N-CSRS

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, 2024
Date of reporting period:	October 31, 2023

Item 1.      Reports to Stockholders.

(a) The Report to Shareholders is attached herewith.

OCTOBER

31,

2023

2023

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

Cohen

&

Steers

REIT

ETF

|

ICF

|

Cboe

BZX

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

October

31,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation,

as

the

annual

increase

in

the

Consumer

Price

Index

declined

to

its

long-term

average

of

approximately

3%

in

October

2023.

Meanwhile,

real

economic

growth

proved

more

resilient

than

many

investors

anticipated.

A

moderating

labor

market

also

helped

ease

inflationary

pressure,

although

wages

continued

to

grow

and

unemployment

rates

touched

the

lowest

levels

in

decades

before

rising

slightly.

This

robust

labor

market

powered

further

growth

in

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

will

have

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

solid

during

the

period,

as

the

durability

of

consumer

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

third

quarter

of

2023.

However,

equity

returns

were

uneven,

as

the

performance

of

a

few

notable

technology

companies

supported

gains

among

large-capitalization

U.S.

stocks,

while

small-capitalization

U.S.

stocks

declined

overall.

Meanwhile,

international

developed

market

equities

advanced,

and

emerging

market

equities

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

six

times

during

the

12-month

period,

but

slowed

and

then

paused

its

tightening

later

in

the

period.

The

Fed

also

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.  

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

recently

opted

for

several

pauses,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.  

While

we

favor

an

overweight

position

in

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

Japanese

stocks

in

the

near

term

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tightening

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries,

U.S.

inflation-linked

bonds,

euro

area

government

bonds

and

gilts,

U.S.

mortgage-backed

securities,

and

hard-

currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

October

31,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

1.39

%

10.14

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(5.29

)

(8.56

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(7.88

)

14.40

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(4.78

)

10.80

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.63

4.77

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(9.70

)

(3.25

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(6.13

)

0.36

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.65

)

2.64

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

0.02

6.23

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

5

Disclosure

of Expenses

...................................................................................................

5

Schedule

of

Investments

..................................................................................................

6

Financial

Statements:

Statement

of

Assets

and

Liabilities

..........................................................................................

9

Statement

of

Operations

................................................................................................

10

Statements

of

Changes

in

Net

Assets

........................................................................................

11

Financial

Highlights

.....................................................................................................

12

Notes

to

Financial

Statements

...............................................................................................

13

Board

Review

and

Approval

of

Investment

Advisory

Contract

............................................................................

18

Supplemental

Information

.................................................................................................

20

General

Information

.....................................................................................................

21

Fund

Summary

as

of

October

31,

2023

2023

iShares

Semi-Annual

Report

to

Shareholders

4

iShares

®

Cohen

&

Steers

REIT

ETF

Investment

Objective

The

iShares

Cohen

&

Steers

REIT

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

U.S.

real

estate

investment

trusts

(“REITs”),

as

represented

by

the

Cohen

&

Steers

Realty

Majors

Index

(the

“Index”).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(11.01‌)%

(7.84‌)%

2.34‌%

5.16‌%

(7.84‌)%

12.26‌%

65.33‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(11.01‌)

(7.92‌)

2.33‌

5.16‌

(7.92‌)

12.22‌

65.32‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(10.85‌)

(7.52‌)

2.71‌

5.53‌

(7.52‌)

14.30‌

71.38‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

889.90‌

$

1.57‌

$

1,000.00‌

$

1,023.48‌

$

1.68‌

0.33‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

INDUSTRY

ALLOCATION

Industry

Percent

of

TotaI

Investments

(a)

Specialized

REITs

.................................

44.9‌

%

Residential

REITs

.................................

19.8‌

Retail

REITs

.....................................

13.9‌

Industrial

REITs

...................................

8.7‌

Health

Care

REITs

.................................

7.4‌

Office

REITs

.....................................

3.7‌

Hotel

&

Resort

REITs

...............................

1.6‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

American

Tower

Corp.

..............................

8.6‌

%

Equinix,

Inc.

.....................................

8.6‌

Prologis,

Inc.

.....................................

7.4‌

Welltower,

Inc.

....................................

6.2‌

Crown

Castle,

Inc.

.................................

6.0‌

Public

Storage

....................................

5.6‌

Digital

Realty

Trust,

Inc.

.............................

5.4‌

Realty

Income

Corp.

................................

4.9‌

Simon

Property

Group,

Inc.

...........................

4.9‌

VICI

Properties,

Inc.

................................

4.1‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

5

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

the

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of the

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

example

shown (which

is

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period)

is

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in

the

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

example

provides information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

example also

provides

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Fund

and

other

funds, compare

the

5%

hypothetical

example

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

example are

intended

to highlight shareholder’s

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

example is

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

October

31,

2023

iShares

®

Cohen

&

Steers

REIT

ETF

6

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Health

Care

REITs

—

7.4%

Healthpeak

Properties,

Inc.

............

1,442,649

$

22,433,192

Welltower,

Inc.

.....................

1,310,870

109,601,841

132,035,033

Hotel

&

Resort

REITs

—

1.6%

Host

Hotels

&

Resorts,

Inc.

............

1,875,827

29,037,802

Industrial

REITs

—

8.6%

Prologis,

Inc.

......................

1,305,886

131,568,014

Rexford

Industrial

Realty,

Inc.

..........

529,991

22,916,811

154,484,825

Office

REITs

—

3.7%

Alexandria

Real

Estate

Equities,

Inc.

......

415,239

38,671,208

Boston

Properties,

Inc.

...............

376,409

20,164,230

Cousins

Properties,

Inc.

..............

399,532

7,139,637

65,975,075

Residential

REITs

—

19.6%

American

Homes

4

Rent,

Class

A

........

828,663

27,130,427

AvalonBay

Communities,

Inc.

..........

374,509

62,071,122

Equity

LifeStyle

Properties,

Inc.

.........

491,286

32,326,619

Equity

Residential

..................

899,393

49,763,415

Essex

Property

Trust,

Inc.

.............

169,273

36,210,880

Invitation

Homes,

Inc.

................

1,533,179

45,520,084

Mid-America

Apartment

Communities,

Inc.

..

307,680

36,352,392

Sun

Communities,

Inc.

...............

328,114

36,499,401

UDR,

Inc.

........................

816,071

25,959,218

351,833,558

Retail

REITs

—

13.8%

Federal

Realty

Investment

Trust

.........

193,488

17,644,171

Kimco

Realty

Corp.

.................

1,634,905

29,330,196

Realty

Income

Corp.

.................

1,837,020

87,038,007

Regency

Centers

Corp.

..............

433,371

26,114,936

Simon

Property

Group,

Inc.

............

792,002

87,033,100

247,160,410

Specialized

REITs

—

44.7%

American

Tower

Corp.

...............

863,947

153,946,716

Crown

Castle,

Inc.

..................

1,143,765

106,347,270

Digital

Realty

Trust,

Inc.

..............

768,398

95,557,975

Equinix,

Inc.

......................

210,629

153,683,344

Extra

Space

Storage,

Inc.

.............

557,033

57,703,049

Public

Storage

.....................

417,317

99,617,741

SBA

Communications

Corp.

...........

285,734

59,612,684

VICI

Properties,

Inc.

.................

2,648,580

73,895,382

800,364,161

Total

Long-Term

Investments

—

99.4%

(Cost:

$2,030,406,773)

...........................

1,780,890,864

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

0.1%

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.33%

(a)(b)

................

1,964,536

$

1,964,536

Total

Short-Term

Securities

—

0.1%

(Cost:

$1,964,536)

..............................

1,964,536

Total

Investments

—

99.5%

(Cost:

$2,032,371,309

)

...........................

1,782,855,400

Other

Assets

Less

Liabilities

—

0.5%

...................

9,361,247

Net

Assets

—

100.0%

..............................

$

1,792,216,647

(a)

Affiliate

of

the

Fund.

(b)

Annualized

7-day

yield

as

of

period

end.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Cohen

&

Steers

REIT

ETF

Schedule

of

Investments

7

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

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

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

Shares

Held

at

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

........

$

2,647,281

$

—

$

(682,745)

(a)

$

—

$

—

$

1,964,536

1,964,536

$

85,840

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Dow

Jones

U.S.

Real

Estate

Index

..............................................

375

12/15/23

$

10,935

$

(64,008)

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

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

64,008

$

—

$

—

$

—

$

64,008

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statement

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

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

.......................

$

—

$

—

$

(940,039)

$

—

$

—

$

—

$

(940,039)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(210,565)

$

—

$

—

$

—

$

(210,565)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

7,478,810

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Cohen

&

Steers

REIT

ETF

8

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

.........................................

$

1,780,890,864

$

—

$

—

$

1,780,890,864

Short-Term

Securities

Money

Market

Funds

......................................

1,964,536

—

—

1,964,536

$

1,782,855,400

$

—

$

—

$

1,782,855,400

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(64,008)

$

—

$

—

$

(64,008)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statement

of

Assets

and

Liabilities

(unaudited)

October

31,

2023

9

Financial

Statements

iShares

Cohen

&

Steers

REIT

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

........................................................................................

$

1,780,890,864‌

Investments,

at

value

—

affiliated

(b)

..........................................................................................

1,964,536‌

Cash

pledged:

Futures

contracts

....................................................................................................

107,000‌

Receivables:

–‌

Investments

sold

....................................................................................................

9,267,612‌

Dividends

—

unaffiliated

...............................................................................................

480,512‌

Dividends

—

affiliated

.................................................................................................

14,454‌

Variation

margin

on

futures

contracts

.......................................................................................

18,675‌

Other

assets

.........................................................................................................

10,353‌

Total

assets

.........................................................................................................

1,792,754,006‌

LIABILITIES

Payables:

–‌

Capital

shares

redeemed

...............................................................................................

8,166‌

Investment

advisory

fees

...............................................................................................

529,193‌

Total

liabilities

........................................................................................................

537,359‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

........................................................................................................

$

1,792,216,647‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

2,207,496,027‌

Accumulated

loss

.....................................................................................................

(415,279,380‌)

NET

ASSETS

........................................................................................................

$

1,792,216,647‌

NET

ASSET

VALUE

Shares

outstanding

....................................................................................................

36,700,000‌

Net

asset

value

.......................................................................................................

$

48.83‌

Shares

authorized

.....................................................................................................

Unlimited

Par

value

...........................................................................................................

None

(a)

  Investments,

at

cost

—

unaffiliated

.................................................................................

$

2,030,406,773

(b)

  Investments,

at

cost

—

affiliated

...................................................................................

$

1,964,536

See

notes

to

financial

statements.

Statement

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2023

2023

iShares

Semi-Annual

Report

to

Shareholders

10

See

notes

to

financial

statements.

iShares

Cohen

&

Steers

REIT

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

...............................................................................................

$

35,891,949‌

Dividends

—

affiliated

.................................................................................................

85,840‌

Interest

—

unaffiliated

.................................................................................................

11,082‌

Total

investment

income

.................................................................................................

35,988,871‌

EXPENSES

Investment

advisory

..................................................................................................

3,524,654‌

Total

expenses

.......................................................................................................

3,524,654‌

Net

investment

income

..................................................................................................

32,464,217‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(272,112,595‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

...........................................................................................

(34,238,167‌)

Futures

contracts

..................................................................................................

(940,039‌)

In-kind

redemptions

—

unaffiliated

(a)

.....................................................................................

22,912,129‌

(12,266,077‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

(259,635,952‌)

Futures

contracts

..................................................................................................

(210,565‌)

(259,846,517‌)

Net

realized

and

unrealized

loss

............................................................................................

(272,112,594‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

(239,648,377‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

Statements

of

Changes

in

Net

Assets

11

Financial

Statements

See

notes

to

financial

statements.

iShares

Cohen

&

Steers

REIT

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

32,464,217‌

$

66,359,085‌

Net

realized

gain

(loss)

..............................................................................

(12,266,077‌)

37,864,098‌

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(259,846,517‌)

(563,377,383‌)

Net

decrease

in

net

assets

resulting

from

operations

............................................................

(239,648,377‌)

(459,154,200‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(32,223,442‌)

(60,855,631‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

(213,044,526‌)

43,705,708‌

NET

ASSETS

Total

decrease

in

net

assets

............................................................................

(484,916,345‌)

(476,304,123‌)

Beginning

of

period

..................................................................................

2,277,132,992‌

2,753,437,115‌

End

of

period

......................................................................................

$

1,792,216,647‌

$

2,277,132,992‌

(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

12

iShares

Cohen

&

Steers

REIT

ETF

Six

Months

Ended

10/31/23

(unaudited)

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

period

................

$

55.74

‌

$

68.41

‌

$

62.62

‌

$

49.68

‌

$

55.51

‌

$

47.00

‌

Net

investment

income

(b)

........................

0.81

‌

1.62

‌

1.01

‌

1.15

‌

1.39

‌

1.28

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(6.91

)

(12.80

)

6.10

‌

13.04

‌

(5.78

)

8.74

‌

Net

increase

(decrease)

from

investment

operations

.......

(6.10

)

(11.18

)

7.11

‌

14.19

‌

(4.39

)

10.02

‌

Distributions

from

net

investment

income

(d)

..............

(0.81

)

(1.49

)

(1.32

)

(1.25

)

(1.44

)

(1.51

)

Net

asset

value,

end

of

period

.....................

$

48.83

‌

$

55.74

‌

$

68.41

‌

$

62.62

‌

$

49.68

‌

$

55.51

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

(11.01

)%

(f)

(16.31

)%

11.33

%

29.11

%

(8.10

)%

21.70

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

................................

0.33

%

(h)

0.33

%

0.32

%

0.33

%

0.34

%

0.34

%

Net

investment

income

...........................

3.02

%

(h)

2.77

%

1.46

%

2.15

%

2.43

%

2.51

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

1,792,217

‌

$

2,277,133

‌

$

2,753,437

‌

$

2,257,332

‌

$

1,842,861

‌

$

2,187,126

‌

Portfolio

turnover

rate

(

i

)

...........................

8

%

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)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

13

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

fund

(the

“Fund”):

2.

Significant

Accounting

Policies 

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates.

The

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis. 

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

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

14

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.

Derivative

Financial

Instruments

Futures

Contracts: 

Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Fund

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Fund

is

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Fund

agrees

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statement

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statement

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

5.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of

the

Fund’s

assets.

BFA

is

a

California

corporation

indirectly

owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Fund,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to

the

Fund, BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Fund,

based

on the

Fund’s

allocable

portion

of

the

aggregate

of

the

average

daily

net

assets

of

the

Fund

and

certain

other

iShares

funds,

as

follows:

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.

Officers

and

Trustees:

Certain

officers

and/or 

trustees

of

the 

Trust

are

officers

and/or 

trustees

of

BlackRock

or

its

affiliates.

Aggregate

Average

Daily

Net

Assets

Investment

Advisory

Fees

First

$121

billion

..................................................................................................

0.3500%

Over

$121

billion,

up

to

and

including

$181

billion

............................................................................

0.3325

Over

$181

billion,

up

to

and

including

$231

billion

............................................................................

0.3159

Over

$231

billion,

up

to

and

including

$281

billion

............................................................................

0.3001

Over

$281

billion

..................................................................................................

0.2851

Notes

to

Financial

Statements

(unaudited)

(continued)

15

Notes

to

Financial

Statements

Other

Transactions:

Cross

trading

is

the

buying

or

selling

of

portfolio

securities

between

funds

to

which

BFA

(or

an

affiliate)

serves

as

investment

adviser.

At

its

regularly

scheduled

quarterly

meetings,

the

Board

reviews

such

transactions

as

of

the

most

recent

calendar

quarter

for

compliance

with

the

requirements

and

restrictions

set

forth

by

Rule

17a-7.

For

the six

months ended October

31,

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.

6.

Purchases

and

Sales

For

the six

months ended

October

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

October

31,

2023,

in-kind

transactions

were

as

follows:

7.

Income

Tax

Information

The

Fund

is

treated

as

an

entity

separate

from

the Trust’s

other

funds

for

federal

income

tax

purposes.

It

is

the

Fund’s

policy

to

comply

with

the

requirements

of

the

Internal

Revenue

Code

of

1986,

as

amended,

applicable

to

regulated

investment

companies,

and

to

distribute

substantially

all

of

its

taxable

income

to

its

shareholders.

Therefore,

no

U.S.

federal

income

tax

provision

is

required.

Management

has

analyzed

tax

laws

and

regulations

and

their

application

to

the

Fund

as

of

October

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Fund’s

financial

statements.

As

of

April

30,

2023,

the

Fund

had

non-expiring

capital

loss

carryforwards

of

$132,983,422

available

to

offset

future

realized

capital

gains.

As

of

October

31,

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:

8.

Principal

Risks

In

the

normal

course

of

business,

the

Fund

invests

in

securities

or

other

instruments

and

may

enter

into

certain

transactions,

and

such

activities

subject

the

Fund

to

various

risks,

including,

among

others,

fluctuations

in

the

market

(market

risk)

or

failure

of

an

issuer

to

meet

all

of

its

obligations.

The

value

of

securities

or

other

instruments

may

also

be

affected

by

various

factors,

including,

without

limitation:

(i)

the

general

economy;

(ii)

the

overall

market

as

well

as

local,

regional

or

global

political

and/or

social

instability;

(iii)

regulation,

taxation

or

international

tax

treaties

between

various

countries;

or

(iv)

currency,

interest

rate

or

price

fluctuations.

Local,

regional

or

global

events

such

as

war,

acts

of

terrorism,

the

spread

of

infectious

illness

or

other

public

health

issues,

recessions,

or

other

events

could

have

a

significant

impact

on

the

Fund

and

its

investments.

The

Fund’s

prospectus

provides

details

of

the

risks

to

which

the

Fund

is

subject.

BFA

uses

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.

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Cohen

&

Steers

REIT

...................................................................

$

33,398,863‌

$

21,567,093‌

$

(1,239,937‌)

iShares

ETF

Purchases

Sales

Cohen

&

Steers

REIT

...................................................................................

$

173,774,300‌

$

176,708,133‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Cohen

&

Steers

REIT

...................................................................................

$

23,136,946‌

$

235,705,275‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Cohen

&

Steers

REIT

..............................................

$

2,058,418,945‌

$

86,465,203‌

$

(362,092,756‌)

$

(275,627,553‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

16

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.

Geographic/Asset

Class

Risk:

A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

the

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments

.

The

Fund

invests

a

significant

portion

of

its

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the

Fund

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.

9.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

the

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

the

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

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

Six

Months

Ended

10/31/23

Year

Ended

04/30/23

iShares

ETF

Shares

Amount

Shares

Amount

Cohen

&

Steers

REIT

Shares

sold

450,000‌

$

23,293,773‌

5,500,000‌

$

323,631,350‌

Shares

redeemed

(4,600,000‌)

(236,338,299‌)

(4,900,000‌)

(279,925,642‌)

(4,150,000‌)

$

(213,044,526‌)

600,000‌

$

43,705,708‌

Notes

to

Financial

Statements

(unaudited)

(continued)

17

Notes

to

Financial

Statements

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.

10.

Subsequent

Events

Management

has

evaluated

the

impact

of

all

subsequent

events

on

the

Fund

through

the

date

the

financial

statements

were

available

to

be

issued

and

has

determined

that

there

were

no

subsequent

events

requiring

adjustment

or

additional

disclosure

in

the

financial

statements.

Board

Review

and

Approval

of

Investment

Advisory

Contract

2023

iShares

Semi-Annual

Report

to

Shareholders

18

iShares

Cohen

&

Steers

REIT

ETF

(the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

19

Board

Review

and

Approval

of

Investment

Advisory

Contract

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

already

provided

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund,

on

an

aggregated

basis

with

the

assets

of

certain

other

iShares

funds,

increase.

The

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

new

or

revised

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

2023

iShares

Semi-Annual

Report

to

Shareholders

20

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

the

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

October

31,

2023

Tailored

Shareholder

Reports

for

Open-End

Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Fund.

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Cohen

&

Steers

REIT

...................

$

0.808961‌

$

—‌

$

—‌

$

0.808961‌

100‌%

—‌%

—‌%

100‌%

General

Information

21

General

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Fund

files

its

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

Fund’s

Form

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

the

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of

the

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus.

The

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

iS-SAR-411-1023

Want

to

know

more?

iShares.com

|

1-800-474-2737

This

report

is

intended

for

the

Fund’s

shareholders.

It

may

not

be

distributed

to

prospective

investors

unless

it

is

preceded

or

accompanied

by

the

current

prospectus.

Investing

involves

risk,

including

possible

loss

of

principal.

The

iShares

Funds

are

distributed

by

BlackRock

Investments,

LLC

(together

with

its

affiliates,

“BlackRock”).

The

iShares

Funds

are

not

sponsored,

endorsed,

issued,

sold

or

promoted

by Cohen

&

Steers

Capital

Management,

Inc.,

nor

do

these

companies

make

any

representation

regarding

the

advisability

of

investing

in

the

iShares

Funds.

BlackRock

is

not

affiliated

with

the

companies

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.

October

31,

2023

2023

Semi-Annual

Report

(Unaudited)

iShares

Trust

iShares

Morningstar

Growth

ETF

|

ILCG

|

NYSE

Arca

iShares

Morningstar

Mid-Cap

ETF

|

IMCB

|

NYSE

Arca

iShares

Morningstar

Mid-Cap

Growth

ETF

|

IMCG

|

NYSE

Arca

iShares

Morningstar

Small-Cap

Growth

ETF

|

ISCG

|

NYSE

Arca

iShares

Morningstar

Small-Cap

Value

ETF

|

ISCV

|

NYSE

Arca

Dear

Shareholder,

The

combination

of

continued

economic

growth

and

cooling

inflation

provided

a

supportive

backdrop

for

investors

during

the

12-month

reporting

period

ended

October

31,

2023.

Significantly

tighter

monetary

policy

helped

to

rein

in

inflation,

as

the

annual

increase

in

the

Consumer

Price

Index

declined

to

its

long-term

average

of

approximately

3%

in

October

2023.

Meanwhile,

real

economic

growth

proved

more

resilient

than

many

investors

anticipated.

A

moderating

labor

market

also

helped

ease

inflationary

pressure,

although

wages

continued

to

grow

and

unemployment

rates

touched

the

lowest

levels

in

decades

before

rising

slightly.

This

robust

labor

market

powered

further

growth

in

consumer

spending,

backstopping

the

economy.

On

October

7,

2023,

Hamas

launched

a

horrific

attack

on

Israel.

The

ensuing

war

will

have

a

significant

humanitarian

impact

and

could

lead

to

heightened

economic

and

market

volatility.

We

see

geopolitics

as

a

structural

market

risk

going

forward.

See

our

geopolitical

risk

dashboard

at

blackrock.com

for

more

details.

Equity

returns

were

solid

during

the

period,

as

the

durability

of

consumer

spending

mitigated

investors’

concerns

about

the

economy’s

trajectory.

The

U.S.

economy

continued

to

show

strength,

and

growth

further

accelerated

in

the

third

quarter

of

2023.

However,

equity

returns

were

uneven,

as

the

performance

of

a

few

notable

technology

companies

supported

gains

among

large-capitalization

U.S.

stocks,

while

small-capitalization

U.S.

stocks

declined

overall.

Meanwhile,

international

developed

market

equities

advanced,

and

emerging

market

equities

posted

solid

gains.

The

10-year

U.S.

Treasury

yield

rose

during

the

reporting

period,

driving

its

price

down,

as

investors

reacted

to

elevated

inflation

and

attempted

to

anticipate

future

interest

rate

changes.

The

corporate

bond

market

benefited

from

improving

economic

sentiment,

although

high-yield

corporate

bond

prices

fared

significantly

better

than

investment-grade

bonds

as

demand

from

yield-seeking

investors

remained

strong.

The

U.S.

Federal

Reserve

(the

“Fed”),

attempting

to

manage

persistent

inflation,

raised

interest

rates

six

times

during

the

12-month

period,

but

slowed

and

then

paused

its

tightening

later

in

the

period.

The

Fed

also

wound

down

its

bond-buying

programs

and

incrementally

reduced

its

balance

sheet

by

not

replacing

securities

that

reach

maturity.  

Supply

constraints

appear

to

have

become

an

embedded

feature

of

the

new

macroeconomic

environment,

making

it

difficult

for

developed

economies

to

increase

production

without

sparking

higher

inflation.

Geopolitical

fragmentation

and

an

aging

population

risk

further

exacerbating

these

constraints,

keeping

the

labor

market

tight

and

wage

growth

high.

Although

the

Fed

has

decelerated

the

pace

of

interest

rate

hikes

and

recently

opted

for

several

pauses,

we

believe

that

the

new

economic

regime

means

that

the

Fed

will

need

to

maintain

high

rates

for

an

extended

period

to

keep

inflation

under

control.

Furthermore,

ongoing

structural

changes

may

mean

that

the

Fed

will

be

hesitant

to

cut

interest

rates

in

the

event

of

faltering

economic

activity

lest

inflation

accelerate

again.  

While

we

favor

an

overweight

position

in

developed

market

equities

in

the

long

term,

we

prefer

an

underweight

stance

in

the

near

term.

Expectations

for

corporate

earnings

remain

elevated,

which

seems

inconsistent

with

macroeconomic

constraints.

Nevertheless,

we

are

overweight

on

Japanese

stocks

in

the

near

term

as

shareholder-friendly

policies

generate

increased

investor

interest.

We

also

believe

that

stocks

with

an

AI

tilt

should

benefit

from

an

investment

cycle

that

is

set

to

support

revenues

and

margins.

In

credit,

there

are

selective

opportunities

in

the

near

term

despite

tightening

credit

and

financial

conditions.

For

fixed

income

investing

with

a

six-

to

twelve-month

horizon,

we

see

the

most

attractive

investments

in

short-term

U.S.

Treasuries,

U.S.

inflation-linked

bonds,

euro

area

government

bonds

and

gilts,

U.S.

mortgage-backed

securities,

and

hard-

currency

emerging

market

bonds.

Overall,

our

view

is

that

investors

need

to

think

globally,

position

themselves

to

be

prepared

for

a

decarbonizing

economy,

and

be

nimble

as

market

conditions

change.

We

encourage

you

to

talk

with

your

financial

advisor

and

visit

iShares.com

for

further

insight

about

investing

in

today’s

markets.

Sincerely,

Rob

Kapito

President,

BlackRock,

Inc.

The

Markets

in

Review

Rob

Kapito

President,

BlackRock,

Inc.

Past

performance

is

not

an

indication

of

future

results.

Index

performance

is

shown

for

illustrative

purposes

only.

You

cannot

invest

directly

in

an

index.

Total

Returns

as

of

October

31,

2023

6-Month

12-Month

U.S.

large

cap

equities

(S&P

500

®

Index)

1.39

%

10.14

%

U.S.

small

cap

equities

(Russell

2000

®

Index)

(5.29

)

(8.56

)

International

equities

(MSCI

Europe,

Australasia,

Far

East

Index)

(7.88

)

14.40

Emerging

market

equities

(MSCI

Emerging

Markets

Index)

(4.78

)

10.80

3-month

Treasury

bills

(ICE

BofA

3-Month

U.S.

Treasury

Bill

Index)

2.63

4.77

U.S.

Treasury

securities

(ICE

BofA

10-Year

U.S.

Treasury

Index)

(9.70

)

(3.25

)

U.S.

investment

grade

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index)

(6.13

)

0.36

Tax-exempt

municipal

bonds

(Bloomberg

Municipal

Bond

Index)

(4.65

)

2.64

U.S.

high

yield

bonds

(Bloomberg

U.S.

Corporate

High

Yield

2%

Issuer

Capped

Index)

0.02

6.23

This

Page

is

not

Part

of

Your

Fund

Report

2

Table

of

Contents

Page

3

The

Markets

in

Review

...................................................................................................

2

Semi-Annual

Report:

Fund

Summary

........................................................................................................

4

About

Fund

Performance

..................................................................................................

9

Disclosure

of Expenses

...................................................................................................

9

Schedules

of

Investments

.................................................................................................

10

Financial

Statements:

Statements

of

Assets

and

Liabilities

.........................................................................................

57

Statements

of

Operations

................................................................................................

59

Statements

of

Changes

in

Net

Assets

........................................................................................

61

Financial

Highlights

.....................................................................................................

64

Notes

to

Financial

Statements

...............................................................................................

69

Board

Review

and

Approval

of

Investment

Advisory

Contract

............................................................................

78

Supplemental

Information

.................................................................................................

80

General

Information

.....................................................................................................

81

Glossary

of

Terms

Used

in

this

Report

..........................................................................................

82

Fund

Summary

as

of

October

31,

2023

2023

iShares

Semi-Annual

Report

To

Shareholders

4

iShares

®

Morningstar

Growth

ETF

Investment

Objective

The

iShares

Morningstar

Growth

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

large-

and

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Morningstar

®

US

Large-Mid

Cap

Broad

Growth

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Large

Growth

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Large-Mid

Cap

Broad

Growth

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.22‌%

17.05‌%

12.22‌%

12.83‌%

17.05‌%

78.00‌%

234.49‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.18‌

17.09‌

12.22‌

12.83‌

17.09‌

77.99‌

234.27‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

5.23‌

17.06‌

12.38‌

13.13‌

17.06‌

79.21‌

243.45‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

1,052.20‌

$

0.21‌

$

1,000.00‌

$

1,024.94‌

$

0.20‌

0.04‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Information

Technology

.............................

43.2‌

%

Consumer

Discretionary

............................

15.5‌

Health

Care

....................................

9.9‌

Communication

Services

............................

8.1‌

Financials

......................................

7.1‌

Industrials

......................................

6.6‌

Consumer

Staples

................................

3.2‌

Real

Estate

.....................................

2.6‌

Energy

........................................

1.6‌

Materials

......................................

1.5‌

Utilities

........................................

0.7‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Microsoft

Corp.

...................................

12.7‌

%

Apple,

Inc.

......................................

12.7‌

Amazon.com,

Inc.

.................................

6.1‌

NVIDIA

Corp.

....................................

5.1‌

Tesla,

Inc.

.......................................

2.8‌

Alphabet,

Inc.,

Class

A

..............................

2.3‌

Eli

Lilly

&

Co.

....................................

2.2‌

Alphabet,

Inc.,

Class

C,

NVS

..........................

1.9‌

Visa,

Inc.,

Class

A

.................................

1.9‌

Mastercard,

Inc.,

Class

A

.............................

1.6‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

October

31,

2023

5

Fund

Summary

iShares

®

Morningstar

Mid-Cap

ETF

Investment

Objective

The

iShares

Morningstar

Mid-Cap

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities,

as

represented

by

the

Morningstar

®

US

Mid

Cap

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Core

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Cap

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.57‌)%

(0.88‌)%

6.95‌%

7.84‌%

(0.88‌)%

39.93‌%

112.71‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.62‌)

(0.96‌)

6.96‌

7.84‌

(0.96‌)

39.98‌

112.62‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.55‌)

(0.87‌)

7.09‌

8.04‌

(0.87‌)

40.88‌

116.73‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

954.30‌

$

0.20‌

$

1,000.00‌

$

1,024.94‌

$

0.20‌

0.04‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

18.2‌

%

Information

Technology

.............................

14.7‌

Financials

......................................

13.5‌

Health

Care

....................................

10.3‌

Consumer

Discretionary

............................

8.9‌

Real

Estate

.....................................

8.0‌

Utilities

........................................

6.9‌

Materials

......................................

6.4‌

Energy

........................................

5.3‌

Consumer

Staples

................................

4.7‌

Communication

Services

............................

3.1‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Parker-Hannifin

Corp.

...............................

0.6‌

%

TransDigm

Group,

Inc.

..............................

0.6‌

NXP

Semiconductors

NV

............................

0.6‌

American

International

Group,

Inc.

......................

0.6‌

Workday,

Inc.,

Class

A

..............................

0.6‌

Trane

Technologies

plc

..............................

0.6‌

Welltower,

Inc.

....................................

0.6‌

Newmont

Corp.

...................................

0.6‌

PACCAR,

Inc.

....................................

0.6‌

Williams

Cos.,

Inc.

(The)

.............................

0.5‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

October

31,

2023

2023

iShares

Semi-Annual

Report

To

Shareholders

6

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Investment

Objective

The

iShares

Morningstar

Mid-Cap

Growth

ETF

(the

“

Fund

”

)

seeks

to

track

the

investment

results

of

an

index

composed

of

mid-capitalization

U.S.

equities

that

exhibit

growth

characteristics,

as

represented

by

the

Morningstar

®

US

Mid

Cap

Broad

Growth

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Growth

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Mid

Cap

Broad

Growth

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(3.99‌)%

1.36‌%

9.65‌%

9.70‌%

1.36‌%

58.51‌%

152.35‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.05‌)

1.24‌

9.63‌

9.71‌

1.24‌

58.39‌

152.52‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(3.97‌)

1.38‌

9.83‌

9.91‌

1.38‌

59.84‌

157.31‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

960.10‌

$

0.30‌

$

1,000.00‌

$

1,024.83‌

$

0.31‌

0.06‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

23.2‌

%

Information

Technology

.............................

20.7‌

Health

Care

....................................

11.9‌

Consumer

Discretionary

............................

10.3‌

Financials

......................................

8.2‌

Real

Estate

.....................................

7.6‌

Consumer

Staples

................................

4.6‌

Communication

Services

............................

4.2‌

Energy

........................................

3.7‌

Materials

......................................

3.3‌

Utilities

........................................

2.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

TransDigm

Group,

Inc.

..............................

1.2‌

%

Workday,

Inc.,

Class

A

..............................

1.1‌

Marvell

Technology,

Inc.

.............................

1.0‌

Hilton

Worldwide

Holdings,

Inc.

........................

1.0‌

Crowdstrike

Holdings,

Inc.,

Class

A

......................

1.0‌

Ross

Stores,

Inc.

..................................

1.0‌

Copart,

Inc.

......................................

1.0‌

MSCI,

Inc.

......................................

1.0‌

Constellation

Energy

Corp.

...........................

0.9‌

Paychex,

Inc.

....................................

0.9‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

October

31,

2023

7

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

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Growth

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Cap

Broad

Growth

Extended

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(5.58‌)%

(3.04‌)%

3.63‌%

6.17‌%

(3.04‌)%

19.53‌%

81.95‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(5.45‌)

(3.04‌)

3.67‌

6.18‌

(3.04‌)

19.72‌

82.08‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(5.64‌)

(3.24‌)

3.65‌

6.22‌

(3.24‌)

19.64‌

82.85‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

944.20‌

$

0.29‌

$

1,000.00‌

$

1,024.83‌

$

0.31‌

0.06‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Industrials

......................................

22.3‌

%

Information

Technology

.............................

19.7‌

Health

Care

....................................

16.8‌

Consumer

Discretionary

............................

12.1‌

Financials

......................................

7.2‌

Real

Estate

.....................................

4.8‌

Materials

......................................

4.3‌

Energy

........................................

4.1‌

Consumer

Staples

................................

3.7‌

Communication

Services

............................

3.7‌

Utilities

........................................

1.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

Vertiv

Holdings

Co.,

Class

A

..........................

0.8‌

%

Tradeweb

Markets,

Inc.,

Class

A

........................

0.6‌

Pure

Storage,

Inc.,

Class

A

...........................

0.6‌

Saia,

Inc.

.......................................

0.6‌

Range

Resources

Corp.

.............................

0.5‌

Clean

Harbors,

Inc.

................................

0.5‌

Celsius

Holdings,

Inc.

...............................

0.4‌

EastGroup

Properties,

Inc.

...........................

0.4‌

Roku,

Inc.,

Class

A

.................................

0.4‌

Advanced

Drainage

Systems,

Inc.

......................

0.4‌

(a)

Excludes

money

market

funds.

Fund

Summary

as

of

October

31,

2023

2023

iShares

Semi-Annual

Report

To

Shareholders

8

iShares

®

Morningstar

Small-Cap

Value

ETF

Investment

Objective

The

iShares

Morningstar

Small-Cap

Value

ETF

(the

“Fund”)

seeks

to

track

the

investment

results

of

an

index

composed

of

small-capitalization

U.S.

equities

that

exhibit

value

characteristics,

as

represented

by

the

Morningstar

®

US

Small

Cap

Broad

Value

Extended

Index

SM

(the

“

Index

”

).

The

Fund

invests

in

a

representative

sample

of

securities

included

in

the

Index

that

collectively

has

an

investment

profile

similar

to

the

Index.

Due

to

the

use

of

representative

sampling,

the

Fund

may

or

may

not

hold

all

of

the

securities

that

are

included

in

the

Index.

Performance

Index

performance

through

March

21,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Cap

Value

Index

SM

.

Index

performance

beginning

on

March

22,

2021

reflects

the

performance

of

the

Morningstar

®

US

Small

Cap

Broad

Value

Extended

Index

SM

.

Past

performance

is

not

an indication

of

future

results.

Performance

results

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

See

“About

Fund

Performance” for

more

information.

Expense

Example

Portfolio

Information

Average

Annual

Total

Returns

Cumulative

Total

Returns

6-Month

Total

Returns

1

Year

5

Years

10

Years

1

Year

5

Years

10

Years

Fund

NAV

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.11‌)%

(7.08‌)%

3.23‌%

4.93‌%

(7.08‌)%

17.26‌%

61.84‌%

Fund

Market

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.11‌)

(7.42‌)

3.22‌

4.92‌

(7.42‌)

17.19‌

61.63‌

Index

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(4.15‌)

(7.21‌)

3.38‌

5.11‌

(7.21‌)

18.08‌

64.57‌

Actual

Hypothetical

5%

Return

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Beginning

Account

Value

(05/01/23)

Ending

Account

Value

(10/31/23)

Expenses

Paid

During

the

Period

(a)

Annualized

Expense

Ratio

$

1,000.00‌

$

958.90‌

$

0.30‌

$

1,000.00‌

$

1,024.83‌

$

0.31‌

0.06‌%

(a)

Expenses

are

equal

to

the

annualized

expense

ratio,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

184/366

(to

reflect

the

one-half

year

period

shown).

Other

fees,

such

as

brokerage

commissions

and

other

fees

to

financial

intermediaries,

may

be

paid

which

are

not

reflected

in

the

tables

and

examples

above.

See

“Disclosure

of

Expenses”

for

more

information.

SECTOR

ALLOCATION

—

%

Sector

Percent

of

Total

Investments

(a)

—

Financials

......................................

27.1‌

%

Industrials

......................................

15.4‌

Consumer

Discretionary

............................

14.6‌

Energy

........................................

8.0‌

Real

Estate

.....................................

7.6‌

Information

Technology

.............................

6.8‌

Health

Care

....................................

6.1‌

Materials

......................................

6.0‌

Utilities

........................................

3.2‌

Consumer

Staples

................................

2.9‌

Communication

Services

............................

2.3‌

TEN

LARGEST

HOLDINGS

Security

Percent

of

TotaI

Investments

(a)

XPO,

Inc.

.......................................

0.5‌

%

Antero

Resources

Corp.

.............................

0.5‌

Omega

Healthcare

Investors,

Inc.

.......................

0.5‌

Assurant,

Inc.

....................................

0.5‌

Southwestern

Energy

Co.

............................

0.5‌

United

States

Steel

Corp.

............................

0.5‌

Chord

Energy

Corp.

................................

0.4‌

New

York

Community

Bancorp,

Inc.

.....................

0.4‌

Lithia

Motors,

Inc.,

Class

A

...........................

0.4‌

Murphy

Oil

Corp.

..................................

0.4‌

(a)

Excludes

money

market

funds.

About

Fund

Performance

9

About

Fund

Performance/Disclosure

of

Expenses

Past

performance

is

not

an

indication

of

future

results.

Financial

markets

have

experienced

extreme

volatility

and

trading

in

many

instruments

has

been

disrupted.

These

circumstances

may

continue

for

an

extended

period

of

time

and

may

continue

to

affect

adversely

the

value

and

liquidity

of

each

Fund’s

investments.

As

a

result,

current

performance

may

be

lower

or

higher

than

the

performance

data

quoted.

Performance

data

current

to

the

most

recent

month-end

is

available

at

iShares.com

.

Performance

results

assume

reinvestment

of

all

dividends

and

capital

gain

distributions

and

do

not

reflect

the

deduction

of

taxes

that

a

shareholder

would

pay

on

fund

distributions

or

on

the

redemption

or

sale

of

fund

shares.

The

investment

return

and

principal

value

of

shares

will

vary

with

changes

in

market

conditions.

Shares

may

be

worth

more

or

less

than

their

original

cost

when

they

are

redeemed

or

sold

in

the

market.

Performance

for

certain

funds

may

reflect

a

waiver

of

a

portion

of

investment

advisory

fees.

Without

such

a

waiver,

performance

would

have

been

lower.

Net

asset

value

or

“NAV”

is

the

value

of

one

share

of

a

fund

as

calculated

in

accordance

with

the

standard

formula

for

valuing

mutual

fund

shares.

Beginning

August

10,

2020,

the

price

used

to

calculate

market

return

(“Market

Price”)

is

the

closing

price.

Prior

to

August

10,

2020,

Market Price

was

determined

using

the

midpoint

between

the

highest

bid

and

the

lowest

ask

on

the

primary

stock

exchange

on

which

shares

of

a

fund

are

listed

for

trading,

as

of

the

time

that

such

fund’s

NAV

is

calculated. Market

and

NAV

returns

assume

that

dividends

and

capital

gain

distributions

have

been

reinvested

at

Market

Price

and

NAV,

respectively.

An

index

is

a

statistical

composite

that

tracks

a

specified

financial

market

or

sector.

Unlike

a

fund,

an

index

does

not

actually

hold

a

portfolio

of

securities

and

therefore

does

not

incur

the

expenses

incurred

by

a

fund.

These

expenses

negatively

impact

fund

performance.

Also,

market

returns

do

not

include

brokerage

commissions

that

may

be

payable

on

secondary

market

transactions.

If

brokerage

commissions

were

included,

market

returns

would

be

lower.

Disclosure

of Expenses

Shareholders

of each

Fund

may

incur

the

following

charges: (1)

transactional

expenses,

including

brokerage

commissions

on

purchases

and

sales

of

fund

shares

and

(2)

ongoing

expenses,

including

management

fees

and

other

fund

expenses.

The

expense

examples

shown (which are

based

on

a

hypothetical

investment

of

$1,000

invested

at

the

beginning

of

the

period

and

held

through

the

end

of

the

period) are

intended

to

assist

shareholders

both

in

calculating

expenses

based

on

an

investment

in each

Fund and

in

comparing

these

expenses

with

similar

costs

of

investing

in

other

funds.

The

expense

examples

provide information

about

actual

account

values

and

actual

expenses.

Annualized

expense

ratios

reflect

contractual

and

voluntary

fee

waivers,

if

any.

In

order

to estimate

the

expenses

a

shareholder paid during

the period

covered

by

this

report,

shareholders

can divide their

account

value

by

$1,000 and

then

multiply

the

result

by

the

number

under

the

heading

entitled

“Expenses

Paid

During

the

Period.”

The

expense

examples also

provide

information

about

hypothetical

account

values

and

hypothetical

expenses

based

on a

fund’s

actual

expense

ratio

and

an

assumed

rate

of

return

of

5%

per

year

before

expenses.

In

order

to

assist

shareholders

in

comparing

the ongoing expenses

of

investing

in the

Funds

and

other

funds, compare

the

5%

hypothetical

examples

with

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

expenses

shown

in

the

expense

examples are

intended

to highlight shareholders’

ongoing

costs

only

and

do

not

reflect

any

transactional

expenses,

such

as

brokerage

commissions

and

other

fees

paid

on

purchases

and

sales

of

fund

shares.

Therefore,

the

hypothetical

examples are

useful

in

comparing

ongoing expenses

only

and

will

not

help

shareholders determine

the

relative

total expenses

of

owning

different

funds. If

these

transactional expenses

were

included, shareholder

expenses would

have

been

higher.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

October

31,

2023

iShares

®

Morningstar

Growth

ETF

10

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

0.5%

Axon

Enterprise,

Inc.

(a)

...............

5,750

$

1,175,818

HEICO

Corp.

.....................

3,238

512,932

HEICO

Corp.,

Class

A

................

6,242

793,545

Howmet

Aerospace,

Inc.

..............

32,178

1,419,050

Huntington

Ingalls

Industries,

Inc.

........

1,667

366,440

Textron,

Inc.

......................

5,461

415,036

TransDigm

Group,

Inc.

(a)

..............

4,536

3,756,216

8,439,037

Air

Freight

&

Logistics

—

0.1%

CH

Robinson

Worldwide,

Inc.

..........

3,007

246,063

Expeditors

International

of

Washington,

Inc.

.

4,871

532,157

778,220

Automobile

Components

—

0.2%

Aptiv

plc

(a)

........................

23,239

2,026,441

BorgWarner,

Inc.

...................

7,629

281,510

Lear

Corp.

.......................

1,794

232,789

2,540,740

Automobiles

—

2.8%

(a)

Lucid

Group,

Inc.

(b)

..................

72,861

300,187

Tesla,

Inc.

........................

226,983

45,587,266

45,887,453

Banks

—

0.1%

First

Citizens

BancShares,

Inc.,

Class

A

....

971

1,340,699

Beverages

—

1.0%

Brown-Forman

Corp.,

Class

A

..........

4,558

261,720

Brown-Forman

Corp.,

Class

B,

NVS

......

15,163

851,554

Coca-Cola

Co.

(The)

................

117,301

6,626,333

Monster

Beverage

Corp.

(a)

.............

61,116

3,123,028

PepsiCo,

Inc.

.....................

36,242

5,917,594

16,780,229

Biotechnology

—

1.2%

(a)

Alnylam

Pharmaceuticals,

Inc.

..........

10,301

1,563,692

Apellis

Pharmaceuticals,

Inc.

...........

8,441

410,739

BioMarin

Pharmaceutical,

Inc.

(b)

.........

15,566

1,267,851

Exact

Sciences

Corp.

(b)

...............

14,766

909,438

Incyte

Corp.

......................

15,260

822,972

Karuna

Therapeutics,

Inc.

.............

1,616

269,242

Neurocrine

Biosciences,

Inc.

...........

7,998

887,298

Regeneron

Pharmaceuticals,

Inc.

........

3,156

2,461,333

Sarepta

Therapeutics,

Inc.

.............

7,624

513,171

Seagen,

Inc.

......................

11,566

2,461,360

Vertex

Pharmaceuticals,

Inc.

...........

21,215

7,682,164

19,249,260

Broadline

Retail

—

6.5%

Amazon.com,

Inc.

(a)

.................

746,334

99,329,592

Coupang,

Inc.,

Class

A

(a)

..............

63,463

1,078,871

eBay,

Inc.

........................

19,066

747,959

Etsy,

Inc.

(a)

.......................

10,260

639,198

MercadoLibre,

Inc.

(a)

.................

3,793

4,706,127

106,501,747

Building

Products

—

0.4%

A

O

Smith

Corp.

...................

5,648

394,004

Allegion

plc

.......................

4,426

435,341

Builders

FirstSource,

Inc.

(a)

............

5,520

599,030

Carlisle

Cos.,

Inc.

..................

2,711

688,838

Carrier

Global

Corp.

.................

25,316

1,206,561

Johnson

Controls

International

plc

.......

19,106

936,576

Lennox

International,

Inc.

.............

1,237

458,358

Security

Shares

Shares

Value

Building

Products

(continued)

Trane

Technologies

plc

...............

12,521

$

2,382,872

7,101,580

Capital

Markets

—

1.6%

Ameriprise

Financial,

Inc.

.............

3,436

1,080,863

Ares

Management

Corp.,

Class

A

........

13,565

1,337,373

Blackstone,

Inc.,

Class

A

..............

16,643

1,536,981

Charles

Schwab

Corp.

(The)

...........

44,875

2,335,295

FactSet

Research

Systems,

Inc.

.........

3,128

1,350,952

Interactive

Brokers

Group,

Inc.,

Class

A

....

8,789

703,735

Intercontinental

Exchange,

Inc.

.........

23,518

2,526,774

LPL

Financial

Holdings,

Inc.

............

6,272

1,408,190

MarketAxess

Holdings,

Inc.

............

3,095

661,556

Moody's

Corp.

.....................

9,064

2,791,712

Morningstar,

Inc.

...................

2,114

535,349

MSCI,

Inc.

.......................

6,497

3,063,660

Nasdaq,

Inc.

......................

11,081

549,618

Raymond

James

Financial,

Inc.

.........

8,492

810,477

S&P

Global,

Inc.

...................

16,301

5,694,102

SEI

Investments

Co.

.................

4,232

227,089

26,613,726

Chemicals

—

1.2%

Air

Products

&

Chemicals,

Inc.

..........

7,549

2,132,140

Albemarle

Corp.

...................

5,109

647,719

Corteva,

Inc.

......................

24,606

1,184,533

DuPont

de

Nemours,

Inc.

.............

16,889

1,230,870

Ecolab,

Inc.

......................

13,547

2,272,374

FMC

Corp.

.......................

4,116

218,971

Linde

plc

........................

18,447

7,049,705

Olin

Corp.

........................

4,350

185,832

PPG

Industries,

Inc.

.................

11,888

1,459,490

RPM

International,

Inc.

...............

5,416

494,318

Sherwin-Williams

Co.

(The)

............

7,080

1,686,527

Westlake

Corp.

....................

1,501

173,155

18,735,634

Commercial

Services

&

Supplies

—

0.7%

Cintas

Corp.

......................

5,426

2,751,633

Copart,

Inc.

(a)

.....................

71,408

3,107,676

Republic

Services,

Inc.

...............

8,966

1,331,361

Rollins,

Inc.

.......................

23,090

868,415

Tetra

Tech,

Inc.

....................

4,417

666,570

Waste

Management,

Inc.

..............

13,685

2,248,856

10,974,511

Communications

Equipment

—

0.4%

Arista

Networks,

Inc.

(a)

...............

20,642

4,136,038

F5,

Inc.

(a)

........................

1,660

251,639

Motorola

Solutions,

Inc.

..............

7,894

2,198,163

6,585,840

Construction

&

Engineering

—

0.2%

AECOM

.........................

5,770

441,693

EMCOR

Group,

Inc.

.................

2,245

463,929

Quanta

Services,

Inc.

................

7,722

1,290,501

WillScot

Mobile

Mini

Holdings

Corp.

(a)

.....

16,166

637,102

2,833,225

Construction

Materials

—

0.3%

Martin

Marietta

Materials,

Inc.

..........

5,063

2,070,463

Vulcan

Materials

Co.

................

10,927

2,147,046

4,217,509

Consumer

Finance

—

0.1%

Discover

Financial

Services

............

12,531

1,028,544

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Growth

ETF

Schedule

of

Investments

11

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Staples

Distribution

&

Retail

—

1.7%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)

......

5,508

$

375,205

Casey's

General

Stores,

Inc.

...........

1,937

526,690

Costco

Wholesale

Corp.

..............

36,427

20,123,732

Dollar

General

Corp.

................

5,585

664,838

Dollar

Tree,

Inc.

(a)

...................

17,204

1,911,192

Performance

Food

Group

Co.

(a)(b)

........

12,956

748,339

Sysco

Corp.

......................

41,435

2,755,013

US

Foods

Holding

Corp.

(a)

.............

11,756

457,779

27,562,788

Containers

&

Packaging

—

0.1%

Avery

Dennison

Corp.

................

2,776

483,218

Ball

Corp.

........................

11,556

556,421

Crown

Holdings,

Inc.

................

3,346

269,688

1,309,327

Distributors

—

0.1%

Genuine

Parts

Co.

..................

5,409

697,004

LKQ

Corp.

.......................

6,691

293,869

Pool

Corp.

.......................

1,929

609,120

1,599,993

Diversified

Consumer

Services

—

0.0%

Service

Corp.

International

............

4,870

265,025

Electric

Utilities

—

0.4%

Constellation

Energy

Corp.

............

26,423

2,983,685

NextEra

Energy,

Inc.

................

65,120

3,796,496

NRG

Energy,

Inc.

...................

5,968

252,924

7,033,105

Electrical

Equipment

—

0.4%

AMETEK,

Inc.

.....................

18,932

2,665,058

Hubbell,

Inc.

......................

4,424

1,194,922

Rockwell

Automation,

Inc.

.............

9,468

2,488,285

6,348,265

Electronic

Equipment,

Instruments

&

Components

—

0.7%

Amphenol

Corp.,

Class

A

.............

28,282

2,278,115

CDW

Corp.

.......................

11,014

2,207,206

Cognex

Corp.

.....................

14,108

507,747

Flex

Ltd.

(a)(b)

......................

13,065

336,032

Jabil,

Inc.

........................

6,302

773,885

Keysight

Technologies,

Inc.

(a)

...........

8,799

1,073,918

TE

Connectivity

Ltd.

.................

13,334

1,571,412

Teledyne

Technologies,

Inc.

(a)

...........

2,200

824,098

Trimble,

Inc.

(a)

.....................

9,392

442,645

Zebra

Technologies

Corp.,

Class

A

(a)

......

2,425

507,868

10,522,926

Energy

Equipment

&

Services

—

0.4%

Baker

Hughes

Co.,

Class

A

............

48,142

1,657,048

Halliburton

Co.

....................

47,587

1,872,073

Schlumberger

NV

..................

55,137

3,068,925

6,598,046

Entertainment

—

1.8%

Electronic

Arts,

Inc.

.................

8,934

1,105,940

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(a)

......................

1,376

79,189

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(a)

..................

11,710

757,520

Live

Nation

Entertainment,

Inc.

(a)

........

11,628

930,472

Netflix,

Inc.

(a)

......................

36,427

14,996,632

ROBLOX

Corp.,

Class

A

(a)(b)

............

39,583

1,259,135

Take-Two

Interactive

Software,

Inc.

(a)(b)

....

12,997

1,738,349

Walt

Disney

Co.

(The)

(a)

..............

86,676

7,071,895

Security

Shares

Shares

Value

Entertainment

(continued)

Warner

Bros

Discovery,

Inc.

(a)

..........

74,216

$

737,707

28,676,839

Financial

Services

—

4.0%

Block,

Inc.,

Class

A

(a)

................

45,152

1,817,368

Fiserv,

Inc.

(a)

......................

23,838

2,711,572

FleetCor

Technologies,

Inc.

(a)

...........

3,446

775,936

Global

Payments,

Inc.

...............

7,146

759,048

Jack

Henry

&

Associates,

Inc.

..........

6,042

851,862

Mastercard,

Inc.,

Class

A

(b)

............

68,390

25,738,576

PayPal

Holdings,

Inc.

(a)

...............

28,776

1,490,597

Visa,

Inc.,

Class

A

..................

132,076

31,051,068

WEX,

Inc.

(a)

.......................

1,888

314,314

65,510,341

Food

Products

—

0.3%

Darling

Ingredients,

Inc.

(a)(b)

............

8,522

377,439

Hershey

Co.

(The)

..................

12,315

2,307,215

Hormel

Foods

Corp.

.................

7,512

244,516

Lamb

Weston

Holdings,

Inc.

...........

12,022

1,079,576

McCormick

&

Co.,

Inc.,

NVS

...........

12,200

779,580

4,788,326

Gas

Utilities

—

0.0%

Atmos

Energy

Corp.

.................

4,304

463,369

Ground

Transportation

—

0.7%

CSX

Corp.

.......................

46,649

1,392,473

JB

Hunt

Transport

Services,

Inc.

........

6,709

1,153,076

Knight-Swift

Transportation

Holdings,

Inc.

..

4,123

201,573

Old

Dominion

Freight

Line,

Inc.

.........

7,351

2,768,828

Uber

Technologies,

Inc.

(a)

.............

115,631

5,004,510

U-Haul

Holding

Co.

(a)

................

436

21,416

10,541,876

Health

Care

Equipment

&

Supplies

—

2.1%

Align

Technology,

Inc.

(a)

...............

5,831

1,076,344

Boston

Scientific

Corp.

(a)

..............

68,931

3,528,578

Cooper

Cos.,

Inc.

(The)

..............

2,740

854,195

Dexcom,

Inc.

(a)(b)

...................

31,876

2,831,545

Edwards

Lifesciences

Corp.

(a)

..........

50,055

3,189,505

GE

HealthCare

Technologies,

Inc.

.......

12,175

810,490

Hologic,

Inc.

(a)

.....................

7,129

471,726

IDEXX

Laboratories,

Inc.

(a)

.............

6,825

2,726,383

Insulet

Corp.

(a)

.....................

5,729

759,494

Intuitive

Surgical,

Inc.

(a)

...............

28,881

7,573,176

Masimo

Corp.

(a)

....................

3,642

295,475

Penumbra,

Inc.

(a)

...................

3,129

598,108

ResMed,

Inc.

.....................

12,104

1,709,327

Shockwave

Medical,

Inc.

(a)

.............

3,016

622,080

STERIS

plc

.......................

8,124

1,705,877

Stryker

Corp.

.....................

19,554

5,283,882

Teleflex,

Inc.

......................

1,875

346,406

34,382,591

Health

Care

Providers

&

Services

—

1.7%

agilon

health,

Inc.

(a)(b)

................

24,700

444,600

Chemed

Corp.

.....................

766

430,990

Elevance

Health,

Inc.

................

6,186

2,784,257

Humana,

Inc.

.....................

4,695

2,458,724

Molina

Healthcare,

Inc.

(a)

..............

2,721

905,957

UnitedHealth

Group,

Inc.

..............

39,087

20,933,434

27,957,962

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Growth

ETF

12

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

REITs

—

0.1%

Healthpeak

Properties,

Inc.

............

19,451

$

302,463

Welltower,

Inc.

.....................

24,682

2,063,662

2,366,125

Health

Care

Technology

—

0.1%

Veeva

Systems,

Inc.,

Class

A

(a)

.........

12,016

2,315,603

Hotel

&

Resort

REITs

—

0.1%

Host

Hotels

&

Resorts,

Inc.

............

58,276

902,112

Hotels,

Restaurants

&

Leisure

—

3.2%

Airbnb,

Inc.,

Class

A

(a)

................

35,036

4,144,408

Aramark

.........................

9,011

242,666

Booking

Holdings,

Inc.

(a)

..............

2,935

8,187,359

Caesars

Entertainment,

Inc.

(a)

..........

17,852

712,116

Chipotle

Mexican

Grill,

Inc.

(a)

...........

2,271

4,410,736

Churchill

Downs,

Inc.

................

5,630

618,399

Darden

Restaurants,

Inc.

.............

5,136

747,442

Domino's

Pizza,

Inc.

.................

1,677

568,486

DoorDash,

Inc.,

Class

A

(a)

.............

24,653

1,847,742

DraftKings,

Inc.,

Class

A

(a)

.............

37,817

1,044,506

Hilton

Worldwide

Holdings,

Inc.

.........

21,487

3,255,925

Las

Vegas

Sands

Corp.

..............

26,912

1,277,244

Marriott

International,

Inc.,

Class

A

.......

20,587

3,881,885

McDonald's

Corp.

..................

24,823

6,507,846

MGM

Resorts

International

............

23,071

805,639

Royal

Caribbean

Cruises

Ltd.

(a)

.........

12,429

1,053,109

Starbucks

Corp.

....................

94,151

8,684,488

Vail

Resorts,

Inc.

...................

3,166

671,984

Wynn

Resorts

Ltd.

..................

7,961

698,817

Yum!

Brands,

Inc.

..................

23,066

2,787,757

52,148,554

Household

Products

—

0.1%

Church

&

Dwight

Co.,

Inc.

.............

13,070

1,188,586

Clorox

Co.

(The)

...................

6,700

788,590

1,977,176

Independent

Power

and

Renewable

Electricity

Producers

—

0.0%

Vistra

Corp.

......................

9,596

313,981

Industrial

Conglomerates

—

0.3%

General

Electric

Co.

.................

47,726

5,184,475

Industrial

REITs

—

0.3%

Americold

Realty

Trust,

Inc.

............

10,090

264,560

Prologis,

Inc.

......................

40,906

4,121,280

Rexford

Industrial

Realty,

Inc.

..........

16,960

733,350

5,119,190

Insurance

—

1.3%

American

Financial

Group,

Inc.

.........

1,869

204,394

Aon

plc,

Class

A

...................

8,976

2,777,175

Arch

Capital

Group

Ltd.

(a)

.............

16,094

1,395,028

Arthur

J

Gallagher

&

Co.

..............

10,588

2,493,368

Brown

&

Brown,

Inc.

.................

19,438

1,349,386

Cincinnati

Financial

Corp.

.............

5,612

559,348

Erie

Indemnity

Co.,

Class

A,

NVS

........

2,021

558,180

Kinsale

Capital

Group,

Inc.

............

1,811

604,711

Markel

Group,

Inc.

(a)

.................

496

729,378

Marsh

&

McLennan

Cos.,

Inc.

..........

23,182

4,396,466

Progressive

Corp.

(The)

..............

28,625

4,525,326

RenaissanceRe

Holdings

Ltd.

..........

2,145

471,021

Willis

Towers

Watson

plc

..............

4,470

1,054,428

WR

Berkley

Corp.

..................

7,543

508,549

21,626,758

Security

Shares

Shares

Value

Interactive

Media

&

Services

—

5.9%

(a)

Alphabet,

Inc.,

Class

A

...............

297,062

$

36,859,453

Alphabet,

Inc.,

Class

C,

NVS

...........

252,693

31,662,433

Match

Group,

Inc.

..................

22,765

787,669

Meta

Platforms,

Inc.,

Class

A

...........

78,828

23,748,512

Pinterest,

Inc.,

Class

A

...............

47,816

1,428,742

Snap,

Inc.,

Class

A,

NVS

(b)

............

83,817

839,008

ZoomInfo

Technologies,

Inc.

...........

25,074

324,959

95,650,776

IT

Services

—

1.4%

Accenture

plc,

Class

A

...............

27,935

8,299,209

Akamai

Technologies,

Inc.

(a)

............

4,169

430,783

Cloudflare,

Inc.,

Class

A

(a)

.............

24,045

1,363,111

EPAM

Systems,

Inc.

(a)

................

4,773

1,038,461

Gartner,

Inc.

(a)

.....................

6,472

2,148,963

GoDaddy,

Inc.,

Class

A

(a)(b)

.............

12,062

883,300

MongoDB,

Inc.,

Class

A

(a)

.............

5,803

1,999,656

Okta,

Inc.,

Class

A

(a)

.................

12,780

861,500

Snowflake,

Inc.,

Class

A

(a)

.............

26,782

3,886,872

Twilio,

Inc.,

Class

A

(a)

................

14,881

762,800

VeriSign,

Inc.

(a)

....................

7,415

1,480,479

23,155,134

Life

Sciences

Tools

&

Services

—

1.7%

Agilent

Technologies,

Inc.

.............

24,231

2,504,758

Avantor,

Inc.

(a)

.....................

17,208

299,935

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)

......

1,713

471,555

Bio-Techne

Corp.

...................

13,000

710,190

Bruker

Corp.

......................

8,140

463,980

Charles

River

Laboratories

International,

Inc.

(a)

(b)

...........................

4,238

713,510

Danaher

Corp.

....................

54,018

10,372,536

Illumina,

Inc.

(a)

.....................

6,483

709,370

IQVIA

Holdings,

Inc.

(a)

................

8,446

1,527,290

Mettler-Toledo

International,

Inc.

(a)

.......

1,799

1,772,375

Repligen

Corp.

(a)

...................

4,304

579,146

Thermo

Fisher

Scientific,

Inc.

...........

11,771

5,235,388

Waters

Corp.

(a)(b)

...................

3,228

769,975

West

Pharmaceutical

Services,

Inc.

......

6,079

1,934,885

28,064,893

Machinery

—

1.5%

Caterpillar,

Inc.

....................

15,770

3,564,808

Cummins,

Inc.

.....................

4,985

1,078,255

Deere

&

Co.

......................

11,816

4,317,094

Dover

Corp.

......................

6,925

899,904

Fortive

Corp.

......................

15,729

1,026,789

Graco,

Inc.

.......................

13,928

1,035,547

IDEX

Corp.

.......................

6,233

1,193,059

Ingersoll

Rand,

Inc.

.................

33,286

2,019,794

Lincoln

Electric

Holdings,

Inc.

..........

4,723

825,580

Middleby

Corp.

(The)

(a)

...............

2,190

247,185

Nordson

Corp.

.....................

4,447

945,388

Otis

Worldwide

Corp.

................

17,934

1,384,684

Parker-Hannifin

Corp.

................

7,192

2,653,201

Pentair

plc

.......................

5,967

346,802

Toro

Co.

(The)

.....................

8,627

697,407

Westinghouse

Air

Brake

Technologies

Corp.

.

7,863

833,635

Xylem,

Inc.

.......................

19,690

1,841,803

24,910,935

Media

—

0.3%

(a)

Charter

Communications,

Inc.,

Class

A

....

2,331

938,927

Liberty

Broadband

Corp.,

Class

A

........

1,304

108,649

Liberty

Broadband

Corp.,

Class

C,

NVS

....

9,418

784,614

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Growth

ETF

Schedule

of

Investments

13

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

(continued)

Trade

Desk,

Inc.

(The),

Class

A

.........

36,559

$

2,594,226

4,426,416

Metals

&

Mining

—

0.0%

Royal

Gold,

Inc.

....................

5,375

560,774

Multi-Utilities

—

0.1%

Ameren

Corp.

.....................

10,675

808,204

CenterPoint

Energy,

Inc.

..............

20,693

556,228

CMS

Energy

Corp.

..................

9,158

497,646

1,862,078

Office

REITs

—

0.0%

Alexandria

Real

Estate

Equities,

Inc.

......

5,799

540,061

Oil,

Gas

&

Consumable

Fuels

—

1.2%

Cheniere

Energy,

Inc.

................

10,970

1,825,628

ConocoPhillips

....................

45,804

5,441,515

Coterra

Energy,

Inc.

.................

34,528

949,520

Devon

Energy

Corp.

.................

25,153

1,171,375

Diamondback

Energy,

Inc.

.............

6,398

1,025,727

EQT

Corp.

.......................

17,680

749,278

Hess

Corp.

.......................

9,764

1,409,922

Marathon

Oil

Corp.

..................

16,872

460,774

Marathon

Petroleum

Corp.

............

11,065

1,673,581

Occidental

Petroleum

Corp.

............

32,970

2,037,876

Ovintiv,

Inc.

.......................

7,977

382,896

Targa

Resources

Corp.

...............

7,471

624,650

Texas

Pacific

Land

Corp.

..............

508

937,743

18,690,485

Passenger

Airlines

—

0.1%

American

Airlines

Group,

Inc.

(a)

..........

26,921

300,169

Delta

Air

Lines,

Inc.

.................

24,653

770,406

Southwest

Airlines

Co.

...............

20,745

461,162

United

Airlines

Holdings,

Inc.

(a)

..........

11,615

406,641

1,938,378

Personal

Care

Products

—

0.1%

Coty,

Inc.,

Class

A

(a)

.................

11,377

106,602

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

....

11,146

1,436,385

1,542,987

Pharmaceuticals

—

3.0%

Catalent,

Inc.

(a)

....................

4,348

149,528

Eli

Lilly

&

Co.

.....................

65,545

36,307,342

Merck

&

Co.,

Inc.

...................

66,351

6,814,247

Zoetis,

Inc.,

Class

A

.................

37,837

5,940,409

49,211,526

Professional

Services

—

1.3%

Automatic

Data

Processing,

Inc.

.........

33,864

7,389,802

Booz

Allen

Hamilton

Holding

Corp.

.......

4,808

576,623

Broadridge

Financial

Solutions,

Inc.

......

9,707

1,656,403

Ceridian

HCM

Holding,

Inc.

(a)(b)

..........

12,768

817,280

Equifax,

Inc.

......................

10,126

1,717,066

Genpact

Ltd.

......................

5,597

187,723

Jacobs

Solutions,

Inc.

................

4,537

604,782

KBR,

Inc.

........................

6,858

398,793

Paychex,

Inc.

.....................

26,415

2,933,386

Paycom

Software,

Inc.

...............

4,022

985,269

Paylocity

Holding

Corp.

(a)

.............

3,544

635,794

Robert

Half,

Inc.

...................

4,094

306,108

TransUnion

.......................

9,211

404,179

Verisk

Analytics,

Inc.

.................

11,931

2,712,632

21,325,840

Security

Shares

Shares

Value

Real

Estate

Management

&

Development

—

0.2%

(a)

CBRE

Group,

Inc.,

Class

A

............

8,664

$

600,761

CoStar

Group,

Inc.

..................

33,563

2,463,860

Zillow

Group,

Inc.,

Class

A

.............

4,330

153,845

Zillow

Group,

Inc.,

Class

C,

NVS

........

12,908

467,915

3,686,381

Residential

REITs

—

0.5%

American

Homes

4

Rent,

Class

A

........

15,764

516,113

AvalonBay

Communities,

Inc.

..........

6,556

1,086,592

Camden

Property

Trust

...............

8,739

741,766

Equity

LifeStyle

Properties,

Inc.

.........

9,409

619,112

Equity

Residential

..................

14,778

817,667

Essex

Property

Trust,

Inc.

.............

2,239

478,967

Invitation

Homes,

Inc.

................

47,270

1,403,446

Mid-America

Apartment

Communities,

Inc.

..

5,271

622,769

Sun

Communities,

Inc.

...............

10,233

1,138,319

UDR,

Inc.

........................

16,754

532,945

7,957,696

Retail

REITs

—

0.1%

Federal

Realty

Investment

Trust

.........

3,361

306,489

Realty

Income

Corp.

.................

28,311

1,341,375

Regency

Centers

Corp.

..............

4,887

294,491

1,942,355

Semiconductors

&

Semiconductor

Equipment

—

7.8%

Advanced

Micro

Devices,

Inc.

(a)

.........

80,821

7,960,868

Analog

Devices,

Inc.

.................

20,378

3,206,071

Broadcom,

Inc.

....................

16,922

14,237,663

Enphase

Energy,

Inc.

(a)

...............

11,179

889,625

Entegris,

Inc.

......................

12,290

1,082,012

First

Solar,

Inc.

(a)(b)

..................

8,777

1,250,284

Lattice

Semiconductor

Corp.

(a)

..........

11,273

626,891

Marvell

Technology,

Inc.

..............

70,627

3,335,007

Microchip

Technology,

Inc.

.............

21,624

1,541,575

Monolithic

Power

Systems,

Inc.

.........

3,927

1,734,713

NVIDIA

Corp.

.....................

203,032

82,796,450

NXP

Semiconductors

NV

.............

9,173

1,581,700

ON

Semiconductor

Corp.

(a)

............

17,016

1,065,882

Skyworks

Solutions,

Inc.

..............

4,687

406,550

SolarEdge

Technologies,

Inc.

(a)(b)

........

4,627

351,421

Teradyne,

Inc.

(b)

....................

6,059

504,533

Texas

Instruments,

Inc.

...............

32,839

4,663,466

127,234,711

Software

—

20.1%

Adobe,

Inc.

(a)

......................

37,467

19,934,692

ANSYS,

Inc.

(a)

.....................

7,141

1,987,055

Aspen

Technology,

Inc.

(a)

..............

2,377

422,512

Atlassian

Corp.,

Class

A

(a)

.............

12,439

2,246,981

Autodesk,

Inc.

(a)

....................

17,531

3,464,651

Bentley

Systems,

Inc.,

Class

B

..........

18,861

917,399

BILL

Holdings,

Inc.

(a)

.................

7,945

725,299

Cadence

Design

Systems,

Inc.

(a)

........

22,329

5,355,611

Crowdstrike

Holdings,

Inc.,

Class

A

(a)

......

18,442

3,259,992

Datadog,

Inc.,

Class

A

(a)

..............

24,577

2,002,288

DocuSign,

Inc.

(a)

...................

16,696

649,140

Dynatrace,

Inc.

(a)

...................

19,523

872,873

Fair

Isaac

Corp.

(a)

...................

2,048

1,732,342

Fortinet,

Inc.

(a)

.....................

53,601

3,064,369

HubSpot,

Inc.

(a)

....................

4,113

1,742,966

Intuit,

Inc.

........................

23,021

11,394,244

Manhattan

Associates,

Inc.

(a)

...........

5,091

992,643

Microsoft

Corp.

....................

610,719

206,490,201

Oracle

Corp.

......................

53,059

5,486,301

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

156,459

2,315,593

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Growth

ETF

14

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

Palo

Alto

Networks,

Inc.

(a)(b)

............

25,141

$

6,109,766

Procore

Technologies,

Inc.

(a)

...........

7,255

443,208

PTC,

Inc.

(a)

.......................

9,762

1,370,780

Roper

Technologies,

Inc.

(b)

.............

3,869

1,890,277

Salesforce,

Inc.

(a)

...................

80,061

16,078,651

ServiceNow,

Inc.

(a)

..................

16,769

9,757,043

Splunk,

Inc.

(a)

.....................

12,522

1,842,737

Synopsys,

Inc.

(a)

...................

12,511

5,873,164

Tyler

Technologies,

Inc.

(a)

.............

3,442

1,283,522

Unity

Software,

Inc.

(a)(b)

...............

19,849

503,569

VMware,

Inc.,

Class

A

(a)(b)

.............

7,575

1,103,299

Workday,

Inc.,

Class

A

(a)

..............

16,935

3,585,309

Zoom

Video

Communications,

Inc.,

Class

A

(a)

20,616

1,236,548

Zscaler,

Inc.

(a)

.....................

7,193

1,141,457

327,276,482

Specialized

REITs

—

1.2%

American

Tower

Corp.

...............

27,430

4,887,752

Crown

Castle,

Inc.

..................

13,550

1,259,879

CubeSmart

.......................

11,050

376,695

Digital

Realty

Trust,

Inc.

..............

10,966

1,363,732

Equinix,

Inc.

......................

7,705

5,621,876

Extra

Space

Storage,

Inc.

.............

9,666

1,001,301

Gaming

&

Leisure

Properties,

Inc.

.......

6,865

311,602

Iron

Mountain,

Inc.

..................

14,101

832,946

Lamar

Advertising

Co.,

Class

A

.........

2,224

182,968

Public

Storage

.....................

5,400

1,289,034

SBA

Communications

Corp.

...........

8,930

1,863,066

18,990,851

Specialty

Retail

—

1.9%

AutoZone,

Inc.

(a)

...................

804

1,991,612

Burlington

Stores,

Inc.

(a)

..............

5,313

643,032

CarMax,

Inc.

(a)

.....................

6,991

427,080

Five

Below,

Inc.

(a)

...................

4,620

803,788

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

8,814

726,274

Home

Depot,

Inc.

(The)

..............

30,842

8,780,409

Lowe's

Cos.,

Inc.

...................

17,229

3,283,331

O'Reilly

Automotive,

Inc.

(a)

.............

3,292

3,063,008

Ross

Stores,

Inc.

...................

28,010

3,248,320

TJX

Cos.,

Inc.

(The)

.................

58,087

5,115,722

Tractor

Supply

Co.

..................

8,928

1,719,176

Ulta

Beauty,

Inc.

(a)

..................

4,107

1,566,040

31,367,792

Technology

Hardware,

Storage

&

Peripherals

—

12.7%

Apple,

Inc.

.......................

1,208,010

206,291,868

NetApp,

Inc.

......................

8,106

589,954

206,881,822

Textiles,

Apparel

&

Luxury

Goods

—

0.8%

Deckers

Outdoor

Corp.

(a)

..............

2,154

1,286,067

Lululemon

Athletica,

Inc.

(a)(b)

............

9,507

3,740,815

NIKE,

Inc.,

Class

B

.................

70,160

7,210,343

12,237,225

Trading

Companies

&

Distributors

—

0.5%

Fastenal

Co.

......................

46,983

2,740,988

United

Rentals,

Inc.

.................

3,080

1,251,312

Watsco,

Inc.

......................

2,755

961,192

WW

Grainger,

Inc.

..................

3,648

2,662,420

7,615,912

Security

Shares

Shares

Value

Water

Utilities

—

0.1%

American

Water

Works

Co.,

Inc.

.........

8,395

$

987,672

Essential

Utilities,

Inc.

................

11,043

369,499

1,357,171

Wireless

Telecommunication

Services

—

0.2%

T-Mobile

US,

Inc.

(a)

..................

23,859

3,432,356

Total

Long-Term

Investments

—

99.9%

(Cost:

$1,335,119,568)

...........................

1,626,983,744

Short-Term

Securities

Money

Market

Funds

—

2.0%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

............

30,780,556

30,792,869

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.33%

..................

1,781,281

1,781,281

Total

Short-Term

Securities

—

2.0%

(Cost:

$32,566,835)

..............................

32,574,150

Total

Investments

—

101.9%

(Cost:

$1,367,686,403

)

...........................

1,659,557,894

Liabilities

in

Excess

of

Other

Assets

—

(1.9)%

............

(30,404,843)

Net

Assets

—

100.0%

..............................

$

1,629,153,051

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Growth

ETF

Schedule

of

Investments

15

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

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

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

Shares

Held

at

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

...............

$

32,759,171

$

—

$

(1,968,091)

(a)

$

7,618

$

(5,829)

$

30,792,869

30,780,556

$

41,819

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,400,069

—

(618,788)

(a)

—

—

1,781,281

1,781,281

85,516

—

$

7,618

$

(5,829)

$

32,574,150

$

127,335

$

—

—

—

(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

...................................................

6

12/15/23

$

1,739

$

(32,898)

S&P

E-Mini

Communication

Services

Index

........................................

2

12/15/23

170

(4,556)

$

(37,454)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

37,454

$

—

$

—

$

—

$

37,454

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

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

.......................

$

—

$

—

$

334,476

$

—

$

—

$

—

$

334,476

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(214,717)

$

—

$

—

$

—

$

(214,717)

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Growth

ETF

16

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

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

..................................................................................

$

2,721,228

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,626,983,744

$

—

$

—

$

1,626,983,744

Short-Term

Securities

Money

Market

Funds

......................................

32,574,150

—

—

32,574,150

$

1,659,557,894

$

—

$

—

$

1,659,557,894

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(37,454)

$

—

$

—

$

(37,454)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

17

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.0%

Axon

Enterprise,

Inc.

(a)(b)

..............

6,293

$

1,286,855

HEICO

Corp.

.....................

3,574

566,157

HEICO

Corp.,

Class

A

................

6,834

868,807

Howmet

Aerospace,

Inc.

..............

35,213

1,552,893

Huntington

Ingalls

Industries,

Inc.

........

3,571

784,977

L3Harris

Technologies,

Inc.

............

17,007

3,051,226

Textron,

Inc.

......................

17,820

1,354,320

TransDigm

Group,

Inc.

(b)

..............

4,953

4,101,530

13,566,765

Air

Freight

&

Logistics

—

0.3%

CH

Robinson

Worldwide,

Inc.

..........

10,503

859,460

Expeditors

International

of

Washington,

Inc.

.

13,299

1,452,916

2,312,376

Automobile

Components

—

0.5%

Aptiv

plc

(b)

........................

25,432

2,217,671

BorgWarner,

Inc.

...................

21,197

782,169

Lear

Corp.

.......................

5,288

686,171

3,686,011

Automobiles

—

0.0%

Lucid

Group,

Inc.

(a)(b)

.................

79,805

328,797

Banks

—

1.5%

Citizens

Financial

Group,

Inc.

..........

42,514

996,103

East

West

Bancorp,

Inc.

..............

12,672

679,473

Fifth

Third

Bancorp

.................

61,233

1,451,834

First

Citizens

BancShares,

Inc.,

Class

A

....

1,070

1,477,392

First

Horizon

Corp.

..................

50,287

540,585

Huntington

Bancshares,

Inc.

...........

130,069

1,255,166

KeyCorp

.........................

83,762

856,048

M&T

Bank

Corp.

...................

14,918

1,682,004

Regions

Financial

Corp.

..............

84,414

1,226,535

10,165,140

Beverages

—

0.3%

Brown-Forman

Corp.,

Class

A

..........

5,006

287,445

Brown-Forman

Corp.,

Class

B,

NVS

......

16,375

919,620

Molson

Coors

Beverage

Co.,

Class

B

.....

16,704

964,990

2,172,055

Biotechnology

—

1.6%

(b)

Alnylam

Pharmaceuticals,

Inc.

..........

11,240

1,706,232

Apellis

Pharmaceuticals,

Inc.

...........

9,146

445,044

BioMarin

Pharmaceutical,

Inc.

(a)

.........

16,924

1,378,460

Exact

Sciences

Corp.

................

16,243

1,000,406

Incyte

Corp.

......................

16,714

901,386

Karuna

Therapeutics,

Inc.

.............

3,220

536,484

Neurocrine

Biosciences,

Inc.

...........

8,803

976,605

Sarepta

Therapeutics,

Inc.

(a)

...........

8,369

563,318

Seagen,

Inc.

......................

12,626

2,686,939

United

Therapeutics

Corp.

.............

4,230

942,698

11,137,572

Broadline

Retail

—

0.6%

Coupang,

Inc.,

Class

A

(a)(b)

.............

102,720

1,746,240

eBay,

Inc.

........................

47,852

1,877,234

Etsy,

Inc.

(a)(b)

......................

11,073

689,848

4,313,322

Building

Products

—

2.2%

A

O

Smith

Corp.

...................

11,152

777,964

Allegion

plc

.......................

7,925

779,503

Builders

FirstSource,

Inc.

(a)(b)

...........

11,249

1,220,741

Carlisle

Cos.,

Inc.

..................

4,494

1,141,880

Security

Shares

Shares

Value

Building

Products

(continued)

Carrier

Global

Corp.

.................

75,174

$

3,582,793

Fortune

Brands

Innovations,

Inc.

........

11,461

639,524

Lennox

International,

Inc.

.............

2,876

1,065,673

Masco

Corp.

......................

20,266

1,055,656

Owens

Corning

....................

8,078

915,803

Trane

Technologies

plc

...............

20,500

3,901,355

15,080,892

Capital

Markets

—

3.9%

Ameriprise

Financial,

Inc.

.............

9,228

2,902,852

Ares

Management

Corp.,

Class

A

........

14,840

1,463,076

Bank

of

New

York

Mellon

Corp.

(The)

.....

70,028

2,976,190

Carlyle

Group,

Inc.

(The)

..............

19,437

535,295

Coinbase

Global,

Inc.,

Class

A

(a)(b)

........

15,211

1,173,072

FactSet

Research

Systems,

Inc.

.........

3,430

1,481,383

Franklin

Resources,

Inc.

..............

25,445

579,892

Interactive

Brokers

Group,

Inc.,

Class

A

....

9,629

770,994

Invesco

Ltd.

......................

40,379

523,716

LPL

Financial

Holdings,

Inc.

............

6,860

1,540,207

MarketAxess

Holdings,

Inc.

............

3,379

722,261

Morningstar,

Inc.

...................

2,343

593,341

MSCI,

Inc.

.......................

7,111

3,353,192

Nasdaq,

Inc.

......................

30,486

1,512,106

Northern

Trust

Corp.

.................

18,634

1,228,167

Raymond

James

Financial,

Inc.

.........

16,901

1,613,031

SEI

Investments

Co.

.................

9,052

485,730

State

Street

Corp.

..................

28,652

1,851,779

T.

Rowe

Price

Group,

Inc.

.............

20,168

1,825,204

27,131,488

Chemicals

—

2.9%

Albemarle

Corp.

...................

10,552

1,337,783

Celanese

Corp.

....................

9,015

1,032,308

CF

Industries

Holdings,

Inc.

............

17,356

1,384,662

Dow,

Inc.

........................

63,221

3,056,103

DuPont

de

Nemours,

Inc.

.............

41,183

3,001,417

Eastman

Chemical

Co.

...............

10,670

797,369

FMC

Corp.

.......................

11,273

599,724

International

Flavors

&

Fragrances,

Inc.

....

22,953

1,568,837

LyondellBasell

Industries

NV,

Class

A

.....

23,030

2,078,227

Mosaic

Co.

(The)

...................

29,949

972,743

Olin

Corp.

........................

11,326

483,847

PPG

Industries,

Inc.

.................

21,178

2,600,023

RPM

International,

Inc.

...............

11,546

1,053,803

Westlake

Corp.

....................

2,874

331,545

20,298,391

Commercial

Services

&

Supplies

—

0.7%

Copart,

Inc.

(b)

.....................

78,136

3,400,479

Rollins,

Inc.

.......................

25,219

948,486

Tetra

Tech,

Inc.

....................

4,766

719,237

5,068,202

Communications

Equipment

—

0.2%

F5,

Inc.

(b)

........................

5,338

809,188

Juniper

Networks,

Inc.

...............

29,023

781,299

1,590,487

Construction

&

Engineering

—

0.7%

AECOM

.........................

12,455

953,430

EMCOR

Group,

Inc.

.................

4,244

877,023

Quanta

Services,

Inc.

................

13,056

2,181,919

WillScot

Mobile

Mini

Holdings

Corp.

(b)

.....

17,757

699,803

4,712,175

Construction

Materials

—

0.7%

Martin

Marietta

Materials,

Inc.

..........

5,557

2,272,480

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

ETF

18

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Construction

Materials

(continued)

Vulcan

Materials

Co.

................

11,947

$

2,347,466

4,619,946

Consumer

Finance

—

1.0%

Ally

Financial,

Inc.

..................

24,029

581,261

Capital

One

Financial

Corp.

............

34,300

3,474,247

Discover

Financial

Services

............

22,476

1,844,830

Synchrony

Financial

.................

37,653

1,056,167

6,956,505

Consumer

Staples

Distribution

&

Retail

—

1.9%

Albertsons

Cos.,

Inc.,

Class

A

..........

36,270

787,059

BJ's

Wholesale

Club

Holdings,

Inc.

(b)

......

12,026

819,211

Casey's

General

Stores,

Inc.

...........

3,372

916,881

Dollar

Tree,

Inc.

(b)

...................

18,827

2,091,492

Kroger

Co.

(The)

...................

59,377

2,693,935

Performance

Food

Group

Co.

(a)(b)

........

13,978

807,369

Sysco

Corp.

......................

45,315

3,012,994

US

Foods

Holding

Corp.

(b)

.............

20,493

797,997

Walgreens

Boots

Alliance,

Inc.

..........

64,429

1,358,163

13,285,101

Containers

&

Packaging

—

1.1%

Amcor

plc

........................

132,148

1,174,796

Avery

Dennison

Corp.

................

7,251

1,262,181

Ball

Corp.

........................

28,313

1,363,271

Crown

Holdings,

Inc.

................

10,851

874,591

International

Paper

Co.

...............

31,127

1,049,914

Packaging

Corp.

of

America

...........

8,048

1,231,746

WestRock

Co.

.....................

22,936

824,090

7,780,589

Distributors

—

0.5%

Genuine

Parts

Co.

..................

12,628

1,627,244

LKQ

Corp.

.......................

24,082

1,057,682

Pool

Corp.

.......................

3,494

1,103,300

3,788,226

Diversified

Consumer

Services

—

0.1%

Service

Corp.

International

............

13,503

734,833

Diversified

REITs

—

0.2%

WP

Carey,

Inc.

....................

19,267

1,033,675

Electric

Utilities

—

3.8%

Alliant

Energy

Corp.

.................

22,679

1,106,508

Avangrid,

Inc.

.....................

6,246

186,568

Constellation

Energy

Corp.

............

28,917

3,265,308

Edison

International

.................

34,357

2,166,552

Entergy

Corp.

.....................

19,015

1,817,644

Evergy,

Inc.

.......................

20,704

1,017,394

Eversource

Energy

.................

31,390

1,688,468

Exelon

Corp.

......................

89,314

3,477,887

FirstEnergy

Corp.

..................

46,402

1,651,911

NRG

Energy,

Inc.

...................

20,621

873,918

OGE

Energy

Corp.

..................

17,944

613,685

PG&E

Corp.

(b)

.....................

188,046

3,065,150

Pinnacle

West

Capital

Corp.

...........

10,148

752,779

PPL

Corp.

.......................

66,280

1,628,500

Xcel

Energy,

Inc.

...................

49,478

2,932,561

26,244,833

Electrical

Equipment

—

1.1%

AMETEK,

Inc.

.....................

20,697

2,913,517

Hubbell,

Inc.

......................

4,823

1,302,692

Regal

Rexnord

Corp.

................

5,987

708,921

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Rockwell

Automation,

Inc.

.............

10,303

$

2,707,731

7,632,861

Electronic

Equipment,

Instruments

&

Components

—

2.4%

CDW

Corp.

.......................

12,054

2,415,622

Cognex

Corp.

.....................

15,393

553,994

Corning,

Inc.

......................

69,030

1,847,243

Flex

Ltd.

(b)

........................

40,185

1,033,558

Jabil,

Inc.

........................

11,769

1,445,233

Keysight

Technologies,

Inc.

(b)

...........

16,039

1,957,560

TD

SYNNEX

Corp.

..................

4,304

394,591

TE

Connectivity

Ltd.

.................

28,170

3,319,835

Teledyne

Technologies,

Inc.

(b)

...........

4,233

1,585,639

Trimble,

Inc.

(b)

.....................

22,340

1,052,884

Zebra

Technologies

Corp.,

Class

A

(b)

......

4,626

968,823

16,574,982

Energy

Equipment

&

Services

—

0.9%

Baker

Hughes

Co.,

Class

A

............

90,789

3,124,958

Halliburton

Co.

....................

80,798

3,178,593

6,303,551

Entertainment

—

1.2%

Electronic

Arts,

Inc.

.................

22,169

2,744,300

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(b)

......................

2,108

121,315

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(b)

..................

18,724

1,211,256

Live

Nation

Entertainment,

Inc.

(b)

........

12,755

1,020,655

ROBLOX

Corp.,

Class

A

(b)

.............

43,313

1,377,787

Take-Two

Interactive

Software,

Inc.

(b)

......

14,203

1,899,651

8,374,964

Financial

Services

—

2.0%

Apollo

Global

Management,

Inc.

.........

39,245

3,039,133

Block,

Inc.,

Class

A

(b)

................

49,406

1,988,592

Equitable

Holdings,

Inc.

..............

29,386

780,786

Fidelity

National

Information

Services,

Inc.

..

53,274

2,616,286

FleetCor

Technologies,

Inc.

(b)

...........

6,650

1,497,381

Global

Payments,

Inc.

...............

23,379

2,483,317

Jack

Henry

&

Associates,

Inc.

..........

6,559

924,753

WEX,

Inc.

(b)

.......................

3,840

639,283

13,969,531

Food

Products

—

1.9%

Bunge

Ltd.

.......................

13,550

1,436,029

Campbell

Soup

Co.

.................

17,707

715,540

Conagra

Brands,

Inc.

................

42,950

1,175,112

Darling

Ingredients,

Inc.

(b)

.............

14,421

638,706

Hershey

Co.

(The)

..................

13,475

2,524,541

Hormel

Foods

Corp.

.................

25,911

843,403

J

M

Smucker

Co.

(The)

...............

9,192

1,046,417

Kellogg

Co.

.......................

23,727

1,197,502

Lamb

Weston

Holdings,

Inc.

...........

13,123

1,178,445

McCormick

&

Co.,

Inc.,

NVS

...........

22,579

1,442,798

Tyson

Foods,

Inc.,

Class

A

............

25,702

1,191,288

13,389,781

Gas

Utilities

—

0.2%

Atmos

Energy

Corp.

.................

13,354

1,437,692

Ground

Transportation

—

0.8%

Avis

Budget

Group,

Inc.

(a)(b)

............

1,777

289,295

JB

Hunt

Transport

Services,

Inc.

........

7,345

1,262,385

Knight-Swift

Transportation

Holdings,

Inc.

..

14,440

705,972

Old

Dominion

Freight

Line,

Inc.

.........

8,057

3,034,750

U-Haul

Holding

Co.,

NVS

.............

8,896

419,980

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

19

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Ground

Transportation

(continued)

U-Haul

Holding

Co.

(b)

................

911

$

44,748

5,757,130

Health

Care

Equipment

&

Supplies

—

3.0%

Align

Technology,

Inc.

(b)

...............

6,400

1,181,376

Baxter

International,

Inc.

..............

45,536

1,476,733

Cooper

Cos.,

Inc.

(The)

..............

4,452

1,387,911

Dentsply

Sirona,

Inc.

................

18,945

576,117

GE

HealthCare

Technologies,

Inc.

.......

35,173

2,341,467

Hologic,

Inc.

(b)

.....................

22,025

1,457,394

IDEXX

Laboratories,

Inc.

(a)(b)

...........

7,465

2,982,044

Insulet

Corp.

(b)

.....................

6,272

831,479

Masimo

Corp.

(b)

....................

3,995

324,114

Penumbra,

Inc.

(b)

...................

3,449

659,276

ResMed,

Inc.

.....................

13,213

1,865,940

Shockwave

Medical,

Inc.

(b)

.............

3,313

683,339

STERIS

plc

.......................

8,871

1,862,733

Teleflex,

Inc.

......................

4,243

783,894

Zimmer

Biomet

Holdings,

Inc.

..........

18,791

1,961,968

20,375,785

Health

Care

Providers

&

Services

—

2.3%

agilon

health,

Inc.

(a)(b)

................

27,008

486,144

Cardinal

Health,

Inc.

.................

22,820

2,076,620

Cencora,

Inc.

.....................

14,954

2,768,733

Centene

Corp.

(b)

...................

48,590

3,351,738

Chemed

Corp.

.....................

1,362

766,329

DaVita,

Inc.

(a)(b)

....................

4,847

374,334

Henry

Schein,

Inc.

(b)

.................

11,740

762,865

Laboratory

Corp.

of

America

Holdings

.....

7,967

1,591,249

Molina

Healthcare,

Inc.

(b)

..............

5,243

1,745,657

Quest

Diagnostics,

Inc.

...............

10,093

1,313,100

Universal

Health

Services,

Inc.,

Class

B

...

5,592

703,977

15,940,746

Health

Care

REITs

—

0.9%

Healthpeak

Properties,

Inc.

............

49,365

767,626

Ventas,

Inc.

......................

36,187

1,536,500

Welltower,

Inc.

.....................

46,561

3,892,965

6,197,091

Health

Care

Technology

—

0.4%

Veeva

Systems,

Inc.,

Class

A

(b)

.........

13,104

2,525,272

Hotel

&

Resort

REITs

—

0.1%

Host

Hotels

&

Resorts,

Inc.

............

64,133

992,779

Hotels,

Restaurants

&

Leisure

—

3.0%

Aramark

.........................

23,536

633,824

Caesars

Entertainment,

Inc.

(b)

..........

19,268

768,601

Carnival

Corp.

(b)

....................

90,580

1,038,047

Churchill

Downs,

Inc.

................

6,131

673,429

Darden

Restaurants,

Inc.

.............

10,869

1,581,766

Domino's

Pizza,

Inc.

.................

3,139

1,064,090

DoorDash,

Inc.,

Class

A

(b)

.............

26,974

2,021,701

DraftKings,

Inc.,

Class

A

(a)(b)

............

41,644

1,150,207

Expedia

Group,

Inc.

(a)(b)

...............

12,404

1,181,977

Hilton

Worldwide

Holdings,

Inc.

.........

23,469

3,556,258

MGM

Resorts

International

............

25,267

882,324

Royal

Caribbean

Cruises

Ltd.

(b)

.........

21,193

1,795,683

Vail

Resorts,

Inc.

...................

3,469

736,295

Wynn

Resorts

Ltd.

..................

8,716

765,090

Yum!

Brands,

Inc.

..................

25,197

3,045,309

20,894,601

Security

Shares

Shares

Value

Household

Durables

—

1.5%

DR

Horton,

Inc.

....................

27,378

$

2,858,263

Garmin

Ltd.

.......................

13,776

1,412,453

Lennar

Corp.,

Class

A

................

22,707

2,422,383

Lennar

Corp.,

Class

B

(a)

..............

1,194

117,740

NVR,

Inc.

(b)

.......................

293

1,585,898

PulteGroup,

Inc.

...................

19,738

1,452,520

Whirlpool

Corp.

....................

4,906

512,971

10,362,228

Household

Products

—

0.5%

Church

&

Dwight

Co.,

Inc.

.............

22,073

2,007,319

Clorox

Co.

(The)

...................

11,136

1,310,707

3,318,026

Independent

Power

and

Renewable

Electricity

Producers

—

0.3%

AES

Corp.

(The)

...................

60,270

898,023

Vistra

Corp.

......................

31,108

1,017,854

1,915,877

Industrial

REITs

—

0.2%

Americold

Realty

Trust,

Inc.

............

22,863

599,468

Rexford

Industrial

Realty,

Inc.

..........

18,590

803,831

1,403,299

Insurance

—

4.9%

Allstate

Corp.

(The)

.................

23,521

3,013,746

American

Financial

Group,

Inc.

.........

5,959

651,676

American

International

Group,

Inc.

.......

64,015

3,924,760

Arch

Capital

Group

Ltd.

(b)

.............

33,537

2,906,987

Brown

&

Brown,

Inc.

.................

21,168

1,469,483

Cincinnati

Financial

Corp.

.............

14,108

1,406,144

Erie

Indemnity

Co.,

Class

A,

NVS

........

2,232

616,456

Everest

Group

Ltd.

..................

3,903

1,544,105

Fidelity

National

Financial,

Inc.,

Class

A

....

22,887

894,653

Globe

Life,

Inc.

....................

7,825

910,517

Hartford

Financial

Services

Group,

Inc.

(The)

27,500

2,019,875

Kinsale

Capital

Group,

Inc.

............

1,972

658,470

Loews

Corp.

......................

16,645

1,065,446

Markel

Group,

Inc.

(b)

.................

1,193

1,754,330

Old

Republic

International

Corp.

.........

23,824

652,301

Principal

Financial

Group,

Inc.

..........

20,007

1,354,074

Prudential

Financial,

Inc.

..............

32,641

2,984,693

Reinsurance

Group

of

America,

Inc.

......

5,962

891,140

RenaissanceRe

Holdings

Ltd.

..........

4,606

1,011,432

Unum

Group

......................

16,549

809,246

Willis

Towers

Watson

plc

..............

9,386

2,214,064

WR

Berkley

Corp.

..................

18,313

1,234,662

33,988,260

Interactive

Media

&

Services

—

0.5%

(b)

Match

Group,

Inc.

..................

25,075

867,595

Pinterest,

Inc.,

Class

A

(a)

..............

52,345

1,564,069

Snap,

Inc.,

Class

A,

NVS

(a)

............

91,158

912,491

ZoomInfo

Technologies,

Inc.

...........

27,460

355,882

3,700,037

IT

Services

—

2.3%

Akamai

Technologies,

Inc.

(b)

............

13,670

1,412,521

Cloudflare,

Inc.,

Class

A

(a)(b)

............

26,309

1,491,457

Cognizant

Technology

Solutions

Corp.,

Class

A

45,306

2,920,878

EPAM

Systems,

Inc.

(b)

................

5,185

1,128,100

Gartner,

Inc.

(b)

.....................

7,088

2,353,500

GoDaddy,

Inc.,

Class

A

(a)(b)

.............

13,212

967,515

MongoDB,

Inc.,

Class

A

(b)

.............

6,346

2,186,768

Okta,

Inc.,

Class

A

(b)

.................

13,969

941,650

Twilio,

Inc.,

Class

A

(a)(b)

...............

16,300

835,538

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

ETF

20

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

(continued)

VeriSign,

Inc.

(b)

....................

8,068

$

1,610,857

15,848,784

Leisure

Products

—

0.1%

Hasbro,

Inc.

......................

11,787

532,183

Life

Sciences

Tools

&

Services

—

2.6%

Agilent

Technologies,

Inc.

.............

26,493

2,738,581

Avantor,

Inc.

(b)

.....................

60,484

1,054,236

Bio-Rad

Laboratories,

Inc.,

Class

A

(b)

......

1,881

517,802

Bio-Techne

Corp.

...................

14,090

769,737

Bruker

Corp.

......................

8,857

504,849

Charles

River

Laboratories

International,

Inc.

(a)

(b)

...........................

4,588

772,436

Illumina,

Inc.

(b)

.....................

14,235

1,557,594

IQVIA

Holdings,

Inc.

(b)

................

16,428

2,970,675

Mettler-Toledo

International,

Inc.

(b)

.......

1,966

1,936,903

Repligen

Corp.

(b)

...................

4,687

630,683

Revvity,

Inc.

......................

11,172

925,600

Waters

Corp.

(b)

....................

5,317

1,268,264

West

Pharmaceutical

Services,

Inc.

......

6,641

2,113,764

17,761,124

Machinery

—

4.8%

AGCO

Corp.

......................

5,563

637,853

Cummins,

Inc.

.....................

12,737

2,755,013

Dover

Corp.

......................

12,578

1,634,511

Fortive

Corp.

......................

31,654

2,066,373

Graco,

Inc.

.......................

15,176

1,128,336

IDEX

Corp.

.......................

6,800

1,301,588

Ingersoll

Rand,

Inc.

.................

36,248

2,199,529

Lincoln

Electric

Holdings,

Inc.

..........

5,156

901,269

Middleby

Corp.

(The)

(b)

...............

4,849

547,307

Nordson

Corp.

.....................

4,856

1,032,337

Otis

Worldwide

Corp.

................

37,024

2,858,623

PACCAR,

Inc.

.....................

46,930

3,873,133

Parker-Hannifin

Corp.

................

11,518

4,249,105

Pentair

plc

.......................

14,777

858,839

Snap-on,

Inc.

.....................

4,736

1,221,604

Stanley

Black

&

Decker,

Inc.

...........

13,794

1,173,180

Toro

Co.

(The)

.....................

9,300

751,812

Westinghouse

Air

Brake

Technologies

Corp.

.

16,108

1,707,770

Xylem,

Inc.

.......................

21,619

2,022,241

32,920,423

Media

—

1.4%

Fox

Corp.,

Class

A,

NVS

..............

22,834

693,925

Fox

Corp.,

Class

B

..................

11,874

331,404

Interpublic

Group

of

Cos.,

Inc.

(The)

......

34,643

983,861

Liberty

Broadband

Corp.,

Class

A

(b)

.......

1,492

124,314

Liberty

Broadband

Corp.,

Class

C,

NVS

(a)(b)

.

10,319

859,676

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A,

NVS

(b)

........................

6,683

163,667

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

C,

NVS

(b)

........................

13,383

328,552

News

Corp.,

Class

A,

NVS

............

34,156

706,346

News

Corp.,

Class

B

................

10,523

225,613

Omnicom

Group,

Inc.

................

17,687

1,324,933

Paramount

Global,

Class

A

(a)

...........

647

8,993

Paramount

Global,

Class

B,

NVS

........

43,400

472,192

Sirius

XM

Holdings,

Inc.

(a)

.............

58,792

251,630

Trade

Desk,

Inc.

(The),

Class

A

(b)

........

40,120

2,846,915

9,322,021

Metals

&

Mining

—

1.7%

Cleveland-Cliffs,

Inc.

(b)

...............

45,783

768,239

Newmont

Corp.

....................

103,529

3,879,232

Security

Shares

Shares

Value

Metals

&

Mining

(continued)

Nucor

Corp.

......................

22,365

$

3,305,323

Reliance

Steel

&

Aluminum

Co.

.........

5,269

1,340,328

Royal

Gold,

Inc.

....................

5,884

613,878

Steel

Dynamics,

Inc.

.................

14,003

1,491,459

11,398,459

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

Annaly

Capital

Management,

Inc.

........

44,563

695,628

Multi-Utilities

—

2.2%

Ameren

Corp.

.....................

23,627

1,788,800

CenterPoint

Energy,

Inc.

..............

56,757

1,525,628

CMS

Energy

Corp.

..................

26,244

1,426,099

Consolidated

Edison,

Inc.

.............

31,016

2,722,895

DTE

Energy

Co.

...................

18,540

1,786,885

NiSource,

Inc.

.....................

37,280

937,965

Public

Service

Enterprise

Group,

Inc.

.....

44,880

2,766,852

WEC

Energy

Group,

Inc.

..............

28,364

2,308,546

15,263,670

Office

REITs

—

0.3%

Alexandria

Real

Estate

Equities,

Inc.

......

14,010

1,304,751

Boston

Properties,

Inc.

...............

12,917

691,964

1,996,715

Oil,

Gas

&

Consumable

Fuels

—

4.4%

APA

Corp.

.......................

27,660

1,098,655

Cheniere

Energy,

Inc.

................

21,637

3,600,830

Chesapeake

Energy

Corp.

............

10,126

871,646

Coterra

Energy,

Inc.

.................

68,110

1,873,025

Devon

Energy

Corp.

.................

57,612

2,682,991

Diamondback

Energy,

Inc.

.............

16,079

2,577,785

EQT

Corp.

.......................

32,383

1,372,392

HF

Sinclair

Corp.

...................

13,091

724,980

Kinder

Morgan,

Inc.

.................

174,311

2,823,838

Marathon

Oil

Corp.

..................

54,254

1,481,677

ONEOK,

Inc.

......................

52,376

3,414,915

Ovintiv,

Inc.

.......................

22,825

1,095,600

Targa

Resources

Corp.

...............

20,116

1,681,899

Texas

Pacific

Land

Corp.

..............

556

1,026,348

Williams

Cos.,

Inc.

(The)

..............

109,181

3,755,826

30,082,407

Passenger

Airlines

—

0.7%

American

Airlines

Group,

Inc.

(b)

..........

58,944

657,226

Delta

Air

Lines,

Inc.

.................

57,857

1,808,031

Southwest

Airlines

Co.

...............

53,568

1,190,817

United

Airlines

Holdings,

Inc.

(b)

..........

29,523

1,033,600

4,689,674

Personal

Care

Products

—

0.0%

Coty,

Inc.,

Class

A

(b)

.................

32,237

302,061

Pharmaceuticals

—

0.5%

Catalent,

Inc.

(b)

....................

16,124

554,504

Jazz

Pharmaceuticals

plc

(b)

............

5,681

721,601

Royalty

Pharma

plc,

Class

A

...........

34,741

933,491

Viatris,

Inc.

.......................

108,086

961,965

3,171,561

Professional

Services

—

3.0%

Booz

Allen

Hamilton

Holding

Corp.

.......

11,789

1,413,855

Broadridge

Financial

Solutions,

Inc.

......

10,621

1,812,367

Ceridian

HCM

Holding,

Inc.

(b)

...........

14,001

896,204

Equifax,

Inc.

......................

11,035

1,871,205

Genpact

Ltd.

......................

15,014

503,570

Jacobs

Solutions,

Inc.

................

11,323

1,509,356

KBR,

Inc.

........................

12,142

706,057

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

21

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Professional

Services

(continued)

Leidos

Holdings,

Inc.

................

12,296

$

1,218,779

Paychex,

Inc.

.....................

28,854

3,204,237

Paycom

Software,

Inc.

...............

4,407

1,079,583

Paylocity

Holding

Corp.

(b)

.............

3,875

695,175

Robert

Half,

Inc.

...................

9,639

720,708

SS&C

Technologies

Holdings,

Inc.

.......

19,419

975,805

TransUnion

.......................

17,401

763,556

Verisk

Analytics,

Inc.

.................

13,011

2,958,181

20,328,638

Real

Estate

Management

&

Development

—

0.8%

(b)

CBRE

Group,

Inc.,

Class

A

............

27,861

1,931,882

CoStar

Group,

Inc.

..................

36,718

2,695,468

Zillow

Group,

Inc.,

Class

A

.............

4,746

168,625

Zillow

Group,

Inc.,

Class

C,

NVS

(a)

.......

14,224

515,620

5,311,595

Residential

REITs

—

1.9%

American

Homes

4

Rent,

Class

A

........

28,621

937,052

AvalonBay

Communities,

Inc.

..........

12,728

2,109,539

Camden

Property

Trust

...............

9,555

811,028

Equity

LifeStyle

Properties,

Inc.

.........

16,662

1,096,360

Equity

Residential

..................

31,015

1,716,060

Essex

Property

Trust,

Inc.

.............

5,744

1,228,756

Invitation

Homes,

Inc.

................

51,726

1,535,745

Mid-America

Apartment

Communities,

Inc.

..

10,498

1,240,339

Sun

Communities,

Inc.

...............

11,197

1,245,554

UDR,

Inc.

........................

27,284

867,904

12,788,337

Retail

REITs

—

1.4%

Federal

Realty

Investment

Trust

.........

6,567

598,845

Kimco

Realty

Corp.

.................

55,477

995,257

NNN

REIT,

Inc.

....................

16,305

592,361

Realty

Income

Corp.

.................

63,734

3,019,717

Regency

Centers

Corp.

..............

14,793

891,426

Simon

Property

Group,

Inc.

............

29,422

3,233,183

9,330,789

Semiconductors

&

Semiconductor

Equipment

—

3.4%

Enphase

Energy,

Inc.

(b)

...............

12,265

976,049

Entegris,

Inc.

......................

13,510

1,189,420

First

Solar,

Inc.

(b)

...................

9,609

1,368,802

Lattice

Semiconductor

Corp.

(b)

..........

12,422

690,787

Marvell

Technology,

Inc.

..............

77,187

3,644,770

Microchip

Technology,

Inc.

.............

48,851

3,482,588

Monolithic

Power

Systems,

Inc.

.........

4,296

1,897,715

NXP

Semiconductors

NV

.............

23,143

3,990,548

ON

Semiconductor

Corp.

(b)

............

38,803

2,430,620

Qorvo,

Inc.

(b)

......................

8,811

770,258

Skyworks

Solutions,

Inc.

..............

14,333

1,243,244

SolarEdge

Technologies,

Inc.

(a)(b)

........

5,097

387,117

Teradyne,

Inc.

.....................

13,855

1,153,706

23,225,624

Software

—

5.1%

ANSYS,

Inc.

(b)

.....................

7,778

2,164,306

Aspen

Technology,

Inc.

(b)

..............

2,555

454,151

Atlassian

Corp.,

Class

A

(b)

.............

13,657

2,467,001

Bentley

Systems,

Inc.,

Class

B

(a)

.........

20,648

1,004,319

BILL

Holdings,

Inc.

(b)

.................

8,711

795,227

Crowdstrike

Holdings,

Inc.,

Class

A

(a)(b)

....

20,115

3,555,729

Datadog,

Inc.,

Class

A

(b)

..............

26,892

2,190,891

DocuSign,

Inc.

(b)

...................

18,107

704,000

Dynatrace,

Inc.

(b)

...................

21,378

955,810

Fair

Isaac

Corp.

(b)

...................

2,235

1,890,519

Gen

Digital,

Inc.

....................

50,675

844,246

Security

Shares

Shares

Value

Software

(continued)

HubSpot,

Inc.

(b)

....................

4,498

$

1,906,117

Manhattan

Associates,

Inc.

(b)

...........

5,549

1,081,944

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

170,764

2,527,307

Procore

Technologies,

Inc.

(a)(b)

..........

7,946

485,421

PTC,

Inc.

(b)

.......................

10,686

1,500,528

Splunk,

Inc.

(b)

.....................

13,700

2,016,092

Tyler

Technologies,

Inc.

(b)

.............

3,785

1,411,427

Unity

Software,

Inc.

(a)(b)

...............

21,744

551,645

Workday,

Inc.,

Class

A

(b)

..............

18,470

3,910,284

Zoom

Video

Communications,

Inc.,

Class

A

(b)

22,560

1,353,149

Zscaler,

Inc.

(a)(b)

....................

7,833

1,243,019

35,013,132

Specialized

REITs

—

2.3%

CubeSmart

.......................

20,313

692,470

Digital

Realty

Trust,

Inc.

..............

27,219

3,384,955

Extra

Space

Storage,

Inc.

.............

18,999

1,968,107

Gaming

&

Leisure

Properties,

Inc.

.......

23,642

1,073,110

Iron

Mountain,

Inc.

..................

26,243

1,550,174

Lamar

Advertising

Co.,

Class

A

.........

7,837

644,750

SBA

Communications

Corp.

...........

9,746

2,033,308

VICI

Properties,

Inc.

.................

91,129

2,542,499

Weyerhaeuser

Co.

..................

65,710

1,885,220

15,774,593

Specialty

Retail

—

2.1%

Advance

Auto

Parts,

Inc.

..............

5,300

275,759

Bath

&

Body

Works,

Inc.

..............

20,704

613,874

Best

Buy

Co.,

Inc.

..................

17,477

1,167,813

Burlington

Stores,

Inc.

(b)

..............

5,818

704,153

CarMax,

Inc.

(b)

.....................

14,160

865,034

Dick's

Sporting

Goods,

Inc.

............

5,639

603,091

Five

Below,

Inc.

(b)

...................

4,986

867,464

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

9,597

790,793

Penske

Automotive

Group,

Inc.

(a)

........

1,756

251,248

Ross

Stores,

Inc.

...................

30,571

3,545,319

Tractor

Supply

Co.

..................

9,749

1,877,267

Ulta

Beauty,

Inc.

(b)

..................

4,479

1,707,888

Williams-Sonoma,

Inc.

...............

5,781

868,537

14,138,240

Technology

Hardware,

Storage

&

Peripherals

—

1.3%

Dell

Technologies,

Inc.,

Class

C

.........

22,787

1,524,678

Hewlett

Packard

Enterprise

Co.

.........

116,134

1,786,141

HP,

Inc.

.........................

77,755

2,047,289

NetApp,

Inc.

......................

18,962

1,380,054

Seagate

Technology

Holdings

plc

........

17,249

1,177,244

Western

Digital

Corp.

(b)

...............

28,790

1,155,919

9,071,325

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Deckers

Outdoor

Corp.

(b)

..............

2,352

1,404,285

Tapestry,

Inc.

......................

20,959

577,630

VF

Corp.

........................

29,624

436,362

2,418,277

Trading

Companies

&

Distributors

—

1.8%

Fastenal

Co.

......................

51,254

2,990,158

Ferguson

plc

......................

18,366

2,758,573

United

Rentals,

Inc.

.................

6,140

2,494,498

Watsco,

Inc.

......................

3,015

1,051,903

WW

Grainger,

Inc.

..................

4,002

2,920,780

12,215,912

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

ETF

22

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Water

Utilities

—

0.4%

American

Water

Works

Co.,

Inc.

.........

17,504

$

2,059,346

Essential

Utilities,

Inc.

................

21,959

734,748

2,794,094

Total

Long-Term

Investments

—

99.8%

(Cost:

$695,471,477)

.............................

687,457,140

Short-Term

Securities

Money

Market

Funds

—

3.4%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

............

22,512,920

22,521,926

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.33%

..................

815,471

815,471

Total

Short-Term

Securities

—

3.4%

(Cost:

$23,326,862)

..............................

23,337,397

Total

Investments

—

103.2%

(Cost:

$718,798,339

)

.............................

710,794,537

Liabilities

in

Excess

of

Other

Assets

—

(3.2)%

............

(22,032,468)

Net

Assets

—

100.0%

..............................

$

688,762,069

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Affiliated

Issuer

Value

at

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

Shares

Held

at

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

...............

$

32,613,650

$

—

$

(10,092,884)

(a)

$

3,412

$

(2,252)

$

22,521,926

22,512,920

$

69,094

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,036,626

—

(1,221,155)

(a)

—

—

815,471

815,471

35,983

—

$

3,412

$

(2,252)

$

23,337,397

$

105,077

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

ETF

Schedule

of

Investments

23

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

S&P

Midcap

400

E-Mini

Index

.................................................

5

12/15/23

$

1,188

$

(52,932)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

52,932

$

—

$

—

$

—

$

52,932

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

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

.......................

$

—

$

—

$

(17,357)

$

—

$

—

$

—

$

(17,357)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(70,337)

$

—

$

—

$

—

$

(70,337)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,301,030

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

ETF

24

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

.........................................

$

687,457,140

$

—

$

—

$

687,457,140

Short-Term

Securities

Money

Market

Funds

......................................

23,337,397

—

—

23,337,397

$

710,794,537

$

—

$

—

$

710,794,537

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(52,932)

$

—

$

—

$

(52,932)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedule

of

Investments

25

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

2.7%

Axon

Enterprise,

Inc.

(a)(b)

..............

26,215

$

5,360,705

HEICO

Corp.

(a)

....................

14,936

2,366,012

HEICO

Corp.,

Class

A

................

28,290

3,596,508

Howmet

Aerospace,

Inc.

..............

146,080

6,442,128

Huntington

Ingalls

Industries,

Inc.

........

7,566

1,663,158

Textron,

Inc.

......................

24,409

1,855,084

TransDigm

Group,

Inc.

(b)

..............

20,585

17,046,233

38,329,828

Air

Freight

&

Logistics

—

0.2%

CH

Robinson

Worldwide,

Inc.

..........

13,627

1,115,098

Expeditors

International

of

Washington,

Inc.

.

22,153

2,420,215

3,535,313

Automobile

Components

—

0.8%

Aptiv

plc

(b)

........................

105,503

9,199,862

BorgWarner,

Inc.

...................

35,052

1,293,419

Lear

Corp.

.......................

8,137

1,055,857

11,549,138

Automobiles

—

0.1%

Lucid

Group,

Inc.

(a)(b)

.................

330,288

1,360,787

Banks

—

0.4%

First

Citizens

BancShares,

Inc.,

Class

A

....

4,436

6,124,963

Beverages

—

0.3%

Brown-Forman

Corp.,

Class

A

..........

20,779

1,193,130

Brown-Forman

Corp.,

Class

B,

NVS

......

68,133

3,826,350

5,019,480

Biotechnology

—

2.9%

(b)

Alnylam

Pharmaceuticals,

Inc.

..........

46,630

7,078,434

Apellis

Pharmaceuticals,

Inc.

(a)

..........

37,717

1,835,309

BioMarin

Pharmaceutical,

Inc.

(a)

.........

70,195

5,717,383

Exact

Sciences

Corp.

................

67,394

4,150,797

Incyte

Corp.

......................

69,473

3,746,679

Karuna

Therapeutics,

Inc.

(a)

............

7,327

1,220,752

Neurocrine

Biosciences,

Inc.

...........

36,428

4,041,322

Sarepta

Therapeutics,

Inc.

.............

34,797

2,342,186

Seagen,

Inc.

......................

52,514

11,175,504

41,308,366

Broadline

Retail

—

0.8%

Coupang,

Inc.,

Class

A

(b)

..............

288,573

4,905,741

eBay,

Inc.

........................

86,430

3,390,649

Etsy,

Inc.

(b)

.......................

45,823

2,854,773

11,151,163

Building

Products

—

1.9%

A

O

Smith

Corp.

...................

25,866

1,804,412

Allegion

plc

.......................

20,126

1,979,593

Builders

FirstSource,

Inc.

(a)(b)

...........

25,088

2,722,550

Carlisle

Cos.,

Inc.

..................

12,101

3,074,743

Carrier

Global

Corp.

.................

114,150

5,440,389

Lennox

International,

Inc.

.............

5,640

2,089,846

Trane

Technologies

plc

...............

57,111

10,868,794

27,980,327

Capital

Markets

—

3.7%

Ameriprise

Financial,

Inc.

.............

15,592

4,904,775

Ares

Management

Corp.,

Class

A

........

61,563

6,069,496

FactSet

Research

Systems,

Inc.

.........

14,229

6,145,363

Interactive

Brokers

Group,

Inc.,

Class

A

....

39,904

3,195,113

LPL

Financial

Holdings,

Inc.

............

28,461

6,390,064

MarketAxess

Holdings,

Inc.

............

14,075

3,008,531

Security

Shares

Shares

Value

Capital

Markets

(continued)

Morningstar,

Inc.

...................

9,692

$

2,454,402

MSCI,

Inc.

.......................

29,503

13,912,140

Nasdaq,

Inc.

......................

50,655

2,512,488

Raymond

James

Financial,

Inc.

.........

38,065

3,632,924

SEI

Investments

Co.

.................

19,246

1,032,740

53,258,036

Chemicals

—

1.4%

Albemarle

Corp.

...................

23,239

2,946,240

DuPont

de

Nemours,

Inc.

.............

76,938

5,607,242

FMC

Corp.

.......................

18,619

990,531

Olin

Corp.

........................

18,964

810,142

PPG

Industries,

Inc.

.................

54,168

6,650,205

RPM

International,

Inc.

...............

24,786

2,262,218

Westlake

Corp.

....................

6,914

797,599

20,064,177

Commercial

Services

&

Supplies

—

1.5%

Copart,

Inc.

(b)

.....................

324,144

14,106,747

Rollins,

Inc.

.......................

104,961

3,947,583

Tetra

Tech,

Inc.

....................

19,886

3,000,996

21,055,326

Communications

Equipment

—

0.1%

F5,

Inc.

(b)

........................

7,408

1,122,979

Construction

&

Engineering

—

0.9%

AECOM

.........................

26,321

2,014,873

EMCOR

Group,

Inc.

.................

10,125

2,092,331

Quanta

Services,

Inc.

................

35,190

5,880,953

WillScot

Mobile

Mini

Holdings

Corp.

(b)

.....

73,601

2,900,615

12,888,772

Construction

Materials

—

1.3%

Martin

Marietta

Materials,

Inc.

..........

23,055

9,428,112

Vulcan

Materials

Co.

................

49,563

9,738,634

19,166,746

Consumer

Finance

—

0.3%

Discover

Financial

Services

............

57,056

4,683,157

Consumer

Staples

Distribution

&

Retail

—

2.1%

BJ's

Wholesale

Club

Holdings,

Inc.

(a)(b)

.....

25,037

1,705,520

Casey's

General

Stores,

Inc.

...........

8,855

2,407,763

Dollar

Tree,

Inc.

(a)(b)

.................

78,100

8,676,129

Performance

Food

Group

Co.

(a)(b)

........

58,370

3,371,451

Sysco

Corp.

......................

188,424

12,528,312

US

Foods

Holding

Corp.

(b)

.............

53,785

2,094,388

30,783,563

Containers

&

Packaging

—

0.4%

Avery

Dennison

Corp.

................

12,607

2,194,500

Ball

Corp.

........................

52,771

2,540,924

Crown

Holdings,

Inc.

................

15,362

1,238,177

5,973,601

Distributors

—

0.5%

Genuine

Parts

Co.

..................

24,641

3,175,239

LKQ

Corp.

.......................

30,332

1,332,181

Pool

Corp.

.......................

8,784

2,773,724

7,281,144

Diversified

Consumer

Services

—

0.1%

Service

Corp.

International

............

22,119

1,203,716

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

Growth

ETF

26

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electric

Utilities

—

1.0%

Constellation

Energy

Corp.

............

119,965

$

13,546,448

NRG

Energy,

Inc.

...................

27,135

1,149,981

14,696,429

Electrical

Equipment

—

2.0%

AMETEK,

Inc.

.....................

86,064

12,115,229

Hubbell,

Inc.

......................

20,006

5,403,621

Rockwell

Automation,

Inc.

.............

42,847

11,260,620

28,779,470

Electronic

Equipment,

Instruments

&

Components

—

2.6%

CDW

Corp.

.......................

50,005

10,021,002

Cognex

Corp.

.....................

64,181

2,309,874

Flex

Ltd.

(b)

........................

57,676

1,483,427

Jabil,

Inc.

........................

28,307

3,476,100

Keysight

Technologies,

Inc.

(b)

...........

40,148

4,900,063

TE

Connectivity

Ltd.

.................

60,521

7,132,400

Teledyne

Technologies,

Inc.

(b)

...........

10,048

3,763,880

Trimble,

Inc.

(b)

.....................

42,958

2,024,611

Zebra

Technologies

Corp.,

Class

A

(a)(b)

.....

11,014

2,306,662

37,418,019

Energy

Equipment

&

Services

—

1.1%

Baker

Hughes

Co.,

Class

A

............

218,759

7,529,685

Halliburton

Co.

....................

215,939

8,495,040

16,024,725

Entertainment

—

2.1%

Electronic

Arts,

Inc.

.................

40,553

5,020,056

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A

(b)

......................

6,070

349,328

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C,

NVS

(b)

..................

53,010

3,429,217

Live

Nation

Entertainment,

Inc.

(b)

........

52,888

4,232,098

ROBLOX

Corp.,

Class

A

(b)

.............

179,684

5,715,748

Take-Two

Interactive

Software,

Inc.

(b)

......

58,919

7,880,416

Warner

Bros

Discovery,

Inc.

(b)

..........

338,890

3,368,567

29,995,430

Financial

Services

—

1.4%

Block,

Inc.,

Class

A

(a)(b)

...............

204,960

8,249,640

FleetCor

Technologies,

Inc.

(b)

...........

15,716

3,538,772

Global

Payments,

Inc.

...............

32,271

3,427,826

Jack

Henry

&

Associates,

Inc.

..........

27,184

3,832,672

WEX,

Inc.

(b)

.......................

8,561

1,425,235

20,474,145

Food

Products

—

1.5%

Darling

Ingredients,

Inc.

(a)(b)

............

38,686

1,713,403

Hershey

Co.

(The)

..................

55,901

10,473,052

Hormel

Foods

Corp.

.................

34,152

1,111,648

Lamb

Weston

Holdings,

Inc.

...........

54,388

4,884,042

McCormick

&

Co.,

Inc.,

NVS

...........

55,640

3,555,396

21,737,541

Gas

Utilities

—

0.1%

Atmos

Energy

Corp.

.................

19,384

2,086,881

Ground

Transportation

—

1.3%

JB

Hunt

Transport

Services,

Inc.

........

30,456

5,234,473

Knight-Swift

Transportation

Holdings,

Inc.

..

18,714

914,927

Old

Dominion

Freight

Line,

Inc.

.........

33,424

12,589,484

U-Haul

Holding

Co.

(b)

................

1,155

56,734

18,795,618

Health

Care

Equipment

&

Supplies

—

3.8%

Align

Technology,

Inc.

(b)

...............

26,551

4,901,049

Cooper

Cos.,

Inc.

(The)

..............

12,498

3,896,252

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

GE

HealthCare

Technologies,

Inc.

(a)

......

55,271

$

3,679,390

Hologic,

Inc.

(b)

.....................

32,287

2,136,431

IDEXX

Laboratories,

Inc.

(b)

.............

30,967

12,370,387

Insulet

Corp.

(b)

.....................

26,045

3,452,786

Masimo

Corp.

(a)(b)

...................

16,527

1,340,836

Penumbra,

Inc.

(b)

...................

14,372

2,747,208

ResMed,

Inc.

.....................

54,810

7,740,268

Shockwave

Medical,

Inc.

(a)(b)

...........

13,709

2,827,618

STERIS

plc

.......................

36,800

7,727,264

Teleflex,

Inc.

(a)

.....................

8,509

1,572,038

54,391,527

Health

Care

Providers

&

Services

—

0.6%

agilon

health,

Inc.

(a)(b)

................

111,775

2,011,950

Chemed

Corp.

.....................

3,500

1,969,275

Molina

Healthcare,

Inc.

(b)

..............

12,421

4,135,572

8,116,797

Health

Care

REITs

—

0.7%

Healthpeak

Properties,

Inc.

............

88,340

1,373,687

Welltower,

Inc.

.....................

112,033

9,367,079

10,740,766

Health

Care

Technology

—

0.7%

Veeva

Systems,

Inc.,

Class

A

(a)(b)

........

54,361

10,475,908

Hotel

&

Resort

REITs

—

0.3%

Host

Hotels

&

Resorts,

Inc.

............

265,453

4,109,212

Hotels,

Restaurants

&

Leisure

—

4.7%

Aramark

.........................

41,354

1,113,663

Caesars

Entertainment,

Inc.

(b)

..........

80,310

3,203,566

Churchill

Downs,

Inc.

................

25,379

2,787,629

Darden

Restaurants,

Inc.

.............

23,446

3,412,096

Domino's

Pizza,

Inc.

.................

7,575

2,567,849

DoorDash,

Inc.,

Class

A

(b)

.............

111,903

8,387,130

DraftKings,

Inc.,

Class

A

(b)

.............

173,220

4,784,337

Hilton

Worldwide

Holdings,

Inc.

.........

97,553

14,782,206

MGM

Resorts

International

(a)

...........

104,567

3,651,480

Royal

Caribbean

Cruises

Ltd.

(b)

.........

56,410

4,779,619

Vail

Resorts,

Inc.

...................

14,382

3,052,580

Wynn

Resorts

Ltd.

..................

36,127

3,171,228

Yum!

Brands,

Inc.

..................

104,528

12,633,254

68,326,637

Household

Products

—

0.6%

Church

&

Dwight

Co.,

Inc.

.............

59,169

5,380,829

Clorox

Co.

(The)

...................

30,572

3,598,324

8,979,153

Independent

Power

and

Renewable

Electricity

Producers

—

0.1%

Vistra

Corp.

......................

43,006

1,407,156

Industrial

REITs

—

0.3%

Americold

Realty

Trust,

Inc.

............

45,732

1,199,093

Rexford

Industrial

Realty,

Inc.

..........

77,010

3,329,912

4,529,005

Insurance

—

2.3%

American

Financial

Group,

Inc.

.........

8,046

879,911

Arch

Capital

Group

Ltd.

(b)

.............

73,428

6,364,739

Brown

&

Brown,

Inc.

.................

87,812

6,095,909

Cincinnati

Financial

Corp.

.............

25,470

2,538,595

Erie

Indemnity

Co.,

Class

A,

NVS

........

9,289

2,565,529

Kinsale

Capital

Group,

Inc.

(a)

...........

8,208

2,740,733

Markel

Group,

Inc.

(b)

.................

2,250

3,308,670

RenaissanceRe

Holdings

Ltd.

..........

9,570

2,101,476

Willis

Towers

Watson

plc

..............

20,139

4,750,589

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedule

of

Investments

27

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Insurance

(continued)

WR

Berkley

Corp.

..................

34,837

$

2,348,710

33,694,861

Interactive

Media

&

Services

—

1.1%

(b)

Match

Group,

Inc.

..................

103,589

3,584,179

Pinterest,

Inc.,

Class

A

...............

217,060

6,485,753

Snap,

Inc.,

Class

A,

NVS

(a)

............

377,807

3,781,848

ZoomInfo

Technologies,

Inc.

...........

113,658

1,473,008

15,324,788

IT

Services

—

3.4%

(b)

Akamai

Technologies,

Inc.

.............

18,943

1,957,380

Cloudflare,

Inc.,

Class

A

(a)

.............

109,143

6,187,317

EPAM

Systems,

Inc.

.................

21,621

4,704,081

Gartner,

Inc.

......................

29,405

9,763,636

GoDaddy,

Inc.,

Class

A

(a)

..............

54,766

4,010,514

MongoDB,

Inc.,

Class

A

..............

26,329

9,072,710

Okta,

Inc.,

Class

A

..................

57,842

3,899,129

Twilio,

Inc.,

Class

A

.................

67,468

3,458,410

VeriSign,

Inc.

.....................

33,471

6,682,820

49,735,997

Life

Sciences

Tools

&

Services

—

3.9%

Agilent

Technologies,

Inc.

.............

110,186

11,389,927

Avantor,

Inc.

(b)

.....................

78,896

1,375,157

Bio-Rad

Laboratories,

Inc.,

Class

A

(a)(b)

....

7,780

2,141,679

Bio-Techne

Corp.

...................

58,638

3,203,394

Bruker

Corp.

......................

36,651

2,089,107

Charles

River

Laboratories

International,

Inc.

(b)

19,134

3,221,400

Illumina,

Inc.

(b)

.....................

29,585

3,237,191

IQVIA

Holdings,

Inc.

(a)(b)

...............

38,335

6,932,118

Mettler-Toledo

International,

Inc.

(b)

.......

8,156

8,035,291

Repligen

Corp.

(a)(b)

..................

19,365

2,605,754

Waters

Corp.

(a)(b)

...................

14,557

3,472,281

West

Pharmaceutical

Services,

Inc.

......

27,552

8,769,526

56,472,825

Machinery

—

5.3%

Cummins,

Inc.

.....................

22,725

4,915,418

Dover

Corp.

......................

31,537

4,098,233

Fortive

Corp.

......................

71,341

4,657,140

Graco,

Inc.

.......................

63,119

4,692,898

IDEX

Corp.

.......................

28,202

5,398,145

Ingersoll

Rand,

Inc.

.................

150,854

9,153,821

Lincoln

Electric

Holdings,

Inc.

..........

21,417

3,743,692

Middleby

Corp.

(The)

(b)

...............

10,077

1,137,391

Nordson

Corp.

.....................

20,199

4,294,105

Otis

Worldwide

Corp.

................

81,391

6,284,199

Parker-Hannifin

Corp.

................

32,553

12,009,127

Pentair

plc

.......................

27,120

1,576,214

Toro

Co.

(The)

.....................

38,705

3,128,912

Westinghouse

Air

Brake

Technologies

Corp.

.

35,619

3,776,326

Xylem,

Inc.

.......................

89,838

8,403,447

77,269,068

Media

—

1.1%

(b)

Liberty

Broadband

Corp.,

Class

A

(a)

.......

6,181

515,001

Liberty

Broadband

Corp.,

Class

C,

NVS

....

42,697

3,557,087

Trade

Desk,

Inc.

(The),

Class

A

.........

166,434

11,810,157

15,882,245

Metals

&

Mining

—

0.2%

Royal

Gold,

Inc.

....................

24,574

2,563,805

Multi-Utilities

—

0.6%

Ameren

Corp.

.....................

48,673

3,685,033

CenterPoint

Energy,

Inc.

..............

94,556

2,541,665

Security

Shares

Shares

Value

Multi-Utilities

(continued)

CMS

Energy

Corp.

..................

41,859

$

2,274,618

8,501,316

Office

REITs

—

0.2%

Alexandria

Real

Estate

Equities,

Inc.

......

26,113

2,431,904

Oil,

Gas

&

Consumable

Fuels

—

2.6%

Cheniere

Energy,

Inc.

................

49,973

8,316,507

Coterra

Energy,

Inc.

.................

157,301

4,325,777

Devon

Energy

Corp.

.................

113,746

5,297,151

Diamondback

Energy,

Inc.

.............

28,803

4,617,697

EQT

Corp.

.......................

80,749

3,422,143

Marathon

Oil

Corp.

..................

75,264

2,055,460

Ovintiv,

Inc.

.......................

36,054

1,730,592

Targa

Resources

Corp.

...............

33,672

2,815,316

Texas

Pacific

Land

Corp.

..............

2,325

4,291,834

36,872,477

Passenger

Airlines

—

0.6%

American

Airlines

Group,

Inc.

(b)

..........

123,248

1,374,215

Delta

Air

Lines,

Inc.

.................

112,424

3,513,250

Southwest

Airlines

Co.

...............

94,711

2,105,426

United

Airlines

Holdings,

Inc.

(b)

..........

53,088

1,858,611

8,851,502

Personal

Care

Products

—

0.0%

Coty,

Inc.,

Class

A

(b)

.................

50,256

470,899

Pharmaceuticals

—

0.0%

Catalent,

Inc.

(b)

....................

19,763

679,650

Professional

Services

—

4.4%

Booz

Allen

Hamilton

Holding

Corp.

.......

21,716

2,604,400

Broadridge

Financial

Solutions,

Inc.

......

44,062

7,518,740

Ceridian

HCM

Holding,

Inc.

(b)

...........

58,170

3,723,462

Equifax,

Inc.

......................

45,779

7,762,745

Genpact

Ltd.

......................

24,982

837,896

Jacobs

Solutions,

Inc.

................

20,512

2,734,249

KBR,

Inc.

........................

31,002

1,802,766

Paychex,

Inc.

.....................

119,701

13,292,796

Paycom

Software,

Inc.

...............

18,374

4,501,079

Paylocity

Holding

Corp.

(b)

.............

16,040

2,877,576

Robert

Half,

Inc.

...................

18,487

1,382,273

TransUnion

.......................

42,002

1,843,048

Verisk

Analytics,

Inc.

.................

54,100

12,300,176

63,181,206

Real

Estate

Management

&

Development

—

1.2%

(b)

CBRE

Group,

Inc.,

Class

A

(a)

...........

38,766

2,688,034

CoStar

Group,

Inc.

(a)

.................

152,324

11,182,105

Zillow

Group,

Inc.,

Class

A

.............

19,638

697,738

Zillow

Group,

Inc.,

Class

C,

NVS

(a)

.......

58,868

2,133,965

16,701,842

Residential

REITs

—

2.5%

American

Homes

4

Rent,

Class

A

........

70,991

2,324,245

AvalonBay

Communities,

Inc.

..........

29,882

4,952,643

Camden

Property

Trust

...............

39,829

3,380,685

Equity

LifeStyle

Properties,

Inc.

.........

42,657

2,806,831

Equity

Residential

..................

66,755

3,693,554

Essex

Property

Trust,

Inc.

.............

10,314

2,206,371

Invitation

Homes,

Inc.

................

214,584

6,370,999

Mid-America

Apartment

Communities,

Inc.

..

24,051

2,841,626

Sun

Communities,

Inc.

...............

46,412

5,162,871

UDR,

Inc.

........................

74,662

2,374,998

36,114,823

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

Growth

ETF

28

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

—

0.6%

Federal

Realty

Investment

Trust

.........

15,393

$

1,403,688

Realty

Income

Corp.

.................

128,520

6,089,277

Regency

Centers

Corp.

..............

22,085

1,330,842

8,823,807

Semiconductors

&

Semiconductor

Equipment

—

4.5%

Enphase

Energy,

Inc.

(b)

...............

50,866

4,047,916

Entegris,

Inc.

(a)

....................

55,995

4,929,800

First

Solar,

Inc.

(a)(b)

..................

39,852

5,676,917

Lattice

Semiconductor

Corp.

(a)(b)

.........

51,417

2,859,299

Marvell

Technology,

Inc.

..............

320,809

15,148,601

Microchip

Technology,

Inc.

.............

97,878

6,977,723

Monolithic

Power

Systems,

Inc.

.........

17,823

7,873,132

NXP

Semiconductors

NV

.............

41,495

7,154,983

ON

Semiconductor

Corp.

(b)

............

77,478

4,853,222

Skyworks

Solutions,

Inc.

..............

21,421

1,858,057

SolarEdge

Technologies,

Inc.

(a)(b)

........

21,044

1,598,292

Teradyne,

Inc.

.....................

27,425

2,283,680

65,261,622

Software

—

9.8%

ANSYS,

Inc.

(b)

.....................

32,376

9,008,946

Aspen

Technology,

Inc.

(b)

..............

10,567

1,878,284

Atlassian

Corp.,

Class

A

(b)

.............

56,657

10,234,521

Bentley

Systems,

Inc.,

Class

B

(a)

.........

85,621

4,164,605

BILL

Holdings,

Inc.

(a)(b)

................

36,074

3,293,195

Crowdstrike

Holdings,

Inc.,

Class

A

(a)(b)

....

83,609

14,779,563

Datadog,

Inc.,

Class

A

(b)

..............

111,562

9,088,956

DocuSign,

Inc.

(b)

...................

75,386

2,931,008

Dynatrace,

Inc.

(b)

...................

88,619

3,962,156

Fair

Isaac

Corp.

(b)

...................

9,272

7,842,907

HubSpot,

Inc.

(b)

....................

18,658

7,906,701

Manhattan

Associates,

Inc.

(b)

...........

23,005

4,485,515

Palantir

Technologies,

Inc.,

Class

A

(a)(b)

....

710,235

10,511,478

Procore

Technologies,

Inc.

(a)(b)

..........

32,884

2,008,884

PTC,

Inc.

(b)

.......................

44,328

6,224,538

Splunk,

Inc.

(a)(b)

....................

56,833

8,363,544

Tyler

Technologies,

Inc.

(b)

.............

15,696

5,853,038

Unity

Software,

Inc.

(a)(b)

...............

89,990

2,283,046

Workday,

Inc.,

Class

A

(b)

..............

76,761

16,251,071

Zoom

Video

Communications,

Inc.,

Class

A

(b)

93,585

5,613,228

Zscaler,

Inc.

(b)

.....................

32,654

5,181,863

141,867,047

Specialized

REITs

—

1.9%

CubeSmart

.......................

50,574

1,724,068

Digital

Realty

Trust,

Inc.

..............

49,793

6,192,257

Extra

Space

Storage,

Inc.

.............

43,864

4,543,872

Gaming

&

Leisure

Properties,

Inc.

.......

30,384

1,379,130

Iron

Mountain,

Inc.

..................

64,190

3,791,703

Lamar

Advertising

Co.,

Class

A

.........

10,172

836,850

SBA

Communications

Corp.

...........

40,430

8,434,911

26,902,791

Specialty

Retail

—

2.9%

Burlington

Stores,

Inc.

(a)(b)

.............

24,204

2,929,410

CarMax,

Inc.

(b)

.....................

31,786

1,941,807

Five

Below,

Inc.

(a)(b)

..................

20,736

3,607,649

Floor

&

Decor

Holdings,

Inc.,

Class

A

(a)(b)

...

39,725

3,273,340

Ross

Stores,

Inc.

...................

127,076

14,737,004

Tractor

Supply

Co.

..................

40,589

7,815,818

Ulta

Beauty,

Inc.

(b)

..................

18,578

7,083,977

41,389,005

Technology

Hardware,

Storage

&

Peripherals

—

0.2%

NetApp,

Inc.

......................

36,364

2,646,572

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

—

0.4%

Deckers

Outdoor

Corp.

(b)

..............

9,749

$

5,820,738

Trading

Companies

&

Distributors

—

2.4%

Fastenal

Co.

......................

213,127

12,433,829

United

Rentals,

Inc.

.................

13,960

5,671,529

Watsco,

Inc.

......................

12,527

4,370,545

WW

Grainger,

Inc.

..................

16,601

12,115,908

34,591,811

Water

Utilities

—

0.4%

American

Water

Works

Co.,

Inc.

.........

38,248

4,499,877

Essential

Utilities,

Inc.

................

49,257

1,648,139

6,148,016

Total

Long-Term

Investments

—

99.8%

(Cost:

$1,486,894,649)

...........................

1,443,125,618

Short-Term

Securities

Money

Market

Funds

—

5.7%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

............

79,698,834

79,730,714

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.33%

..................

2,431,240

2,431,240

Total

Short-Term

Securities

—

5.7%

(Cost:

$82,122,178)

..............................

82,161,954

Total

Investments

—

105.5%

(Cost:

$1,569,016,827

)

...........................

1,525,287,572

Liabilities

in

Excess

of

Other

Assets

—

(5.5)%

............

(79,280,099)

Net

Assets

—

100.0%

..............................

$

1,446,007,473

(a)

All

or

a

portion

of

this

security

is

on

loan.

(b)

Non-income

producing

security.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

Growth

ETF

Schedule

of

Investments

29

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

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

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

Shares

Held

at

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

...............

$

86,400,186

$

—

$

(6,673,618)

(a)

$

961

$

3,185

$

79,730,714

79,698,834

$

145,435

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

2,452,482

—

(21,242)

(a)

—

—

2,431,240

2,431,240

79,459

—

$

961

$

3,185

$

82,161,954

$

224,894

$

—

—

—

(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

...................................................

3

12/15/23

$

869

$

(45,899)

Russell

2000

E-Mini

Index

....................................................

19

12/15/23

1,585

(144,772)

$

(190,671)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

190,671

$

—

$

—

$

—

$

190,671

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

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

.......................

$

—

$

—

$

58,231

$

—

$

—

$

—

$

58,231

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(247,738)

$

—

$

—

$

—

$

(247,738)

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Mid-Cap

Growth

ETF

30

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

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

..................................................................................

$

3,386,808

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

1,443,125,618

$

—

$

—

$

1,443,125,618

Short-Term

Securities

Money

Market

Funds

......................................

82,161,954

—

—

82,161,954

$

1,525,287,572

$

—

$

—

$

1,525,287,572

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(190,671)

$

—

$

—

$

(190,671)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Schedule

of

Investments

(unaudited)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

31

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.8%

AeroVironment,

Inc.

(a)

................

5,883

$

674,545

BWX

Technologies,

Inc.

..............

10,983

815,817

Cadre

Holdings,

Inc.

.................

4,021

112,789

Curtiss-Wright

Corp.

.................

5,717

1,136,597

Ducommun,

Inc.

(a)(b)

.................

1,752

83,816

Hexcel

Corp.

......................

18,945

1,173,074

Kaman

Corp.

.....................

2,898

53,932

Kratos

Defense

&

Security

Solutions,

Inc.

(a)

.

28,809

491,193

Leonardo

DRS,

Inc.

(a)(b)

...............

11,690

222,928

Moog,

Inc.,

Class

A

.................

2,773

321,807

Parsons

Corp.

(a)(b)

...................

5,214

294,852

Rocket

Lab

USA,

Inc.

(a)(b)

..............

58,136

245,915

Triumph

Group,

Inc.

(a)

................

8,029

59,896

Virgin

Galactic

Holdings,

Inc.,

Class

C

(a)(b)

...

72,898

107,889

Woodward,

Inc.

....................

6,641

828,133

6,623,183

Air

Freight

&

Logistics

—

0.3%

Air

Transport

Services

Group,

Inc.

(a)

......

4,049

79,239

Forward

Air

Corp.

..................

3,668

236,256

GXO

Logistics,

Inc.

(a)

................

14,031

708,706

1,024,201

Automobile

Components

—

1.9%

Adient

plc

(a)

.......................

14,230

479,409

Autoliv,

Inc.

.......................

8,947

819,992

Dana,

Inc.

........................

19,067

218,889

Dorman

Products,

Inc.

(a)

..............

6,367

395,900

Fox

Factory

Holding

Corp.

(a)(b)

..........

9,449

769,810

Gentex

Corp.

.....................

52,324

1,500,652

Gentherm,

Inc.

(a)

...................

7,439

299,197

LCI

Industries

.....................

2,455

266,343

Luminar

Technologies,

Inc.,

Class

A

(a)(b)

....

59,196

187,651

Mobileye

Global,

Inc.,

Class

A

(a)(b)

........

17,136

611,241

Modine

Manufacturing

Co.

(a)(b)

..........

6,252

246,954

QuantumScape

Corp.,

Class

A

(a)(b)

.......

52,758

275,397

Solid

Power,

Inc.,

Class

A

(a)(b)

...........

28,061

37,040

Visteon

Corp.

(a)

....................

6,290

724,168

XPEL,

Inc.

(a)(c)

.....................

4,749

219,879

7,052,522

Automobiles

—

0.2%

Fisker,

Inc.,

Class

A

(a)(b)

...............

42,805

192,623

Thor

Industries,

Inc.

.................

5,845

513,951

Winnebago

Industries,

Inc.

............

2,713

157,218

863,792

Banks

—

0.9%

Axos

Financial,

Inc.

(a)(b)

...............

6,222

224,179

BancFirst

Corp.

....................

1,626

131,885

Bancorp,

Inc.

(The)

(a)

................

11,410

406,766

Bank

First

Corp.

...................

745

58,833

Capital

City

Bank

Group,

Inc.

...........

1,210

34,570

City

Holding

Co.

...................

1,079

97,952

Coastal

Financial

Corp.

(a)(b)

............

1,028

38,211

Columbia

Financial,

Inc.

(a)

.............

3,177

51,150

CrossFirst

Bankshares,

Inc.

(a)

...........

3,013

31,877

Cullen/Frost

Bankers,

Inc.

.............

5,242

476,969

First

Financial

Bankshares,

Inc.

.........

10,307

247,883

German

American

Bancorp,

Inc.

.........

2,423

66,221

Lakeland

Financial

Corp.

..............

1,656

81,558

Live

Oak

Bancshares,

Inc.

(b)

............

7,323

211,268

Pathward

Financial,

Inc.

..............

1,785

80,843

Peapack-Gladstone

Financial

Corp.

......

1,676

39,168

Seacoast

Banking

Corp.

of

Florida

.......

9,508

192,157

Security

Shares

Shares

Value

Banks

(continued)

ServisFirst

Bancshares,

Inc.

...........

11,007

$

519,090

Stock

Yards

Bancorp,

Inc.

.............

6,130

239,744

Triumph

Financial,

Inc.

(a)

..............

2,552

158,862

3,389,186

Beverages

—

1.0%

Boston

Beer

Co.,

Inc.

(The),

Class

A

(a)

.....

2,120

707,974

Celsius

Holdings,

Inc.

(a)(b)

..............

11,035

1,678,313

Coca-Cola

Consolidated,

Inc.

...........

1,051

668,867

Duckhorn

Portfolio,

Inc.

(The)

(a)

.........

5,090

53,089

MGP

Ingredients,

Inc.

(b)

...............

3,491

330,458

National

Beverage

Corp.

(a)

.............

2,674

124,020

Vita

Coco

Co.,

Inc.

(The)

(a)

.............

6,805

184,415

3,747,136

Biotechnology

—

6.5%

(a)

89bio,

Inc.

.......................

14,149

104,703

ACADIA

Pharmaceuticals,

Inc.

..........

26,670

601,942

ADMA

Biologics,

Inc.

................

46,383

156,774

Agenus,

Inc.

(b)

.....................

32,190

25,752

Agios

Pharmaceuticals,

Inc.

............

8,291

174,194

Akero

Therapeutics,

Inc.

..............

12,489

148,869

Aldeyra

Therapeutics,

Inc.

(b)

............

10,751

18,384

Alector,

Inc.

(b)

.....................

6,629

34,471

Alkermes

plc

......................

37,372

904,029

Allogene

Therapeutics,

Inc.

............

13,545

38,197

Amicus

Therapeutics,

Inc.

.............

34,146

374,582

AnaptysBio,

Inc.

...................

1,432

23,356

Anavex

Life

Sciences

Corp.

(b)

...........

18,508

103,275

Arbutus

Biopharma

Corp.

.............

27,135

49,657

Arcturus

Therapeutics

Holdings,

Inc.

......

2,457

46,929

Arcus

Biosciences,

Inc.

...............

7,094

111,447

Arcutis

Biotherapeutics,

Inc.

(b)

..........

11,421

25,697

Ardelyx,

Inc.

......................

48,649

192,164

Arrowhead

Pharmaceuticals,

Inc.

........

24,071

591,906

ARS

Pharmaceuticals,

Inc.

(b)

...........

5,047

18,018

Aurinia

Pharmaceuticals,

Inc.

...........

31,995

234,843

Avid

Bioservices,

Inc.

(b)

...............

14,189

87,262

Avidity

Biosciences,

Inc.

(b)

.............

14,219

73,228

Beam

Therapeutics,

Inc.

..............

10,875

229,897

BioCryst

Pharmaceuticals,

Inc.

..........

42,270

232,062

Biohaven

Ltd.

.....................

6,366

168,763

Biomea

Fusion,

Inc.

.................

5,461

55,811

Bioxcel

Therapeutics,

Inc.

(b)

............

4,567

18,336

Bluebird

Bio,

Inc.

(b)

..................

13,245

39,073

Blueprint

Medicines

Corp.

.............

13,614

801,320

Bridgebio

Pharma,

Inc.

...............

26,976

702,455

CareDx,

Inc.

......................

6,101

33,006

Catalyst

Pharmaceuticals,

Inc.

..........

10,488

130,156

Celldex

Therapeutics,

Inc.

.............

10,685

251,311

Cerevel

Therapeutics

Holdings,

Inc.

......

17,764

420,119

Cogent

Biosciences,

Inc.

..............

16,583

135,317

Coherus

Biosciences,

Inc.

.............

6,073

20,345

Crinetics

Pharmaceuticals,

Inc.

.........

12,976

380,067

Cytokinetics,

Inc.

...................

21,541

750,919

Deciphera

Pharmaceuticals,

Inc.

........

12,488

149,731

Denali

Therapeutics,

Inc.

..............

27,782

523,135

Dynavax

Technologies

Corp.

...........

28,727

408,211

Editas

Medicine,

Inc.

(b)

...............

9,964

66,559

EQRx,

Inc.

(b)

......................

22,809

49,724

Exelixis,

Inc.

......................

71,385

1,469,817

Fate

Therapeutics,

Inc.

...............

18,973

34,341

FibroGen,

Inc.

.....................

9,078

4,911

Geron

Corp.

......................

54,640

103,816

Halozyme

Therapeutics,

Inc.

...........

29,539

1,000,486

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

32

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Biotechnology

(continued)

Ideaya

Biosciences,

Inc.

..............

12,835

$

348,727

ImmunityBio,

Inc.

(b)

..................

31,635

99,334

ImmunoGen,

Inc.

...................

50,805

754,962

Immunovant,

Inc.

(b)

..................

10,792

356,676

Inhibrx,

Inc.

.......................

2,998

46,379

Insmed,

Inc.

......................

32,247

808,110

Intellia

Therapeutics,

Inc.

.............

19,873

497,819

Intercept

Pharmaceuticals,

Inc.

.........

5,193

98,303

Ionis

Pharmaceuticals,

Inc.

............

13,714

607,119

Janux

Therapeutics,

Inc.

..............

4,379

28,113

Karyopharm

Therapeutics,

Inc.

(b)

........

10,960

9,535

Keros

Therapeutics,

Inc.

..............

5,090

145,269

Krystal

Biotech,

Inc.

(b)

................

3,467

405,188

Kura

Oncology,

Inc.

.................

5,133

43,374

Kymera

Therapeutics,

Inc.

.............

8,915

104,038

Lexicon

Pharmaceuticals,

Inc.

(b)

.........

12,911

16,010

Lyell

Immunopharma,

Inc.

(b)

............

11,285

18,677

MacroGenics,

Inc.

..................

13,818

72,130

Madrigal

Pharmaceuticals,

Inc.

..........

1,765

231,886

MannKind

Corp.

...................

59,861

256,804

Mersana

Therapeutics,

Inc.

............

23,356

27,794

Mirati

Therapeutics,

Inc.

(b)

.............

9,517

528,479

Mirum

Pharmaceuticals,

Inc.

...........

6,839

187,594

Morphic

Holding,

Inc.

................

8,767

174,902

Natera,

Inc.

.......................

24,153

953,319

Nurix

Therapeutics,

Inc.

..............

4,323

24,166

Point

Biopharma

Global,

Inc.

...........

20,044

253,757

Protagonist

Therapeutics,

Inc.

(b)

.........

7,188

104,513

Prothena

Corp.

plc

..................

8,722

318,004

PTC

Therapeutics,

Inc.

...............

10,482

196,537

RAPT

Therapeutics,

Inc.

(b)

.............

6,513

85,646

Recursion

Pharmaceuticals,

Inc.,

Class

A

(b)

.

34,601

182,693

Relay

Therapeutics,

Inc.

..............

20,419

134,765

Replimune

Group,

Inc.

...............

11,576

168,662

REVOLUTION

Medicines,

Inc.

(b)

.........

12,157

240,709

Rhythm

Pharmaceuticals,

Inc.

..........

10,795

249,472

Rocket

Pharmaceuticals,

Inc.

...........

15,247

275,971

Sage

Therapeutics,

Inc.

..............

4,219

79,022

Sana

Biotechnology,

Inc.

..............

21,528

63,723

Seres

Therapeutics,

Inc.

..............

11,067

16,932

SpringWorks

Therapeutics,

Inc.

.........

5,937

135,957

Syndax

Pharmaceuticals,

Inc.

(b)

.........

14,575

205,216

TG

Therapeutics,

Inc.

(b)

...............

31,654

244,685

Travere

Therapeutics,

Inc.

.............

8,454

54,782

Twist

Bioscience

Corp.

(b)

..............

12,801

201,744

Ultragenyx

Pharmaceutical,

Inc.

(b)

........

10,027

354,956

uniQure

NV

.......................

6,498

37,039

Vaxcyte,

Inc.

......................

6,352

305,531

Veracyte,

Inc.

.....................

16,419

340,202

Vericel

Corp.

......................

10,740

377,833

Viking

Therapeutics,

Inc.

(b)

.............

22,319

218,949

Viridian

Therapeutics,

Inc.

(b)

............

3,880

48,500

Xencor,

Inc.

......................

13,526

234,676

Zentalis

Pharmaceuticals,

Inc.

..........

12,804

209,473

Zymeworks,

Inc.

...................

4,685

32,889

24,536,912

Broadline

Retail

—

0.2%

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

7,503

579,532

Building

Products

—

2.3%

AAON,

Inc.

(b)

......................

15,185

827,279

Advanced

Drainage

Systems,

Inc.

.......

15,516

1,657,574

American

Woodmark

Corp.

(a)

...........

1,594

107,165

Apogee

Enterprises,

Inc.

..............

2,009

86,226

Security

Shares

Shares

Value

Building

Products

(continued)

Armstrong

World

Industries,

Inc.

.........

5,617

$

426,274

AZEK

Co.,

Inc.

(The),

Class

A

(a)

.........

33,489

877,412

AZZ,

Inc.

........................

1,957

92,507

Gibraltar

Industries,

Inc.

(a)

.............

6,852

417,013

Griffon

Corp.

......................

2,958

118,143

Insteel

Industries,

Inc.

................

2,123

59,253

Janus

International

Group,

Inc.

(a)

........

12,406

116,120

Masonite

International

Corp.

(a)

..........

1,746

138,178

PGT

Innovations,

Inc.

(a)

...............

6,330

189,520

Quanex

Building

Products

Corp.

.........

2,979

79,986

Resideo

Technologies,

Inc.

(a)

...........

16,915

244,929

Simpson

Manufacturing

Co.,

Inc.

........

9,560

1,273,201

Tecnoglass,

Inc.

....................

4,624

151,112

Trex

Co.,

Inc.

(a)(b)

...................

16,288

915,549

UFP

Industries,

Inc.

.................

7,190

684,272

Zurn

Elkay

Water

Solutions

Corp.

........

13,138

347,632

8,809,345

Capital

Markets

—

2.2%

Affiliated

Managers

Group,

Inc.

.........

3,257

399,829

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

6,721

221,793

AssetMark

Financial

Holdings,

Inc.

(a)

......

5,017

119,957

Avantax,

Inc.

(a)

.....................

8,197

211,565

Blue

Owl

Capital,

Inc.,

Class

A

..........

90,883

1,120,587

Brightsphere

Investment

Group,

Inc.

......

7,229

113,206

Cohen

&

Steers,

Inc.

................

5,765

301,164

Federated

Hermes,

Inc.,

Class

B

........

10,898

345,467

Freedom

Holding

Corp.

(a)(b)

............

3,773

309,537

Hamilton

Lane,

Inc.,

Class

A

...........

4,777

401,841

Houlihan

Lokey,

Inc.,

Class

A

...........

5,791

582,111

Open

Lending

Corp.,

Class

A

(a)

..........

9,673

57,941

P10,

Inc.,

Class

A

(b)

.................

9,651

90,913

PJT

Partners,

Inc.,

Class

A

............

5,030

394,151

Robinhood

Markets,

Inc.,

Class

A

(a)(b)

......

123,223

1,126,258

Tradeweb

Markets,

Inc.,

Class

A

.........

25,723

2,315,327

Virtus

Investment

Partners,

Inc.

.........

647

119,197

WisdomTree,

Inc.

...................

11,747

72,831

8,303,675

Chemicals

—

2.0%

Ashland,

Inc.

......................

11,485

880,096

Aspen

Aerogels,

Inc.

(a)

...............

11,744

90,664

Avient

Corp.

......................

9,781

309,275

Axalta

Coating

Systems

Ltd.

(a)

..........

25,439

667,265

Balchem

Corp.

....................

7,230

840,415

Cabot

Corp.

......................

5,497

365,441

Chase

Corp.

......................

1,700

216,002

Ecovyst,

Inc.

(a)

.....................

22,906

210,735

Element

Solutions,

Inc.

...............

17,611

321,049

Ginkgo

Bioworks

Holdings,

Inc.,

Class

A

(a)(b)

.

298,734

409,266

Hawkins,

Inc.

.....................

4,307

247,351

HB

Fuller

Co.

.....................

6,610

437,251

Ingevity

Corp.

(a)

....................

3,372

135,824

Innospec,

Inc.

.....................

3,853

377,594

Koppers

Holdings,

Inc.

...............

1,505

55,038

Livent

Corp.

(a)(b)

....................

40,332

588,444

NewMarket

Corp.

...................

723

348,594

Perimeter

Solutions

SA

(a)

..............

33,476

107,123

PureCycle

Technologies,

Inc.

(a)(b)

.........

30,474

135,609

Quaker

Chemical

Corp.

..............

3,118

448,119

Sensient

Technologies

Corp.

...........

5,160

291,127

Stepan

Co.

.......................

2,495

186,626

7,668,908

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

33

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Commercial

Services

&

Supplies

—

1.8%

ABM

Industries,

Inc.

.................

4,970

$

195,520

ACV

Auctions,

Inc.,

Class

A

(a)(b)

..........

30,416

405,445

Brady

Corp.,

Class

A,

NVS

............

4,514

232,290

Brink's

Co.

(The)

...................

6,498

434,456

Casella

Waste

Systems,

Inc.,

Class

A

(a)

....

12,713

959,196

CECO

Environmental

Corp.

(a)(b)

.........

6,512

105,364

Clean

Harbors,

Inc.

(a)

................

11,290

1,734,934

Driven

Brands

Holdings,

Inc.

(a)

..........

13,826

157,340

Interface,

Inc.

.....................

4,170

37,071

Liquidity

Services,

Inc.

(a)

..............

4,999

96,331

Montrose

Environmental

Group,

Inc.

(a)

.....

6,195

143,228

MSA

Safety,

Inc.

...................

8,286

1,308,194

SP

Plus

Corp.

(a)

....................

1,610

81,353

Stericycle,

Inc.

(a)

...................

11,319

466,796

UniFirst

Corp.

.....................

1,690

277,887

Viad

Corp.

(a)

......................

4,733

114,681

VSE

Corp.

.......................

1,644

88,447

6,838,533

Communications

Equipment

—

0.8%

(a)

Calix,

Inc.

........................

13,250

438,840

Cambium

Networks

Corp.

.............

2,703

13,461

Ciena

Corp.

(b)

.....................

17,906

755,633

Clearfield,

Inc.

(b)

....................

1,255

30,145

Digi

International,

Inc.

(b)

...............

8,019

201,918

Extreme

Networks,

Inc.

...............

28,678

591,340

Harmonic,

Inc.

.....................

25,409

274,163

Infinera

Corp.

(b)

....................

29,400

86,142

Lumentum

Holdings,

Inc.

..............

6,265

245,651

NetScout

Systems,

Inc.

...............

5,388

117,620

Viasat,

Inc.

(b)

......................

7,145

131,754

Viavi

Solutions,

Inc.

.................

24,356

189,490

3,076,157

Construction

&

Engineering

—

1.9%

Ameresco,

Inc.,

Class

A

(a)(b)

............

7,168

187,443

API

Group

Corp.

(a)(b)

.................

30,082

778,221

Arcosa,

Inc.

......................

6,088

420,498

Argan,

Inc.

.......................

1,172

53,607

Bowman

Consulting

Group

Ltd.

(a)

........

2,417

64,220

Comfort

Systems

USA,

Inc.

............

8,015

1,457,528

Construction

Partners,

Inc.,

Class

A

(a)

.....

9,760

375,272

Dycom

Industries,

Inc.

(a)

..............

6,538

556,907

Fluor

Corp.

(a)

......................

20,775

691,600

Granite

Construction,

Inc.

.............

4,404

178,274

IES

Holdings,

Inc.

(a)

.................

1,189

73,992

MasTec,

Inc.

(a)(b)

....................

8,962

532,701

MYR

Group,

Inc.

(a)(b)

.................

3,759

435,405

Primoris

Services

Corp.

..............

4,787

143,897

Sterling

Infrastructure,

Inc.

(a)

...........

3,364

245,067

Valmont

Industries,

Inc.

...............

4,712

927,840

7,122,472

Construction

Materials

—

0.4%

Eagle

Materials,

Inc.

.................

3,523

542,225

Summit

Materials,

Inc.,

Class

A

(a)

........

26,661

877,147

United

States

Lime

&

Minerals,

Inc.

.......

460

91,075

1,510,447

Consumer

Finance

—

0.9%

FirstCash

Holdings,

Inc.

..............

8,310

905,125

LendingClub

Corp.

(a)

.................

24,248

125,847

Nelnet,

Inc.,

Class

A

.................

1,593

135,103

NerdWallet,

Inc.,

Class

A

(a)

.............

8,905

95,996

SoFi

Technologies,

Inc.

(a)(b)

............

213,062

1,608,618

Security

Shares

Shares

Value

Consumer

Finance

(continued)

Upstart

Holdings,

Inc.

(a)(b)

..............

16,233

$

390,079

3,260,768

Consumer

Staples

Distribution

&

Retail

—

0.2%

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

3,554

67,632

Grocery

Outlet

Holding

Corp.

(a)(b)

.........

14,490

400,938

Ingles

Markets,

Inc.,

Class

A

...........

1,376

110,383

PriceSmart,

Inc.

....................

2,638

164,849

Weis

Markets,

Inc.

..................

1,262

82,156

825,958

Containers

&

Packaging

—

0.7%

AptarGroup,

Inc.

...................

9,116

1,114,613

Graphic

Packaging

Holding

Co.

.........

68,760

1,479,028

Myers

Industries,

Inc.

................

4,974

83,414

2,677,055

Diversified

Consumer

Services

—

1.6%

Adtalem

Global

Education,

Inc.

(a)

........

5,669

293,654

Bright

Horizons

Family

Solutions,

Inc.

(a)(b)

...

12,954

959,373

Carriage

Services,

Inc.

...............

1,280

27,648

Chegg,

Inc.

(a)

......................

25,726

193,717

Coursera,

Inc.

(a)

....................

23,251

403,172

Duolingo,

Inc.,

Class

A

(a)(b)

.............

7,934

1,158,761

European

Wax

Center,

Inc.,

Class

A

(a)

.....

3,857

56,968

Grand

Canyon

Education,

Inc.

(a)

.........

6,655

787,486

H&R

Block,

Inc.

....................

17,387

713,736

Laureate

Education,

Inc.

..............

16,143

228,262

Mister

Car

Wash,

Inc.

(a)

...............

12,362

64,283

OneSpaWorld

Holdings

Ltd.

(a)

..........

19,522

204,591

Rover

Group,

Inc.,

Class

A

(a)

...........

25,331

163,385

Strategic

Education,

Inc.

(b)

.............

3,018

248,412

Stride,

Inc.

(a)(b)

.....................

5,630

309,537

Udemy,

Inc.

(a)

.....................

19,116

170,706

WW

International,

Inc.

(a)(b)

.............

7,870

61,543

6,045,234

Diversified

REITs

—

0.2%

Alexander

&

Baldwin,

Inc.

.............

7,553

119,338

American

Assets

Trust,

Inc.

............

4,305

76,414

Broadstone

Net

Lease,

Inc.

............

22,513

318,559

Essential

Properties

Realty

Trust,

Inc.

.....

16,992

372,974

887,285

Diversified

Telecommunication

Services

—

0.5%

Anterix,

Inc.

(a)(b)

....................

4,269

130,162

Cogent

Communications

Holdings,

Inc.

....

5,222

339,325

Globalstar,

Inc.

(a)(b)

..................

160,377

226,132

IDT

Corp.,

Class

B

(a)

.................

4,616

129,479

Iridium

Communications,

Inc.

...........

28,049

1,039,215

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

4,571

31,220

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)

..

16,209

111,032

2,006,565

Electric

Utilities

—

0.3%

IDACORP,

Inc.

....................

4,553

431,215

MGE

Energy,

Inc.

...................

4,112

294,542

Otter

Tail

Corp.

....................

5,298

407,628

1,133,385

Electrical

Equipment

—

2.9%

Acuity

Brands,

Inc.

..................

3,315

536,931

Allient,

Inc.

.......................

3,278

90,473

Amprius

Technologies,

Inc.

(a)(b)

..........

4,155

12,091

Array

Technologies,

Inc.

(a)

.............

31,892

552,688

Atkore,

Inc.

(a)

......................

3,053

379,427

Babcock

&

Wilcox

Enterprises,

Inc.

(a)

......

8,804

23,155

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

34

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electrical

Equipment

(continued)

Blink

Charging

Co.

(a)(b)

................

6,086

$

14,485

Bloom

Energy

Corp.,

Class

A

(a)(b)

........

47,094

489,778

ChargePoint

Holdings,

Inc.,

Class

A

(a)(b)

....

66,212

168,178

Encore

Wire

Corp.

(b)

.................

1,522

272,179

EnerSys

.........................

5,638

482,500

Enovix

Corp.

(a)(b)

....................

29,652

264,199

Fluence

Energy,

Inc.,

Class

A

(a)(b)

........

8,989

155,689

FuelCell

Energy,

Inc.

(a)(b)

..............

92,019

100,301

Generac

Holdings,

Inc.

(a)

..............

6,195

520,814

NEXTracker,

Inc.,

Class

A

(a)(b)

...........

11,044

383,889

NuScale

Power

Corp.,

Class

A

(a)(b)

........

10,298

34,807

nVent

Electric

plc

...................

20,554

989,264

Plug

Power,

Inc.

(a)(b)

.................

121,483

715,535

Powell

Industries,

Inc.

................

1,298

99,492

Preformed

Line

Products

Co.

...........

398

53,869

Sensata

Technologies

Holding

plc

........

16,220

517,094

Shoals

Technologies

Group,

Inc.,

Class

A

(a)

.

38,175

586,368

Stem,

Inc.

(a)(b)

.....................

33,800

114,244

SunPower

Corp.

(a)(b)

.................

19,444

83,026

Thermon

Group

Holdings,

Inc.

(a)

.........

2,950

78,736

TPI

Composites,

Inc.

(a)

...............

5,455

12,601

Vertiv

Holdings

Co.,

Class

A

...........

78,464

3,081,280

Vicor

Corp.

(a)(b)

.....................

5,006

193,932

11,007,025

Electronic

Equipment,

Instruments

&

Components

—

2.4%

Advanced

Energy

Industries,

Inc.

........

5,218

455,323

Badger

Meter,

Inc.

..................

6,567

909,858

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

1,348

73,035

Belden,

Inc.

......................

6,179

438,091

Benchmark

Electronics,

Inc.

...........

3,094

74,906

CTS

Corp.

.......................

6,988

261,421

Evolv

Technologies

Holdings,

Inc.,

Class

A

(a)(b)

17,397

73,937

Fabrinet

(a)

........................

8,139

1,261,545

FARO

Technologies,

Inc.

(a)

.............

2,585

33,269

Insight

Enterprises,

Inc.

(a)(b)

............

2,483

355,814

IPG

Photonics

Corp.

(a)

...............

2,925

251,258

Itron,

Inc.

(a)

.......................

10,148

581,277

Knowles

Corp.

(a)

...................

7,379

95,853

Lightwave

Logic,

Inc.

(a)(b)

..............

25,946

117,535

Littelfuse,

Inc.

.....................

5,585

1,210,102

Methode

Electronics,

Inc.

.............

3,462

79,176

Mirion

Technologies,

Inc.,

Class

A

(a)(b)

.....

21,098

146,209

Napco

Security

Technologies,

Inc.

.......

6,599

121,224

nLight,

Inc.

(a)

......................

4,613

38,426

Novanta,

Inc.

(a)

....................

8,023

1,059,517

OSI

Systems,

Inc.

(a)

.................

2,102

219,176

PAR

Technology

Corp.

(a)

..............

6,222

181,620

PC

Connection,

Inc.

.................

843

45,168

Plexus

Corp.

(a)

.....................

3,959

389,249

Rogers

Corp.

(a)

....................

3,768

463,050

SmartRent,

Inc.,

Class

A

(a)

.............

41,257

99,429

TTM

Technologies,

Inc.

(a)

..............

7,052

81,027

Vishay

Precision

Group,

Inc.

(a)

..........

2,041

61,067

9,177,562

Energy

Equipment

&

Services

—

2.1%

Cactus,

Inc.,

Class

A

................

14,491

680,208

ChampionX

Corp.

..................

44,167

1,360,344

Core

Laboratories,

Inc.

...............

10,416

223,111

Diamond

Offshore

Drilling,

Inc.

(a)

.........

13,726

170,340

Dril-Quip,

Inc.

(a)

....................

7,775

168,406

Helix

Energy

Solutions

Group,

Inc.

(a)

......

21,334

209,073

Liberty

Energy,

Inc.,

Class

A

...........

19,045

375,186

Nabors

Industries

Ltd.

(a)

..............

1,157

112,969

Security

Shares

Shares

Value

Energy

Equipment

&

Services

(continued)

NOV,

Inc.

........................

48,687

$

971,792

Oceaneering

International,

Inc.

(a)(b)

.......

22,642

497,898

Oil

States

International,

Inc.

(a)

...........

7,300

52,998

Patterson-UTI

Energy,

Inc.

............

31,481

399,809

ProFrac

Holding

Corp.,

Class

A

(a)

........

1,994

18,783

RPC,

Inc.

........................

11,207

93,242

Select

Water

Solutions,

Inc.,

Class

A

......

9,770

72,689

Tidewater,

Inc.

(a)(b)

..................

6,466

441,951

Valaris

Ltd.

(a)

......................

5,247

346,512

Weatherford

International

plc

(a)

..........

16,155

1,503,869

7,699,180

Entertainment

—

1.7%

AMC

Entertainment

Holdings,

Inc.,

Class

A

(a)(b)

5,765

61,570

Atlanta

Braves

Holdings,

Inc.,

Class

A

(a)

....

2,394

90,756

Atlanta

Braves

Holdings,

Inc.,

Class

C,

NVS

(a)

8,655

301,021

Cinemark

Holdings,

Inc.

(a)

.............

9,833

162,146

Endeavor

Group

Holdings,

Inc.,

Class

A

....

42,209

960,677

IMAX

Corp.

(a)

.....................

9,995

182,009

Madison

Square

Garden

Entertainment

Corp.

(a)

9,485

289,103

Madison

Square

Garden

Sports

Corp.

(a)

....

3,739

628,675

Marcus

Corp.

(The)

.................

5,585

86,791

Playstudios,

Inc.,

Class

A

(a)(b)

...........

13,921

39,396

Reservoir

Media,

Inc.

(a)

...............

7,739

43,571

Roku,

Inc.,

Class

A

(a)(b)

...............

27,826

1,657,595

TKO

Group

Holdings,

Inc.

.............

11,738

962,281

Vivid

Seats,

Inc.,

Class

A

(a)

............

8,170

48,040

Warner

Music

Group

Corp.,

Class

A

......

31,013

970,707

6,484,338

Financial

Services

—

1.8%

AvidXchange

Holdings,

Inc.

(a)(b)

..........

37,878

327,266

Cantaloupe,

Inc.

(a)

..................

12,674

83,395

Cass

Information

Systems,

Inc.

.........

1,109

41,931

Euronet

Worldwide,

Inc.

(a)

.............

10,586

813,428

EVERTEC,

Inc.

....................

8,146

258,880

Flywire

Corp.

(a)

....................

23,642

635,733

I3

Verticals,

Inc.,

Class

A

(a)

.............

2,910

54,563

International

Money

Express,

Inc.

(a)

.......

7,904

126,148

Marqeta,

Inc.,

Class

A

(a)

..............

97,315

503,119

Merchants

Bancorp

.................

2,897

86,591

NMI

Holdings,

Inc.,

Class

A

(a)

...........

8,279

226,431

Payoneer

Global,

Inc.

(a)

...............

42,994

248,935

Remitly

Global,

Inc.

(a)(b)

...............

29,684

799,390

Repay

Holdings

Corp.,

Class

A

(a)

........

9,288

55,635

Shift4

Payments,

Inc.,

Class

A

(a)

.........

12,677

564,380

Toast,

Inc.,

Class

A

(a)(b)

...............

81,088

1,296,597

Voya

Financial,

Inc.

.................

8,523

569,081

6,691,503

Food

Products

—

1.5%

Beyond

Meat,

Inc.

(a)(b)

................

14,617

87,263

Calavo

Growers,

Inc.

................

1,951

49,438

Cal-Maine

Foods,

Inc.

................

2,925

132,532

Fresh

Del

Monte

Produce,

Inc.

..........

2,378

59,450

Freshpet,

Inc.

(a)

....................

10,823

621,240

Hostess

Brands,

Inc.,

Class

A

(a)

.........

29,774

994,452

Ingredion,

Inc.

.....................

7,826

732,357

J

&

J

Snack

Foods

Corp.

..............

2,339

366,311

John

B

Sanfilippo

&

Son,

Inc.

...........

1,028

105,123

Lancaster

Colony

Corp.

..............

2,763

467,417

Mission

Produce,

Inc.

(a)

...............

6,764

63,649

Post

Holdings,

Inc.

(a)(b)

................

5,403

433,753

Seaboard

Corp.

....................

18

63,125

Simply

Good

Foods

Co.

(The)

(a)(b)

........

20,324

757,882

Sovos

Brands,

Inc.

(a)

.................

7,605

165,105

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

35

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Food

Products

(continued)

Tootsie

Roll

Industries,

Inc.

............

3,890

$

121,018

Utz

Brands,

Inc.,

Class

A

..............

8,903

108,528

Vital

Farms,

Inc.

(a)

..................

6,109

67,565

Westrock

Coffee

Co.

(a)(b)

..............

6,452

53,164

5,449,372

Gas

Utilities

—

0.2%

Chesapeake

Utilities

Corp.

............

2,426

214,968

New

Jersey

Resources

Corp.

...........

10,961

444,797

659,765

Ground

Transportation

—

1.1%

Heartland

Express,

Inc.

...............

4,765

55,560

Hertz

Global

Holdings,

Inc.

(a)

...........

13,052

110,028

Landstar

System,

Inc.

................

4,554

750,408

Lyft,

Inc.,

Class

A

(a)

..................

34,139

313,055

Marten

Transport

Ltd.

................

12,883

226,483

PAM

Transportation

Services,

Inc.

(a)

......

612

10,569

RXO,

Inc.

(a)

.......................

10,214

178,847

Ryder

System,

Inc.

..................

4,485

437,467

Saia,

Inc.

(a)

.......................

5,945

2,131,223

4,213,640

Health

Care

Equipment

&

Supplies

—

4.0%

Alphatec

Holdings,

Inc.

(a)(b)

.............

18,276

167,774

AtriCure,

Inc.

(a)

....................

10,570

366,145

Atrion

Corp.

......................

160

54,717

Avanos

Medical,

Inc.

(a)

...............

6,280

115,301

Axonics,

Inc.

(a)(b)

....................

11,323

579,851

Cerus

Corp.

(a)(b)

....................

42,300

59,220

CONMED

Corp.

....................

6,898

672,279

Cutera,

Inc.

(a)(b)

....................

2,481

7,716

Envista

Holdings

Corp.

(a)(b)

.............

19,661

457,511

Establishment

Labs

Holdings,

Inc.

(a)(b)

.....

5,111

149,650

Glaukos

Corp.

(a)(b)

...................

10,906

743,789

Globus

Medical,

Inc.,

Class

A

(a)(b)

........

26,296

1,201,990

Haemonetics

Corp.

(a)

................

11,353

967,616

ICU

Medical,

Inc.

(a)(b)

.................

4,528

444,016

Inari

Medical,

Inc.

(a)

.................

11,380

690,880

Inspire

Medical

Systems,

Inc.

(a)

.........

6,569

966,694

Integer

Holdings

Corp.

(a)(b)

.............

4,065

329,956

Integra

LifeSciences

Holdings

Corp.

(a)

.....

9,401

338,060

iRadimed

Corp.

....................

1,633

66,528

iRhythm

Technologies,

Inc.

(a)

...........

6,872

539,589

Lantheus

Holdings,

Inc.

(a)(b)

............

15,333

990,512

LeMaitre

Vascular,

Inc.

...............

4,418

214,626

LivaNova

plc

(a)

.....................

12,102

593,603

Merit

Medical

Systems,

Inc.

(a)

...........

12,920

888,121

Neogen

Corp.

(a)(b)

...................

25,154

374,543

Nevro

Corp.

(a)

.....................

8,127

117,273

Novocure

Ltd.

(a)

....................

21,920

291,536

Omnicell,

Inc.

(a)

....................

10,181

361,833

OraSure

Technologies,

Inc.

(a)

...........

10,088

52,054

Orthofix

Medical,

Inc.

(a)

...............

3,345

36,929

OrthoPediatrics

Corp.

(a)

...............

3,495

85,488

Outset

Medical,

Inc.

(a)

................

6,554

23,201

Paragon

28,

Inc.

(a)

..................

8,292

71,560

PROCEPT

BioRobotics

Corp.

(a)(b)

........

9,900

265,221

Pulmonx

Corp.

(a)

...................

8,806

77,405

RxSight,

Inc.

(a)

.....................

5,010

110,921

SI-BONE,

Inc.

(a)

....................

8,160

138,802

Sight

Sciences,

Inc.

(a)

................

6,874

10,895

Silk

Road

Medical,

Inc.

(a)(b)

.............

8,784

65,968

STAAR

Surgical

Co.

(a)

................

10,823

452,618

Tandem

Diabetes

Care,

Inc.

(a)

..........

14,512

251,057

TransMedics

Group,

Inc.

(a)(b)

............

7,282

272,929

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Treace

Medical

Concepts,

Inc.

(a)

.........

9,611

$

96,398

UFP

Technologies,

Inc.

(a)

..............

1,582

246,665

Varex

Imaging

Corp.

(a)

...............

5,556

100,286

Zynex,

Inc.

(a)

......................

4,820

42,802

15,152,528

Health

Care

Providers

&

Services

—

3.2%

Acadia

Healthcare

Co.,

Inc.

(a)

...........

20,651

1,518,055

Accolade,

Inc.

(a)

....................

9,573

62,224

AdaptHealth

Corp.

(a)

.................

8,504

62,334

Addus

HomeCare

Corp.

(a)

.............

3,613

285,066

Agiliti,

Inc.

(a)

......................

7,614

42,867

Alignment

Healthcare,

Inc.

(a)

...........

21,862

150,410

Amedisys,

Inc.

(a)(b)

..................

3,955

361,843

Apollo

Medical

Holdings,

Inc.

(a)

..........

9,415

293,842

Castle

Biosciences,

Inc.

(a)

.............

6,151

96,079

CorVel

Corp.

(a)

.....................

2,028

393,310

DocGo,

Inc.

(a)

.....................

19,674

116,863

Encompass

Health

Corp.

.............

9,776

611,587

Ensign

Group,

Inc.

(The)

..............

12,578

1,215,035

Guardant

Health,

Inc.

(a)

...............

26,377

682,637

HealthEquity,

Inc.

(a)

..................

19,170

1,374,106

Hims

&

Hers

Health,

Inc.,

Class

A

(a)

.......

32,553

194,667

LifeStance

Health

Group,

Inc.

(a)(b)

........

20,241

118,005

ModivCare,

Inc.

(a)

...................

956

40,381

National

HealthCare

Corp.

.............

1,241

83,594

National

Research

Corp.

..............

3,273

138,317

Option

Care

Health,

Inc.

(a)

.............

40,306

1,117,685

Pennant

Group,

Inc.

(The)

(a)

............

4,402

47,850

Premier,

Inc.,

Class

A

................

8,140

156,451

Privia

Health

Group,

Inc.

(a)(b)

............

22,953

482,472

Progyny,

Inc.

(a)

.....................

18,523

571,620

R1

RCM,

Inc.

(a)

....................

44,223

521,389

RadNet,

Inc.

(a)

.....................

13,451

362,639

Select

Medical

Holdings

Corp.

..........

14,368

326,585

Surgery

Partners,

Inc.

(a)(b)

.............

14,672

339,363

US

Physical

Therapy,

Inc.

.............

3,374

283,787

12,051,063

Health

Care

REITs

—

0.1%

Community

Healthcare

Trust,

Inc.

........

3,005

86,153

Global

Medical

REIT,

Inc.

.............

6,442

55,788

Physicians

Realty

Trust

...............

17,827

193,601

Universal

Health

Realty

Income

Trust

.....

1,417

54,470

390,012

Health

Care

Technology

—

0.7%

Certara,

Inc.

(a)

.....................

24,166

294,584

Definitive

Healthcare

Corp.,

Class

A

(a)

.....

10,321

59,449

Doximity,

Inc.,

Class

A

(a)(b)

.............

28,185

575,820

Evolent

Health,

Inc.,

Class

A

(a)(b)

.........

25,065

612,338

Health

Catalyst,

Inc.

(a)

................

5,395

40,409

HealthStream,

Inc.

..................

5,491

139,471

Phreesia,

Inc.

(a)

....................

11,399

155,710

Schrodinger,

Inc.

(a)(b)

.................

12,255

265,933

Simulations

Plus,

Inc.

(b)

...............

3,580

126,267

Teladoc

Health,

Inc.

(a)(b)

...............

15,006

248,199

2,518,180

Hotel

&

Resort

REITs

—

0.8%

Apple

Hospitality

REIT,

Inc.

............

47,849

750,272

Chatham

Lodging

Trust

...............

11,080

102,490

DiamondRock

Hospitality

Co.

...........

46,769

361,524

Pebblebrook

Hotel

Trust

(b)

.............

12,674

151,201

RLJ

Lodging

Trust

..................

35,131

330,232

Ryman

Hospitality

Properties,

Inc.

.......

7,264

621,798

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

36

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Hotel

&

Resort

REITs

(continued)

Sunstone

Hotel

Investors,

Inc.

..........

23,622

$

219,685

Xenia

Hotels

&

Resorts,

Inc.

...........

23,922

278,213

2,815,415

Hotels,

Restaurants

&

Leisure

—

3.4%

Bally's

Corp.

(a)(b)

....................

3,372

30,753

BJ's

Restaurants,

Inc.

(a)

...............

5,349

137,576

Bowlero

Corp.,

Class

A

(a)(b)

.............

10,302

103,947

Boyd

Gaming

Corp.

.................

6,097

336,859

Choice

Hotels

International,

Inc.

(b)

........

5,621

621,121

Chuy's

Holdings,

Inc.

(a)

...............

2,768

93,171

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

2,549

89,062

Denny's

Corp.

(a)

....................

5,449

46,970

Dutch

Bros,

Inc.,

Class

A

(a)

............

11,617

282,758

Everi

Holdings,

Inc.

(a)

................

19,631

211,819

First

Watch

Restaurant

Group,

Inc.

(a)

......

5,306

88,663

Global

Business

Travel

Group

I

(a)

........

10,379

51,169

Hilton

Grand

Vacations,

Inc.

(a)

..........

9,839

353,712

Hyatt

Hotels

Corp.,

Class

A

............

10,314

1,056,566

Jack

in

the

Box,

Inc.

.................

3,150

199,017

Krispy

Kreme,

Inc.

..................

18,765

242,632

Kura

Sushi

USA,

Inc.,

Class

A

(a)(b)

........

1,241

70,911

Life

Time

Group

Holdings,

Inc.

(a)

.........

13,399

158,376

Light

&

Wonder,

Inc.,

Class

A

(a)

..........

13,349

975,945

Lindblad

Expeditions

Holdings,

Inc.

(a)(b)

....

8,424

52,397

Marriott

Vacations

Worldwide

Corp.

.......

5,080

456,489

Monarch

Casino

&

Resort,

Inc.

..........

3,048

183,459

Papa

John's

International,

Inc.

..........

3,820

248,376

Penn

Entertainment,

Inc.

(a)(b)

...........

16,811

331,681

Planet

Fitness,

Inc.,

Class

A

(a)(b)

.........

18,952

1,047,477

Portillo's,

Inc.,

Class

A

(a)(b)

.............

10,692

159,845

RCI

Hospitality

Holdings,

Inc.

...........

1,930

105,204

Red

Rock

Resorts,

Inc.,

Class

A

.........

4,874

192,767

SeaWorld

Entertainment,

Inc.

(a)

.........

2,451

105,589

Shake

Shack,

Inc.,

Class

A

(a)

...........

8,430

472,417

Sweetgreen,

Inc.,

Class

A

(a)(b)

...........

20,265

209,337

Target

Hospitality

Corp.

(a)

.............

3,912

53,712

Texas

Roadhouse,

Inc.

...............

15,015

1,524,623

Wendy's

Co.

(The)

..................

21,738

413,457

Wingstop,

Inc.

.....................

6,718

1,227,849

Wyndham

Hotels

&

Resorts,

Inc.

........

8,290

600,196

Xponential

Fitness,

Inc.,

Class

A

(a)

.......

5,740

81,910

12,617,812

Household

Durables

—

1.8%

Cavco

Industries,

Inc.

(a)

...............

1,806

450,615

Century

Communities,

Inc.

............

3,565

219,247

Cricut,

Inc.,

Class

A

.................

5,439

46,395

GoPro,

Inc.,

Class

A

(a)

................

11,464

28,775

Installed

Building

Products,

Inc.

.........

5,289

590,623

iRobot

Corp.

(a)

.....................

2,490

81,996

Legacy

Housing

Corp.

(a)

..............

823

15,234

Leggett

&

Platt,

Inc.

.................

11,258

263,775

Lovesac

Co.

(The)

(a)(b)

................

2,118

34,862

Meritage

Homes

Corp.

...............

3,800

433,276

Skyline

Champion

Corp.

(a)(b)

............

11,918

698,752

Sonos,

Inc.

(a)

......................

19,311

208,173

Taylor

Morrison

Home

Corp.

(a)

..........

10,517

403,011

Tempur

Sealy

International,

Inc.

.........

22,900

914,397

Toll

Brothers,

Inc.

...................

8,423

595,590

TopBuild

Corp.

(a)

...................

7,116

1,627,856

TRI

Pointe

Homes,

Inc.

(a)

..............

7,405

185,569

Vizio

Holding

Corp.,

Class

A

(a)(b)

.........

22,242

113,212

6,911,358

Security

Shares

Shares

Value

Household

Products

—

0.2%

Energizer

Holdings,

Inc.

..............

10,432

$

329,443

WD-40

Co.

(b)

......................

2,103

444,574

774,017

Independent

Power

and

Renewable

Electricity

Producers

—

0.5%

Altus

Power,

Inc.,

Class

A

(a)

............

13,471

71,531

Clearway

Energy,

Inc.,

Class

A

..........

7,861

160,128

Clearway

Energy,

Inc.,

Class

C

.........

18,380

399,030

Montauk

Renewables,

Inc.

(a)

...........

14,346

144,321

Ormat

Technologies,

Inc.

..............

12,044

741,188

Sunnova

Energy

International,

Inc.

(a)(b)

.....

22,906

209,132

1,725,330

Industrial

REITs

—

1.3%

EastGroup

Properties,

Inc.

............

10,179

1,661,722

First

Industrial

Realty

Trust,

Inc.

.........

29,595

1,251,869

Innovative

Industrial

Properties,

Inc.

......

2,508

180,150

LXP

Industrial

Trust

.................

23,801

188,266

Plymouth

Industrial

REIT,

Inc.

..........

3,761

74,994

STAG

Industrial,

Inc.

................

18,438

612,510

Terreno

Realty

Corp.

................

18,791

1,001,184

4,970,695

Insurance

—

1.4%

BRP

Group,

Inc.,

Class

A

(a)(b)

...........

14,225

297,729

Goosehead

Insurance,

Inc.,

Class

A

(a)

.....

5,338

346,276

Hagerty,

Inc.,

Class

A

(a)

...............

5,274

40,715

Hanover

Insurance

Group,

Inc.

(The)

.....

3,767

441,530

HCI

Group,

Inc.

....................

801

47,235

Hippo

Holdings,

Inc.

(a)

................

3,551

25,567

Lemonade,

Inc.

(a)(b)

..................

7,666

83,866

Oscar

Health,

Inc.,

Class

A

(a)

...........

31,197

159,729

Palomar

Holdings,

Inc.

(a)

..............

5,514

276,141

Primerica,

Inc.

.....................

4,012

766,934

RLI

Corp.

........................

8,995

1,198,494

Ryan

Specialty

Holdings,

Inc.,

Class

A

(a)(b)

..

22,441

969,451

Skyward

Specialty

Insurance

Group,

Inc.

(a)

..

6,052

170,364

Trupanion,

Inc.

(a)(b)

..................

3,783

77,930

White

Mountains

Insurance

Group

Ltd.

(b)

...

295

422,071

5,324,032

Interactive

Media

&

Services

—

0.6%

Bumble,

Inc.,

Class

A

(a)

...............

22,227

298,731

Cargurus,

Inc.,

Class

A

(a)

..............

19,591

337,553

Cars.com,

Inc.

(a)

....................

6,654

101,340

Eventbrite,

Inc.,

Class

A

(a)(b)

............

10,122

83,810

Grindr,

Inc.

(a)

......................

4,260

25,347

QuinStreet,

Inc.

(a)

...................

11,915

134,759

Rumble,

Inc.,

Class

A

(a)(b)

..............

16,911

75,930

Shutterstock,

Inc.

...................

2,927

119,070

TripAdvisor,

Inc.

(a)(b)

.................

24,019

354,521

Vimeo,

Inc.

(a)

......................

16,810

51,775

Yelp,

Inc.

(a)

.......................

9,470

399,539

Ziff

Davis,

Inc.

(a)

....................

3,365

203,448

ZipRecruiter,

Inc.,

Class

A

(a)(b)

...........

16,388

174,532

2,360,355

IT

Services

—

0.4%

BigBear.ai

Holdings,

Inc.

(a)(b)

............

11,048

14,031

BigCommerce

Holdings,

Inc.

(a)(b)

.........

6,805

60,496

DigitalOcean

Holdings,

Inc.

(a)(b)

..........

11,869

242,840

Fastly,

Inc.,

Class

A

(a)

................

14,932

219,052

Grid

Dynamics

Holdings,

Inc.,

Class

A

(a)

....

12,577

127,531

Hackett

Group,

Inc.

(The)

.............

2,657

59,225

Perficient,

Inc.

(a)(b)

...................

7,826

455,395

Squarespace,

Inc.,

Class

A

(a)

...........

9,984

283,645

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

37

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

IT

Services

(continued)

Thoughtworks

Holding,

Inc.

(a)(b)

..........

20,551

$

69,668

1,531,883

Leisure

Products

—

0.7%

Acushnet

Holdings

Corp.

(b)

............

3,696

188,348

Brunswick

Corp.

...................

6,610

459,197

Johnson

Outdoors,

Inc.,

Class

A

.........

615

29,243

Mattel,

Inc.

(a)

......................

32,331

616,875

Polaris,

Inc.

.......................

4,730

408,767

Smith

&

Wesson

Brands,

Inc.

...........

4,816

70,940

Solo

Brands,

Inc.,

Class

A

(a)

............

2,912

11,211

Topgolf

Callaway

Brands

Corp.

(a)(b)

.......

32,041

391,541

YETI

Holdings,

Inc.

(a)(b)

...............

12,319

523,804

2,699,926

Life

Sciences

Tools

&

Services

—

1.0%

10X

Genomics,

Inc.,

Class

A

(a)(b)

.........

23,175

817,614

Adaptive

Biotechnologies

Corp.

(a)

........

24,520

108,869

Azenta,

Inc.

(a)

.....................

13,504

613,757

BioLife

Solutions,

Inc.

(a)

...............

5,473

55,277

CryoPort,

Inc.

(a)

....................

7,595

73,672

Cytek

Biosciences,

Inc.

(a)

..............

7,955

33,491

Medpace

Holdings,

Inc.

(a)

.............

5,210

1,264,311

Mesa

Laboratories,

Inc.

..............

1,130

106,028

NanoString

Technologies,

Inc.

(a)(b)

........

4,559

6,291

OmniAb,

Inc.

(a)

.....................

21,256

96,715

OmniAb,

Inc.,

12.50

Earnout

Shares,

NVS

(a)(d)

1,386

—

OmniAb,

Inc.,

15.00

Earnout

Shares,

NVS

(a)(d)

1,386

—

Pacific

Biosciences

of

California,

Inc.

(a)(b)

...

52,447

324,122

Quanterix

Corp.

(a)

...................

2,890

62,771

SomaLogic,

Inc.,

Class

A

(a)

............

34,941

77,918

Sotera

Health

Co.

(a)

.................

22,073

279,444

3,920,280

Machinery

—

4.6%

Alamo

Group,

Inc.

..................

2,325

372,697

Albany

International

Corp.,

Class

A

.......

3,773

307,915

Barnes

Group,

Inc.

..................

5,008

104,116

Blue

Bird

Corp.

(a)

...................

3,842

69,963

Chart

Industries,

Inc.

(a)

...............

9,408

1,093,492

Columbus

McKinnon

Corp.

............

3,043

93,025

Crane

Co.

........................

4,971

483,827

Desktop

Metal,

Inc.,

Class

A

(a)(b)

.........

57,069

49,445

Donaldson

Co.,

Inc.

.................

27,156

1,565,815

Douglas

Dynamics,

Inc.

..............

2,104

51,085

Energy

Recovery,

Inc.

(a)

..............

12,581

191,231

Enerpac

Tool

Group

Corp.,

Class

A

.......

12,518

354,259

EnPro

Industries,

Inc.

................

2,644

293,643

ESCO

Technologies,

Inc.

.............

5,759

559,890

Federal

Signal

Corp.

................

13,605

789,634

Flowserve

Corp.

...................

15,309

562,146

Franklin

Electric

Co.,

Inc.

.............

8,894

771,288

Gorman-Rupp

Co.

(The)

..............

3,488

103,070

Helios

Technologies,

Inc.

..............

7,366

380,970

Hillenbrand,

Inc.

...................

9,261

352,196

Hillman

Solutions

Corp.

(a)

.............

17,112

112,255

ITT,

Inc.

.........................

11,684

1,090,701

John

Bean

Technologies

Corp.

..........

7,139

742,599

Kadant,

Inc.

(b)

.....................

1,685

370,700

Lindsay

Corp.

.....................

2,459

307,178

Manitowoc

Co.,

Inc.

(The)

(a)

............

4,320

55,296

Mueller

Industries,

Inc.

...............

14,274

538,273

Mueller

Water

Products,

Inc.,

Class

A

.....

19,803

244,963

Omega

Flex,

Inc.

...................

713

52,099

Oshkosh

Corp.

....................

6,983

612,619

Proto

Labs,

Inc.

(a)

...................

5,934

140,102

Security

Shares

Shares

Value

Machinery

(continued)

RBC

Bearings,

Inc.

(a)(b)

...............

6,511

$

1,431,378

Shyft

Group,

Inc.

(The)

...............

7,289

80,033

SPX

Technologies,

Inc.

(a)

..............

10,221

818,907

Standex

International

Corp.

............

1,595

228,994

Symbotic,

Inc.,

Class

A

(a)(b)

.............

3,627

123,427

Tennant

Co.

......................

2,314

171,745

Terex

Corp.

.......................

9,367

429,009

Titan

International,

Inc.

(a)

..............

5,700

64,752

Trinity

Industries,

Inc.

................

18,256

380,272

Velo3D,

Inc.

(a)(b)

....................

20,633

27,236

Wabash

National

Corp.

...............

4,931

102,022

Watts

Water

Technologies,

Inc.,

Class

A

....

4,345

751,728

17,425,995

Marine

Transportation

—

0.3%

Eagle

Bulk

Shipping,

Inc.

.............

547

22,318

Kirby

Corp.

(a)

......................

7,167

535,375

Matson,

Inc.

......................

4,422

384,935

942,628

Media

—

0.7%

Boston

Omaha

Corp.,

Class

A

(a)

.........

4,719

67,151

Cable

One,

Inc.

....................

357

196,304

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)(b)

...

9,182

50,226

Gray

Television,

Inc.

.................

7,958

51,886

Integral

Ad

Science

Holding

Corp.

(a)

......

12,238

140,492

Magnite,

Inc.

(a)

.....................

27,352

181,617

New

York

Times

Co.

(The),

Class

A

.......

36,664

1,477,926

PubMatic,

Inc.,

Class

A

(a)

..............

9,794

110,378

Scholastic

Corp.,

NVS

...............

2,175

80,258

TechTarget,

Inc.

(a)

...................

2,742

69,044

TEGNA,

Inc.

......................

21,516

312,197

WideOpenWest,

Inc.

(a)

...............

6,131

43,162

2,780,641

Metals

&

Mining

—

1.1%

Alpha

Metallurgical

Resources,

Inc.

......

1,512

332,580

Arch

Resources,

Inc.,

Class

A

..........

2,157

325,340

ATI,

Inc.

(a)(b)

.......................

28,682

1,083,319

Carpenter

Technology

Corp.

...........

10,834

679,508

Century

Aluminum

Co.

(a)

..............

6,755

44,651

Compass

Minerals

International,

Inc.

......

3,224

79,439

Gatos

Silver,

Inc.

(a)(b)

.................

6,610

32,191

Haynes

International,

Inc.

.............

1,861

80,070

Hecla

Mining

Co.

...................

56,689

230,724

Ivanhoe

Electric,

Inc.

(a)

...............

9,316

95,396

Materion

Corp.

....................

4,642

450,181

MP

Materials

Corp.,

Class

A

(a)(b)

.........

32,107

526,555

Piedmont

Lithium,

Inc.

(a)(b)

.............

4,022

110,484

4,070,438

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

0.1%

Ellington

Financial,

Inc.

...............

5,671

68,222

Franklin

BSP

Realty

Trust,

Inc.

..........

9,221

116,277

184,499

Office

REITs

—

0.1%

COPT

Defense

Properties

.............

17,061

388,991

Easterly

Government

Properties,

Inc.

.....

9,838

105,857

494,848

Oil,

Gas

&

Consumable

Fuels

—

2.0%

Centrus

Energy

Corp.,

Class

A

(a)

.........

1,092

57,952

Clean

Energy

Fuels

Corp.

(a)

............

39,296

137,143

CNX

Resources

Corp.

(a)(b)

.............

18,430

400,300

Comstock

Resources,

Inc.

.............

10,597

133,522

CONSOL

Energy,

Inc.

................

2,943

270,432

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

38

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

Denbury,

Inc.

(a)

....................

11,458

$

1,018,502

Enviva,

Inc.

.......................

7,264

26,296

Green

Plains,

Inc.

(a)

.................

7,267

213,504

HighPeak

Energy,

Inc.

(b)

..............

2,786

49,340

International

Seaways,

Inc.

............

3,932

189,090

Kinetik

Holdings,

Inc.,

Class

A

..........

1,576

55,853

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

19,439

436,406

Matador

Resources

Co.

..............

9,670

596,542

New

Fortress

Energy,

Inc.,

Class

A

.......

14,764

447,349

NextDecade

Corp.

(a)

.................

17,556

77,071

Northern

Oil

&

Gas,

Inc.

..............

9,582

367,374

Range

Resources

Corp.

..............

54,168

1,941,381

REX

American

Resources

Corp.

(a)

.......

1,815

68,988

Riley

Exploration

Permian,

Inc.

..........

572

18,104

SM

Energy

Co.

....................

12,830

517,306

Uranium

Energy

Corp.

(a)

..............

84,223

501,127

Vertex

Energy,

Inc.

(a)(b)

...............

19,222

82,847

Vitesse

Energy,

Inc.

.................

2,521

59,722

7,666,151

Paper

&

Forest

Products

—

0.1%

Mercer

International,

Inc.

..............

6,592

52,340

Sylvamo

Corp.

....................

3,375

149,513

201,853

Passenger

Airlines

—

0.3%

Allegiant

Travel

Co.

.................

3,373

224,709

Frontier

Group

Holdings,

Inc.

(a)

..........

8,713

29,537

Hawaiian

Holdings,

Inc.

(a)

.............

6,266

26,380

JetBlue

Airways

Corp.

(a)(b)

.............

27,467

103,276

Joby

Aviation,

Inc.,

Class

A

(a)(b)

..........

82,643

435,529

Sun

Country

Airlines

Holdings,

Inc.

(a)(b)

.....

8,996

117,128

936,559

Personal

Care

Products

—

0.8%

Beauty

Health

Co.

(The),

Class

A

(a)(b)

......

18,381

74,443

BellRing

Brands,

Inc.

(a)

...............

29,455

1,288,067

elf

Beauty,

Inc.

(a)

...................

12,199

1,129,993

Inter

Parfums,

Inc.

..................

4,017

510,601

Medifast,

Inc.

.....................

1,028

71,097

Olaplex

Holdings,

Inc.

(a)

..............

8,758

12,436

USANA

Health

Sciences,

Inc.

(a)

.........

1,540

70,147

3,156,784

Pharmaceuticals

—

1.3%

Aclaris

Therapeutics,

Inc.

(a)

............

12,381

61,657

Amphastar

Pharmaceuticals,

Inc.

(a)

.......

8,585

388,643

Amylyx

Pharmaceuticals,

Inc.

(a)

.........

9,148

149,204

ANI

Pharmaceuticals,

Inc.

(a)

............

3,573

220,597

Arvinas,

Inc.

(a)

.....................

11,931

192,328

Axsome

Therapeutics,

Inc.

(a)

...........

8,695

541,525

Cassava

Sciences,

Inc.

(a)(b)

............

8,910

179,537

Corcept

Therapeutics,

Inc.

(a)

...........

10,756

302,028

Cymabay

Therapeutics,

Inc.

(a)

..........

10,572

173,169

Evolus,

Inc.

(a)(b)

....................

9,789

74,396

Harmony

Biosciences

Holdings,

Inc.

(a)

.....

7,498

176,503

Harrow,

Inc.

(a)(b)

....................

6,891

98,782

Intra-Cellular

Therapies,

Inc.

(a)

..........

20,043

997,340

Ligand

Pharmaceuticals,

Inc.

(a)

..........

3,634

190,022

Liquidia

Corp.

(a)

....................

10,863

70,718

Marinus

Pharmaceuticals,

Inc.

(a)

.........

11,290

78,353

Ocular

Therapeutix,

Inc.

(a)

.............

17,581

50,106

Pacira

BioSciences,

Inc.

(a)(b)

............

10,362

292,830

Pliant

Therapeutics,

Inc.

(a)

.............

11,851

173,854

Revance

Therapeutics,

Inc.

(a)

...........

19,622

154,818

Security

Shares

Shares

Value

Pharmaceuticals

(continued)

Scilex

Holding

Co.,

(Acquired

01/06/23,

cost

$157,754)

(a)(e)

...................

15,053

$

27,906

SIGA

Technologies,

Inc.

..............

2,697

13,755

Supernus

Pharmaceuticals,

Inc.

(a)

........

5,859

139,737

Tarsus

Pharmaceuticals,

Inc.

(a)(b)

.........

2,012

28,651

Theravance

Biopharma,

Inc.

(a)(b)

.........

4,128

38,968

Tilray

Brands,

Inc.,

Class

2

(a)(b)

..........

90,136

162,245

Ventyx

Biosciences,

Inc.

(a)(b)

............

4,214

60,766

5,038,438

Professional

Services

—

3.0%

Alight,

Inc.,

Class

A

(a)

................

43,964

291,921

ASGN,

Inc.

(a)

......................

6,262

522,626

Barrett

Business

Services,

Inc.

..........

793

72,528

CACI

International,

Inc.,

Class

A

(a)

.......

1,939

629,710

CBIZ,

Inc.

(a)

.......................

11,112

577,380

Clarivate

plc

(a)(b)

....................

44,970

286,909

CRA

International,

Inc.

...............

1,602

155,570

CSG

Systems

International,

Inc.

.........

2,674

125,304

ExlService

Holdings,

Inc.

(a)

............

37,158

970,195

Exponent,

Inc.

.....................

11,398

835,359

First

Advantage

Corp.

................

4,554

59,248

Forrester

Research,

Inc.

(a)

.............

1,113

25,822

Franklin

Covey

Co.

(a)

................

2,532

99,786

FTI

Consulting,

Inc.

(a)

................

7,635

1,620,605

Heidrick

&

Struggles

International,

Inc.

....

1,465

35,658

HireRight

Holdings

Corp.

(a)

............

886

8,160

Huron

Consulting

Group,

Inc.

(a)

..........

4,240

421,286

ICF

International,

Inc.

................

2,219

281,214

Insperity,

Inc.

......................

8,126

860,056

Kforce,

Inc.

.......................

2,282

139,293

Korn

Ferry

.......................

5,494

250,087

Legalzoom.com,

Inc.

(a)

...............

23,893

238,213

Maximus,

Inc.

.....................

7,341

548,520

NV5

Global,

Inc.

(a)

..................

2,842

268,143

Paycor

HCM,

Inc.

(a)(b)

................

14,180

306,004

Planet

Labs

PBC,

Class

A

(a)

............

42,072

90,876

Resources

Connection,

Inc.

............

2,266

30,523

Sterling

Check

Corp.

(a)(b)

..............

2,667

29,817

TriNet

Group,

Inc.

(a)

.................

2,923

300,338

Upwork,

Inc.

(a)

.....................

27,843

290,959

Verra

Mobility

Corp.,

Class

A

(a)

..........

38,055

752,347

11,124,457

Real

Estate

Management

&

Development

—

0.4%

DigitalBridge

Group,

Inc.,

Class

A

........

17,905

283,794

eXp

World

Holdings,

Inc.

(b)

.............

17,132

227,342

Forestar

Group,

Inc.

(a)

................

1,797

42,679

FRP

Holdings,

Inc.

(a)

.................

1,534

82,514

Howard

Hughes

Holdings,

Inc.

(a)(b)

........

4,816

319,445

Marcus

&

Millichap,

Inc.

..............

2,632

75,538

St.

Joe

Co.

(The)

...................

7,943

370,462

Tejon

Ranch

Co.

(a)

..................

5,635

87,455

1,489,229

Residential

REITs

—

0.3%

Apartment

Income

REIT

Corp.

..........

13,881

405,464

Apartment

Investment

&

Management

Co.,

Class

A

(a)

......................

13,501

79,116

Independence

Realty

Trust,

Inc.

.........

25,285

313,281

NexPoint

Residential

Trust,

Inc.

.........

2,597

70,093

Veris

Residential,

Inc.

................

11,301

151,320

1,019,274

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

39

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Retail

REITs

—

1.1%

Acadia

Realty

Trust

.................

9,242

$

132,345

Agree

Realty

Corp.

.................

10,923

611,033

Brixmor

Property

Group,

Inc.

...........

32,873

683,430

Getty

Realty

Corp.

..................

3,685

98,095

InvenTrust

Properties

Corp.

............

5,933

148,918

Kite

Realty

Group

Trust

...............

20,459

436,186

NETSTREIT

Corp.

..................

14,952

213,066

Phillips

Edison

&

Co.,

Inc.

.............

13,142

464,044

Retail

Opportunity

Investments

Corp.

.....

9,806

115,122

SITE

Centers

Corp.

.................

16,155

188,367

Spirit

Realty

Capital,

Inc.

..............

11,625

418,384

Tanger

Factory

Outlet

Centers,

Inc.

.......

10,272

231,634

Urban

Edge

Properties

...............

11,997

190,272

Whitestone

REIT

...................

4,583

45,601

3,976,497

Semiconductors

&

Semiconductor

Equipment

—

3.6%

ACM

Research,

Inc.,

Class

A

(a)

..........

5,653

76,881

Aehr

Test

Systems

(a)

.................

5,819

137,096

Allegro

MicroSystems,

Inc.

(a)

...........

16,016

415,775

Ambarella,

Inc.

(a)

...................

8,308

373,777

Amkor

Technology,

Inc.

...............

10,513

219,301

Axcelis

Technologies,

Inc.

(a)

............

7,351

937,253

CEVA,

Inc.

(a)

......................

5,302

91,035

Cirrus

Logic,

Inc.

(a)

..................

4,195

280,771

Cohu,

Inc.

(a)

......................

10,622

320,147

Credo

Technology

Group

Holding

Ltd.

(a)

....

25,853

367,630

Diodes,

Inc.

(a)

.....................

5,255

341,995

FormFactor,

Inc.

(a)

..................

17,435

590,698

Ichor

Holdings

Ltd.

(a)

.................

4,366

105,919

Impinj,

Inc.

(a)

......................

5,073

327,767

indie

Semiconductor,

Inc.,

Class

A

(a)

......

27,325

133,619

Kulicke

&

Soffa

Industries,

Inc.

..........

12,595

524,078

MACOM

Technology

Solutions

Holdings,

Inc.

(a)

12,088

852,688

Magnachip

Semiconductor

Corp.

(a)(b)

......

4,537

33,528

MaxLinear,

Inc.

(a)

...................

5,471

83,159

MKS

Instruments,

Inc.

...............

4,512

296,258

Navitas

Semiconductor

Corp.

(a)

.........

26,930

141,113

Onto

Innovation,

Inc.

(a)

...............

11,000

1,236,070

PDF

Solutions,

Inc.

(a)

................

6,882

182,579

Power

Integrations,

Inc.

..............

5,621

389,704

Rambus,

Inc.

(a)

....................

24,492

1,330,650

Semtech

Corp.

(a)

...................

8,954

124,998

Silicon

Laboratories,

Inc.

(a)

.............

7,141

658,257

SiTime

Corp.

(a)(b)

...................

3,845

383,731

SkyWater

Technology,

Inc.

(a)

...........

4,230

20,854

Synaptics,

Inc.

(a)

...................

4,267

356,977

Ultra

Clean

Holdings,

Inc.

(a)

............

6,260

149,364

Universal

Display

Corp.

..............

9,766

1,359,232

Veeco

Instruments,

Inc.

(a)

.............

7,032

168,346

Wolfspeed,

Inc.

(a)

...................

13,772

466,045

13,477,295

Software

—

11.3%

A10

Networks,

Inc.

..................

15,536

168,876

ACI

Worldwide,

Inc.

(a)

................

14,685

299,133

Agilysys,

Inc.

(a)

....................

4,582

393,090

Alarm.com

Holdings,

Inc.

(a)

............

11,205

572,912

Alkami

Technology,

Inc.

(a)(b)

............

8,924

160,186

Altair

Engineering,

Inc.,

Class

A

(a)

........

12,148

754,634

Alteryx,

Inc.,

Class

A

(a)

...............

8,847

283,192

Amplitude,

Inc.,

Class

A

(a)

.............

16,174

161,093

Appfolio,

Inc.,

Class

A

(a)

..............

4,413

827,746

Appian

Corp.,

Class

A

(a)(b)

.............

9,380

370,135

AppLovin

Corp.,

Class

A

(a)(b)

............

30,396

1,107,630

Security

Shares

Shares

Value

Software

(continued)

Asana,

Inc.,

Class

A

(a)

................

17,580

$

324,703

AvePoint,

Inc.,

Class

A

(a)

..............

20,944

156,871

Blackbaud,

Inc.

(a)

...................

6,153

402,406

BlackLine,

Inc.

(a)

...................

11,360

557,776

Box,

Inc.,

Class

A

(a)(b)

................

32,469

807,179

Braze,

Inc.,

Class

A

(a)

................

10,534

448,538

C3.ai,

Inc.,

Class

A

(a)(b)

...............

20,507

500,371

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)

...

27,631

297,586

Cerence,

Inc.

(a)(b)

...................

6,190

94,769

Clear

Secure,

Inc.,

Class

A

............

18,773

315,762

Clearwater

Analytics

Holdings,

Inc.,

Class

A

(a)(b)

19,634

354,983

CommVault

Systems,

Inc.

(a)

............

4,181

273,228

Confluent,

Inc.,

Class

A

(a)(b)

............

47,518

1,373,745

Couchbase,

Inc.

(a)

..................

6,520

101,451

Digital

Turbine,

Inc.

(a)

................

7,512

35,607

Dolby

Laboratories,

Inc.,

Class

A

........

13,366

1,081,844

Domo,

Inc.,

Class

B

(a)(b)

...............

6,878

56,124

DoubleVerify

Holdings,

Inc.

(a)

...........

28,155

783,554

Dropbox,

Inc.,

Class

A

(a)

..............

32,184

846,439

E2open

Parent

Holdings,

Inc.,

Class

A

(a)(b)

..

39,095

112,985

Elastic

NV

(a)

......................

17,914

1,344,267

Enfusion,

Inc.,

Class

A

(a)(b)

.............

7,706

63,960

EngageSmart,

Inc.

(a)

.................

10,078

228,267

Envestnet,

Inc.

(a)

...................

10,329

382,173

Everbridge,

Inc.

(a)

...................

9,271

191,075

EverCommerce,

Inc.

(a)

...............

4,629

44,346

Expensify,

Inc.,

Class

A

(a)

.............

9,317

24,876

Five9,

Inc.

(a)

......................

16,182

936,452

Freshworks,

Inc.,

Class

A

(a)(b)

...........

35,696

640,386

Gitlab,

Inc.,

Class

A

(a)(b)

...............

17,920

775,578

Guidewire

Software,

Inc.

(a)

.............

10,526

948,708

HashiCorp,

Inc.,

Class

A

(a)

.............

22,585

444,699

Informatica,

Inc.,

Class

A

(a)

............

4,355

83,529

Instructure

Holdings,

Inc.

(a)

............

4,176

102,855

Intapp,

Inc.

(a)

......................

5,695

194,769

InterDigital,

Inc.

....................

5,936

446,684

Jamf

Holding

Corp.

(a)

................

11,697

187,854

JFrog

Ltd.

(a)

.......................

17,595

395,712

LiveRamp

Holdings,

Inc.

(a)

.............

14,831

410,225

Marathon

Digital

Holdings,

Inc.

(a)(b)

.......

39,350

346,673

Matterport,

Inc.,

Class

A

(a)

.............

15,719

32,067

MeridianLink,

Inc.

(a)(b)

................

4,760

78,159

MicroStrategy,

Inc.,

Class

A

(a)(b)

..........

2,718

1,150,774

Mitek

Systems,

Inc.

(a)

................

5,037

53,795

Model

N,

Inc.

(a)

....................

7,736

186,438

N-able,

Inc.

(a)

......................

15,580

201,917

nCino,

Inc.

(a)(b)

.....................

13,652

383,621

New

Relic,

Inc.

(a)

...................

12,133

1,051,567

Nutanix,

Inc.,

Class

A

(a)

...............

35,059

1,268,785

Olo,

Inc.,

Class

A

(a)

..................

24,390

124,633

OneSpan,

Inc.

(a)

....................

8,074

63,785

PagerDuty,

Inc.

(a)

...................

20,748

418,487

Pegasystems,

Inc.

..................

9,481

405,218

PowerSchool

Holdings,

Inc.,

Class

A

(a)(b)

...

12,768

254,339

Progress

Software

Corp.

..............

9,754

501,161

PROS

Holdings,

Inc.

(a)(b)

..............

3,696

115,130

Q2

Holdings,

Inc.

(a)

..................

13,162

395,255

Qualys,

Inc.

(a)(b)

....................

8,227

1,258,320

Rapid7,

Inc.

(a)

.....................

13,600

632,264

RingCentral,

Inc.,

Class

A

(a)(b)

...........

8,715

231,645

Riot

Platforms,

Inc.

(a)(b)

...............

39,668

387,953

Samsara,

Inc.,

Class

A

(a)(b)

.............

34,330

791,993

SEMrush

Holdings,

Inc.,

Class

A

(a)

.......

6,645

53,692

SentinelOne,

Inc.,

Class

A

(a)

............

53,508

836,330

Smartsheet,

Inc.,

Class

A

(a)

............

29,961

1,184,658

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

40

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Software

(continued)

SolarWinds

Corp.

(a)

.................

4,834

$

44,521

SoundHound

AI,

Inc.,

Class

A

(a)(b)

........

45,337

72,086

Sprinklr,

Inc.,

Class

A

(a)

...............

23,229

315,682

Sprout

Social,

Inc.,

Class

A

(a)(b)

..........

10,887

471,189

SPS

Commerce,

Inc.

(a)

...............

8,211

1,316,552

Tenable

Holdings,

Inc.

(a)

..............

25,931

1,091,954

Teradata

Corp.

(a)

...................

22,414

957,526

UiPath,

Inc.,

Class

A

(a)(b)

..............

90,198

1,400,775

Varonis

Systems,

Inc.

(a)

...............

24,605

827,712

Verint

Systems,

Inc.

(a)(b)

...............

4,798

90,250

Vertex,

Inc.,

Class

A

(a)(b)

...............

9,407

227,743

Workiva,

Inc.,

Class

A

(a)

...............

10,612

924,199

Yext,

Inc.

(a)

.......................

15,817

95,377

Zeta

Global

Holdings

Corp.,

Class

A

(a)(b)

....

33,833

263,897

Zuora,

Inc.,

Class

A

(a)

................

28,868

213,912

42,592,997

Specialized

REITs

—

0.5%

EPR

Properties

....................

6,222

265,680

Farmland

Partners,

Inc.

..............

9,908

103,241

Four

Corners

Property

Trust,

Inc.

........

10,271

218,772

Gladstone

Land

Corp.

...............

3,126

42,701

National

Storage

Affiliates

Trust

.........

10,706

305,335

Outfront

Media,

Inc.

.................

18,765

183,147

PotlatchDeltic

Corp.

.................

7,363

315,505

Rayonier,

Inc.

.....................

15,072

380,417

Safehold,

Inc.

(b)

....................

4,726

76,892

1,891,690

Specialty

Retail

—

1.4%

Abercrombie

&

Fitch

Co.,

Class

A

(a)

.......

4,725

287,374

Academy

Sports

&

Outdoors,

Inc.

........

8,563

383,965

Arko

Corp.

.......................

6,016

45,421

Boot

Barn

Holdings,

Inc.

(a)

.............

3,363

233,729

Camping

World

Holdings,

Inc.,

Class

A

....

5,042

84,453

Chewy,

Inc.,

Class

A

(a)(b)

..............

26,148

505,441

EVgo,

Inc.,

Class

A

(a)(b)

...............

21,455

44,305

GameStop

Corp.,

Class

A

(a)(b)

...........

26,202

360,802

Monro,

Inc.

(b)

......................

4,332

107,520

Murphy

USA,

Inc.

..................

4,373

1,586,043

National

Vision

Holdings,

Inc.

(a)

.........

8,105

125,952

Overstock.com,

Inc.

(a)(b)

...............

3,287

51,277

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

6,217

85,484

RH

(a)(b)

..........................

2,201

479,730

Valvoline,

Inc.

.....................

16,650

494,005

Warby

Parker,

Inc.,

Class

A

(a)

...........

16,729

217,142

Winmark

Corp.

....................

647

260,948

5,353,591

Technology

Hardware,

Storage

&

Peripherals

—

1.1%

(a)

Avid

Technology,

Inc.

................

3,223

87,085

Corsair

Gaming,

Inc.

................

5,316

67,992

CPI

Card

Group,

Inc.

................

487

8,060

IonQ,

Inc.

(b)

.......................

38,239

368,624

Pure

Storage,

Inc.,

Class

A

............

64,839

2,192,207

Super

Micro

Computer,

Inc.

(b)

...........

5,769

1,381,502

4,105,470

Textiles,

Apparel

&

Luxury

Goods

—

0.8%

Columbia

Sportswear

Co.

.............

5,019

370,402

Crocs,

Inc.

(a)

......................

9,489

847,558

Figs,

Inc.,

Class

A

(a)(b)

................

27,244

150,114

Oxford

Industries,

Inc.

...............

1,170

98,748

Skechers

USA,

Inc.,

Class

A

(a)

..........

30,081

1,450,506

Steven

Madden

Ltd.

.................

5,669

185,887

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Wolverine

World

Wide,

Inc.

............

7,506

$

60,423

3,163,638

Tobacco

—

0.0%

Turning

Point

Brands,

Inc.

.............

1,698

34,045

Trading

Companies

&

Distributors

—

1.9%

Alta

Equipment

Group,

Inc.,

Class

A

......

3,431

31,531

Applied

Industrial

Technologies,

Inc.

......

8,660

1,329,397

Beacon

Roofing

Supply,

Inc.

(a)(b)

.........

6,593

469,224

BlueLinx

Holdings,

Inc.

(a)

..............

669

47,573

Core

&

Main,

Inc.,

Class

A

(a)(b)

..........

23,590

709,587

Custom

Truck

One

Source,

Inc.

(a)

........

13,959

80,543

Distribution

Solutions

Group,

Inc.

(a)

.......

2,450

73,868

DXP

Enterprises,

Inc.

(a)

...............

1,489

48,541

FTAI

Aviation

Ltd.

...................

14,786

556,101

GATX

Corp.

......................

3,293

344,382

Global

Industrial

Co.

.................

1,583

50,577

H&E

Equipment

Services,

Inc.

..........

3,581

145,818

Herc

Holdings,

Inc.

..................

3,539

377,930

McGrath

RentCorp

..................

5,460

549,276

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

4,729

448,073

Rush

Enterprises,

Inc.,

Class

A

.........

7,051

250,875

Rush

Enterprises,

Inc.,

Class

B

.........

1,026

41,491

SiteOne

Landscape

Supply,

Inc.

(a)

........

10,104

1,392,028

Titan

Machinery,

Inc.

(a)

...............

1,943

48,264

Transcat,

Inc.

(a)

....................

1,769

159,245

Xometry,

Inc.,

Class

A

(a)(b)

.............

9,101

132,420

7,286,744

Water

Utilities

—

0.4%

American

States

Water

Co.

............

5,258

410,387

Artesian

Resources

Corp.,

Class

A,

NVS

...

1,034

40,636

California

Water

Service

Group

.........

6,672

324,793

Middlesex

Water

Co.

................

3,960

251,579

SJW

Group

.......................

4,001

249,982

York

Water

Co.

(The)

................

2,098

75,675

1,353,052

Wireless

Telecommunication

Services

—

0.1%

Gogo,

Inc.

(a)(b)

.....................

13,782

144,711

Shenandoah

Telecommunications

Co.

.....

6,518

154,216

298,927

Total

Long-Term

Investments

—

99.7%

(Cost:

$425,836,178)

.............................

375,193,262

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

41

(Percentages

shown

are

based

on

Net

Assets)

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

2023

for

purposes

of

Section

2(a)(3)

of

the

Investment

Company

Act

of

1940,

as

amended,

were

as

follows:

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

14.4%

(f)(g)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(h)

............

53,584,390

$

53,605,823

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.33%

..................

792,862

792,862

Total

Short-Term

Securities

—

14.4%

(Cost:

$54,364,230)

..............................

54,398,685

Total

Investments

—

114.1%

(Cost:

$480,200,408

)

.............................

429,591,947

Liabilities

in

Excess

of

Other

Assets

—

(14.1)%

...........

(53,235,685)

Net

Assets

—

100.0%

..............................

$

376,356,262

(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

$27,906,

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

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

Shares

Held

at

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

...............

$

62,391,598

$

—

$

(8,791,748)

(a)

$

4,788

$

1,185

$

53,605,823

53,584,390

$

436,837

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

808,997

—

(16,135)

(a)

—

—

792,862

792,862

23,545

—

$

4,788

$

1,185

$

54,398,685

$

460,382

$

—

—

—

(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

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

42

Derivative

Financial

Instruments

Categorized

by

Risk

Exposure

For

more

information

about

the

Fund’s

investment

risks

regarding

derivative

financial

instruments,

refer

to

the

Notes

to

Financial

Statements.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

10

12/15/23

$

834

$

(51,196)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

51,196

$

—

$

—

$

—

$

51,196

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

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

.......................

$

—

$

—

$

12,793

$

—

$

—

$

—

$

12,793

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(49,449)

$

—

$

—

$

—

$

(49,449)

Average

Quarterly

Balances

of

Outstanding

Derivative

Financial

Instruments

Futures

contracts

Average

notional

value

of

contracts

—

long

..................................................................................

$

1,079,075

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Growth

ETF

Schedule

of

Investments

43

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

.........................................

$

375,165,356

$

27,906

$

—

$

375,193,262

Short-Term

Securities

Money

Market

Funds

......................................

54,398,685

—

—

54,398,685

$

429,564,041

$

27,906

$

—

$

429,591,947

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(51,196)

$

—

$

—

$

(51,196)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

44

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Common

Stocks

Aerospace

&

Defense

—

1.3%

AAR

Corp.

(a)

......................

6,814

$

404,479

AerSale

Corp.

(a)

....................

5,801

88,697

BWX

Technologies,

Inc.

..............

8,669

643,933

Curtiss-Wright

Corp.

.................

2,605

517,900

Ducommun,

Inc.

(a)

..................

1,177

56,308

Kaman

Corp.

.....................

3,103

57,747

Mercury

Systems,

Inc.

(a)

..............

10,464

376,495

Moog,

Inc.,

Class

A

.................

3,378

392,017

National

Presto

Industries,

Inc.

..........

1,093

81,702

Parsons

Corp.

(a)

....................

3,612

204,259

Spirit

AeroSystems

Holdings,

Inc.,

Class

A

(a)

.

21,515

486,239

Triumph

Group,

Inc.

(a)

................

8,420

62,813

V2X,

Inc.

(a)

.......................

2,418

123,487

Woodward,

Inc.

....................

6,317

787,730

4,283,806

Air

Freight

&

Logistics

—

0.4%

Air

Transport

Services

Group,

Inc.

(a)(b)

.....

7,731

151,296

Forward

Air

Corp.

..................

1,955

125,921

GXO

Logistics,

Inc.

(a)

................

11,540

582,885

Hub

Group,

Inc.,

Class

A

(a)

.............

6,417

441,169

1,301,271

Automobile

Components

—

1.0%

Adient

plc

(a)

.......................

6,228

209,821

American

Axle

&

Manufacturing

Holdings,

Inc.

(a)

23,740

160,245

Autoliv,

Inc.

.......................

7,389

677,202

Dana,

Inc.

........................

9,151

105,053

Garrett

Motion,

Inc.

(a)(b)

...............

30,644

216,347

Goodyear

Tire

&

Rubber

Co.

(The)

(a)

......

58,057

690,878

LCI

Industries

.....................

2,940

318,961

Modine

Manufacturing

Co.

(a)

...........

4,962

195,999

Patrick

Industries,

Inc.

...............

4,296

322,844

QuantumScape

Corp.,

Class

A

(a)(b)

.......

21,885

114,240

Standard

Motor

Products,

Inc.

..........

3,774

131,826

Stoneridge,

Inc.

(a)

...................

5,709

92,885

3,236,301

Automobiles

—

0.4%

Harley-Davidson,

Inc.

................

26,352

707,551

Thor

Industries,

Inc.

.................

5,529

486,165

Winnebago

Industries,

Inc.

............

3,707

214,821

1,408,537

Banks

—

13.6%

1st

Source

Corp.

...................

3,580

163,320

Amalgamated

Financial

Corp.

..........

3,911

71,337

Amerant

Bancorp,

Inc.,

Class

A

.........

5,676

103,473

Ameris

Bancorp

....................

13,410

500,193

Associated

Banc-Corp.

...............

31,288

507,178

Atlantic

Union

Bankshares

Corp.

........

15,490

446,267

Axos

Financial,

Inc.

(a)(b)

...............

4,778

172,151

Banc

of

California,

Inc.

...............

11,301

126,684

BancFirst

Corp.

....................

1,535

124,504

Bank

First

Corp.

...................

1,086

85,761

Bank

of

Hawaii

Corp.

................

8,204

405,196

Bank

OZK

.......................

21,506

770,130

BankUnited,

Inc.

...................

15,412

336,136

Banner

Corp.

.....................

7,225

304,967

Berkshire

Hills

Bancorp,

Inc.

...........

9,149

179,412

BOK

Financial

Corp.

.................

5,713

374,316

Brookline

Bancorp,

Inc.

...............

17,625

143,468

Byline

Bancorp,

Inc.

.................

6,072

115,186

Cadence

Bank

....................

37,801

800,625

Cambridge

Bancorp

.................

1,530

82,176

Security

Shares

Shares

Value

Banks

(continued)

Camden

National

Corp.

..............

3,119

$

90,950

Capital

City

Bank

Group,

Inc.

...........

1,787

51,055

Capitol

Federal

Financial,

Inc.

..........

25,991

135,153

Cathay

General

Bancorp

..............

15,239

516,755

Central

Pacific

Financial

Corp.

..........

3,937

62,126

City

Holding

Co.

...................

1,945

176,567

CNB

Financial

Corp.

.................

4,716

85,737

Coastal

Financial

Corp.

(a)

.............

1,354

50,328

Columbia

Banking

System,

Inc.

.........

42,564

837,234

Columbia

Financial,

Inc.

(a)

.............

2,957

47,608

Comerica,

Inc.

.....................

26,925

1,060,845

Commerce

Bancshares,

Inc.

...........

23,166

1,016,061

Community

Bank

System,

Inc.

..........

11,044

441,208

Community

Trust

Bancorp,

Inc.

.........

3,231

121,356

ConnectOne

Bancorp,

Inc.

............

7,594

123,706

CrossFirst

Bankshares,

Inc.

(a)

...........

6,402

67,733

Cullen/Frost

Bankers,

Inc.

.............

8,395

763,861

Customers

Bancorp,

Inc.

(a)(b)

...........

5,801

233,258

CVB

Financial

Corp.

.................

26,983

421,474

Dime

Community

Bancshares,

Inc.

.......

7,154

131,562

Eagle

Bancorp,

Inc.

.................

6,181

120,406

Eastern

Bankshares,

Inc.

.............

31,959

351,869

Enterprise

Financial

Services

Corp.

......

7,687

267,277

Farmers

National

Banc

Corp.

...........

7,162

80,859

FB

Financial

Corp.

..................

7,175

210,730

First

Bancorp

.....................

44,254

724,393

First

Bancshares,

Inc.

(The)

............

5,942

143,915

First

Busey

Corp.

...................

10,814

214,766

First

Commonwealth

Financial

Corp.

......

21,255

258,886

First

Financial

Bancorp

...............

19,821

366,689

First

Financial

Bankshares,

Inc.

.........

16,893

406,277

First

Financial

Corp.

.................

2,323

79,934

First

Hawaiian,

Inc.

.................

26,245

470,573

First

Interstate

BancSystem,

Inc.,

Class

A

..

17,013

392,490

First

Merchants

Corp.

................

12,355

337,415

First

Mid

Bancshares,

Inc.

.............

4,078

111,411

FNB

Corp.

.......................

74,217

793,380

Fulton

Financial

Corp.

................

34,185

444,063

German

American

Bancorp,

Inc.

.........

4,100

112,053

Glacier

Bancorp,

Inc.

................

22,671

684,438

Great

Southern

Bancorp,

Inc.

...........

1,901

94,518

Hancock

Whitney

Corp.

..............

17,623

606,760

Hanmi

Financial

Corp.

...............

6,196

90,957

HarborOne

Bancorp,

Inc.

.............

8,534

83,975

HBT

Financial,

Inc.

..................

2,812

50,616

Heartland

Financial

USA,

Inc.

..........

8,073

221,200

Heritage

Commerce

Corp.

.............

13,040

106,667

Heritage

Financial

Corp.

..............

7,698

125,246

Hilltop

Holdings,

Inc.

.................

9,524

263,053

Hingham

Institution

for

Savings

(The)

.....

372

55,272

Home

BancShares,

Inc.

..............

38,612

789,615

Hope

Bancorp,

Inc.

.................

25,728

225,377

Horizon

Bancorp,

Inc.

................

8,431

80,010

Independent

Bank

Corp.

..............

9,130

445,544

Independent

Bank

Group,

Inc.

..........

7,386

261,095

International

Bancshares

Corp.

.........

10,920

478,624

Kearny

Financial

Corp.

...............

13,571

94,183

Lakeland

Bancorp,

Inc.

...............

13,920

157,018

Lakeland

Financial

Corp.

..............

3,469

170,848

Luther

Burbank

Corp.

................

3,227

26,268

Mercantile

Bank

Corp.

...............

3,155

103,926

Metrocity

Bankshares,

Inc.

............

3,884

77,835

Midland

States

Bancorp,

Inc.

...........

4,677

102,052

National

Bank

Holdings

Corp.,

Class

A

....

6,807

212,242

NBT

Bancorp,

Inc.

..................

9,705

324,826

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

45

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Banks

(continued)

New

York

Community

Bancorp,

Inc.

......

147,486

$

1,398,167

Nicolet

Bankshares,

Inc.

..............

2,636

191,954

Northfield

Bancorp,

Inc.

..............

8,281

71,217

Northwest

Bancshares,

Inc.

............

26,753

278,766

OceanFirst

Financial

Corp.

............

12,469

157,858

OFG

Bancorp

.....................

9,828

291,105

Old

National

Bancorp

................

59,803

819,301

Old

Second

Bancorp,

Inc.

.............

8,425

114,243

Origin

Bancorp,

Inc.

.................

5,977

176,859

Pacific

Premier

Bancorp,

Inc.

...........

19,961

379,259

PacWest

Bancorp

..................

24,420

172,894

Park

National

Corp.

.................

2,942

298,289

Pathward

Financial,

Inc.

..............

3,628

164,312

Peapack-Gladstone

Financial

Corp.

(b)

.....

2,019

47,184

Peoples

Bancorp,

Inc.

...............

7,065

194,853

Pinnacle

Financial

Partners,

Inc.

.........

15,688

978,304

Popular,

Inc.

......................

14,768

960,511

Preferred

Bank

....................

1,297

77,262

Premier

Financial

Corp.

..............

7,519

130,455

Prosperity

Bancshares,

Inc.

............

19,140

1,043,896

Provident

Financial

Services,

Inc.

........

15,592

219,068

QCR

Holdings,

Inc.

.................

3,494

165,790

Renasant

Corp.

....................

11,626

283,558

Republic

Bancorp,

Inc.,

Class

A

.........

1,875

82,856

S&T

Bancorp,

Inc.

..................

7,951

204,818

Sandy

Spring

Bancorp,

Inc.

............

9,448

193,212

Seacoast

Banking

Corp.

of

Florida

.......

7,706

155,738

Simmons

First

National

Corp.,

Class

A

....

23,992

340,926

Southern

Missouri

Bancorp,

Inc.

.........

2,015

81,507

Southside

Bancshares,

Inc.

............

6,071

162,096

SouthState

Corp.

...................

15,523

1,026,070

Stellar

Bancorp,

Inc.

.................

9,596

208,617

Synovus

Financial

Corp.

..............

29,949

780,770

Texas

Capital

Bancshares,

Inc.

(a)

........

9,856

542,671

Tompkins

Financial

Corp.

.............

2,685

134,465

Towne

Bank

......................

14,342

343,347

TriCo

Bancshares

..................

6,809

220,271

Triumph

Financial,

Inc.

(a)(b)

.............

2,155

134,149

TrustCo

Bank

Corp.

.................

3,711

94,742

Trustmark

Corp.

...................

12,646

254,311

UMB

Financial

Corp.

................

8,920

559,462

United

Bankshares,

Inc.

..............

27,529

782,925

United

Community

Banks,

Inc.

..........

24,170

533,915

Univest

Financial

Corp.

...............

6,229

103,775

Valley

National

Bancorp

..............

87,058

677,311

Veritex

Holdings,

Inc.

................

10,594

182,429

WaFd,

Inc.

.......................

13,490

332,933

Washington

Trust

Bancorp,

Inc.

.........

3,652

84,690

Webster

Financial

Corp.

..............

35,305

1,340,531

WesBanco,

Inc.

....................

12,278

299,460

Westamerica

Bancorp

...............

5,639

266,386

Western

Alliance

Bancorp

.............

22,385

920,024

Wintrust

Financial

Corp.

..............

12,615

942,214

WSFS

Financial

Corp.

...............

12,357

437,438

Zions

Bancorp

NA

..................

30,237

932,811

46,038,583

Beverages

—

0.0%

(a)

Duckhorn

Portfolio,

Inc.

(The)

..........

4,174

43,535

National

Beverage

Corp.

..............

2,366

109,735

153,270

Biotechnology

—

2.0%

(a)

4D

Molecular

Therapeutics,

Inc.

(b)

........

6,125

65,783

Agenus,

Inc.

......................

39,518

31,614

Security

Shares

Shares

Value

Biotechnology

(continued)

Agios

Pharmaceuticals,

Inc.

............

3,903

$

82,002

Alector,

Inc.

......................

6,587

34,252

Allogene

Therapeutics,

Inc.

(b)

...........

10,983

30,972

Amicus

Therapeutics,

Inc.

.............

20,664

226,684

AnaptysBio,

Inc.

...................

2,448

39,927

Arcturus

Therapeutics

Holdings,

Inc.

......

2,708

51,723

Arcus

Biosciences,

Inc.

...............

4,525

71,088

ARS

Pharmaceuticals,

Inc.

(b)

...........

5,727

20,445

Beam

Therapeutics,

Inc.

(b)

.............

4,178

88,323

Biohaven

Ltd.

.....................

7,302

193,576

Bluebird

Bio,

Inc.

...................

9,711

28,648

CareDx,

Inc.

......................

5,433

29,393

Catalyst

Pharmaceuticals,

Inc.

(b)

.........

10,876

134,971

Coherus

Biosciences,

Inc.

.............

12,966

43,436

CRISPR

Therapeutics

AG

(b)

............

16,223

631,561

Dyne

Therapeutics,

Inc.

..............

7,858

55,399

Editas

Medicine,

Inc.

(b)

...............

7,642

51,049

Emergent

BioSolutions,

Inc.

(b)

..........

10,636

22,229

Enanta

Pharmaceuticals,

Inc.

...........

3,985

35,945

EQRx,

Inc.

.......................

36,092

78,681

FibroGen,

Inc.

.....................

10,292

5,568

Geron

Corp.

......................

44,244

84,064

Inhibrx,

Inc.

.......................

2,273

35,163

Intercept

Pharmaceuticals,

Inc.

.........

2,818

53,345

Ionis

Pharmaceuticals,

Inc.

............

16,868

746,746

Iovance

Biotherapeutics,

Inc.

...........

43,406

165,811

Ironwood

Pharmaceuticals,

Inc.,

Class

A

...

28,190

252,864

iTeos

Therapeutics,

Inc.

..............

5,544

55,773

Karyopharm

Therapeutics,

Inc.

(b)

........

14,172

12,330

Krystal

Biotech,

Inc.

.................

1,754

204,990

Kura

Oncology,

Inc.

.................

10,420

88,049

Lexicon

Pharmaceuticals,

Inc.

(b)

.........

14,610

18,116

Lyell

Immunopharma,

Inc.

.............

21,549

35,664

Madrigal

Pharmaceuticals,

Inc.

..........

1,509

198,252

MiMedx

Group,

Inc.

.................

23,959

157,171

Mirati

Therapeutics,

Inc.

(b)

.............

4,186

232,449

Myriad

Genetics,

Inc.

................

16,661

259,578

Novavax,

Inc.

(b)

....................

19,361

128,944

Nurix

Therapeutics,

Inc.

..............

5,070

28,341

Protagonist

Therapeutics,

Inc.

..........

5,172

75,201

PTC

Therapeutics,

Inc.

...............

5,817

109,069

REGENXBIO,

Inc.

..................

8,277

106,691

REVOLUTION

Medicines,

Inc.

..........

8,916

176,537

Sage

Therapeutics,

Inc.

..............

6,825

127,832

Seres

Therapeutics,

Inc.

..............

9,712

14,859

SpringWorks

Therapeutics,

Inc.

.........

5,419

124,095

Travere

Therapeutics,

Inc.

.............

6,449

41,790

Ultragenyx

Pharmaceutical,

Inc.

.........

5,388

190,735

uniQure

NV

.......................

3,702

21,101

Vaxcyte,

Inc.

......................

11,654

560,557

Vir

Biotechnology,

Inc.

...............

17,654

139,996

Viridian

Therapeutics,

Inc.

.............

4,569

57,113

Zymeworks,

Inc.

(b)

..................

9,621

67,539

6,624,034

Broadline

Retail

—

0.6%

Dillard's,

Inc.,

Class

A

................

715

221,972

Kohl's

Corp.

......................

22,782

513,734

Macy's,

Inc.

(b)

.....................

56,051

682,701

Nordstrom,

Inc.

....................

19,811

276,958

Ollie's

Bargain

Outlet

Holdings,

Inc.

(a)(b)

....

5,808

448,610

2,143,975

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

46

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Building

Products

—

1.2%

American

Woodmark

Corp.

(a)

...........

1,948

$

130,964

Apogee

Enterprises,

Inc.

..............

2,691

115,498

Armstrong

World

Industries,

Inc.

.........

4,004

303,864

AZZ,

Inc.

........................

3,299

155,944

Griffon

Corp.

......................

5,724

228,616

Hayward

Holdings,

Inc.

(a)(b)

.............

25,669

269,524

Insteel

Industries,

Inc.

(b)

..............

2,053

57,299

Janus

International

Group,

Inc.

(a)

........

7,167

67,083

JELD-WEN

Holding,

Inc.

(a)(b)

............

17,309

196,111

Masonite

International

Corp.

(a)

..........

2,904

229,823

Masterbrand,

Inc.

(a)

.................

26,164

290,682

PGT

Innovations,

Inc.

(a)

...............

6,257

187,335

Quanex

Building

Products

Corp.

.........

4,087

109,736

Resideo

Technologies,

Inc.

(a)

...........

14,841

214,898

Trex

Co.,

Inc.

(a)

....................

7,323

411,626

UFP

Industries,

Inc.

.................

6,090

579,585

Zurn

Elkay

Water

Solutions

Corp.

........

16,903

447,253

3,995,841

Capital

Markets

—

2.9%

Affiliated

Managers

Group,

Inc.

.........

4,192

514,610

Artisan

Partners

Asset

Management,

Inc.,

Class

A

.......................

6,880

227,040

B

Riley

Financial,

Inc.

................

3,393

122,861

BGC

Group,

Inc.,

Class

A

.............

79,908

469,060

Diamond

Hill

Investment

Group,

Inc.

......

642

100,858

Donnelley

Financial

Solutions,

Inc.

(a)

......

5,152

280,423

Evercore,

Inc.,

Class

A

...............

7,131

928,314

Federated

Hermes,

Inc.,

Class

B

........

8,167

258,894

Hamilton

Lane,

Inc.,

Class

A

...........

3,197

268,932

Houlihan

Lokey,

Inc.,

Class

A

...........

5,330

535,772

Janus

Henderson

Group

plc

...........

27,172

626,858

Jefferies

Financial

Group,

Inc.

..........

36,224

1,165,688

Moelis

&

Co.,

Class

A

................

13,799

574,590

Open

Lending

Corp.,

Class

A

(a)

..........

11,612

69,556

Oppenheimer

Holdings,

Inc.,

Class

A,

NVS

(b)

1,521

53,341

Piper

Sandler

Cos.

..................

3,064

428,500

Runway

Growth

Finance

Corp.

..........

3,592

43,751

StepStone

Group,

Inc.,

Class

A

.........

10,364

293,301

Stifel

Financial

Corp.

................

21,430

1,221,510

StoneX

Group,

Inc.

(a)

................

3,678

350,587

TPG,

Inc.,

Class

A

..................

12,407

342,930

Victory

Capital

Holdings,

Inc.,

Class

A

.....

7,653

225,457

Virtu

Financial,

Inc.,

Class

A

............

19,332

357,449

Virtus

Investment

Partners,

Inc.

.........

845

155,674

WisdomTree,

Inc.

...................

13,085

81,127

9,697,083

Chemicals

—

1.9%

AdvanSix,

Inc.

.....................

5,659

155,905

American

Vanguard

Corp.

.............

5,555

51,995

Avient

Corp.

......................

9,707

306,935

Axalta

Coating

Systems

Ltd.

(a)

..........

22,181

581,808

Cabot

Corp.

......................

6,482

430,923

Chemours

Co.

(The)

.................

30,290

730,292

Element

Solutions,

Inc.

...............

29,211

532,516

HB

Fuller

Co.

.....................

4,993

330,287

Huntsman

Corp.

...................

33,925

791,470

Ingevity

Corp.

(a)

....................

3,810

153,467

Innospec,

Inc.

.....................

1,573

154,154

Koppers

Holdings,

Inc.

...............

2,910

106,419

Kronos

Worldwide,

Inc.

...............

4,642

32,030

LSB

Industries,

Inc.

(a)

................

11,015

100,347

Mativ

Holdings,

Inc.

.................

11,256

147,454

Minerals

Technologies,

Inc.

............

6,631

358,472

Security

Shares

Shares

Value

Chemicals

(continued)

NewMarket

Corp.

...................

753

$

363,059

Origin

Materials,

Inc.,

Class

A

(a)(b)

........

25,196

24,906

Scotts

Miracle-Gro

Co.

(The)

...........

8,492

377,384

Sensient

Technologies

Corp.

...........

3,887

219,305

Stepan

Co.

.......................

2,040

152,592

Trinseo

plc

.......................

7,631

47,236

Tronox

Holdings

plc

.................

23,876

255,234

6,404,190

Commercial

Services

&

Supplies

—

1.4%

ABM

Industries,

Inc.

.................

9,011

354,493

ACCO

Brands

Corp.

.................

19,527

98,807

Brady

Corp.,

Class

A,

NVS

............

5,266

270,988

BrightView

Holdings,

Inc.

(a)

............

7,995

53,886

Brink's

Co.

(The)

...................

3,525

235,681

Cimpress

plc

(a)

.....................

3,609

215,349

CoreCivic,

Inc.

(a)

...................

23,243

295,186

Deluxe

Corp.

......................

9,113

155,377

Ennis,

Inc.

.......................

5,206

111,200

Enviri

Corp.

(a)

.....................

16,116

92,506

GEO

Group,

Inc.

(The)

(a)

..............

26,166

228,691

Healthcare

Services

Group,

Inc.

.........

15,323

145,568

HNI

Corp.

........................

9,556

331,498

Interface,

Inc.

.....................

8,278

73,591

Matthews

International

Corp.,

Class

A

.....

6,280

222,563

MillerKnoll,

Inc.

....................

15,514

364,579

OPENLANE,

Inc.

(a)

..................

22,346

300,107

Pitney

Bowes,

Inc.

..................

4,409

14,241

SP

Plus

Corp.

(a)(b)

...................

2,607

131,732

Steelcase,

Inc.,

Class

A

..............

19,102

208,403

Stericycle,

Inc.

(a)

...................

8,580

353,839

UniFirst

Corp.

.....................

1,528

251,249

VSE

Corp.

.......................

1,177

63,323

4,572,857

Communications

Equipment

—

0.5%

ADTRAN

Holdings,

Inc.

..............

14,472

95,081

Ciena

Corp.

(a)

.....................

14,238

600,844

Clearfield,

Inc.

(a)

....................

1,539

36,967

CommScope

Holding

Co.,

Inc.

(a)

.........

43,369

64,186

Infinera

Corp.

(a)(b)

...................

13,679

40,079

Lumentum

Holdings,

Inc.

(a)

............

8,304

325,600

NETGEAR,

Inc.

(a)

...................

5,877

74,285

NetScout

Systems,

Inc.

(a)

.............

10,050

219,392

Ribbon

Communications,

Inc.

(a)(b)

........

18,459

34,703

Viasat,

Inc.

(a)(b)

.....................

8,660

159,690

Viavi

Solutions,

Inc.

(a)(b)

...............

23,224

180,683

1,831,510

Construction

&

Engineering

—

0.8%

API

Group

Corp.

(a)(b)

.................

14,475

374,468

Arcosa,

Inc.

......................

4,374

302,112

Argan,

Inc.

.......................

1,527

69,845

Fluor

Corp.

(a)

......................

10,421

346,915

Granite

Construction,

Inc.

.............

5,004

202,562

IES

Holdings,

Inc.

(a)

.................

644

40,076

MasTec,

Inc.

(a)

.....................

4,216

250,599

MDU

Resources

Group,

Inc.

...........

41,832

778,494

Primoris

Services

Corp.

..............

6,619

198,967

Sterling

Infrastructure,

Inc.

(a)

...........

3,235

235,670

2,799,708

Construction

Materials

—

0.2%

Eagle

Materials,

Inc.

.................

4,015

617,949

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

47

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Consumer

Finance

—

1.1%

Atlanticus

Holdings

Corp.

(a)

............

966

$

28,265

Bread

Financial

Holdings,

Inc.

..........

10,330

279,220

Credit

Acceptance

Corp.

(a)(b)

............

1,311

527,586

Encore

Capital

Group,

Inc.

(a)(b)

..........

4,820

181,617

Enova

International,

Inc.

(a)

.............

6,344

252,999

EZCORP,

Inc.,

Class

A,

NVS

(a)

..........

10,719

87,896

Green

Dot

Corp.,

Class

A

(a)

............

5,076

56,750

Navient

Corp.

.....................

17,981

286,078

Nelnet,

Inc.,

Class

A

.................

2,221

188,363

OneMain

Holdings,

Inc.

...............

24,682

886,824

PRA

Group,

Inc.

(a)

..................

8,119

99,945

PROG

Holdings,

Inc.

(a)

...............

9,355

256,233

SLM

Corp.

.......................

46,081

599,053

World

Acceptance

Corp.

(a)

.............

708

69,823

3,800,652

Consumer

Staples

Distribution

&

Retail

—

0.7%

Andersons,

Inc.

(The)

................

6,446

323,138

Chefs'

Warehouse,

Inc.

(The)

(a)(b)

........

3,955

75,264

Grocery

Outlet

Holding

Corp.

(a)

..........

6,831

189,014

Ingles

Markets,

Inc.,

Class

A

...........

1,770

141,989

PriceSmart,

Inc.

....................

2,849

178,034

SpartanNash

Co.

...................

7,289

163,930

Sprouts

Farmers

Market,

Inc.

(a)(b)

........

20,825

875,066

United

Natural

Foods,

Inc.

(a)

............

12,023

175,295

Weis

Markets,

Inc.

..................

2,226

144,913

2,266,643

Containers

&

Packaging

—

1.7%

AptarGroup,

Inc.

...................

5,075

620,520

Berry

Global

Group,

Inc.

..............

24,149

1,328,195

Greif,

Inc.,

Class

A,

NVS

..............

5,193

329,755

Greif,

Inc.,

Class

B

..................

1,064

68,160

Myers

Industries,

Inc.

................

3,026

50,746

O-I

Glass,

Inc.

(a)

....................

31,683

489,503

Pactiv

Evergreen,

Inc.

...............

8,568

73,856

Sealed

Air

Corp.

...................

29,504

908,428

Silgan

Holdings,

Inc.

.................

17,111

685,467

Sonoco

Products

Co.

................

19,962

1,034,231

TriMas

Corp.

......................

8,420

203,848

5,792,709

Diversified

Consumer

Services

—

0.9%

2U,

Inc.

(a)

........................

16,441

34,855

ADT,

Inc.

........................

46,742

264,560

Adtalem

Global

Education,

Inc.

(a)

........

3,304

171,147

Carriage

Services,

Inc.

...............

1,530

33,048

European

Wax

Center,

Inc.,

Class

A

(a)

.....

3,651

53,925

Frontdoor,

Inc.

(a)

....................

16,445

475,754

Graham

Holdings

Co.,

Class

B

..........

748

432,883

H&R

Block,

Inc.

....................

15,332

629,379

Laureate

Education,

Inc.

..............

12,999

183,806

Mister

Car

Wash,

Inc.

(a)(b)

..............

7,206

37,471

Perdoceo

Education

Corp.

.............

13,460

243,491

Strategic

Education,

Inc.

(b)

.............

1,791

147,417

Stride,

Inc.

(a)

......................

3,113

171,153

WW

International,

Inc.

(a)(b)

.............

8,933

69,856

2,948,745

Diversified

REITs

—

0.5%

Alexander

&

Baldwin,

Inc.

.............

8,135

128,533

American

Assets

Trust,

Inc.

............

6,087

108,044

Armada

Hoffler

Properties,

Inc.

.........

14,032

139,759

Broadstone

Net

Lease,

Inc.

............

17,753

251,205

Empire

State

Realty

Trust,

Inc.,

Class

A

....

26,652

215,615

Essential

Properties

Realty

Trust,

Inc.

.....

16,308

357,960

Security

Shares

Shares

Value

Diversified

REITs

(continued)

Gladstone

Commercial

Corp.

...........

8,158

$

97,488

Global

Net

Lease,

Inc.

...............

39,918

316,949

One

Liberty

Properties,

Inc.

............

3,353

61,695

1,677,248

Diversified

Telecommunication

Services

—

0.5%

ATN

International,

Inc.

...............

2,145

66,388

Cogent

Communications

Holdings,

Inc.

....

4,145

269,342

Consolidated

Communications

Holdings,

Inc.

(a)

15,334

63,943

EchoStar

Corp.,

Class

A

(a)

.............

6,887

95,454

Frontier

Communications

Parent,

Inc.

(a)

....

45,323

812,188

Liberty

Latin

America

Ltd.,

Class

A

(a)

......

3,603

24,608

Liberty

Latin

America

Ltd.,

Class

C,

NVS

(a)(b)

.

11,381

77,960

Lumen

Technologies,

Inc.

(a)

............

206,696

301,776

1,711,659

Electric

Utilities

—

1.1%

ALLETE,

Inc.

.....................

11,723

627,650

Hawaiian

Electric

Industries,

Inc.

........

22,535

292,504

IDACORP,

Inc.

....................

6,271

593,926

MGE

Energy,

Inc.

...................

3,627

259,802

Otter

Tail

Corp.

....................

3,712

285,601

PNM

Resources,

Inc.

................

17,547

741,536

Portland

General

Electric

Co.

...........

20,686

827,854

3,628,873

Electrical

Equipment

—

1.3%

Acuity

Brands,

Inc.

(b)

.................

3,369

545,677

Atkore,

Inc.

(a)(b)

.....................

4,944

614,440

Babcock

&

Wilcox

Enterprises,

Inc.

(a)

......

4,035

10,612

Blink

Charging

Co.

(a)(b)

................

6,237

14,844

Encore

Wire

Corp.

(b)

.................

2,040

364,813

EnerSys

.........................

3,217

275,311

FREYR

Battery

SA

(a)(b)

...............

24,221

77,749

Generac

Holdings,

Inc.

(a)(b)

.............

7,095

596,477

GrafTech

International

Ltd.

............

39,077

134,816

nVent

Electric

plc

...................

15,098

726,667

Powell

Industries,

Inc.

................

690

52,889

Preformed

Line

Products

Co.

...........

252

34,108

Sensata

Technologies

Holding

plc

........

16,451

524,458

Sunrun,

Inc.

(a)(b)

....................

44,611

430,496

Thermon

Group

Holdings,

Inc.

(a)

.........

4,200

112,098

TPI

Composites,

Inc.

(a)(b)

..............

3,695

8,535

4,523,990

Electronic

Equipment,

Instruments

&

Components

—

2.6%

Advanced

Energy

Industries,

Inc.

(b)

.......

2,888

252,007

Arlo

Technologies,

Inc.

(a)

..............

19,206

163,059

Arrow

Electronics,

Inc.

(a)

..............

11,375

1,290,039

Avnet,

Inc.

.......................

18,771

869,660

Bel

Fuse,

Inc.,

Class

B,

NVS

...........

847

45,890

Belden,

Inc.

......................

3,033

215,040

Benchmark

Electronics,

Inc.

...........

4,601

111,390

Coherent

Corp.

(a)

...................

26,700

790,320

Crane

NXT

Co.

....................

9,865

512,980

ePlus,

Inc.

(a)

......................

5,522

345,125

FARO

Technologies,

Inc.

(a)

.............

1,459

18,777

Insight

Enterprises,

Inc.

(a)

.............

3,975

569,618

IPG

Photonics

Corp.

(a)

...............

3,461

297,300

Kimball

Electronics,

Inc.

(a)

.............

5,002

131,052

Knowles

Corp.

(a)

...................

12,295

159,712

Methode

Electronics,

Inc.

.............

4,320

98,798

Mirion

Technologies,

Inc.,

Class

A

(a)

......

17,626

122,148

nLight,

Inc.

(a)(b)

.....................

5,151

42,908

OSI

Systems,

Inc.

(a)

.................

1,226

127,835

PC

Connection,

Inc.

.................

1,657

88,782

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

48

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Electronic

Equipment,

Instruments

&

Components

(continued)

Plexus

Corp.

(a)

.....................

2,053

$

201,851

Sanmina

Corp.

(a)

...................

11,704

595,382

ScanSource,

Inc.

(a)

..................

5,274

160,330

TTM

Technologies,

Inc.

(a)

..............

14,792

169,960

Vishay

Intertechnology,

Inc.

............

25,923

576,528

Vishay

Precision

Group,

Inc.

(a)

..........

778

23,278

Vontier

Corp.

......................

31,682

936,520

8,916,289

Energy

Equipment

&

Services

—

1.6%

Archrock,

Inc.

.....................

28,088

355,875

Atlas

Energy

Solutions,

Inc.

............

3,664

66,721

Bristow

Group,

Inc.

(a)

................

4,930

128,870

Diamond

Offshore

Drilling,

Inc.

(a)

.........

8,561

106,242

Helix

Energy

Solutions

Group,

Inc.

(a)

......

9,625

94,325

Helmerich

&

Payne,

Inc.

..............

20,385

806,634

Liberty

Energy,

Inc.,

Class

A

...........

14,548

286,596

Nabors

Industries

Ltd.

(a)

..............

813

79,381

NOV,

Inc.

........................

36,395

726,444

Oil

States

International,

Inc.

(a)

...........

6,225

45,194

Patterson-UTI

Energy,

Inc.

............

36,953

469,303

ProFrac

Holding

Corp.,

Class

A

(a)(b)

.......

2,536

23,889

ProPetro

Holding

Corp.

(a)

..............

17,921

187,812

RPC,

Inc.

........................

7,547

62,791

Select

Water

Solutions,

Inc.,

Class

A

......

7,749

57,653

Tidewater,

Inc.

(a)

...................

3,962

270,803

Transocean

Ltd.

(a)(b)

.................

138,133

914,441

US

Silica

Holdings,

Inc.

(a)

.............

15,655

188,956

Valaris

Ltd.

(a)

......................

8,201

541,594

5,413,524

Entertainment

—

0.3%

(a)

AMC

Entertainment

Holdings,

Inc.,

Class

A

(b)

5,384

57,501

Cinemark

Holdings,

Inc.

(b)

.............

13,288

219,119

Lions

Gate

Entertainment

Corp.,

Class

A

...

12,380

97,307

Lions

Gate

Entertainment

Corp.,

Class

B,

NVS

26,995

201,383

Playstudios,

Inc.,

Class

A

.............

5,768

16,323

Playtika

Holding

Corp.

...............

14,513

121,909

Sphere

Entertainment

Co.,

Class

A

.......

5,313

174,851

888,393

Financial

Services

—

2.8%

Affirm

Holdings,

Inc.,

Class

A

(a)(b)

.........

43,885

772,815

A-Mark

Precious

Metals,

Inc.

...........

3,632

98,355

Cannae

Holdings,

Inc.

(a)

..............

13,974

228,475

Cass

Information

Systems,

Inc.

.........

1,519

57,433

Compass

Diversified

Holdings

..........

12,834

220,488

Enact

Holdings,

Inc.

.................

6,370

175,557

Essent

Group

Ltd.

..................

21,865

1,032,903

EVERTEC,

Inc.

....................

5,708

181,400

Federal

Agricultural

Mortgage

Corp.,

Class

C,

NVS

.........................

1,913

284,195

I3

Verticals,

Inc.,

Class

A

(a)

.............

2,101

39,394

Jackson

Financial,

Inc.,

Class

A

.........

12,164

446,541

Merchants

Bancorp

.................

2,715

81,151

MGIC

Investment

Corp.

..............

57,553

969,193

Mr

Cooper

Group,

Inc.

(a)

..............

13,676

773,104

NMI

Holdings,

Inc.,

Class

A

(a)

...........

9,396

256,981

PennyMac

Financial

Services,

Inc.

.......

5,938

399,034

Radian

Group,

Inc.

..................

32,515

823,930

Repay

Holdings

Corp.,

Class

A

(a)

........

6,981

41,816

Rocket

Cos.,

Inc.,

Class

A

(a)

............

25,041

185,053

TFS

Financial

Corp.

.................

10,272

121,826

UWM

Holdings

Corp.,

Class

A

..........

19,032

92,305

Voya

Financial,

Inc.

.................

13,916

929,171

Walker

&

Dunlop,

Inc.

................

6,778

439,214

Security

Shares

Shares

Value

Financial

Services

(continued)

Western

Union

Co.

(The)

.............

69,818

$

788,245

9,438,579

Food

Products

—

1.2%

B&G

Foods,

Inc.

...................

14,840

119,759

Calavo

Growers,

Inc.

................

1,937

49,084

Cal-Maine

Foods,

Inc.

(b)

..............

5,663

256,591

Flowers

Foods,

Inc.

.................

39,256

860,884

Fresh

Del

Monte

Produce,

Inc.

..........

4,764

119,100

Hain

Celestial

Group,

Inc.

(The)

(a)

........

18,527

204,723

Ingredion,

Inc.

.....................

6,411

599,941

J

&

J

Snack

Foods

Corp.

..............

1,023

160,212

John

B

Sanfilippo

&

Son,

Inc.

...........

879

89,887

Lancaster

Colony

Corp.

..............

1,655

279,976

Mission

Produce,

Inc.

(a)

...............

2,564

24,127

Pilgrim's

Pride

Corp.

(a)

...............

8,235

209,992

Post

Holdings,

Inc.

(a)(b)

................

5,385

432,308

Seaboard

Corp.

....................

28

98,195

Sovos

Brands,

Inc.

(a)(b)

...............

5,842

126,830

TreeHouse

Foods,

Inc.

(a)

..............

10,443

435,369

Utz

Brands,

Inc.,

Class

A

..............

5,534

67,459

4,134,437

Gas

Utilities

—

1.4%

Chesapeake

Utilities

Corp.

............

1,439

127,510

National

Fuel

Gas

Co.

...............

18,852

960,509

New

Jersey

Resources

Corp.

...........

10,063

408,357

Northwest

Natural

Holding

Co.

..........

7,440

273,122

ONE

Gas,

Inc.

.....................

11,305

682,822

Southwest

Gas

Holdings,

Inc.

..........

12,287

720,141

Spire,

Inc.

........................

10,812

601,472

UGI

Corp.

........................

42,920

892,736

4,666,669

Ground

Transportation

—

1.5%

ArcBest

Corp.

.....................

4,927

536,452

Covenant

Logistics

Group,

Inc.,

Class

A

....

1,565

61,794

Daseke,

Inc.

(a)

.....................

8,785

39,005

Heartland

Express,

Inc.

...............

5,073

59,151

Hertz

Global

Holdings,

Inc.

(a)(b)

..........

15,391

129,746

Landstar

System,

Inc.

................

3,194

526,307

Lyft,

Inc.,

Class

A

(a)

..................

38,395

352,082

PAM

Transportation

Services,

Inc.

(a)

......

599

10,345

RXO,

Inc.

(a)

.......................

14,692

257,257

Ryder

System,

Inc.

..................

5,212

508,379

Schneider

National,

Inc.,

Class

B

........

7,657

193,952

Universal

Logistics

Holdings,

Inc.

........

1,444

32,317

Werner

Enterprises,

Inc.

..............

12,845

466,530

XPO,

Inc.

(a)

.......................

23,721

1,798,290

4,971,607

Health

Care

Equipment

&

Supplies

—

0.8%

Artivion,

Inc.

(a)

.....................

7,981

101,678

Atrion

Corp.

......................

133

45,483

Avanos

Medical,

Inc.

(a)

...............

3,815

70,043

Cutera,

Inc.

(a)

.....................

1,390

4,323

Embecta

Corp.

....................

11,763

177,857

Enovis

Corp.

(a)(b)

....................

10,093

463,269

Envista

Holdings

Corp.

(a)

..............

15,391

358,149

Integer

Holdings

Corp.

(a)

..............

3,056

248,055

Integra

LifeSciences

Holdings

Corp.

(a)(b)

....

5,853

210,474

Neogen

Corp.

(a)

....................

17,333

258,088

OraSure

Technologies,

Inc.

(a)

...........

5,848

30,176

Orthofix

Medical,

Inc.

(a)

...............

4,443

49,051

Outset

Medical,

Inc.

(a)

................

4,091

14,482

QuidelOrtho

Corp.

(a)

.................

10,106

617,274

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

49

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Health

Care

Equipment

&

Supplies

(continued)

Varex

Imaging

Corp.

(a)

...............

3,223

$

58,175

2,706,577

Health

Care

Providers

&

Services

—

1.6%

23andMe

Holding

Co.,

Class

A

(a)(b)

.......

62,153

52,650

Accolade,

Inc.

(a)

....................

5,275

34,288

AdaptHealth

Corp.

(a)(b)

................

9,036

66,234

Amedisys,

Inc.

(a)(b)

..................

3,029

277,123

AMN

Healthcare

Services,

Inc.

(a)(b)

.......

7,783

590,418

Brookdale

Senior

Living,

Inc.

(a)(b)

.........

38,817

151,775

Community

Health

Systems,

Inc.

(a)

.......

25,921

55,471

Cross

Country

Healthcare,

Inc.

(a)(b)

.......

6,934

160,591

Encompass

Health

Corp.

.............

11,519

720,629

Enhabit,

Inc.

(a)

.....................

10,113

74,533

Fulgent

Genetics,

Inc.

(a)

..............

4,192

100,357

ModivCare,

Inc.

(a)

...................

1,675

70,752

National

HealthCare

Corp.

.............

1,598

107,641

NeoGenomics,

Inc.

(a)

................

25,987

364,338

OPKO

Health,

Inc.

(a)(b)

................

90,149

112,686

Owens

&

Minor,

Inc.

(a)

................

15,640

224,121

Patterson

Cos.,

Inc.

.................

17,472

532,197

Pediatrix

Medical

Group,

Inc.

(a)

..........

16,714

191,542

Pennant

Group,

Inc.

(The)

(a)

............

2,400

26,088

Premier,

Inc.,

Class

A

................

16,989

326,529

Select

Medical

Holdings

Corp.

..........

8,102

184,158

Tenet

Healthcare

Corp.

(a)

..............

20,782

1,115,993

5,540,114

Health

Care

REITs

—

1.4%

CareTrust

REIT,

Inc.

.................

20,463

440,364

Community

Healthcare

Trust,

Inc.

........

2,374

68,062

Global

Medical

REIT,

Inc.

.............

7,133

61,772

LTC

Properties,

Inc.

.................

8,498

268,622

Medical

Properties

Trust,

Inc.

...........

122,919

587,553

National

Health

Investors,

Inc.

..........

8,966

448,659

Omega

Healthcare

Investors,

Inc.

........

50,083

1,657,747

Physicians

Realty

Trust

...............

32,542

353,406

Sabra

Health

Care

REIT,

Inc.

...........

47,530

648,309

Universal

Health

Realty

Income

Trust

.....

1,333

51,240

4,585,734

Health

Care

Technology

—

0.3%

(a)

American

Well

Corp.,

Class

A

..........

52,689

61,646

Health

Catalyst,

Inc.

.................

6,921

51,838

Multiplan

Corp.,

Class

A

(b)

.............

56,014

94,664

NextGen

Healthcare,

Inc.

.............

11,146

266,612

Sharecare,

Inc.,

Class

A

..............

65,442

68,714

Teladoc

Health,

Inc.

(b)

................

20,026

331,230

Veradigm,

Inc.

.....................

22,303

294,177

1,168,881

Hotel

&

Resort

REITs

—

0.5%

Park

Hotels

&

Resorts,

Inc.

............

44,057

507,977

Pebblebrook

Hotel

Trust

(b)

.............

13,124

156,569

Ryman

Hospitality

Properties,

Inc.

.......

5,588

478,333

Service

Properties

Trust

..............

33,953

246,159

Summit

Hotel

Properties,

Inc.

...........

22,317

125,868

Sunstone

Hotel

Investors,

Inc.

..........

20,838

193,794

1,708,700

Hotels,

Restaurants

&

Leisure

—

2.3%

Accel

Entertainment,

Inc.,

Class

A

(a)

......

11,424

112,527

Bally's

Corp.

(a)

.....................

2,710

24,715

Bloomin'

Brands,

Inc.

................

17,773

414,822

Boyd

Gaming

Corp.

.................

8,979

496,090

Brinker

International,

Inc.

(a)

............

9,053

307,078

Cheesecake

Factory,

Inc.

(The)

.........

9,640

299,515

Security

Shares

Shares

Value

Hotels,

Restaurants

&

Leisure

(continued)

Chuy's

Holdings,

Inc.

(a)(b)

..............

1,193

$

40,156

Cracker

Barrel

Old

Country

Store,

Inc.

.....

4,537

301,075

Dave

&

Buster's

Entertainment,

Inc.

(a)

.....

4,696

164,078

Denny's

Corp.

(a)

....................

6,354

54,772

Dine

Brands

Global,

Inc.

..............

3,177

156,594

Golden

Entertainment,

Inc.

............

4,389

137,639

Hilton

Grand

Vacations,

Inc.

(a)(b)

.........

5,798

208,438

Jack

in

the

Box,

Inc.

.................

1,202

75,942

Light

&

Wonder,

Inc.,

Class

A

(a)

..........

6,400

467,904

Marriott

Vacations

Worldwide

Corp.

.......

2,354

211,531

Norwegian

Cruise

Line

Holdings

Ltd.

(a)(b)

...

87,034

1,183,662

Papa

John's

International,

Inc.

..........

3,153

205,008

Penn

Entertainment,

Inc.

(a)(b)

...........

15,685

309,465

Red

Rock

Resorts,

Inc.,

Class

A

.........

5,483

216,853

Sabre

Corp.

(a)

.....................

68,186

238,651

SeaWorld

Entertainment,

Inc.

(a)(b)

........

5,073

218,545

Six

Flags

Entertainment

Corp.

(a)

.........

14,651

291,555

Target

Hospitality

Corp.

(a)

.............

2,109

28,957

Travel

+

Leisure

Co.

.................

15,205

517,426

Wendy's

Co.

(The)

..................

14,917

283,721

Wyndham

Hotels

&

Resorts,

Inc.

........

9,586

694,026

7,660,745

Household

Durables

—

2.5%

Beazer

Homes

USA,

Inc.

(a)

............

6,014

145,479

Century

Communities,

Inc.

............

2,543

156,394

Cricut,

Inc.,

Class

A

(b)

................

5,414

46,181

Dream

Finders

Homes,

Inc.,

Class

A

(a)

.....

4,609

90,751

Ethan

Allen

Interiors,

Inc.

.............

4,622

121,374

GoPro,

Inc.,

Class

A

(a)

................

15,465

38,817

Green

Brick

Partners,

Inc.

(a)

............

5,176

200,311

Helen

of

Troy

Ltd.

(a)

.................

4,911

482,850

Hovnanian

Enterprises,

Inc.,

Class

A

(a)

.....

988

68,646

iRobot

Corp.

(a)

.....................

3,373

111,073

KB

Home

........................

15,951

705,034

La-Z-Boy,

Inc.

.....................

8,905

260,382

Legacy

Housing

Corp.

(a)(b)

.............

670

12,402

Leggett

&

Platt,

Inc.

.................

16,999

398,287

LGI

Homes,

Inc.

(a)(b)

.................

4,166

393,729

Lovesac

Co.

(The)

(a)

.................

1,181

19,439

M/I

Homes,

Inc.

(a)

...................

5,649

463,613

MDC

Holdings,

Inc.

.................

12,243

464,622

Meritage

Homes

Corp.

...............

4,051

461,895

Mohawk

Industries,

Inc.

(a)

.............

10,799

868,024

Newell

Brands,

Inc.

.................

77,821

522,957

Sonos,

Inc.

(a)

......................

8,424

90,811

Taylor

Morrison

Home

Corp.

(a)

..........

12,777

489,615

Tempur

Sealy

International,

Inc.

.........

14,289

570,560

Toll

Brothers,

Inc.

...................

14,748

1,042,831

TRI

Pointe

Homes,

Inc.

(a)(b)

............

13,437

336,731

8,562,808

Household

Products

—

0.5%

Central

Garden

&

Pet

Co.

(a)

............

2,025

88,350

Central

Garden

&

Pet

Co.,

Class

A,

NVS

(a)

..

8,265

328,038

Energizer

Holdings,

Inc.

..............

4,169

131,657

Reynolds

Consumer

Products,

Inc.

.......

11,084

281,866

Spectrum

Brands

Holdings,

Inc.

.........

7,318

551,192

WD-40

Co.

.......................

855

180,747

1,561,850

Industrial

REITs

—

0.4%

Innovative

Industrial

Properties,

Inc.

......

3,491

250,758

LXP

Industrial

Trust

.................

37,856

299,441

Plymouth

Industrial

REIT,

Inc.

..........

3,884

77,447

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

50

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Industrial

REITs

(continued)

STAG

Industrial,

Inc.

................

19,940

$

662,407

1,290,053

Insurance

—

4.2%

Ambac

Financial

Group,

Inc.

(a)

..........

9,455

114,689

American

Equity

Investment

Life

Holding

Co.

12,755

675,505

AMERISAFE,

Inc.

..................

3,989

203,319

Argo

Group

International

Holdings

Ltd.

....

7,292

217,593

Assurant,

Inc.

.....................

10,876

1,619,436

Assured

Guaranty

Ltd.

...............

11,497

717,413

Axis

Capital

Holdings

Ltd.

.............

16,238

927,190

Brighthouse

Financial,

Inc.

(a)

...........

13,697

620,474

CNO

Financial

Group,

Inc.

.............

23,926

554,605

Donegal

Group,

Inc.,

Class

A

...........

3,540

49,985

Employers

Holdings,

Inc.

..............

4,848

184,224

Enstar

Group

Ltd.

(a)

.................

2,721

644,795

F&G

Annuities

&

Life,

Inc.

.............

3,685

113,093

First

American

Financial

Corp.

..........

20,993

1,079,880

Genworth

Financial,

Inc.,

Class

A

(a)

.......

88,039

527,354

Hanover

Insurance

Group,

Inc.

(The)

.....

3,995

468,254

HCI

Group,

Inc.

....................

565

33,318

Horace

Mann

Educators

Corp.

..........

8,145

258,441

James

River

Group

Holdings

Ltd.

........

7,675

105,531

Kemper

Corp.

.....................

12,345

492,319

Lemonade,

Inc.

(a)(b)

..................

5,692

62,270

Lincoln

National

Corp.

...............

33,562

730,645

MBIA,

Inc.

(a)

......................

9,193

63,248

Mercury

General

Corp.

...............

5,621

173,576

National

Western

Life

Group,

Inc.,

Class

A

..

461

220,773

Primerica,

Inc.

.....................

3,735

713,983

ProAssurance

Corp.

.................

9,267

157,539

Safety

Insurance

Group,

Inc.

...........

3,099

232,952

Selective

Insurance

Group,

Inc.

.........

12,430

1,294,087

SiriusPoint

Ltd.

(a)

...................

18,156

178,836

Stewart

Information

Services

Corp.

.......

5,685

248,264

Tiptree,

Inc.

......................

4,285

64,746

Trupanion,

Inc.

(a)(b)

..................

3,913

80,608

United

Fire

Group,

Inc.

...............

4,422

89,059

Universal

Insurance

Holdings,

Inc.

.......

5,779

90,499

White

Mountains

Insurance

Group

Ltd.

....

240

343,380

14,351,883

Interactive

Media

&

Services

—

0.5%

Cars.com,

Inc.

(a)

....................

6,566

100,000

Eventbrite,

Inc.,

Class

A

(a)

.............

7,672

63,524

IAC,

Inc.

(a)

........................

14,310

608,891

Shutterstock,

Inc.

...................

2,371

96,452

Taboola.com

Ltd.

(a)(b)

.................

31,770

116,596

Yelp,

Inc.

(a)

.......................

5,416

228,501

Ziff

Davis,

Inc.

(a)

....................

6,430

388,758

1,602,722

IT

Services

—

0.5%

BigCommerce

Holdings,

Inc.

(a)

..........

7,480

66,497

DXC

Technology

Co.

(a)

...............

42,055

848,249

Fastly,

Inc.,

Class

A

(a)(b)

...............

10,664

156,441

Hackett

Group,

Inc.

(The)

.............

2,530

56,394

Kyndryl

Holdings,

Inc.

(a)

...............

46,915

686,367

1,813,948

Leisure

Products

—

1.1%

Acushnet

Holdings

Corp.

..............

2,838

144,625

Brunswick

Corp.

...................

8,237

572,224

Funko,

Inc.,

Class

A

(a)

................

7,371

56,831

Johnson

Outdoors,

Inc.,

Class

A

.........

788

37,469

Malibu

Boats,

Inc.,

Class

A

(a)(b)

..........

4,204

183,379

Security

Shares

Shares

Value

Leisure

Products

(continued)

MasterCraft

Boat

Holdings,

Inc.

(a)

........

3,120

$

63,773

Mattel,

Inc.

(a)

......................

42,716

815,021

Peloton

Interactive,

Inc.,

Class

A

(a)(b)

......

68,692

326,974

Polaris,

Inc.

.......................

6,548

565,878

Smith

&

Wesson

Brands,

Inc.

...........

5,166

76,095

Solo

Brands,

Inc.,

Class

A

(a)(b)

...........

2,966

11,419

Sturm

Ruger

&

Co.,

Inc.

..............

3,597

199,094

Vista

Outdoor,

Inc.

(a)

.................

11,869

298,149

YETI

Holdings,

Inc.

(a)(b)

...............

6,414

272,723

3,623,654

Life

Sciences

Tools

&

Services

—

0.1%

(a)

BioLife

Solutions,

Inc.

(b)

...............

2,145

21,664

CryoPort,

Inc.

.....................

3,057

29,653

Cytek

Biosciences,

Inc.

...............

13,056

54,966

Maravai

LifeSciences

Holdings,

Inc.,

Class

A

22,430

153,870

NanoString

Technologies,

Inc.

(b)

.........

5,083

7,014

Quanterix

Corp.

....................

4,462

96,915

364,082

Machinery

—

2.7%

3D

Systems

Corp.

(a)

.................

27,314

101,881

Albany

International

Corp.,

Class

A

.......

2,916

237,975

Allison

Transmission

Holdings,

Inc.

.......

18,277

921,526

Astec

Industries,

Inc.

................

4,653

186,306

Barnes

Group,

Inc.

..................

5,793

120,436

Columbus

McKinnon

Corp.

............

3,149

96,265

Crane

Co.

........................

5,488

534,147

Douglas

Dynamics,

Inc.

..............

2,850

69,198

EnPro

Industries,

Inc.

................

1,849

205,350

Esab

Corp.

.......................

11,579

732,951

Flowserve

Corp.

...................

12,880

472,954

Gates

Industrial

Corp.

plc

(a)

............

27,080

295,714

Gorman-Rupp

Co.

(The)

..............

1,782

52,658

Greenbrier

Cos.,

Inc.

(The)

............

6,314

218,401

Hillenbrand,

Inc.

...................

5,761

219,091

Hillman

Solutions

Corp.

(a)(b)

............

23,885

156,686

Hyster-Yale

Materials

Handling,

Inc.

......

2,200

88,022

ITT,

Inc.

.........................

6,066

566,261

Kadant,

Inc.

(b)

.....................

843

185,460

Kennametal,

Inc.

...................

16,285

376,346

Luxfer

Holdings

plc

.................

5,497

45,460

Manitowoc

Co.,

Inc.

(The)

(a)

............

3,266

41,805

Mueller

Industries,

Inc.

...............

10,144

382,530

Mueller

Water

Products,

Inc.,

Class

A

.....

13,641

168,739

Nikola

Corp.

(a)(b)

....................

144,613

156,182

Oshkosh

Corp.

....................

6,971

611,566

REV

Group,

Inc.

...................

6,283

89,470

Standex

International

Corp.

............

988

141,847

Tennant

Co.

......................

1,695

125,803

Terex

Corp.

.......................

5,271

241,412

Timken

Co.

(The)

...................

13,394

925,793

Titan

International,

Inc.

(a)

..............

5,366

60,958

Wabash

National

Corp.

...............

5,246

108,540

Watts

Water

Technologies,

Inc.,

Class

A

....

1,632

282,352

9,220,085

Marine

Transportation

—

0.3%

Eagle

Bulk

Shipping,

Inc.

.............

924

37,699

Genco

Shipping

&

Trading

Ltd.

..........

8,821

116,172

Kirby

Corp.

(a)

......................

5,608

418,918

Matson,

Inc.

......................

3,182

276,993

849,782

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

51

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Media

—

0.9%

Advantage

Solutions,

Inc.,

Class

A

(a)

......

20,251

$

46,577

Altice

USA,

Inc.,

Class

A

(a)(b)

............

47,242

136,529

AMC

Networks,

Inc.,

Class

A

(a)

..........

6,258

73,844

Cable

One,

Inc.

....................

612

336,520

Clear

Channel

Outdoor

Holdings,

Inc.

(a)

....

72,429

79,672

DISH

Network

Corp.,

Class

A

(a)(b)

........

50,925

249,533

EW

Scripps

Co.

(The),

Class

A,

NVS

(a)

....

3,608

19,736

Gray

Television,

Inc.

.................

9,195

59,951

iHeartMedia,

Inc.,

Class

A

(a)

............

21,108

49,604

John

Wiley

&

Sons,

Inc.,

Class

A

........

8,722

264,015

Nexstar

Media

Group,

Inc.

.............

6,825

956,046

Scholastic

Corp.,

NVS

...............

3,702

136,604

Sinclair,

Inc.,

Class

A

(b)

...............

7,599

82,601

Stagwell,

Inc.,

Class

A

(a)

..............

21,158

87,171

TechTarget,

Inc.

(a)

...................

2,783

70,076

TEGNA,

Inc.

......................

21,515

312,183

Thryv

Holdings,

Inc.

(a)

................

6,264

109,182

WideOpenWest,

Inc.

(a)

...............

4,424

31,145

3,100,989

Metals

&

Mining

—

1.9%

Alcoa

Corp.

.......................

36,576

937,809

Alpha

Metallurgical

Resources,

Inc.

......

1,119

246,135

Arch

Resources,

Inc.,

Class

A

..........

1,749

263,802

Century

Aluminum

Co.

(a)

..............

4,367

28,866

Coeur

Mining,

Inc.

(a)

.................

71,836

180,308

Commercial

Metals

Co.

...............

23,844

1,008,363

Compass

Minerals

International,

Inc.

......

4,086

100,679

Gatos

Silver,

Inc.

(a)(b)

.................

3,686

17,951

Haynes

International,

Inc.

.............

914

39,325

Hecla

Mining

Co.

(b)

..................

65,959

268,453

Ivanhoe

Electric,

Inc.

(a)(b)

..............

8,001

81,930

Kaiser

Aluminum

Corp.

...............

3,272

185,850

Olympic

Steel,

Inc.

..................

2,025

102,809

Ryerson

Holding

Corp.

...............

5,988

173,951

Schnitzer

Steel

Industries,

Inc.,

Class

A

....

5,296

120,272

SunCoke

Energy,

Inc.

................

17,348

164,980

TimkenSteel

Corp.

(a)

.................

7,911

160,831

United

States

Steel

Corp.

.............

45,627

1,546,299

Warrior

Met

Coal,

Inc.

................

10,600

516,538

Worthington

Industries,

Inc.

............

6,233

384,077

6,529,228

Mortgage

Real

Estate

Investment

Trusts

(REITs)

—

2.3%

AGNC

Investment

Corp.

..............

124,453

918,463

Apollo

Commercial

Real

Estate

Finance,

Inc.

26,664

265,573

Arbor

Realty

Trust,

Inc.

...............

37,242

469,622

Ares

Commercial

Real

Estate

Corp.

......

11,320

103,804

ARMOUR

Residential

REIT,

Inc.

.........

9,350

136,229

Blackstone

Mortgage

Trust,

Inc.,

Class

A

...

35,372

705,671

BrightSpire

Capital,

Inc.,

Class

A

........

26,473

149,837

Chimera

Investment

Corp.

.............

46,597

223,666

Claros

Mortgage

Trust,

Inc.

............

24,697

257,590

Dynex

Capital,

Inc.

..................

11,409

114,546

Ellington

Financial,

Inc.

...............

8,338

100,306

Franklin

BSP

Realty

Trust,

Inc.

..........

8,211

103,541

Hannon

Armstrong

Sustainable

Infrastructure

Capital,

Inc.

....................

21,915

375,623

KKR

Real

Estate

Finance

Trust,

Inc.

......

11,957

124,831

Ladder

Capital

Corp.,

Class

A

..........

23,213

234,683

MFA

Financial,

Inc.

..................

20,828

185,161

New

York

Mortgage

Trust,

Inc.

..........

18,832

146,701

Orchid

Island

Capital,

Inc.

.............

9,002

56,533

PennyMac

Mortgage

Investment

Trust

.....

17,795

225,107

Ready

Capital

Corp.

.................

32,772

309,040

Security

Shares

Shares

Value

Mortgage

Real

Estate

Investment

Trusts

(REITs)

(continued)

Redwood

Trust,

Inc.

.................

23,331

$

146,519

Rithm

Capital

Corp.

.................

99,311

926,572

Starwood

Property

Trust,

Inc.

...........

60,929

1,081,490

TPG

RE

Finance

Trust,

Inc.

............

12,213

67,294

Two

Harbors

Investment

Corp.

..........

19,612

227,695

7,656,097

Multi-Utilities

—

0.6%

Avista

Corp.

......................

15,539

492,431

Black

Hills

Corp.

...................

13,786

666,553

Northwestern

Energy

Group,

Inc.

........

12,303

590,667

Unitil

Corp.

.......................

3,296

150,528

1,900,179

Office

REITs

—

1.3%

Brandywine

Realty

Trust

..............

35,814

133,944

COPT

Defense

Properties

.............

7,375

168,150

Cousins

Properties,

Inc.

..............

31,227

558,027

Douglas

Emmett,

Inc.

................

27,024

302,939

Easterly

Government

Properties,

Inc.

.....

10,064

108,289

Equity

Commonwealth

...............

22,350

423,309

Highwoods

Properties,

Inc.

............

21,778

389,608

Hudson

Pacific

Properties,

Inc.

..........

25,976

115,853

JBG

SMITH

Properties

...............

19,321

248,661

Kilroy

Realty

Corp.

..................

21,877

625,245

Paramount

Group,

Inc.

...............

34,439

147,399

Piedmont

Office

Realty

Trust,

Inc.,

Class

A

..

25,532

133,022

SL

Green

Realty

Corp.

...............

13,277

388,883

Vornado

Realty

Trust

................

32,849

630,701

4,374,030

Oil,

Gas

&

Consumable

Fuels

—

6.3%

Antero

Midstream

Corp.

..............

69,781

861,098

Antero

Resources

Corp.

(a)

.............

57,811

1,701,956

Berry

Corp.

.......................

14,149

118,144

California

Resources

Corp.

............

13,253

696,975

Callon

Petroleum

Co.

(a)(b)

..............

11,446

427,508

Centrus

Energy

Corp.,

Class

A

(a)(b)

.......

1,704

90,431

Chord

Energy

Corp.

.................

8,515

1,407,700

Civitas

Resources,

Inc.

...............

17,473

1,317,988

CNX

Resources

Corp.

(a)

..............

16,058

348,780

Comstock

Resources,

Inc.

.............

9,306

117,256

CONSOL

Energy,

Inc.

................

3,186

292,762

Crescent

Energy,

Inc.,

Class

A

..........

16,813

204,782

CVR

Energy,

Inc.

...................

5,953

194,961

Delek

US

Holdings,

Inc.

..............

12,204

321,575

Dorian

LPG

Ltd.

....................

6,919

221,200

DT

Midstream,

Inc.

..................

19,801

1,068,660

Earthstone

Energy,

Inc.,

Class

A

(a)

.......

13,070

276,692

Equitrans

Midstream

Corp.

............

88,602

785,900

Excelerate

Energy,

Inc.,

Class

A

.........

3,579

50,893

Gulfport

Energy

Corp.

(a)(b)

.............

2,023

250,063

HighPeak

Energy,

Inc.

(b)

..............

1,138

20,154

International

Seaways,

Inc.

............

4,160

200,054

Kinetik

Holdings,

Inc.,

Class

A

..........

1,857

65,812

Kosmos

Energy

Ltd.

(a)(b)

...............

94,120

681,429

Magnolia

Oil

&

Gas

Corp.,

Class

A

.......

21,230

476,613

Matador

Resources

Co.

..............

13,935

859,650

Murphy

Oil

Corp.

...................

30,400

1,364,048

Northern

Oil

&

Gas,

Inc.

..............

9,747

373,700

Par

Pacific

Holdings,

Inc.

(a)

............

11,491

377,135

PBF

Energy,

Inc.,

Class

A

.............

22,466

1,067,809

Peabody

Energy

Corp.

...............

22,801

537,876

Permian

Resources

Corp.,

Class

A

.......

56,768

827,110

REX

American

Resources

Corp.

(a)

.......

2,183

82,976

Riley

Exploration

Permian,

Inc.

..........

427

13,515

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

52

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Oil,

Gas

&

Consumable

Fuels

(continued)

SandRidge

Energy,

Inc.

..............

4,047

$

64,145

SilverBow

Resources,

Inc.

(a)

............

2,556

87,160

Sitio

Royalties

Corp.,

Class

A

...........

16,809

415,518

SM

Energy

Co.

....................

12,625

509,040

Southwestern

Energy

Co.

(a)

............

225,477

1,607,651

Talos

Energy,

Inc.

(a)

.................

20,563

318,726

Tellurian,

Inc.

(a)(b)

...................

118,819

81,985

VAALCO

Energy,

Inc.

................

22,032

98,483

Vital

Energy,

Inc.

(a)

..................

3,441

172,188

Vitesse

Energy,

Inc.

.................

2,296

54,392

W&T

Offshore,

Inc.

(a)

................

19,890

82,543

World

Kinect

Corp.

..................

12,342

228,327

21,423,363

Paper

&

Forest

Products

—

0.3%

Clearwater

Paper

Corp.

(a)

.............

3,410

115,292

Louisiana-Pacific

Corp.

...............

13,082

670,845

Mercer

International,

Inc.

..............

3,340

26,519

Sylvamo

Corp.

....................

4,179

185,130

997,786

Passenger

Airlines

—

0.5%

Alaska

Air

Group,

Inc.

(a)

...............

26,044

823,772

Hawaiian

Holdings,

Inc.

(a)(b)

............

5,042

21,227

JetBlue

Airways

Corp.

(a)(b)

.............

43,439

163,331

SkyWest,

Inc.

(a)

....................

8,619

363,463

Spirit

Airlines,

Inc.

..................

22,234

255,246

1,627,039

Personal

Care

Products

—

0.3%

Edgewell

Personal

Care

Co.

...........

10,355

361,390

Herbalife

Ltd.

(a)

....................

20,225

288,206

Medifast,

Inc.

.....................

1,322

91,430

Nu

Skin

Enterprises,

Inc.,

Class

A

........

10,293

195,464

Olaplex

Holdings,

Inc.

(a)

..............

15,122

21,473

USANA

Health

Sciences,

Inc.

(a)

.........

899

40,949

998,912

Pharmaceuticals

—

1.2%

Collegium

Pharmaceutical,

Inc.

(a)

........

7,074

153,930

Corcept

Therapeutics,

Inc.

(a)(b)

..........

8,560

240,365

Cymabay

Therapeutics,

Inc.

(a)

..........

11,800

193,284

Elanco

Animal

Health,

Inc.

(a)

............

100,911

889,026

Innoviva,

Inc.

(a)(b)

...................

11,771

146,078

Organon

&

Co.

....................

52,379

774,685

Perrigo

Co.

plc

....................

27,650

764,246

Prestige

Consumer

Healthcare,

Inc.

(a)

.....

10,104

599,774

SIGA

Technologies,

Inc.

..............

5,996

30,580

Supernus

Pharmaceuticals,

Inc.

(a)

........

5,796

138,235

Tarsus

Pharmaceuticals,

Inc.

(a)(b)

.........

3,464

49,327

Theravance

Biopharma,

Inc.

(a)(b)

.........

3,789

35,768

Tilray

Brands,

Inc.,

Class

2

(a)(b)

..........

61,319

110,374

Ventyx

Biosciences,

Inc.

(a)(b)

............

5,771

83,218

4,208,890

Professional

Services

—

2.1%

Alight,

Inc.,

Class

A

(a)(b)

...............

33,794

224,392

ASGN,

Inc.

(a)

......................

4,251

354,788

Barrett

Business

Services,

Inc.

..........

686

62,742

CACI

International,

Inc.,

Class

A

(a)

.......

2,910

945,052

Clarivate

plc

(a)(b)

....................

49,179

313,762

Concentrix

Corp.

...................

8,860

675,221

Conduent,

Inc.

(a)

...................

34,754

110,865

CSG

Systems

International,

Inc.

.........

3,831

179,521

Dun

&

Bradstreet

Holdings,

Inc.

.........

47,429

415,478

First

Advantage

Corp.

................

6,287

81,794

Forrester

Research,

Inc.

(a)

.............

1,377

31,946

Security

Shares

Shares

Value

Professional

Services

(continued)

Heidrick

&

Struggles

International,

Inc.

....

2,834

$

68,980

HireRight

Holdings

Corp.

(a)

............

1,688

15,546

ICF

International,

Inc.

................

1,517

192,249

Kelly

Services,

Inc.,

Class

A,

NVS

.......

6,688

119,381

Kforce,

Inc.

.......................

1,874

114,389

Korn

Ferry

.......................

5,978

272,119

ManpowerGroup,

Inc.

................

10,120

708,096

Maximus,

Inc.

.....................

5,707

426,427

Resources

Connection,

Inc.

............

4,612

62,124

Science

Applications

International

Corp.

...

11,020

1,203,825

Sterling

Check

Corp.

(a)(b)

..............

3,702

41,388

TriNet

Group,

Inc.

(a)(b)

................

3,704

380,586

TrueBlue,

Inc.

(a)

....................

6,363

70,438

TTEC

Holdings,

Inc.

.................

4,052

83,390

7,154,499

Real

Estate

Management

&

Development

—

0.9%

Anywhere

Real

Estate,

Inc.

(a)

...........

22,874

106,821

Compass,

Inc.,

Class

A

(a)(b)

............

64,643

127,993

Cushman

&

Wakefield

plc

(a)

............

34,367

253,285

DigitalBridge

Group,

Inc.,

Class

A

(b)

.......

12,851

203,688

Forestar

Group,

Inc.

(a)

................

2,116

50,255

Howard

Hughes

Holdings,

Inc.

(a)(b)

........

2,243

148,778

Jones

Lang

LaSalle,

Inc.

(a)

.............

9,762

1,248,755

Kennedy-Wilson

Holdings,

Inc.

..........

24,116

310,373

Marcus

&

Millichap,

Inc.

..............

2,621

75,223

Newmark

Group,

Inc.,

Class

A

..........

25,055

142,062

Opendoor

Technologies,

Inc.

(a)(b)

.........

115,960

220,324

Redfin

Corp.

(a)(b)

....................

23,279

108,480

Seritage

Growth

Properties,

Class

A

(a)

.....

7,924

57,370

3,053,407

Residential

REITs

—

0.5%

Apartment

Income

REIT

Corp.

..........

17,050

498,030

Apartment

Investment

&

Management

Co.,

Class

A

(a)

......................

15,371

90,074

Centerspace

......................

3,070

149,140

Elme

Communities

..................

17,685

225,661

Independence

Realty

Trust,

Inc.

.........

22,566

279,593

NexPoint

Residential

Trust,

Inc.

.........

2,392

64,560

UMH

Properties,

Inc.

................

11,969

165,292

Veris

Residential,

Inc.

................

6,087

81,505

1,553,855

Retail

REITs

—

1.6%

Acadia

Realty

Trust

.................

10,698

153,195

Agree

Realty

Corp.

.................

9,641

539,318

Alexander's,

Inc.

...................

448

84,220

Brixmor

Property

Group,

Inc.

...........

31,923

663,679

CBL

&

Associates

Properties,

Inc.

........

5,180

107,381

Getty

Realty

Corp.

..................

5,974

159,028

InvenTrust

Properties

Corp.

............

8,494

213,199

Kite

Realty

Group

Trust

...............

26,144

557,390

Macerich

Co.

(The)

.................

44,338

430,965

Phillips

Edison

&

Co.,

Inc.

.............

12,085

426,721

Retail

Opportunity

Investments

Corp.

.....

16,977

199,310

RPT

Realty

.......................

16,512

178,165

Saul

Centers,

Inc.

..................

2,656

92,349

SITE

Centers

Corp.

.................

22,160

258,386

Spirit

Realty

Capital,

Inc.

..............

18,613

669,882

Tanger

Factory

Outlet

Centers,

Inc.

.......

12,076

272,314

Urban

Edge

Properties

...............

13,112

207,956

Whitestone

REIT

...................

5,627

55,989

5,269,447

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

53

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Semiconductors

&

Semiconductor

Equipment

—

1.2%

ACM

Research,

Inc.,

Class

A

(a)

..........

4,296

$

58,426

Alpha

&

Omega

Semiconductor

Ltd.

(a)

.....

4,561

108,187

Amkor

Technology,

Inc.

...............

11,552

240,975

Cirrus

Logic,

Inc.

(a)(b)

.................

7,322

490,061

Diodes,

Inc.

(a)

.....................

4,536

295,203

Ichor

Holdings

Ltd.

(a)

.................

2,016

48,908

Magnachip

Semiconductor

Corp.

(a)

.......

4,523

33,425

MaxLinear,

Inc.

(a)

...................

10,085

153,292

MKS

Instruments,

Inc.

...............

8,712

572,030

Photronics,

Inc.

(a)

...................

12,794

234,898

Power

Integrations,

Inc.

..............

6,593

457,093

Semtech

Corp.

(a)

...................

4,921

68,697

SMART

Global

Holdings,

Inc.

(a)

..........

10,309

141,233

Synaptics,

Inc.

(a)

...................

4,166

348,528

Ultra

Clean

Holdings,

Inc.

(a)

............

3,377

80,575

Veeco

Instruments,

Inc.

(a)

.............

5,069

121,352

Wolfspeed,

Inc.

(a)(b)

..................

12,798

433,084

3,885,967

Software

—

1.5%

ACI

Worldwide,

Inc.

(a)

................

8,861

180,499

Adeia,

Inc.

.......................

21,901

184,625

Alteryx,

Inc.,

Class

A

(a)

...............

4,825

154,448

Aurora

Innovation,

Inc.,

Class

A

(a)(b)

.......

153,042

267,823

Blackbaud,

Inc.

(a)

...................

3,246

212,288

CCC

Intelligent

Solutions

Holdings,

Inc.

(a)(b)

..

16,719

180,064

Cerence,

Inc.

(a)(b)

...................

2,710

41,490

CommVault

Systems,

Inc.

(a)

............

5,172

337,990

Consensus

Cloud

Solutions,

Inc.

(a)(b)

......

3,762

81,222

Digital

Turbine,

Inc.

(a)

................

11,685

55,387

Dropbox,

Inc.,

Class

A

(a)(b)

.............

23,425

616,077

Ebix,

Inc.

........................

5,081

30,943

Guidewire

Software,

Inc.

(a)

.............

7,109

640,734

Informatica,

Inc.,

Class

A

(a)(b)

...........

4,093

78,504

Matterport,

Inc.,

Class

A

(a)

.............

32,789

66,890

Mitek

Systems,

Inc.

(a)

................

4,748

50,709

NCR

Voyix

Corp.

(a)(b)

.................

27,681

423,242

Nutanix,

Inc.,

Class

A

(a)

...............

16,308

590,186

ON24,

Inc.

.......................

8,884

54,637

PROS

Holdings,

Inc.

(a)(b)

..............

5,411

168,553

RingCentral,

Inc.,

Class

A

(a)

............

9,512

252,829

SolarWinds

Corp.

(a)

.................

6,360

58,576

Verint

Systems,

Inc.

(a)

................

8,854

166,544

Xperi,

Inc.

(a)

.......................

9,040

76,750

Yext,

Inc.

(a)(b)

......................

7,350

44,320

5,015,330

Specialized

REITs

—

0.6%

EPR

Properties

....................

9,919

423,541

Four

Corners

Property

Trust,

Inc.

........

9,042

192,595

Gladstone

Land

Corp.

...............

3,859

52,714

National

Storage

Affiliates

Trust

.........

7,147

203,832

Outfront

Media,

Inc.

.................

12,903

125,933

PotlatchDeltic

Corp.

.................

9,676

414,617

Rayonier,

Inc.

.....................

14,257

359,847

Safehold,

Inc.

(b)

....................

4,955

80,618

Uniti

Group,

Inc.

...................

48,967

225,248

2,078,945

Specialty

Retail

—

3.8%

Aaron's

Co.,

Inc.

(The)

...............

6,574

48,713

Abercrombie

&

Fitch

Co.,

Class

A

(a)

.......

5,985

364,008

Academy

Sports

&

Outdoors,

Inc.

........

7,759

347,914

American

Eagle

Outfitters,

Inc.

..........

38,046

664,664

America's

Car-Mart,

Inc.

(a)

.............

1,224

81,984

Arhaus,

Inc.,

Class

A

(a)(b)

..............

8,364

72,098

Security

Shares

Shares

Value

Specialty

Retail

(continued)

Arko

Corp.

.......................

9,363

$

70,691

Asbury

Automotive

Group,

Inc.

(a)

.........

4,204

804,519

AutoNation,

Inc.

(a)

...................

5,494

714,660

Boot

Barn

Holdings,

Inc.

(a)(b)

............

3,019

209,821

Buckle,

Inc.

(The)

..................

6,032

203,701

Caleres,

Inc.

......................

6,995

178,932

Camping

World

Holdings,

Inc.,

Class

A

....

4,053

67,888

Carvana

Co.,

Class

A

(a)(b)

..............

19,663

530,901

Chico's

FAS,

Inc.

(a)

..................

25,604

191,518

Designer

Brands,

Inc.,

Class

A

..........

10,149

102,606

Foot

Locker,

Inc.

...................

16,715

350,848

GameStop

Corp.,

Class

A

(a)(b)

...........

31,220

429,899

Gap,

Inc.

(The)

....................

43,968

562,790

Genesco,

Inc.

(a)

....................

2,366

64,852

Group

1

Automotive,

Inc.

..............

2,881

726,963

Guess?,

Inc.

......................

5,655

121,582

Haverty

Furniture

Cos.,

Inc.

............

2,710

70,596

Hibbett,

Inc.

......................

2,607

120,104

Leslie's,

Inc.

(a)

.....................

37,538

185,438

Lithia

Motors,

Inc.,

Class

A

............

5,637

1,365,338

MarineMax,

Inc.

(a)

...................

4,085

111,847

Monro,

Inc.

.......................

2,525

62,671

National

Vision

Holdings,

Inc.

(a)

.........

8,762

136,161

ODP

Corp.

(The)

(a)

..................

6,920

310,846

Overstock.com,

Inc.

(a)

................

6,279

97,952

Petco

Health

&

Wellness

Co.,

Inc.

(a)(b)

.....

17,081

59,100

Revolve

Group,

Inc.,

Class

A

(a)(b)

.........

2,678

36,822

RH

(a)

...........................

1,157

252,180

Sally

Beauty

Holdings,

Inc.

(a)

...........

21,734

184,739

Shoe

Carnival,

Inc.

..................

3,700

84,656

Signet

Jewelers

Ltd.

.................

9,313

650,327

Sleep

Number

Corp.

(a)

...............

4,323

70,335

Sonic

Automotive,

Inc.,

Class

A

.........

3,292

157,522

Upbound

Group,

Inc.

................

9,388

244,651

Urban

Outfitters,

Inc.

(a)

...............

11,528

399,099

Valvoline,

Inc.

.....................

13,130

389,567

Victoria's

Secret

&

Co.

(a)

..............

15,835

283,130

Wayfair,

Inc.,

Class

A

(a)

...............

18,484

787,603

12,972,236

Technology

Hardware,

Storage

&

Peripherals

—

0.4%

Avid

Technology,

Inc.

(a)

...............

4,049

109,404

Corsair

Gaming,

Inc.

(a)

...............

4,298

54,971

CPI

Card

Group,

Inc.

(a)

...............

507

8,391

Super

Micro

Computer,

Inc.

(a)(b)

..........

4,090

979,432

Xerox

Holdings

Corp.

................

23,578

302,742

1,454,940

Textiles,

Apparel

&

Luxury

Goods

—

1.9%

Capri

Holdings

Ltd.

(a)

................

23,752

1,215,627

Carter's,

Inc.

......................

7,658

514,311

Columbia

Sportswear

Co.

.............

2,492

183,910

Crocs,

Inc.

(a)(b)

.....................

3,939

351,832

G-III

Apparel

Group

Ltd.

(a)

.............

8,270

211,299

Hanesbrands,

Inc.

..................

71,812

300,892

Kontoor

Brands,

Inc.

.................

10,236

475,462

Levi

Strauss

&

Co.,

Class

A

............

20,637

282,108

Movado

Group,

Inc.

.................

3,289

91,632

Oxford

Industries,

Inc.

...............

1,975

166,690

PVH

Corp.

(b)

......................

12,834

954,208

Ralph

Lauren

Corp.,

Class

A

...........

8,251

928,485

Steven

Madden

Ltd.

.................

9,241

303,012

Under

Armour,

Inc.,

Class

A

(a)

...........

37,972

260,108

Under

Armour,

Inc.,

Class

C,

NVS

(a)

......

41,463

266,607

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

54

(Percentages

shown

are

based

on

Net

Assets)

Security

Shares

Shares

Value

Textiles,

Apparel

&

Luxury

Goods

(continued)

Wolverine

World

Wide,

Inc.

............

9,799

$

78,882

6,585,065

Tobacco

—

0.2%

Turning

Point

Brands,

Inc.

.............

2,027

40,641

Universal

Corp.

....................

5,089

229,005

Vector

Group

Ltd.

..................

27,459

282,279

551,925

Trading

Companies

&

Distributors

—

1.9%

Air

Lease

Corp.,

Class

A

..............

21,127

731,628

Alta

Equipment

Group,

Inc.,

Class

A

......

1,737

15,963

Beacon

Roofing

Supply,

Inc.

(a)(b)

.........

4,837

344,249

BlueLinx

Holdings,

Inc.

(a)

..............

1,258

89,456

Boise

Cascade

Co.

.................

8,108

760,125

DXP

Enterprises,

Inc.

(a)

...............

1,418

46,227

FTAI

Aviation

Ltd.

...................

6,993

263,007

GATX

Corp.

......................

4,184

437,563

Global

Industrial

Co.

.................

1,206

38,532

GMS,

Inc.

(a)

.......................

8,321

486,612

H&E

Equipment

Services,

Inc.

..........

3,271

133,195

Herc

Holdings,

Inc.

..................

2,544

271,674

MRC

Global,

Inc.

(a)

..................

17,029

178,975

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

....

5,360

507,860

NOW,

Inc.

(a)

......................

21,773

239,938

Rush

Enterprises,

Inc.,

Class

A

.........

6,195

220,418

Rush

Enterprises,

Inc.,

Class

B

.........

990

40,036

Titan

Machinery,

Inc.

(a)

...............

2,360

58,622

Veritiv

Corp.

......................

2,789

472,485

WESCO

International,

Inc.

.............

9,042

1,159,184

6,495,749

Water

Utilities

—

0.2%

American

States

Water

Co.

............

2,728

212,920

Artesian

Resources

Corp.,

Class

A,

NVS

...

943

37,060

California

Water

Service

Group

.........

5,697

277,330

SJW

Group

.......................

2,256

140,955

York

Water

Co.

(The)

................

967

34,880

703,145

Wireless

Telecommunication

Services

—

0.2%

Shenandoah

Telecommunications

Co.

.....

4,462

105,571

Telephone

&

Data

Systems,

Inc.

.........

19,978

363,400

United

States

Cellular

Corp.

(a)

..........

2,870

120,626

589,597

Total

Long-Term

Investments

—

99.7%

(Cost:

$382,674,477)

.............................

336,681,170

Security

Shares

Shares

Value

Short-Term

Securities

Money

Market

Funds

—

7.4%

(c)(d)

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares,

5.54%

(e)

............

24,255,646

$

24,265,349

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares,

5.33%

..................

878,860

878,860

Total

Short-Term

Securities

—

7.4%

(Cost:

$25,131,174)

..............................

25,144,209

Total

Investments

—

107.1%

(Cost:

$407,805,651

)

.............................

361,825,379

Liabilities

in

Excess

of

Other

Assets

—

(7.1)%

............

(23,953,138)

Net

Assets

—

100.0%

..............................

$

337,872,241

(a)

Non-income

producing

security.

(b)

All

or

a

portion

of

this

security

is

on

loan.

(c)

Affiliate

of

the

Fund.

(d)

Annualized

7-day

yield

as

of

period

end.

(e)

All

or

a

portion

of

this

security

was

purchased

with

the

cash

collateral

from

loaned

securities.

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

Schedule

of

Investments

55

Affiliates

Investments

in

issuers

considered

to

be

affiliate(s)

of

the

Fund

during

the six

months

ended

October

31,

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

04/30/23

Purchases

at

Cost

Proceeds

from

Sale

Net

Realized

Gain

(Loss)

Change

in

Unrealized

Appreciation

(Depreciation)

Value

at

10/31/23

Shares

Held

at

10/31/23

Income

Capital

Gain

Distributions

from

Underlying

Funds

BlackRock

Cash

Funds:

Institutional,

SL

Agency

Shares

...............

$

31,694,311

$

—

$

(7,431,662)

(a)

$

404

$

2,296

$

24,265,349

24,255,646

$

254,913

(b)

$

—

BlackRock

Cash

Funds:

Treasury,

SL

Agency

Shares

1,090,401

—

(211,541)

(a)

—

—

878,860

878,860

20,092

—

$

404

$

2,296

$

25,144,209

$

275,005

$

—

—

—

(a)

Represents

net

amount

purchased

(sold).

(b)

All

or

a

portion

represents

securities

lending

income

earned

from

the

reinvestment

of

cash

collateral

from

loaned

securities,

net

of

fees

and

collateral

investment

expenses,

and

other

payments

to

and

from

borrowers

of

securities.

Derivative

Financial

Instruments

Outstanding

as

of

Period

End

Futures

Contracts

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

(000)

Value/

Unrealized

Appreciation

(Depreciation)

Long

Contracts

Russell

2000

E-Mini

Index

....................................................

10

12/15/23

$

834

$

(41,959)

S&P

Midcap

400

E-Mini

Index

.................................................

1

12/15/23

238

(13,939)

$

(55,898)

As

of

period

end,

the

fair

values

of

derivative

financial

instruments

located

in

the

Statements

of

Assets

and

Liabilities

were

as

follows:

Commodity

Contracts

Credit

Contracts

Equity

Contracts

Foreign

Currency

Exchange

Contracts

Interest

Rate

Contracts

Other

Contracts

Total

Liabilities

—

Derivative

Financial

Instruments

Futures

contracts

Unrealized

depreciation

on

futures

contracts

(a)

......

$

—

$

—

$

55,898

$

—

$

—

$

—

$

55,898

(a)

Net

cumulative

unrealized

appreciation

(depreciation)

on

futures

contracts,

if

any,

are

reported

in

the

Schedule

of

Investments.

In

the

Statements

of

Assets

and

Liabilities,

only

current

day’s

variation

margin

is

reported

in

receivables

or

payables

and

the

net

cumulative

unrealized

appreciation

(depreciation)

is

included

in

accumulated

earnings

(loss).

For

the

period

ended

October

31,

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

.......................

$

—

$

—

$

(23,973)

$

—

$

—

$

—

$

(23,973)

Net

Change

in

Unrealized

Appreciation

(Depreciation)

on

Futures

contracts

.......................

$

—

$

—

$

(58,629)

$

—

$

—

$

—

$

(58,629)

2023

iShares

Semi-Annual

Report

to

Shareholders

Schedule

of

Investments

(unaudited)

(continued)

October

31,

2023

iShares

®

Morningstar

Small-Cap

Value

ETF

56

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

..................................................................................

$

1,061,895

Level

1

Level

2

Level

3

Total

Assets

Investments

Long-Term

Investments

Common

Stocks

.........................................

$

336,049,609

$

631,561

$

—

$

336,681,170

Short-Term

Securities

Money

Market

Funds

......................................

25,144,209

—

—

25,144,209

$

361,193,818

$

631,561

$

—

$

361,825,379

Derivative

Financial

Instruments

(a)

Liabilities

Equity

contracts

...........................................

$

(55,898)

$

—

$

—

$

(55,898)

(a)

Derivative

financial

instruments

are

futures

contracts.

Futures

contracts

are

valued

at

the

unrealized

appreciation

(depreciation)

on

the

instrument.

Statements

of

Assets

and

Liabilities

(unaudited)

October

31,

2023

57

Financial

Statements

See

notes

to

financial

statements.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.........................................

$

1,626,983,744‌

$

687,457,140‌

$

1,443,125,618‌

$

375,193,262‌

Investments,

at

value

—

affiliated

(c)

............................................

32,574,150‌

23,337,397‌

82,161,954‌

54,398,685‌

Cash  

...............................................................

—‌

—‌

—‌

2‌

Cash

pledged:

Futures

contracts

......................................................

112,000‌

59,000‌

187,000‌

69,000‌

Receivables:

–‌

–‌

–‌

–‌

Securities

lending

income

—

affiliated

........................................

8,231‌

9,488‌

22,946‌

46,961‌

Capital

shares

sold

.....................................................

—‌

—‌

—‌

207,826‌

Dividends

—

unaffiliated

.................................................

303,528‌

420,056‌

302,239‌

42,880‌

Dividends

—

affiliated

...................................................

17,867‌

5,848‌

10,433‌

3,700‌

Variation

margin

on

futures

contracts

.........................................

9,734‌

8,701‌

18,438‌

7,361‌

Total

assets

...........................................................

1,660,009,254‌

711,297,630‌

1,525,828,628‌

429,969,677‌

LIABILITIES

Collateral

on

securities

loaned

...............................................

30,799,397‌

22,511,670‌

79,744,651‌

53,594,831‌

Payables:

–‌

–‌

–‌

–‌

Investment

advisory

fees

.................................................

56,806‌

23,891‌

76,504‌

18,584‌

Total

liabilities

..........................................................

30,856,203‌

22,535,561‌

79,821,155‌

53,613,415‌

Commitments

and

contingent

liabilities

—‌

—‌

—‌

—‌

NET

ASSETS

..........................................................

$

1,629,153,051‌

$

688,762,069‌

$

1,446,007,473‌

$

376,356,262‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

..........................................................

$

1,532,312,469‌

$

782,823,207‌

$

1,763,053,287‌

$

564,401,073‌

Accumulated

earnings

(loss)

................................................

96,840,582‌

(94,061,138‌)

(317,045,814‌)

(188,044,811‌)

NET

ASSETS

..........................................................

$

1,629,153,051‌

$

688,762,069‌

$

1,446,007,473‌

$

376,356,262‌

NET

ASSET

VALUE

Shares

outstanding

......................................................

27,800,000‌

12,100,000‌

26,800,000‌

10,450,000‌

Net

asset

value

.........................................................

$

58.60‌

$

56.92‌

$

53.96‌

$

36.01‌

Shares

authorized

.......................................................

Unlimited

Unlimited

Unlimited

Unlimited

Par

value

.............................................................

None

None

None

None

(a)

  Investments,

at

cost

—

unaffiliated

.......................................

$

1,335,119,568‌

$

695,471,477‌

$

1,486,894,649‌

$

425,836,178‌

(b)

  Securities

loaned,

at

value

............................................

$

30,648,038‌

$

21,949,208‌

$

79,215,118‌

$

52,847,779‌

(c)

  Investments,

at

cost

—

affiliated

.........................................

$

32,566,835‌

$

23,326,862‌

$

82,122,178‌

$

54,364,230‌

Statements

of

Assets

and

Liabilities

(unaudited)

(continued)

October

31,

2023

2023

iShares

Semi-Annual

Report

to

Shareholders

58

See

notes

to

financial

statements.

iShares

Morningstar

Small-Cap

Value

ETF

ASSETS

Investments,

at

value

—

unaffiliated

(a)

(b)

.......................................................................................

$

336,681,170‌

Investments,

at

value

—

affiliated

(c)

..........................................................................................

25,144,209‌

Cash

pledged:

Futures

contracts

....................................................................................................

85,000‌

Receivables:

–‌

Investments

sold

....................................................................................................

19,007‌

Securities

lending

income

—

affiliated

......................................................................................

11,001‌

Dividends

—

unaffiliated

...............................................................................................

197,994‌

Dividends

—

affiliated

.................................................................................................

3,994‌

Variation

margin

on

futures

contracts

.......................................................................................

9,490‌

Total

assets

.........................................................................................................

362,151,865‌

LIABILITIES

Collateral

on

securities

loaned

.............................................................................................

24,261,635‌

Payables:

–‌

Investment

advisory

fees

...............................................................................................

17,682‌

Other

accrued

expenses

...............................................................................................

307‌

Total

liabilities

........................................................................................................

24,279,624‌

Commitments

and

contingent

liabilities

—‌

NET

ASSETS

........................................................................................................

$

337,872,241‌

NET

ASSETS

CONSIST

OF:

Paid-in

capital

........................................................................................................

$

428,117,567‌

Accumulated

loss

.....................................................................................................

(90,245,326‌)

NET

ASSETS

........................................................................................................

$

337,872,241‌

NET

ASSET

VALUE

Shares

outstanding

....................................................................................................

6,950,000‌

Net

asset

value

.......................................................................................................

$

48.61‌

Shares

authorized

.....................................................................................................

Unlimited

Par

value

...........................................................................................................

None

(a)

  Investments,

at

cost

—

unaffiliated

.................................................................................

$

382,674,477‌

(b)

  Securities

loaned,

at

value

......................................................................................

$

23,828,971‌

(c)

  Investments,

at

cost

—

affiliated

...................................................................................

$

25,131,174‌

Statements

of

Operations

(unaudited)

Six

Months

Ended

October

31,

2023

59

Financial

Statements

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

INVESTMENT

INCOME

–

–

–

–

Dividends

—

unaffiliated

.................................................

$

6,426,943‌

$

6,531,989‌

$

7,230,015‌

$

1,277,923‌

Dividends

—

affiliated

...................................................

85,516‌

35,983‌

79,459‌

23,545‌

Interest

—

unaffiliated

...................................................

—‌

—‌

6,063‌

3,336‌

Securities

lending

income

—

affiliated

—

net

...................................

41,819‌

69,094‌

145,435‌

436,837‌

Foreign

taxes

withheld

..................................................

(1,405‌)

(3,526‌)

(6,361‌)

—‌

Total

investment

income

...................................................

6,552,873‌

6,633,540‌

7,454,611‌

1,741,641‌

EXPENSES

Investment

advisory

....................................................

343,687‌

147,914‌

463,658‌

116,066‌

Total

expenses

.........................................................

343,687‌

147,914‌

463,658‌

116,066‌

Net

investment

income

....................................................

6,209,186‌

6,485,626‌

6,990,953‌

1,625,575‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

76,562,131‌

$

(39,461,003‌)

$

(73,839,542‌)

$

(24,094,270‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

.............................................

$

(11,765,578‌)

$

(11,747,575‌)

$

(14,191,445‌)

$

(8,246,737‌)

Investments

—

affiliated

...............................................

7,618‌

3,412‌

961‌

4,788‌

Foreign

currency

transactions

...........................................

256‌

—‌

—‌

—‌

Futures

contracts

....................................................

334,476‌

(17,357‌)

58,231‌

12,793‌

In-kind

redemptions

—

unaffiliated

(a)

.......................................

49,002,086‌

1,699,648‌

9,764,137‌

7,973,785‌

37,578,858‌

(10,061,872‌)

(4,368,116‌)

(255,371‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

.............................................

39,203,820‌

(29,326,541‌)

(69,226,873‌)

(23,790,634‌)

Investments

—

affiliated

...............................................

(5,829‌)

(2,252‌)

3,185‌

1,185‌

Futures

contracts

....................................................

(214,717‌)

(70,337‌)

(247,738‌)

(49,449‌)

38,983,274‌

(29,399,130‌)

(69,471,426‌)

(23,838,898‌)

Net

realized

and

unrealized

gain

(loss)

.........................................

76,562,132‌

(39,461,002‌)

(73,839,542‌)

(24,094,269‌)

NET

INCREASE

(DECREASE)

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

..........

$

82,771,318‌

$

(32,975,376‌)

$

(66,848,589‌)

$

(22,468,694‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Operations

(unaudited)

(continued)

Six

Months

Ended

October

31,

2023

2023

iShares

Semi-Annual

Report

to

Shareholders

60

iShares

Morningstar

Small-Cap

Value

ETF

INVESTMENT

INCOME

–

Dividends

—

unaffiliated

...............................................................................................

$

4,671,685‌

Dividends

—

affiliated

.................................................................................................

20,092‌

Interest

—

unaffiliated

.................................................................................................

2,696‌

Securities

lending

income

—

affiliated

—

net

.................................................................................

254,913‌

Foreign

taxes

withheld

................................................................................................

(2,947‌)

Total

investment

income

.................................................................................................

4,946,439‌

EXPENSES

Investment

advisory

..................................................................................................

113,240‌

Total

expenses

.......................................................................................................

113,240‌

Net

investment

income

..................................................................................................

4,833,199‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

$

(19,344,365‌)

Net

realized

gain

(loss)

from:

Investments

—

unaffiliated

...........................................................................................

$

(4,269,801‌)

Investments

—

affiliated

.............................................................................................

404‌

Futures

contracts

..................................................................................................

(23,973‌)

In-kind

redemptions

—

unaffiliated

(a)

.....................................................................................

3,350,073‌

(943,297‌)

Net

change

in

unrealized

appreciation

(depreciation)

on:

Investments

—

unaffiliated

...........................................................................................

(18,344,736‌)

Investments

—

affiliated

.............................................................................................

2,296‌

Futures

contracts

..................................................................................................

(58,629‌)

(18,401,069‌)

Net

realized

and

unrealized

loss

............................................................................................

(19,344,366‌)

NET

DECREASE

IN

NET

ASSETS

RESULTING

FROM

OPERATIONS

.................................................................

$

(14,511,167‌)

(a)

See

Note

2

of

the

Notes

to

Financial

Statements.

See

notes

to

financial

statements.

Statements

of

Changes

in

Net

Assets

61

Financial

Statements

See

notes

to

financial

statements.

iShares

Morningstar

Growth

ETF

iShares

Morningstar

Mid-Cap

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

6,209,186‌

$

11,870,073‌

$

6,485,626‌

$

12,771,284‌

Net

realized

gain

(loss)

............................................

37,578,858‌

(106,758,696‌)

(10,061,872‌)

(28,520,129‌)

Net

change

in

unrealized

appreciation

(depreciation)

........................

38,983,274‌

86,303,003‌

(29,399,130‌)

(318,487‌)

Net

increase

(decrease)

in

net

assets

resulting

from

operations

...................

82,771,318‌

(8,585,620‌)

(32,975,376‌)

(16,067,332‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(5,768,596‌)

(12,112,028‌)

(5,832,013‌)

(b)

(12,616,997‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

(57,492,846‌)

(81,276,183‌)

2,942,425‌

(29,684,689‌)

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

19,509,876‌

(101,973,831‌)

(35,864,964‌)

(58,369,018‌)

Beginning

of

period

................................................

1,609,643,175‌

1,711,617,006‌

724,627,033‌

782,996,051‌

End

of

period

....................................................

$

1,629,153,051‌

$

1,609,643,175‌

$

688,762,069‌

$

724,627,033‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Statements

of

Changes

in

Net

Assets

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

62

See

notes

to

financial

statements.

iShares

Morningstar

Mid-Cap

Growth

ETF

iShares

Morningstar

Small-Cap

Growth

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

............................................

$

6,990,953‌

$

11,208,146‌

$

1,625,575‌

$

3,489,981‌

Net

realized

loss

................................................

(4,368,116‌)

(171,297,960‌)

(255,371‌)

(70,668,090‌)

Net

change

in

unrealized

appreciation

(depreciation)

........................

(69,471,426‌)

145,253,643‌

(23,838,898‌)

64,605,629‌

Net

decrease

in

net

assets

resulting

from

operations

..........................

(66,848,589‌)

(14,836,171‌)

(22,468,694‌)

(2,572,480‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

.................

(6,243,662‌)

(b)

(11,519,624‌)

(1,679,568‌)

(b)

(3,674,642‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

.........

119,628,211‌

338,545,817‌

(1,782,960‌)

90,416,313‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

...................................

46,535,960‌

312,190,022‌

(25,931,222‌)

84,169,191‌

Beginning

of

period

................................................

1,399,471,513‌

1,087,281,491‌

402,287,484‌

318,118,293‌

End

of

period

....................................................

$

1,446,007,473‌

$

1,399,471,513‌

$

376,356,262‌

$

402,287,484‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Statements

of

Changes

in

Net

Assets

(continued)

63

Financial

Statements

See

notes

to

financial

statements.

iShares

Morningstar

Small-Cap

Value

ETF

Six

Months

Ended

10/31/23

(unaudited)

Year

Ended

04/30/23

INCREASE

(DECREASE)

IN

NET

ASSETS

OPERATIONS

Net

investment

income

..............................................................................

$

4,833,199‌

$

8,977,551‌

Net

realized

loss

..................................................................................

(943,297‌)

(3,473,253‌)

Net

change

in

unrealized

appreciation

(depreciation)

..........................................................

(18,401,069‌)

(22,604,189‌)

Net

decrease

in

net

assets

resulting

from

operations

............................................................

(14,511,167‌)

(17,099,891‌)

DISTRIBUTIONS

TO

SHAREHOLDERS

(a)

Decrease

in

net

assets

resulting

from

distributions

to

shareholders

...................................................

(4,559,105‌)

(b)

(8,550,267‌)

CAPITAL

SHARE

TRANSACTIONS

Net

increase

(decrease)

in

net

assets

derived

from

capital

share

transactions

...........................................

(30,583,879‌)

45,853,900‌

NET

ASSETS

Total

increase

(decrease)

in

net

assets

.....................................................................

(49,654,151‌)

20,203,742‌

Beginning

of

period

..................................................................................

387,526,392‌

367,322,650‌

End

of

period

......................................................................................

$

337,872,241‌

$

387,526,392‌

(a)

Distributions

for

annual

periods

determined

in

accordance

with

U.S.

federal

income

tax

regulations.

(b)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

Financial

Highlights

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Semi-Annual

Report

to

Shareholders

64

iShares

Morningstar

Growth

ETF

Six

Months

Ended

10/31/23

(unaudited)

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

period

.................

$

55.89

‌

$

56.30

‌

$

61.87

‌

$

42.80

‌

$

38.08

‌

$

33.00

‌

Net

investment

income

(b)

.........................

0.22

‌

0.40

‌

0.29

‌

0.14

‌

0.21

‌

0.23

‌

Net

realized

and

unrealized

gain

(loss)

(c)

...............

2.70

‌

(0.40

)

(5.56

)

19.07

‌

4.73

‌

5.10

‌

Net

increase

(decrease)

from

investment

operations

........

2.92

‌

0.00

‌

(5.27

)

19.21

‌

4.94

‌

5.33

‌

Distributions

from

net

investment

income

(d)

...............

(0.21

)

(0.41

)

(0.30

)

(0.14

)

(0.22

)

(0.25

)

Net

asset

value,

end

of

period

......................

$

58.60

‌

$

55.89

‌

$

56.30

‌

$

61.87

‌

$

42.80

‌

$

38.08

‌

Total

Return

(e)

—

—

—

—

—

—

Based

on

net

asset

value

..........................

5.22

%

(f)

0.05

%

(8.59

)%

44.94

%

13.04

%

16.21

%

Ratios

to

Average

Net

Assets

(g)

Total

expenses

.................................

0.04

%

(h)

0.04

%

0.04

%

0.23

%

0.25

%

0.25

%

Net

investment

income

............................

0.72

%

(h)

0.76

%

0.45

%

0.27

%

0.54

%

0.66

%

Supplemental

Data

Net

assets,

end

of

period

(000)

......................

$

1,629,153

‌

$

1,609,643

‌

$

1,711,617

‌

$

1,887,051

‌

$

1,519,374

‌

$

1,104,273

‌

Portfolio

turnover

rate

(i)

............................

10

%

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)

Not

annualized.

(g)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(h)

Annualized.

(i)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

65

Financial

Highlights

iShares

Morningstar

Mid-Cap

ETF

Six

Months

Ended

10/31/23

(unaudited)

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

period

...............

$

60.14

‌

$

62.39

‌

$

65.81

‌

$

43.02

‌

$

49.08

‌

$

45.05

‌

Net

investment

income

(b)

.......................

0.54

‌

1.03

‌

0.82

‌

0.57

‌

0.67

‌

0.75

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............

(3.27

)

(2.26

)

(3.38

)

22.83

‌

(6.03

)

4.05

‌

Net

increase

(decrease)

from

investment

operations

......

(2.73

)

(1.23

)

(2.56

)

23.40

‌

(5.36

)

4.80

‌

Distributions

from

net

investment

income

(d)

.............

(0.49

)

(e)

(1.02

)

(0.86

)

(0.61

)

(0.70

)

(0.77

)

Net

asset

value,

end

of

period

....................

$

56.92

‌

$

60.14

‌

$

62.39

‌

$

65.81

‌

$

43.02

‌

$

49.08

‌

Total

Return

(f)

—

—

—

—

—

—

Based

on

net

asset

value

........................

(4.57

)%

(g)

(1.91

)%

(3.99

)%

54.74

%

(10.99

)%

10.79

%

Ratios

to

Average

Net

Assets

(h)

Total

expenses

...............................

0.04

%

(i)

0.04

%

0.04

%

0.22

%

0.25

%

0.25

%

Net

investment

income

..........................

1.75

%

(i)

1.72

%

1.22

%

1.06

%

1.39

%

1.63

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

688,762

‌

$

724,627

‌

$

782,996

‌

$

881,917

‌

$

567,905

‌

$

716,534

‌

Portfolio

turnover

rate

(j)

..........................

13

%

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Semi-Annual

Report

to

Shareholders

66

iShares

Morningstar

Mid-Cap

Growth

ETF

Six

Months

Ended

10/31/23

(unaudited)

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

period

................

$

56.43

‌

$

57.83

‌

$

66.52

‌

$

42.27

‌

$

40.66

‌

$

34.55

‌

Net

investment

income

(b)

........................

0.27

‌

0.52

‌

0.35

‌

0.07

‌

0.13

‌

0.09

‌

Net

realized

and

unrealized

gain

(loss)

(c)

..............

(2.50

)

(1.40

)

(8.65

)

24.23

‌

1.61

‌

6.13

‌

Net

increase

(decrease)

from

investment

operations

.......

(2.23

)

(0.88

)

(8.30

)

24.30

‌

1.74

‌

6.22

‌

Distributions

from

net

investment

income

(d)

..............

(0.24

)

(e)

(0.52

)

(0.39

)

(0.05

)

(0.13

)

(0.11

)

Net

asset

value,

end

of

period

.....................

$

53.96

‌

$

56.43

‌

$

57.83

‌

$

66.52

‌

$

42.27

‌

$

40.66

‌

Total

Return

(f)

—

—

—

—

—

—

Based

on

net

asset

value

.........................

(3.99

)%

(g)

(1.49

)%

(12.56

)%

57.51

%

4.29

%

18.03

%

Ratios

to

Average

Net

Assets

(h)

Total

expenses

................................

0.06

%

(i)

0.06

%

0.06

%

0.27

%

0.30

%

0.30

%

Net

investment

income

...........................

0.90

%

(i)

0.93

%

0.51

%

0.12

%

0.31

%

0.25

%

Supplemental

Data

Net

assets,

end

of

period

(000)

.....................

$

1,446,007

‌

$

1,399,472

‌

$

1,087,281

‌

$

1,519,880

‌

$

532,633

‌

$

475,724

‌

Portfolio

turnover

rate

(j)

...........................

19

%

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

67

Financial

Highlights

iShares

Morningstar

Small-Cap

Growth

ETF

Six

Months

Ended

10/31/23

(unaudited)

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

period

...............

$

38.31

‌

$

39.27

‌

$

51.60

‌

$

31.92

‌

$

34.17

‌

$

30.51

‌

Net

investment

income

(b)

.......................

0.17

‌

0.35

‌

0.31

‌

0.05

‌

0.08

‌

0.04

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............

(2.29

)

(0.94

)

(12.30

)

19.68

‌

(2.24

)

3.72

‌

Net

increase

(decrease)

from

investment

operations

......

(2.12

)

(0.59

)

(11.99

)

19.73

‌

(2.16

)

3.76

‌

Distributions

from

net

investment

income

(d)

.............

(0.18

)

(e)

(0.37

)

(0.34

)

(0.05

)

(0.09

)

(0.10

)

Net

asset

value,

end

of

period

....................

$

36.01

‌

$

38.31

‌

$

39.27

‌

$

51.60

‌

$

31.92

‌

$

34.17

‌

Total

Return

(f)

—

—

—

—

—

—

Based

on

net

asset

value

........................

(5.58

)%

(g)

(1.45

)%

(23.36

)%

61.86

%

(6.32

)%

12.35

%

Ratios

to

Average

Net

Assets

(h)

Total

expenses

...............................

0.06

%

(i)

0.06

%

0.06

%

0.26

%

0.30

%

0.30

%

Net

investment

income

..........................

0.84

%

(i)

0.94

%

0.65

%

0.11

%

0.24

%

0.12

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

376,356

‌

$

402,287

‌

$

318,118

‌

$

766,315

‌

$

191,512

‌

$

215,251

‌

Portfolio

turnover

rate

(j)

..........................

24

%

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Financial

Highlights

(continued)

(For

a

share

outstanding

throughout

each

period)

2023

iShares

Semi-Annual

Report

to

Shareholders

68

iShares

Morningstar

Small-Cap

Value

ETF

Six

Months

Ended

10/31/23

(unaudited)

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

period

...............

$

51.33

‌

$

54.82

‌

$

58.31

‌

$

32.95

‌

$

47.85

‌

$

48.08

‌

Net

investment

income

(b)

.......................

0.68

‌

1.24

‌

1.03

‌

0.89

‌

1.02

‌

1.08

‌

Net

realized

and

unrealized

gain

(loss)

(c)

.............

(2.76

)

(3.55

)

(3.43

)

25.39

‌

(14.74

)

(0.23

)

Net

increase

(decrease)

from

investment

operations

......

(2.08

)

(2.31

)

(2.40

)

26.28

‌

(13.72

)

0.85

‌

Distributions

from

net

investment

income

(d)

.............

(0.64

)

(e)

(1.18

)

(1.09

)

(0.92

)

(1.18

)

(1.08

)

Net

asset

value,

end

of

period

....................

$

48.61

‌

$

51.33

‌

$

54.82

‌

$

58.31

‌

$

32.95

‌

$

47.85

‌

Total

Return

(f)

—

—

—

—

—

—

Based

on

net

asset

value

........................

(4.11

)%

(g)

(4.20

)%

(4.19

)%

80.90

%

(29.05

)%

1.83

%

Ratios

to

Average

Net

Assets

(h)

Total

expenses

...............................

0.06

%

(i)

0.06

%

0.06

%

0.26

%

0.30

%

0.30

%

Net

investment

income

..........................

2.56

%

(i)

2.33

%

1.76

%

2.07

%

2.34

%

2.24

%

Supplemental

Data

Net

assets,

end

of

period

(000)

....................

$

337,872

‌

$

387,526

‌

$

367,323

‌

$

446,078

‌

$

257,012

‌

$

430,681

‌

Portfolio

turnover

rate

(j)

..........................

24

%

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)

A

portion

of

the

distributions

from

net

investment

income

may

be

deemed

a

return

of

capital

or

net

realized

gain

at

fiscal

year-end.

(f)

Where

applicable,

assumes

the

reinvestment

of

distributions.

(g)

Not

annualized.

(h)

Excludes

fees

and

expenses

incurred

indirectly

as

a

result

of

investments

in

underlying

funds.

(i)

Annualized.

(j)

Portfolio

turnover

rate

excludes

in-kind

transactions.

See

notes

to

financial

statements.

Notes

to

Financial

Statements

(unaudited)

69

Notes

to

Financial

Statements

1.

ORGANIZATION

iShares

Trust

(the

“Trust”)

is

registered

under

the

Investment

Company

Act

of

1940,

as

amended

(the

“1940

Act”),

as

an

open-end

management

investment

company.

The

Trust

is

organized

as

a

Delaware

statutory

trust

and

is

authorized

to

have

multiple

series

or

portfolios. 

These

financial

statements

relate

only

to

the

following

funds

(each,

a

“Fund”

and

collectively,

the

“Funds”):

2.

Significant

Accounting

Policies

The

financial

statements

are

prepared

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(“U.S.

GAAP”),

which

may

require

management

to

make

estimates

and

assumptions

that

affect

the

reported

amounts

of

assets

and

liabilities

in

the

financial

statements,

disclosure

of

contingent

assets

and

liabilities

at

the

date

of

the

financial

statements

and

the

reported

amounts

of

increases

and

decreases

in

net

assets

from

operations

during

the

reporting

period.

Actual

results

could

differ

from

those

estimates. Each

Fund

is

considered

an

investment

company

under

U.S.

GAAP

and

follows

the

accounting

and

reporting

guidance

applicable

to

investment

companies.

Below

is

a

summary

of

significant

accounting

policies:

Investment Transactions

and

Income

Recognition:

For

financial

reporting

purposes,

investment

transactions

are

recorded

on

the

dates

the

transactions

are

executed.

Realized

gains

and

losses

on

investment

transactions

are

determined

using

the

specific

identification

method.

Dividend

income

and

capital

gain

distributions,

if

any,

are

recorded

on

the

ex-dividend

date.

Non-cash

dividends,

if

any,

are

recorded

on

the

ex-dividend

date

at

fair

value.

Dividends

from

foreign

securities

where

the

ex-dividend

date

may

have

passed

are

subsequently

recorded

when

the

Funds

are

informed

of

the

ex-dividend

date.

Under

the

applicable

foreign

tax

laws,

a

withholding

tax

at

various

rates

may

be

imposed

on

capital

gains,

dividends

and

interest.

Upon

notification

from

issuers

or

as

estimated

by

management,

a

portion

of

the

dividend

income

received

from

a

real

estate

investment

trust

may

be

redesignated

as

a

reduction

of

cost

of

the

related

investment

and/or

realized

gain. Interest

income,

including

amortization

and

accretion

of

premiums

and

discounts

on

debt

securities,

is

recognized

daily

on

an

accrual

basis. 

Foreign

Currency

Translation:

Each

Fund’s

books

and

records

are

maintained

in

U.S.

dollars.

Securities

and

other

assets

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollars

using

prevailing

market

rates

as

quoted

by

one

or

more

data

service

providers.

Purchases

and

sales

of

investments

are

recorded

at

the

rates

of

exchange

prevailing

on

the

respective

dates

of

such

transactions.

Generally,

when

the

U.S.

dollar

rises

in

value

against

a

foreign

currency,

the

investments

denominated

in

that

currency

will

lose

value;

the

opposite

effect

occurs

if

the

U.S.

dollar

falls

in

relative

value.

Each

Fund

does

not

isolate

the

effect

of

fluctuations

in

foreign

exchange

rates

from

the

effect

of

fluctuations

in

the

market

prices

of

investments

for

financial

reporting

purposes.

Accordingly,

the

effects

of

changes

in

exchange

rates

on

investments

are

not

segregated

in

the

Statements

of

Operations

from

the

effects

of

changes

in

market

prices

of

those

investments,

but

are

included

as

a

component

of

net

realized

and

unrealized

gain

(loss)

from

investments.

Each

Fund

reports

realized

currency

gains

(losses)

on

foreign

currency

related

transactions

as

components

of

net

realized

gain

(loss)

for

financial

reporting

purposes,

whereas

such

components

are

generally

treated

as

ordinary

income

for

U.S.

federal

income

tax

purposes.

Foreign

Taxes:

Certain

Funds

may

be

subject

to

foreign

taxes

(a

portion

of

which

may

be

reclaimable)

on

income,

stock

dividends,

capital

gains

on

investments,

or

certain

foreign

currency

transactions.

All

foreign

taxes

are

recorded

in

accordance

with

the

applicable

foreign

tax

regulations

and

rates

that

exist

in

the

foreign

jurisdictions

in

which

each

Fund

invests.

These

foreign

taxes,

if

any,

are

paid

by

each

Fund

and

are

reflected

in

its Statements

of

Operations

as

follows:

foreign

taxes

withheld

at

source

are

presented

as

a

reduction

of

income,

foreign

taxes

on

securities

lending

income

are

presented

as

a

reduction

of

securities

lending

income,

foreign

taxes

on

stock

dividends

are

presented

as

“Other

foreign

taxes”,

and

foreign

taxes

on

capital

gains

from

sales

of

investments

and

foreign

taxes

on

foreign

currency

transactions

are

included

in

their

respective

net

realized

gain

(loss)

categories.

Foreign

taxes

payable

or

deferred

as

of 

October

31,

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.

iShares

ETF

Diversification

Classification

Morningstar

Growth

...................................................................................................

Non-diversified

Morningstar

Mid-Cap

..................................................................................................

Diversified

Morningstar

Mid-Cap

Growth

.............................................................................................

Diversified

Morningstar

Small-Cap

Growth

...........................................................................................

Diversified

Morningstar

Small-Cap

Value

.............................................................................................

Diversified

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

70

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.

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

New

York

Stock

Exchange

("NYSE").

Each

business

day,

the

Funds

use

current

market

factors

supplied

by

independent

pricing

services

to

value

certain

foreign

instruments

(“Systematic

Fair

Value

Price”).

The

Systematic

Fair

Value

Price

is

designed

to

value

such

foreign

securities

at

fair

value

as

of

the

close

of

trading

on

the

NYSE,

which

follows

the

close

of

the

local

markets.

If

events

(e.g.,

market

volatility,

company

announcement

or

a

natural

disaster)

occur

that

are

expected

to

materially

affect

the

value

of

such

investment,

or

in

the

event

that

application

of

these

methods

of

valuation

results

in

a

price

for

an

investment

that

is

deemed

not

to

be

representative

of

the

market

value

of

such

investment,

or

if

a

price

is

not

available,

the

investment

will

be

valued

by

the Valuation

Committee,

in

accordance

with

BFA’s

policies

and

procedures as

reflecting

fair

value

(“Fair

Valued

Investments”).

The

fair

valuation

approaches

that

may

be

used

by

the Valuation

Committee

include

market

approach,

income

approach

and

cost

approach.

Valuation

techniques

such

as

discounted

cash

flow,

use

of

market

comparables

and

matrix

pricing

are

types

of

valuation

approaches

and

are

typically

used

in

determining

fair

value.

When

determining

the

price

for

Fair

Valued

Investments,

the Valuation

Committee

seeks

to

determine

the

price

that each

Fund

might

reasonably

expect

to

receive

or

pay

from

the

current

sale

or

purchase

of

that

asset

or

liability

in

an

arm’s-length

transaction.

Fair

value

determinations

shall

be

based

upon

all

available

factors

that

the Valuation

Committee

deems

relevant

and

consistent

with

the

principles

of

fair

value

measurement.

Fair

value

pricing

could

result

in

a

difference

between

the

prices

used

to

calculate

a

fund’s

NAV

and

the

prices

used

by

the

fund’s

underlying

index,

which

in

turn

could

result

in

a

difference

between

the

fund’s

performance

and

the

performance

of

the

fund’s

underlying

index.

Fair

Value

Hierarchy:

Various

inputs

are

used

in

determining

the

fair

value

of

financial

instruments.

These

inputs

to

valuation

techniques

are

categorized

into

a

fair

value

hierarchy

consisting

of

three

broad

levels

for

financial

reporting

purposes

as

follows:

Level

1

–

Unadjusted

price

quotations

in

active

markets/exchanges

for

identical

assets

or

liabilities

that each

Fund

has

the

ability

to

access;

Level

2

–

Other

observable

inputs

(including,

but

not

limited

to,

quoted

prices

for

similar

assets

or

liabilities

in

markets

that

are

active,

quoted

prices

for

identical

or

similar

assets

or

liabilities

in

markets

that

are

not

active,

inputs

other

than

quoted

prices

that

are

observable

for

the

assets

or

liabilities

(such

as

interest

rates,

yield

curves,

volatilities,

prepayment

speeds,

loss

severities,

credit

risks

and

default

rates)

or

other

market-corroborated

inputs);

and

Level

3

–

Unobservable

inputs

based

on

the

best

information

available

in

the

circumstances,

to

the

extent

observable

inputs

are

not

available,

(including

the Valuation

Committee’s

assumptions

used

in

determining

the

fair

value

of

financial

instruments).

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

1

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

3

measurements).

Accordingly,

the

degree

of

judgment

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

fair

value

hierarchy

classification

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

Investments

classified

within

Level

3

have

significant

unobservable

inputs

used

by

the Valuation

Committee

in

determining

the

price

for

Fair

Valued

Investments.

Level

3

investments

include

equity

or

debt

issued

by

privately

held

companies

or

funds

that

may

not

have

a

secondary

market

and/or

may

have

a

limited

number

of

investors.

The

categorization

of

a

value

determined

for

financial

instruments

is

based

on

the

pricing

transparency

of

the

financial

instruments

and

is

not

necessarily

an

indication

of

the

risks

associated

with

investing

in

those

securities.

4.

Securities

and

Other

Investments

Securities

Lending:

 Each

Fund

may

lend

its

securities

to

approved

borrowers,

such

as

brokers,

dealers

and

other

financial

institutions.

The

borrower

pledges

and

maintains

with

the

Fund

collateral

consisting

of

cash,

an

irrevocable

letter

of

credit

issued

by

an

approved

bank,

or

securities

issued

or

guaranteed

by

the

U.S.

government.

The

initial

collateral

received

by

each

Fund

is

required

to

have

a

value

of

at

least

102%

of

the

current

market

value

of

the

loaned

securities

for

securities

traded

on

U.S.

exchanges

and

a

value

of

at

least

105%

for

all

other

securities.

The

collateral

is

maintained

thereafter

at

a

value

equal

to

at

least

100%

of

the

current

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

each

business

day

of

the

Fund

and

any

additional

required

collateral

is

delivered

to

the

Fund

or

excess

collateral

is

returned

by

the

Fund,

on

the

next

business

day.

During

the

term

of

the

loan,

each

Fund

is

entitled

to

all

distributions

made

on

or

in

respect

of

the

loaned

securities

but

does

not

receive

interest

income

on

securities

received

as

collateral.

Loans

of

securities

are

terminable

at

any

time

and

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

Notes

to

Financial

Statements

(unaudited)

(continued)

71

Notes

to

Financial

Statements

As

of

period

end,

any

securities

on

loan

were

collateralized

by

cash

and/or

U.S.

Government

obligations.

Cash

collateral

invested

in

money

market

funds

managed

by

BFA,

or

its

affiliates

is

disclosed

in

the

Schedule

of

Investments.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

Fund,

except

in

the

event

of

borrower

default.

The

securities

on

loan,

if

any,

are

also

disclosed

in

each

Fund’s

Schedule

of

Investments.

The

market

value

of

any

securities

on

loan

and

the

value

of

any

related

cash

collateral

are

disclosed

in

the

Statements

of

Assets

and

Liabilities.

Securities

lending

transactions

are

entered

into

by

the

Funds

under

Master

Securities

Lending

Agreements

(each,

an

“MSLA”)

which

provide

the

right,

in

the

event

of

default

(including

bankruptcy

or

insolvency)

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

a

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

In

the

event

that

a

borrower

defaults,

the

Funds,

as

lender,

would

offset

the

market

value

of

the

collateral

received

against

the

market

value

of

the

securities

loaned.

When

the

value

of

the

collateral

is

greater

than

that

of

the

market

value

of

the

securities

loaned,

the

lender

is

left

with

a

net

amount

payable

to

the

defaulting

party.

However,

bankruptcy

or

insolvency

laws

of

a

particular

jurisdiction

may

impose

restrictions

on

or

prohibitions

against

such

a

right

of

offset

in

the

event

of

an

MSLA

counterparty’s

bankruptcy

or

insolvency.

Under

the

MSLA,

absent

an

event

of

default,

the

borrower

can

resell

or

re-pledge

the

loaned

securities,

and

the

Funds

can

reinvest

cash

collateral

received

in

connection

with

loaned

securities.

Upon

an

event

of

default,

the

parties’

obligations

to

return

the

securities

or

collateral

to

the

other

party

are

extinguished,

and

the

parties

can

resell

or

re-pledge

the

loaned

securities

or

the

collateral

received

in

connection

with

the

loaned

securities

in

order

to

satisfy

the

defaulting

party’s

net

payment

obligation

for

all

transactions

under

the

MSLA.

The

defaulting

party

remains

liable

for

any

deficiency. 

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

.....................................

$

373,630‌

$

(373,630‌)

$

–‌

$

–‌

BNP

Paribas

SA

.......................................

2,565,258‌

(2,543,586‌)

–‌

21,672‌

(b)

BofA

Securities,

Inc.

....................................

8,629,694‌

(8,629,694‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

202,032‌

(201,557‌)

–‌

475‌

(b)

Citigroup

Global

Markets,

Inc.

..............................

6,029,419‌

(6,029,419‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

2,696,155‌

(2,696,155‌)

–‌

–‌

HSBC

Bank

PLC

......................................

1,769,603‌

(1,769,603‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

23,838‌

(23,838‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

1,815,303‌

(1,815,303‌)

–‌

–‌

Morgan

Stanley

.......................................

1,088,681‌

(1,079,162‌)

–‌

9,519‌

(b)

SG

Americas

Securities

LLC

..............................

1,354,860‌

(1,354,860‌)

–‌

–‌

UBS

AG

............................................

2,930,064‌

(2,930,064‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

902,013‌

(902,013‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

267,488‌

(267,488‌)

–‌

–‌

$

30,648,038‌

$

(30,616,372‌)

$

–‌

$

31,666‌

Morningstar

Mid-Cap

Barclays

Bank

PLC

.....................................

$

1,002,884‌

$

(1,002,884‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

4,038‌

(4,038‌)

–‌

–‌

BNP

Paribas

SA

.......................................

8,233,348‌

(8,233,348‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

259,664‌

(259,664‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

2,444,641‌

(2,444,641‌)

–‌

–‌

HSBC

Bank

PLC

......................................

341,954‌

(341,954‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

3,507,113‌

(3,507,113‌)

–‌

–‌

Jefferies

LLC

.........................................

9,781‌

(9,781‌)

–‌

–‌

Morgan

Stanley

.......................................

1,191,873‌

(1,177,549‌)

–‌

14,324‌

(b)

National

Financial

Services

LLC

............................

352,444‌

(344,096‌)

–‌

8,348‌

(b)

RBC

Capital

Markets

LLC

................................

821,451‌

(821,451‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

201,626‌

(200,843‌)

–‌

783‌

(b)

Toronto-Dominion

Bank

..................................

2,436,751‌

(2,436,751‌)

–‌

–‌

UBS

AG

............................................

529,682‌

(529,682‌)

–‌

–‌

UBS

Securities

LLC

....................................

20,474‌

(20,474‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

399,470‌

(399,470‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

192,014‌

(189,239‌)

–‌

2,775‌

(b)

$

21,949,208‌

$

(21,922,978‌)

$

–‌

$

26,230‌

Morningstar

Mid-Cap

Growth

Barclays

Bank

PLC

.....................................

$

5,894,460‌

$

(5,894,460‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

5,117‌

(5,117‌)

–‌

–‌

BNP

Paribas

SA

.......................................

4,831,658‌

(4,831,658‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

2,311,063‌

(2,311,063‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

6,079,391‌

(6,079,391‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

1,816,916‌

(1,816,916‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

10,426,828‌

(10,426,828‌)

–‌

–‌

HSBC

Bank

PLC

......................................

13,014,069‌

(12,618,090‌)

–‌

395,979‌

J.P.

Morgan

Securities

LLC

...............................

8,204,831‌

(8,204,831‌)

–‌

–‌

Jefferies

LLC

.........................................

637,688‌

(637,688‌)

–‌

–‌

Morgan

Stanley

.......................................

2,140,519‌

(2,140,519‌)

–‌

–‌

Natixis

SA

...........................................

161,632‌

(161,632‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

14,843,595‌

(14,843,595‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

294,320‌

(294,320‌)

–‌

–‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

72

iShares

ETF

and

Counterparty

Securities

Loaned

at

Value

Cash

Collateral

Received

(a)

Non-Cash

Collateral

Received,

at

Fair

Value

(a)

Net

Amount

Morningstar

Mid-Cap

Growth

(continued)

Toronto-Dominion

Bank

..................................

2,777,948‌

(2,777,948‌)

–‌

–‌

UBS

AG

............................................

4,992,212‌

(4,992,212‌)

–‌

–‌

UBS

Securities

LLC

....................................

4,429‌

(4,429‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

778,442‌

(778,442‌)

–‌

–‌

$

79,215,118‌

$

(78,819,139‌)

$

–‌

$

395,979‌

Morningstar

Small-Cap

Growth

Barclays

Bank

PLC

.....................................

$

3,560,077‌

$

(3,560,077‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

396,355‌

(386,634‌)

–‌

9,721‌

(b)

BNP

Paribas

SA

.......................................

4,442,535‌

(4,442,535‌)

–‌

–‌

BofA

Securities,

Inc.

....................................

2,961,444‌

(2,961,444‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

816,653‌

(816,653‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

2,890,174‌

(2,890,174‌)

–‌

–‌

Credit

Suisse

Securities

(USA)

LLC

..........................

140,248‌

(140,248‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

9,246,904‌

(9,246,904‌)

–‌

–‌

HSBC

Bank

PLC

......................................

106,559‌

(106,559‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

7,005,096‌

(7,005,096‌)

–‌

–‌

Jefferies

LLC

.........................................

267,900‌

(267,900‌)

–‌

–‌

Mizuho

Securities

USA

LLC

...............................

71,792‌

(70,581‌)

–‌

1,211‌

(b)

Morgan

Stanley

.......................................

10,268,391‌

(10,268,391‌)

–‌

–‌

National

Financial

Services

LLC

............................

1,204,242‌

(1,204,242‌)

–‌

–‌

Natixis

SA

...........................................

1,362,243‌

(1,362,243‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

2,918,589‌

(2,918,589‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

348,002‌

(348,002‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

507,091‌

(507,091‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

248,272‌

(248,272‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

1,537,037‌

(1,521,545‌)

–‌

15,492‌

(b)

UBS

AG

............................................

1,988,507‌

(1,970,642‌)

–‌

17,865‌

(b)

UBS

Securities

LLC

....................................

56,107‌

(56,107‌)

–‌

–‌

Wells

Fargo

Bank

N.A.

..................................

52,387‌

(52,387‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

451,174‌

(451,174‌)

–‌

–‌

$

52,847,779‌

$

(52,803,490‌)

$

–‌

$

44,289‌

Morningstar

Small-Cap

Value

Barclays

Bank

PLC

.....................................

$

2,540,700‌

$

(2,540,700‌)

$

–‌

$

–‌

Barclays

Capital,

Inc.

...................................

4,985‌

(4,985‌)

–‌

–‌

BNP

Paribas

SA

.......................................

1,995,981‌

(1,946,356‌)

–‌

49,625‌

(b)

BofA

Securities,

Inc.

....................................

2,814,332‌

(2,814,332‌)

–‌

–‌

Citadel

Clearing

LLC

....................................

1,080,234‌

(1,080,234‌)

–‌

–‌

Citigroup

Global

Markets,

Inc.

..............................

2,037,459‌

(2,031,989‌)

–‌

5,470‌

(b)

Credit

Suisse

Securities

(USA)

LLC

..........................

9,087‌

(9,087‌)

–‌

–‌

Deutsche

Bank

Securities,

Inc.

.............................

343,872‌

(343,872‌)

–‌

–‌

Goldman

Sachs

&

Co.

LLC

...............................

2,020,437‌

(2,020,437‌)

–‌

–‌

HSBC

Bank

PLC

......................................

17,806‌

(17,806‌)

–‌

–‌

ING

Financial

Markets

LLC

...............................

6,660‌

(6,660‌)

–‌

–‌

J.P.

Morgan

Securities

LLC

...............................

1,334,100‌

(1,334,100‌)

–‌

–‌

Jefferies

LLC

.........................................

900,588‌

(900,588‌)

–‌

–‌

Morgan

Stanley

.......................................

3,090,437‌

(3,090,437‌)

–‌

–‌

National

Financial

Services

LLC

............................

685,508‌

(685,508‌)

–‌

–‌

Natixis

SA

...........................................

201,989‌

(201,989‌)

–‌

–‌

RBC

Capital

Markets

LLC

................................

250,675‌

(250,675‌)

–‌

–‌

Scotia

Capital

(USA),

Inc.

................................

649,173‌

(649,173‌)

–‌

–‌

SG

Americas

Securities

LLC

..............................

1,000,892‌

(1,000,892‌)

–‌

–‌

State

Street

Bank

&

Trust

Co.

..............................

776,497‌

(776,497‌)

–‌

–‌

Toronto-Dominion

Bank

..................................

132,233‌

(132,233‌)

–‌

–‌

UBS

AG

............................................

1,449,254‌

(1,449,254‌)

–‌

–‌

UBS

Securities

LLC

....................................

121,320‌

(121,320‌)

–‌

–‌

Virtu

Americas

LLC

.....................................

46,508‌

(42,907‌)

–‌

3,601‌

(b)

Wells

Fargo

Bank

N.A.

..................................

252,859‌

(252,859‌)

–‌

–‌

Wells

Fargo

Securities

LLC

...............................

65,385‌

(65,385‌)

–‌

–‌

$

23,828,971‌

$

(23,770,275‌)

$

–‌

$

58,696‌

(a)

Collateral

received,

if

any,

in

excess

of

the

market

value

of

securities

on

loan

is

not

presented

in

this

table.

The

total

cash

collateral

received

by

each

Fund

is

disclosed

in

the

Fund’s

Statements

of

Assets

and

Liabilities.

(b)

The

market

value

of

the

loaned

securities

is

determined

as

of

October

31,

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

(unaudited)

(continued)

73

Notes

to

Financial

Statements

The

risks

of

securities

lending

include

the

risk

that

the

borrower

may

not

provide

additional

collateral

when

required

or

may

not

return

the

securities

when

due.

To

mitigate

these

risks,

each

Fund

benefits

from

a

borrower

default

indemnity

provided

by

BlackRock,

Inc.

(“BlackRock”).

BlackRock’s

indemnity

allows

for

full

replacement

of

the

securities

loaned

to

the

extent

the

collateral

received

does

not

cover

the

value

of

the

securities

loaned

in

the

event

of

borrower

default.

Each

Fund

could

incur

a

loss

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

market

value

of

the

loaned

securities

or

if

the

value

of

an

investment

purchased

with

cash

collateral

falls

below

the

value

of

the

original

cash

collateral

received.

Such

losses

are

borne

entirely

by

each

Fund.

5.

Derivative

Financial

Instruments

Futures

Contracts:

 Futures

contracts

are

purchased

or

sold

to

gain

exposure

to,

or

manage

exposure

to,

changes

in

interest

rates

(interest

rate

risk)

and

changes

in

the

value

of

equity

securities

(equity

risk)

or

foreign

currencies

(foreign

currency

exchange

rate

risk).

Futures

contracts

are

exchange-traded

agreements

between

the

Funds

and

a

counterparty

to

buy

or

sell

a

specific

quantity

of

an

underlying

instrument

at

a

specified

price

and

on

a

specified

date.

Depending

on

the

terms

of

a

contract,

it

is

settled

either

through

physical

delivery

of

the

underlying

instrument

on

the

settlement

date

or

by

payment

of

a

cash

amount

on

the

settlement

date.

Upon

entering

into

a

futures

contract,

the

Funds

are

required

to

deposit

initial

margin

with

the

broker

in

the

form

of

cash

or

securities

in

an

amount

that

varies

depending

on

a

contract’s

size

and

risk

profile.

The

initial

margin

deposit

must

then

be

maintained

at

an

established

level

over

the

life

of

the

contract.

Amounts

pledged,

which

are

considered

restricted,

are

included

in

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Securities

deposited

as

initial

margin

are

designated

in

the

Schedule

of

Investments

and

cash

deposited,

if

any,

are

shown

as

cash

pledged

for

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

Pursuant

to

the

contract,

the

Funds

agree

to

receive

from

or

pay

to

the

broker

an

amount

of

cash

equal

to

the

daily

fluctuation

in

market

value

of

the

contract

(“variation

margin”).

Variation

margin

is

recorded

as

unrealized

appreciation

(depreciation)

and,

if

any,

shown

as

variation

margin

receivable

(or

payable)

on

futures

contracts

in

the

Statements

of

Assets

and

Liabilities.

When

the

contract

is

closed,

a

realized

gain

or

loss

is

recorded

in

the

Statements

of

Operations

equal

to

the

difference

between

the

notional

amount

of

the

contract

at

the

time

it

was

opened

and

the

notional

amount

at

the

time

it

was

closed.

The

use

of

futures

contracts

involves

the

risk

of

an

imperfect

correlation

in

the

movements

in

the

price

of

futures

contracts

and

interest

rates,

foreign

currency

exchange

rates

or

underlying

assets.

6.

Investment

Advisory

Agreement

and

Other

Transactions

with

Affiliates

Investment

Advisory

Fees:

Pursuant

to

an

Investment

Advisory

Agreement

with

the 

Trust

,

BFA

manages

the

investment

of each

Fund’s

assets.

BFA

is

a

California

corporation

indirectly owned

by

BlackRock. Under

the

Investment

Advisory

Agreement,

BFA

is

responsible

for

substantially

all

expenses

of

the

Funds,

except

(

i

)

interest

and

taxes;

(ii)

brokerage

commissions

and

other

expenses

connected

with

the

execution

of

portfolio

transactions;

(iii)

distribution

fees;

(iv)

the

advisory

fee

payable

to

BFA;

and

(v)

litigation

expenses

and

any

extraordinary

expenses

(in

each

case

as

determined

by

a

majority

of

the

independent

trustees

).

For

its

investment

advisory

services

to each of

the

following Funds,

BFA

is

entitled

to

an

annual

investment

advisory

fee,

accrued

daily

and

paid

monthly

by

the

Funds,

based

on

the

average

daily

net

assets

of each

Fund

as

follows:

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,

iShares

ETF

Investment

Advisory

Fees

Morningstar

Growth

................................................................................................

0.04‌

%

Morningstar

Mid-Cap

...............................................................................................

0.04‌

Morningstar

Mid-Cap

Growth

..........................................................................................

0.06‌

Morningstar

Small-Cap

Growth

........................................................................................

0.06‌

Morningstar

Small-Cap

Value

..........................................................................................

0.06‌

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

74

will

retain

for

the

remainder

of

that

calendar

year

81%

of

securities

lending

income

(which

excludes

collateral

investment

fees),

and

the

amount

retained

can

never

be

less

than

70%

of

the

total

of

securities

lending

income

plus

the

collateral

investment

fees.

The

share

of

securities

lending

income

earned

by each

Fund

is

shown

as

securities

lending

income

–

affiliated

–

net

in

its

Statements

of

Operations.

For

the six

months ended

October

31,

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 six

months ended October

31,

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 six

months ended

October

31,

2023,

purchases

and

sales

of

investments,

excluding

short-term securities

and

in-kind

transactions,

were

as

follows:

For

the six

months ended

October

31,

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

October

31,

2023,

inclusive

of

the

open

tax

return

years,

and

does

not

believe

that

there

are

any

uncertain

tax

positions

that

require

recognition

of

a

tax

liability

in

the

Funds’

financial

statements.

iShares

ETF

Amounts

Morningstar

Growth

.......................................................................................................

$

14,484‌

Morningstar

Mid-Cap

......................................................................................................

20,402‌

Morningstar

Mid-Cap

Growth

.................................................................................................

48,978‌

Morningstar

Small-Cap

Growth

...............................................................................................

113,286‌

Morningstar

Small-Cap

Value

.................................................................................................

62,642‌

iShares

ETF

Purchases

Sales

Net

Realized

Gain

(Loss)

Morningstar

Growth

....................................................................

$

99,987,157‌

$

71,883,136‌

$

(4,517,828‌)

Morningstar

Mid-Cap

...................................................................

27,085,708‌

43,075,798‌

(5,941,370‌)

Morningstar

Mid-Cap

Growth

..............................................................

88,992,945‌

149,640,583‌

(3,562,121‌)

Morningstar

Small-Cap

Growth

............................................................

41,909,333‌

31,781,121‌

(1,100,432‌)

Morningstar

Small-Cap

Value

..............................................................

56,153,518‌

19,810,925‌

212,015‌

iShares

ETF

Purchases

Sales

Morningstar

Growth

....................................................................................

$

164,339,591‌

$

163,126,476‌

Morningstar

Mid-Cap

...................................................................................

99,583,872‌

97,638,115‌

Morningstar

Mid-Cap

Growth

..............................................................................

289,734,774‌

288,648,951‌

Morningstar

Small-Cap

Growth

............................................................................

93,094,643‌

93,108,093‌

Morningstar

Small-Cap

Value

..............................................................................

90,508,116‌

92,217,669‌

iShares

ETF

In-kind

Purchases

In-kind

Sales

Morningstar

Growth

....................................................................................

$

78,460,161‌

$

135,899,114‌

Morningstar

Mid-Cap

...................................................................................

15,010,022‌

12,108,465‌

Morningstar

Mid-Cap

Growth

..............................................................................

167,656,665‌

48,382,670‌

Morningstar

Small-Cap

Growth

............................................................................

47,626,173‌

49,247,706‌

Morningstar

Small-Cap

Value

..............................................................................

—‌

28,507,170‌

Notes

to

Financial

Statements

(unaudited)

(continued)

75

Notes

to

Financial

Statements

As

of

April

30,

2023,

the

Funds

had

non-expiring

capital

loss

carryforwards

available

to

offset

future

realized

capital

gains

and

qualified

late-year

losses 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

October

31,

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.

BFA

uses

a

“passive”

or

index

approach

to

try

to

achieve

each

Fund’s

investment

objective

following

the

securities

included

in

its

underlying

index

during

upturns

as

well

as

downturns.

BFA

does

not

take

steps

to

reduce

market

exposure

or

to

lessen

the

effects

of

a

declining

market.

Divergence

from

the

underlying

index

and

the

composition

of

the

portfolio

is

monitored

by

BFA.

The

Funds

may

be

exposed

to

additional

risks

when

reinvesting

cash

collateral

in

money

market

funds

that

do

not

seek

to

maintain

a

stable

NAV

per

share

of

$1.00,

which

may

be

subject

to

redemption

gates

or

liquidity

fees

under

certain

circumstances.

Infectious

Illness

Risk:

An

outbreak

of

an

infectious

illness,

such

as

the

COVID-19

pandemic,

may

adversely

impact

the

economies

of

many

nations

and

the

global

economy,

and

may

impact

individual

issuers

and

capital

markets

in

ways

that

cannot

be

foreseen.

An

infectious

illness

outbreak

may

result

in,

among

other

things,

closed

international

borders,

prolonged

quarantines,

supply

chain

disruptions,

market

volatility

or

disruptions

and

other

significant

economic,

social

and

political

impacts.

Valuation

Risk:

The

market

values

of

equities,

such

as

common

stocks

and

preferred

securities

or

equity

related

investments,

such

as

futures

and

options,

may

decline

due

to

general

market

conditions

which

are

not

specifically

related

to

a

particular

company.

They

may

also

decline

due

to

factors

which

affect

a

particular

industry

or

industries.

A

fund

may

invest

in

illiquid

investments.

An

illiquid

investment

is

any

investment

that

a

fund

reasonably

expects

cannot

be

sold

or

disposed

of

in

current

market

conditions

in

seven

calendar

days

or

less

without

the

sale

or

disposition

significantly

changing

the

market

value

of

the

investment.

A

fund

may

experience

difficulty

in

selling

illiquid

investments

in

a

timely

manner

at

the

price

that

it

believes

the

investments

are

worth.

Prices

may

fluctuate

widely

over

short

or

extended

periods

in

response

to

company,

market

or

economic

news.

Markets

also

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

This

volatility

may

cause

a

fund’s

NAV

to

experience

significant

increases

or

decreases

over

short

periods

of

time.

If

there

is

a

general

decline

in

the

securities

and

other

markets,

the

NAV

of

a

fund

may

lose

value,

regardless

of

the

individual

results

of

the

securities

and

other

instruments

in

which

a

fund

invests.

The

price

each

Fund

could

receive

upon

the

sale

of

any

particular

portfolio

investment

may

differ

from

each

Fund’s

valuation

of

the

investment,

particularly

for

securities

that

trade

in

thin

or

volatile

markets

or

that

are

valued

using

a

fair

valuation

technique

or

a

price

provided

by

an

independent

pricing

service.

Changes

to

significant

unobservable

inputs

and

assumptions

(i.e.,

publicly

traded

company

multiples,

growth

rate,

time

to

exit)

due

to

the

lack

of

observable

inputs

may

significantly

impact

the

resulting

fair

value

and

therefore

each

Fund’s

results

of

operations.

As

a

result,

the

price

received

upon

the

sale

of

an

investment

may

be

less

than

the

value

ascribed

by

each

Fund,

and

each

Fund

could

realize

a

greater

than

expected

loss

or

lesser

than

expected

gain

upon

the

sale

of

the

investment.

Each

Fund’s

ability

to

value

its

investments

may

also

be

impacted

by

technological

issues

and/or

errors

by

pricing

services

or

other

third-party

service

providers.

Counterparty

Credit

Risk:

 The

Funds

may

be

exposed

to

counterparty

credit

risk,

or

the

risk

that

an

entity

may

fail

to

or

be

unable

to

perform

on

its

commitments

related

to

unsettled

or

open

transactions,

including

making

timely

interest

and/or

principal

payments

or

otherwise

honoring

its

obligations.

The

Funds

manage

counterparty

credit

risk

by

entering

into

transactions

only

with

counterparties

that BFA

believes

have

the

financial

resources

to

honor

their

obligations

and

by

monitoring

the

financial

stability

of

those

counterparties.

Financial

assets,

which

potentially

expose

the

Funds

to

market,

issuer

and

counterparty

credit

risks,

consist

principally

of

financial

instruments

and

receivables

due

from

counterparties.

The

extent

of

the

Funds’

exposure

to

market,

issuer

and

counterparty

credit

risks

with

respect

to

these

financial

assets

is

approximately

their

value

recorded

in

the

Statements

of

Assets

and

Liabilities,

less

any

collateral

held

by

the

Funds.

iShares

ETF

Non-Expiring

Capital

Loss

Carryforwards

Morningstar

Growth

...................................................................................................

$

232,239,410‌

Morningstar

Mid-Cap

..................................................................................................

74,974,942‌

Morningstar

Mid-Cap

Growth

.............................................................................................

264,462,054‌

Morningstar

Small-Cap

Growth

...........................................................................................

133,971,700‌

Morningstar

Small-Cap

Value

.............................................................................................

41,270,853‌

iShares

ETF

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

(Depreciation)

Morningstar

Growth

................................................

$

1,368,471,990‌

$

401,894,503‌

$

(110,846,053‌)

$

291,048,450‌

Morningstar

Mid-Cap

...............................................

720,439,165‌

93,593,372‌

(103,290,932‌)

(9,697,560‌)

Morningstar

Mid-Cap

Growth

.........................................

1,574,226,541‌

134,371,177‌

(183,500,817‌)

(49,129,640‌)

Morningstar

Small-Cap

Growth

........................................

483,349,435‌

34,377,207‌

(88,185,891‌)

(53,808,684‌)

Morningstar

Small-Cap

Value

.........................................

410,220,222‌

29,410,741‌

(77,861,482‌)

(48,450,741‌)

Notes

to

Financial

Statements

(unaudited)

(continued)

2023

iShares

Semi-Annual

Report

to

Shareholders

76

A

derivative

contract

may

suffer

a

mark-to-market

loss

if

the

value

of

the

contract

decreases

due

to

an

unfavorable

change

in

the

market

rates

or

values

of

the

underlying

instrument.

Losses

can

also

occur

if

the

counterparty

does

not

perform

under

the

contract.

With

exchange-traded

futures,

there

is

less

counterparty

credit

risk

to

the

Funds

since

the

exchange

or

clearinghouse,

as

counterparty

to

such

instruments,

guarantees

against

a

possible

default.

The

clearinghouse

stands

between

the

buyer

and

the

seller

of

the

contract;

therefore,

credit

risk

is

limited

to

failure

of

the

clearinghouse.

While

offset

rights

may

exist

under

applicable

law, a

fund

does

not

have

a

contractual

right

of

offset

against

a

clearing

broker

or

clearinghouse

in

the

event

of

a

default

(including

the

bankruptcy

or

insolvency).

Additionally,

credit

risk

exists

in

exchange-traded

futures with

respect

to

initial

and

variation

margin

that

is

held

in

a

clearing

broker’s

customer

accounts.

While

clearing

brokers

are

required

to

segregate

customer

margin

from

their

own

assets,

in

the

event

that

a

clearing

broker

becomes

insolvent

or

goes

into

bankruptcy

and

at

that

time

there

is

a

shortfall

in

the

aggregate

amount

of

margin

held

by

the

clearing

broker

for

all

its

clients,

typically

the

shortfall

would

be

allocated

on

a

pro

rata

basis

across

all

the

clearing

broker’s

customers,

potentially

resulting

in

losses

to

the

Funds.

Geographic/Asset

Class

Risk:

 A

diversified

portfolio,

where

this

is

appropriate

and

consistent

with

a

fund’s

objectives,

minimizes

the

risk

that

a

price

change

of

a

particular

investment

will

have

a

material

impact

on

the

NAV

of

a

fund.

The

investment

concentrations

within

each

Fund’s

portfolio

are

disclosed

in

its

Schedule

of

Investments.

The

Funds

invest

a

significant

portion

of

their

assets

in

securities

of

issuers

located

in

the

United

States.

A

decrease

in

imports

or

exports,

changes

in

trade

regulations,

inflation

and/or

an

economic

recession

in

the

United

States

may

have

a

material

adverse

effect

on

the

U.S.

economy

and

the

securities

listed

on

U.S.

exchanges.

Proposed

and

adopted

policy

and

legislative

changes

in

the

United

States

may

also

have

a

significant

effect

on

U.S.

markets

generally,

as

well

as

on

the

value

of

certain

securities.

Governmental

agencies

project

that

the

United

States

will

continue

to

maintain

elevated

public

debt

levels

for

the

foreseeable

future

which

may

constrain

future

economic

growth.

Circumstances

could

arise

that

could

prevent

the

timely

payment

of

interest

or

principal

on

U.S.

government

debt,

such

as

reaching

the

legislative

“debt

ceiling.”

Such

non-payment

would

result

in

substantial

negative

consequences

for

the

U.S.

economy

and

the

global

financial

system.

If

U.S.

relations

with

certain

countries

deteriorate,

it

could

adversely

affect

issuers

that

rely

on

the

United

States

for

trade.

The

United

States

has

also

experienced

increased

internal

unrest

and

discord.

If

these

trends

were

to

continue,

they

may

have

an

adverse

impact

on

the

U.S.

economy

and

the

issuers

in

which

the Funds

invest. 

Certain

Funds

invest

a

significant

portion

of

their

assets

in

securities

within

a

single

or

limited

number

of

market

sectors.

When

a

fund

concentrates

its

investments

in

this

manner,

it

assumes

the

risk

that

economic,

regulatory,

political

and

social

conditions

affecting

such

sectors

may

have

a

significant

impact

on

the

fund

and

could

affect

the

income

from,

or

the

value

or

liquidity

of,

the

fund’s

portfolio.

Investment

percentages

in

specific

sectors

are

presented

in

the

Schedule

of

Investments.

Significant

Shareholder

Redemption

Risk:

Certain

shareholders

may

own

or

manage

a

substantial

amount

of

fund

shares

and/or

hold

their

fund

investments

for

a

limited

period

of

time.

Large

redemptions

of

fund

shares

by

these

shareholders

may

force

a

fund

to

sell

portfolio

securities,

which

may

negatively

impact

the

fund’s

NAV,

increase

the

fund’s

brokerage

costs,

and/or

accelerate

the

realization

of

taxable

income/gains

and

cause

the

fund

to

make

additional

taxable

distributions

to

shareholders.

10.

Capital

Share

Transactions

Capital

shares

are

issued

and

redeemed

by

each

Fund

only

in

aggregations

of

a

specified

number

of

shares

or

multiples

thereof

(“Creation

Units”)

at

NAV.

Except

when

aggregated

in

Creation

Units,

shares

of

each

Fund

are

not

redeemable.

Transactions

in

capital

shares

were

as

follows:

Six

Months

Ended

10/31/23

Year

Ended

04/30/23

iShares

ETF

Shares

Amount

Shares

Amount

Morningstar

Growth

Shares

sold

1,300,000‌

$

78,838,662‌

1,750,000‌

$

92,244,933‌

Shares

redeemed

(2,300,000‌)

(136,331,508‌)

(3,350,000‌)

(173,521,116‌)

(1,000,000‌)

$

(57,492,846‌)

(1,600,000‌)

$

(81,276,183‌)

Morningstar

Mid-Cap

Shares

sold

250,000‌

$

15,117,236‌

400,000‌

$

24,432,366‌

Shares

redeemed

(200,000‌)

(12,174,811‌)

(900,000‌)

(54,117,055‌)

50,000‌

$

2,942,425‌

(500,000‌)

$

(29,684,689‌)

Morningstar

Mid-Cap

Growth

Shares

sold

2,850,000‌

$

168,259,145‌

7,600,000‌

$

424,829,525‌

Shares

redeemed

(850,000‌)

(48,630,934‌)

(1,600,000‌)

(86,283,708‌)

2,000,000‌

$

119,628,211‌

6,000,000‌

$

338,545,817‌

Morningstar

Small-Cap

Growth

Shares

sold

1,250,000‌

$

48,234,573‌

3,350,000‌

$

124,624,087‌

Shares

redeemed

(1,300,000‌)

(50,017,533‌)

(950,000‌)

(34,207,774‌)

(50,000‌)

$

(1,782,960‌)

2,400,000‌

$

90,416,313‌

Morningstar

Small-Cap

Value

Shares

sold

—‌

$

—‌

1,500,000‌

$

79,185,476‌

Shares

redeemed

(600,000‌)

(30,583,879‌)

(650,000‌)

(33,331,576‌)

(600,000‌)

$

(30,583,879‌)

850,000‌

$

45,853,900‌

Notes

to

Financial

Statements

(unaudited)

(continued)

77

Notes

to

Financial

Statements

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.

Board

Review

and

Approval

of

Investment

Advisory

Contract

2023

iShares

Semi-Annual

Report

to

Shareholders

78

iShares

Morningstar

Growth

ETF,

iShares

Morningstar

Mid-Cap

ETF,

iShares

Morningstar

Mid-Cap

Growth

ETF,

iShares

Morningstar

Small-Cap

Growth

ETF,

iShares

Morningstar

Small-Cap

Value

ETF

(each

the

“Fund”)

Under

Section

15(c)

of

the

Investment

Company

Act

of

1940

(the

“1940

Act”),

the

Trust's

Board

of

Trustees

(the

“Board”),

including

a

majority

of

Board

Members

who

are

not

“interested

persons”

of

the

Trust

(as

that

term

is

defined

in

the

1940

Act)

(the

“Independent

Board

Members”),

is

required

annually

to

consider

the

approval

of

the

Investment

Advisory

Agreement

between

the

Trust

and

BFA

(the

“Advisory

Agreement”)

on

behalf

of

the

Fund.

The

Board’s

consideration

entails

a

year-long

process

whereby

the

Board

and

its

committees

(composed

solely

of

Independent

Board

Members)

assess

BlackRock’s

services

to

the

Fund,

including

investment

management;

fund

accounting;

administrative

and

shareholder

services;

oversight

of

the

Fund’s

service

providers;

risk

management

and

oversight;

legal

and

compliance

services;

and

ability

to

meet

applicable

legal

and

regulatory

requirements.

The

Independent

Board

Members

requested,

and

BFA

provided,

such

information

as

the

Independent

Board

Members,

with

advice

from

independent

counsel,

deemed

reasonably

necessary

to

evaluate

the

Advisory

Agreement.

At

meetings

on

May

2,

2023

and

May

15,

2023,

a

committee

composed

of

all

of

the

Independent

Board

Members

(the

“15(c)

Committee”),

with

independent

counsel,

met

with

management

and

reviewed

and

discussed

information

provided

in

response

to

initial

requests

of

the

15(c)

Committee

and/or

its

independent

counsel,

and

requested

certain

additional

information,

which

management

agreed

to

provide.

At

a

meeting

held

on

June

7-8,

2023,

the

Board,

including

the

Independent

Board

Members,

reviewed

the

additional

information

provided

by

management

in

response

to

these

requests.

After

extensive

discussions

and

deliberations,

the

Board,

including

all

of

the

Independent

Board

Members,

approved

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

based

on

a

review

of

qualitative

and

quantitative

information

provided

by

BFA

and

their

cumulative

experience

as

Board

Members.

The

Board

noted

its

satisfaction

with

the

extent

and

quality

of

information

provided

and

its

frequent

interactions

with

management,

as

well

as

the

detailed

responses

and

other

information

provided

by

BFA.

The

Independent

Board

Members

were

advised

by

their

independent

counsel

throughout

the

process,

including

about

the

legal

standards

applicable

to

their

review.

In

approving

the

continuance

of

the

Advisory

Agreement

for

the

Fund,

the

Board,

including

the

Independent

Board

Members,

considered

various

factors,

including:

(i)

the

expenses

and

performance

of

the

Fund;

(ii)

the

nature,

extent

and

quality

of

the

services

provided

by

BFA;

(iii)

the

costs

of

services

provided

to

the

Fund

and

profits

realized

by

BFA

and

its

affiliates;

(iv)

potential

economies

of

scale

and

the

sharing

of

related

benefits;

(v)

the

fees

and

services

provided

for

other

comparable

funds/accounts

managed

by

BFA

and

its

affiliates;

and

(vi)

other

benefits

to

BFA

and/or

its

affiliates.

The

material

factors,

none

of

which

was

controlling,

and

conclusions

that

formed

the

basis

for

the

Board,

including

the

Independent

Board

Members,

to

approve

the

continuance

of

the

Advisory

Agreement

are

discussed

below.

Expenses

and

Performance

of

the

Fund:

The

Board

reviewed

statistical

information

prepared

by

Broadridge

Financial

Solutions,

Inc.

(“Broadridge”),

an

independent

provider

of

investment

company

data,

regarding

the

expense

ratio

components,

including

gross

and

net

total

expenses,

fees

and

expenses

of

other

fund(s)

in

which

the

Fund

invests

(if

applicable),

and

waivers/reimbursements

(if

applicable)

of

the

Fund

in

comparison

with

the

same

information

for

other

ETFs,

objectively

selected

by

Broadridge

as

comprising

the

Fund’s

applicable

expense

peer

group

pursuant

to

Broadridge’s

proprietary

ETF

methodology

(the

“Peer

Group”).

The

Board

was

provided

with

a

detailed

description

of

the

proprietary

ETF

methodology

used

by

Broadridge

to

determine

the

Fund’s

Peer

Group.

The

Board

noted

that,

due

to

the

limitations

in

providing

comparable

funds

in

the

Peer

Group,

the

statistical

information

provided

in

Broadridge’s

report

may

or

may

not

provide

meaningful

direct

comparisons

to

the

Fund

in

all

instances.

The

Board

also

noted

that

the

investment

advisory

fee

rate

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

for

the

Fund

were

lower

than

the

median

of

the

investment

advisory

fee

rates

and

overall

expenses

(net

of

any

waivers

and

reimbursements)

of

the

funds

in

its

Peer

Group,

excluding

iShares

funds.

In

addition,

to

the

extent

that

any

of

the

comparison

funds

included

in

the

Peer

Group,

excluding

iShares

funds,

track

the

same

index

as

the

Fund,

Broadridge

also

provided,

and

the

Board

reviewed,

a

comparison

of

the

Fund’s

performance

for

the

one-year,

three-year,

five-year,

ten-year,

and

since

inception

periods,

as

applicable,

and

for

the

quarter

ended

December

31,

2022,

to

that

of

such

relevant

comparison

fund(s)

for

the

same

periods.

The

Board

noted

that

the

Fund

seeks

to

track

its

specified

underlying

index

and

that,

during

the

year,

the

Board

received

periodic

reports

on

the

Fund’s

short-

and

longer-term

performance

in

comparison

with

its

underlying

index.

Such

periodic

comparative

performance

information,

including

additional

detailed

information

as

requested

by

the

Board,

was

also

considered.

The

Board

noted

that

the

Fund

generally

performed

in

line

with

its

underlying

index

over

the

relevant

periods.

Based

on

this

review,

the

other

factors

considered

at

the

meeting,

and

their

general

knowledge

of

ETF

pricing,

the

Board

concluded

that

the

investment

advisory

fee

rate

and

expense

level

and

the

historical

performance

of

the

Fund

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Nature,

Extent

and

Quality

of

Services

Provided:

Based

on

management’s

representations,

including

information

about

ongoing

enhancements

and

initiatives

with

respect

to

the

iShares

business,

including

with

respect

to

capital

markets

support

and

analysis,

technology,

portfolio

management,

product

design

and

quality,

compliance

and

risk

management,

global

public

policy

and

other

services,

the

Board

expected

that

there

would

be

no

diminution

in

the

scope

of

services

required

of

or

provided

by

BFA

under

the

Advisory

Agreement

for

the

coming

year

as

compared

with

the

scope

of

services

provided

by

BFA

during

prior

years.

In

reviewing

the

scope

of

these

services,

the

Board

considered

BFA’s

investment

philosophy

and

experience,

noting

that

BFA

and

its

affiliates

have

committed

significant

resources

over

time,

including

during

the

past

year,

to

support

the

iShares

funds

and

their

shareholders

and

have

made

significant

investments

into

the

iShares

business.

The

Board

also

considered

BFA’s

compliance

program

and

its

compliance

record

with

respect

to

the

Fund,

including

related

programs

implemented

pursuant

to

regulatory

requirements.

In

that

regard,

the

Board

noted

that

BFA

reports

to

the

Board

about

portfolio

management

and

compliance

matters

on

a

periodic

basis

in

connection

with

regularly

scheduled

meetings

of

the

Board,

and

on

other

occasions

as

necessary

and

appropriate,

and

has

provided

information

and

made

relevant

officers

and

other

employees

of

BFA

(and

its

affiliates)

available

as

needed

to

provide

further

assistance

with

these

matters.

The

Board

also

reviewed

the

background

and

experience

of

the

persons

responsible

for

the

day-to-day

management

of

the

Fund,

as

well

as

the

resources

available

to

them

in

managing

the

Fund.

In

addition

to

the

above

considerations,

the

Board

reviewed

and

considered

detailed

presentations

regarding

BFA’s

investment

performance,

investment

and

risk

management

processes

and

strategies

provided

at

the

May

2,

2023

meeting

and

throughout

the

year,

and

matters

related

to

BFA’s

portfolio

compliance

program

and

other

compliance

programs

and

services.

Based

on

review

of

this

information,

and

the

performance

information

discussed

above,

the

Board

concluded

that

the

nature,

extent

and

quality

of

services

provided

to

the

Fund

under

the

Advisory

Agreement

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Costs

of

Services

Provided

to

the

Fund

and

Profits

Realized

by

BFA

and

its

Affiliates:

The

Board

reviewed

information

about

the

estimated

profitability

to

BlackRock

in

managing

the

Fund,

based

on

the

fees

payable

to

BFA

and

its

affiliates

(including

fees

under

the

Advisory

Agreement),

and

other

sources

of

revenue

and

expense

to

BFA

and

its

affiliates

from

the

Fund’s

operations

for

the

last

calendar

year.

The

Board

reviewed

BlackRock’s

methodology

for

calculating

estimated

profitability

of

the

iShares

funds,

noting

that

the

15(c)

Committee

and

the

Board

had

focused

on

the

methodology

and

profitability

presentation.

The

Board

recognized

that

profitability

may

be

affected

Board

Review

and

Approval

of

Investment

Advisory

Contract

(continued)

79

Board

Review

and

Approval

of

Investment

Advisory

Contract

by

numerous

factors,

including,

among

other

things,

fee

waivers

by

BFA,

the

types

of

funds

managed,

expense

allocations

and

business

mix.

The

Board

thus

recognized

that

calculating

and

comparing

profitability

at

individual

fund

levels

is

challenging.

The

Board

discussed

with

management

the

sources

of

direct

and

ancillary

revenue,

including

the

revenues

to

BTC,

a

BlackRock

affiliate,

from

securities

lending

by

the

Fund.

The

Board

also

discussed

BFA’s

estimated

profit

margin

as

reflected

in

the

Fund’s

profitability

analysis

and

reviewed

information

regarding

potential

economies

of

scale

(as

discussed

below).

Based

on

this

review,

the

Board

concluded

that

the

information

considered

with

respect

to

the

profits

realized

by

BFA

and

its

affiliates

under

the

Advisory

Agreement

and

from

other

relationships

between

the

Fund

and

BFA

and/or

its

affiliates,

if

any,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Economies

of

Scale:

The

Board

reviewed

information

and

considered

the

extent

to

which

economies

of

scale

might

be

realized

as

the

assets

of

the

Fund

increase,

noting

that

the

issue

of

potential

economies

of

scale

had

been

focused

on

by

the

15(c)

Committee

and

the

Board

during

their

meetings

and

addressed

by

management.

The

15(c)

Committee

and

the

Board

received

information

regarding

BlackRock’s

historical

estimated

profitability

(as

discussed

above),

including

BFA’s

and

its

affiliates’

estimated

costs

in

providing

services.

The

estimated

cost

information

distinguished,

among

other

things,

between

fixed

and

variable

costs,

and

showed

how

the

level

and

nature

of

fixed

and

variable

costs

may

impact

the

existence

or

size

of

scale

benefits,

with

the

Board

recognizing

that

potential

economies

of

scale

are

difficult

to

measure.

The

15(c)

Committee

and

the

Board

reviewed

information

provided

by

BFA

regarding

the

sharing

of

scale

benefits

with

the

iShares

funds

through

various

means,

including,

as

applicable,

through

relatively

low

fee

rates

established

at

inception,

breakpoints,

waivers,

or

other

fee

reductions,

as

well

as

through

additional

investment

in

the

iShares

business

and

the

provision

of

improved

or

additional

infrastructure

and

services

to

the

iShares

funds

and

their

shareholders.

The

Board

noted

that

the

Advisory

Agreement

for

the

Fund

did

not

provide

for

breakpoints

in

the

Fund’s

investment

advisory

fee

rate

as

the

assets

of

the

Fund

increase.

However,

the

Board

noted

that

it

would

continue

to

assess

the

appropriateness

of

adding

breakpoints

in

the

future.

The

Board

concluded

that

this

review

of

potential

economies

of

scale

and

the

sharing

of

related

benefits,

as

well

as

the

other

factors

considered

at

the

meeting,

supported

the

Board’s

approval

of

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Fees

and

Services

Provided

for

Other

Comparable

Funds/Accounts

Managed

by

BFA

and

its

Affiliates:

The

Board

received

and

considered

information

regarding

the

investment

advisory/management

fee

rates

for

other

funds/accounts

in

the

U.S.

for

which

BFA

(or

its

affiliates)

provides

investment

advisory/management

services,

including

open-end

funds

registered

under

the

1940

Act

(including

sub-advised

funds),

collective

trust

funds

and

institutional

separate

accounts

(collectively,

the

“Other

Accounts”).

The

Board

acknowledged

BFA’s

representation

that

the

iShares

funds

are

fundamentally

different

investment

vehicles

from

the

Other

Accounts.

The

Board

received

detailed

information

regarding

how

the

Other

Accounts

generally

differ

from

the

Fund,

including

in

terms

of

the

types

of

services

and

generally

more

extensive

services

provided

to

the

Fund,

as

well

as

other

significant

differences.

In

that

regard,

the

Board

considered

that

the

pricing

of

services

to

institutional

clients

is

typically

based

on

a

number

of

factors

beyond

the

nature

and

extent

of

the

specific

services

to

be

provided

and

often

depends

on

the

overall

relationship

between

the

client

and

its

affiliates

and

the

adviser

and

its

affiliates.

In

addition,

the

Board

considered

the

relative

complexity

and

inherent

risks

and

challenges

of

managing

and

providing

other

services

to

the

Fund,

as

a

publicly

traded

investment

vehicle,

as

compared

to

the

Other

Accounts,

particularly

those

that

are

institutional

clients,

in

light

of

differing

regulatory

requirements

and

client-imposed

mandates.

The

Board

noted

that

BFA

and

its

affiliates

do

not

manage

Other

Accounts

with

substantially

the

same

investment

objective

and

strategy

as

the

Fund

and

that

track

the

same

index

as

the

Fund.

The

Board

also

acknowledged

management’s

assertion

that,

for

certain

iShares

funds,

and

for

client

segmentation

purposes,

BlackRock

has

launched

an

iShares

fund

that

may

provide

a

similar

investment

exposure

at

a

lower

investment

advisory

fee

rate.

The

Board

considered

the

“all-inclusive”

nature

of

the

Fund’s

advisory

fee

structure,

and

the

Fund’s

expenses

borne

by

BFA

under

this

arrangement

and

noted

that

the

investment

advisory

fee

rate

under

the

Advisory

Agreement

for

the

Fund

was

generally

higher

than

the

investment

advisory/management

fee

rates

for

certain

of

the

Other

Accounts

(particularly

institutional

clients)

and

concluded

that

the

differences

appeared

to

be

consistent

with

the

factors

discussed.

Other

Benefits

to

BFA

and/or

its

Affiliates:

The

Board

reviewed

other

benefits

or

ancillary

revenue

received

by

BFA

and/or

its

affiliates

in

connection

with

the

services

provided

to

the

Fund

by

BFA,

both

direct

and

indirect,

including,

but

not

limited

to,

payment

of

revenue

to

BTC,

the

Fund’s

securities

lending

agent,

for

loaning

portfolio

securities,

as

applicable

(which

was

included

in

the

profit

margins

reviewed

by

the

Board

pursuant

to

BFA’s

estimated

profitability

methodology),

payment

of

advisory

fees

or

other

fees

to

BFA

(or

its

affiliates)

in

connection

with

any

investments

by

the

Fund

in

other

funds

for

which

BFA

(or

its

affiliates)

provides

investment

advisory

services

or

other

services,

and

BlackRock’s

profile

in

the

investment

community.

The

Board

further

considered

other

direct

benefits

that

might

accrue

to

BFA,

including

the

potential

for

reduction

in

the

Fund’s

expenses

that

are

borne

by

BFA

under

the

“all-inclusive”

management

fee

arrangement,

due

in

part

to

the

size

and

scope

of

BFA’s

investment

operations

servicing

the

Fund

(and

other

funds

in

the

iShares

complex)

as

well

as

in

response

to

a

changing

market

environment.

The

Board

also

reviewed

and

considered

information

provided

by

BFA

concerning

authorized

participant

primary

market

order

processing

services

that

are

provided

by

BlackRock

Investments,

LLC

(“BRIL”),

an

affiliate

of

BFA,

and

paid

for

by

authorized

participants

under

the

ETF

Servicing

Platform.

The

Board

also

noted

the

revenue

received

by

BFA

and/or

its

affiliates

pursuant

to

an

agreement

that

permits

a

service

provider

to

use

certain

portions

of

BlackRock’s

technology

platform

to

service

accounts

managed

by

BFA

and/or

its

affiliates,

including

the

iShares

funds.

The

Board

noted

that

BFA

generally

does

not

use

soft

dollars

or

consider

the

value

of

research

or

other

services

that

may

be

provided

to

BFA

(including

its

affiliates)

in

selecting

brokers

for

portfolio

transactions

for

the

Fund.

The

Board

concluded

that

any

such

ancillary

benefits

would

not

be

disadvantageous

to

the

Fund

and

thus

would

not

alter

the

Board’s

conclusion

with

respect

to

the

appropriateness

of

approving

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Conclusion:

Based

on

a

review

of

the

factors

described

above,

as

well

as

such

other

factors

as

deemed

appropriate

by

the

Board,

the

Board,

including

all

of

the

Independent

Board

Members,

determined

that

the

Fund’s

investment

advisory

fee

rate

under

the

Advisory

Agreement

does

not

constitute

a

fee

that

is

so

disproportionately

large

as

to

bear

no

reasonable

relationship

to

the

services

rendered

and

that

could

not

have

been

the

product

of

arm’s-length

bargaining,

and

concluded

to

approve

the

continuance

of

the

Advisory

Agreement

for

the

coming

year.

Supplemental

Information

(unaudited)

2023

iShares

Semi-Annual

Report

to

Shareholders

80

Section

19(a)

Notices

The

amounts

and

sources

of

distributions

reported

are

estimates

and

are

being

provided

pursuant

to

regulatory

requirements

and

are

not

being

provided

for

tax

reporting

purposes.

The

actual

amounts

and

sources

for

tax

reporting

purposes

will

depend

upon

each

Fund’s

investment

experience

during

the

year

and

may

be

subject

to

changes

based

on

tax

regulations.

Shareholders

will

receive

a

Form

1099-DIV

each

calendar

year

that

will

inform

them

how

to

report

these

distributions

for

federal

income

tax

purposes.

October

31,

2023

Tailored

Shareholder

Reports

for

Open-End

Mutual

Funds

and

ETFs

Effective

January

24,

2023,

the

SEC

adopted

rule

and

form

amendments

to

require

open-end

mutual

funds

and

ETFs

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

to

shareholders

that

highlight

key

information.

Other

information,

including

financial

statements,

will

no

longer

appear

in

a

streamlined

shareholder

report

but

must

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

At

this

time,

management

is

evaluating

the

impact

of

these

amendments

on

the

shareholder

reports

for

the

Funds.

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

%

Breakdown

of

the

Total

Cumulative

Distributions

for

the

Fiscal

Year-to-Date

iShares

ETF

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Net

Investment

Income

Net

Realized

Capital

Gains

Return

of

Capital

Total

Per

Share

Morningstar

Mid-Cap

(a)

..................

$

0.465778‌

$

—‌

$

0.019754‌

$

0.485532‌

96‌%

—‌%

4‌%

100‌%

Morningstar

Mid-Cap

Growth

(a)

.............

0.234216‌

—‌

0.004929‌

0.239145‌

98‌

—‌

2‌

100‌

Morningstar

Small-Cap

Growth

(a)

...........

0.162081‌

—‌

0.013141‌

0.175222‌

93‌

—‌

7‌

100‌

Morningstar

Small-Cap

Value

(a)

............

0.600610‌

—‌

0.042258‌

0.642868‌

93‌

—‌

7‌

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.

General

Information

81

General

Information

Electronic

Delivery

Shareholders

can

sign

up

for

e-mail

notifications

announcing

that

the

shareholder

report

or

prospectus

has

been

posted

on

the

iShares

website

at

iShares.com

.

Once

you

have

enrolled,

you

will

no

longer

receive

prospectuses

and

shareholder

reports

in

the

mail.

To

enroll

in

electronic

delivery:

•  

Go

to

icsdelivery.com

.

• 

 If

your

brokerage

firm

is

not

listed,

electronic

delivery

may

not

be

available.

Please

contact

your

broker-dealer

or

financial

advisor.

Householding

Householding

is

an

option

available

to

certain

fund

investors.

Householding

is

a

method

of

delivery,

based

on

the

preference

of

the

individual

investor,

in

which

a

single

copy

of

certain

shareholder

documents

and

Rule

30e-3

notices

can

be

delivered

to

investors

who

share

the

same

address,

even

if

their

accounts

are

registered

under

different

names.

Please

contact

your

broker-dealer

if

you

are

interested

in

enrolling

in

householding

and

receiving

a

single

copy

of

prospectuses

and

other

shareholder

documents,

or

if

you

are

currently

enrolled

in

householding

and

wish

to

change

your

householding

status.

Availability

of

Quarterly

Schedule

of

Investments

The

Funds

file

their

complete

schedule

of

portfolio

holdings

with

the

SEC

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

their

reports

on

Form

N-PORT.

The

Funds’

Forms

N-PORT

are

available

on

the

SEC’s

website

at

sec.gov

.

Additionally,

each

Fund

makes

its

portfolio

holdings

for

the

first

and

third

quarters

of

each

fiscal

year

available

at

iShares.com/fundreports

.

Availability

of

Proxy

Voting

Policies

and

Proxy

Voting

Records

A

description

of

the

policies

and

procedures

that

the

iShares

Funds

use

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

and

information

about

how

the

iShares

Funds

voted

proxies

relating

to

portfolio

securities

during

the

most

recent

twelve-month

period

ending

June

30

is

available

without

charge,

upon

request

(1)

by

calling

toll-free

1-800-474-2737;

(2)

on

the

iShares

website

at

iShares.com

;

and

(3)

on

the

SEC

website

at

sec.gov

.

A

description

of

the

Trust’s policies

and

procedures

with

respect

to

the

disclosure

of each

Fund’s

portfolio

securities

is

available

in

the

Fund

Prospectus. Each

Fund

discloses

its

portfolio

holdings

daily

and

provides

information

regarding

its

top

holdings

in

Fund

fact

sheets

at

iShares.com

.

Glossary

of

Terms

Used

in

this

Report

2023

iShares

Annual

Report

to

Shareholders

82

Portfolio

Abbreviation

MSCI

Morgan

Stanley

Capital

International

NASDAQ

National

Association

of

Securities

Dealers

Automated

NVS

Non-Voting

Shares

REIT

Real

Estate

Investment

Trust

iS-SAR-404-1023

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

Not applicable to this semi-annual report.

Item 3.      Audit Committee Financial Expert.

Not applicable to this semi-annual report.

Item 4.      Principal Accountant Fees and Services.

Not applicable to this semi-annual report.

Item 5.      Audit Committee of Listed Registrants.

Not applicable to this semi-annual report.

Item 6.      Investments.

(a)Schedules of investments are included as part of the reports to shareholders filed under Item 1 of this Form.

(b)Not applicable.

Item 7.      Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 8.      Portfolio Managers of Closed-End Management Investment Companies.

      Not applicable to the registrant.

Item 9.      Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

      Not applicable to the registrant.

Item 10.    Submission of Matters to a Vote of Security Holders.

      There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees.

Item 11.    Controls and Procedures.

(a)The President (the registrant’s Principal Executive Officer) and Treasurer and Chief Financial Officer (the registrant’s Principal Financial Officer) have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective as of a date within 90 days of the filing date of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 and Rules 13a-15(b) or 15d-15(b) under the Exchange Act of 1934.

(b)There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the registrant.

Item 13.   Recovery of Erroneously Awarded Compensation.

     

Not applicable

Item 14.    Exhibits.

(a) (1) Not applicable to this semi-annual report.

(a) (2) Section 302 Certifications are attached.

(a)

(3) Any written solicitation to purchase securities under Rule 23c-1 – Not Applicable

      (a) (4) Change in Registrant’s independent public accountant – Not Applicable

(b) Section 906 Certifications are attached.

SIGNATURES

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

EX-99.CERT

N-CSR Exhibit for Item 14(a)(2): SECTION 302 CERTIFICATIONS                                  EX-99.CERT

I, Dominik Rohe, certify that:

1.I have reviewed this report on Form N-CSR of iShares Trust for the following six series: iShares Cohen & Steers REIT ETF, 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,;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	December 21, 2023	/s/ Dominik Rohe	President (Principal Executive Officer)
		Dominik Rohe [Signature]	[Title]

N-CSR Exhibit for Item 14(a)(2): SECTION 302 CERTIFICATIONS                               EX-99.CERT

I, Trent Walker, certify that:

1.I have reviewed this report on Form N-CSR of iShares Trust for the following six series: iShares Cohen & Steers REIT ETF, 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,;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	December 21, 2023	/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
		Trent Walker [Signature]	[Title]

EX-99.906 CERT

Ex.99.906 CERT

N-CSR Exhibit for Item 14(b): CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002                      

Dominik Rohe, President (Principal Executive Officer), and Trent Walker, Treasurer and Chief Financial Officer (Principal Financial Officer), of iShares Trust (the “Registrant”), each certify, to his knowledge, that:

1. The Registrant’s periodic report on Form N-CSR for the period ended October 31, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date:	December 21, 2023	/s/ Dominik Rohe	President (Principal Executive Officer)
		Dominik Rohe [Signature]	[Title]

Date:	December 21, 2023	/s/ Trent Walker	Treasurer and Chief Financial Officer (Principal Financial Officer)
		Trent Walker [Signature]	[Title]