net
investment
income
(b)
.......................................
1.03
‌
0.82
‌
0.57
‌
0.67
‌
0.75
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............................
(2.26
)
(3.38
)
22.83
‌
(6.03
)
4.05
‌
Net
increase
(decrease)
from
investment
operations
......................
(1.23
)
(2.56
)
23.40
‌
(5.36
)
4.80
‌
Distributions
from
net
investment
income
(d)
.............................
(1.02
)
(0.86
)
(0.61
)
(0.70
)
(0.77
)
Net
asset
value,
end
of
year
.....................................
$
60.14
‌
$
62.39
‌
$
65.81
‌
$
43.02
‌
$
49.08
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
........................................
(1.91
)%
(3.99
)%
54.74
%
(10.99
)%
10.79
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................................
0.04
%
0.04
%
0.22
%
0.25
%
0.25
%
Net
investment
income
..........................................
1.72
%
1.22
%
1.06
%
1.39
%
1.63
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
724,627
‌
$
782,996
‌
$
881,917
‌
$
567,905
‌
$
716,534
‌
Portfolio
turnover
rate
(g)
..........................................
24
%
27
%
133
%
55
%
60
%
(a)
Per
share
amounts
reflect
a
four-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Annual
Report
to
Shareholders
72
iShares
Morningstar
Mid-Cap
Growth
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
.................................
$
57.83
‌
$
66.52
‌
$
42.27
‌
$
40.66
‌
$
34.55
‌
Net
investment
income
(b)
........................................
0.52
‌
0.35
‌
0.07
‌
0.13
‌
0.09
‌
Net
realized
and
unrealized
gain
(loss)
(c)
..............................
(1.40
)
(8.65
)
24.23
‌
1.61
‌
6.13
‌
Net
increase
(decrease)
from
investment
operations
.......................
(0.88
)
(8.30
)
24.30
‌
1.74
‌
6.22
‌
Distributions
from
net
investment
income
(d)
..............................
(0.52
)
(0.39
)
(0.05
)
(0.13
)
(0.11
)
Net
asset
value,
end
of
year
......................................
$
56.43
‌
$
57.83
‌
$
66.52
‌
$
42.27
‌
$
40.66
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
.........................................
(1.49
)%
(12.56
)%
57.51
%
4.29
%
18.03
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
................................................
0.06
%
0.06
%
0.27
%
0.30
%
0.30
%
Net
investment
income
...........................................
0.93
%
0.51
%
0.12
%
0.31
%
0.25
%
Supplemental
Data
Net
assets,
end
of
year
(000)
.......................................
$
1,399,472
‌
$
1,087,281
‌
$
1,519,880
‌
$
532,633
‌
$
475,724
‌
Portfolio
turnover
rate
(g)
...........................................
43
%
43
%
90
%
26
%
30
%
(a)
Per
share
amounts
reflect
a
six-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
73
Financial
Highlights
iShares
Morningstar
Small-Cap
Growth
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
................................
$
39.27
‌
$
51.60
‌
$
31.92
‌
$
34.17
‌
$
30.51
‌
Net
investment
income
(b)
.......................................
0.35
‌
0.31
‌
0.05
‌
0.08
‌
0.04
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............................
(0.94
)
(12.30
)
19.68
‌
(2.24
)
3.72
‌
Net
increase
(decrease)
from
investment
operations
......................
(0.59
)
(11.99
)
19.73
‌
(2.16
)
3.76
‌
Distributions
from
net
investment
income
(d)
.............................
(0.37
)
(0.34
)
(0.05
)
(0.09
)
(0.10
)
Net
asset
value,
end
of
year
.....................................
$
38.31
‌
$
39.27
‌
$
51.60
‌
$
31.92
‌
$
34.17
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
........................................
(1.45
)%
(23.36
)%
61.86
%
(6.32
)%
12.35
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................................
0.06
%
0.06
%
0.26
%
0.30
%
0.30
%
Net
investment
income
..........................................
0.94
%
0.65
%
0.11
%
0.24
%
0.12
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
402,287
‌
$
318,118
‌
$
766,315
‌
$
191,512
‌
$
215,251
‌
Portfolio
turnover
rate
(g)
..........................................
52
%
58
%
156
%
57
%
55
%
(a)
Per
share
amounts
reflect
a
six-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Financial
Highlights
(continued)
(For
a
share
outstanding
throughout
each
period)
2023
iShares
Annual
Report
to
Shareholders
74
iShares
Morningstar
Small-Cap
Value
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Year
Ended
04/30/21
(a)
Year
Ended
04/30/20
(a)
Year
Ended
04/30/19
(a)
Net
asset
value,
beginning
of
year
................................
$
54.82
‌
$
58.31
‌
$
32.95
‌
$
47.85
‌
$
48.08
‌
Net
investment
income
(b)
.......................................
1.24
‌
1.03
‌
0.89
‌
1.02
‌
1.08
‌
Net
realized
and
unrealized
gain
(loss)
(c)
.............................
(3.55
)
(3.43
)
25.39
‌
(14.74
)
(0.23
)
Net
increase
(decrease)
from
investment
operations
......................
(2.31
)
(2.40
)
26.28
‌
(13.72
)
0.85
‌
Distributions
from
net
investment
income
(d)
.............................
(1.18
)
(1.09
)
(0.92
)
(1.18
)
(1.08
)
Net
asset
value,
end
of
year
.....................................
$
51.33
‌
$
54.82
‌
$
58.31
‌
$
32.95
‌
$
47.85
‌
Total
Return
(e)
—
—
—
—
—
Based
on
net
asset
value
........................................
(4.20
)%
(4.19
)%
80.90
%
(29.05
)%
1.83
%
Ratios
to
Average
Net
Assets
(f)
Total
expenses
...............................................
0.06
%
0.06
%
0.26
%
0.30
%
0.30
%
Net
investment
income
..........................................
2.33
%
1.76
%
2.07
%
2.34
%
2.24
%
Supplemental
Data
Net
assets,
end
of
year
(000)
......................................
$
387,526
‌
$
367,323
‌
$
446,078
‌
$
257,012
‌
$
430,681
‌
Portfolio
turnover
rate
(g)
..........................................
41
%
47
%
145
%
65
%
48
%
(a)
Per
share
amounts
reflect
a
three-for-one
stock
split
effective
after
the
close
of
trading
on
April
16,
2021.
(b)
Based
on
average
shares
outstanding.
(c)
The
amounts
reported
for
a
share
outstanding
may
not
accord
with
the
change
in
aggregate
gains
and
losses
in
securities
for
the
fiscal
period
due
to
the
timing
of
capital
share
transactions
in
relation
to
the
fluctuating
market
values
of
the
Fund’s
underlying
securities.
(d)
Distributions
for
annual
periods
determined
in
accordance
with
U.S.
federal
income
tax
regulations.
(e)
Where
applicable,
assumes
the
reinvestment
of
distributions.
(f)
Excludes
fees
and
expenses
incurred
indirectly
as
a
result
of
investments
in
underlying
funds.
(g)
Portfolio
turnover
rate
excludes
in-kind
transactions.
See
notes
to
financial
statements.
Notes
to
Financial
Statements
75
Notes
to
Financial
Statements
1.
ORGANIZATION
iShares
Trust
(the
“Trust”)
is
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
“1940
Act”),
as
an
open-end
management
investment
company.
The
Trust
is
organized
as
a
Delaware
statutory
trust
and
is
authorized
to
have
multiple
series
or
portfolios. 
These
financial
statements
relate
only
to
the
following
funds
(each,
a
“Fund”
and
collectively,
the
“Funds”):
2.
Significant
Accounting
Policies
The
financial
statements
are
prepared
in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(“U.S.
GAAP”),
which
may
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
in
the
financial
statements,
disclosure
of
contingent
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
reported
amounts
of
increases
and
decreases
in
net
assets
from
operations
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates. Each
Fund
is
considered
an
investment
company
under
U.S.
GAAP
and
follows
the
accounting
and
reporting
guidance
applicable
to
investment
companies.
Below
is
a
summary
of
significant
accounting
policies:
Investment Transactions
and
Income
Recognition:
For
financial
reporting
purposes,
investment
transactions
are
recorded
on
the
dates
the
transactions
are
executed.
Realized
gains
and
losses
on
investment
transactions
are
determined
using
the
specific
identification
method.
Dividend
income
and
capital
gain
distributions,
if
any,
are
recorded
on
the
ex-dividend
date.
Non-cash
dividends,
if
any,
are
recorded
on
the
ex-dividend
date
at
fair
value.
Dividends
from
foreign
securities
where
the
ex-dividend
date
may
have
passed
are
subsequently
recorded
when
the
Funds
are
informed
of
the
ex-dividend
date.
Under
the
applicable
foreign
tax
laws,
a
withholding
tax
at
various
rates
may
be
imposed
on
capital
gains,
dividends
and
interest.
Upon
notification
from
issuers
or
as
estimated
by
management,
a
portion
of
the
dividend
income
received
from
a
real
estate
investment
trust
may
be
redesignated
as
a
reduction
of
cost
of
the
related
investment
and/or
realized
gain. 
Foreign
Taxes:
Certain
Funds
may
be
subject
to
foreign
taxes
(a
portion
of
which
may
be
reclaimable)
on
income,
stock
dividends,
capital
gains
on
investments,
or
certain
foreign
currency
transactions.
All
foreign
taxes
are
recorded
in
accordance
with
the
applicable
foreign
tax
regulations
and
rates
that
exist
in
the
foreign
jurisdictions
in
which
each
Fund
invests.
These
foreign
taxes,
if
any,
are
paid
by
each
Fund
and
are
reflected
in
its Statements
of
Operations
as
follows:
foreign
taxes
withheld
at
source
are
presented
as
a
reduction
of
income,
foreign
taxes
on
securities
lending
income
are
presented
as
a
reduction
of
securities
lending
income,
foreign
taxes
on
stock
dividends
are
presented
as
“Other
foreign
taxes”,
and
foreign
taxes
on
capital
gains
from
sales
of
investments
and
foreign
taxes
on
foreign
currency
transactions
are
included
in
their
respective
net
realized
gain
(loss)
categories.
Foreign
taxes
payable
or
deferred
as
of 
April
30,
2023
,
if
any,
are
disclosed
in
the Statements
of
Assets
and
Liabilities.
The
Funds
file
withholding
tax
reclaims
in
certain
jurisdictions
to
recover
a
portion
of
amounts
previously
withheld.
The
Funds
may
record
a
reclaim
receivable
based
on
collectability,
which
includes
factors
such
as
the
jurisdiction’s
applicable
laws,
payment
history
and
market
convention.
The
Statements
of
Operations
include
tax
reclaims
recorded
as
well
as
professional
and
other
fees,
if
any,
associated
with
recovery
of
foreign
withholding
taxes.
Collateralization:
If
required
by
an
exchange
or
counterparty
agreement,
the Funds
may
be
required
to
deliver/deposit
cash
and/or
securities
to/with
an
exchange,
or
broker-
dealer
or
custodian
as
collateral
for
certain
investments.
In-kind
Redemptions:
For
financial
reporting
purposes,
in-kind
redemptions
are
treated
as
sales
of
securities
resulting
in
realized
capital
gains
or
losses
to
the
Funds.
Because
such
gains
or
losses
are
not
taxable
to
the
Funds
and
are
not
distributed
to
existing
Fund
shareholders,
the
gains
or
losses
are
reclassified
from
accumulated
net
realized
gain
(loss)
to
paid-in
capital
at
the
end
of
the
Funds’
tax
year.
These
reclassifications
have
no
effect
on
net
assets
or
net
asset
value
(“NAV”)
per
share.
Distributions:
Dividends
and
distributions
paid
by
each
Fund
are
recorded
on
the
ex-dividend
dates.
Distributions
are
determined
on
a
tax
basis
and
may
differ
from
net
investment
income
and
net
realized
capital
gains
for
financial
reporting
purposes.
Dividends
and
distributions
are
paid
in
U.S.
dollars
and
cannot
be
automatically
reinvested
in
additional
shares
of
the
Funds.
Indemnifications:
In
the
normal
course
of
business,
each
Fund
enters
into
contracts
that
contain
a
variety
of
representations
that
provide
general
indemnification.
The
Funds’
maximum
exposure
under
these
arrangements
is
unknown
because
it
involves
future
potential
claims
against
the
Funds,
which
cannot
be
predicted
with
any
certainty.
3.
Investment
Valuation
and
Fair
Value
Measurements
Investment
Valuation
Policies:
 Each
Fund’s
investments
are
valued
at
fair
value
(also
referred
to
as
“market
value”
within
the
financial
statements)
each
day
that
the
Fund’s
listing
exchange
is
open
and,
for
financial
reporting
purposes,
as
of
the
report
date.
U.S.
GAAP
defines
fair
value
as
the
price
a
fund
would
receive
to
sell
an
asset
or
pay
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
The
Board
of
Trustees
of
the
Trust
 (the
“Board”)
of each
Fund
has
approved
the
designation
of
BlackRock
Fund
Advisors
(“BFA”),
the
Funds’
investment
adviser, as
the
valuation
designee
for
each
Fund. Each
Fund
determines
the
fair
values
of
its
financial
instruments
using
various
independent
dealers
or
pricing
services
under
BFA’s
policies.
If
a
security’s
market
price
is
not
readily
available
or
does
not
otherwise
accurately
represent
the
fair
value
of
the
security,
the
security
will
be
valued
in
accordance
with
BFA’s policies
and
procedures as
reflecting
fair
value. BFA
has
formed
a
committee
(the
“Valuation
Committee”)
to
develop pricing
policies
and
procedures
and
to
oversee
the
pricing
function
for
all
financial
instruments,
with
assistance
from
other
BlackRock
pricing
committees.
iShares
ETF
Diversification
Classification
Morningstar
Growth
...................................................................................................
Non-diversified
Morningstar
Mid-Cap
..................................................................................................
Diversified
Morningstar
Mid-Cap
Growth
.............................................................................................
Diversified
Morningstar
Small-Cap
Growth
...........................................................................................
Diversified
Morningstar
Small-Cap
Value
.............................................................................................
Diversified
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
to
Shareholders
76
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.
Generally,
trading
in
foreign
instruments
is
substantially
completed
each
day
at
various
times
prior
to
the
close
of
trading
on
the
NYSE.
Each
business
day,
the
Funds
use
current
market
factors
supplied
by
independent
pricing
services
to
value
certain
foreign
instruments
(“Systematic
Fair
Value
Price”).
The
Systematic
Fair
Value
Price
is
designed
to
value
such
foreign
securities
at
fair
value
as
of
the
close
of
trading
on
the
NYSE,
which
follows
the
close
of
the
local
markets.
If
events
(e.g.,
market
volatility,
company
announcement
or
a
natural
disaster)
occur
that
are
expected
to
materially
affect
the
value
of
such
investment,
or
in
the
event
that
application
of
these
methods
of
valuation
results
in
a
price
for
an
investment
that
is
deemed
not
to
be
representative
of
the
market
value
of
such
investment,
or
if
a
price
is
not
available,
the
investment
will
be
valued
by
the Valuation
Committee,
in
accordance
with
BFA’s
policies
and
procedures as
reflecting
fair
value
(“Fair
Valued
Investments”).
The
fair
valuation
approaches
that
may
be
used
by
the Valuation
Committee
include
market
approach,
income
approach
and
cost
approach.
Valuation
techniques
such
as
discounted
cash
flow,
use
of
market
comparables
and
matrix
pricing
are
types
of
valuation
approaches
and
are
typically
used
in
determining
fair
value.
When
determining
the
price
for
Fair
Valued
Investments,
the Valuation
Committee
seeks
to
determine
the
price
that each
Fund
might
reasonably
expect
to
receive
or
pay
from
the
current
sale
or
purchase
of
that
asset
or
liability
in
an
arm’s-length
transaction.
Fair
value
determinations
shall
be
based
upon
all
available
factors
that
the Valuation
Committee
deems
relevant
and
consistent
with
the
principles
of
fair
value
measurement.
Fair
value
pricing
could
result
in
a
difference
between
the
prices
used
to
calculate
a
fund’s
NAV
and
the
prices
used
by
the
fund’s
underlying
index,
which
in
turn
could
result
in
a
difference
between
the
fund’s
performance
and
the
performance
of
the
fund’s
underlying
index.
Fair
Value
Hierarchy:
Various
inputs
are
used
in
determining
the
fair
value
of
financial
instruments.
These
inputs
to
valuation
techniques
are
categorized
into
a
fair
value
hierarchy
consisting
of
three
broad
levels
for
financial
reporting
purposes
as
follows:
Level
1
–
Unadjusted
price
quotations
in
active
markets/exchanges
for
identical
assets
or
liabilities
that each
Fund
has
the
ability
to
access;
Level
2
–
Other
observable
inputs
(including,
but
not
limited
to,
quoted
prices
for
similar
assets
or
liabilities
in
markets
that
are
active,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
inputs
other
than
quoted
prices
that
are
observable
for
the
assets
or
liabilities
(such
as
interest
rates,
yield
curves,
volatilities,
prepayment
speeds,
loss
severities,
credit
risks
and
default
rates)
or
other
market-corroborated
inputs);
and
Level
3
–
Unobservable
inputs
based
on
the
best
information
available
in
the
circumstances,
to
the
extent
observable
inputs
are
not
available,
(including
the Valuation
Committee’s
assumptions
used
in
determining
the
fair
value
of
financial
instruments).
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
Accordingly,
the
degree
of
judgment
exercised
in
determining
fair
value
is
greatest
for
instruments
categorized
in
Level
3.
The
inputs
used
to
measure
fair
value
may
fall
into
different
levels
of
the
fair
value
hierarchy.
In
such
cases,
for
disclosure
purposes,
the
fair
value
hierarchy
classification
is
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
Investments
classified
within
Level
3
have
significant
unobservable
inputs
used
by
the Valuation
Committee
in
determining
the
price
for
Fair
Valued
Investments.
Level
3
investments
include
equity
or
debt
issued
by
privately
held
companies
or
funds
that
may
not
have
a
secondary
market
and/or
may
have
a
limited
number
of
investors.
The
categorization
of
a
value
determined
for
financial
instruments
is
based
on
the
pricing
transparency
of
the
financial
instruments
and
is
not
necessarily
an
indication
of
the
risks
associated
with
investing
in
those
securities.
4.
Securities
and
Other
Investments
Securities
Lending:
 Each
Fund
may
lend
its
securities
to
approved
borrowers,
such
as
brokers,
dealers
and
other
financial
institutions.
The
borrower
pledges
and
maintains
with
the
Fund
collateral
consisting
of
cash,
an
irrevocable
letter
of
credit
issued
by
an
approved
bank,
or
securities
issued
or
guaranteed
by
the
U.S.
government.
The
initial
collateral
received
by
each
Fund
is
required
to
have
a
value
of
at
least
102%
of
the
current
market
value
of
the
loaned
securities
for
securities
traded
on
U.S.
exchanges
and
a
value
of
at
least
105%
for
all
other
securities.
The
collateral
is
maintained
thereafter
at
a
value
equal
to
at
least
100%
of
the
current
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
each
business
day
of
the
Fund
and
any
additional
required
collateral
is
delivered
to
the
Fund
or
excess
collateral
is
returned
by
the
Fund,
on
the
next
business
day.
During
the
term
of
the
loan,
each
Fund
is
entitled
to
all
distributions
made
on
or
in
respect
of
the
loaned
securities
but
does
not
receive
interest
income
on
securities
received
as
collateral.
Loans
of
securities
are
terminable
at
any
time
and
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
As
of
period
end,
any
securities
on
loan
were
collateralized
by
cash
and/or
U.S.
Government
obligations.
Cash
collateral
invested
in
money
market
funds
managed
by
BFA,
or
its
affiliates
is
disclosed
in
the
Schedule
of
Investments.
Any
non-cash
collateral
received
cannot
be
sold,
re-invested
or
pledged
by
the
Fund,
except
in
the
event
of
borrower
default.
The
securities
on
loan,
if
any,
are
also
disclosed
in
each
Fund’s
Schedule
of
Investments.
The
market
value
of
any
securities
on
loan
and
the
value
of
any
related
cash
collateral
are
disclosed
in
the
Statements
of
Assets
and
Liabilities.
Securities
lending
transactions
are
entered
into
by
the
Funds
under
Master
Securities
Lending
Agreements
(each,
an
“MSLA”)
which
provide
the
right,
in
the
event
of
default
(including
bankruptcy
or
insolvency)
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
a
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
In
the
event
that
a
borrower
defaults,
the
Funds,
as
lender,
would
offset
the
market
value
of
the
collateral
received
against
the
market
value
of
the
securities
loaned.
When
the
value
of
the
collateral
is
greater
than
that
of
the
market
value
of
the
securities
loaned,
the
lender
is
left
with
a
net
amount
payable
to
the
defaulting
party.
However,
bankruptcy
or
insolvency
laws
of
a
particular
jurisdiction
may
impose
restrictions
on
or
prohibitions
against
such
a
right
of
offset
in
the
event
of
an
MSLA
counterparty’s
bankruptcy
or
Notes
to
Financial
Statements
(continued)
77
Notes
to
Financial
Statements
insolvency.
Under
the
MSLA,
absent
an
event
of
default,
the
borrower
can
resell
or
re-pledge
the
loaned
securities,
and
the
Funds
can
reinvest
cash
collateral
received
in
connection
with
loaned
securities.
Upon
an
event
of
default,
the
parties’
obligations
to
return
the
securities
or
collateral
to
the
other
party
are
extinguished,
and
the
parties
can
resell
or
re-pledge
the
loaned
securities
or
the
collateral
received
in
connection
with
the
loaned
securities
in
order
to
satisfy
the
defaulting
party’s
net
payment
obligation
for
all
transactions
under
the
MSLA.
The
defaulting
party
remains
liable
for
any
deficiency. 
As
of
period
end,
the
following
table
is
a
summary
of
the
securities
on
loan
by
counterparty
which
are
subject
to
offset
under
an
MSLA:
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Morningstar
Growth
Barclays
Bank
PLC
.....................................
$
685,531‌
$
(685,531‌)
$
–‌
$
–‌
BNP
Paribas
SA
.......................................
2,936,082‌
(2,930,677‌)
–‌
5,405‌
(b)
BofA
Securities,
Inc.
....................................
3,915,384‌
(3,865,119‌)
–‌
50,265‌
(b)
Citadel
Clearing
LLC
....................................
282,528‌
(282,528‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
1,034,903‌
(1,034,903‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
2,003,579‌
(2,003,579‌)
–‌
–‌
HSBC
Bank
PLC
......................................
3,887,272‌
(3,832,157‌)
–‌
55,115‌
J.P.
Morgan
Securities
LLC
...............................
3,799,573‌
(3,799,573‌)
–‌
–‌
Jefferies
LLC
.........................................
61‌
(61‌)
–‌
–‌
Morgan
Stanley
.......................................
2,539,252‌
(2,539,252‌)
–‌
–‌
National
Financial
Services
LLC
............................
101,901‌
(101,901‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
494,909‌
(494,909‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
418,845‌
(412,020‌)
–‌
6,825‌
(b)
State
Street
Bank
&
Trust
Co.
..............................
60,095‌
(60,095‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
10,054,101‌
(10,003,439‌)
–‌
50,662‌
(b)
UBS
AG
............................................
432,524‌
(421,940‌)
–‌
10,584‌
(b)
$
32,646,540‌
$
(32,467,684‌)
$
–‌
$
178,856‌
Morningstar
Mid-Cap
Barclays
Bank
PLC
.....................................
$
2,050,198‌
$
(2,050,198‌)
$
–‌
$
–‌
BNP
Paribas
SA
.......................................
1,203,448‌
(1,203,448‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
2,997,585‌
(2,997,585‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
2,507,599‌
(2,507,599‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
5,891,154‌
(5,891,154‌)
–‌
–‌
HSBC
Bank
PLC
......................................
2,571,325‌
(2,571,325‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
6,732,008‌
(6,732,008‌)
–‌
–‌
Jefferies
LLC
.........................................
265,107‌
(265,107‌)
–‌
–‌
Morgan
Stanley
.......................................
1,856,266‌
(1,856,266‌)
–‌
–‌
Natixis
SA
...........................................
248,350‌
(246,320‌)
–‌
2,030‌
(b)
RBC
Capital
Markets
LLC
................................
556,262‌
(556,262‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
1,184‌
(1,184‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
551,781‌
(551,781‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
476,533‌
(472,981‌)
–‌
3,552‌
(b)
UBS
AG
............................................
2,157,412‌
(2,157,412‌)
–‌
–‌
UBS
Securities
LLC
....................................
713,682‌
(713,682‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
1,255,385‌
(1,233,560‌)
–‌
21,825‌
(b)
$
32,035,279‌
$
(32,007,872‌)
$
–‌
$
27,407‌
Morningstar
Mid-Cap
Growth
Barclays
Bank
PLC
.....................................
$
9,191,648‌
$
(9,191,648‌)
$
–‌
$
–‌
BNP
Paribas
SA
.......................................
9,354,668‌
(9,354,668‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
4,201,372‌
(4,201,372‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
4,077,687‌
(4,077,687‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
2,464,307‌
(2,464,307‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
15,518,893‌
(15,518,893‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
5,912,097‌
(5,912,097‌)
–‌
–‌
Jefferies
LLC
.........................................
63,365‌
(63,365‌)
–‌
–‌
Morgan
Stanley
.......................................
13,777,652‌
(13,777,652‌)
–‌
–‌
Natixis
SA
...........................................
41,836‌
(41,836‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
12,779,965‌
(12,779,965‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
2,910,655‌
(2,849,647‌)
–‌
61,008‌
(b)
SG
Americas
Securities
LLC
..............................
550,485‌
(550,485‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
19,926‌
(19,926‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
1,458,945‌
(1,451,282‌)
–‌
7,663‌
(b)
UBS
AG
............................................
2,837,313‌
(2,837,313‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
201,066‌
(200,883‌)
–‌
183‌
(b)
$
85,361,880‌
$
(85,293,026‌)
$
–‌
$
68,854‌
Morningstar
Small-Cap
Growth
Barclays
Bank
PLC
.....................................
$
3,074,553‌
$
(3,074,553‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
1,805,007‌
(1,805,007‌)
–‌
–‌
BMO
Capital
Markets
Corp.
...............................
32,459‌
(32,459‌)
–‌
–‌
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
to
Shareholders
78
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.
iShares
ETF
and
Counterparty
Securities
Loaned
at
Value
Cash
Collateral
Received
(a)
Non-Cash
Collateral
Received,
at
Fair
Value
(a)
Net
Amount
Morningstar
Small-Cap
Growth
(continued)
BNP
Paribas
SA
.......................................
4,809,997‌
(4,809,997‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
5,527,842‌
(5,527,842‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
498,147‌
(498,147‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
1,622,802‌
(1,622,802‌)
–‌
–‌
Credit
Suisse
Securities
(USA)
LLC
..........................
305,644‌
(305,644‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
13,767,472‌
(13,767,472‌)
–‌
–‌
HSBC
Bank
PLC
......................................
359,838‌
(359,838‌)
–‌
–‌
ING
Financial
Markets
LLC
...............................
17,374‌
(17,374‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
12,400,616‌
(12,400,616‌)
–‌
–‌
Jefferies
LLC
.........................................
1,172,425‌
(1,172,425‌)
–‌
–‌
Morgan
Stanley
.......................................
6,722,595‌
(6,722,595‌)
–‌
–‌
National
Financial
Services
LLC
............................
2,660,038‌
(2,660,038‌)
–‌
–‌
Natixis
SA
...........................................
1,481,337‌
(1,481,337‌)
–‌
–‌
Nomura
Securities
International,
Inc.
.........................
26,078‌
(26,078‌)
–‌
–‌
RBC
Capital
Markets
LLC
................................
213,463‌
(213,463‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
133,104‌
(133,104‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
288,678‌
(288,678‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
574,994‌
(574,994‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
1,073,161‌
(1,050,967‌)
–‌
22,194‌
(b)
UBS
AG
............................................
1,768,508‌
(1,760,384‌)
–‌
8,124‌
(b)
UBS
Securities
LLC
....................................
179,820‌
(179,820‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
139,795‌
(139,795‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
591,716‌
(591,716‌)
–‌
–‌
$
61,247,463‌
$
(61,217,145‌)
$
–‌
$
30,318‌
Morningstar
Small-Cap
Value
Barclays
Bank
PLC
.....................................
$
1,974,444‌
$
(1,974,444‌)
$
–‌
$
–‌
Barclays
Capital,
Inc.
...................................
77,116‌
(77,116‌)
–‌
–‌
BNP
Paribas
SA
.......................................
1,515,509‌
(1,515,509‌)
–‌
–‌
BofA
Securities,
Inc.
....................................
2,945,803‌
(2,945,803‌)
–‌
–‌
Citadel
Clearing
LLC
....................................
714,335‌
(714,335‌)
–‌
–‌
Citigroup
Global
Markets,
Inc.
..............................
1,478,308‌
(1,478,308‌)
–‌
–‌
Goldman
Sachs
&
Co.
LLC
...............................
10,418,417‌
(10,418,417‌)
–‌
–‌
HSBC
Bank
PLC
......................................
1,014,950‌
(1,014,950‌)
–‌
–‌
J.P.
Morgan
Securities
LLC
...............................
2,863,902‌
(2,863,902‌)
–‌
–‌
Jefferies
LLC
.........................................
238,723‌
(238,723‌)
–‌
–‌
Morgan
Stanley
.......................................
3,761,333‌
(3,761,333‌)
–‌
–‌
National
Financial
Services
LLC
............................
1,252,515‌
(1,252,515‌)
–‌
–‌
Natixis
SA
...........................................
245,971‌
(245,971‌)
–‌
–‌
Scotia
Capital
(USA),
Inc.
................................
351,380‌
(351,380‌)
–‌
–‌
SG
Americas
Securities
LLC
..............................
22,418‌
(22,418‌)
–‌
–‌
State
Street
Bank
&
Trust
Co.
..............................
642,246‌
(642,246‌)
–‌
–‌
Toronto-Dominion
Bank
..................................
24,910‌
(24,910‌)
–‌
–‌
UBS
AG
............................................
767,967‌
(762,505‌)
–‌
5,462‌
(b)
UBS
Securities
LLC
....................................
2,928‌
(2,928‌)
–‌
–‌
Wells
Fargo
Bank
N.A.
..................................
489,011‌
(489,011‌)
–‌
–‌
Wells
Fargo
Securities
LLC
...............................
249,504‌
(249,504‌)
–‌
–‌
$
31,051,690‌
$
(31,046,228‌)
$
–‌
$
5,462‌
(a)
Collateral
received,
if
any,
in
excess
of
the
market
value
of
securities
on
loan
is
not
presented
in
this
table.
The
total
cash
collateral
received
by
each
Fund
is
disclosed
in
the
Fund’s
Statements
of
Assets
and
Liabilities.
(b)
The
market
value
of
the
loaned
securities
is
determined
as
of
April
30,
2023.
Additional
collateral
is
delivered
to
the
Fund
on
the
next
business
day
in
accordance
with
the
MSLA.
The
net
amount
would
be
subject
to
the
borrower
default
indemnity
in
the
event
of
default
by
the
counterparty.
Notes
to
Financial
Statements
(continued)
79
Notes
to
Financial
Statements
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:
Distributor:
BlackRock
Investments,
LLC
(“BRIL”),
an
affiliate
of
BFA,
is
the
distributor
for
each
Fund.
Pursuant
to
the
distribution
agreement,
BFA
is
responsible
for
any
fees
or
expenses
for
distribution
services
provided
to
the
Funds.
ETF
Servicing
Fees:
Each
Fund
has
entered
into
an
ETF
Services
Agreement
with
BRIL
to
perform
certain
order
processing,
Authorized
Participant
communications,
and
related
services
in
connection
with
the
issuance
and
redemption
of
Creation
Units
(“ETF
Services”).
BRIL
is
entitled
to
a
transaction
fee
from
Authorized
Participants
on
each
creation
or
redemption
order
for
the
ETF
Services
provided. The Funds
do
not
pay
BRIL
for
ETF
Services.
Securities
Lending:
The
U.S.
Securities
and
Exchange
Commission
(the
“SEC”)
has
issued
an
exemptive
order
which
permits
BlackRock
Institutional
Trust
Company,
N.A.
(“BTC”),
an
affiliate
of
BFA,
to
serve
as
securities
lending
agent
for
the
Funds,
subject
to
applicable
conditions.
As
securities
lending
agent,
BTC
bears
all
operational
costs
directly
related
to
securities
lending,
including
any
custodial
costs.
Each
Fund
is
responsible
for
fees
in
connection
with
the
investment
of
cash
collateral
received
for
securities
on
loan
(the
“collateral
investment
fees”).
The
cash
collateral
is
invested
in
a
money
market
fund,
BlackRock
Cash
Funds:
Institutional
or
BlackRock
Cash
Funds:
Treasury,
managed
by
BFA,
or
its
affiliates.
However,
BTC
has
agreed
to
reduce
the
amount
of
securities
lending
income
it
receives
in
order
to
effectively
limit
the
collateral
investment
fees
each
Fund
bears
to
an
annual
rate
of
0.04%.
The
SL
Agency
Shares
of
such
money
market
fund
will
not
be
subject
to
a
sales
load,
distribution
fee
or
service
fee.
The
money
market
fund
in
which
the
cash
collateral
has
been
invested
may,
under
certain
circumstances,
impose
a
liquidity
fee
of
up
to
2%
of
the
value
redeemed
or
temporarily
restrict
redemptions
for
up
to
10
business
days
during
a
90
day
period,
in
the
event
that
the
money
market
fund’s
weekly
liquid
assets
fall
below
certain
thresholds.
Securities
lending
income
is
equal
to
the
total
of
income
earned
from
the
reinvestment
of
cash
collateral,
net
of
fees
and
other
payments
to
and
from
borrowers
of
securities,
and
less
the
collateral
investment
fees.
Each
Fund
retains
a
portion
of
securities
lending
income
and
remits
the
remaining
portion
to
BTC
as
compensation
for
its
services
as
securities
lending
agent.
Pursuant
to
the
current
securities
lending
agreement,
each
Fund
retains
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees)
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
In
addition,
commencing
the
business
day
following
the
date
that
the
aggregate
securities
lending
income
plus
the
collateral
investment
fees
generated
across
all
1940
Act
iShares
exchange-traded
funds
(the
“iShares
ETF
Complex”)
in
that
calendar
year
exceeds
a
specified
threshold,
each
Fund,
pursuant
to
the
securities
lending
agreement,
will
retain
for
the
remainder
of
that
calendar
year
81%
of
securities
lending
income
(which
excludes
collateral
investment
fees),
and
the
amount
retained
can
never
be
less
than
70%
of
the
total
of
securities
lending
income
plus
the
collateral
investment
fees.
iShares
ETF
Investment
Advisory
Fees
Morningstar
Growth
................................................................................................
0.04‌
%
Morningstar
Mid-Cap
...............................................................................................
0.04‌
Morningstar
Mid-Cap
Growth
..........................................................................................
0.06‌
Morningstar
Small-Cap
Growth
........................................................................................
0.06‌
Morningstar
Small-Cap
Value
..........................................................................................
0.06‌
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
to
Shareholders
80
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
April
30,
2023,
the
Funds
paid
BTC
the
following
amounts
for
securities
lending
agent
services:
Officers
and
Trustees:
Certain
officers
and/or 
trustees
of
the 
Trust
are
officers
and/or 
trustees
of
BlackRock
or
its
affiliates.
Other
Transactions:
Cross
trading
is
the
buying
or
selling
of
portfolio
securities
between
funds
to
which
BFA
(or
an
affiliate)
serves
as
investment
adviser.
At
its
regularly
scheduled
quarterly
meetings,
the
Board
reviews
such
transactions
as
of
the
most
recent
calendar
quarter
for
compliance
with
the
requirements
and
restrictions
set
forth
by
Rule
17a-7.
For
the year ended April
30,
2023,
transactions
executed
by
the
Funds
pursuant
to
Rule
17a-7
under
the
1940
Act
were
as
follows:
Each
Fund
may
invest
its
positive
cash
balances
in
certain
money
market
funds
managed
by
BFA
or
an
affiliate.
The
income
earned
on
these
temporary
cash
investments
is
shown
as
dividends
–
affiliated
in
the
Statements
of
Operations.
A
fund,
in
order
to
improve
its
portfolio
liquidity
and
its
ability
to
track
its
underlying
index,
may
invest
in
shares
of
other
iShares
funds
that
invest
in
securities
in
the
fund’s
underlying
index.
7.
Purchases
and
Sales
For
the year ended
April
30,
2023,
purchases
and
sales
of
investments,
excluding
short-term securities
and
in-kind
transactions,
were
as
follows:
For
the year ended
April
30,
2023,
in-kind
transactions
were
as
follows:
8.
Income
Tax
Information
Each
Fund
is
treated
as
an
entity
separate
from
the
Trust’s other
funds
for
federal
income
tax
purposes.
It
is
each
Fund’s
policy
to
comply
with
the
requirements
of
the
Internal
Revenue
Code
of
1986,
as
amended,
applicable
to
regulated
investment
companies,
and
to
distribute
substantially
all
of
its
taxable
income
to
its
shareholders.
Therefore,
no
U.S.
federal
income
tax
provision
is
required.
Management
has
analyzed
tax
laws
and
regulations
and
their
application
to
the
Funds
as
of
April
30,
2023,
inclusive
of
the
open
tax
return
years,
and
does
not
believe
that
there
are
any
uncertain
tax
positions
that
require
recognition
of
a
tax
liability
in
the
Funds’
financial
statements.
iShares
ETF
Amounts
Morningstar
Growth
.......................................................................................................
$
61,770‌
Morningstar
Mid-Cap
......................................................................................................
73,198‌
Morningstar
Mid-Cap
Growth
.................................................................................................
149,149‌
Morningstar
Small-Cap
Growth
...............................................................................................
252,155‌
Morningstar
Small-Cap
Value
.................................................................................................
106,195‌
iShares
ETF
Purchases
Sales
Net
Realized
Gain
(Loss)
Morningstar
Growth
....................................................................
$
243,742,409‌
$
217,656,456‌
$
(110,258,256‌)
Morningstar
Mid-Cap
...................................................................
56,209,137‌
71,756,177‌
(37,832,889‌)
Morningstar
Mid-Cap
Growth
..............................................................
212,484,850‌
231,507,910‌
(134,589,465‌)
Morningstar
Small-Cap
Growth
............................................................
90,091,685‌
84,277,468‌
(39,634,644‌)
Morningstar
Small-Cap
Value
..............................................................
82,063,743‌
77,827,366‌
(1,817,819‌)
iShares
ETF
Purchases
Sales
Morningstar
Growth
....................................................................................
$
439,917,236‌
$
438,858,875‌
Morningstar
Mid-Cap
...................................................................................
177,071,690‌
177,691,844‌
Morningstar
Mid-Cap
Growth
..............................................................................
520,582,439‌
521,025,739‌
Morningstar
Small-Cap
Growth
............................................................................
196,100,650‌
194,799,967‌
Morningstar
Small-Cap
Value
..............................................................................
162,380,150‌
158,454,912‌
iShares
ETF
In-kind
Purchases
In-kind
Sales
Morningstar
Growth
....................................................................................
$
91,870,467‌
$
173,042,638‌
Morningstar
Mid-Cap
...................................................................................
24,246,792‌
53,646,432‌
Morningstar
Mid-Cap
Growth
..............................................................................
423,246,684‌
85,747,024‌
Morningstar
Small-Cap
Growth
............................................................................
122,616,585‌
33,632,505‌
Morningstar
Small-Cap
Value
..............................................................................
74,302,182‌
31,304,259‌
Notes
to
Financial
Statements
(continued)
81
Notes
to
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
April
30,
2023,
permanent
differences
attributable
to
realized
gains
(losses)
from
in-kind
redemptions
were
reclassified
to
the
following
accounts:
The
tax
character
of
distributions
paid
was
as
follows:
As
of
April
30,
2023,
the
tax
components
of
accumulated
net
earnings
(losses)
were
as
follows:
A
fund
may
own
shares
in
certain
foreign
investment
entities,
referred
to,
under
U.S.
tax
law,
as
“passive
foreign
investment
companies.”
Such
fund
may
elect
to
mark-to-
market
annually
the
shares
of
each
passive
foreign
investment
company
and
would
be
required
to
distribute
to
shareholders
any
such
marked-to-market
gains.
As
of
April
30,
2023,
gross
unrealized
appreciation
and
depreciation
based
on
cost
of
investments
(including
short
positions
and
derivatives,
if
any)
for
U.S.
federal
income
tax
purposes
were
as
follows:
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.
iShares
ETF
Paid-In
Capital
Accumulated
Earnings
(Loss)
Morningstar
Growth
.........................................................................
$
49,317,784‌
$
(49,317,784‌)
Morningstar
Mid-Cap
........................................................................
8,055,096‌
(8,055,096‌)
Morningstar
Mid-Cap
Growth
...................................................................
11,488,766‌
(11,488,766‌)
Morningstar
Small-Cap
Growth
.................................................................
3,910,546‌
(3,910,546‌)
Morningstar
Small-Cap
Value
...................................................................
4,228,087‌
(4,228,087‌)
—‌
iShares
ETF
Year
Ended
04/30/23
Year
Ended
04/30/22
Morningstar
Growth
Ordinary
income
...........................................................................................
$
12,112,028‌
$
9,412,555‌
Morningstar
Mid-Cap
Ordinary
income
...........................................................................................
$
12,616,997‌
$
11,074,412‌
Morningstar
Mid-Cap
Growth
Ordinary
income
...........................................................................................
$
11,519,624‌
$
7,275,693‌
Morningstar
Small-Cap
Growth
Ordinary
income
...........................................................................................
$
3,674,642‌
$
3,156,876‌
Morningstar
Small-Cap
Value
Ordinary
income
...........................................................................................
$
8,550,267‌
$
7,825,447‌
iShares
ETF
Undistributed
Ordinary
Income
Non-Expiring
Capital
Loss
Carryforwards
(a)
Net
Unrealized
Gains
(Losses)
(b)
Total
Morningstar
Growth
.....................................................
$
189,357‌
$
(232,239,410‌)
$
251,887,913‌
$
19,837,860‌
Morningstar
Mid-Cap
....................................................
37,028‌
(74,974,942‌)
19,684,165‌
(55,253,749‌)
Morningstar
Mid-Cap
Growth
...............................................
223,772‌
(264,462,054‌)
20,284,719‌
(243,953,563‌)
Morningstar
Small-Cap
Growth
.............................................
43,190‌
(133,971,700‌)
(29,968,039‌)
(163,896,549‌)
Morningstar
Small-Cap
Value
...............................................
148,202‌
(41,270,853‌)
(30,052,403‌)
(71,175,054‌)
(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,
the
realization
for
tax
purposes
of
unrealized
gains
(losses)
on
certain
futures
contracts,
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
and
the
characterization
of
corporate
actions.
iShares
ETF
Tax
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net
Unrealized
Appreciation
(Depreciation)
Morningstar
Growth
................................................
$
1,390,040,729‌
$
352,732,528‌
$
(100,844,615‌)
$
251,887,913‌
Morningstar
Mid-Cap
...............................................
736,994,798‌
109,604,807‌
(89,920,642‌)
19,684,165‌
Morningstar
Mid-Cap
Growth
.........................................
1,465,037,184‌
142,220,637‌
(121,935,918‌)
20,284,719‌
Morningstar
Small-Cap
Growth
........................................
494,263,717‌
47,330,185‌
(77,298,224‌)
(29,968,039‌)
Morningstar
Small-Cap
Value
.........................................
449,009,531‌
37,366,156‌
(67,418,559‌)
(30,052,403‌)
Notes
to
Financial
Statements
(continued)
2023
iShares
Annual
Report
to
Shareholders
82
BFA
uses
a
“passive”
or
index
approach
to
try
to
achieve
each
Fund’s
investment
objective
following
the
securities
included
in
its
underlying
index
during
upturns
as
well
as
downturns.
BFA
does
not
take
steps
to
reduce
market
exposure
or
to
lessen
the
effects
of
a
declining
market.
Divergence
from
the
underlying
index
and
the
composition
of
the
portfolio
is
monitored
by
BFA.
The
Funds
may
be
exposed
to
additional
risks
when
reinvesting
cash
collateral
in
money
market
funds
that
do
not
seek
to
maintain
a
stable
NAV
per
share
of
$1.00,
which
may
be
subject
to
redemption
gates
or
liquidity
fees
under
certain
circumstances.
Infectious
Illness
Risk:
An
outbreak
of
an
infectious
illness,
such
as
the
COVID-19
pandemic,
may
adversely
impact
the
economies
of
many
nations
and
the
global
economy,
and
may
impact
individual
issuers
and
capital
markets
in
ways
that
cannot
be
foreseen.
An
infectious
illness
outbreak
may
result
in,
among
other
things,
closed
international
borders,
prolonged
quarantines,
supply
chain
disruptions,
market
volatility
or
disruptions
and
other
significant
economic,
social
and
political
impacts.
Valuation
Risk:
The
market
values
of
equities,
such
as
common
stocks
and
preferred
securities
or
equity
related
investments,
such
as
futures
and
options,
may
decline
due
to
general
market
conditions
which
are
not
specifically
related
to
a
particular
company.
They
may
also
decline
due
to
factors
which
affect
a
particular
industry
or
industries.
A
fund
may
invest
in
illiquid
investments.
An
illiquid
investment
is
any
investment
that
a
fund
reasonably
expects
cannot
be
sold
or
disposed
of
in
current
market
conditions
in
seven
calendar
days
or
less
without
the
sale
or
disposition
significantly
changing
the
market
value
of
the
investment.
A
fund
may
experience
difficulty
in
selling
illiquid
investments
in
a
timely
manner
at
the
price
that
it
believes
the
investments
are
worth.
Prices
may
fluctuate
widely
over
short
or
extended
periods
in
response
to
company,
market
or
economic
news.
Markets
also
tend
to
move
in
cycles,
with
periods
of
rising
and
falling
prices.
This
volatility
may
cause
a
fund’s
NAV
to
experience
significant
increases
or
decreases
over
short
periods
of
time.
If
there
is
a
general
decline
in
the
securities
and
other
markets,
the
NAV
of
a
fund
may
lose
value,
regardless
of
the
individual
results
of
the
securities
and
other
instruments
in
which
a
fund
invests.
The
price
each
Fund
could
receive
upon
the
sale
of
any
particular
portfolio
investment
may
differ
from
each
Fund’s
valuation
of
the
investment,
particularly
for
securities
that
trade
in
thin
or
volatile
markets
or
that
are
valued
using
a
fair
valuation
technique
or
a
price
provided
by
an
independent
pricing
service.
Changes
to
significant
unobservable
inputs
and
assumptions
(i.e.,
publicly
traded
company
multiples,
growth
rate,
time
to
exit)
due
to
the
lack
of
observable
inputs.
Counterparty
Credit
Risk:
 The
Funds
may
be
exposed
to
counterparty
credit
risk,
or
the
risk
that
an
entity
may
fail
to
or
be
unable
to
perform
on
its
commitments
related
to
unsettled
or
open
transactions,
including
making
timely
interest
and/or
principal
payments
or
otherwise
honoring
its
obligations.
The
Funds
manage
counterparty
credit
risk
by
entering
into
transactions
only
with
counterparties
that BFA
believes
have
the
financial
resources
to
honor
their
obligations
and
by
monitoring
the
financial
stability
of
those
counterparties.
Financial
assets,
which
potentially
expose
the
Funds
to
market,
issuer
and
counterparty
credit
risks,
consist
principally
of
financial
instruments
and
receivables
due
from
counterparties.
The
extent
of
the
Funds’
exposure
to
market,
issuer
and
counterparty
credit
risks
with
respect
to
these
financial
assets
is
approximately
their
value
recorded
in
the
Statements
of
Assets
and
Liabilities,
less
any
collateral
held
by
the
Funds.
A
derivative
contract
may
suffer
a
mark-to-market
loss
if
the
value
of
the
contract
decreases
due
to
an
unfavorable
change
in
the
market
rates
or
values
of
the
underlying
instrument.
Losses
can
also
occur
if
the
counterparty
does
not
perform
under
the
contract.
With
exchange-traded
futures,
there
is
less
counterparty
credit
risk
to
the
Funds
since
the
exchange
or
clearinghouse,
as
counterparty
to
such
instruments,
guarantees
against
a
possible
default.
The
clearinghouse
stands
between
the
buyer
and
the
seller
of
the
contract;
therefore,
credit
risk
is
limited
to
failure
of
the
clearinghouse.
While
offset
rights
may
exist
under
applicable
law, a
fund
does
not
have
a
contractual
right
of
offset
against
a
clearing
broker
or
clearinghouse
in
the
event
of
a
default
(including
the
bankruptcy
or
insolvency).
Additionally,
credit
risk
exists
in
exchange-traded
futures with
respect
to
initial
and
variation
margin
that
is
held
in
a
clearing
broker’s
customer
accounts.
While
clearing
brokers
are
required
to
segregate
customer
margin
from
their
own
assets,
in
the
event
that
a
clearing
broker
becomes
insolvent
or
goes
into
bankruptcy
and
at
that
time
there
is
a
shortfall
in
the
aggregate
amount
of
margin
held
by
the
clearing
broker
for
all
its
clients,
typically
the
shortfall
would
be
allocated
on
a
pro
rata
basis
across
all
the
clearing
broker’s
customers,
potentially
resulting
in
losses
to
the
Funds.
Concentration
Risk:
 A
diversified
portfolio,
where
this
is
appropriate
and
consistent
with
a
fund’s
objectives,
minimizes
the
risk
that
a
price
change
of
a
particular
investment
will
have
a
material
impact
on
the
NAV
of
a
fund.
The
investment
concentrations
within
each
Fund’s
portfolio
are
disclosed
in
its
Schedule
of
Investments.
The
Funds
invest
a
significant
portion
of
their
assets
in
securities
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.
Notes
to
Financial
Statements
(continued)
83
Notes
to
Financial
Statements
10.
Capital
Share
Transactions
Capital
shares
are
issued
and
redeemed
by
each
Fund
only
in
aggregations
of
a
specified
number
of
shares
or
multiples
thereof
(“Creation
Units”)
at
NAV.
Except
when
aggregated
in
Creation
Units,
shares
of
each
Fund
are
not
redeemable.
Transactions
in
capital
shares
were
as
follows:
The
consideration
for
the
purchase
of
Creation
Units
of
a
fund
in
the Trust
generally
consists
of
the
in-kind
deposit
of
a
designated
portfolio
of
securities
and
a
specified
amount
of
cash.
Certain
funds
in
the Trust
may
be
offered
in
Creation
Units
solely
or
partially
for
cash
in
U.S.
dollars.
Investors
purchasing
and
redeeming
Creation
Units
may
pay
a
purchase
transaction
fee
and
a
redemption
transaction
fee
directly
to
BRIL,
to
offset
transfer
and
other
transaction
costs
associated
with
the
issuance
and
redemption
of
Creation
Units,
including
Creation
Units
for
cash.
Investors
transacting
in
Creation
Units
for
cash
may
also
pay
an
additional
variable
charge
to
compensate
the
relevant
fund
for
certain
transaction
costs
(i.e.,
stamp
taxes,
taxes
on
currency
or
other
financial
transactions,
and
brokerage
costs)
and
market
impact
expenses
relating
to
investing
in
portfolio
securities.
Such
variable
charges,
if
any,
are
included
in
shares
sold
in
the
table
above.
From
time
to
time,
settlement
of
securities
related
to
in-kind
contributions
or
in-kind
redemptions
may
be
delayed.
In
such
cases,
securities
related
to
in-kind
transactions
are
reflected
as
a
receivable
or
a
payable
in
the
Statements
of
Assets
and
Liabilities.
11.
Subsequent
Events
Management
has
evaluated
the
impact
of
all
subsequent
events
on
the
Funds
through
the
date
the
financial
statements
were
available
to
be
issued
and
has
determined
that
there
were
no
subsequent
events
requiring
adjustment
or
additional
disclosure
in
the
financial
statements.
Year
Ended
04/30/23
Year
Ended
04/30/22
iShares
ETF
Shares
Amount
Shares
Amount
Morningstar
Growth
Shares
sold
1,750,000‌
$
92,244,933‌
3,350,000‌
$
208,754,686‌
Shares
redeemed
(3,350,000‌)
(173,521,116‌)
(3,450,000‌)
(222,204,880‌)
(1,600,000‌)
$
(81,276,183‌)
(100,000‌)
$
(13,450,194‌)
Morningstar
Mid-Cap
Shares
sold
400,000‌
$
24,432,366‌
2,050,000‌
$
136,072,736‌
Shares
redeemed
(900,000‌)
(54,117,055‌)
(2,900,000‌)
(192,909,929‌)
(500,000‌)
$
(29,684,689‌)
(850,000‌)
$
(56,837,193‌)
Morningstar
Mid-Cap
Growth
Shares
sold
7,600,000‌
$
424,829,525‌
8,050,000‌
$
550,847,090‌
Shares
redeemed
(1,600,000‌)
(86,283,708‌)
(12,100,000‌)
(805,314,148‌)
6,000,000‌
$
338,545,817‌
(4,050,000‌)
$
(254,467,058‌)
Morningstar
Small-Cap
Growth
Shares
sold
3,350,000‌
$
124,624,087‌
250,000‌
$
11,523,573‌
Shares
redeemed
(950,000‌)
(34,207,774‌)
(7,000,000‌)
(344,329,581‌)
2,400,000‌
$
90,416,313‌
(6,750,000‌)
$
(332,806,008‌)
Morningstar
Small-Cap
Value
Shares
sold
1,500,000‌
$
79,185,476‌
2,350,000‌
$
140,735,962‌
Shares
redeemed
(650,000‌)
(33,331,576‌)
(3,300,000‌)
(189,343,887‌)
850,000‌
$
45,853,900‌
(950,000‌)
$
(48,607,925‌)
Report
of
Independent
Registered
Public
Accounting
Firm
2023
iShares
Annual
Report
to
Shareholders
84
To
the
Board
of
Trustees
of
iShares
Trust
and
Shareholders
of
each
of
the five
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
(five
of
the
funds
constituting
iShares
Trust,
hereafter
collectively
referred
to
as
the “Funds”)
as
of
April
30,
2023,
the
related
statements
of
operations
for
the
year
ended
April
30,
2023,
the
statements
of
changes
in
net
assets
for
each
of
the
two
years
in
the
period
ended
April
30,
2023,
including
the
related
notes,
and
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2023 (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
as
of
April
30,
2023,
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
April
30,
2023
and
each
of
the
financial
highlights
for
each
of
the
five
years
in
the
period
ended
April
30,
2023 in
conformity
with
accounting
principles
generally
accepted
in
the
United
States
of
America.
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
April
30,
2023
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
June
21,
2023 
We
have
served
as
the
auditor
of
one
or
more
BlackRock
investment
companies
since
2000.
iShares
Morningstar
Growth
ETF
iShares
Morningstar
Mid-Cap
ETF
iShares
Morningstar
Mid-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Growth
ETF
iShares
Morningstar
Small-Cap
Value
ETF
Important
Tax
Information
(unaudited)
85
Important
Tax
Information
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified
dividend
income
for
individuals
for
the
fiscal
year
ended
April
30,
2023:
The
following
amounts,
or
maximum
amounts
allowable
by
law,
are
hereby
designated
as
qualified business
income
for
individuals
for
the
fiscal
year
ended
April
30,
2023:
The
following
percentages,
or
maximum
percentages
allowable
by
law,
of
ordinary
income
distributions
paid
during
the
fiscal
year
ended April
30,
2023
qualified
for
the
dividends-received
deduction
for
corporate
shareholders:
iShares
ETF
Qualified
Dividend
Income
Morningstar
Growth
.................................................................................................
$
11,002,843‌
Morningstar
Mid-Cap
................................................................................................
10,722,010‌
Morningstar
Mid-Cap
Growth
...........................................................................................
9,294,938‌
Morningstar
Small-Cap
Growth
.........................................................................................
1,948,223‌
Morningstar
Small-Cap
Value
...........................................................................................
6,712,238‌
iShares
ETF
Qualified
Business
Income
Morningstar
Growth
.................................................................................................
$
744,358‌
Morningstar
Mid-Cap
................................................................................................
1,043,363‌
Morningstar
Mid-Cap
Growth
...........................................................................................
1,209,692‌
Morningstar
Small-Cap
Growth
.........................................................................................
367,562‌
Morningstar
Small-Cap
Value
...........................................................................................
792,824‌
iShares
ETF
Dividends-Received
Deduction
Morningstar
Growth
...................................................................................................
88.89
%
‌
Morningstar
Mid-Cap
..................................................................................................
80.95
‌
Morningstar
Mid-Cap
Growth
.............................................................................................
77.73
‌
Morningstar
Small-Cap
Growth
...........................................................................................
54.94
‌
Morningstar
Small-Cap
Value
.............................................................................................
76.15
‌
Statement
Regarding
Liquidity
Risk
Management
Program
(unaudited)
2023
iShares
Annual
Report
to
Shareholders
86
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
Morningstar
Growth
ETF,
iShares
Morningstar
Mid-Cap
ETF,
iShares
Morningstar
Mid-Cap
Growth
ETF,
iShares
Morningstar
Small-Cap
Growth
ETF
and
iShares
Morningstar
Small-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
9,
2022
(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,
2021
through
September
30,
2022
(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, the
imposition
of
capital
controls
in
certain
non-U.S.
countries,
Russian
sanctions
and
the
closure
of
the
Russian
securities
market.
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
(“RATS”).
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
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.
Supplemental
Information
(unaudited)
87
Supplemental
Information
Section
19(a)
Notices
The
amounts
and
sources
of
distributions
reported
are
estimates
and
are
being
provided
pursuant
to
regulatory
requirements
and
are
not
being
provided
for
tax
reporting
purposes.
The
actual
amounts
and
sources
for
tax
reporting
purposes
will
depend
upon
each
Fund’s
investment
experience
during
the
year
and
may
be
subject
to
changes
based
on
tax
regulations.
Shareholders
will
receive
a
Form
1099-DIV
each
calendar
year
that
will
inform
them
how
to
report
these
distributions
for
federal
income
tax
purposes.
April
30,
2023
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
.
Total
Cumulative
Distributions
for
the
Fiscal
Year
%
Breakdown
of
the
Total
Cumulative
Distributions
for
the
Fiscal
Year
iShares
ETF
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Net
Investment
Income
Net
Realized
Capital
Gains
Return
of
Capital
Total
Per
Share
Morningstar
Growth
(a)
...................
$
0.404748‌
$
—‌
$
0.004002‌
$
0.408750‌
99‌%
—‌%
1‌%
100‌%
Morningstar
Mid-Cap
...................
1.017970‌
—‌
—‌
1.017970‌
100‌
—‌
—‌
100‌
Morningstar
Mid-Cap
Growth
(a)
.............
0.485124‌
—‌
0.032834‌
0.517958‌
94‌
—‌
6‌
100‌
Morningstar
Small-Cap
Value
..............
1.178509‌
—‌
—‌
1.178509‌
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.
Trustee
and
Officer
Information
(unaudited)
2023
iShares
Annual
Report
to
Shareholders
88
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
380
funds
as
of
April
30,
2023.
With
the
exception
of
Robert
S.
Kapito,
Salim
Ramji
and
Charles
Park,
the
address
of
each
Trustee
and
officer
is
c/o
BlackRock,
Inc.,
400
Howard
Street,
San
Francisco,
CA
94105.
The
address
of
Mr.
Kapito,
Mr.
Ramji
and
Mr.
Park
is
c/o
BlackRock,
Inc.,
50
Hudson
Yards,
New York,
NY
10001.
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
(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)
Salim
Ramji
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
Robert
S.
Kapito
(a)
(1957)
Trustee
(since
2009).
President,
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).
Salim
Ramji
(b)
(1970)
Trustee
(since
2019).
Senior
Managing
Director,
BlackRock,
Inc.
(since
2014);
Global
Head
of
BlackRock’s
ETF
and
Index
Investments
Business
(since
2019);
Head
of
BlackRock’s
U.S.
Wealth
Advisory
Business
(2015-2019);
Global
Head
of
Corporate
Strategy,
BlackRock,
Inc.
(2014-2015);
Senior
Partner,
McKinsey
&
Company
(2010-2014).
Director
of
iShares,
Inc.
(since
2019);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2019).
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);
Chair
(1994-2005)
and
Member
(1992-2021)
of
the
Investment
Committee,
Archdiocese
of
San
Francisco;
Trustee
of
Forward
Funds
(14
portfolios)
(2009-2018);
Trustee
of
Salient
MF
Trust
(4
portfolios)
(2015-2018);
Director
(1998-2013)
and
President
(2007-2011)
of
the
Board
of
Directors,
Catholic
Charities
CYO;
Trustee
(2002-2011)
and
Chair
of
the
Finance
and
Investment
Committee
(2006-2010)
of
the
Thacher
School;
Director
of
the
Senior
Center
of
Jackson
Hole
(since
2020);
Director
of
the
Jackson
Hole
Center
for
the
Arts
(since
2021);
Member
of
the
Wyoming
State
Investment
Funds
Committee
(since
2022).
Director
of
iShares,
Inc.
(since
2005);
Trustee
of
iShares
U.S.
ETF
Trust
(since
2011).
Trustee
and
Officer
Information
(unaudited)
(continued)
89
Trustee
and
Officer
Information
Officers
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);
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).
Name
(Year
of
Birth)
Position(s)
Principal
Occupation(s)
During
Past
5
Years
Dominik
Rohé
(1973)
President
(since
2023).
Managing
Director,
BlackRock,
Inc.
(since
2005);
Head
of
Americas
ETF
and
Index
Investments
(since
2023);
Head
of
Latin
America
(2019-
2023).
Trent
Walker
(1974)
Treasurer
and
Chief
Financial
Officer
(since
2020).
Managing
Director,
BlackRock,
Inc.
(since
September
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);
Executive
Vice
President
of
PIMCO
(2016-2019);
Senior
Vice
President
of
PIMCO
(2008-2015);
Treasurer
(2013-2019)
and
Assistant
Treasurer
(2007-2017)
of
PIMCO
Funds,
PIMCO
Variable
Insurance
Trust,
PIMCO
ETF
Trust,
PIMCO
Equity
Series,
PIMCO
Equity
Series
VIT,
PIMCO
Managed
Accounts
Trust,
2
PIMCO-sponsored
interval
funds
and
21
PIMCO-sponsored
closed-end
funds.
Charles
Park
(1967)
Chief
Compliance
Officer
(since
2006).
Chief
Compliance
Officer
of
BlackRock
Advisors,
LLC
and
the
BlackRock-advised
Funds
in
the
BlackRock
Multi-Asset
Complex
and
the
BlackRock
Fixed-Income
Complex
(since
2014);
Chief
Compliance
Officer
of
BFA
(since
2006).
Marisa
Rolland
(1980)
Secretary
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2023);
Director,
BlackRock,
Inc.
(2018-2022);
Vice
President,
BlackRock,
Inc.
(2010-2017).
Rachel
Aguirre
(1982)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2018);
Director,
BlackRock,
Inc.
(2009-2018);
Head
of
U.S.
iShares
Product
(since
2022);
Head
of
EII
U.S.
Product
Engineering
(since
2021);
Co-Head
of
EII’s
Americas
Portfolio
Engineering
(2020-
2021);
Head
of
Developed
Markets
Portfolio
Engineering
(2016-2019).
Jennifer
Hsui
(1976)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2009);
Co-Head
of
Index
Equity
(since
2022).
James
Mauro
(1970)
Executive
Vice
President
(since
2022).
Managing
Director,
BlackRock,
Inc.
(since
2010);
Head
of
Fixed
Income
Index
Investments
in
the
Americas
and
Head
of
San
Francisco
Core
Portfolio
Management
(since
2020).
Effective
June
15,
2022,
Marisa
Rolland
replaced
Deepa
Damre
Smith
as
Secretary.
Effective
March
30,
2023,
Dominik
Rohé
replaced
Armando
Senra
as
President.
Independent
Trustees
(continued)
General
Information
2023
iShares
Annual
Report
to
Shareholders
90
Electronic
Delivery
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can
sign
up
for
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notifications
announcing
that
the
shareholder
report
or
prospectus
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been
posted
on
the
iShares
website
at
iShares.com
.
Once
you
have
enrolled,
you
will
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longer
receive
prospectuses
and
shareholder
reports
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mail.
To
enroll
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electronic
delivery:
•  
Go
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icsdelivery.com
.
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Please
contact
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broker-dealer
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Householding
Householding
is
an
option
available
to
certain
fund
investors.
Householding
is
a
method
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delivery,
based
on
the
preference
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the
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in
which
a
single
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30e-3
notices
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change
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Availability
of
Quarterly
Schedule
of
Investments
The
Funds
file
their
complete
schedule
of
portfolio
holdings
with
the
SEC
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
their
reports
on
Form
N-PORT.
The
Funds’
Forms
N-PORT
are
available
on
the
SEC’s
website
at
sec.gov
.
Additionally,
each
Fund
makes
its
portfolio
holdings
for
the
first
and
third
quarters
of
each
fiscal
year
available
at
iShares.com/fundreports
.
Availability
of
Proxy
Voting
Policies
and
Proxy
Voting
Records
A
description
of
the
policies
and
procedures
that
the
iShares
Funds
use
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
and
information
about
how
the
iShares
Funds
voted
proxies
relating
to
portfolio
securities
during
the
most
recent
twelve-month
period
ending
June
30
is
available
without
charge,
upon
request
(1)
by
calling
toll-free
1-800-474-2737;
(2)
on
the
iShares
website
at
iShares.com
;
and
(3)
on
the
SEC
website
at
sec.gov
.
A
description
of
the
Trust’s policies
and
procedures
with
respect
to
the
disclosure
of each
Fund’s
portfolio
securities
is
available
in
the
Fund
Prospectus. Each
Fund
discloses
its
portfolio
holdings
daily
and
provides
information
regarding
its
top
holdings
in
Fund
fact
sheets
at
iShares.com
.
Glossary
of
Terms
Used
in
this
Report
91
Glossary
of
Terms
Used
in
this
Report
Portfolio
Abbreviation
MSCI
Morgan
Stanley
Capital
International
NASDAQ
National
Association
of
Securities
Dealers
Automated
NVS
Non-Voting
Shares
REIT
Real
Estate
Investment
Trust
S&P
Standard
&
Poor's
iS-AR-404-0423
Want
to
know
more?
iShares.com
|
1-800-474-2737
This
report
is
intended
for
the
Funds’
shareholders.
It
may
not
be
distributed
to
prospective
investors
unless
it
is
preceded
or
accompanied
by
the
current
prospectus.
Investing
involves
risk,
including
possible
loss
of
principal.
The
iShares
Funds
are
distributed
by
BlackRock
Investments,
LLC
(together
with
its
affiliates,
“BlackRock”).
The
iShares
Funds
are
not
sponsored,
endorsed,
issued,
sold
or
promoted
by Morningstar,
Inc.,
nor
does
this
company
make
any
representation
regarding
the
advisability
of
investing
in
the
iShares
Funds.
BlackRock
is
not
affiliated
with
the
company
listed
above.
©2023
BlackRock,
Inc.
All
rights
reserved.
iSHARES
and
BLACKROCK
are
registered
trademarks
of
BlackRock,
Inc.
or
its
subsidiaries.
All
other
marks
are
the
property
of
their
respective
owners.
(b) Not Applicable
 
Item 2.      Code of Ethics.
 
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 six series of the registrant for which the fiscal year-end is April 30, 2023 (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 $76,200 for the fiscal year ended
April 30, 2022
and $79,800 for the fiscal year ended April 30, 2023.
 
(b)
   
Audit-Related Fees
– There were no fees billed for the fiscal years end
ed April 30, 2022
and April 30, 2023 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 $58,200 for the fiscal year ended
April 30, 2022
and $58,200 for the fiscal year ended April 30, 2023. 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 end
ed April 30, 2022 and April 30, 2023
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 $58,200 for the fiscal year ended
April 30, 2022
and $58,200 for the fiscal year ended April 30, 2023.
 
 
(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.    Exhibits.
 
 
 
      (a) (3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable.
 
(a)
    
(4) Change in Registrant’s independent public accountant – Not Applicable.
 

 
SIGNATURES
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
iShares Trust
 
 
 
By: /s/ Dominik Rohe
 
 
Dominik Rohe, President (Principal Executive Officer)
 
 
Date:
June 21, 2023
 
 
 
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By: /s/ Dominik Rohe
 
 
Dominik Rohe, President (Principal Executive Officer)
 
 
Date:
June 21, 2023
 
 
 
By: /s/
Trent Walker
 
 
Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer)
 
 
Date:
June 21, 2023